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<SEC-DOCUMENT>0000928816-06-000554.txt : 20060512
<SEC-HEADER>0000928816-06-000554.hdr.sgml : 20060512
<ACCEPTANCE-DATETIME>20060512154217
ACCESSION NUMBER:		0000928816-06-000554
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		30
CONFORMED PERIOD OF REPORT:	20060512
FILED AS OF DATE:		20060512
DATE AS OF CHANGE:		20060512
EFFECTIVENESS DATE:		20060512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM HIGH INCOME SECURITIES FUND
		CENTRAL INDEX KEY:			0000810943
		IRS NUMBER:				046562068
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05133
		FILM NUMBER:		06834677

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

	MAIL ADDRESS:	
		STREET 1:		PUTNAM LLC
		STREET 2:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH INCOME BOND FUND
		DATE OF NAME CHANGE:	20030408

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH BOND FUND
		DATE OF NAME CHANGE:	20021107

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH INCOME CONVERTIBLE & BOND FUND
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM PREMIER INCOME TRUST
		CENTRAL INDEX KEY:			0000827773
		IRS NUMBER:				042995046
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05452
		FILM NUMBER:		06834678

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MASTER INTERMEDIATE INCOME TRUST
		CENTRAL INDEX KEY:			0000830622
		IRS NUMBER:				046584465
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05498
		FILM NUMBER:		06834679

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MANAGED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000844790
		IRS NUMBER:				046608976
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05740
		FILM NUMBER:		06834680

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM INVESTMENT GRADE MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0000855048
		IRS NUMBER:				046629611
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05901
		FILM NUMBER:		06834681

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQU
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a_mfpdef14a.htm
<DESCRIPTION>PUTNAM MULTI-FUND PROXY
<TEXT>
<!DOCTYPE HTML PUBLIC "a_mfp_cover.pdf">


<HTML>
<HEAD>
   <TITLE>a_mfp_cover.htm</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY bgcolor="#ffffff">
<!--$$/page=--><A name=page_1></A>
<P align=left><FONT face=serif size=2>SCHEDULE 14A
INFORMATION</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>PROXY
      STATEMENT PURSUANT TO SECTION 14(a)</FONT><BR><FONT face=serif size=2
     >OF THE SECURITIES EXCHANGE ACT OF
      1934</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=serif size=2>Filed by the
Registrant / X /</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=serif size=2
     >Filed by a party other than the
      Registrant</FONT>&nbsp; </TD>
    <TD noWrap align=left width="50%" background=""><FONT
      size=2>/ /</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><B><FONT
      face=serif size=2>Check the
      appropriate box</FONT></B><FONT face=serif size=2
     >:</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT face=serif size=2
     >/</FONT>&nbsp;&nbsp; <FONT
size=2>/</FONT></TD>
    <TD noWrap align=left width="98%"><FONT face=serif size=2
     >Preliminary Proxy Statement</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT face=serif size=2
     >/</FONT>&nbsp;&nbsp; <FONT
size=2>/</FONT></TD>
    <TD noWrap align=left width="98%"><FONT face=serif size=2
     >Confidential, for Use of the Commission Only
      (as permitted by Rule</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="98%"><FONT face=serif size=2
     >14a-6(e) (2))</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT face=serif size=2
     >/ X /</FONT>&nbsp; </TD>
    <TD noWrap align=left width="98%"><FONT face=serif size=2
     >Definitive Proxy Statement</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT face=serif size=2
     >/</FONT>&nbsp;&nbsp; <FONT
size=2>/</FONT></TD>
    <TD noWrap align=left width="98%"><FONT face=serif size=2
     >Definitive Additional Materials</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT face=serif size=2
     >/</FONT>&nbsp;&nbsp; <FONT
size=2>/</FONT></TD>
    <TD noWrap align=left width="98%"><FONT face=serif size=2
     >Soliciting Material Pursuant to Sec.
      240.14a-11(c) or Sec. 240.14a-12</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>PUTNAM
      HIGH INCOME SECURITIES FUND</FONT></B><BR><B><FONT face=serif size=2
     >PUTNAM INVESTMENT GRADE MUNICIPAL
      TRUST</FONT></B><BR><B><FONT face=serif size=2
     >PUTNAM MANAGED MUNICIPAL INCOME
      TRUST</FONT></B><BR><B><FONT face=serif size=2
     >PUTNAM MASTER INTERMEDIATE INCOME
      TRUST</FONT></B><BR><B><FONT face=serif size=2
     >PUTNAM PREMIER INCOME
TRUST</FONT></B><BR></TD></TR></TABLE></P>
<P align=left><FONT face=serif size=2>(Name of
Registrant as Specified In Its Charter)</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>(Name of
      Person(s) Filing Proxy Statement,</FONT><BR><FONT face=serif size=2
     >if other than
  Registrant)</FONT><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<P align=left><B><FONT face=serif size=2>Payment
of Filing Fee (Check the appropriate box):</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT face=serif size=2
     >/ X /</FONT>&nbsp; </TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2
     >No fee required</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="2%" background=""></TD>
    <TD noWrap align=left width="97%" background="">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT face=serif size=2
     >/</FONT>&nbsp;&nbsp; <FONT
size=2>/</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2
     >Fee computed on table below per Exchange Act
      Rule 14a 6(i)(1) and 0-11</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="2%" background=""></TD>
    <TD noWrap align=left width="97%" background="">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2
     >(1) Title of each class of securities to
      which transaction applies:</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="2%" background=""></TD>
    <TD noWrap align=left width="97%" background=""
     >&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2
     >(2) Aggregate number of securities to which
      transaction applies:</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="2%" background=""></TD>
    <TD noWrap align=left width="97%" background=""
     >&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2
     >(3) Per unit price or other underlying value
      of transaction</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2
     >computed pursuant to Exchange Act Rule 0-11
      (set forth the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2
     >amount on which the filing fee is calculated
      and state how it</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2
     >was determined):</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="2%" background=""></TD>
    <TD noWrap align=left width="97%" background=""
     >&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2
     >(4) Proposed maximum aggregate value of
      transaction:</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="2%" background=""></TD>
    <TD noWrap align=left width="97%" background=""
     >&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2
     >(5) Total fee paid:</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="2%" background=""></TD>
    <TD noWrap align=left width="97%" background="">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT face=serif size=2
     >/</FONT>&nbsp;&nbsp; <FONT
size=2>/</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2
     >Fee paid previously with preliminary
      materials.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="2%" background=""></TD>
    <TD noWrap align=left width="97%" background="">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT face=serif size=2
     >/</FONT>&nbsp; &nbsp;<FONT
size=2>/</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2
     >Check box if any part of the fee is offset
      as provided by Exchange Act Rule</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2
     >0-11(a)(2) and identify the filing for which
      the offsetting fee was paid</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2
     >previously. Identify the previous filing by
      registration statement</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2
     >number, or the Form or Schedule and the date
      of its filing.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="2%" background=""></TD>
    <TD noWrap align=left width="97%" background="">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2
     >(1) Amount Previously Paid:</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD noWrap align=left width="2%" background=""></TD>
    <TD noWrap align=left width="97%" background="">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2
     >(2) Form, Schedule or Registration Statement
      No.:</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="2%" background=""></TD>
    <TD noWrap align=left width="97%" background="">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2
     >(3) Filing Party:</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="2%" background=""></TD>
    <TD noWrap align=left width="97%" background="">&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="97%"><FONT face=serif size=2
     >(4) Date Filed:</FONT>&nbsp;
</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>









<!--$$/page=--><A name=page_1></A>
<P align=left><FONT face=serif size=7>The proxy
statement </FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif color=#666666 size=2
     >Putnam High Income
      Securities Fund</FONT><BR><FONT face=sans-serif color=#666666 size=2
     >Putnam Investment
      Grade Municipal Trust</FONT><BR><FONT face=sans-serif color=#666666 size=2
     >Putnam Managed
      Municipal Income Trust</FONT><BR><FONT face=sans-serif color=#666666
      size=2>Putnam
      Master Intermediate Income Trust</FONT><BR><FONT face=sans-serif
      color=#666666 size=2
     >Putnam Premier Income
Trust</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2
>This proxy statement can help you decide how you want to vote on
important issues relating to your Putnam fund. When you complete and sign your
proxy ballot, the Trustees of the funds will vote on your behalf exactly as you
have indicated. If you simply sign the proxy ballot, it will be voted in
accordance with the Trustees&#146; recommendations on page 6 of the proxy statement.
</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Please take a few moments and decide how you want to vote. When
shareholders don&#146;t return their proxies in sufficient numbers, follow-up
solicitations are required, which cost your fund money.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>You can vote by returning your proxy ballots in the envelope
provided. Or you can call our toll-free number, or go to the Internet. See your
proxy ballot for the phone number and Internet address. If you have proxy
related questions, please call 1-800-225-1581 or contact your financial
advisor.</FONT></P><IMG src="proxyx1x1.jpg" border=0> <BR>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<P align=left><FONT face=serif size=5>Table of
contents</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"><FONT face=serif size=2
     >A Message from the Chairman</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>1</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"><FONT face=serif size=2
     >Notice of Shareholder Meeting</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>4</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"><FONT face=serif size=2
     >Trustees&#146; Recommendations</FONT></TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>6</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"><FONT face=serif size=2
     >The Proposals</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>8</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"><FONT face=serif size=2
     >Proposal</FONT>&nbsp;<FONT size=2>1</FONT>
    </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>8</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"><FONT face=serif size=2
     >Proposal</FONT>&nbsp;<FONT size=2>2</FONT>
    </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>34</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"><FONT face=serif size=2
     >Proposal</FONT>&nbsp;<FONT size=2>3</FONT>
    </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>45</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"><FONT face=serif size=2
     >Proposal</FONT>&nbsp;<FONT size=2>4</FONT>
    </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>47</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"><FONT face=serif size=2
     >Proposal 5</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>51</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"><FONT face=serif size=2
     >Further Information About
      Voting</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"><FONT face=serif size=2
     >and the Meeting</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>54</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"><FONT face=serif size=2
     >Fund Information</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>60</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"><FONT face=serif size=2
     >Exhibit A</FONT></TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>70</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"><FONT face=serif size=2
     >Exhibit B</FONT></TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>75</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>PROXY
CARD(S) ENCLOSED</FONT></P>
<P align=left><FONT face=serif size=2>If you have
any questions, please contact us at 1-800-225-1581 or call your financial
advisor. Shareholders of Putnam High Income Securities Fund should call
1-877-288-6597.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_3></A>
<P align=left><FONT face=serif size=5>A Message
from the Chairman</FONT></P>
<P align=left><IMG src="proxyx3x1.jpg" border=0> </P>
<P align=left><FONT face=serif size=2>Dear Fellow
Shareholder:</FONT></P>
<P align=left><FONT face=serif size=2>I am writing
to ask for your vote on important matters affecting your investment in the
Putnam funds. While you are, of course, welcome to join us at your fund&#146;s
meeting, most shareholders cast their vote by filling out and signing the
enclosed proxy card(s), by calling or by voting via the Internet. We are asking
for your vote on the following matters:</FONT></P>
<P align=left><B><FONT face=serif size=2>* Fixing
the number of Trustees at 11 and electing your fund&#146;s nominees for
Trustees</FONT></B></P>
<P align=left><FONT face=serif size=2>Although
Trustees do not manage fund portfolios, they play an important role in
protecting fund shareholders, and are responsible for approving the fees paid to
the fund&#146;s investment adviser and its affiliates, reviewing overall fund
expenses, selecting the fund&#146;s auditors, monitoring conflicts of interest,
overseeing the fund&#146;s compliance with federal securities laws and voting proxies
for the fund&#146;s portfolio securities.</FONT></P>
<P align=left><FONT face=serif size=2>Consistent
with the Investment Company Act of 1940 and SEC rules, more than three-quarters
of your fund&#146;s Trustees currently are independent of the fund and Putnam
Investments. Your fund&#146;s Trustees have also in the past three years been at the
forefront of reform efforts affecting the mutual fund industry, including ending
the practice of directing fund brokerage commissions to brokers in connection
with sales of fund shares, instituting measures to discourage excessive
short-term trading in open-end funds and other initiatives to reduce shareholder
expenses and improve fund disclosures.</FONT></P>
<P align=left><B><FONT face=serif size=2>*
Converting your fund to an open-end investment company<BR></FONT></B><B><I><FONT
face=serif size=2>(Putnam Investment Grade
Municipal Trust, Putnam Master Intermediate Income Trust and Putnam Premier
Income Trust only)</FONT></I></B></P>
<P align=left><FONT face=serif size=2>Your fund&#146;s
governing documents require the fund to submit for shareholder vote a proposal
to convert the fund to an open-end investment company if the fund&#146;s shares trade
at a discount from net asset value over a specified time period. The Trustees
recommend that shareholders vote against converting your fund. As discussed in
this Proxy Statement, the Trustees believe that your fund&#146;s status as a
closed-end</FONT></P>
<P align=left><FONT face=sans-serif size=1
>1</FONT></P>
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<A name="page_4"></A>

<P align="left">
<FONT size=2 face="serif">fund offers potential investment benefits, including the ability to remain more fully invested in longer-term, higher-yielding securities. The Trustees do not believe that recent discount levels
are currently a sufficient justification for abandoning the advantages of the closed-end structure through conversion to open-end status. Retaining the closed-end status would furthermore allow shareholders to continue to benefit from recent
measures to improve shareholder value, such as the authorization of a share repurchase program.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">* Approving or disapproving the elimination of your fund&#146;s fundamental investment restriction concerning investments in restricted securities </FONT></B><B><I><FONT size=2
BASEFACE="serif" face="serif">(Putnam High Income Securities Fund only)</FONT></I></B></P>
<P align="left">
<FONT size=2 face="serif">Your fund&#146;s Trustees are recommending that shareholders approve the elimination of your fund&#146;s fundamental investment restriction regarding restricted securities. This restriction,
which is not required for regulatory purposes, limits your fund&#146;s ability to invest in certain categories of securities that can be sold only to eligible purchasers. The Trustees believe that eliminating the restriction would benefit your fund
by increasing the flexibility available to the fund&#146;s portfolio managers in pursuing the fund&#146;s investment objectives.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">* Shareholder proposal regarding cumulative voting for the election of Trustees </FONT></B><B><I><FONT size=2 face="serif">(Putnam High Income Securities Fund
only)</FONT></I></B></P>
<P align="left">
<FONT size=2 face="serif">A shareholder of your fund has submitted a shareholder proposal that would authorize the Trustees to amend your Fund&#146;s governing documents to permit cumulative voting for the election of
Trustees, which would give each holder a number of votes per share equal to the number of Trustees to be elected and allow the holder to concentrate those votes on one or more nominees. The Trustees recommend that shareholders vote against this
proposal. As discussed in this Proxy Statement, the Trustees believe that because the present system of voting weights each shareholder&#146;s votes equally with respect to each nominee, it provides the best assurance that no Trustee will owe
allegiance to any particular group of minority shareholders. Furthermore, the Trustees believe that the adoption of a cumulative voting mechanism that allowed minority shareholders to elect one or more Trustees could result in the loss or compromise
of at least some of the efficiencies under the board structure that your fund currently shares with the other Putnam funds.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">2</FONT></P>

<HR noshade align="center" width="100%" size=2>



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<A name="page_5"></A>

<P align="left">
<B><FONT size=2 face="serif">* Shareholder proposal to reduce the number of Trustees by one-third </FONT></B><B><I><FONT size=2 face="serif">(Putnam Premier Income Trust only)</FONT></I></B></P>
<P align="left">
<FONT size=2 face="serif">A shareholder of your fund has submitted a shareholder proposal that would reduce the size of your fund&#146;s board by one-third, from twelve Trustees (as currently) to eight. The Trustees
recommend that shareholders vote against the proposal. As discussed in this Proxy Statement, the Trustees believe that reducing the size of your fund&#146;s board could result in the loss or compromise of at least some of the efficiencies under the
current board structure, which is common to all Putnam funds. Furthermore, the Trustees believe that the cost savings in reducing the number of Trustees would likely be offset in whole or in part by increased administrative and legal costs
associated with having to restructure the Trustees&#146; meeting process.</FONT></P>
<P align="left">
<FONT size=2 face="serif">I&#146;m sure that you, like most people, lead a busy life and are tempted to put this proxy aside for another day. Please don&#146;t. When shareholders do not vote their proxies, their fund may
have to incur the expense of follow-up solicitations. All shareholders benefit from the speedy return of proxies.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Your vote is important to us. We appreciate the time and consideration I am sure you will give these important matters. If you have questions about any of these proposals, please call a Putnam
customer services representative at 1-800-225-1581 (for Putnam High Income Securities Fund, 1-877-288-6597) or contact your financial advisor.</FONT></P>
<IMG src="proxyx5x1.jpg" border=0>
<BR>
<P align="left">
<FONT size=1 face="sans-serif">3</FONT></P>

<HR noshade align="center" width="100%" size=2>

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<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=2
     >PUTNAM HIGH INCOME SECURITIES FUND</FONT></B><BR><B><FONT
      face=sans-serif size=2>PUTNAM
      INVESTMENT GRADE MUNICIPAL TRUST</FONT></B><BR><B><FONT face=sans-serif
      size=2>PUTNAM MANAGED MUNICIPAL INCOME
      TRUST</FONT></B><BR><B><FONT face=sans-serif size=2
     >PUTNAM MASTER INTERMEDIATE INCOME
      TRUST</FONT></B><BR><B><FONT face=sans-serif size=2
     >PUTNAM PREMIER INCOME
TRUST</FONT></B><BR></TD></TR></TABLE></P>
<P align=left><FONT face=serif size=5>Notice of
Annual Meeting of Shareholders</FONT></P>
<P align=left><B><FONT face=serif size=2>* This is
the formal agenda for your fund&#146;s shareholder meeting. It tells you what
proposals will be voted on and the time and place of the meeting, in the event
you attend in person.</FONT></B></P>
<P align=left><FONT face=serif size=2>To the
Shareholders of Putnam High Income Securities Fund, Putnam Investment Grade
Municipal Trust, Putnam Managed Municipal Income Trust, Putnam Master
Intermediate Income Trust and Putnam Premier Income Trust: </FONT></P>
<P align=left><FONT face=serif size=2>The Annual
Meeting of Shareholders of your fund will be held on June 29, 2006 at 11:00
a.m., Boston time, at the principal offices of the fund on the 8th floor of One
Post Office Square, Boston, Massachusetts 02109, to consider the
following:</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>1. Fixing the number of Trustees at 11 and electing your fund&#146;s
nominees for Trustees. See page 8.</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2
>2. A proposal to convert your fund into an open-end investment
company. </FONT></B><B><I><FONT face=sans-serif size=2
>(Putnam Investment Grade Municipal Trust, Putnam Master
Intermediate Income Trust and Putnam Premier Income Trust only).
</FONT></I></B><B><FONT face=sans-serif size=2
>See page 34.</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2
>3. Approval or disapproval of the elimination of your fund&#146;s
fundamental investment restriction concerning investments in restricted
securities. </FONT></B><B><I><FONT face=sans-serif size=2
>(Putnam High Income Securities Fund only). </FONT></I></B><B><FONT
face=sans-serif size=2>See page
45.</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2
>4. Shareholder proposal regarding cumulative voting for the
election of Trustees. </FONT></B><B><I><FONT face=sans-serif size=2
BASEFACE="sans-serif">(Putnam High Income Securities Fund only).
</FONT></I></B><B><FONT face=sans-serif size=2
>See page 47.</FONT></B></P>
<P align=left><FONT face=sans-serif size=1
>4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_7></A>
<P align=left><B><FONT face=sans-serif size=2
>5. Shareholder proposal to reduce the number of Trustees by
one-third. </FONT></B><B><I><FONT face=sans-serif size=2
>(Putnam Premier Income Trust only). </FONT></I></B><B><FONT
face=sans-serif size=2>See page
51.</FONT></B></P>
<P align=left><FONT face=serif size=2>By Judith
Cohen, Clerk, on behalf of the Trustees</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>John A.
      Hill, Chairman</FONT><BR><FONT face=serif size=2
     >Jameson A. Baxter, Vice Chairman</FONT><BR><FONT face=serif
      size=2>George Putnam, III,
      President</FONT><BR><FONT face=serif size=2
     ><BR>Charles B. Curtis</FONT><BR><FONT face=serif size=2
     >Myra R. Drucker</FONT><BR><FONT face=serif
      size=2>Charles E. Haldeman,
      Jr.</FONT><BR><FONT face=serif size=2>Paul
      L. Joskow</FONT><BR><FONT face=serif size=2
     >Elizabeth T. Kennan</FONT><BR><FONT face=serif size=2
     >John H. Mullin, III</FONT><BR><FONT
      face=serif size=2>Robert E.
      Patterson</FONT><BR><FONT face=serif size=2
     >W. Thomas Stephens</FONT><BR><FONT face=serif size=2
     >Richard B.
Worley</FONT><BR></TD></TR></TABLE></P>
<P align=left><B><FONT face=serif size=2>We urge
you to mark, sign, date, and mail the enclosed proxy in the postage-paid
envelope provided or record your voting instructions by telephone or via the
Internet so that you will be represented at the meeting.</FONT></B></P>
<P align=left><FONT face=serif size=2>May 9,
2006</FONT></P>
<P align=left><FONT face=sans-serif size=1
>5</FONT></P>
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<P align="left">
<FONT size=5 face="serif">Proxy Statement</FONT></P>
<P align="left">
<FONT size=2 face="serif">This document will give you the information you need to vote on the proposals. Much of the information is required under rules of the Securities and Exchange Commission (&#147;SEC&#148;); some of
it is technical. If there is anything you don&#146;t understand, please contact us at our toll-free number, 1-800-225-1581, or call your financial advisor.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">* Who is asking for your vote?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">The enclosed proxy is solicited by the Trustees of Putnam High Income Securities Fund, Putnam Investment Grade Municipal Trust, Putnam Managed Municipal Income Trust, Putnam Master Intermediate
Income Trust and Putnam Premier Income Trust for use at the Annual Meeting of Shareholders of each fund to be held on June 29, 2006, and, if your fund&#146;s meeting is adjourned, at any later meetings, for the purposes stated in the Notice of
Annual Meeting (see page 4). The Notice of Annual Meeting, the proxy and this Proxy Statement are being mailed on or about May 9, 2006.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">* How do your fund&#146;s Trustees recommend that shareholders vote on these proposals?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">The Trustees recommend that you vote</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">1. FOR fixing the number of Trustees as proposed by the Board Policy and Nominating Committee and electing your fund&#146;s nominees for Trustees;</FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-serif">2. AGAINST converting your fund to an open-end investment company and authorizing certain related amendments to your fund&#146;s Agreement and Declaration of Trust (Putnam Investment
Grade Municipal Trust, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust only);</FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-serif">3. FOR approving of the elimination of the fund&#146;s fundamental investment restriction concerning investments in restricted securities (Putnam High Income Securities Fund
only);</FONT></B></P>
<P align="left">
<FONT size=1 face="sans-serif">6</FONT></P>

<HR noshade align="center" width="100%" size=2>

<!--$$/page=--><A name=page_9></A>
<P align=left><B><FONT face=sans-serif size=2
>4. AGAINST the shareholder proposal regarding cumulative voting for
the election of Trustees (Putnam High Income Securities Fund only);
and</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2
>5. AGAINST the shareholder proposal to reduce the number of
Trustees by one-third (Putnam Premier Income Trust only).</FONT></B></P>
<P align=left><B><FONT face=serif size=2>* Who is
eligible to vote?</FONT></B></P>
<P align=left><FONT face=serif size=2>Shareholders
of record at the close of business on April 3, 2006 are entitled to be present
and to vote at the meeting or any adjourned meeting. </FONT></P>
<P align=left><FONT face=serif size=2>Each share
is entitled to one vote. Unless otherwise noted, the holders of your fund&#146;s
preferred shares and holders of your fund&#146;s common shares will vote as separate
classes. Shares represented by your duly executed proxy will be voted in
accordance with your instructions. If you sign the proxy card, but don&#146;t fill in
a vote, your shares will be voted in accordance with the Trustees&#146;
recommendations. If any other business is brought before your fund&#146;s meeting,
your shares will be voted at the discretion of the persons designated on the
proxy card.</FONT></P>
<P align=left><FONT face=serif size=2>Shareholders
of each fund vote separately with respect to each proposal. The outcome of a
vote affecting one fund does not affect any other fund.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>7</FONT></P>
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<A name="page_10"></A>

<P align="left">
<FONT size=5 face="serif">The Proposals</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">1. ELECTION OF TRUSTEES</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">* </FONT><B><FONT size=2 face="sans-serif">Who are the nominees for Trustees?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">The Board Policy and Nominating Committee of the Trustees of each fund makes recommendations concerning the nominees for Trustees of that fund. The Board Policy and Nominating Committee consists
solely of Trustees who are not &#147;interested persons&#148; (as defined in the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;)) of your fund or of Putnam Investment Management, LLC, your fund&#146;s investment manager
(&#147;Putnam Management&#148;). Those Trustees who are not &#147;interested persons&#148; of your fund or Putnam Management are referred to as &#147;Independent Trustees&#148; throughout this Proxy Statement.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Board Policy and Nominating Committee of the Trustees of each fund recommends that the number of Trustees be fixed at 11 and that you vote for the election of the nominees described in the
following pages. Each nominee is currently a Trustee of your fund and of the other Putnam funds. John H. Mullin, III, a current Trustee of your fund, is not standing for re-election.</FONT></P>
<P align="left">
<I><FONT size=2 face="serif">For Putnam Investment Grade Municipal Trust and Putnam Managed Municipal Income Trust only:</FONT></I></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to the bylaws of your fund and the 1940 Act, holders of the preferred shares of your fund, voting as a class, are entitled to elect two nominees for Trustees. The holders of the
preferred shares and the common shares of your fund, voting together as a single class, are entitled to vote for the remaining 9 of the 11 nominees. Therefore, Messrs. Hill and Patterson have been nominated as Trustees to be elected by the holders
of the preferred shares, while the other 9 nominees have been nominated to be elected by the holders of the preferred shares and common shares voting together as a single class.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The nominees for Trustees and their backgrounds are shown in the following pages. This information includes each nominee&#146;s name, year of birth, principal occupation(s) during the past 5
years, and other information about the nominee&#146;s professional background, including other directorships the nominee holds. Each Trustee oversees all of the Putnam funds and serves until the election and qualification of his or her successor, or
until he or she sooner dies, resigns or is removed. The address of all of the Trustees is One Post Office Square, Boston, Massachusetts 02109. At December 31, 2005, there were 108 Putnam funds.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">8</FONT></P>

<HR noshade align="center" width="100%" size=2>

<!--$$/page=--><A name=page_11></A><IMG src="proxyx11x1.jpg"
border=0> <BR>
<P align=left><B><FONT face=serif size=2>Jameson
A. Baxter </FONT></B><FONT face=serif size=2>(Born
1943)</FONT></P>
<P align=left><FONT face=serif size=2>Trustee
since 1994 and Vice Chairman since 2005 <BR></FONT><FONT face=serif size=2

BASEFACE="serif">&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR></FONT><FONT
face=serif size=2>Ms. Baxter is the President of
Baxter Associates, Inc., a private investment firm that she founded in
1986.</FONT></P>
<P align=left><FONT face=serif size=2>Ms. Baxter
serves as a Director of ASHTA Chemicals, Inc., Banta Corporation (a printing and
digital imaging firm), Ryerson Tull, Inc. (a steel service corporation),
</FONT><FONT face=serif size=2>the Mutual Fund
Directors Forum, Advocate Health Care and BoardSource, formerly the National
Center for Nonprofit Boards. She is Chairman Emeritus of the Board of Trustees,
Mount Holyoke College, having served as Chairman for five years and as a board
member for thirteen years. Until 2002, Ms. Baxter was a Director of Intermatic
Corporation (a manufacturer of energy control products).</FONT></P>
<P align=left><FONT face=serif size=2>Ms. Baxter
has held various positions in investment banking and corporate finance,
including Vice President and Principal of the Regency Group, and Vice President
of and Consultant to First Boston Corporation. She is a graduate of Mount
Holyoke College.</FONT></P>
<P align=left><IMG src="proxyx11x2.jpg" border=0> </P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2
     >Charles B. Curtis </FONT></B><FONT face=serif size=2
     >(Born 1940)</FONT><BR><FONT face=serif
      size=2>Trustee since 2001</FONT><BR><FONT
      size=2 f a c
      e="&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;">&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT></TD></TR></TABLE><FONT
face=serif size=2>Mr. Curtis is President and
Chief Operating Officer of the Nuclear Threat Initiative (a private foundation
dealing with national security issues) and serves as Senior Advisor to the
United Nations Foundation.</FONT></P>
<P align=left><FONT face=serif size=2>Mr. Curtis
is a member of the Council on Foreign </FONT><FONT face=serif size=2
>Relations, the Trustee Advisory Council of the
Applied Physics Laboratory, Johns Hopkins University and serves as a Director of
Edison International and Southern California Edison. Until 2003, Mr. Curtis was
a member of the Electric Power Research Institute Advisory Council and the
University of Chicago Board of Governors for Argonne National Laboratory. Prior
to 2002, Mr. Curtis was a Member of the Board of Directors of the Gas Technology
Institute and the Board of Directors of the Environment and Natural Resources
Program Steering Committee, John F. Kennedy School of Government, Harvard
University. Until 2001, Mr. Curtis was a member of the Department of Defense
Policy Board and Director of EG&amp;G Technical Services, Inc. (a fossil energy
research and development support company).</FONT></P>
<P align=left><FONT face=sans-serif size=1
BASEFACE="sans-serif">9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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<P align=left><FONT face=serif size=2>From August
1997 to December 1999, Mr. Curtis was a Partner at Hogan &amp; Hartson L.L.P., a
Washington, D.C. law firm. Prior to May 1997, Mr. Curtis was Deputy Secretary
and Under Secretary of the U.S. Department of Energy. He served as Chairman of
the Federal Energy Regulatory Commission from 1977 to 1981 and has held
positions on the staff of the U.S. Treasury Department and the SEC.</FONT></P>
<P align=left><IMG src="proxyx12x1.jpg" border=0> </P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>Myra
      R. Drucker </FONT></B><FONT face=serif size=2
     >(Born 1948)</FONT><BR><FONT face=serif size=2
     >Trustee since 2004</FONT><BR><FONT size=2

      e="&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;" c a
      f>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT><BR></TD></TR></TABLE><FONT
face=serif size=2>Ms. Drucker is a Vice Chair of
the Board of Trustees of Sarah Lawrence College, Vice Chair of the Board of
Trustees of Commonfund (a not-for-profit firm specializing in asset management
for educational endowments and foundations) and a member of the Investment
Committee of the Kresge Foundation (a charitable trust).</FONT></P>
<P align=left><FONT face=serif size=2>Ms. Drucker
is an ex-officio member of the New York Stock Exchange (NYSE) Pension Managers
Advisory Committee, having served as Chair for seven years and a member of the
Executive Committee of the Committee on Investment of Employee Benefit Assets.
She is Chair of the Advisory Board of Hamilton Lane Advisors (an investment
management firm) and a member of the Advisory Board of RCM (an investment
management firm). Until August 31, 2004, Ms. Drucker was Managing Director and a
member of the Board of Directors of General Motors Asset Management and Chief
Investment Officer of General Motors Trust Bank. Ms. Drucker also served as a
member of the NYSE Corporate Accountability and Listing Standards Committee and
the NYSE/NASD IPO Advisory Committee.</FONT></P>
<P align=left><FONT face=serif size=2>Prior to
joining General Motors Asset Management in 2001, Ms. Drucker held various
executive positions in the investment management industry. Ms. Drucker served as
Chief Investment Officer of Xerox Corporation (a technology and service company
in the document industry), where she was responsible for the investment of the
company&#146;s pension assets. Ms. Drucker was also Staff Vice President and Director
of Trust Investments for International Paper (a paper, paper distribution,
packaging and forest products company) and previously served as Manager of Trust
Investments for Xerox Corporation. Ms. Drucker received a B.A. degree in
Literature and Psychology from Sarah Lawrence College and pursued graduate
studies in economics, statistics and portfolio theory at Temple
University.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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<P align=left><IMG src="proxyx13x1.jpg" border=0> </P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>John
      A. Hill </FONT></B><FONT face=serif size=2
     >(Born 1942)</FONT><BR><FONT face=serif size=2
     >Trustee since 1985 and Chairman since
      2000</FONT><BR><FONT size=2
      e="&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;" c a
      f>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT><BR></TD></TR></TABLE><FONT
face=serif size=2>Mr. Hill is Vice Chairman of
First Reserve Corporation, a private equity buyout firm that specializes in
energy investments in the diversified worldwide energy industry.</FONT></P>
<P align=left><FONT face=serif size=2>Mr. Hill is
a Director of Devon Energy Corporation, </FONT><FONT face=serif size=2
BASEFACE="serif">TransMontaigne Oil Company and various private
companies controlled by First Reserve Corporation, as well as Chairman of TH
Lee, Putnam Investment Trust (a closed-end investment company advised by an
affiliate of Putnam Management). He is also a Trustee of Sarah Lawrence College.
Until 2005, he was a Director of Continuum Health Partners of New
York.</FONT></P>
<P align=left><FONT face=serif size=2>Prior to
acquiring First Reserve Corporation in 1983, Mr. Hill held executive positions
in investment banking and investment management with several firms and with the
federal government, including Deputy Associate Director of the Office of
Management and Budget, and Deputy Director of the Federal Energy Administration.
He is active in various business associations, including the Economic Club of
New York, and lectures on energy issues in the United States and Europe. Mr.
Hill holds a B.A. degree in Economics from Southern Methodist University and
pursued graduate studies there as a Woodrow Wilson Fellow.</FONT></P>
<P align=left><IMG src="proxyx13x2.jpg" border=0> </P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>Paul
      L. Joskow </FONT></B><FONT face=serif size=2
     >(Born 1947)</FONT><BR><FONT face=serif size=2
     >Trustee since 1997</FONT><BR><FONT size=2

      e="&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;" c a
      f>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT><BR></TD></TR></TABLE><FONT
face=serif size=2>Dr. Joskow is the Elizabeth and
James Killian Professor of Economics and Management, and Director of the Center
for Energy and Environmental Policy Research at the Massachusetts Institute of
Technology.</FONT></P>
<P align=left><FONT face=serif size=2>Dr. Joskow
serves as a Director of National Grid plc </FONT><FONT face=serif size=2
BASEFACE="serif">(a UK-based holding company with interests in
electric and gas transmission and distribution and telecommunications
infrastructure) and TransCanada Corporation (an energy company focused on
natural gas transmission and power services). He also serves on the Board of
Overseers of the Boston Symphony Orchestra. Prior to February 2005, he served on
the board of the Whitehead Institute for Biomedical</FONT></P>
<P align=left><FONT face=sans-serif size=1
>11</FONT></P>
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<P align=left><FONT face=serif size=2>Research (a
non-profit research institution) and has been President of the Yale University
Council since 1993. Prior to February 2002, he was a Director of State Farm
Indemnity Company (an automobile insurance company), and prior to March 2000, he
was a Director of New England Electric System (a public utility holding
company).</FONT></P>
<P align=left><FONT face=serif size=2>Dr. Joskow
has published five books and numerous articles on topics in industrial
organization, government regulation of industry, and competition policy. He is
active in industry restructuring, environmental, energy, competition and
privatization policies &#151; serving as an advisor to governments and corporations
worldwide. Dr. Joskow holds a Ph.D. and M. Phil from Yale University and B.A.
from Cornell University.</FONT></P>
<P align=left><IMG src="proxyx14x1.jpg" border=0> </P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2
     >Elizabeth T. Kennan </FONT></B><FONT face=serif size=2
     >(Born 1938)</FONT><BR><FONT face=serif
      size=2>Trustee since 1992</FONT><BR><FONT
      size=2
      e="&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;" c a
      f>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT><BR></TD></TR></TABLE><FONT
face=serif size=2>Dr. Kennan is a Partner of
Cambus-Kenneth Farm (thoroughbred horse and cattle breeding). She is President
Emeritus of Mount Holyoke College.</FONT></P>
<P align=left><FONT face=serif size=2>Dr. Kennan
served as Chairman and is now Lead Director of Northeast Utilities. She has
served as </FONT><FONT face=serif size=2>Director
on a number of other boards, including Bell Atlantic, Chastain Real Estate,
Shawmut Bank, Berkshire Life Insurance, Kentucky Home Life Insurance and
Talbots, Inc. She is a Trustee of the National Trust for Historic Preservation,
of Centre College and of Midway College in Midway, Kentucky. Until 2006, she was
a member of The Trustees of Reservations. Dr. Kennan has served on the oversight
committee of the Folger Shakespeare Library, as President of Five Colleges
Incorporated, as a Trustee of Notre Dame University, and is active in various
educational and civic associations.</FONT></P>
<P align=left><FONT face=serif size=2>As a member
of the faculty of Catholic University for twelve years, until 1978, Dr. Kennan
directed the post-doctoral program in Patristic and Medieval Studies, taught
history and published numerous articles. Dr. Kennan holds a Ph.D. from the
University of Washington in Seattle, an M.S. from St. Hilda&#146;s College at Oxford
University and an A.B. from Mount Holyoke College. She holds several honorary
doctorates.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>12</FONT></P>
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<P align=left><IMG src="proxyx15x1.jpg" border=0> </P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>Robert
      E. Patterson </FONT></B><FONT face=serif size=2
     >(Born 1945)</FONT><BR><FONT face=serif size=2
     >Trustee since 1984</FONT><BR><FONT size=2

      e="&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;" c a
      f>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT><BR></TD></TR></TABLE><FONT
face=serif size=2>Mr. Patterson is Senior Partner
of Cabot Properties, L.P. and Chairman of Cabot Properties, Inc. (a private
equity firm investing in commercial real estate)</FONT></P>
<P align=left><FONT face=serif size=2>Mr.
Patterson serves as Chairman Emeritus and Trustee of the Joslin Diabetes Center
and as a </FONT><FONT face=serif size=2>Director
of Brandywine Trust Group, LLC. Prior to June 2003, he was a Trustee of Sea
Education Association. Prior to December 2001, he was President and Trustee of
Cabot Industrial Trust (a publicly traded real estate investment trust). Prior
to February 1998, he was Executive Vice President and Director of Acquisitions
of Cabot Partners Limited Partnership (a registered investment adviser involved
in institutional real estate investments). Prior to 1990, he served as Executive
Vice President of Cabot, Cabot &amp; Forbes Realty Advisors, Inc. (the
predecessor company of Cabot Partners).</FONT></P>
<P align=left><FONT face=serif size=2>Mr.
Patterson practiced law and held various positions in state government and was
the founding Executive Director of the Massachusetts Industrial Finance Agency.
Mr. Patterson is a graduate of Harvard College and Harvard Law School.
</FONT></P>
<P align=left><IMG src="proxyx15x2.jpg" border=0> </P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>W.
      Thomas Stephens </FONT></B><FONT face=serif size=2
     >(Born 1942)</FONT><BR><FONT face=serif size=2
     >Trustee since 1997</FONT><BR><FONT size=2

      e="&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;" c a
      f>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT><BR></TD></TR></TABLE><FONT
face=serif size=2>Mr. Stephens is Chairman and
Chief Executive Officer of Boise Cascade, L.L.C. (a paper, forest products and
timberland assets company).</FONT></P>
<P align=left><FONT face=serif size=2>Until 2005,
Mr. Stephens was a director of TransCanada Pipelines, Ltd. Until 2004, Mr.
Stephens was a Director </FONT><FONT face=serif size=2
>of Xcel Energy Incorporated (a public utility company), Quest
Communications, and Norske Canada, Inc. (a paper manufacturer). Until 2003, Mr.
Stephens was a Director of Mail-Well, Inc. (a diversified printing company). He
served as Chairman of Mail-Well until 2001 and as CEO of MacMillan-Bloedel, Ltd.
(a forest products company) until 1999.</FONT></P>
<P align=left><FONT face=serif size=2>Prior to
1996, Mr. Stephens was Chairman and Chief Executive Officer of Johns Manville
Corporation. He holds B.S. and M.S. degrees from the University of
Arkansas.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>13</FONT></P>
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<P align=left><IMG src="proxyx16x1.jpg" border=0> </P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2
     >Richard B. Worley </FONT></B><FONT face=serif size=2
     >(Born 1945)</FONT><BR><FONT face=serif
      size=2>Trustee since 2004</FONT><BR><FONT
      size=2
      e="&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;" c a
      f>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT><BR></TD></TR></TABLE><FONT
face=serif size=2>Mr. Worley is Managing Partner
of Permit Capital LLC, an investment management firm.</FONT></P>
<P align=left><FONT face=serif size=2>Mr. Worley
serves on the Executive Committee of the University of Pennsylvania Medical
Center, is a Trustee of The Robert Wood Johnson Foundation </FONT><FONT
face=serif size=2>(a philanthropic organization
devoted to health care issues) and is a Director of The Colonial Williamsburg
Foundation (a historical preservation organization). Mr. Worley also serves on
the investment committees of Mount Holyoke College and World Wildlife Fund (a
wildlife conservation organization).</FONT></P>
<P align=left><FONT face=serif size=2>Prior to
joining Permit Capital LLC in 2002, Mr. Worley served as Chief Strategic Officer
of Morgan Stanley Investment Management. He previously served as President,
Chief Executive Officer and Chief Investment Officer of Morgan Stanley Dean
Witter Investment Management and as a Managing Director of Morgan Stanley, a
financial services firm. Mr. Worley also was the Chairman of Miller Anderson
&amp; Sherrerd, an investment management firm. Mr. Worley holds a B.S. degree
from University of Tennessee and pursued graduate studies in economics at the
University of Texas.</FONT></P>
<P align=left><FONT face=serif size=2>*
</FONT><B><FONT face=sans-serif size=2
>Interested Trustees</FONT></B></P>
<P align=left><IMG src="proxyx16x2.jpg" border=0> </P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2
     >Charles E. Haldeman, Jr.* </FONT></B><FONT face=serif size=2
     >(Born 1948)</FONT><BR><FONT face=serif
      size=2>Trustee since 2004</FONT><BR><FONT
      size=2
      e="&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;" c a
      f>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT><BR></TD></TR></TABLE><FONT
face=serif size=2>Mr. Haldeman is President and
Chief Executive Officer of Putnam, LLC (&#147;Putnam Investments&#148;). He is a member of
Putnam Investments&#146; Executive Board of Directors and Advisory
Council.</FONT></P>
<P align=left><FONT face=serif size=2>Prior to
November 2003, Mr. Haldeman served as </FONT><FONT face=serif size=2
BASEFACE="serif">Co-Head of Putnam Investments&#146; Investment
Division. Prior to joining Putnam Investments in 2002, Mr. Haldeman held
executive positions in the investment management industry. He previously served
as Chief Executive Officer of Delaware Investments and President &amp; Chief
Operating Officer of United Asset Management. Mr. Haldeman was also a partner
and director of Cooke &amp; Bieler, Inc. (an investment management
firm).</FONT></P>
<P align=left><FONT face=sans-serif size=1
>14</FONT></P>
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<!--$$/page=--><A name=page_17></A>
<P align=left><FONT face=serif size=2>Mr. Haldeman
currently serves as a Trustee of Dartmouth College and is a member of the
Partners HealthCare Systems Investment Committee. He is a graduate of Dartmouth
College, Harvard Law School and Harvard Business School. Mr. Haldeman is also a
Chartered Financial Analyst (CFA) charterholder.</FONT></P><IMG src="proxyx17x1.jpg"
border=0> <BR>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>George
      Putnam, III* </FONT></B><FONT face=serif size=2
     >(Born 1951)</FONT><BR><FONT face=serif size=2
     >Trustee since 1984 and President since
      2000</FONT><BR><FONT size=2
      e="&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;" c a
      f>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT></TD></TR></TABLE><FONT
face=serif size=2>Mr. Putnam is Chairman of New
Generation Research, Inc. (a publisher of financial advisory and other research
services), and President of New Generation Advisers, Inc. (a registered
investment advisor to private funds). Mr. Putnam founded the New Generation
companies in 1986.</FONT></P>
<P align=left><FONT face=serif size=2>Mr. Putnam
is a Director of The Boston Family Office, LLC (a registered investment
adviser). He is a Trustee of St. Mark&#146;s School and Shore Country Day School, and
until 2002 was a Trustee of the Sea Education Association.</FONT></P>
<P align=left><FONT face=serif size=2>Mr. Putnam
previously worked as an attorney with the law firm of Dechert LLP (formerly
known as Dechert Price &amp; Rhoads) in Phila-delphia. He is a graduate of
Harvard College, Harvard Business School, and Harvard Law School.</FONT></P>
<P align=left><FONT face=sans-serif size=1>*
Nominees who are or may be deemed to be &#147;interested persons&#148; (as defined in the
1940 Act) of the fund, Putnam Management, Putnam Retail Management Limited
Partnership (&#147;Putnam Retail Management&#148;) or Marsh &amp; McLennan Companies,
Inc., the parent company of Putnam Investments and its affiliated companies.
Messrs. Putnam, III and Haldeman are deemed &#147;interested persons&#148; by virtue of
their positions as officers of the funds, Putnam Management or Putnam Retail
Management and as shareholders of Marsh &amp; McLennan Companies, Inc. Mr.
Haldeman is the President and Chief Executive Officer of Putnam Investments. Mr.
Putnam, III is the President of your fund and each of the other Putnam funds.
The balance of the nominees are not &#147;interested persons.&#148;</FONT></P>
<P align=left><FONT face=sans-serif size=1
>15</FONT></P>
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<A name="page_18"></A>

<P align="left">
<FONT size=2 face="serif">All the nominees were elected by the shareholders of each fund on the dates listed below:</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<U><FONT size=2 face="serif">July 14, 2005</FONT></U><BR>
<FONT size=2 face="serif">Putnam High Income Securities Fund</FONT><BR>
<FONT size=2 face="serif">Putnam Master Intermediate Income Trust</FONT><BR>
<FONT size=2 face="serif">Putnam Premier Income Trust</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<U><FONT size=2 face="serif">October 28, 2005</FONT></U><BR>
<FONT size=2 face="serif">Putnam Investment Grade Municipal Trust</FONT><BR>
<FONT size=2 face="serif">Putnam Managed Municipal Income Trust</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<I><FONT size=2 face="serif">For all funds other than Putnam Investment Grade Municipal Trust and Putnam Managed Municipal Trust:</FONT></I></P>
<P align="left">
<FONT size=2 face="serif">The 11 nominees for election as Trustees who receive the greatest number of votes will be elected as Trustees of your fund.</FONT></P>
<P align="left">
<I><FONT size=2 face="serif">For Putnam Investment Grade Municipal Trust and Putnam Managed Municipal Income Trust only:</FONT></I></P>
<P align="left">
<FONT size=2 face="serif">The 9 nominees for election as Trustees by the holders of common and preferred shares, voting as a single class, who receive the greatest number of votes from the preferred and common
shareholders will be elected as Trustees of your fund. In addition, the 2 nominees for election as Trustees by the preferred shareholders, voting as a class, who receive the greatest number of votes from the preferred shareholders will be elected as
Trustees of your fund.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Trustees serve until their successors are elected and qualified. Each of the nominees has agreed to serve as a Trustee, if elected. If any of the nominees is unavailable for election at the
time of the meeting, which is not anticipated, the Trustees may vote for other nominees at their discretion, or the Trustees may fix the number of Trustees at fewer than 11 for your fund. In the case of Putnam Investment Grade Municipal Trust and
Putnam Managed Municipal Income Trust, the Trustees may fix the number of Trustees to be elected by the holders of common and preferred shares voting as a single class at fewer than 9.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">16</FONT></P>

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<A name="page_19"></A>

<P align="left">
<B><FONT size=2 face="sans-serif">* What are the Trustees&#146; responsibilities?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Your fund&#146;s Trustees are responsible for the general oversight of your fund&#146;s affairs and for assuring that your fund is managed in the best interests of its shareholders. The Trustees
regularly review your fund&#146;s investment performance as well as the quality of other services provided to your fund and its shareholders by Putnam Management and its affiliates, including administration, custody, and shareholder servicing. At
least annually, the Trustees review and evaluate the fees and operating expenses paid by your fund for these services and negotiate changes that they deem appropriate. In carrying out these responsibilities, the Trustees are assisted by an
independent administrative staff and by your fund&#146;s auditors, independent counsel and other experts as appropriate, selected by and responsible to the Trustees.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Consistent with the 1940 Act and SEC rules, at least 75% of the trustees of your fund are required not to be &#147;interested persons&#148; (as defined in the 1940 Act) of your fund or your
fund&#146;s investment manager. These independent trustees, who are referred to in this proxy statement as &#147;Independent Trustees,&#148; must vote separately to approve all financial arrangements and other agreements with your fund&#146;s
investment manager and other affiliated parties. The role of independent trustees has been characterized as that of a &#147;watchdog&#148; charged with oversight to protect shareholders&#146; interests against overreaching and abuse by those who are
in a position to control or influence a fund. Your fund&#146;s Independent Trustees meet regularly as a group in executive session. Nine of the 11 nominees for election as Trustee would be Independent Trustees.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Board committees. </FONT></B><FONT size=2 face="serif">Your fund&#146;s Trustees have determined that the efficient conduct of your fund&#146;s affairs makes it
desirable to delegate responsibility for certain specific matters to committees of the board. Certain committees (the Executive Committee, Distributions Committee, and Audit and Compliance Committee) are authorized to act for the Trustees as
specified in their charters. The other committees review and evaluate matters specified in their charters and make recommendations to the Trustees as they deem appropriate. Each committee may utilize the resources of your fund&#146;s independent
staff, counsel and auditors as well as other experts. The committees meet as often as necessary, either in conjunction with regular meetings of the Trustees or otherwise. The membership and chairperson of each committee are appointed by the Trustees
upon recommendation of the Board Policy and Nominating Committee.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">17</FONT></P>

<HR noshade align="center" width="100%" size=2>

<!--$$/page=--><A name=page_20></A>
<P align=left><B><FONT face=serif size=2>Audit and
Compliance Committee. </FONT></B><FONT face=serif size=2
>The Audit and Compliance Committee provides oversight on matters
relating to the preparation of the fund&#146;s financial statements, compliance
matters and Code of Ethics issues. This oversight is discharged by regularly
meeting with management and the funds&#146; independent registered public accounting
firms and keeping current on industry developments. Duties of this Committee
also include the review and evaluation of all matters and relationships
pertaining to the funds&#146; independent registered public accounting firms,
including their independence. The members of the Committee include only
Independent Trustees. Each member of the Committee is &#147;independent&#148; as defined
in Sections 303.01(B)(2)(a) and (3) of the listing standards of the New York
Stock Exchange and as defined in Section 121(A) of the listing standards of the
American Stock Exchange. The Trustees have adopted a written charter for the
Committee. The Audit and Compliance Committee&#146;s charter, which is included in
this Proxy Statement as Exhibit A, is also available on the fund&#146;s web site at
https://content.putnam.com/individual_investor/pdf/committee_charter.pdf. Print
copies of the charter are available free of charge upon request by calling
1-800-225-1581. The Committee currently consists of Messrs. Patterson
(Chairperson), Hill and Stephens.</FONT></P>
<P align=left><B><FONT face=serif size=2>Board
Policy and Nominating Committee. </FONT></B><FONT face=serif size=2
BASEFACE="serif">The Board Policy and Nominating Committee reviews
policy matters pertaining to the operations of the Board of Trustees and its
Committees, the compensation of the Trustees and their staff and the conduct of
legal affairs for the funds. The Committee also oversees the voting of proxies
associated with portfolio investments of the Putnam funds, with the goal of
ensuring that these proxies are voted in the best interest of the funds&#146;
shareholders. </FONT></P>
<P align=left><FONT face=serif size=2>The
Committee evaluates and recommends all candidates for election as Trustees and
recommends the appointment of members and chairs of each board committee. The
Committee also identifies prospective nominees for election as trustee by
considering individuals that come to its attention through current Trustees,
Putnam Management or shareholders. Candidates properly submitted by shareholders
(as described below) will be considered and evaluated on the same basis as
candidates recommended by other sources. The Committee may, but is not required
to, engage a third-party professional search firm to assist it in identifying
and evaluating potential nominees.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>18</FONT></P>
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<A name="page_21"></A>

<P align="left">
<FONT size=2 face="serif">When evaluating a potential candidate for membership on the Board of Trustees, the Committee considers the skills and characteristics that it feels would most benefit the Putnam funds at the time
the evaluation is made. The Committee may take into account a wide variety of attributes in considering potential trustee candidates, including, but not limited to: (i) availability and commitment of a candidate to attend meetings, (ii) other board
experience, (iii) relevant industry and related experience, (iv) educational background, (v) financial expertise, (vi) an assessment of the candidate&#146;s ability, judgment and expertise, (vii) an assessment of the perceived needs of the Board of
Trustees and its committees at that point in time and (viii) overall Board of Trustees composition. In connection with this evaluation, the Committee will determine whether to interview prospective nominees, and, if warranted, one or more members of
the Committee, and other Trustees and representatives of the funds, as appropriate, will interview prospective nominees in person or by telephone. Once this evaluation is completed, the Committee recommends such candidates as it determines
appropriate to the Independent Trustees for nomination, and the Independent Trustees select the nominees after considering the recommendation of the Committee.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Committee will consider nominees for trustee recommended by shareholders of a fund provided shareholders submit their recommendations by the date disclosed in the paragraph entitled
&#147;Date for receipt of shareholders&#146; proposals for the next annual meeting,&#148; and provided the shareholders&#146; recommendations otherwise comply with applicable securities laws, including Rule 14a-8 under the Securities Exchange Act of
1934, as amended (the &#147;1934 Act&#148;).</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Committee consists only of Independent Trustees. The Committee currently consists of Dr. Kennan (Chairperson), Ms. Baxter and Messrs. Hill, Mullin and Patterson.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Brokerage Committee. </FONT></B><FONT size=2 face="serif">The Brokerage Committee reviews the policies and procedures of the funds regarding the execution of
portfolio transactions for the funds, including policies regarding: the selection of brokers and dealers to execute portfolio transactions; the establishment of brokerage commissions rates; and the generation and use of soft dollar credits. The
Committee also oversees the implementation by Putnam Management of such policies and procedures. The Committee reviews periodic reports regarding payments made, the quality of execution obtained by the funds, and the value of research obtained by
Putnam Management in connection with their portfolio transactions on</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">19</FONT></P>

<HR noshade align="center" width="100%" size=2>

<!--$$/page=--><A name=page_22></A>
<P align=left><FONT face=serif size=2>behalf of
the funds. The Committee currently consists of Dr. Joskow (Chairperson), Ms.
Drucker and Messrs. Putnam, III, and Worley. </FONT></P>
<P align=left><B><FONT face=serif size=2>Contract
Committee. </FONT></B><FONT face=serif size=2>The
Contract Committee reviews and evaluates, at least annually, all arrangements
pertaining to (i) the engagement of Putnam Management and its affiliates to
provide services to the funds, (ii) the expenditure of the funds&#146; assets for
distribution purposes pursuant to the distribution plans of the open-end funds
and (iii) the engagement of other persons to provide material services to the
funds, including in particular those instances where the cost of services is
shared between the funds and Putnam Management and its affiliates or where
Putnam Management or its affiliates have a material interest. The Committee
recommends to the Trustees such changes in arrangements as it deems appropriate.
After review and evaluation, the Committee recommends to the Trustees the
proposed organization of new fund products and proposed structural changes to
existing funds. Its oversight of the closed-end funds includes (i) investment
performance, (ii) trading activity, (iii) determinations with respect to
conversion of a closed-end fund to an open-end fund and (iv) other measures that
might be considered to address trading discounts, including share repurchase
programs. The Committee consists only of Independent Trustees. The Committee
currently consists of Ms. Baxter (Chairperson), Messrs. Curtis and Mullin and
Dr. Kennan.</FONT></P>
<P align=left><B><FONT face=serif size=2
>Distributions Committee. </FONT></B><FONT face=serif size=2
BASEFACE="serif">The Distributions Committee oversees all fund
distributions. The Committee makes recommendations to the Trustees of the funds
regarding the amount and timing of distributions paid by the funds, and approves
such matters when the Trustees are not in session. The Committee also oversees
the policies and procedures pursuant to which Putnam Management prepares
recommended distributions, and meets regularly with representatives of Putnam
Management to review the implementation of such policies and procedures. The
Committee currently consists of Messrs. Putnam, III, (Chairperson) and Worley,
Ms. Drucker and Dr. Joskow.</FONT></P>
<P align=left><B><FONT face=serif size=2>Executive
Committee. </FONT></B><FONT face=serif size=2>The
functions of the Executive Committee are twofold. The first is to ensure that
the funds&#146; business may be conducted at times when it is not feasible to convene
a meeting of the Trustees or for the Trustees to act by written consent. The
Committee may exercise any or all of the power and authority of the Trustees
when the Trustees are not in session. The second is to establish annual and
ongoing goals, objectives and priorities for the Board of Trustees and
to</FONT></P>
<P align=left><FONT face=sans-serif size=1
>20</FONT></P>
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<A name="page_23"></A>

<P align="left">
<FONT size=2 face="serif">ensure coordination of all efforts between the Trustees and Putnam Management on behalf of the shareholders of the Putnam funds. The Committee currently consists of Messrs. Hill (Chairperson),
Curtis, Patterson and Putnam, III (ex officio), Dr. Joskow and Ms. Baxter.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Investment Oversight Committees. </FONT></B><FONT size=2 face="serif">These Committees regularly meet with investment personnel of Putnam Management to review the
investment performance and strategies of the funds in light of their stated investment objectives and policies. Investment Oversight Committee A currently consists of Mses. Drucker (Chairperson) and Baxter and Mr. Curtis. Investment Oversight
Committee B currently consists of Drs. Joskow (Chairperson) and Kennan and Mr. Stephens. Investment Committee C currently consists of Messrs. Mullin (Chairperson), Putnam, III, and Patterson. Investment Oversight Committee D currently consists of
Messrs. Worley (Chairperson), Haldeman and Hill.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Investment Process Committee. </FONT></B><FONT size=2 face="serif">The Investment Process Committee complements the work of the Investment Oversight Committees by
monitoring Putnam Management&#146;s investment philosophies, investment processes and investment personnel. The Committee reviews Putnam Management&#146;s research capabilities; risk management processes; recruiting, training and compensation of
investment personnel; performance measurement; and portfolio construction. The Committee currently consists of Ms. Drucker (Chairperson), Dr. Joskow and Messrs. Putnam, III, and Worley.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Marketing Committee. </FONT></B><FONT size=2 face="serif">The Marketing Committee oversees the marketing and sale of fund shares by Putnam Retail Management. The
Committee reviews (i) services provided by Putnam Retail Management under its Distributor&#146;s Contracts with the open-end funds, (ii) sales charges imposed in connection with the sale of fund shares, (iii) expenditure of the funds&#146; assets
for distribution and shareholder services pursuant to distribution plans of the open-end funds, (iv) financial arrangements between Putnam Retail Management and finan-cial intermediaries related to the sale of fund shares and (v) compliance by
Putnam Retail Management with applicable federal and state laws and regulations governing the sale of fund shares. The Committee also exercises general oversight of marketing and sales communications used by Putnam Retail Management in connection
with the sale of fund shares. The Committee currently consists of Messrs. Curtis (Chairperson) and Mullin, Ms. Baxter and Dr. Kennan.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">21</FONT></P>

<HR noshade align="center" width="100%" size=2>



<!--$$/page=-->
<A name="page_24"></A>

<P align="left">
<B><FONT size=2 face="serif">Pricing Committee. </FONT></B><FONT size=2 face="serif">The Pricing Committee oversees the implementation of your fund&#146;s policies and procedures for achieving
accurate and timely pricing of the funds&#146; shares, including oversight of fair value determinations of individual securities made by Putnam Management or other designated agents of your fund. The Committee oversees compliance by money market
funds with Rule 2a-7 under the 1940 Act, interfund transactions pursuant to Rule 17a-7 under the 1940 Act, and the correction of occasional pricing errors. The Committee also receives reports on various matters including reports on the liquidity of
portfolio securities. The Committee currently consists of Messrs. Stephens (Chairperson), Hill and Patterson.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Shareholder Communications and Relations Committee. </FONT></B><FONT size=2 face="serif">The Shareholder Communications and Relations Committee reviews certain
communications sent to fund shareholders, including shareholder reports, prospectuses, proxy statements and other materials. The Committee oversees the policies and procedures pursuant to which such shareholder communications are prepared, and the
implementation by Putnam Management of such policies and procedures. The Committee reviews periodic reports regarding the costs to the funds of preparing and distributing such communications. The Committee also reviews periodic reports regarding
comments and suggestions received with respect to such communications. The Committee currently consists of Messrs. Worley (Chairperson) and Putnam, III, Ms. Drucker and Dr. Joskow. </FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">* How large a stake do the Trustees and nominees have in the Putnam family of funds?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">The Trustees allocate their investments among the Putnam funds based on their own investment needs. The table below shows the number of shares beneficially owned by each nominee for Trustee and
the value of each nominee&#146;s holdings in each fund and in all of the Putnam funds as of March 31, 2006. As a group, the Trustees owned shares of the Putnam funds valued at approximately &#36;85 million as of March 31, 2006.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">22</FONT></P>

<HR noshade align="center" width="100%" size=2>

<!--$$/page=--><A name=page_25></A>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="57%" colSpan=2><B><FONT
      face=sans-serif size=2
     >Putnam High Income Securities Fund</FONT></B>&nbsp;
    </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="28%"><FONT face=sans-serif
      size=1>Dollar Range</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="28%"><FONT face=sans-serif
      size=1>of Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>Aggregate Dollar</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="28%"><FONT face=sans-serif
      size=1>High Income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=1>Shares</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>Range of Shares
      held</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="28%"><FONT face=sans-serif
      size=1>Securities Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=1>Beneficially</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>in all of the</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=1>Name of Nominee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"><FONT face=sans-serif
      size=1>Shares Owned</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=1>Owned</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>Putnam funds</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Jameson A. Baxter</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="28%"><FONT face=sans-serif
      size=2>$10,001-$50,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>1,619.792</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Charles B. Curtis</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="28%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>391.785</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Myra R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>339.790</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Charles E. Haldeman,
      Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>841</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>John A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"><FONT face=sans-serif
      size=2>Over $100,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>71,014.018</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Paul L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>334.178</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Elizabeth T. Kennan</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="28%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>451.380</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Robert E. Patterson</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="28%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>1,084.356</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>George Putnam, III</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="28%"><FONT face=sans-serif
      size=2>$10,001-$50,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>1,670</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>W. Thomas Stephens</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="28%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>334.178</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Richard B. Worley</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="28%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>334</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=3><B><FONT
      face=sans-serif size=2
     >Putnam Investment Grade Municipal
      Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>Dollar Range</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>of Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>Aggregate Dollar</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>Investment Grade</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=1>Shares</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>Range of Shares
      held</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=1>Beneficially</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>in all of the</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=1>Name of Nominee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>Shares Owned</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=1>Owned</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>Putnam funds</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Jameson A. Baxter</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>212.401</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Charles B. Curtis</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>118.508</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Myra R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>101.297</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Charles E. Haldeman,
      Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>330</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>John A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>219.607</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Paul L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Elizabeth T. Kennan</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>109.015</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Robert E. Patterson</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>300</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>George Putnam, III</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$10,001-$50,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>1,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>W. Thomas Stephens</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>170.281</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Richard B. Worley</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1
BASEFACE="sans-serif">23</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_26></A>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=3><B><FONT
      face=sans-serif size=2
     >Putnam Managed Municipal Income Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>Dollar Range</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>of Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>Aggregate Dollar</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>Managed Municipal</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=1>Shares</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>Range of Shares
      held</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>Income Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=1>Beneficially</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>in all of the</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=1>Name of Nominee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>Shares Owned</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=1>Owned</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>Putnam funds</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Jameson A. Baxter</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>212.250</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Charles B. Curtis</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>116.336</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Myra R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>101.434</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Charles E. Haldeman,
      Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>450</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>John A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>219.565</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Paul L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Elizabeth T. Kennan</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>108.920</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Robert E. Patterson</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>300</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>George Putnam, III</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$10,001-$50,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>1,800</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>W. Thomas Stephens</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Richard B. Worley</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=3
   ><B><FONT face=sans-serif size=2
     >Putnam Master Intermediate
      Income Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   >&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >Dollar Range</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="26%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   >&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >of Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >Aggregate Dollar</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ></TD>
    <TD noWrap align=left width="26%" background=""
   ><FONT face=Arial
      size=1>Master Intermediate</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Shares</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >Range of Shares held</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   >&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >Income Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Beneficially</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >in all of the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Name of Nominee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >Shares Owned</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Owned</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >Putnam funds</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >Jameson A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >461.972</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >Charles B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >118.184</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >Myra R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >101.387</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >Charles E. Haldeman, Jr.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >510</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >John A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >430.286</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >Paul L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >Elizabeth T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >270.436</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >Robert E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >587</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >George Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >$10,001-$50,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >2,178</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >W. Thomas Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >Richard B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1
>24</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_27></A>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" colSpan=2><B><FONT
      face=sans-serif size=2
     >Putnam Premier Income Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>Dollar Range</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>of Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>Aggregate Dollar</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>Premier</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=1>Shares</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>Range of Shares
      held</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>Income Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=1>Beneficially</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>in all of the</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=1>Name of Nominee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>Shares Owned</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=1>Owned</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>Putnam funds</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Jameson A. Baxter</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>496.412</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Charles B. Curtis</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>240.467</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Myra R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>203.961</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Charles E. Haldeman,
      Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>1,005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>John A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$10,001-$50,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>3,587.096</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Paul L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>201.176</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Elizabeth T. Kennan</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>292.060</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Robert E. Patterson</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>803.529</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>George Putnam, III</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$10,001-$50,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>2,505</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>W. Thomas Stephens</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>201.176</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Richard B. Worley</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$1-$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>201</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>None of the
Trustees owns any preferred shares of Putnam Investment Grade Municipal Trust or
Putnam Managed Municipal Income Trust. At March 31, 2006, the Trustees and
officers of each fund, as a group, owned less than 1% of the outstanding shares
of each fund.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>* What are some of the ways in which the Trustees represent
shareholder interests?</FONT></B></P>
<P align=left><FONT face=serif size=2>Among other
ways, the Trustees seek to represent shareholder interests: </FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;by
carefully reviewing your fund&#146;s investment performance on an individual basis
with your fund&#146;s investment team; </FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;by
carefully reviewing the quality of the various other services provided to the
funds and their shareholders by Putnam Management and its affiliates;
</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;by
discussing with senior management of Putnam Management steps being taken to
address any performance deficiencies; </FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;by
reviewing in depth the fees paid by each fund and by negotiating with Putnam
Management to ensure that such fees remain reasonable and competitive with those
of comparable funds, while at the same time</FONT></P>
<P align=left><FONT face=sans-serif size=1
>25</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_28></A>
<P align=left><FONT face=serif size=2>providing
Putnam Management sufficient resources to continue to provide high quality
services in the future; </FONT></P>
<P align=left><FONT face=serif size=2>* by
reviewing brokerage costs and fees, allocations among brokers, soft dollar
expenditures and similar expenses of the funds; </FONT></P>
<P align=left><FONT face=serif size=2>* by
monitoring potential conflicts of interest between the funds and Putnam
Management and its affiliates to ensure that the funds continue to be managed in
the best interests of their shareholders; and </FONT></P>
<P align=left><FONT face=serif size=2>* by
monitoring potential conflicts among funds managed by Putnam to ensure that
shareholders continue to realize the benefits of participation in a large and
diverse family of funds.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>* How can shareholders communicate with the
Trustees?</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board of
Trustees provides a process for shareholders to send communications to the
Trustees. Shareholders may direct communications to the Board of Trustees as a
whole or to specified individual Trustees by submitting them in writing to the
following address:</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>The
      Putnam Funds</FONT><BR><FONT face=serif size=2
     >Attention: &#147;Board of Trustees&#148; or any specified
      Trustee(s)</FONT><BR><FONT face=serif size=2
     >One Post Office Square</FONT><BR><FONT face=serif size=2
     >Boston, Massachusetts
  02109</FONT><BR></TD></TR></TABLE><FONT face=serif size=2
BASEFACE="serif">Written communications must include the
shareholder&#146;s name, be signed by the shareholder, refer to the Putnam fund(s) in
which the shareholder holds shares and include the class and number of shares
held by the shareholder as of a recent date.</FONT></P>
<P align=left><FONT face=serif size=2>The Office
of the Trustees will respond to all correspondence sent to Trustees; however,
due to the volume of correspondence, all communications are not sent directly to
the Trustees. The correspondence is reviewed, summarized and presented to
Trustees on a periodic basis.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>* How often do the Trustees meet?</FONT></B></P>
<P align=left><FONT face=serif size=2>The Trustees
meet each month (except August) over a two-day period to review the operations
of your fund and of the other Putnam funds. A portion of these meetings is
devoted to meetings of various committees of the board that focus on particular
matters. Each Trustee generally</FONT></P>
<P align=left><FONT face=sans-serif size=1
>26</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_29"></A>

<P align="left">
<FONT size=2 face="serif">attends at least two formal committee meetings during each regular meeting of the Trustees. In addition, the Trustees meet in small groups with Chief Investment Officers, Portfolio Leaders and
Portfolio Members to review recent performance and the current investment climate for selected funds. These meetings ensure that each fund&#146;s performance is reviewed in detail at least twice a year. The Contract Committee typically meets on
several additional occasions during the year to carry out its responsibilities. Other committees, including the Executive Committee, may also meet on special occasions as the need arises. During calendar year 2005, the average Trustee participated
in approximately 55 committee and board meetings. With respect to each fund, Mr. Stephens attended fewer than 75% of the total number of meetings of the full board and of the committees on which he served during each fund&#146;s last fiscal
year.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The number of times each committee met during your fund&#146;s last fiscal year is shown in the table below:</FONT></P>
<TABLE border=0 width=100% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<B><FONT size=2 face="sans-serif">Putnam High Income Securities Fund</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=1 face="sans-serif">Fiscal year ended August 31, 2005</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Audit and Compliance Committee*</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">23</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Board Policy and Nominating Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">11</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Brokerage Committee **</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">7</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Contract Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">17</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Distributions Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">9</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Executive Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">1</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Investment Oversight Committees</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Marketing Committee***</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">16</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Pricing Committee*</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">23</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Shareholder Communications and Relations Committee***</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">16</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Investment Process Committee****</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=1 face="sans-serif">27</FONT></P>

<HR noshade align="center" width="100%" size=2>



<!--$$/page=-->
<A name="page_30"></A>

<TABLE border=0 width=100% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<B><FONT size=2 face="sans-serif">Putnam Investment Grade Municipal Trust</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=1 face="sans-serif">Fiscal year ended November 30, 2005</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Audit and Compliance Committee*</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">19</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Board Policy and Nominating Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">12</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Brokerage Committee**</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">6</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Contract Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">15</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Distributions Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">11</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Executive Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">1</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Investment Oversight Committees</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Marketing Committee***</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">14</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Pricing Committee*</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">19</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Shareholder Communications and Relations Committee***</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">14</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Investment Process Committee****</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 width=100% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<B><FONT size=2 face="sans-serif">Putnam Managed Municipal Income Trust</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=1 face="sans-serif">Fiscal year ended October 31, 2005</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Audit and Compliance Committee*</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">20</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Board Policy and Nominating Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">12</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Brokerage Committee**</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">7</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Contract Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">16</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Distributions Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">11</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Executive Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">1</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Investment Oversight Committees</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Marketing Committee***</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">15</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Pricing Committee*</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">20</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Shareholder Communications and Relations Committee***</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">15</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Investment Process Committee****</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=1 face="sans-serif">28</FONT></P>

<HR noshade align="center" width="100%" size=2>



<!--$$/page=-->
<A name="page_31"></A>

<TABLE border=0 width=100% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<B><FONT size=2 face="sans-serif">Putnam Master Intermediate Income Trust</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=1 face="sans-serif">Fiscal year ended September 30, 2005</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Audit and Compliance Committee*</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">21</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Board Policy and Nominating Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">11</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Brokerage Committee**</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">7</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Contract Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">16</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Distributions Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">10</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Executive Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">1</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Investment Oversight Committees</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Marketing Committee***</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">16</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Pricing Committee*</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">21</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Shareholder Communications and Relations Committee***</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">16</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Investment Process Committee****</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 width=100% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<B><FONT size=2 face="sans-serif">Putnam Premier Income Trust</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=1 face="sans-serif">Fiscal year ended July 31, 2005</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Audit and Compliance Committee*</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">24</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Board Policy and Nominating Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">11</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Brokerage Committee**</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">7</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Contract Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">17</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Distributions Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">9</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Executive Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">1</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Investment Oversight Committees</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Marketing Committee***</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">16</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Pricing Committee*</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">24</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Shareholder Communications and Relations Committee***</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">16</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Investment Process Committee****</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">&#151;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=1 face="sans-serif">* Effective January 2006, the responsibilities of the Audit and Pricing Committee were divided between two separate committees, the Audit and Compliance Committee and the Pricing
Committee. The number of meetings shown represents the number of meetings held by the Audit and Pricing Committee during your fund&#146;s last fiscal year, which ended prior to the formation of the new committees.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">** Effective January 2006, the Brokerage and Custody Committee was renamed the Brokerage Committee.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">29</FONT></P>

<HR noshade align="center" width="100%" size=2>

<!--$$/page=--><A name=page_32></A>
<P align=left><FONT face=sans-serif size=1
>*** Effective January 2006, the responsibilities of the
Communication, Service and Marketing Committee were divided between two separate
committees, the Marketing Committee and the Shareholder Communications and
Relations Committee. The number of meetings shown represents the number of
meetings held by the Communication, Service and Marketing Committee during your
fund&#146;s last fiscal year, which ended prior to the formation of the new
committees. </FONT></P>
<P align=left><FONT face=sans-serif size=1
>****The Investment Process Committee began meeting in January
2006.</FONT></P>
<P align=left><FONT face=serif size=2>Your fund
does not have a policy with respect to Trustee attendance at shareholder
meetings. Although your fund&#146;s Trustees did not attend the last annual meeting
of your fund, they were represented at the meeting by their staff.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>* What are the Trustees paid for their services?</FONT></B></P>
<P align=left><FONT face=serif size=2>Each
Independent Trustee of the fund receives an annual retainer fee and additional
fees for each Trustees&#146; meeting attended, for attendance at industry seminars
and for certain compliance-related services. Independent Trustees who serve on
board committees receive additional fees for attendance at certain committee
meetings and for special services rendered in that connection. Independent
Trustees also are reimbursed for costs incurred in connection with their
services, including costs of travel, seminars and educational materials. All of
the current Independent Trustees of the fund are Trustees of all the Putnam
funds and receive fees for their services. Mr. Putnam, III also receives the
foregoing fees for his services as Trustee.</FONT></P>
<P align=left><FONT face=serif size=2>The Trustees
periodically review their fees to ensure that such fees continue to be
appropriate in light of their responsibilities as well as in relation to fees
paid to trustees of other mutual fund complexes. The Board Policy and Nominating
Committee, which consists solely of Independent Trustees of the fund, estimates
that committee and Trustee meeting time, together with the appropriate
preparation, requires the equivalent of at least three business days per Trustee
meeting. The following table shows the year each Trustee became a Trustee of the
Putnam funds and the fees paid to each Trustee by your fund for its most recent
fiscal year and the fees paid to each Trustee by all of the Putnam funds during
calendar year 2005:</FONT></P>
<P align=left><FONT face=sans-serif size=1
>30</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_33></A>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   ><B><FONT face=sans-serif size=2
     >Putnam High Income
      Securities Fund Compensation Table</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >Retirement</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Estimated</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >benefits</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >annual</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >Total</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >Aggregate</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >accrued</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >benefits from&nbsp;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%" background=""
   ><FONT face=Arial
      size=1>compensation</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%" background=""
   ><FONT face=Arial
      size=1>compensation</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >as part</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >all Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >from all</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >from the</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >of fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >funds upon</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >Putnam</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=1
     >Trustees/Year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >expenses</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >retirement </FONT><SUP><FONT face=sans-serif size=1
     >(1)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >funds </FONT><SUP><FONT face=sans-serif size=1
     >(2)(3)</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   ><FONT size=1>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Jameson A. Baxter/1994</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >$1,125</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >$393</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >$110,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >$237,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Charles B. Curtis/2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,069</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >724</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >113,900</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >231,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Myra R. Drucker/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,051</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >224,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Charles E. Haldeman, Jr./2004&nbsp;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%" background=""
   ><FONT face=Arial
      size=2>0</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >0</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >John A. Hill/1985</FONT><SUP><FONT face=sans-serif
      size=2>(4)(5)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,652</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >511</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >161,700</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >422,813</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Ronald J. Jackson/1996</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)(6)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >751</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >436</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >107,333</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Paul L. Joskow/1997</FONT><SUP><FONT face=sans-serif
      size=2>(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,057</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >414</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >113,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >228,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Elizabeth T. Kennan/1992</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,074</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >505</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >108,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >229,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >John H. Mullin, III/1997</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,099</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >451</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >220,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Robert E. Patterson/1984</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,041</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >273</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >106,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >222,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >George Putnam, III/1984</FONT><SUP><FONT
      face=sans-serif size=2
     >(5)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,260</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >245</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >130,300</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >262,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >W. Thomas Stephens/1997</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >997</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >449</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >211,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Richard B. Worley/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,046</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >218,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=5
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   ><B><FONT face=sans-serif size=2
     >Putnam Investment Grade
      Municipal Trust Compensation Table</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=5
   >&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   >
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Jameson A. Baxter/1994</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >$1,255</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >$402</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >$110,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >$237,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Charles B. Curtis/2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,190</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >778</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >113,900</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >231,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Myra R. Drucker/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,368</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >224,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Charles E. Haldeman, Jr./2004&nbsp;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%" background=""
   ><FONT face=Arial
      size=2>0</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >0</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >John A. Hill/1985</FONT><SUP><FONT face=sans-serif
      size=2>(4)(5)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,745</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >524</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >161,700</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >422,813</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Ronald J. Jackson/1996</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)(6)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >538</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >450</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >107,333</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Paul L. Joskow/1997</FONT><SUP><FONT face=sans-serif
      size=2>(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,167</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >448</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >113,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >228,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Elizabeth T. Kennan/1992</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,182</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >512</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >108,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >229,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >John H. Mullin, III/1997</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,209</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >460</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >220,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Robert E. Patterson/1984</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,152</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >278</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >106,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >222,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >George Putnam, III/1984</FONT><SUP><FONT
      face=sans-serif size=2
     >(5)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,399</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >253</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >130,300</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >262,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >W. Thomas Stephens/1997</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,078</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >467</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >211,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Richard B. Worley/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,356</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >218,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1
BASEFACE="sans-serif">31</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_34></A>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   ><B><FONT face=sans-serif size=2
     >Putnam Managed Municipal
      Income Trust Compensation Table</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >Retirement</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Estimated</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >benefits</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >annual</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >Total</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >Aggregate</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >accrued</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >benefits from&nbsp;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%" background=""
   ><FONT face=Arial
      size=1>compensation</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ></TD>
    <TD noWrap align=left width="14%" background=""
   ><FONT face=Arial
      size=1>compensation</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >as part</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >all Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >from all</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >from the</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >of fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >funds upon</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >Putnam</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=1
     >Trustees/Year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >expenses</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >retirement </FONT><SUP><FONT
      face=sans-serif size=1
     >(1)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >funds </FONT><SUP><FONT face=sans-serif
      size=1>(2)(3)</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   >
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Jameson A. Baxter/1994</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >$1,368</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >$417</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >$110,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >$237,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Charles B. Curtis/2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,297</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >794</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >113,900</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >231,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Myra R. Drucker/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,487</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >224,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Charles E. Haldeman,
      Jr./2004&nbsp;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%" background=""
   ><FONT face=Arial
      size=2>0</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >0</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >John A. Hill/1985</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)(5)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,937</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >543</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >161,700</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >422,813</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Ronald J. Jackson/1996</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)(6)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >582</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >465</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >107,333</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Paul L. Joskow/1997</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,272</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >456</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >113,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >228,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Elizabeth T. Kennan/1992</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,288</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >533</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >108,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >229,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >John H. Mullin,
      III/1997</FONT><SUP><FONT face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,318</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >478</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >220,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Robert E. Patterson/1984</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,256</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >289</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >106,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >222,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >George Putnam,
      III/1984</FONT><SUP><FONT face=sans-serif size=2
     >(5)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,525</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >261</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >130,300</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >262,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >W. Thomas
      Stephens/1997</FONT><SUP><FONT face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,175</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >482</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >211,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Richard B. Worley/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,474</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >218,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=5
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   ><B><FONT face=sans-serif size=2
     >Putnam Master Intermediate
      Income Trust Compensation Table</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=5
   >&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   ><FONT size=1

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Jameson A. Baxter/1994</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >$1,619</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >$524</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >$110,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >$237,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Charles B. Curtis/2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,538</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >972</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >113,900</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >231,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Myra R. Drucker/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,506</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >224,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Charles E. Haldeman,
      Jr./2004&nbsp;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%" background=""
   ><FONT face=Arial
      size=2>0</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >0</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >John A. Hill/1985</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)(5)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >2,358</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >682</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >161,700</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >422,813</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Ronald J. Jackson/1996</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)(6)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,114</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >582</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >107,333</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Paul L. Joskow/1997</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,523</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >556</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >113,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >228,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Elizabeth T. Kennan/1992</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,546</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >672</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >108,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >229,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >John H. Mullin,
      III/1997</FONT><SUP><FONT face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,583</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >601</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >220,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Robert E. Patterson/1984</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,498</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >364</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >106,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >222,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >George Putnam,
      III/1984</FONT><SUP><FONT face=sans-serif size=2
     >(5)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,820</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >327</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >130,300</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >262,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >W. Thomas
      Stephens/1997</FONT><SUP><FONT face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,440</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >600</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >211,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Richard B. Worley/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,498</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >218,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1
>32</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_35></A>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" colSpan=4><B><FONT
      face=sans-serif size=2
     >Putnam Premier Income Trust Compensation
      Table</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=1>Retirement</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>Estimated</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=1>benefits</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>annual</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>Total</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=left width="13%" background=""><FONT
      face=Arial size=1>Aggregate</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=1>accrued</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>benefits from&nbsp;</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="16%" background=""><FONT
      face=Arial size=1>compensation</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=left width="13%" background=""><FONT
      face=Arial size=1>compensation</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=1>as part</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>all Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>from all</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=left width="13%" background=""><FONT
      face=Arial size=1>from the</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=1>of fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>funds upon</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>Putnam</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>Trustees/Year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=1>expenses</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>retirement </FONT><SUP><FONT
      face=sans-serif size=1
     >(1)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>funds </FONT><SUP><FONT
      face=sans-serif size=1
     >(2)(3)</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5><FONT size=1

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Jameson A.
      Baxter/1994</FONT><SUP><FONT face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="13%" background=""><FONT
      face=Arial size=2>$2,432</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>$674</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>$110,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>$237,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Charles B.
      Curtis/2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>2,309</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>1,223</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>113,900</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>231,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Myra R.
      Drucker/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>2,184</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>224,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Charles E. Haldeman,
      Jr./2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>John A.
      Hill/1985</FONT><SUP><FONT face=sans-serif size=2
     >(4)(5)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>3,535</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>877</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>161,700</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>422,813</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Ronald J.
      Jackson/1996</FONT><SUP><FONT face=sans-serif size=2
     >(4)(6)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>1,743</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>745</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>107,333</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Paul L.
      Joskow/1997</FONT><SUP><FONT face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>2,276</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>698</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>113,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>228,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Elizabeth T.
      Kennan/1992</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>2,325</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>868</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>108,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>229,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>John H. Mullin,
      III/1997</FONT><SUP><FONT face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>2,379</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>773</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>220,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Robert E.
      Patterson/1984</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>2,235</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>470</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>106,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>222,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>George Putnam,
      III/1984</FONT><SUP><FONT face=sans-serif size=2
     >(5)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>2,717</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>419</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>130,300</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>262,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>W. Thomas
      Stephens/1997</FONT><SUP><FONT face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>2,162</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>767</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>107,100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>211,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Richard B.
      Worley/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>2,184</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>218,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1
>(1) Estimated benefits for each Trustee are based on Trustee fee
rates for calendar years 2003, 2004 and 2005. For Mr. Jackson, the annual
benefits equal the actual benefits he is currently receiving under the
Retirement Plan for Trustees of the Putnam funds.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>(2) As of December 31, 2005, there were 108 funds in the Putnam
family. For Mr. Hill, amounts shown also include compensation for service as
Chairman of TH Lee, Putnam Emerging Opportunities Portfolio, a closed-end fund
advised by an affiliate of Putnam Management.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>(3) Includes amounts (ranging from approximately $1,500 to $15,250
per Trustee) for which the Putnam funds were reimbursed by Putnam Management for
special Board and committee meetings and additional time spent on behalf of the
Putnam funds in connection with certain regulatory and investigatory
matters.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>(4) Certain Trustees are also owed compensation deferred pursuant
to a Trustee Compensation Deferral Plan. As of the dates identified below, the
total amounts of deferred compensation payable by the fund, including income
earned on such amounts, to certain Trustees were: </FONT></P>
<P align=left><FONT face=sans-serif size=1
>Putnam High Income Securities Fund </FONT><FONT face=sans-serif
size=1>(August 31, 2005) Ms. Baxter &#151; $1,740,
Mr. Hill &#151; $6,712, Mr. Jackson &#151; $3,336, Mr. Joskow, &#151; $2,055, Mr. Mullin &#151;
$1,985, and Mr. Stephens &#151; $381.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>Putnam Investment Grade Municipal Trust </FONT><FONT
face=sans-serif size=1>(November 30, 2005)
Ms. Baxter &#151; $1,160, Mr. Hill &#151; $4,663, Mr. Jackson &#151; $2,420, Mr. Joskow, &#151;
$1,384, Mr. Mullin &#151; $1,324, and Mr. Stephens &#151; $255.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>Putnam Managed Municipal Income Trust </FONT><FONT face=sans-serif
size=1>(October 31, 2005) Ms. Baxter &#151;
$3,628, Mr. Hill &#151; $14,352, Mr. Jackson &#151; $7,584, Mr. Joskow, &#151; $4,289, Mr.
Mullin &#151; $4,135, and Mr. Stephens &#151; $798.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>33</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_36></A>
<P align=left><FONT face=sans-serif size=1
>Putnam Master Intermediate Income Trust </FONT><FONT
face=sans-serif size=1>(September 30, 2005)
Ms. Baxter &#151; $4,998, Mr. Hill &#151; $19,278, Mr. Jackson &#151; $9,588, Mr. Joskow, &#151;
$5,906, Mr. Mullin &#151; $5,700, and Mr. Stephens &#151; $1,098.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>Putnam Premier Income Trust </FONT><FONT face=sans-serif size=1
BASEFACE="sans-serif">(July 31, 2005) Ms. Baxter &#151; $7,691, Mr. Hill
&#151; $29,674, Mr. Jackson &#151; $14,755, Mr. Joskow, &#151; $9,078, Mr. Mullin &#151; $8,778 and
Mr. Stephens &#151; $1,684.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>(5) Includes additional compensation to Messrs. Hill and Putnam,
III for service as Chairman of the Trustees and President of the Funds,
respectively.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>(6) Mr. Jackson retired from the Board of Trustees of the Putnam
funds on June 10, 2005.</FONT></P>
<P align=left><FONT face=serif size=2>Under a
Retirement Plan for Trustees of the Putnam funds (the &#147;Plan&#148;), each Trustee who
retires with at least five years of service as a Trustee of the funds is
entitled to receive an annual retirement benefit equal to one-half of the
average annual attendance and retainer fees paid to such Trustee for calendar
years 2003, 2004 and 2005. This retirement benefit is payable during a Trustee&#146;s
lifetime, beginning the year following retirement, for the number of years of
service through December 31, 2006. A death benefit, also available under the
Plan, ensures that the Trustee and his or her beneficiaries will receive benefit
payments for the lesser of an aggregate period of (i) ten years or (ii) such
Trustee&#146;s total years of service. </FONT></P>
<P align=left><FONT face=serif size=2>The Plan
Administrator (currently the Board Policy and Nominating Committee) may
terminate or amend the Plan at any time, but no termination or amendment will
result in a reduction in the amount of benefits (i) currently being paid to a
Trustee at the time of such termination or amendment, or (ii) to which a current
Trustee would have been entitled had he or she retired immediately prior to such
termination or amendment. The Trustees have terminated the Plan with respect to
any Trustee first elected to the board after 2003.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>2. APPROVAL OR DISAPPROVAL OF THE CONVERSION OF YOUR FUND FROM
CLOSED-END TO OPEN-END STATUS AND CERTAIN RELATED AMENDMENTS TO YOUR FUND&#146;S
AGREEMENT AND DECLARATION OF TRUST </FONT></B><I><FONT face=sans-serif size=2
BASEFACE="sans-serif">(For Putnam Investment Grade Municipal Trust,
Putnam Master Intermediate Income Trust and Putnam Premier Income Trust
only)</FONT></I></P>
<P align=left><B><FONT face=sans-serif size=2
>* What is this proposal?</FONT></B></P>
<P align=left><FONT face=serif size=2>Shareholders
will have the opportunity to vote at the meeting on the question of whether your
fund should be converted from a closed-end fund to an open-end fund. If the
conversion is approved, your fund&#146;s shares would become redeemable directly from
your fund at net asset value, eliminating any discount of market price to net
asset value. In</FONT></P>
<P align=left><FONT face=sans-serif size=1
>34</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_37></A>
<P align=left><FONT face=serif size=2>order to
address the organizational changes necessitated by any conversion from
closed-end to open-end status, approval of this proposal would also authorize
the Trustees to make such amendments to your fund&#146;s Agreement and Declaration of
Trust (the &#147;Declaration of Trust&#148;) as they may deem necessary.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>* Why is this question being submitted to
shareholders?</FONT></B></P>
<P align=left><FONT face=serif size=2>Your fund&#146;s
Declaration of Trust requires that shareholders of your fund be given the
opportunity to vote on a proposal to convert your fund from closed-end to
open-end status if the fund&#146;s common shares have traded at an average discount
of more than 10% from its net asset value per share during the last twelve
calendar weeks of the preceding fiscal year (measured as of the last trading day
in each such week). The following table shows the average discount from net
asset value per share at which your fund&#146;s shares traded for the relevant
period, in each case requiring that this proposal be submitted to
shareholders.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="53%">&nbsp; </TD>
    <TD noWrap align=left width="31%">&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>Avg.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"><FONT face=sans-serif
      size=1>Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=1>12 Weeks Ended</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>Discount</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT size=1

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"><FONT face=sans-serif
      size=2>Putnam Investment Grade
      Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>November 25, 2005</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>&#150;13.1%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"><FONT face=sans-serif
      size=2>Putnam Master Intermediate
      Income Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>September 30, 2005</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>&#150;10.2%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"><FONT face=sans-serif
      size=2>Putnam Premier Income
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>July 29, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>&#150;10.8%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2
>* What do the Trustees recommend?</FONT></B></P>
<P align=left><B><FONT face=serif size=2>The
Trustees of your fund have concluded that the conversion of your fund to
open-end status would not be in the best long-term interests of your fund&#146;s
shareholders. Accordingly, the Trustees of your fund unanimously recommend that
shareholders vote &#147;AGAINST&#148; this proposal.</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2
>* Why are the Trustees recommending a vote against a
conversion?</FONT></B></P>
<P align=left><FONT face=serif size=2>In
recommending a vote against converting your fund to open-end status, the
Trustees considered the following factors:</FONT></P>
<P align=left><FONT face=serif size=2
>*&nbsp;</FONT><I><FONT face=serif size=2
>Potential investment advantages. </FONT></I><FONT face=serif size=2
BASEFACE="serif">The Trustees believe that your fund&#146;s closed-end
status provides potential investment advantages not available to open-end fund
investors. Because your fund&#146;s shares are not redeemable, your fund is not
required to maintain short-term, lower-yielding investments in anticipation of
possible redemptions, and generally can</FONT></P>
<P align=left><FONT face=sans-serif size=1
>35</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_38></A>
<P align=left><FONT face=serif size=2>be more
fully invested in higher-yielding securities. As a closed-end fund, your fund
does not experience the cash flows associated with sales and redemptions of
open-end fund shares, which create transaction costs that are borne by long-term
shareholders. Such cash flows may at times also require temporary investment in
short-term, lower-yielding securities, pending investment in longer-term,
higher-yielding securities.</FONT></P>
<P align=left><FONT face=serif size=2>*
</FONT><I><FONT face=serif size=2>Advantages of
leverage through preferred shares (Putnam Investment Grade Municipal Trust
only). </FONT></I><FONT face=serif size=2>The
Trustees considered the fact that Putnam Investment Grade Municipal Trust has
engaged in investment leverage by issuing preferred shares, a strategy that is
not available to open-end funds. This form of investment leverage offers your
fund opportunities for increased investment yield. If the fund were to convert
to open-end status, the fund would be required to redeem its preferred
shares.</FONT></P>
<P align=left><FONT face=serif size=2>*
</FONT><I><FONT face=serif size=2>Effects of
discounts. </FONT></I><FONT face=serif size=2>In
reviewing the trading information for your fund, the Trustees have observed that
discounts fluctuate and that, for many periods, fund shares have traded at
premiums or substantially lower discounts. As discussed in more detail below,
the Trustees do not believe that recent discount levels are currently a
sufficient justification for abandoning the advantages of the closed-end
structure by converting your fund to open-end status.</FONT></P>
<P align=left><FONT face=serif size=2>*
</FONT><I><FONT face=serif size=2>Recent Measures
in Response to Discounts. </FONT></I><FONT face=serif size=2
>In response to recent discounts, the Trustees have reviewed and
approved measures, such as the recent authorization of a share repurchase
program at net asset value discussed below, that are likely to enhance your
fund&#146;s total return at net asset value and may have temporary effects with
respect to trading discounts.</FONT></P>
<P align=left><FONT face=serif size=2>*
</FONT><I><FONT face=serif size=2>Possible changes
in fund size and expenses. </FONT></I><FONT face=serif size=2
>Redemptions by shareholders could cause your fund to shrink, in the
near term, following conversion to open-end status, resulting in an increased
expense ratio for remaining shareholders. Putnam Retail Management has advised
the Trustees that your fund may experience significant net redemptions shortly
following a conversion to open-end status, thereby shrinking the fund&#146;s size. If
shareholders approve a conversion to open-end status, the Trustees would intend
to instate a redemption fee for a period of time following conversion, with the
purpose of at least partly offsetting the transaction costs that may result from
significant redemptions of shares. While the amount and duration of any
redemption fee have not been determined, the Trustees do not expect that the fee
would exceed 2% or be imposed on redemptions for a period of longer than one
year following conversion.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>36</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_39></A>
<P align=left><FONT face=serif size=2>Since
open-end funds may continuously offer new shares to the public, they also have
the ability to increase in size in the long term, and growth in your fund&#146;s size
could result in efficiencies and the ability to spread fixed costs over a larger
pool of assets. In order to increase assets in the face of redemptions following
a conversion, the Trustees would likely consider commencing a continuous
offering of shares of your fund. In that instance, to support the marketing of
fund shares, the Trustees might also propose that your fund adopt a distribution
plan under Rule 12b-1 under the 1940 Act similar to the plans of other open-end
Putnam funds, under which Putnam Retail Management, those funds&#146; principal
underwriter, currently receives annual distribution fees of 0.25% of net assets,
though the applicable plans permit fees of up to 0.35% .</FONT></P>
<P align=left><FONT face=serif size=2>If,
following a conversion, your fund were to experience a significant loss of
assets and corresponding increase in expenses, the Trustees might alternatively
consider initiating a merger of your fund into another open-end Putnam fund with
a comparable investment strategy.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>* What does it mean when fund shares trade at a
discount?</FONT></B></P>
<P align=left><FONT face=serif size=2>Since
closed-end funds are not required to redeem their shares, investors in
closed-end funds who wish to liquidate their investment must sell their shares
in the secondary markets. To promote the availability of active secondary
markets for shareholders who wish to sell their shares, the closed-end Putnam
funds have listed their shares for trading on the New York Stock Exchange or the
American Stock Exchange. Prices in these secondary markets are determined by
market forces and will fluc-tuate over time. They will also fluctuate in
relation to a fund&#146;s net asset value. Closed-end fund shares generally trade at
discounts to their net asset value but at times may trade at a premium to net
asset value. </FONT></P>
<P align=left><FONT face=serif size=2>Putnam
Management has advised the Trustees that discount levels for closed-end funds
investing primarily in fixed-income securities &#151; which includes all of the
closed-end Putnam funds &#151; appear to fluctuate in relation to conditions in the
broader fixed-income markets, generally increasing during periods of rising
interest rates and declining during periods of falling interest rates.
Accordingly, these funds may be more suitable for investors who have a longer
investment horizon and who will less likely face the need to liquidate their
investments under unfavorable market conditions. The existence of discounts at
times may also provide attractive opportunities to investors seeking potential
additional returns from reductions in discount levels between the time of their
purchase and their sale.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>37</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_40></A>
<P align=left><FONT face=serif size=2>As indicated
in the tables below, while your fund&#146;s common shares have traded at a discount
to their net asset value over more recent periods, the discount has fluctuated
over time, and at times your fund&#146;s shares have traded at a premium to net asset
value. In order to show the range of discounts and premiums at which your fund&#146;s
shares have historically traded, the tables present both the highest market
price and the lowest market price at which your fund&#146;s shares closed on any
trading day over the course each calendar year since 1995, in each case
expressed as a percentage discount from, or premium to, NAV. Thus, the &#147;Highest
Market Price&#148; column presents the narrowest discount or, if the fund traded
above NAV during the year, the broadest premium achieved in a given year;
conversely, the &#147;Lowest Market Price&#148; column presents the broadest discount or,
if the fund only traded above NAV during the year, the narrowest
premium.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" colSpan=2
   ><B><FONT face=sans-serif size=2
     >Putnam Investment Grade
      Municipal Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   >&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=1
     >Highest Market Price</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >Lowest Market Price</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Calendar Year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=1
     >(relative to NAV)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >(relative to NAV)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
   ><FONT size=1

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >-10.88%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-15.24%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >+3.39%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-14.09%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >2003</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >+8.33%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-0.85%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >+10.81%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-4.25%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >+3.70%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-6.90%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >2000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >+20.93%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-10.55%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >1999</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >+29.82%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >+0.19%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >1998</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >+27.30%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >+9.84%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >1997</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >+26.98%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >+13.06%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >1996</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >+19.97%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >+7.96%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >1995</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >+12.10%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >+3.54%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1
>38</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_41></A>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" colSpan=2
   ><B><FONT face=sans-serif size=2
     >Putnam Master Intermediate
      Income Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   >&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=1
     >Highest Market Price</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >Lowest Market Price</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Calendar Year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=1
     >(relative to NAV)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >(relative to NAV)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
   ><FONT size=1

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >-7.44%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-15.19%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >-4.15%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-12.41%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >2003</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >+2.47%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-10.97%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >+2.72%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-8.94%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >-1.75%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-11.45%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >2000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >-7.88%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-23.33%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >1999</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >+1.56%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-21.98%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >1998</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >+0.78%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-10.51%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >1997</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >-3.07%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-13.49%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >1996</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >-8.11%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-14.40%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >1995</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"
   ><FONT face=sans-serif size=2
     >-7.58%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-15.75%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" colSpan=2
   ><B><FONT face=sans-serif size=2
     >Putnam Premier Income
      Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   >&nbsp; </TD>
    <TD noWrap align=left width="40%"
   ><FONT face=sans-serif size=1
     >Highest Market Price</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=1
     >Lowest Market Price</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Calendar Year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="40%"
   ><FONT face=sans-serif size=1
     >(relative to NAV)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=1
     >(relative to NAV)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
   ><FONT size=1

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="40%"
   ><FONT face=sans-serif size=2
     >-7.82%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >-15.20%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="40%"
   ><FONT face=sans-serif size=2
     >-5.83%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >-13.54%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >2003</FONT>&nbsp; </TD>
    <TD noWrap align=left width="40%"
   ><FONT face=sans-serif size=2
     >+3.72%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >-10.90%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="40%"
   ><FONT face=sans-serif size=2
     >+3.25%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >-9.95%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="40%"
   ><FONT face=sans-serif size=2
     >-0.29%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >-11.69%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >2000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="40%"
   ><FONT face=sans-serif size=2
     >-8.43%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >-23.25%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >1999</FONT>&nbsp; </TD>
    <TD noWrap align=left width="40%"
   ><FONT face=sans-serif size=2
     >+3.52%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >-21.25%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >1998</FONT>&nbsp; </TD>
    <TD noWrap align=left width="40%"
   ><FONT face=sans-serif size=2
     >+5.99%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >-10.21%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >1997</FONT>&nbsp; </TD>
    <TD noWrap align=left width="40%"
   ><FONT face=sans-serif size=2
     >-1.13%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >-13.25%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >1996</FONT>&nbsp; </TD>
    <TD noWrap align=left width="40%"
   ><FONT face=sans-serif size=2
     >-8.78%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >-13.65%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >1995</FONT>&nbsp; </TD>
    <TD noWrap align=left width="40%"
   ><FONT face=sans-serif size=2
     >-5.90%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >-14.26%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2
>* How do the Trustees monitor and address trading
discounts?</FONT></B></P>
<P align=left><FONT face=serif size=2>The Trustees
regularly review the overall performance and trading information for your fund
and all of the Putnam closed-end funds. The Trustees of your fund carefully
evaluate the fund&#146;s investment performance, the trading history of its common
shares relative to that of other funds in the same peer group, and analyses of
the effects on the fund of its shares&#146; trading at a discount to net asset
value.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>39</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_42></A>
<P align=left><FONT face=serif size=2>The Trustees
carefully monitor the trading prices of your fund&#146;s shares, recognizing that
trading prices and discounts will fluctuate over time. At times when the fund
trades at a material discount for an extended period of time, the Trustees may
examine possible factors contributing to the situation and consider a broad
range of possible actions in an effort to reduce or eliminate the discount. Such
actions that could be implemented consistent with your fund&#146;s closed-end
structure might include:</FONT></P>
<P align=left><FONT face=serif size=2
>*&nbsp;Communications with the marketplace regarding the benefits
of investing in the fund in an effort to increase investor demand for the fund&#146;s
shares;</FONT></P>
<P align=left><FONT face=serif size=2
>*&nbsp;Repurchases by the fund of its shares at prevailing market
prices; and</FONT></P>
<P align=left><FONT face=serif size=2
>*&nbsp;Tender offers by the fund to repurchase its shares at net
asset value (or at a price above market and below net asset value).</FONT></P>
<P align=left><FONT face=serif size=2>It is
possible that these actions may have a temporary effect on a fund&#146;s trading
discount, but industry experience suggests that they generally have little, if
any, long term impact. Repurchases of shares, whether in the market or in tender
offers, reduce the fund&#146;s size and may result in an increase in the fund&#146;s
expense ratio. To the extent that shares are repurchased at prices below net
asset value, such repurchases would also enhance the net asset value of the
fund&#146;s shares and the total return for the remaining shareholders. The Trustees
have authorized share repurchases by certain Putnam closed-end funds on past
occasions. More recently, in October 2005, the Trustees authorized all of the
Putnam closed-end funds, including your fund, to repurchase up to 5% of their
outstanding shares at market prices through October 2006. In March 2006, the
Trustees expanded this repurchase program to permit the funds to repurchase up
to 10% of their outstanding shares over the same time period. The Trustees
continue to study the results of the repurchase program to determine its impact,
if any, on trading discounts and its impact on investment performance. To date,
the Trustees have not authorized tender offers but may consider that alternative
in the future.</FONT></P>
<P align=left><FONT face=serif size=2>In
considering these actions and the current proposal, the Trustees have considered
the fact that all shareholders who purchased your fund&#146;s shares presumably made
their choice from among a broad array of available investment products available
in the marketplace, with an</FONT></P>
<P align=left><FONT face=sans-serif size=1
>40</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_43></A>
<P align=left><FONT face=serif size=2
>understanding of the potential advantages and disadvantages of
closed-end funds. Thus, in considering whether to recommend a fundamental change
in the structure of the fund and its investment characteristics, the Trustees
consider whether the closed-end structure of the fund continues to offer the
investment advantages contemplated when the fund was originally offered to the
marketplace.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>* How has your fund performed?</FONT></B></P>
<P align=left><FONT face=serif size=2>The
following table summarizes the annualized total return of your fund for the
periods shown based on the net asset value and the market price of its shares.
The table also shows the performance of your fund&#146;s primary benchmark index and
the average performance of funds in your fund&#146;s peer group of closed-end funds
as determined by Lipper Inc., an independent fund rating agency. Of course, past
performance is no guarantee of future performance. Benchmark index and Lipper
peer group results should be compared to your fund&#146;s performance at net asset
value.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" colSpan=3
   ><FONT face=sans-serif size=1
     >Total Return (Annualized) for Periods
      Ended March 31, 2006*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >1 year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >3 years</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >5 years</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >10 years</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   ><FONT size=1

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"
   ><FONT face=sans-serif size=2
     >Putnam Investment Grade Municipal
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"
   ><FONT face=sans-serif size=2
     >Net Asset Value</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >5.52%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >7.80%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >6.26%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >6.23%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"
   ><FONT face=sans-serif size=2
     >Market Price</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >8.95</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >2.23</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >4.11</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >3.78</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"
   ><FONT face=sans-serif size=2
     >Lehman Municipal Bond
      Index</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >3.80</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >4.10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >5.18</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >5.87</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"
   ><FONT face=sans-serif size=2
     >Lipper Closed-End General
      Muni</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"
   ><FONT face=sans-serif size=2
     >Debt (Leveraged) Funds
      Average</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >6.28</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >7.10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >6.89</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >6.60</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" colSpan=3
   ><FONT face=sans-serif size=1
     >Total Return (Annualized) for Periods
      Ended March 31, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >1 year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >3 years</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >5 years</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >10 years</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   ><FONT size=1

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"
   ><FONT face=sans-serif size=2
     >Putnam Master Intermediate Income
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"
   ><FONT face=sans-serif size=2
     >Net Asset Value</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >3.91%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >8.95%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >7.74%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >6.44%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"
   ><FONT face=sans-serif size=2
     >Market Price</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >-0.02</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >5.26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >5.74</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >6.34</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"
   ><FONT face=sans-serif size=2
     >Lehman Government/</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"
   ><FONT face=sans-serif size=2
     >Credit Bond Index</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >2.02</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >2.83</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >5.23</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >6.32</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"
   ><FONT face=sans-serif size=2
     >Lipper Closed-End Flexible
      Income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"
   ><FONT face=sans-serif size=2
     >Funds Average</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >5.07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >8.95</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >7.41</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >6.33</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1
>41</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_44></A>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" colSpan=3
   ><FONT face=sans-serif size=1
     >Total Return (Annualized) for Periods
      Ended March 31, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"
   >&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >1 year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >3 years</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >5 years</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >10 years</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   ><FONT size=1

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"
   ><FONT face=sans-serif size=2
     >Putnam Premier Income
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"
   ><FONT face=sans-serif size=2
     >Net Asset Value</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >4.71%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >9.95%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >8.42%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >6.69%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"
   ><FONT face=sans-serif size=2
     >Market Price</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >2.86</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >5.62</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >6.27</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >6.26</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"
   ><FONT face=sans-serif size=2
     >Lehman Goverrnment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"
   ><FONT face=sans-serif size=2
     >Bond Index</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >2.14</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >2.15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >4.67</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >6.08</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"
   ><FONT face=sans-serif size=2
     >Lipper Closed-End Flexible
      Income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"
   ><FONT face=sans-serif size=2
     >Funds Average</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >5.07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >8.95</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >7.41</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >6.33</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>*
Returns for periods ended March 31, 2006 only partially reflect the impact of a
reduction by 0.10% (of average assets) in the management fees payable by Putnam
Investment Grade Municipal Trust that went into effect on January 1, 2006. This
fee reduction had a corresponding effect of reducing the fund&#146;s total expenses
(measured as a percentage of average assets) by 0.10% .</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>* What are additional differences between a closed-end and open-end
fund?</FONT></B></P>
<P align=left><FONT face=serif size=2>In addition
to the differences outlined above, shareholders evaluating this proposal may
wish to consider the following:</FONT></P>
<P align=left><FONT face=serif size=2
>*&nbsp;</FONT><I><FONT face=serif size=2
>Investment flexibility. </FONT></I><FONT face=serif size=2
BASEFACE="serif">Because they are required to maintain the ability
to honor redemption requests, open-funds are prohibited by the 1940 Act from
investing more than 15% of their assets in securities that are deemed illiquid.
Closed-end funds are not subject to this restriction.</FONT></P>
<P align=left><FONT face=serif size=2>*
</FONT><I><FONT face=serif size=2>Annual
shareholder meetings. </FONT></I><FONT face=serif size=2
>Your fund is currently required by the rules of the New York Stock
Exchange to hold annual meetings of shareholders. Conversion of your fund to
open-end status would result in termination of the fund&#146;s listing on the New
York Stock Exchange, with the result that your fund would no longer be required
to hold annual meetings. The open-end Putnam funds have committed to holding
shareholder meetings for the purpose of electing their Trustees at least every
five years (beginning in 2004).</FONT></P>
<P align=left><FONT face=serif size=2>*
</FONT><I><FONT face=serif size=2>Dividend
reinvestment. </FONT></I><FONT face=serif size=2
>Shareholders of your fund currently have the option of
participating in the fund&#146;s Dividend Reinvestment Plan, under which cash
distributions paid by your fund are generally reinvested through the purchase of
additional fund shares at market prices, which currently reflect a discount from
net asset value. (At times when your fund&#146;s shares are trading at a premium over
their net asset value, such reinvestments are made at the higher of net asset
value or 95% of market value.) Shareholders of open-end Putnam funds have the
option</FONT></P>
<P align=left><FONT face=sans-serif size=1
>42</FONT></P>
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<P align=left><FONT face=serif size=2>to reinvest
their distributions in additional shares at net asset value at all times. If the
fund were to convert to open-end status, shareholders would no longer be able to
reinvest dividends at a price below net asset value per share.</FONT></P>
<P align=left><FONT face=serif size=2>*
</FONT><I><FONT face=serif size=2>Exchange
privileges. </FONT></I><FONT face=serif size=2
BASEFACE="serif">Shareholders of open-end funds in the Putnam family of funds
currently have the privilege of exchanging their investment at net asset value
and without sales charges for shares of the same class of more than 65 open-end
funds in the Putnam group. </FONT><FONT face=serif size=2
BASEFACE="serif">Shareholders of your fund do not have that
privilege.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
BASEFACE="sans-serif">* What changes to your fund&#146;s Declaration of Trust and
other effects would follow if shareholders vote to convert the fund to open-end
status?</FONT></B></P>
<P align=left><FONT face=serif size=2>Conversion
of your fund from a closed-end to an open-end fund would require certain changes
to your fund&#146;s Declaration of Trust and, therefore, a vote in favor of such
conversion would also authorize the Trustees to amend your fund&#146;s Declaration of
Trust to reflect such changes. These changes would bring your fund&#146;s Declaration
of Trust more in line with most other Putnam open-end funds.</FONT></P>
<P align=left><FONT face=serif size=2>The
Declaration of Trust would be amended to require your fund to purchase all
shares offered to it for redemption at a price equal to the net asset value of
the shares next determined, less any redemption charge fixed by the Trustees. In
addition, to the extent permitted by applicable law, the fund would be
authorized, at its option, to redeem shares held in a shareholder&#146;s account at
net asset value if at any time a shareholder owned shares in an amount either
less than or greater than, as the case may be, an amount determined by the
Trustees. Notwithstanding this provision, all shares would be redeemable at a
shareholder&#146;s option. </FONT></P>
<P align=left><FONT face=serif size=2>The
Declaration of Trust would also be amended to eliminate certain provisions that
relate specifically to the fund&#146;s closed-end status, such as the conversion
provision that has necessitated this proposal. In addition, if shareholders were
to vote to convert your fund to open-end status, the provision in your fund&#146;s
Declaration of Trust requiring that Trustees be elected annually at the annual
shareholder meeting or at a special meeting in lieu thereof would be eliminated.
The Trustees would also make certain necessary technical and non-material
changes to the Declaration of Trust.</FONT></P>
<P align=left><FONT face=sans-serif size=1
BASEFACE="sans-serif">43</FONT></P>
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<P align=left><FONT face=serif size=2>Certain
legal, accounting and other costs would be incurred in connection with the
conversion of your fund to open-end status. These costs are not expected to
exceed an amount equal to 0.5% of your fund&#146;s current net assets.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>* What is the voting requirement for approving the
conversion?</FONT></B></P>
<P align=left><FONT face=serif size=2>Approval of
the conversion of your fund to open-end status and of the related amendments to
each fund&#146;s Declaration of Trust requires the &#147;yes&#148; vote of a majority of the
fund&#146;s outstanding common shares. </FONT></P>
<P align=left><FONT face=serif size=2>In the case
of Putnam Investment Grade Municipal Trust, although the Declaration of Trust
would technically also require the &#147;yes&#148; vote of a majority of the fund&#146;s
outstanding preferred shares entitled to vote, if the proposal receives the
threshold vote from common shareholders, the Trustees will nevertheless act to
redeem all of the outstanding preferred shares and to effect the conversion of
your fund to open-end status. </FONT></P>
<P align=left><FONT face=serif size=2>If such
conversion is approved, the conversion would become effective following
compliance with all necessary regulatory requirements under federal and state
law. Your fund would seek to complete this process as soon as reasonably
practicable. Prior to the conversion, the common shares of your fund would
continue to be listed and traded on the New York Stock Exchange.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>* If the conversion is not approved, will your fund continue in its
current form?</FONT></B></P>
<P align=left><FONT face=serif size=2>Yes. In the
event that shareholders do not approve the conversion of your fund to open-end
status, your fund would continue to operate as a closed-end fund. Shareholders
would be given the opportunity to vote on a proposed conversion to open-end
status in future years if your fund&#146;s shares again trade at discounts sufficient
to meet the requirement of the Declaration of Trust described above.</FONT></P>
<P align=left><B><FONT face=serif size=2>The
Trustees believe that the continued operation of your fund as a closed-end fund
is in the best long-term interests of your fund&#146;s shareholders, and unanimously
recommend a vote against the conversion of your fund to open-end status at this
time.</FONT></B></P>
<P align=left><FONT face=sans-serif size=1
>44</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2
>3. APPROVAL OR DISAPPROVAL OF THE ELIMINATION OF THE FUND&#146;S
FUNDAMENTAL INVESTMENT RESTRICTION CONCERNING INVESTMENTS IN RESTRICTED
SECURITIES </FONT></B><I><FONT face=sans-serif size=2
>(For Putnam High Income Securities Fund only)</FONT></I></P>
<P align=left><B><FONT face=sans-serif size=2
>* What is this proposal?</FONT></B></P>
<P align=left><FONT face=serif size=2>Your fund
currently has a fundamental investment restriction under which the fund may not:
</FONT></P>
<P align=left><FONT face=serif size=2>[P]urchase
securities restricted as to resale if, as a result, such investments would
exceed 15% of the value of the Fund&#146;s net assets, excluding restricted
securities that have been determined by the Trustees of the Fund (or the person
designated by them to make such determinations) to be readily
marketable.</FONT></P>
<P align=left><FONT face=serif size=2>The Trustees
recommend that shareholders approve the elimination of this investment
restriction to afford your fund the investment flexi-bility permitted to
closed-end funds under the 1940 Act, to eliminate unnecessary administrative
burdens and to align the fund&#146;s investment restrictions more closely with those
of other Putnam closed-end funds.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>* What are restricted securities and what effects may the proposal
have?</FONT></B></P>
<P align=left><FONT face=serif size=2>Restricted
securities are securities that may be transferred or sold only to certain
eligible purchasers, such as bonds issued under an offering made pursuant to
Rule 144A under the Securities Act of 1933, the preferred stock of certain
issuers and floating rate loans. The 1940 Act does not limit the extent to which
closed-end funds may invest in restricted securities.</FONT></P>
<P align=left><FONT face=serif size=2>If the
proposal passes, your fund would be permitted to invest, in accordance with its
investment of objectives but otherwise without restriction, in restricted
securities. However, Putnam Management does not currently expect that the
elimination of the investment restriction will significantly affect the extent
to which your fund invests in restricted securities.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>45</FONT></P>
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<P align=left><FONT face=serif size=2>Investments
in restricted securities entail certain risks and costs. Your fund&#146;s portfolio
managers may experience significant delays in disposing of restricted securities
held by the fund, which could adversely affect the fund&#146;s investment performance
in periods when the values of such securities are falling. Transactions in
restricted securities may require your fund to bear registration expenses and
other costs that are higher than for investments in more liquid securities.
Furthermore, certain restricted securities may require pricing at fair value,
which may increase administrative costs and affect the fund&#146;s weekly net asset
value determinations.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>* Why are the Trustees recommending a vote in favor of the
proposal?</FONT></B></P>
<P align=left><FONT face=serif size=2>The Trustees
and Putnam Management believe that eliminating the restriction would benefit
your fund and its shareholders by increasing the flexibility available to the
fund&#146;s portfolio managers in pursuing the fund&#146;s investment
objectives.</FONT></P>
<P align=left><FONT face=serif size=2>Furthermore,
since your fund is the only Putnam closed-end fund that limits investments in
restricted securities, the elimination of the restriction would help simplify
and standardize investment policies across the closed-end funds managed by
Putnam Management. This would, in turn, have the effect of reducing the
administrative burden associated with managing your fund, in particular by
simplifying the process of monitoring the fund&#146;s compliance with its investment
restrictions. </FONT></P>
<P align=left><FONT face=serif size=2>As a general
matter, the Trustees believe that eliminating fundamental investment
restrictions that are not required, such as the restriction concerning
investments in restricted securities, will make Putnam Management better able to
manage the fund&#146;s investments in a changing regulatory or investment
environment. In contrast, retaining an investment restriction that is not
required for regulatory or business purposes, especially where the restriction
applies inconsistently across funds, may increase the possibility of compliance
breaches without a commensurate increase in protections or benefits to fund
shareholders.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>* What are the voting requirements to approve the
proposal?</FONT></B></P>
<P align=left><FONT face=serif size=2>Approval of
the elimination of your fund&#146;s fundamental investment restriction concerning
investments in restricted securities requires the affirmative vote of the lesser
of (a) more than 50% of the outstanding shares of the fund, or (b) 67% or more
of the shares of the fund present (in</FONT></P>
<P align=left><FONT face=sans-serif size=1
>46</FONT></P>
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<P align=left><FONT face=serif size=2>person or by
proxy) at the meeting if more than 50% of the outstanding shares of the fund are
present at the meeting in person or by proxy.</FONT></P>
<P align=left><B><FONT face=serif size=2>The
Trustees recommend that shareholders of your fund vote FOR Proposal
3.</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2
>4. SHAREHOLDER PROPOSAL REGARDING CUMULATIVE VOTING FOR THE
ELECTION OF TRUSTEES </FONT></B><I><FONT face=sans-serif size=2
BASEFACE="sans-serif">(For Putnam High Income Securities Fund
only)</FONT></I></P>
<P align=left><B><FONT face=sans-serif size=2
>* What is the proposal?</FONT></B></P>
<P align=left><FONT face=serif size=2>A
shareholder of your fund (the &#147;proponent&#148;) has informed the fund that he intends
to present a proposal for action at the Annual Meeting of Shareholders. The
proposal and the accompanying supporting statement submitted by the proponent
read as follows: </FONT></P>
<P align=left><FONT face=serif size=2>RESOLVE[D];
that the shareholders of the Putnam High Income Bond Fund assembled in annual
meeting in person and by proxy, hereby request the Board of Directors to take
the necessary action to provide for cumulative voting in the election of
directors, which means each shareholder shall be entitled to as many votes as
shall equal the number of shares he or she owns multiplied by the number of
directors to be elected, and he or she may cast all of such votes for a single
candidate or any two or more candidates as he or she may see fit.</FONT></P>
<P align=left><U><FONT face=serif size=2
>Supporting Statement</FONT></U></P>
<P align=left><FONT face=serif size=2>Some states
have mandatory cumulative voting, so do national banks. The reason for this is
for the shareholders to exercise more control of the directors.</FONT></P>
<P align=left><FONT face=serif size=2>I wrote Mr.
Putnam concerning the merger of the Bond Fund (PCF) and the Opportunity Fund
(PCV) pointing out the following: The Opportunity Fund at the time of the
announcement was selling at 11.3% discount from the net asset value and the Bond
Fund was at an 8.3% discount. If done at the market price the, one we have to
live with, it would be fairer to the Bond Fund. Secondly, the Opportunity Fund
had a 1.79% [total expense ratio]; the Bond Fund a 1.09% [total expense ratio].
A .70% advantage to the Opportunity Fund, if the proforma [total expense ratio]
projected of 1.04% is correct. Further, the 5 year annual return, on the market
price as indicated in the December 3rd</FONT></P>
<P align=left><FONT face=sans-serif size=1
>47</FONT></P>
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<P align="left">
<FONT size=2 face="serif">2004 announcement, was 4.22% for the Opportunity Fund. The return for the Bond Fund was 6.42% .</FONT></P>
<P align="left">
<FONT size=2 face="serif">I concluded in my letter that the moral and fiduciary responsibility of the Bond Fund Directors was to make adjustments that would be fairer to the Bond Fund shareholders. I asked Mr. Putnam to
respond to my letter himself and not turn it over to a subordinate to give me a boiler plate answer. Sure enough I got a boiler plate answer from a subordinate.</FONT></P>
<P align="left">
<FONT size=2 face="serif">We, the Bond shareholders, got the short end of the merger and to add insult to injury, the Opportunity Fund raised their January 21st dividend from a &#36;.107 a share to &#36;.12 per share.
Wouldn&#146;t it be fairer to leave that dividend as it was and use the money for the benefit of all the shareholders of the merged company?</FONT></P>
<P align="left">
<FONT size=2 face="serif">The merger is done. I believe even in the merged company it would benefit us all to make the Board and particularly the Chairman more responsive to the shareholders. Please vote &#147;yes&#148;
on this proposal.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The proponent&#146;s name and address and the number of shares he owns in your fund will be furnished by the Clerk of your fund upon request.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">* What do the Trustees recommend?</FONT></B></P>
<P align="left">
<B><FONT size=2 face="serif">The Trustees of your fund have concluded that cumulative voting on Trustee elections would not be in the best long-term interests of your fund&#146;s shareholders. Accordingly, the Trustees of
your fund unanimously recommend that shareholders vote &#147;AGAINST&#148; this proposal.</FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-serif">* Why are the Trustees recommending a vote against the proposal?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Under your fund&#146;s present system of voting, shareholders of your fund annually fix the number of Trustees and either vote for, or withhold their votes with respect to, individual nominees
for Trustee positions. The nominees who receive the greatest number of votes are elected as Trustees. The Trustees believe that, because the present system of voting weights each shareholder&#146;s votes equally with respect to each nominee for
Trustee, it provides the best assurance that no Trustee will owe allegiance to any particular group of minority shareholders and that the decisions of the Trustees will be made in the best interests of all shareholders.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">48</FONT></P>

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<P align="left">
<FONT size=2 face="serif">The mechanics of cumulative voting are described in the text of the shareholder proposal above. Cumulative voting would increase the ability of a special interest group to elect one or more
directors whose loyalty might be directed more to the narrow interests of that particular group of shareholders rather than to the interests of all shareholders. It introduces the possibility of partisanship among your fund&#146;s Trustees and could
impair the board&#146;s ability to work effectively as a cohesive unit. The present voting system, which has long been used by your fund and by the other Putnam funds, prevents the concentration of votes behind a single nominee for Trustee and
thereby promotes the election of Trustees who represent the interests of the fund and the shareholder base as a whole.</FONT></P>
<P align="left">
<FONT size=2 face="serif">All of the Trustees of your fund currently serve as Trustees of the other funds in the Putnam family of funds. As a result, they are able to achieve considerable efficiencies by meeting at the
same time to consider matters of interest to all funds in the Putnam family. The board operates extensively through a committee structure, which allows operational responsibilities to be delegated, in the first instance, to committees of between
three and six Trustees, and which further increases the efficien-cies and benefits available to all of the funds. If your fund were to change its voting structure and minority shareholders were able to elect one or more Trustees representing their
interests, meetings of the committees and full board of your fund would have to be held separately from those of the other Putnam funds, which could likely result in the loss or compromise of at least some of the efficiencies currently enjoyed under
your fund&#146;s existing board structure.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The proponent&#146;s supporting statement includes a lengthy narrative of events surrounding a 2005 merger between your fund and another Putnam closed-end fund. The Trustees believe that the
proponent&#146;s statements do not provide a complete and accurate picture of the 2005 merger. However, because they believe that the merger is largely irrelevant to the question of how shareholders should vote on the current proposal to adopt
cumulative voting, the Trustees choose not to address the details of that transaction in this Proxy Statement. The Trustees simply note that the terms, rationale and background of your fund&#146;s 2005 merger were described in extensive public
disclosure and that more than 89% of the votes submitted on the merger proposal to approve the merger were cast in favor of the transaction.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">49</FONT></P>

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<P align=left><B><FONT face=sans-serif size=2
>* What would happen if the proposal passes?</FONT></B></P>
<P align=left><FONT face=serif size=2>Your fund&#146;s
agreement and declaration of trust (the &#147;Declaration of Trust&#148;) currently
prohibits cumulative voting in the election of Trustees. This provision of the
Declaration of Trust may be amended by a majority of the Trustees &#147;when
authorized to do so by vote of Shareholders holding a majority of the Shares
entitled to vote.&#148; Such an amendment to the Declaration of Trust thus requires
the approval of a majority of the Trustees, in addition to shareholder
authorization. </FONT></P>
<P align=left><FONT face=serif size=2>Although the
proponent does not specify the significance of his proposal in context of the
Declaration of Trust, he appears to be seeking formal shareholder authorization
for a change to the Declaration of Trust. If the proposal passes, the Trustees
would be authorized, but would not be required, to amend the Declaration of
Trust to permit cumulative voting. Thus, the adoption of the proposal would not
by itself result in any change to the Declaration of Trust, nor would it require
the Trustees to institute cumulative voting. The Trustees would have the
discretion to decide, in the exercise of their fiduciary duties, whether or not
to amend the Declaration of Trust to allow cumulative voting. However, if the
Trustees decide, following any approval of the shareholder proposal, to proceed
with instituting cumulative voting, no additional shareholder action or approval
would be required.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>* What is the voting requirement for approving the shareholder
proposal?</FONT></B></P>
<P align=left><FONT face=serif size=2>In order to
authorize the Trustees to amend the Declaration of Trust to permit cumulative
voting, the shareholder proposal requires the affir-mative vote of shareholders
holding a majority of the outstanding shares of your fund.</FONT></P>
<P align=left><B><FONT face=serif size=2>The
Trustees believe that retaining the current system of voting for Trustees is in
the best long-term interests of your fund&#146;s shareholders, and unanimously
recommend a vote against the shareholder proposal.</FONT></B></P>
<P align=left><FONT face=sans-serif size=1
>50</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2
>5. SHAREHOLDER PROPOSAL TO REDUCE THE NUMBER OF TRUSTEES BY
ONE-THIRD </FONT></B><I><FONT face=sans-serif size=2
>(For Putnam Premier Income Trust only)</FONT></I></P>
<P align=left><B><FONT face=sans-serif size=2
>* What is the proposal?</FONT></B></P>
<P align=left><FONT face=serif size=2>A
shareholder of your fund (the &#147;proponent&#148;) has informed the fund that he intends
to present a proposal for action at the Annual Meeting of Shareholders. The
proposal submitted by the proponent reads as follows: </FONT></P>
<P align=left><FONT face=serif size=2>Proposal
Submitted by a Shareholder to reduce the Board of Trustees by one third (Life
time savings to shareholders of Putnam is Approx: $922,000).</FONT></P>
<P align=left><FONT face=serif size=2>The
proponent&#146;s name and address and the number of shares he owns in your fund will
be furnished by the Clerk of your fund upon request.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>* What do the Trustees recommend?</FONT></B></P>
<P align=left><B><FONT face=serif size=2>For the
reasons described below, the Trustees of your fund, including a majority of the
Independent Trustees, have concluded that reducing the number of Trustees would
not be in the best long-term interests of your fund&#146;s shareholders. Accordingly,
the Trustees of your fund unanimously recommend that shareholders vote &#147;AGAINST&#148;
this proposal.</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2
>* Why are the Trustees recommending a vote against the
proposal?</FONT></B></P>
<P align=left><FONT face=serif size=2>The eleven
nominees presented for election in Proposal 1 above, together with a twelfth
Trustee who is not standing for reelection, currently serve as the Trustees of
your fund and every other Putnam Fund. Their responsibilities, experience,
compensation, and participation in the affairs of your fund are described in
Proposal 1 above.</FONT></P>
<P align=left><FONT face=serif size=2>Currently
your fund bears only a small fraction (approximately 1%) of the aggregate
Trustee-related expenses of the Putnam funds. If the number of Trustees for your
fund were reduced to 8 from the current number of 12, as proposed, the maximum
estimated savings to your fund through not paying compensation to, or accruing
retirement bene-fits for, the additional Trustees would be less than $15,000 per
year, based on data for the fiscal year ended July 31, 2005. To put the
number</FONT></P>
<P align=left><FONT face=sans-serif size=1
>51</FONT></P>
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<P align="left">
<FONT size=2 face="serif">in context, this annual savings would represent less than 0.001% of your fund&#146;s current net assets (less than 10&cent; for an investor holding shares worth &#36;10,000), and a reduction of
less than 0.13% of your fund&#146;s net expenses for the most recent fiscal year. While reducing the board&#146;s size might also mitigate certain Trustee-related expenses, the Trustees believe that these savings would likely be offset in whole or
in part by increased administrative and legal costs associated with having to restructure the Trustees&#146; meeting process. Thus, the reference in the shareholder proposal to a specific dollar amount of savings does not provide a meaningful
measurement of the economic effects on your fund of reducing the number of Trustees.</FONT></P>
<P align="left">
<FONT size=2 face="serif">All of the Trustees of your fund currently serve as Trustees of the other funds in the Putnam family of funds. As a result, they are able to achieve considerable efficiencies by meeting at the
same time to consider matters of interest to all funds in the Putnam family. The board operates extensively through a committee structure, which allows operational responsibilities to be delegated, in the first instance, to committees of between
three and six Trustees, and which further increases the efficiencies and benefits available to all of the funds. If your fund were to reduce the number of Trustees, meetings of the committees and full board of your fund would likely have to be held
separately from those of the other Putnam funds, which could result in the loss or compromise of at least some of the efficiencies currently enjoyed under your fund&#146;s existing board structure.</FONT></P>
<P align="left">
<FONT size=2 face="serif">It should be noted that the proponent has not provided any justification for the reduction in the number of Trustees for your fund other than the potential expense savings. In particular, he has
not asserted that Trustee costs to your fund are currently excessive or that the functioning of the board would be enhanced by reducing its size.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">* What would happen if the proposal passes?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">The shareholder proposal will be voted on by the shareholders of your fund in connection with the voting on Proposal 1 above. The Trustees will treat the shareholder proposal, if made at the
meeting, as a proposal to amend Proposal 1 to fix the number of Trustees at 8 instead of 11. If the shareholder proposal receives the required vote, the Trustees will select 8 of the nominees described in connection with Proposal 1 as the nominees
for your fund, and will otherwise allow voting to continue in the manner described in Proposal 1 and elsewhere in this proxy statement.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">52</FONT></P>

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<P align="left">
<B><FONT size=2 face="sans-serif">* What is the voting requirement for approving the shareholder proposal?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Approval of the shareholder proposal to reduce the number of Trustees of your fund by one-third requires the affirmative vote of a majority of the shares voted on the proposal.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">The Trustees believe that reducing the number of Trustees of your fund would not be in the best long-term interests of shareholders, and unanimously recommend a vote against the shareholder
proposal. </FONT></B></P>
<P align="left">
<FONT size=1 face="sans-serif">53</FONT></P>

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<P align="left">
<FONT size=5 face="serif">Further Information About Voting and the Meeting</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Quorum and Methods of Tabulation. </FONT></B><FONT size=2 face="serif">The shareholders of each fund vote separately with respect to each proposal. In the case of
each fund, except for Putnam Premier Income Trust, a majority of the shares entitled to vote constitutes a quorum for the transaction of business with respect to any proposal at the meeting (unless otherwise noted in the proxy statement), except
that, for Putnam Investment Grade Municipal Trust and Putnam Managed Municipal Income Trust, where the preferred shares or common shares shall vote as separate classes, then a majority of the aggregate number of shares of each class shall be
necessary to constitute a quorum for the transaction of business by that class. For Putnam Premier Income Trust, the quorum requirement is thirty percent of the shares entitled to vote. Votes cast by proxy or in person at the meeting will be counted
by persons appointed by your fund as tellers for the meeting. The tellers will count the total number of votes cast &#147;for&#148; approval of a proposal for purposes of determining whether sufficient affirmative votes have been cast. Shares
represented by proxies that reflect abstentions and &#147;broker non-votes&#148; (i.e., shares held by brokers or nominees as to which (i) instructions have not been received from the beneficial owners or the persons entitled to vote and (ii) the
broker or nominee does not have the discretionary voting power on a particular matter) will be counted as shares that are present and entitled to vote on the matter for purposes of determining the presence of a quorum.</FONT></P>
<P align="left">
<FONT size=2 face="serif">With respect to the election of Trustees and with respect to Proposal 5 (relating to reducing the size of the board of Putnam Premier Income Trust), neither abstentions nor broker non-votes have
an effect on the outcome of the proposal. With respect to every other proposal, abstentions and broker non-votes have the effect of a negative vote on the proposal. Treating broker non-votes as negative votes may result in a proposal not being
approved, even though the votes cast in favor would have been sufficient to approve the proposal if some or all of the broker non-votes had been withheld. In certain circumstances in which the fund has received sufficient votes to approve a matter
being recommended for approval by the fund&#146;s Trustees, the fund may request that brokers and nominees, in their discretion, withhold submission of broker non-votes in order to avoid the need for solicitation of additional</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">54</FONT></P>

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<P align="left">
<FONT size=2 face="serif">votes in favor of the proposal. The fund may also request that selected brokers and nominees, in their discretion, submit broker non-votes, if doing so is necessary to obtain a quorum.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Shareholders who object to any proposal in this Proxy Statement will not be entitled under Massachusetts law or your fund&#146;s Agreement and Declaration of Trust to demand payment for, or an
appraisal of, their shares.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Special Rule for Proportional Voting. </FONT></B><FONT size=2 face="serif">For Putnam Investment Grade Municipal Trust and Putnam Managed Municipal Income Trust, in
accordance with the rules of the New York Stock Exchange, brokerage firms may vote for or against a proposal, on behalf of their clients who beneficially own the remarketed or auction rate preferred shares and from whom they have not received voting
instructions, in the same proportion as votes for and against such proposal have been received from holders of preferred shares if (i) the holders of a minimum of 30% of the outstanding preferred shares have been voted by the holders of preferred
shares, (ii) holders of less than 10% of the outstanding preferred shares have voted against such proposal and (iii) the holders of the common shares have approved such proposal.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Other business. </FONT></B><FONT size=2 face="serif">The Trustees know of no matters other than those set forth herein to be brought before the meeting. If,
however, any other matters properly come before the Meeting, proxies will be voted on such matters in accordance with the judgment of the persons named in the enclosed form of proxy.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Simultaneous meetings. </FONT></B><FONT size=2 face="serif">The meeting of shareholders of your fund is called to be held at the same time as the meetings of
shareholders of other Putnam funds. It is anticipated that all meetings will be held simultaneously.</FONT></P>
<P align="left">
<FONT size=2 face="serif">If any shareholder at the meeting objects to the holding of a simultaneous meeting and moves for an adjournment of the meeting to a time promptly after the simultaneous meetings, the persons
named as proxies will vote in favor of such adjournment.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Solicitation of proxies. </FONT></B><FONT size=2 face="serif">In addition to soliciting proxies by mail, Trustees of your fund and employees of Putnam Management,
Putnam Fiduciary Trust Company and Putnam Retail Management may solicit proxies in person or by telephone. Your fund may arrange to have a</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">55</FONT></P>

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<P align="left">
<FONT size=2 face="serif">proxy solicitation firm call you to record your voting instructions by telephone. The procedures for voting proxies by telephone are designed to authenticate shareholders&#146; identities, to
allow them to authorize the voting of their shares in accordance with their instructions and to confirm that their instructions have been properly recorded. Your fund has been advised by counsel that these procedures are consistent with the
requirements of applicable law. If these procedures were subject to a successful legal challenge, such votes would not be counted at the meeting. Your fund is unaware of any such challenge at this time. Shareholders would be called at the phone
number Putnam Management has in its records for their accounts, and would be asked for their Social Security number or other identifying information. The shareholders would then be given an opportunity to authorize the proxies to vote their shares
at the meeting in accordance with their instructions. To ensure that the shareholders&#146; instructions have been recorded correctly, they will also receive a confirmation of their instructions in the mail. A special toll-free number will be
available in case the information contained in the confirmation is incorrect.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Shareholders have the opportunity to submit their voting instructions via the Internet by utilizing a program provided by a third party vendor hired by Putnam Management or by automated telephone
service. The giving of a proxy will not affect your right to vote in person should you decide to attend the meeting. To use the Internet, please access the Internet address listed on your proxy card and follow the instructions on the internet site.
To record your voting instructions via automated telephone service, use the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate shareholder identities, to allow shareholders to give
their voting instructions, and to confirm that shareholders&#146; instructions have been recorded properly. Shareholders voting via the Internet should understand that there may be costs associated with electronic access, such as usage charges from
Internet access providers and telephone companies that must be borne by the shareholders.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Your fund&#146;s Trustees have adopted a general policy of maintaining confi-dentiality in the voting of proxies. Consistent with this policy, your fund may solicit proxies from shareholders who
have not voted their shares or who have abstained from voting, including brokers and nominees.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">56</FONT></P>

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<P align="left">
<FONT size=2 face="serif">Persons holding shares as nominees will, upon request, be reimbursed for their reasonable expenses in soliciting instructions from their principals. Your fund has retained at its own expense
Computershare Fund Services, 17 State Street, New York, New York, 10004, to aid in the solicitation of instructions for registered and nominee accounts, for a fee not to exceed &#36;3,000 for each of Putnam High Income Securities Fund, Putnam
Investment Grade Municipal Trust and Putnam Managed Municipal Income Trust; &#36;2,750 for Putnam Master Intermediate Income Trust and &#36;3,000 for Putnam Premier Income Trust, in each case plus reasonable out of pocket expenses. The expenses of
the preparation of proxy statements and related materials, including printing and delivery costs, are borne by each fund.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Revocation of proxies. </FONT></B><FONT size=2 face="serif">Proxies, including proxies given by telephone or over the Internet, may be revoked at any time before
they are voted either (i) by a written revocation received by the Clerk of your fund, (ii) by properly executing a later-dated proxy, (iii) by recording later-dated voting instructions via the Internet, (iv) in the case of brokers and nominees, by
submitting written instructions to your fund&#146;s solicitation agent or the applicable record shareholder or (v) by attending the meeting and voting in person.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Date for receipt of shareholders&#146; proposals for the next annual meeting. </FONT></B><FONT size=2 face="serif">It is currently anticipated that your fund&#146;s
next annual meeting of shareholders will be held in the month and year as described below:</FONT></P>
<P align="left">
<U><FONT size=2 face="serif">January 2007</FONT></U></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="serif">Putnam High Income Securities Fund</FONT><BR>
<FONT size=2 face="serif">Putnam Master Intermediate Income Trust</FONT><BR>
<FONT size=2 face="serif">Putnam Premier Income Trust</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="serif">The Trustees of your fund reserve the right to set an earlier or later date for the next annual meeting. Shareholder proposals to be included in the proxy statement for that meeting must be
received by your fund on or before September 1, 2006. In order for a shareholder proposal to be included in the proxy statement, both the submitting shareholder and the proposal itself must satisfy the requirements set forth in Rule 14a-8 under the
1934 Act. Shareholders who wish to make a proposal at the January 2007 annual meeting &#151; other than</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">57</FONT></P>

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<P align="left">
<FONT size=2 face="serif">one that will be included in the fund&#146;s proxy materials &#151; should notify the fund no later than October 15, 2006. Shareholders who wish to propose one or more nominees for election as
Trustees, or to make a proposal fixing the number of Trustees, at the January 2007 annual meeting must provide written notice to the fund (including all required information) so that such notice is received in good order by the fund no later than
December 11, 2006.</FONT></P>
<P align="left">
<U><FONT size=2 face="serif">April 2007</FONT></U></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="serif">Putnam Investment Grade Municipal Trust</FONT><BR>
<FONT size=2 face="serif">Putnam Managed Municipal Income Trust</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="serif">The Trustees of your fund reserve the right to set an earlier or later date for the next annual meeting. Shareholder proposals to be included in the proxy statement for that meeting must be
received by your fund on or before November 1, 2006. In order for a shareholder proposal to be included in the proxy statement, both the submitting shareholder and the proposal itself must satisfy the requirements set forth in Rule 14a-8 under the
1934 Act. Shareholders who wish to make a proposal at the April 2007 annual meeting &#151; other than one that will be included in the fund&#146;s proxy materials &#151; should notify the fund no later than January 15, 2007. Shareholders who wish to
propose one or more nominees for election as Trustees, or to make a proposal fixing the number of Trustees, at the April 2007 annual meeting must provide written notice to the fund (including all required information) so that such notice is received
in good order by the fund no later than March 12, 2007.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Board Policy and Nominating Committee will also consider nominees recommended by shareholders of each fund to serve as Trustees. A shareholder must submit the names of any such nominees in
writing to the fund, to the attention of the Clerk, at the address of the principal offices of the fund. If a shareholder who wishes to present a proposal fails to notify the fund by the dates specified above, the proxies solicited for the meeting
will have discretionary authority to vote on the shareholder&#146;s proposal if it is properly brought before the meeting. If a shareholder makes a timely notification, the proxies may still exercise discretionary voting authority under
circumstances consistent with the SEC&#146;s proxy rules.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">58</FONT></P>

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<P align="left">
<B><FONT size=2 face="serif">Adjournment. </FONT></B><FONT size=2 face="serif">If sufficient votes in favor of any of the proposals set forth in the Notice of Annual Meeting of Shareholders are
not received by the time scheduled for the meeting or if the quorum required for the proposal has not been met, the persons named as proxies may propose adjournments of the meeting for a period or periods of not more than 60 days in the aggregate to
permit further solicitation of proxies. Any adjournment will require the affirmative vote of a majority of the votes cast on the question in person or by proxy at the session of the Meeting to be adjourned. The persons named as proxies will vote in
favor of adjournment those proxies that they are entitled to vote in favor of the proposals. They will vote against any such adjournment those proxies required to be voted against the proposals. Your fund pays the costs of any additional
solicitation and of any adjourned session. Any proposals for which sufficient favorable votes have been received by the time of the meeting may be acted upon and considered final regardless of whether the meeting is adjourned to permit additional
solicitation with respect to any other proposal.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Duplicate mailings. </FONT></B><FONT size=2 face="serif">As permitted by SEC rules, Putnam&#146;s policy is to send a single copy of the proxy statement to
shareholders who share the same last name and address, unless a shareholder previously has requested otherwise. Separate proxy ballots will be included with the proxy statement for each account registered at that address. If you would prefer to
receive your own copy of the proxy statement, please contact Putnam Investor Services by phone at 1-800-225-1581 or by mail at P.O. Box 41203, Providence, Rhode Island 02940-1203.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Financial information. Your fund&#146;s Clerk will furnish to you, upon request and without charge, a copy of the fund&#146;s Annual Report for its most recent fiscal year, and a copy of its
semiannual report for any subsequent semiannual period. You may direct such requests to Putnam Investor Services, P.O. Box 41203, Providence, RI 02940-1203, or call 1-800-225-1581.</FONT></B></P>
<P align="left">
<FONT size=1 face="sans-serif">59</FONT></P>

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<P align="left">
<FONT size=5 face="serif">Fund Information</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Putnam Investments. </FONT></B><FONT size=2 face="serif">Putnam Investment Management, LLC, your fund&#146;s investment manager and administrator, is a subsidiary
of Putnam, LLC (Putnam Investments). Putnam Investments is a wholly-owned subsidiary of Putnam Investments Trust, a holding company that, except for a minority stake owned by employees, is in turn owned by Marsh &amp; McLennan Companies, Inc., a
leading professional services firm that includes risk and insurance services, investment management and consulting businesses.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The address of each of Putnam Investments Trust, Putnam Investments and Putnam Investment Management, LLC, is One Post Office Square, Boston, Massachusetts 02109. The address of the executive
offices of Marsh &amp; McLennan Companies, Inc. is 1166 Avenue of the Americas, New York, New York 10036. Charles E. Haldeman, Jr. is the President and Chief Executive Officer of Putnam Investments. His address is One Post Office Square, Boston, MA
02109.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Mr. Haldeman is a stockholder of Putnam Investments Trust. On March 15, 2004, Putnam Investments Trust granted Mr. Haldeman 62,463 shares of Class B Common Stock pursuant to the Putnam
Investments Trust Equity Partnership Plan. On March 15, 2005, Mr. Haldeman received a further grant of 210,635 shares of Class B common stock pursuant to the Plan. With respect to each such grant, Mr. Haldeman&#146;s shares vest over a four-year
period, with 25% of the shares vesting on each anniversary of the grant, although vesting may be accelerated under certain circumstances if Mr. Haldeman&#146;s employment with Putnam terminates. On March 26, 2004, Mr. Haldeman sold to Putnam
Investments Trust 1,524 shares of Class B Common Stock at a price of &#36;33.62 per share for personal tax-planning purposes. On September 29, 2005, Mr. Haldeman participated in the Putnam Option Exchange Program in which holders of eligible options
to purchase Class B Common Stock were permitted to elect to exchange their options for restricted shares of Class B Common Stock with a value equal to the value of the exchanged options. Mr. Haldeman was granted 14,226 restricted shares of Class B
Common Stock in exchange for an option to purchase</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">60</FONT></P>

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<P align=left><FONT face=serif size=2>99,200
shares of Class B Common Stock. On March 15, 2006, Putnam Investments Trust
granted Mr. Haldeman 111,693 restricted shares of Class B Common Stock for his
performance in 2005. With respect to such grant, Mr. Haldeman&#146;s shares vest over
a four-year period, with 25% of the shares vesting on each anniversary of the
grant. On March 15, 2006, Mr. Haldeman received an additional grant of 314,136
restricted shares of Class B Common Stock and an option to purchase 510,638
shares as a special grant as a result of his employment contract with Marsh
&amp; McLennan Companies, Inc. With respect to each such grant, Mr. Haldeman&#146;s
shares vest 10%, 20%, 30% and 40% over the next 4 years, subject to acceleration
provisions based on investment performance. </FONT></P>
<P align=left><B><FONT face=serif size=2>Putnam
Investments Limited. </FONT></B><FONT face=serif size=2
>Putnam Investments Limited, which has been retained by Putnam
Investment Management, LLC as investment sub-manager with respect to a portion
of the assets of Putnam High Income Securities Fund, Putnam Master Intermediate
Income Trust and Putnam Premier Income Trust, is a subsidiary of The Putnam
Advisory Company, LLC, which is owned by Putnam Advisory Company LP, a
subsidiary of Putnam Investments. Putnam Advisory Company LP&#146;s general partner
is Putnam Advisory Company GP, Inc. Putnam Advisory Company GP, Inc. is a
wholly-owned subsidiary of Putnam Investments, which is also the sole limited
partner of Putnam Advisory Company LP.</FONT></P>
<P align=left><FONT face=serif size=2>The address
of Putnam Investments Limited is Cassini House, 57&#150;59 St. James&#146;s Street,
London, England, SW1A 1LD. The address of each of The Putnam Advisory Company,
LLC, Putnam Advisory Company LP, and Putnam Advisory Company GP, Inc. is One
Post Office Square, Boston, Massachusetts 02109.</FONT></P>
<P align=left><B><FONT face=serif size=2>Putnam
Fiduciary Trust Company. </FONT></B><FONT face=serif size=2
>Putnam Fiduciary Trust Company, the fund&#146;s investor servicing agent
and custodian, is a subsidiary of Putnam Investments. Its address is One Post
Office Square, Boston, Massachusetts 02109.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>61</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_64></A>
<P align=left><FONT face=serif size=2>For its most
recent fiscal year, the funds paid Putnam Fiduciary Trust Company aggregate fees
as follows, in each case excluding custody credits and investor servicing
credits:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"
   ><FONT face=sans-serif size=1
     >Fund/Fiscal Year-End</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >Fee</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
   ><FONT size=1

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"
   ><FONT face=sans-serif size=2
     >Putnam High Income Securities Fund
      (August 31, 2005)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >$222,147</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"
   ><FONT face=sans-serif size=2
     >Putnam Investment Grade Municipal Trust
      (November 30, 2005)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >244,775</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"
   ><FONT face=sans-serif size=2
     >Putnam Managed Municipal Income Trust
      (October 31, 2005)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >340,093</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"
   ><FONT face=sans-serif size=2
     >Putnam Master Intermediate Income Trust
      (September 30, 2005)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >680,125</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"
   ><FONT face=sans-serif size=2
     >Putnam Premier Income Trust (July 31,
      2005)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >981,614</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=serif size=2
>Litigation. </FONT></B><FONT face=serif size=2
>Exhibit B to this proxy statement describes the pending legal
proceedings in which the Trustees have been named as parties adverse to some or
all of your funds.</FONT></P>
<P align=left><B><FONT face=serif size=2
>Limitation of Trustee liability. </FONT></B><FONT face=serif size=2
BASEFACE="serif">Your fund&#146;s Declaration of Trust provides that the
fund will indemnify its Trustees and officers against liabilities and expenses
incurred in connection with litigation in which they may be involved because of
their offices with the fund, except if it is determined in the manner specified
in the Declaration of Trust that they have not acted in good faith in the
reasonable belief that their actions were in the best interests of the fund or
that such indemnifica-tion would relieve any officer or Trustee of any liability
to the fund or its shareholders arising by reason of willful misfeasance, bad
faith, gross negligence or reckless disregard of his or her duties. Your fund,
at its expense, provides liability insurance for the benefit of its Trustees and
officers.</FONT></P>
<P align=left><B><FONT face=serif size=2
>Independent Registered Public Accounting Firm. </FONT></B><FONT
face=serif size=2>As set forth in the table below,
the Audit and Compliance Committee and the full Board of Trustees have selected
PricewaterhouseCoopers LLP, 125 High Street, Boston, Massachusetts 02110, or
KPMG LLP, 99 High Street, Boston, Massachusetts 02110, to serve as the
independent registered public accounting firm for each fund&#146;s current fiscal
year. Representatives of PricewaterhouseCoopers LLP and KPMG LLP are expected to
be present at the meeting of shareholders of the funds to make statements and to
respond to appropriate questions.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>62</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_65></A>
<P align=left><FONT face=serif size=2>The
following table presents fees billed in each of the last two fiscal years for
services rendered to each fund by the fund&#146;s independent registered public
accounting firm:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="37%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>Audit-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>All</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%">&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=1>Audit</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>Related</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>Tax</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Other</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif
      size=1>Fiscal year ended</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=1>Fees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>Fees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>Fees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Fees</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5><FONT size=1
      f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;">
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%" colSpan=2><FONT
      face=sans-serif size=2>Putnam High
      Income Securities Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%" colSpan=2><FONT
      face=sans-serif size=2
     >(PricewaterhouseCoopers LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif
      size=2>August 31, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>$70,572</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>$5,500*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>$9,006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>$13</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif
      size=2>August 31, 2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>61,486</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>7,700</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>23</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5><FONT
      color=#737373 size=1 f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
     >
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%" colSpan=2><FONT
      face=sans-serif size=2>Putnam
      Investment Grade Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif
      size=2>(KPMG LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif
      size=2>November 30, 2005</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>34,892</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>21,933</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>4,192</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif
      size=2>November 30, 2004</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>34,850</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>20,200</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>4,150</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>40</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5><FONT
      color=#737373 size=1 f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
     >
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%" colSpan=2><FONT
      face=sans-serif size=2>Putnam Managed
      Municipal Income Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif
      size=2>(KPMG LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif
      size=2>October 31, 2005</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>34,892</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>21,767</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>4,192</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif
      size=2>October 31, 2004</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>34,850</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>19,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>4,150</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>68</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5><FONT
      color=#737373 size=1 f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
     >
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="56%" colSpan=2><FONT
      face=sans-serif size=2>Putnam Master
      Intermediate Income Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif
      size=2>(KPMG LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif
      size=2>September 30, 2005</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>42,292</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>4,192</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif
      size=2>September 30, 2004</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>43,250</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>4,150</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>126</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5><FONT
      color=#737373 size=1 f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
     >
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif
      size=2>Putnam Premier Income
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif
      size=2>(KPMG LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif
      size=2>July 31, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>42,192</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>18,000*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>4,192</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif
      size=2>July 31, 2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>40,150</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>4,150</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>176</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>*
Includes fees billed to the fund for services relating to one or more fund
mergers. A portion of such fees was paid by Putnam Management.</FONT></P>
<P align=left><B><I><FONT face=serif size=2>Audit
Fees </FONT></I></B><FONT face=serif size=2
BASEFACE="serif">represents fees billed for the fund&#146;s last two fiscal years.
</FONT></P>
<P align=left><B><I><FONT face=serif size=2
BASEFACE="serif">Audit-Related Fees </FONT></I></B><FONT face=serif size=2
>represents fees billed in the fund&#146;s last two
fiscal years for services traditionally performed by the fund&#146;s auditor,
including accounting consultation for proposed transactions or concerning
financial accounting and reporting standards and other audit or attest services
not required by statute or regulation.</FONT></P>
<P align=left><B><I><FONT face=serif size=2>Tax
Fees </FONT></I></B><FONT face=serif size=2
BASEFACE="serif">represent fees billed in the fund&#146;s last two fiscal years for
tax compliance, tax planning and tax advice services. Tax planning and tax
advice services include assistance with tax audits, employee benefit plans and
requests for rulings or technical advice from taxing authorities.</FONT></P>
<P align=left><FONT face=sans-serif size=1
BASEFACE="sans-serif">63</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_66></A>
<P align=left><B><I><FONT face=serif size=2>All
Other Fees </FONT></I></B><FONT face=serif size=2
>represents fees billed for services relating to an analysis of
recordkeeping fees, fund expense processing and interfund trading. </FONT></P>
<P align=left><FONT face=serif size=2>The
following table presents the amounts KPMG LLP or PricewaterhouseCoopers LLP
billed for aggregate non-audit fees in each of the last two fiscal years to each
fund, Putnam Management and any entity controlling, controlled by or under
common control with Putnam Management that provides ongoing services to the
fund:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      color=#737373 size=1
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="70%"><FONT face=sans-serif
      size=2>Putnam High Income Securities
      Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="70%"><FONT face=sans-serif
      size=2>August 31, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>$202,266</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="70%"><FONT face=sans-serif
      size=2>August 31, 2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>139,982</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      color=#737373 size=1
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="70%"><FONT face=sans-serif
      size=2>Putnam Investment Grade
      Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="70%"><FONT face=sans-serif
      size=2>November 30, 2005</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>$ 26,125</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="70%"><FONT face=sans-serif
      size=2>November 30, 2004</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>24,390</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      color=#737373 size=1
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="70%"><FONT face=sans-serif
      size=2>Putnam Managed Municipal Income
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="70%"><FONT face=sans-serif
      size=2>October 31, 2005</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>$25,959</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="70%"><FONT face=sans-serif
      size=2>October 31, 2004</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>23,718</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      color=#737373 size=1
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="70%"><FONT face=sans-serif
      size=2>Putnam Master Intermediate
      Income Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="70%"><FONT face=sans-serif
      size=2>September 30, 2005</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>$4,192</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="70%"><FONT face=sans-serif
      size=2>September 30, 2004</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>4,276</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      color=#737373 size=1
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="70%"><FONT face=sans-serif
      size=2>Putnam Premier Income
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="70%"><FONT face=sans-serif
      size=2>July 31, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>$22,192</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="70%"><FONT face=sans-serif
      size=2>July 31, 2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>4,326</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      color=#737373 size=1
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR></TABLE><BR>
<P align=left><B><I><FONT face=serif size=2
>Pre-Approval Policies of the Audit and Compliance Committee.
</FONT></I></B><FONT face=serif size=2>The Audit
and Compliance Committee has determined that all work performed for the funds by
the funds&#146; independent auditors will be pre-approved by the Committee itself and
thus will generally not be subject to pre-approval procedures.</FONT></P>
<P align=left><FONT face=serif size=2>The Audit
and Compliance Committee also has adopted a policy to pre-approve the engagement
by Putnam Management and certain of its affiliates of the funds&#146; independent
auditors, even in circumstances where pre-approval is not required by applicable
law. Any such requests by Putnam Management or certain of its affiliates are
typically submitted in writing to the Committee and explain, among other things,
the nature of the proposed engagement, the estimated fees and why this work
should be performed by that particular audit firm as opposed to another
one.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>64</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_67></A>
<P align=left><FONT face=serif size=2>For each
fund&#146;s last two fiscal years, the funds&#146; independent auditors did not bill for
services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01
of Regulation S-X.</FONT></P>
<P align=left><FONT face=serif size=2>The Audit
and Compliance Committee of your fund has submitted the following report:
</FONT></P>
<P align=left><FONT face=serif size=2>The Audit
and Compliance Committee has reviewed and discussed with management of your fund
the audited financial statements for the last fiscal year. The Audit and
Compliance Committee has discussed with your fund&#146;s independent auditors the
matters required to be discussed by Statements on Auditing Standard No. 61 (SAS
61). SAS 61 requires independent auditors to communicate to the Audit and
Pricing Committee matters including, if applicable: (1) methods used to account
for significant unusual transactions; (2) the effect of significant accounting
policies in controversial or emerging areas for which there is a lack of
authoritative guidance or consensus; (3) the process used by management in
formulating particularly sensitive accounting estimates and the basis for the
auditor&#146;s conclusions regarding the reasonableness of those estimates and (4)
disagreements with management over the application of accounting principles and
certain other matters. The Audit and Compliance Committee has received the
written disclosures and the letter from your fund&#146;s independent auditors
required by the SEC&#146;s Independence Standards Board Standard No. 1 (among other
things, requiring auditors to make written disclosures to and discuss with the
Audit and Compliance Committee various matters relating to the auditor&#146;s
independence), and has discussed with such accountants the independence of such
accountants. Based on the foregoing review and discussions, the Audit and
Compliance Committee recommended to the Trustees that the audited financial
statements for the last fiscal year be included in your fund&#146;s annual report to
shareholders for the last fiscal year.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>Robert E.
      Patterson (Chairperson)</FONT><BR><FONT face=serif size=2
     >John A. Hill</FONT><BR><FONT face=serif size=2
     >W. Thomas
Stephens</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=1
     >65</FONT><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_68></A>
<P align=left><B><FONT face=serif size=2>Officers
and other information. </FONT></B><FONT face=serif size=2
>All of the officers of your fund, with the exception of George
Putnam, III, the fund&#146;s President, are employees of Putnam Management or its
affiliates or serve on the staff of the Office of the Trustees. Because of their
positions with Putnam Management or its affiliates or their ownership of stock
of Marsh &amp; McLennan Companies, Inc., the parent corporation of Putnam
Investments Trust and indirectly of Putnam Investments, Messrs. Haldeman and
Putnam, III, as well as the officers of your fund, will benefit from the
management fees, underwriting commissions, custodian fees, and investor
servicing fees paid or allowed by the fund. In addition to Mr. Putnam, III, the
other officers of each fund are as follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   >&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><B><FONT face=sans-serif size=1
     >Year
      first</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   ><B><FONT face=sans-serif size=1
     >Name, Year of birth,
      Age</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><B><FONT face=sans-serif size=1
     >elected
      to</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><B><FONT face=sans-serif size=1
     >Business
      experience</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   ><B><FONT face=sans-serif size=1
     >Office with the
      fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><B><FONT face=sans-serif size=1
     >office</FONT></B>&nbsp;
</TD>
    <TD noWrap align=left width="36%"
   ><B><FONT face=sans-serif size=1
     >during past 5
      years</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
   ><FONT size=1

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   ><FONT face=sans-serif size=2
     >Charles E. Porter (Born
      1938)*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><FONT face=sans-serif size=2
     >1989</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Executive Vice President,</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   ><FONT face=sans-serif size=2
     >Executive Vice President,</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Associate Treasurer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   ><FONT face=sans-serif size=2
     >Associate Treasurer and
      Principal</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >and Principal Executive</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   ><FONT face=sans-serif size=2
     >Executive Officer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Officer, The Putnam funds</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
   ><FONT color=#737373 size=2

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   ><FONT face=sans-serif size=2
     >Jonathan S. Horwitz (Born
      1955)*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><FONT face=sans-serif size=2
     >2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Senior Vice President and</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   ><FONT face=sans-serif size=2
     >Senior Vice President</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Treasurer, The Putnam</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   ><FONT face=sans-serif size=2
     >and Treasurer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Funds. Prior to 2004,</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   >&nbsp; </TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Mr. Horwitz was a</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   >&nbsp; </TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Managing Director at</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   >&nbsp; </TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Putnam Investments</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
   ><FONT color=#737373 size=2

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   ><FONT face=sans-serif size=2
     >Steven D. Krichmar (Born
      1958)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><FONT face=sans-serif size=2
     >2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Senior Managing Director,</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   ><FONT face=sans-serif size=2
     >Vice President</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Putnam Investments.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   ><FONT face=sans-serif size=2
     >and Principal Financial
      Officer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Prior to 2001, Mr.
      Krichmar</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   >&nbsp; </TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >was a Partner at</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   >&nbsp; </TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >PricewaterhouseCoopers,</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   >&nbsp; </TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >LLP</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
   ><FONT color=#737373 size=2

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   ><FONT face=sans-serif size=2
     >Michael T. Healy (Born
      1958)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><FONT face=sans-serif size=2
     >2000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Managing Director, Putnam</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   ><FONT face=sans-serif size=2
     >Assistant Treasurer and</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Investments</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   ><FONT face=sans-serif size=2
     >Principal Accounting
      Officer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
   ><FONT color=#737373 size=2

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   ><FONT face=sans-serif size=2
     >Beth Mazor (Born 1958)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><FONT face=sans-serif size=2
     >2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Managing Director,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"
   ><FONT face=sans-serif size=2
     >Vice President</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Putnam Investments</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1
>66</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_69></A>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><B><FONT face=sans-serif size=1
     >Year
      first</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   ><B><FONT face=sans-serif size=1
     >Name (birthyear),
      Age</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><B><FONT face=sans-serif size=1
     >elected
      to</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><B><FONT face=sans-serif size=1
     >Business
      experience</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   ><B><FONT face=sans-serif size=1
     >Office with the
      fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><B><FONT face=sans-serif size=1
     >office</FONT></B>&nbsp;
</TD>
    <TD noWrap align=left width="36%"
   ><B><FONT face=sans-serif size=1
     >during past 5
      years</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
   ><FONT size=1

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   ><FONT face=sans-serif size=2
     >Daniel T. Gallagher (Born
      1962)*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Senior Vice President,
      Staff</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   ><FONT face=sans-serif size=2
     >Senior Vice President, Staff
      Counsel</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Counsel and Compliance</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   ><FONT face=sans-serif size=2
     >and Compliance Liaison</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Liaison, The Putnam funds.</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Prior to 2004, Mr.
      Gallagher</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >was an Associate at Ropes</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >&amp; Gray LLP</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
   ><FONT color=#737373 size=2

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   ><FONT face=sans-serif size=2
     >Mark C. Trenchard (Born
      1962)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Managing Director,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   ><FONT face=sans-serif size=2
     >Vice President and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Putnam Investments</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   ><FONT face=sans-serif size=2
     >BSA Compliance officer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
   ><FONT color=#737373 size=2

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   ><FONT face=sans-serif size=2
     >Francis J. McNamara, III (Born
      1955)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Senior Managing Director,</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   ><FONT face=sans-serif size=2
     >Vice President and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Putnam Investments,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   ><FONT face=sans-serif size=2
     >Chief Legal Officer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Putnam Management</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >and Putnam Retail</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Management. Prior to 2004,</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Mr. McNamara was General</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Counsel of State Street</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Research &amp; Management</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
   ><FONT color=#737373 size=2

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   ><FONT face=sans-serif size=2
     >Charles A. Ruys de Perez (Born
      1957)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Managing Director, Putnam</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   ><FONT face=sans-serif size=2
     >Vice President and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Investments</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   ><FONT face=sans-serif size=2
     >Chief Compliance Officer</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
   ><FONT color=#737373 size=2

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   ><FONT face=sans-serif size=2
     >James P. Pappas (Born
      1953)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Managing Director, Putnam</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   ><FONT face=sans-serif size=2
     >Vice President</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Investments and Putnam</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Management. During 2002,</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Mr. Pappas was Chief</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Operating Officer of</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Atalanta/Sosnoff Manage-</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >ment Corporation. Prior</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >to 2001 he was President</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >and Chief Executive
      Officer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >of UAM Investment</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Services, Inc.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
   ><FONT color=#737373 size=2

      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
      c a f>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   ><FONT face=sans-serif size=2
     >Richard S. Robie III (Born
      1960)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Senior Managing Director,</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   ><FONT face=sans-serif size=2
     >Vice President</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Putnam Investments,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Putnam Management and</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Putnam Retail Management.</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Prior to 2003, Mr. Robie</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >was Senior Vice President</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >of United Asset</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >Management Corporation</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1
>67</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_70></A>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="44%">&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=1
     >Year first</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="36%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"><B><FONT
      face=sans-serif size=1
     >Name (birthyear), Age</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=1
     >elected to</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="36%"><B><FONT
      face=sans-serif size=1
     >Business experience</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"><B><FONT
      face=sans-serif size=1
     >Office with the fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=1
     >office</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="36%"><B><FONT
      face=sans-serif size=1
     >during past 5 years</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT size=1
      f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;">
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"><FONT face=sans-serif
      size=2>Judith Cohen (Born
      1945)*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>1993</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Vice President, Clerk
      and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"><FONT face=sans-serif
      size=2>Vice President,
      Clerk</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Assistant
      Treasurer,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"><FONT face=sans-serif
      size=2>and Assistant
      Treasurer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>The Putnam funds</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT
      color=#737373 size=2 f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
     >
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"><FONT face=sans-serif
      size=2>Wanda M. McManus (Born
      1947)*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>1993</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Vice President,
      Senior</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"><FONT face=sans-serif
      size=2>Vice President, Senior
      Associate</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Associate Treasurer
      and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"><FONT face=sans-serif
      size=2>Treasurer and Assistant
      Clerk</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Assistant Clerk,
      The</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Putnam funds</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT
      color=#737373 size=2 f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
     >
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"><FONT face=sans-serif
      size=2>Nancy E. Florek (Born
      1957)*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>2000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Vice President,
      Assistant</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"><FONT face=sans-serif
      size=2>Vice President, Assistant
      Clerk,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Clerk, Assistant
      Treasurer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"><FONT face=sans-serif
      size=2>Assistant Treasurer
      and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>and Proxy Manager,
      The</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%"><FONT face=sans-serif
      size=2>Proxy Manager</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Putnam funds</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT
      color=#737373 size=2 f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
     >
      <HR noShade SIZE=1>
      </FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>*
Officers of each fund who are members of the Trustees&#146; independent
administrative staff. </FONT></P>
<P align=left><FONT face=sans-serif size=1
BASEFACE="sans-serif">Compensation for these individuals is fixed by the
Trustees and reimbursed to Putnam Management.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><B><FONT
      face=sans-serif size=2>Net
      assets of your fund as of February 28, 2006</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      color=#737373 size=1 f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
     >
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Putnam High Income Securities
      Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>$ 193,806,039.40</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Putnam Investment Grade
      Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>230,143,057.62</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Putnam Managed Municipal Income
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>383,298,870.43</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Putnam Master Intermediate
      Income Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>690,260,442.07</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Putnam Premier Income
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>1,356,772,471.53</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><B><FONT
      face=sans-serif size=2
     >Shares outstanding of your fund as of February 28,
      2006</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      color=#737373 size=1 f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;"
     >
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><B><FONT
      face=sans-serif size=2
     >Common shares:</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Putnam High Income Securities
      Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>22,207,463.146</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Putnam Investment Grade
      Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>21,027,943.573</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Putnam Managed Municipal Income
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>46,216,623.699</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Putnam Master Intermediate
      Income Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>98,120,459.805</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Putnam Premier Income
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>191,170,014.831</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><B><FONT
      face=sans-serif size=2
     >Preferred shares:</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Putnam Managed Municipal Income
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>550 (Class A)</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%">&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>550 (Class B)</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%">&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>650 (Class C)</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Putnam Investment Grade
      Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>1,400 (Class A)</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1
BASEFACE="sans-serif">68</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_71></A>
<P align=left><B><FONT face=sans-serif size=2
BASEFACE="sans-serif">5% beneficial ownership:</FONT></B></P>
<P align=left><FONT face=serif size=2>As of
February 28, 2006, to the knowledge of the funds, no person owned beneficially
or of record 5% or more of any class of shares of any fund, except as
follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      color=#737373 size=1
      f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;">
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Putnam High Income Securities
      Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="53%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      color=#737373 size=1
      f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;">
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Cede &amp; Company*</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="53%"><FONT face=sans-serif
      size=2>20,897,676 common
      shares</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>20 Bowling Green</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="53%"><FONT face=sans-serif
      size=2>(93.90% of outstanding common
      shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>New York, NY
      10004-1408</FONT>&nbsp; </TD>
    <TD noWrap align=left width="53%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>First Trust
      Portfolios/</FONT>&nbsp; </TD>
    <TD noWrap align=left width="53%"><FONT face=sans-serif
      size=2>1,189,605 common
      shares</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>The Charger
      Corporation**</FONT>&nbsp; </TD>
    <TD noWrap align=left width="53%"><FONT face=sans-serif
      size=2>(5.36% of outstanding common
      shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>1001 Warrenville
      Road</FONT>&nbsp; </TD>
    <TD noWrap align=left width="53%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Lisle, IIl 60532</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="53%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      color=#737373 size=1
      f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;">
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=2>Putnam
      Investment Grade Municipal Trust</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      color=#737373 size=1
      f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;">
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Cede &amp; Company*</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="53%"><FONT face=sans-serif
      size=2>19,125,910 common
      shares</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>20 Bowling Green</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="53%"><FONT face=sans-serif
      size=2>(90.80% of outstanding common
      shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>New York, NY
      10004-1408</FONT>&nbsp; </TD>
    <TD noWrap align=left width="53%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Karpus Investment
      Management***</FONT>&nbsp; </TD>
    <TD noWrap align=left width="53%"><FONT face=sans-serif
      size=2>1,729,745 common
      shares</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>183 Sully&#146;s Trail</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="53%"><FONT face=sans-serif
      size=2>(8.23% of outstanding common
      shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Pittsford, NY 14534</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="53%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      color=#737373 size=1
      f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;">
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=2>Putnam Managed
      Municipal Income Trust</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      color=#737373 size=1
      f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;">
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Cede &amp; Company*</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="53%"><FONT face=sans-serif
      size=2>41,319,265 common
      shares</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>20 Bowling Green</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="53%"><FONT face=sans-serif
      size=2>(89.20% of outstanding common
      shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>New York, NY
      10004-1408</FONT>&nbsp; </TD>
    <TD noWrap align=left width="53%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      color=#737373 size=1
      f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;">
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=2>Putnam Master
      Intermediate Income Trust</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      color=#737373 size=1
      f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;">
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Cede &amp; Company*</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="53%"><FONT face=sans-serif
      size=2>93,494,394 common
      shares</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>20 Bowling Green</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="53%"><FONT face=sans-serif
      size=2>(95.10% of outstanding common
      shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>New York, NY
      10004-1408</FONT>&nbsp; </TD>
    <TD noWrap align=left width="53%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      color=#737373 size=1
      f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;">
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Putnam Premier Income
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="53%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      color=#737373 size=1
      f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;">
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Cede &amp; Company*</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="53%"><FONT face=sans-serif
      size=2>179,096,952 common
      shares</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>20 Bowling Green</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="53%"><FONT face=sans-serif
      size=2>(93.50% of outstanding common
      shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>New York, NY
      10004-1408</FONT>&nbsp; </TD>
    <TD noWrap align=left width="53%">&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>*
Believed to hold shares only as nominee.</FONT></P>
<P align=left><FONT face=sans-serif size=1>**
Ownership reported as of December 31, 2005, as denoted on a report on Schedule
13G filed with SEC on February 9, 2006.</FONT></P>
<P align=left><FONT face=sans-serif size=1
BASEFACE="sans-serif">*** Ownership reported as of April 7, 2006, as denoted on
a report on Schedule 13D filed with SEC on April 7, 2006. Shares reported may
include shares owned by certain affiliates of Karpus Investment Management.
</FONT></P>
<P align=left><FONT face=sans-serif size=1
BASEFACE="sans-serif">69</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_72"></A>

<P align="left">
<B><FONT size=2 face="sans-serif">EXHIBIT A</FONT></B></P>
<P align="left">
<FONT size=5 face="serif">The Putnam funds</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">AUDIT AND COMPLIANCE COMMITTEE CHARTER</FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-serif">January 2006</FONT></B></P>
<P align="left">
<B><FONT size=2 face="serif">Purpose. </FONT></B><FONT size=2 face="serif">The purpose of the Audit and Compliance Committee (the &#147;Committee&#148;) is to oversee and assist Trustee
oversight of: the integrity of the Funds&#146; financial statements, including overseeing accounting and financial reporting processes of the Funds and the audits of the Funds&#146; financial statements; the Funds&#146; compliance with legal and
regulatory requirements; the independent auditors&#146; qualifications and independence; and the performance of the Funds&#146; internal audit function, if any, and independent auditors.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Committee is directly responsible for the appointment, terms of engagement, termination, compensation and oversight of the work of the independent auditors employed by the Funds (including
resolution of disagreements between management and the independent auditors regarding financial reporting), and the independent auditors shall report directly to the Committee.</FONT><SUP><FONT size=2
face="sans-serif">1 </FONT></SUP><FONT size=2 face="serif">The Committee is also directly responsible for preparing an audit committee report required to be included in the annual proxy statement for the closed-end Funds.
The Board of Trustees (the &#147;Board&#148;) and the Funds&#146; shareholders shall have such rights to approve, ratify and replace the Funds&#146; independent auditors as are required by applicable law.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Composition. </FONT></B><FONT size=2 face="serif">The Committee will be comprised exclusively of &#147;independent&#148; Trustees, as such term is interpreted for
purposes of Rule 10A-3(b)(1) of the Securities Exchange Act of 1934, as amended, and the listing standards of each exchange on which shares of one or more of The Putnam funds are traded (each an &#147;Exchange&#148;). In addition, none of the
Committee&#146;s members will be &#147;interested persons&#148; of the Funds as that term is defined under the Investment Company Act of 1940, as amended. The Committee shall have at least three members, who shall collectively satisfy the
independence, financial sophistication and financial literacy listing standards of each Exchange, as financial</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">1 For purposes of this Charter, the term &#147;management&#148; refers to the relevant officers of the Funds, including officers that comprise the staff of the Office of the Trustees,
as well as relevant officers and employees of Putnam Investments and its affiliates.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">70</FONT></P>

<HR noshade align="center" width="100%" size=2>

<!--$$/page=--><A name=page_73></A>
<P align=left><FONT face=serif size=2>literacy is
interpreted by the Board. Committee members may serve on the audit committee of
more than three listed companies, provided that the Board determines that such
simultaneous service would not impair the ability of the member to serve
effectively on the Committee. </FONT></P>
<P align=left><B><FONT face=serif size=2
>Assistance. </FONT></B><FONT face=serif size=2
>The Committee may seek the assistance of the staff of the Office of
the Trustees, the Funds&#146; independent auditors and counsel, management and other
parties as it may deem appropriate.</FONT></P>
<P align=left><B><FONT face=serif size=2>Funding.
</FONT></B><FONT face=serif size=2>The Funds will
provide the necessary funding as determined by the Committee (i) to compensate
the Funds&#146; independent auditors and any advisers employed by or at the direction
of the Committee and (ii) to pay ordinary administrative expenses of the
Committee that are necessary or appropriate in carrying out its
duties.</FONT></P>
<P align=left><B><FONT face=serif size=2>Specific
Duties of Committee. </FONT></B><FONT face=serif size=2
>The duties of the Committee include:</FONT></P>
<P align=left><FONT face=serif size=2
>*&nbsp;Obtaining and reviewing, at least annually, a formal,
written report by the independent auditors describing: the auditors&#146; internal
quality-control procedures; any material issues raised by the most recent
internal quality-control review, or peer review, of the auditors, or by any
inquiry or investigation by governmental or professional authorities, within the
preceding five years, respecting one or more independent audits carried out by
the auditors, and any steps taken to deal with any such issues; and (to assess
the auditors&#146; independence), consistent with Independent Standards Board
Standard 1, all relationships between the independent auditors, management and
the Funds;</FONT></P>
<P align=left><FONT face=serif size=2
>*&nbsp;Actively engaging in a dialogue with the independent
auditors with respect to any disclosed relationships or services that may impact
the objectivity and independence of the independent auditors and recommending
that the Trustees take appropriate action in response to the independent
auditors&#146; report to satisfy themselves of the independent auditors&#146;
independence;</FONT></P>
<P align=left><FONT face=serif size=2
>*&nbsp;Reviewing the arrangements for and scope of the annual audit
and any special audits;</FONT></P>
<P align=left><FONT face=serif size=2
>*&nbsp;Conducting meetings at least quarterly;</FONT></P>
<P align=left><FONT face=serif size=2
>*&nbsp;Evaluating Committee performance at least
annually;</FONT></P>
<P align=left><FONT face=sans-serif size=1
>71</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_74></A>
<P align=left><FONT face=serif size=2>*&nbsp;For
Funds whose shares are traded on an Exchange, discussing the annual audited
financial statements and semiannual or any other periodic finan-cial statements
with Fund management and the independent auditors, including the Funds&#146;
disclosures under management&#146;s discussion of Fund performance;</FONT></P>
<P align=left><FONT face=serif size=2>* Discussing
with management, guidelines and policies with respect to risk assessment and
risk management;</FONT></P>
<P align=left><FONT face=serif size=2>* Meeting
separately and periodically with management, with internal auditors (or other
personnel responsible for the internal audit function, if any) and with the
independent auditors;</FONT></P>
<P align=left><FONT face=serif size=2>* Reviewing
with the independent auditors any audit problems or difficul-ties and
management&#146;s response to such issues, and to resolve any disagreements between
management and the independent auditors;</FONT></P>
<P align=left><FONT face=serif size=2>* Setting
clear hiring policies by the Funds for employees or former employees of the
independent auditors;</FONT></P>
<P align=left><FONT face=serif size=2>*
Establishing procedures for (A) the receipt, retention and treatment of
complaints received by the Funds regarding accounting, internal accounting
controls or auditing matters, and (B) confidential, anonymous submissions
regarding questionable accounting or auditing matters;</FONT></P>
<P align=left><FONT face=serif size=2>* Reviewing,
at least annually, (A) major issues regarding accounting principles and
financial statement presentations, including any significant changes in the
Funds&#146; selection or application of accounting principles, and major issues as to
the adequacy of the Funds&#146; internal controls and any special audit steps adopted
in light of material control deficiencies; (B) analyses prepared by management
and/or the independent auditors setting forth significant financial reporting
issues and judgments made in connection with the preparation of the financial
statements, including analyses of the effects of alternative GAAP methods on the
financial statements; (C) the effect of regulatory and accounting initiatives,
as well as off-balance sheet structures, on the financial statements of the
Funds; and (D) earnings press releases (paying particular attention to any use
of &#147;pro forma,&#148; or &#147;adjusted&#148; non-GAAP, information), if any, as well as
financial information and earnings guidance provided to analysts and rating
agencies;</FONT></P>
<P align=left><FONT face=sans-serif size=1
>72</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_75></A>
<P align=left><FONT face=serif size=2>* Reviewing
scope and adequacy of audits;</FONT></P>
<P align=left><FONT face=serif size=2>* Reporting
regularly to the Board of Trustees to review any issues that arise with respect
to the quality or integrity of the Funds&#146; financial statements, the Funds&#146;
compliance with legal or regulatory requirements, the performance,
qualifications and independence of the Funds&#146; independent auditors and the
performance of the Funds&#146; internal audit function (if any);</FONT></P>
<P align=left><FONT face=serif size=2>*
Pre-approving any work performed by the Funds&#146; auditors, as required by
applicable law or the rules of any Exchange;</FONT></P>
<P align=left><FONT face=serif size=2>* Reviewing
matters relating to the Funds&#146; Code of Ethics and Putnam Investments&#146; Code of
Ethics;</FONT></P>
<P align=left><FONT face=serif size=2>* Reviewing
compliance matters identified to the Committee;</FONT></P>
<P align=left><FONT face=serif size=2>*
Reassessing annually the adequacy of this Charter and recommending any proposed
changes to the full Board of Trustees; and</FONT></P>
<P align=left><FONT face=serif size=2>* Performing
such other functions and having such powers as may be necessary and appropriate
in the efficient and lawful discharge of the powers provided in this
Charter.</FONT></P>
<P align=left><B><FONT face=serif size=2>Role and
Responsibilities of the Committee. </FONT></B><FONT face=serif size=2
BASEFACE="serif">The function of the Committee is oversight; it is
management&#146;s responsibility to maintain appropriate systems for accounting and
internal control over financial reporting, and the independent auditors&#146;
responsibility to plan and carry out a proper audit. Specifically, a Fund&#146;s
management is responsible for: (1) the preparation, presentation and integrity
of the Fund&#146;s financial statements; (2) the maintenance of appropriate
accounting and financial reporting principles and policies; and (3) the
maintenance of internal control over financial reporting and other procedures
designed to assure compliance with accounting standards and related laws and
regulations. The independent auditors are responsible for planning and carrying
out an audit consistent with applicable legal and professional standards and the
terms of their engagement letter. Nothing in this Charter shall be construed to
reduce the responsibilities or liabilities of a Fund&#146;s service providers,
including the independent auditors.</FONT></P>
<P align=left><FONT face=sans-serif size=1
>73</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_76"></A>

<P align="left">
<FONT size=2 face="serif">The review of a Fund&#146;s financial statements by the Committee is not an audit, nor does the Committee&#146;s review substitute for the responsibilities of the Funds&#146; management for
preparing, or the independent auditors for auditing, the financial statements. Members of the Committee are not full-time employees of the Funds and, in serving on the Committee, are not, and do not hold themselves out to be, acting as accountants
or auditors. As such, it is not the duty or responsibility of the Committee or its members to conduct &#147;field work&#148; or other types of auditing or accounting reviews or procedures.</FONT></P>
<P align="left">
<FONT size=2 face="serif">In discharging their duties, the members of the Committee are entitled to rely on information, opinions, reports or statements, including finan-cial statements and other financial data, if
prepared or presented by: (1) one or more officers of the Funds whom the Committee member reasonably believes to be reliable and competent in the matters presented; (2) legal counsel, public accountants or other persons as to matters the Committee
member reasonably believes are within the person&#146;s professional or expert competence; or (3) a Board committee of which the Committee member is not a member.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">74</FONT></P>

<HR noshade align="center" width="100%" size=2>

<!--$$/page=--><A name=page_77></A>
<P align=left><B><FONT face=sans-serif size=2
>EXHIBIT B</FONT></B></P>
<P align=left><FONT face=serif size=5
>Litigation</FONT></P>
<P align=left><B><FONT face=serif size=2>1.
Multi-District Litigation </FONT></B></P>
<P align=left><FONT face=serif size=2>From
November 2003 through March 2004, several lawsuits were filed in different
states alleging that the Putnam Trustees and other Putnam-related defendants
permitted, failed to disclose and/or failed to prevent market timing, short-term
trading and/or late trading in the Putnam Funds. The Plaintiffs in the various
cases asserted different combinations of the following claims: violations of &#167;
36 of the 1940 Act; &#167; 206 of the Investment Advisers Act of 1940; &#167; 10(b) of the
1934 Act and Rule 10b-5; &#167; 20(a) of the 1934 Act; breach of fiduciary duty;
aiding and abetting breach of fiduciary duty; civil conspiracy; abuse of
control; gross mismanagement; waste of corporate assets; and unjust enrichment.
The plaintiffs generally sought injunctive relief including removal of the
current Trustees and fund managers, disgorgement of profits, monetary damages,
punitive damages, and attorneys&#146; fees and costs.</FONT></P>
<P align=left><FONT face=serif size=2>The actions
described above were transferred to the United States District Court for the
District of Maryland and consolidated for pre-trial proceedings in the Special
Multi-District Litigation (&#147;MDL&#148;) Proceeding (In re: Mutual Funds Litigation,
04-MD-15863) created for actions involving market timing issues against mutual
fund complexes. Two consolidated amended derivative complaints have been filed
in the Putnam Subtrack of the MDL, and the complaint involving the Putnam
Trustees and the Putnam Funds is described as follows: </FONT></P>
<P align=left><FONT face=serif size=2>The lead
plaintiff named below alleged that the defendants engaged in, permitted, and/or
failed to prevent market timing and late trading in the Putnam Funds. The
plaintiffs claimed violations of &#167;&#167; 36, 47 and 48 of the 1940 Act, violations of
&#167;&#167; 206 and 215 of the Investment Advisers Act of 1940, breach of fiduciary duty,
breach of contract, aiding and abetting breach of fiduciary duty, unjust
enrichment, interference with contract and civil conspiracy. The plaintiffs
sought, among other things, injunctive relief including removal of the current
Trustees, removal of the adviser and distributor defendants, rescission of the
management and other contracts, disgorgement of profits, monetary damages,
punitive damages and attorneys&#146; fees and costs. On March 1, 2006, the Court
dismissed all of the plaintiffs&#146; claims except the claim asserted under &#167;36 of
the 1940 Act, and the related claim under Section 48(a) of the 1940 Act.
</FONT></P>
<P align=left><FONT face=sans-serif size=1
>75</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_78></A>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp; </TD>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>Consolidated</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp; </TD>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>Amended</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp; </TD>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>Derivative</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp; </TD>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>Complaint</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><FONT face=sans-serif
      size=1>Case Name</FONT>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=1>Defendants</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=1>Court</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>Filing Date</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><I><FONT
      face=sans-serif size=1
     >In re: Mutual Funds</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=1>Putnam Trustees</FONT><SUP><FONT
      face=sans-serif size=1
     >1</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=1>United States</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>September 29,</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><I><FONT
      face=sans-serif size=1
     >Investment Litigation</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=1>Putnam
      Management</FONT><SUP><FONT face=sans-serif size=1
     >2</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=1>District Court for</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>2004</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=1>Putnam Retail</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=1>the District of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><I><FONT
      face=sans-serif size=1
     >Lead Case:</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=1>Management, LP</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=1>Maryland</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><I><FONT
      face=sans-serif size=1
     >Zuber </FONT></I><FONT face=sans-serif size=1
     >(derivatively on</FONT>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=1>Putnam Retail</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><FONT face=sans-serif
      size=1>behalf of the
      Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=1>Management, GP,
      Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><FONT face=sans-serif
      size=1>Family of Funds) </FONT><I><FONT
      face=sans-serif size=1
     >v.</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=1>Putnam Fiduciary Trust
      Co.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%" background="">&nbsp;</TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><I><FONT
      face=sans-serif size=1
     >Putnam Investment</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=1>Charles E. Porter</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><I><FONT
      face=sans-serif size=1
     >Management LLC</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=1>Patricia C.
      Flaherty</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=1>William H.
      Woolverton</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=1>Justin M. Scott</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=1>Omid Kamshad</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=1>Geirluv Lode</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=1>Carmel Peters</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=1>Putnam Funds</FONT><SUP><FONT
      face=sans-serif size=1>3
      </FONT></SUP><FONT face=sans-serif size=1
     >(nominal)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=4><FONT size=1
      f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;">
      <HR noShade SIZE=1>
      <FONT color=#737373>&nbsp;</FONT></FONT></TD></TR></TABLE><BR>
<P align=left><B><FONT face=serif size=2>2. State
Court Case</FONT></B></P>
<P align=left><FONT face=serif size=2>The
plaintiff named below alleges that defendants failed to prevent the disclosure
of confidential information concerning the identity of securities, the practice
of late trading by selected investors, time-trading by selected investors and
insider trading by Company Directors, officers and or employees. The plaintiff
claims breach of fiduciary duty. </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=1>Case Name</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>Defendants</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=1>Court</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=1>Date Instituted</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=4><FONT size=1
      f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;">
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><I><FONT
      face=sans-serif size=2
     >Stern </FONT></I><FONT face=sans-serif size=2
     >(derivative on</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Funds</FONT><SUP><FONT
      face=sans-serif size=2
     >3</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=2>Supreme Court</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>December 17,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>behalf of Marsh
      &amp;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam
      Management</FONT><SUP><FONT face=sans-serif size=2
     >2</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=2>of the State of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>2003</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>McLennan) v.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Jeffrey Greenberg</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=2>New York</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><I><FONT
      face=sans-serif size=2
     >Greenberg, et. al,</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Mathis
      Cabaillavetta</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Marsh Directors</FONT><SUP><FONT
      face=sans-serif size=2
     >4</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Lawrence Lasser</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=4><FONT size=1
      f a c
      e="&#13;&#10;s&#13;&#10;a&#13;&#10;n&#13;&#10;s&#13;&#10;-&#13;&#10;s&#13;&#10;e&#13;&#10;r&#13;&#10;i&#13;&#10;f&#13;&#10;">
      <HR noShade SIZE=1>
      </FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>1
The &#147;Putnam Trustees&#148; include current Trustees Jameson Adkins Baxter, Charles B.
Curtis, John A Hill, Paul L. Joskow, Elizabeth T. Kennan, John H. Mullin, III,
Robert E. Patterson, George Putnam, III, and W. Thomas Stephens, and former
Trustees Ronald J. Jackson, Lawrence J. Lasser, W. Nicholas Thorndike, and
A.J.C. Smith.</FONT></P>
<P align=left><FONT face=sans-serif size=1>2
&#147;Putnam Management&#148; includes Putnam Investment Trust, Putnam Investment
Management, LLC, Putnam, LLC, and/or Marsh &amp; McLennan Companies,
Inc.</FONT></P>
<P align=left><FONT face=sans-serif size=1>3
&#147;Putnam Funds&#148; includes Putnam Investment Funds and/or individual Putnam mutual
funds.</FONT></P>
<P align=left><FONT face=sans-serif size=1>4
The &#147;Marsh Directors&#148; are Charles Davis, Lewis Bernard, Peter Coster, Robert
Ebruru, Oscar Fanjul, Ray Groves, Stephen Hardis, Gwendolyn King, Lord Lang of
Monkton, David Olsen, Morton Shapiro, Adele Simmons, and A.J.C.
Smith.</FONT></P>
<P align=left><FONT face=sans-serif size=1
BASEFACE="sans-serif">76</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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<IMG src="proxyx80x1.jpg" border=0>
<BR>
<TABLE border=0 width=100% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<B><FONT size=1 face="serif">The Putnam funds</FONT></B>&nbsp;
	</TD>
	<TD width=35% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<I><FONT size=1 face="serif">One Post Office Square</FONT></I>&nbsp;
	</TD>
	<TD width=35% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<I><FONT size=1 face="serif">Boston, Massachusetts 02109</FONT></I>&nbsp;
	</TD>
	<TD width=35% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=64% nowrap align=left>
<I><FONT size=1 face="serif">Toll-free 1-800-225-1581</FONT></I>&nbsp;
	</TD>
	<TD width=35% nowrap align=left>
<FONT size=1 face="sans-serif">233942 6/06</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

<HR noshade align="center" width="100%" size=2>











<!--$$/page=--><A name=page_1></A><IMG src="pballotsx1x1.jpg"
border=0> <BR>
<P align=left><B><FONT face=serif size=4>The proxy
ballot</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><B><FONT
      face=sans-serif size=1>To
      vote by mail</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="34%"><B><FONT
      face=sans-serif size=1>To
      vote by telephone</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="36%"><B><FONT
      face=sans-serif size=1>To
      vote on the web</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=Arial
      size=1>Read the proxy statement.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=sans-serif
      size=1>Read the proxy statement
      and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=1>Read the proxy statement and
      have the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=sans-serif
      size=1>have the proxy ballot at
      hand.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=1>proxy ballot at
      hand.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=Arial
      size=1>Check the appropriate boxes</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="36%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=Arial
      size=1>on the reverse side.</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=Arial
      size=1>Call 1-866-241-6192.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT size=1><FONT
      face=Arial>Go to <FONT color=#0000ff
     ><FONT
      color=#000000>https:/vote.proxy-direct.com</FONT></FONT><FONT
     >.</FONT></FONT></FONT>&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="36%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=Arial
      size=1>Sign and date the proxy ballot.</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=Arial
      size=1>Follow the automated</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=Arial
      size=1>Follow the instructions on the site.</FONT>&nbsp;&nbsp;&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=Arial
      size=1>telephone directions.</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=1>There is no need for you to
      return your</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=Arial
      size=1>Return the proxy ballot in the</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=1>proxy ballot.</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=Arial
      size=1>envelope provided.</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=Arial
      size=1>There is no need for you to</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="29%" background=""></TD>
    <TD noWrap align=left width="34%" background=""><FONT
      face=Arial size=1>return your proxy ballot.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%" background=""
 ></TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2
BASEFACE="sans-serif">PUTNAM PREMIER INCOME TRUST</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>By
signing below, you as a Putnam fund shareholder, appoint Trustees John A. Hill
and Robert E. Patterson, and each of them separately, with power of substitution
to each, to be your proxies. You are empowering them to vote your Putnam fund
shares on your behalf at the meeting of the shareholders of Putnam Premier
Income Trust. The meeting will take place on June 29, 2006 at 11:00 a.m., Boston
time, and may be adjourned to later times or dates. </FONT><B><FONT
face=sans-serif size=2>Your vote is being
solicited on behalf of the Trustees. </FONT></B><FONT face=sans-serif size=2
>When you complete and sign the proxy ballot,
the Trustees will vote exactly as you have indicated on the other side of this
card. </FONT><B><FONT face=sans-serif size=2
BASEFACE="sans-serif">If you simply sign the proxy ballot, or don&#146;t vote on a
specific proposal, your shares will be automatically voted as the Trustees
recommend. </FONT></B><FONT face=sans-serif size=2
BASEFACE="sans-serif">The Trustees are also authorized to vote at their
discretion on any other matter that arises at the meeting or any adjournment of
the meeting.</FONT></P>
<P align=left><IMG src="pballotsx1x2.jpg" border=0> </P>
<P align=left><FONT face=sans-serif size=1
BASEFACE="sans-serif">Sign your name exactly as it appears on this card. If you
own shares jointly, each owner should sign. When signing as executor,
administrator, attorney, trustee, guardian, or as custodian for a minor, please
give your full title as such. If you are signing for a corporation, please sign
the full corporate name and indicate the signer&#146;s office. If you are a partner,
sign in the partnership name.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1
BASEFACE="sans-serif">PUT_16185A</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><B><FONT
      face=sans-serif size=2
     >Proposals</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="65%"><B><FONT
      face=sans-serif size=2
     >Please vote by filling in the appropriate boxes
      below.</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Please vote by filling in the appropriate box below. If
you do not mark one or more proposals, your Proxy will be voted as the Trustees
recommend. PLEASE MARK VOTES AS IN THIS EXAMPLE: <FONT
size=4>&#9632;</P></FONT></FONT><FONT face=sans-serif><FONT
size=4>
<P><FONT size=3>&#9633;</FONT> </FONT>To vote on all Proposals, </FONT><B><FONT
face=sans-serif>as the Trustees recommend</FONT></B><FONT
face=sans-serif>, mark this box. (No other vote is
necessary.)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >FOR
      </FONT></U></B><FONT face=sans-serif size=2
     >ALL NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""
     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""></TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=2>WITHHOLD</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>FOR ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>1.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%" colSpan=2><FONT
      face=sans-serif size=2>Proposal to
      elect all nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""></TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="3%" background=""><FONT
      face=Arial size=2>01</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%" background=""><FONT
      face=Arial size=2>J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%" background=""><FONT
      face=Arial size=2>02</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%" background=""><FONT
      face=Arial size=2>C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%" background=""><FONT
      face=Arial size=2>03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%" background=""><FONT
      face=Arial size=2>M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%" background="">
      <P>&#9633;</P></TD>
    <TD noWrap align=left width="9%" background=""></TD>
    <TD noWrap align=left width="9%" background="">
      <P>&#9633;</P></TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%" background="">
      <P>&#9633;</P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>C.E. Haldeman, Jr.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>J.A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT size=4>
      <P></FONT></P></TD>
    <TD noWrap align=left width="9%" background=""></TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>R.E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""></TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>11</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""></TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%" colSpan=6><FONT
      face=sans-serif size=2>To withhold
      authority to vote for one or more of the nominees, check the &#147;For All
      Except&#148; box and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""></TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" colSpan=4><FONT
      face=sans-serif size=2>write the
      name(s) or number(s) of the nominee(s) below:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""></TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="59%" colSpan=6>
      <HR noShade SIZE=1>
    </TD>
    <TD width="40%" colSpan=5></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >AGAINST
      </FONT></U></B><FONT face=sans-serif size=2
     >PROPOSAL 2.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""></TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=2>AGAINST</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>ABSTAIN</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>2.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="56%" colSpan=5><FONT
      face=sans-serif size=2>Proposal to
      convert the fund to an open-end investment company.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">
      <P>&#9633;</P></TD>
    <TD noWrap align=left width="9%" background=""></TD>
    <TD noWrap align=left width="9%">
      <P>&#9633;</P></TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%">
      <P>&#9633;</P></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >AGAINST
      </FONT></U></B><FONT face=sans-serif size=2
     >PROPOSAL 5.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""></TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>5.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="56%" colSpan=5><FONT
      face=sans-serif size=2>Shareholder
      proposal to reduce the number of Trustees by one-third.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">
      <P>&#9633;</P></TD>
    <TD noWrap align=left width="9%" background=""></TD>
    <TD noWrap align=left width="9%">&#9633;</TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%">&#9633;</TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=sans-serif
      size=2>If you have any questions on the
      proposals, please call 1-800-225-1581</FONT>&nbsp; </TD>
    <TD noWrap align=left width="38%"><FONT face=sans-serif
      size=2>Please sign and date the other
      side of this card.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><B><FONT
      face=sans-serif size=2
     >PUT_16185A</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="38%">&nbsp;
</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_3></A><IMG src="pballotsx3x1.jpg"
border=0> <BR>
<P align=left><B><FONT face=serif size=4>The proxy
ballot</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><B><FONT face=sans-serif size=1
     >To vote by
      mail</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><B><FONT face=sans-serif size=1
     >To vote by
      telephone</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><B><FONT face=sans-serif size=1
     >To vote on the
      web</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Read the proxy statement.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >Read the proxy statement
      and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=1
     >Read the proxy statement and have
      the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ></TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >have the proxy ballot at
      hand.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=1
     >proxy ballot at hand.</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=Arial size=1>Check the
      appropriate boxes</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >Call 1-866-241-6192.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=Arial size=1>on the reverse
      side.</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ></TD>
    <TD noWrap align=left width="36%"
   ><FONT size=1><FONT face=Arial>Go to <FONT
      color=#0000ff
     ><FONT
      color=#000000>https:/vote.proxy-direct.com</FONT></FONT>.</FONT></FONT>&nbsp;&nbsp;&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ></TD>
    <TD noWrap align=left width="34%"
   ><FONT face=Arial size=1>Follow the
      automated</FONT>&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=Arial size=1>Sign and date the
      proxy ballot.</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >telephone directions.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=Arial size=1>Follow the
      instructions on the site.</FONT>&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ></TD>
    <TD noWrap align=left width="34%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=Arial size=1>Return the proxy
      ballot in the</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >There is no need for you
      to</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=Arial size=1>There is no need
      for you to return your</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=Arial size=1>envelope
      provided.</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >return your proxy ballot.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=Arial size=1>proxy
      ballot.</FONT>&nbsp;&nbsp;&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2
>PUTNAM MASTER INTERMEDIATE INCOME TRUST</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>By
signing below, you as a Putnam fund shareholder, appoint Trustees John A. Hill
and Robert E. Patterson, and each of them separately, with power of substitution
to each, to be your proxies. You are empowering them to vote your Putnam fund
shares on your behalf at the meeting of the shareholders of Putnam Master
Intermediate Income Trust. The meeting will take place on June 29, 2006 at 11:00
a.m., Boston time, and may be adjourned to later times or dates. </FONT><B><FONT
face=sans-serif size=2>Your vote is being
solicited on behalf of the Trustees. </FONT></B><FONT face=sans-serif size=2
BASEFACE="sans-serif">When you complete and sign the proxy ballot,
the Trustees will vote exactly as you have indicated on the other side of this
card. </FONT><B><FONT face=sans-serif size=2
>If you simply sign the proxy ballot, or don&#146;t vote on a specific
proposal, your shares will be automatically voted as the Trustees recommend.
</FONT></B><FONT face=sans-serif size=2>The
Trustees are also authorized to vote at their discretion on any other matter
that arises at the meeting or any adjournment of the meeting.</FONT></P>
<P align=left><IMG src="pballotsx3x2.jpg" border=0> </P>
<P align=left><FONT face=sans-serif size=1
>Sign your name exactly as it appears on this card. If you own
shares jointly, each owner should sign. When signing as executor, administrator,
attorney, trustee, guardian, or as custodian for a minor, please give your full
title as such. If you are signing for a corporation, please sign the full
corporate name and indicate the signer&#146;s office. If you are a partner, sign in
the partnership name.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1
>PUT_16185B</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_4></A>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><B><FONT
      face=sans-serif size=2
     >Proposals</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="65%"><B><FONT
      face=sans-serif size=2
     >Please vote by filling in the appropriate boxes
      below.</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2
>Please vote by filling in the appropriate box below. If you do not
mark one or more proposals, your Proxy will be voted as the Trustees recommend.
PLEASE MARK VOTES AS IN THIS EXAMPLE: <FONT size=4>&#9632;</P></FONT></FONT>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" colSpan=8
   ><FONT face=sans-serif
     ><FONT size=4>
      <P><FONT size=3>&#9633;</FONT> </FONT>To vote on all Proposals, </FONT><B><FONT
      face=sans-serif>as the Trustees
      recommend</FONT></B><FONT face=sans-serif>, mark
      this box. (No other vote is necessary.)</FONT>&nbsp; </P></TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=10
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" colSpan=4
   ><FONT face=sans-serif
      size=2>THE TRUSTEES RECOMMEND A VOTE
      </FONT><B><U><FONT face=sans-serif size=2
     >FOR </FONT></U></B><FONT
      face=sans-serif size=2>ALL
      NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%" background=""
   >&nbsp;</TD>
    <TD noWrap align=left width="10%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="4%" background=""
   ></TD>
    <TD noWrap align=left width="16%" background=""
   ></TD>
    <TD noWrap align=left width="6%" background=""
   ></TD>
    <TD noWrap align=left width="14%" background=""
   ></TD>
    <TD noWrap align=left width="4%" background=""
   ></TD>
    <TD noWrap align=left width="16%" background=""
   ></TD>
    <TD noWrap align=left width="16%" background=""
   ><FONT size=4>
      <P>&nbsp;</P></FONT></TD>
    <TD noWrap align=left width="10%" background=""
   ></TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%" background=""
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ></TD>
    <TD noWrap align=left width="16%" background=""
   ><FONT face=Arial
      size=2>FOR</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="10%"
   ><FONT face=sans-serif size=2
     >WITHHOLD</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""

     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=2
     >FOR ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >1.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" colSpan=2
   ><FONT face=sans-serif
      size=2>Proposal to elect all
      nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ></TD>
    <TD noWrap align=left width="16%" background=""
   ><FONT face=Arial
      size=2>ALL</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="10%"
   ><FONT face=sans-serif size=2
     >ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=2
     >EXCEPT</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="4%" background=""
   ><FONT face=Arial
      size=2>01</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%" background=""
   ><FONT face=Arial
      size=2>J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%" background=""
   ><FONT face=Arial
      size=2>02</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%" background=""
   ><FONT face=Arial
      size=2>C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%" background=""
   ><FONT face=Arial
      size=2>03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%" background=""
   ><FONT face=Arial
      size=2>M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%" background=""
   >&#9633;</TD>
    <TD noWrap align=left width="10%" background=""
   >&#9633;</TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%" background=""
   >&#9633;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >C.E. Haldeman, Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=2
     >05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >J.A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%" background=""
   >&nbsp;</TD>
    <TD noWrap align=left width="10%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=2
     >08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >R.E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%" background=""
   >&nbsp;</TD>
    <TD noWrap align=left width="10%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=2
     >11</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%" background=""
   ><FONT size=4>
      <P></FONT>&nbsp;</P></TD>
    <TD noWrap align=left width="10%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%" colSpan=6
   ><FONT face=sans-serif
      size=2>To withhold authority to vote
      for one or more of the nominees, check the &#147;For All Except&#148; box
      and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%" background=""
   >&nbsp;</TD>
    <TD noWrap align=left width="10%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" colSpan=4
   ><FONT face=sans-serif
      size=2>write the name(s) or number(s)
      of the nominee(s) below:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%" background=""
   >&nbsp;</TD>
    <TD noWrap align=left width="10%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="60%" colSpan=6>
      <HR noShade SIZE=1>
    </TD>
    <TD width="16%" background=""
     >&nbsp;</TD>
    <TD width="23%" colSpan=3
   ></TD></TR>
  <TR>
    <TD width="60%" colSpan=6
     >&nbsp; </TD>
    <TD width="16%" background=""
     >&nbsp;</TD>
    <TD width="10%" background=""
     >&nbsp;</TD>
    <TD width="7%" background=""
   ></TD>
    <TD width="6%" background=""
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" colSpan=4
   ><FONT face=sans-serif
      size=2>THE TRUSTEES RECOMMEND A VOTE
      </FONT><B><U><FONT face=sans-serif size=2
     >AGAINST </FONT></U></B><FONT
      face=sans-serif size=2>PROPOSAL
      2.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%"
   >&nbsp;</TD>
    <TD noWrap align=left width="16%" background=""
   ><FONT face=Arial
      size=2>FOR</FONT>&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="10%"
   ><FONT face=sans-serif size=2
     >AGAINST</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=2
     >ABSTAIN</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >2.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="40%" colSpan=4
   ><FONT face=sans-serif
      size=2>Proposal to convert the fund to
      an open-end investment company.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%" background=""
   >&nbsp;</TD>
    <TD noWrap align=left width="16%" background=""
   >&#9633;</TD>
    <TD noWrap align=left width="10%"
   >&#9633;</TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   >&#9633;</TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif
      size=2>If you have any questions on the
      proposals, please call 1-800-225-1581</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"><FONT face=sans-serif
      size=2>Please sign and date the other
      side of this card.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2
>PUT_16185B</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_5></A><IMG src="pballotsx5x1.jpg"
border=0> <BR>
<P align=left><B><FONT face=serif size=4>The proxy
ballot</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><B><FONT face=sans-serif size=1
     >To vote by
      mail</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><B><FONT face=sans-serif size=1
     >To vote by
      telephone</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><B><FONT face=sans-serif size=1
     >To vote on the
      web</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Read the proxy statement.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >Read the proxy statement
      and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=1
     >Read the proxy statement and have
      the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ></TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >have the proxy ballot at
      hand.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=1
     >proxy ballot at hand.</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=Arial size=1>Check the
      appropriate boxes</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >Call 1-866-241-6192.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=Arial size=1>on the reverse
      side.</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ></TD>
    <TD noWrap align=left width="36%"
   ><FONT size=1><FONT face=Arial>Go to <FONT
      color=#0000ff
     ><FONT
      color=#000000>https:/vote.proxy-direct.com</FONT></FONT>.</FONT></FONT>&nbsp;&nbsp;&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ></TD>
    <TD noWrap align=left width="34%"
   ><FONT face=Arial size=1>Follow the
      automated</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=Arial size=1>Sign and date the
      proxy ballot.</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >telephone directions.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=Arial size=1>Follow the
      instructions on the site.</FONT>&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ></TD>
    <TD noWrap align=left width="34%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=Arial size=1>Return the proxy
      ballot in the</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >There is no need for you
      to</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=Arial size=1>There is no need
      for you to return your</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=Arial size=1>envelope
      provided.</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >return your proxy ballot.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=Arial size=1>proxy
      ballot.</FONT>&nbsp;&nbsp;&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2
>PUTNAM MANAGED MUNICIPAL INCOME TRUST</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>By
signing below, you as a Putnam fund shareholder, appoint Trustees John A. Hill
and Robert E. Patterson, and each of them separately, with power of substitution
to each, to be your proxies. You are empowering them to vote your Putnam fund
shares on your behalf at the meeting of the shareholders of Putnam Managed
Municipal Income Trust. The meeting will take place on June 29, 2006 at 11:00
a.m., Boston time, and may be adjourned to later times or dates. </FONT><B><FONT
face=sans-serif size=2>Your vote is being
solicited on behalf of the Trustees. </FONT></B><FONT face=sans-serif size=2
BASEFACE="sans-serif">When you complete and sign the proxy ballot,
the Trustees will vote exactly as you have indicated on the other side of this
card. </FONT><B><FONT face=sans-serif size=2
>If you simply sign the proxy ballot, or don&#146;t vote on a specific
proposal, your shares will be automatically voted as the Trustees recommend.
</FONT></B><FONT face=sans-serif size=2>The
Trustees are also authorized to vote at their discretion on any other matter
that arises at the meeting or any adjournment of the meeting.</FONT></P>
<P align=left><IMG src="pballotsx5x2.jpg" border=0> </P>
<P align=left><FONT face=sans-serif size=1
>Sign your name exactly as it appears on this card. If you own
shares jointly, each owner should sign. When signing as executor, administrator,
attorney, trustee, guardian, or as custodian for a minor, please give your full
title as such. If you are signing for a corporation, please sign the full
corporate name and indicate the signer&#146;s office. If you are a partner, sign in
the partnership name.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1
>PUT_16185C</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_6></A>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><B><FONT
      face=sans-serif size=2
     >Proposals</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="65%"><B><FONT
      face=sans-serif size=2
     >Please vote by filling in the appropriate boxes
      below.</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Please vote by filling in the appropriate box below. If
you do not mark one or more proposals, your Proxy will be voted as the Trustees
recommend. PLEASE MARK VOTES AS IN THIS EXAMPLE: <FONT
size=4>&#9632;</P></FONT></FONT>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="56%" colSpan=6
   ><FONT face=sans-serif
     ><FONT size=4>
      <P><FONT size=3>&#9633;</FONT> </FONT>To vote on all Proposals, </FONT><B><FONT
      face=sans-serif>as the Trustees
      recommend</FONT></B><FONT face=sans-serif>, mark
      this box.</FONT>&nbsp; </P></TD>
    <TD noWrap align=left width="30%" colSpan=2
   ><FONT face=sans-serif
     >(No other vote is necessary.)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=10
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" colSpan=4
   ><FONT face=sans-serif size=2
     >THE TRUSTEES RECOMMEND A VOTE </FONT><B><U><FONT
      face=sans-serif size=2
     >FOR </FONT></U></B><FONT face=sans-serif size=2
     >ALL NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT size=4>
      <P></FONT></P></TD>
    <TD noWrap align=left width="10%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=2
     >FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"
   ><FONT face=sans-serif size=2
     >WITHHOLD</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""

     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=2
     >FOR ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >1.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%" colSpan=2
   ><FONT face=sans-serif size=2
     >Proposal to elect All Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=2
     >ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"
   ><FONT face=sans-serif size=2
     >ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=2
     >EXCEPT</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >01</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=2
     >02</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&#9633;</TD>
    <TD noWrap align=left width="10%" background=""
   >&#9633;</TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   ><FONT size=4>
      <P></FONT>&#9633;</P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >C.E. Haldeman, Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=2
     >05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ></TD>
    <TD noWrap align=left width="10%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=2
     >08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="10%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>To
withhold authority to vote for one or more of the nominees, check the &#147;For All
Except&#148; box and write the name(s) or number(s) of the nominee(s)
below:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif
      size=2>If you have any questions on the
      proposals, please call 1-800-225-1581</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"><FONT face=sans-serif
      size=2>Please sign and date the other
      side of this card.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2
BASEFACE="sans-serif">PUT_16185C1</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>









<!--$$/page=--><A name=page_1></A><IMG src="riderx1x1.jpg"
border=0> <BR>
<P align=left><B><FONT face=serif size=4>The proxy
ballot</FONT></B></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=1
     >To vote by mail</FONT></B><BR><FONT face=sans-serif size=1
     >Read the proxy
      statement.</FONT><BR><FONT face=sans-serif size=1
     >Check the appropriate boxes </FONT><BR><FONT face=sans-serif
      size=1>on the reverse
      side.</FONT><BR><FONT face=sans-serif size=1
     >Sign and date the proxy ballot.</FONT><BR><FONT
      face=sans-serif size=1>Return the proxy
      ballot in the </FONT><BR><FONT face=sans-serif size=1
     >envelope
  provided.</FONT><BR></TD></TR></TABLE></P>
<P align=left><B><FONT face=sans-serif size=2
>PUTNAM MANAGED MUNICIPAL INCOME TRUST</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>By
signing below, you as a Putnam fund shareholder, appoint Trustees John A. Hill
and Robert E. Patterson, and each of them separately, with power of substitution
to each, to be your proxies. You are empowering them to vote your Putnam fund
shares on your behalf at the meeting of the shareholders of Putnam Managed
Municipal Income Trust. The meeting will take place on June 29, 2006 at 11:00
a.m., Boston time, and may be adjourned to later times or dates. </FONT><B><FONT
face=sans-serif size=2>Your vote is being
solicited on behalf of the Trustees. </FONT></B><FONT face=sans-serif size=2
BASEFACE="sans-serif">When you complete and sign the proxy ballot,
the Trustees will vote exactly as you have indicated on the other side of this
card. </FONT><B><FONT face=sans-serif size=2
>If you simply sign the proxy ballot, or don&#146;t vote on a specific
proposal, your shares will be automatically voted as the Trustees recommend.
</FONT></B><FONT face=sans-serif size=2>The
Trustees are also authorized to vote at their discretion on any other matter
that arises at the meeting or any adjournment of the meeting.</FONT></P>
<P align=left><IMG src="riderx1x2.jpg" border=0> </P>
<P align=left><FONT face=sans-serif size=1
>Sign your name exactly as it appears on this card. If you own
shares jointly, each owner should sign. When signing as executor, administrator,
attorney, trustee, guardian, or as custodian for a minor, please give your full
title as such. If you are signing for a corporation, please sign the full
corporate name and indicate the signer&#146;s office. If you are a partner, sign in
the partnership name.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1
>PUT_16185C</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><B><FONT
      face=sans-serif size=2
     >Proposals</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="65%"><B><FONT
      face=sans-serif size=2
     >Please vote by filling in the appropriate boxes
      below.</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2
>Please vote by filling in the appropriate box below. If you do not
mark one or more proposals, your Proxy will be voted as the Trustees recommend.
PLEASE MARK VOTES AS IN THIS EXAMPLE:&nbsp; <FONT size=4>&#9632;</P></FONT></FONT>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" colSpan=6><FONT
      face=sans-serif><FONT size=4>
      <P><FONT size=3>&#9633;&nbsp; </FONT></FONT>To vote on all Proposals,
      </FONT><B><FONT face=sans-serif>as the
      Trustees recommend</FONT></B><FONT face=sans-serif>,
      mark this box.</FONT>&nbsp; </P></TD>
    <TD noWrap align=left width="35%" colSpan=3><FONT
      face=sans-serif>(No other vote is
      necessary.)</FONT>&nbsp; &nbsp;</TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >FOR
      </FONT></U></B><FONT face=sans-serif size=2
     >ALL NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""></TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""></TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=2>WITHHOLD</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>FOR ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>1.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%" colSpan=2><FONT
      face=sans-serif size=2>Proposal to
      elect All Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""></TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>01</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>02</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=2>C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>M.R. Drucker</FONT>&nbsp; </TD>
    <TD vAlign=center noWrap align=left width="17%"><FONT
      size=3>&#9633;</FONT></TD>
    <TD vAlign=center noWrap align=left width="9%" background=""
   ></TD>
    <TD vAlign=center noWrap align=left width="9%"><FONT
      size=3>
      <P>&#9633;</P></FONT></TD>
    <TD vAlign=center noWrap align=left width="7%" background=""
   ></TD>
    <TD vAlign=center noWrap align=left width="6%"><FONT
      size=3>
      <P>&#9633;</P></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>C.E. Haldeman, Jr.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=2>P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""></TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=2>W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""
     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>J.A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>11</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=2>R.E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""></TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="6%">&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>To
withhold authority to vote for one or more of the nominees, check the &#147;For All
Except&#148; box and write the name(s) or number(s) of the nominee(s)
below:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif
      size=2>If you have any questions on the
      proposals, please call 1-800-225-1581</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"><FONT face=sans-serif
      size=2>Please sign and date the other
      side of this card.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2
>PUT_16185C2</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>


































<!--$$/page=--><A name=page_8></A><IMG src="pballotsx8x1.jpg"
border=0> <BR>
<P align=left><B><FONT face=serif size=4>The proxy
ballot</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><B><FONT face=sans-serif size=1
     >To vote by
      mail</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><B><FONT face=sans-serif size=1
     >To vote by
      telephone</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><B><FONT face=sans-serif size=1
     >To vote on the
      web</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Read the proxy statement.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >Read the proxy statement
      and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=1
     >Read the proxy statement and have
      the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ></TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >have the proxy ballot at
      hand.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=1
     >proxy ballot at hand.</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=Arial size=1>Check the
      appropriate boxes</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >Call 1-866-241-6192.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=Arial size=1>on the reverse
      side.</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ></TD>
    <TD noWrap align=left width="36%"
   ><FONT size=1><FONT face=Arial>Go to <FONT
      color=#0000ff
     ><FONT
      color=#000000>https:/vote.proxy-direct.com</FONT></FONT>.</FONT></FONT>&nbsp;&nbsp;&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ></TD>
    <TD noWrap align=left width="34%"
   ><FONT face=Arial size=1>Follow the
      automated</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=Arial size=1>Sign and date the
      proxy ballot.</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >telephone directions.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=Arial size=1>Follow the
      instructions on the site.</FONT>&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ></TD>
    <TD noWrap align=left width="34%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=Arial size=1>Return the proxy
      ballot in the</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >There is no need for you
      to</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=Arial size=1>There is no need
      for you to return your</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=Arial size=1>envelope
      provided.</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >return your proxy ballot.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=Arial size=1>proxy
      ballot.</FONT>&nbsp;&nbsp;&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2
>PUTNAM HIGH INCOME SECURITIES FUND</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>By
signing below, you as a Putnam fund shareholder, appoint Trustees John A. Hill
and Robert E. Patterson, and each of them separately, with power of substitution
to each, to be your proxies. You are empowering them to vote your Putnam fund
shares on your behalf at the meeting of the shareholders of Putnam High Income
Securities Fund. The meeting will take place on June 29, 2006 at 11:00 a.m.,
Boston time, and may be adjourned to later times or dates. </FONT><B><FONT
face=sans-serif size=2>Your vote is being
solicited on behalf of the Trustees. </FONT></B><FONT face=sans-serif size=2
BASEFACE="sans-serif">When you complete and sign the proxy ballot,
the Trustees will vote exactly as you have indicated on the other side of this
card. </FONT><B><FONT face=sans-serif size=2
>If you simply sign the proxy ballot, or don&#146;t vote on a specific
proposal, your shares will be automatically voted as the Trustees recommend.
</FONT></B><FONT face=sans-serif size=2>The
Trustees are also authorized to vote at their discretion on any other matter
that arises at the meeting or any adjournment of the meeting.</FONT></P>
<P align=left><IMG src="pballotsx8x2.jpg" border=0> </P>
<P align=left><FONT face=sans-serif size=1
>Sign your name exactly as it appears on this card. If you own
shares jointly, each owner should sign. When signing as executor, administrator,
attorney, trustee, guardian, or as custodian for a minor, please give your full
title as such. If you are signing for a corporation, please sign the full
corporate name and indicate the signer&#146;s office. If you are a partner, sign in
the partnership name.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1
>PUT_16185D</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_9></A>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><B><FONT
      face=sans-serif size=2
     >Proposals</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="65%"><B><FONT
      face=sans-serif size=2
     >Please vote by filling in the appropriate boxes
      below</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2
>Please vote by filling in the appropriate box below. If you do not
mark one or more proposals, your Proxy will be voted as the Trustees recommend.
PLEASE MARK VOTES AS IN THIS EXAMPLE: <FONT size=4>&#9632;</P></FONT></FONT>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" colSpan=8
   ><FONT face=sans-serif
     >&#9633; To vote on all Proposals, </FONT><B><FONT
      face=sans-serif>as the Trustees
      recommend</FONT></B><FONT face=sans-serif>, mark
      this box. (No other vote is necessary.)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" colSpan=4
   ><FONT face=sans-serif
      size=2><FONT size=4>
      <P></FONT>THE TRUSTEES RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif
      size=2
     >FOR </FONT></U></B><FONT face=sans-serif size=2
     >ALL NOMINEES.</FONT>&nbsp; </P></TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%" colSpan=2
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ></TD>
    <TD noWrap align=left width="18%" background=""
   ><FONT face=Arial
      size=2>FOR</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >WITHHOLD</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=2
     >FOR ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >1.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" colSpan=2
   ><FONT face=sans-serif
      size=2>Proposal to elect all
      nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ></TD>
    <TD noWrap align=left width="18%" background=""
   ><FONT face=Arial
      size=2>ALL</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=2
     >EXCEPT</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >01</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=2
     >02</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"
   ><FONT face=sans-serif size=2
     >03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%" background=""
   ><FONT size=4>
      <P><FONT size=3>&#9633;</FONT><FONT size=4><FONT size=4><FONT size=4><FONT
      size=4><FONT size=4><FONT
      size=4></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></TD>
    <TD noWrap align=left width="11%"
   >
      <P><FONT size=3>&#9633;</FONT><FONT size=4><FONT size=4><FONT size=4><FONT
      size=4><FONT size=4><FONT
      size=4></P></FONT></FONT></FONT></FONT></FONT></FONT></TD>
    <TD noWrap align=left width="7%"
   >
      <P><FONT size=3>&#9633;</FONT><FONT size=4><FONT size=4><FONT size=4><FONT
      size=4><FONT size=4><FONT
      size=4></P></FONT></FONT></FONT></FONT></FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >C.E. Haldeman, Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=2
     >05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >J.A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"
   ><FONT face=sans-serif size=2
     >06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%" background=""
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=2
     >08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >R.E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"
   ><FONT face=sans-serif size=2
     >09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%" background=""
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=2
     >11</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%" background=""
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" colSpan=7
   ><FONT face=sans-serif
      size=2>To withhold authority to vote
      for one or more of the nominees, check the &#147;For All Except&#148; box
      and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" colSpan=4
   ><FONT face=sans-serif
      size=2>write the name(s) or number(s)
      of the nominee(s) below:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%" colSpan=2
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="81%" colSpan=7>
      <HR noShade SIZE=1>
    </TD>
    <TD width="18%" colSpan=2
   ></TD></TR>
  <TR>
    <TD width="99%" colSpan=9
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" colSpan=4
   ><FONT face=sans-serif
      size=2>THE TRUSTEES RECOMMEND A VOTE
      </FONT><B><U><FONT face=sans-serif size=2
     >FOR </FONT></U></B><FONT
      face=sans-serif size=2>PROPOSAL
      3.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ></TD>
    <TD noWrap align=left width="18%" background=""
   ><FONT face=Arial
      size=2>FOR</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >AGAINST</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=2
     >ABSTAIN</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >3.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="58%" colSpan=5
   ><FONT face=sans-serif
      size=2>Proposal to eliminate the fund&#146;s
      fundamental investment restriction concerning</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%" background=""
   >
      <P><FONT size=3>&#9633;</FONT><FONT size=4><FONT size=4><FONT size=4><FONT
      size=4><FONT size=4><FONT
      size=4></P></FONT></FONT></FONT></FONT></FONT></FONT></TD>
    <TD noWrap align=left width="11%"
   >
      <P><FONT size=3>&#9633;</FONT><FONT size=4><FONT size=4><FONT size=4><FONT
      size=4><FONT size=4><FONT
      size=4></P></FONT></FONT></FONT></FONT></FONT></FONT></TD>
    <TD noWrap align=left width="7%"
   >
      <P><FONT size=3>&#9633;</FONT><FONT size=4><FONT size=4><FONT size=4><FONT
      size=4><FONT size=4><FONT
      size=4></P></FONT></FONT></FONT></FONT></FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD>
    <TD noWrap align=left width="37%" colSpan=3
   ><FONT face=sans-serif
      size=2>investments in restricted
      securities.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%" colSpan=2
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=9
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" colSpan=4
   ><FONT face=sans-serif
      size=2>THE TRUSTEES RECOMMEND A VOTE
      </FONT><B><U><FONT face=sans-serif size=2
     >AGAINST </FONT></U></B><FONT
      face=sans-serif size=2>PROPOSAL
      4.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%" colSpan=2
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >4.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="58%" colSpan=5
   ><FONT face=sans-serif
      size=2>Shareholder proposal regarding
      cumulative voting for the election of Trustees.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%" background=""
   >
      <P><FONT size=3>&#9633;</FONT><FONT size=4><FONT size=4><FONT size=4><FONT
      size=4><FONT size=4><FONT
      size=4></P></FONT></FONT></FONT></FONT></FONT></FONT></TD>
    <TD noWrap align=left width="11%"
   ><FONT size=4>
      <P><FONT size=3>&#9633;</FONT><FONT size=4><FONT size=4><FONT size=4><FONT
      size=4><FONT size=4><FONT
      size=4></P></FONT></FONT></FONT></FONT></FONT></FONT></FONT></TD>
    <TD noWrap align=left width="7%"
   >
      <P><FONT size=3>&#9633;</FONT><FONT size=4><FONT size=4><FONT size=4><FONT
      size=4><FONT size=4><FONT
      size=4></P></FONT></FONT></FONT></FONT></FONT></FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif
      size=2>If you have any questions on the
      proposals, please call 1-877-288-6597.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"><FONT face=sans-serif
      size=2>Please sign and date the other
      side of this card.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2
>PUT_16185D</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_10></A><IMG src="pballotsx10x1.jpg"
border=0> <BR>
<P align=left><B><FONT face=serif size=4>The proxy
ballot</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><B><FONT face=sans-serif size=1
     >To vote by
      mail</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><B><FONT face=sans-serif size=1
     >To vote by
      telephone</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><B><FONT face=sans-serif size=1
     >To vote on the
      web</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Read the proxy statement.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >Read the proxy statement
      and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=1
     >Read the proxy statement and have
      the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ></TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >have the proxy ballot at
      hand.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=1
     >proxy ballot at hand.</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=Arial size=1>Check the
      appropriate boxes</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >Call 1-866-241-6192.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=Arial size=1>on the reverse
      side.</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ></TD>
    <TD noWrap align=left width="36%"
   ><FONT size=1><FONT face=Arial>Go to <FONT
      color=#0000ff
     ><FONT color=#000000><FONT color=#0000ff

     ><FONT
      color=#000000>https:/vote.proxy-direct.com</FONT></FONT></FONT></FONT>.</FONT></FONT>&nbsp;&nbsp;&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ></TD>
    <TD noWrap align=left width="34%"
   ><FONT face=Arial size=1>Follow the
      automated</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=Arial size=1>Sign and date the
      proxy ballot.</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >telephone directions.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=Arial size=1>Follow the
      instructions on the site.</FONT>&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ></TD>
    <TD noWrap align=left width="34%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=Arial size=1>Return the proxy
      ballot in the</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >There is no need for you
      to</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=Arial size=1>There is no need
      for you to return your</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=Arial size=1>envelope
      provided.</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >return your proxy ballot.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=Arial size=1>proxy
      ballot.</FONT>&nbsp;&nbsp;&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2
>PUTNAM INVESTMENT GRADE MUNICIPAL TRUST</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>By
signing below, you as a Putnam fund shareholder, appoint Trustees John A. Hill
and Robert E. Patterson, and each of them separately, with power of substitution
to each, to be your proxies. You are empowering them to vote your Putnam fund
shares on your behalf at the meeting of the shareholders of Putnam Investment
Grade Municipal Trust. The meeting will take place on June 29, 2006 at 11:00
a.m., Boston time, and may be adjourned to later times or dates. </FONT><B><FONT
face=sans-serif size=2>Your vote is being
solicited on behalf of the Trustees. </FONT></B><FONT face=sans-serif size=2
BASEFACE="sans-serif">When you complete and sign the proxy ballot,
the Trustees will vote exactly as you have indicated on the other side of this
card. </FONT><B><FONT face=sans-serif size=2
>If you simply sign the proxy ballot, or don&#146;t vote on a specific
proposal, your shares will be automatically voted as the Trustees recommend.
</FONT></B><FONT face=sans-serif size=2>The
Trustees are also authorized to vote at their discretion on any other matter
that arises at the meeting or any adjournment of the meeting.</FONT></P>
<P align=left><IMG src="pballotsx10x2.jpg" border=0> </P>
<P align=left><FONT face=sans-serif size=1
>Sign your name exactly as it appears on this card. If you own
shares jointly, each owner should sign. When signing as executor, administrator,
attorney, trustee, guardian, or as custodian for a minor, please give your full
title as such. If you are signing for a corporation, please sign the full
corporate name and indicate the signer&#146;s office. If you are a partner, sign in
the partnership name.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1
>PUT_16185E</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_11></A>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><B><FONT
      face=sans-serif size=2
     >Proposals</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="65%"><B><FONT
      face=sans-serif size=2
     >Please vote by filling in the appropriate boxes
      below</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Please vote by filling in the appropriate box below. If
you do not mark one or more proposals, your Proxy will be voted as the Trustees
recommend. PLEASE MARK VOTES AS IN THIS EXAMPLE: <FONT
size=4>&#9632;</P></FONT></FONT><FONT face=sans-serif><FONT
size=4>
<P><FONT size=3>&#9633;</FONT> </FONT>To vote on all Proposals, </FONT><B><FONT
face=sans-serif>as the Trustees recommend</FONT></B><FONT
face=sans-serif>, mark this box. (No other vote is
necessary.)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="35%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >FOR
      </FONT></U></B><FONT face=sans-serif size=2
     >ALL NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""
     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=2>WITHHOLD</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>FOR ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>1.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%" colSpan=2><FONT
      face=sans-serif size=2>Proposal to
      elect All Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>01</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>02</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=2>M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%">&#9633;</TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="9%">&#9633;</TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%">&#9633;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>C.E. Haldeman, Jr.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=2>E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=2>R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="59%" colSpan=6><FONT
      face=sans-serif size=2>To withhold
      authority to vote for one or more of the nominees, check the &#147;For All
      Except&#148; box and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%" colSpan=4><FONT
      face=sans-serif size=2>write the
      name(s) or number(s) of the nominee(s) below:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR>
    <TD width="59%" colSpan=6>
      <HR noShade SIZE=1>
    </TD>
    <TD width="40%" colSpan=5></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >AGAINST
      </FONT></U></B><FONT face=sans-serif size=2
     >PROPOSAL 2.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=2>AGAINST</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>ABSTAIN</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>2.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="56%" colSpan=5><FONT
      face=sans-serif size=2>Proposal to
      convert the fund to an open-end investment company.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%">&#9633;</TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="9%">&#9633;</TD>
    <TD noWrap align=left width="7%" background=""></TD>
    <TD noWrap align=left width="6%"
BASEALIGN="left">&#9633;</TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif
      size=2>If you have any questions on the
      proposals, please call 1-800-225-1581.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"><FONT face=sans-serif
      size=2>Please sign and date the other
      side of this card.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2
BASEFACE="sans-serif">PUT_16185E1</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>










<!--$$/page=--><A name=page_1></A><IMG src="x1x1.jpg"
border=0> <BR>
<P align=left><B><FONT face=serif size=4>The proxy
ballot</FONT></B></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=1
     >To vote by mail</FONT></B><BR><FONT face=sans-serif size=1
     >Read the proxy
      statement.</FONT><BR><FONT face=sans-serif size=1
     >Check the appropriate boxes </FONT><BR><FONT face=sans-serif
      size=1>on the reverse
      side.</FONT><BR><FONT face=sans-serif size=1
     >Sign and date the proxy ballot.</FONT><BR><FONT
      face=sans-serif size=1>Return the proxy
      ballot in the </FONT><BR><FONT face=sans-serif size=1
     >envelope
  provided.</FONT><BR></TD></TR></TABLE></P>
<P align=left><B><FONT face=sans-serif size=2
>PUTNAM INVESTMENT GRADE MUNICIPAL TRUST</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>By
signing below, you as a Putnam fund shareholder, appoint Trustees John A. Hill
and Robert E. Patterson, and each of them separately, with power of substitution
to each, to be your proxies. You are empowering them to vote your Putnam fund
shares on your behalf at the meeting of the shareholders of Putnam Investment
Grade Municipal Trust. The meeting will take place on June 29, 2006 at 11:00
a.m., Boston time, and may be adjourned to later times or dates. </FONT><B><FONT
face=sans-serif size=2>Your vote is being
solicited on behalf of the Trustees. </FONT></B><FONT face=sans-serif size=2
BASEFACE="sans-serif">When you complete and sign the proxy ballot,
the Trustees will vote exactly as you have indicated on the other side of this
card. </FONT><B><FONT face=sans-serif size=2
>If you simply sign the proxy ballot, or don&#146;t vote on a specific
proposal, your shares will be automatically voted as the Trustees recommend.
</FONT></B><FONT face=sans-serif size=2>The
Trustees are also authorized to vote at their discretion on any other matter
that arises at the meeting or any adjournment of the meeting.</FONT></P>
<P align=left><IMG src="x1x2.jpg" border=0> </P>
<P align=left><FONT face=sans-serif size=1
>Sign your name exactly as it appears on this card. If you own
shares jointly, each owner should sign. When signing as executor, administrator,
attorney, trustee, guardian, or as custodian for a minor, please give your full
title as such. If you are signing for a corporation, please sign the full
corporate name and indicate the signer&#146;s office. If you are a partner, sign in
the partnership name.</FONT></P>
<P align=left><B><FONT face=sans-serif size=1
>PUT_16185E</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><B><FONT
      face=sans-serif size=2
     >Proposals</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="65%"><B><FONT
      face=sans-serif size=2
     >Please vote by filling in the appropriate boxes
      below.</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Please vote by filling in the appropriate box below. If
you do not mark one or more proposals, your Proxy will be voted as the Trustees
recommend. PLEASE MARK VOTES AS IN THIS EXAMPLE: <FONT
size=4>&#9632;</P></FONT></FONT>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" colSpan=9
   ><FONT face=sans-serif
     >To vote on all Proposals, </FONT><B><FONT
      face=sans-serif>as the Trustees
      recommend</FONT></B><FONT face=sans-serif>, mark
      this box. (No other vote is necessary.)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=11
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%" colSpan=4
   ><FONT face=sans-serif size=2
     >THE TRUSTEES RECOMMEND A VOTE </FONT><B><U><FONT
      face=sans-serif size=2
     >FOR </FONT></U></B><FONT face=sans-serif size=2
     >ALL NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD noWrap align=left width="28%"
   >&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""
   ></TD>
    <TD noWrap align=left width="8%" background=""
   ></TD>
    <TD noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD noWrap align=left width="4%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ></TD>
    <TD noWrap align=left width="9%" background=""
   ><FONT face=Arial
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%" background=""
   ></TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=2
     >WITHHOLD</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=2
     >FOR ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >1.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%" colSpan=2
   ><FONT face=sans-serif size=2
     >Proposal to elect All Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ></TD>
    <TD noWrap align=left width="9%" background=""
   ><FONT face=Arial
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%" background=""
   ></TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=2
     >ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=2
     >EXCEPT</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >01</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >02</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >M.R. Drucker</FONT>&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="9%" background=""
   ><FONT
      size=3>
      <P>&#9633;</P></FONT></TD>
    <TD vAlign=bottom noWrap align=left width="8%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=left width="8%"
   ><FONT size=3>
      <P>&#9633;</P></FONT></TD>
    <TD vAlign=bottom noWrap align=left width="7%" background=""
   ></TD>
    <TD vAlign=bottom noWrap align=left width="6%"
   ><FONT size=3>
      <P>&#9633; </FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >C.E. Haldeman, Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""
   ></TD>
    <TD noWrap align=left width="8%" background=""
   ></TD>
    <TD noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""
   ></TD>
    <TD noWrap align=left width="8%" background=""
   ></TD>
    <TD noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >J.A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >11</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >R.E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD noWrap align=left width="28%"
   >&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""
   ></TD>
    <TD noWrap align=left width="8%" background=""
   ></TD>
    <TD noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="61%" background="" colSpan=6
   ></TD>
    <TD noWrap align=left width="9%" background=""
   ></TD>
    <TD noWrap align=left width="8%" background=""
   ></TD>
    <TD noWrap align=left width="8%" background=""
   ></TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%" background=""
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" colSpan=6
   ><FONT face=sans-serif size=2
     >To withhold authority to vote for one or more of the
      nominees, check the &#147;For All Except&#148; box and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""
   ></TD>
    <TD noWrap align=left width="8%" background=""
   ></TD>
    <TD noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""

     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%" colSpan=4
   ><FONT face=sans-serif size=2
     >write the name(s) or number(s) of the nominee(s)
      below:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD noWrap align=left width="28%"
   >&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""
   ></TD>
    <TD noWrap align=left width="8%" background=""
   ></TD>
    <TD noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="61%" colSpan=6>
      <HR noShade SIZE=1>
    </TD>
    <TD width="9%" background=""
   >&nbsp;</TD>
    <TD width="8%" background=""
   >&nbsp;</TD>
    <TD width="8%" background=""
   >&nbsp;</TD>
    <TD width="7%" background=""
   >&nbsp;</TD>
    <TD width="6%" background=""
   >&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=11
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%" colSpan=4
   ><FONT face=sans-serif size=2
     >THE TRUSTEES RECOMMEND A VOTE </FONT><B><U><FONT
      face=sans-serif size=2
     >AGAINST </FONT></U></B><FONT face=sans-serif size=2
     >PROPOSAL 2.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   >&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ></TD>
    <TD noWrap align=left width="9%" background=""
   ><FONT face=Arial
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%" background=""
   ></TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=2
     >AGAINST</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=2
     >ABSTAIN</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=11
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >2.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="59%" colSpan=5
   ><FONT face=sans-serif size=2
     >Proposal to convert the fund to an open-end
      investment company.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""
   >
      <P>&#9633;</P></TD>
    <TD noWrap align=left width="8%" background=""
   ></TD>
    <TD noWrap align=left width="8%"
   >
      <P>&#9633;</P></TD>
    <TD noWrap align=left width="7%" background=""
   ></TD>
    <TD noWrap align=left width="6%"
   >
      <P>&#9633;</P></TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif
      size=2>If you have any questions on the
      proposals, please call
      1-800-225-1581.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="42%"><FONT face=sans-serif
      size=2>Please sign and date the other
      side of this card.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2
BASEFACE="sans-serif">PUT_16185E2</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>















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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
