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<SEC-DOCUMENT>0000928816-06-000440.txt : 20060411
<SEC-HEADER>0000928816-06-000440.hdr.sgml : 20060411
<ACCEPTANCE-DATETIME>20060411163048
ACCESSION NUMBER:		0000928816-06-000440
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20060629
FILED AS OF DATE:		20060411
DATE AS OF CHANGE:		20060411

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:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05498
		FILM NUMBER:		06753939

	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:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05740
		FILM NUMBER:		06753940

	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:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05901
		FILM NUMBER:		06753941

	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

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:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05133
		FILM NUMBER:		06753942

	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:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05452
		FILM NUMBER:		06753943

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>a_proxy.htm
<DESCRIPTION>PUTNAM MULTIFUND PROXY
<TEXT>
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<BODY bgcolor="#ffffff">
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<P align=left><FONT face=sans-serif size=2>SCHEDULE 14A INFORMATION </FONT></P>
<P align=left><FONT face=sans-serif size=2>PROXY STATEMENT PURSUANT TO SECTION
14(a) </FONT><BR><FONT face=sans-serif size=2>OF THE SECURITIES EXCHANGE ACT OF
1934 </FONT><BR></P>
<P align=left><FONT face=sans-serif size=2>Filed by the Registrant / X /
</FONT></P>
<P align=left><FONT face=sans-serif size=2>Filed by a party other than the
Registrant /&nbsp;&nbsp; / </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Check the appropriate
box</FONT></B><FONT face=sans-serif size=2>: </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=2>/ X /</FONT>&nbsp; </TD>
    <TD noWrap align=left width="95%"><FONT face=sans-serif
      size=2>Preliminary Proxy
      Statement</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="4%" background=""
     >&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="95%" background=""></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=2>/&nbsp;&nbsp; /</FONT></TD>
    <TD noWrap align=left width="95%"><FONT face=sans-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="4%">&nbsp; </TD>
    <TD noWrap align=left width="95%"><FONT face=sans-serif
      size=2>14a-6(e) (2))</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="4%" background=""
     >&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="95%" background=""></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=2>/&nbsp;&nbsp; /</FONT></TD>
    <TD noWrap align=left width="95%"><FONT face=sans-serif
      size=2>Definitive Proxy
      Statement</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="4%" background=""
     >&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="95%" background=""></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=2>/&nbsp;&nbsp; /</FONT></TD>
    <TD noWrap align=left width="95%"><FONT face=sans-serif
      size=2>Definitive Additional
      Materials</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="4%" background=""
     >&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="95%" background=""></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=2>/&nbsp;&nbsp; /</FONT></TD>
    <TD noWrap align=left width="95%"><FONT face=sans-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><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></P>
<P align=left><FONT face=sans-serif size=2>(Name of Registrant as Specified In
Its Charter) </FONT></P>
<P align=left><FONT face=sans-serif size=2>(Name of Person(s) Filing Proxy
Statement, </FONT><BR><FONT face=sans-serif size=2>if other than Registrant)
</FONT><BR></P>
<P align=left><FONT face=sans-serif size=2>I-1 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<P align=left><B><FONT face=sans-serif size=2>Payment of Filing Fee (Check the
appropriate box): </FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>/ X /</FONT>&nbsp; </TD>
    <TD noWrap align=left width="91%"><FONT face=sans-serif
      size=2>No fee required</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD noWrap align=left width="8%" background=""
     >&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="91%" background=""></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>/&nbsp;&nbsp; /</FONT>&nbsp; </TD>
    <TD noWrap align=left width="91%"><FONT face=sans-serif
      size=2>Fee computed on table below per
      Exchange Act Rule 14a 6(i)(1) and 0-11</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>(1) Title of each class of securities
to which transaction applies: </FONT></P>
<P align=left><FONT face=sans-serif size=2>(2) Aggregate number of securities to
which transaction applies: </FONT></P>
<P align=left><FONT face=sans-serif size=2>(3) Per unit price or other
underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set
forth the amount on which the filing fee is calculated and state how it was
determined): </FONT></P>
<P align=left><FONT face=sans-serif size=2>(4) Proposed maximum aggregate value
of transaction: </FONT></P>
<P align=left><FONT face=sans-serif size=2>(5) Total fee paid: </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>/&nbsp;&nbsp; /</FONT>&nbsp; </TD>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>Fee paid previously with
      preliminary materials.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>/&nbsp;&nbsp; /</FONT>&nbsp; </TD>
    <TD noWrap align=left width="93%"><FONT face=sans-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="6%">&nbsp; </TD>
    <TD noWrap align=left width="93%"><FONT face=sans-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="6%">&nbsp; </TD>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>previously. Identify the
      previous filing by registration statement</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>number, or the Form or Schedule
      and the date of its filing.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>(1) Amount Previously Paid:
</FONT><BR><FONT face=sans-serif size=2><BR>(2) Form, Schedule or Registration
Statement No.: </FONT><BR><FONT face=sans-serif size=2><BR>(3) Filing Party:
</FONT><BR><FONT face=sans-serif size=2><BR>(4) Date Filed: </FONT><BR></P>
<P align=left><FONT face=sans-serif size=2>I-2 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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<A name="page_3"></A>

<P align="left">
<B><FONT size=5 face="sans-serif">The proxy statement </FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-serif">PUTNAM HIGH INCOME SECURITIES FUND </FONT></B><BR>
<B><FONT size=2 face="sans-serif">PUTNAM INVESTMENT GRADE MUNICIPAL TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">PUTNAM MANAGED MUNICIPAL INCOME TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">PUTNAM MASTER INTERMEDIATE INCOME TRUST </FONT></B><BR>
<B><FONT size=2 face="sans-serif">PUTNAM PREMIER INCOME TRUST </FONT></B><BR>
</P>
<P align="left">
<FONT size=2 face="sans-serif">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 pages __ and __ of the proxy statement.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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 size=2 face="sans-serif">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>
<P align="left">
<FONT size=2 face="sans-serif">[PUTNAM INVESTMENTS LOGO] </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">I-3 </FONT></P>

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

<!--$$/page=--><A name=page_4></A>
<P align=left><B><FONT face=sans-serif size=2>Table of contents </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>A Message from the
Chairman&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;
1 </FONT><BR><FONT face=sans-serif size=2><BR>Notice of Shareholder
Meeting&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;
3 </FONT><BR><FONT face=sans-serif size=2><BR>Trustees'
Recommendations&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;
[ ] </FONT><BR><FONT face=sans-serif size=2><BR>The
Proposals&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;
[ ] </FONT><BR><FONT face=sans-serif size=2><BR>Proposal
1&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;[
] </FONT><BR><FONT face=sans-serif size=2><BR>Proposal
2&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;[
] </FONT><BR><FONT face=sans-serif size=2><BR>Proposal
3&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;[
] </FONT><BR><FONT face=sans-serif size=2><BR>Proposal
4&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;[
] </FONT><BR><FONT face=sans-serif size=2><BR>Proposal
5&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;[
] </FONT><BR><FONT face=sans-serif size=2><BR>Further Information About Voting
and the
Meeting&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
[ ] </FONT><BR><FONT face=sans-serif size=2><BR>Fund
Information&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;
[ ] </FONT><BR><FONT face=sans-serif size=2><BR>Exhibit
A&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;[
] </FONT><BR><FONT face=sans-serif size=2><BR>Exhibit
B&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;
[ ] </FONT><BR></P>
<P align=left><B><FONT face=sans-serif size=2>PROXY CARD[S] ENCLOSED
</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>If you have any questions, please
contact us at 1-800-225-1581 or call your financial advisor. </FONT></P>
<P align=left><FONT face=sans-serif size=2>I-4 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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<P align=left><FONT face=sans-serif size=2>A Message from the Chairman
</FONT></P>
<P align=left><FONT face=sans-serif size=2>Dear Fellow Shareholder:</FONT></P>
<P align=left><FONT face=sans-serif size=2>[photo of John A. Hill] </FONT></P>
<P align=left><FONT face=sans-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'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=sans-serif size=2>Fixing the number of Trustees at
12 and electing your fund&#146;s nominees for Trustees </FONT></B></P>
<P align=left><FONT face=sans-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=sans-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=sans-serif size=2>Converting your fund to an
open-end investment company</FONT></B></P>
<P align=left><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><FONT face=sans-serif size=2> </FONT></P>
<P align=left><FONT face=sans-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 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 face=sans-serif size=2>Approving or disapproving the
elimination of your fund&#146;s fundamental investment restriction concerning
investments in restricted securities </FONT></B><I><FONT face=sans-serif
size=2>(Putnam High Income Securities Fund only) </FONT></I></P>
<P align=left><FONT face=sans-serif size=2>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, 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 face=sans-serif size=2>Shareholder proposal regarding
cumulative voting for the election of Trustees </FONT></B><I><FONT
face=sans-serif size=2>(Putnam High Income Securities Fund only) </FONT></I></P>
<P align=left><FONT face=sans-serif size=2>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</FONT></P>
<P align=left><FONT face=sans-serif size=2>I-5 </FONT></P>
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<P align="left">
<FONT size=2 face="sans-serif">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 the present system of voting weights each shareholder&#146;s votes equally with respect to each nominee and 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 Board currently shares with the other Putnam Funds. </FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Shareholder proposal to reduce the Board of Trustees by one-third (</FONT></B><I><FONT size=2 face="sans-serif">Putnam Premier Income Trust only)</FONT></I></P>
<P align="left">
<FONT size=2 face="sans-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 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="sans-serif">________________ </FONT></P>
<P align="left">
<FONT size=2 face="sans-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="sans-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 or contact your financial advisor. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Sincerely yours, </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">/s/ John A. Hill </FONT><BR>
<FONT size=2 face="sans-serif">---------------------- </FONT><BR>
<FONT size=2 face="sans-serif">John A. Hill, Chairman </FONT><BR>
</P>
<P align="left">
<FONT size=2 face="sans-serif">I-6 </FONT></P>

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<P align=left><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></P>
<P align=left><B><FONT face=sans-serif>Notice of Annual Meeting of Shareholders
</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>This is the formal agenda for your
fund'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=sans-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=sans-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 8</FONT><SUP><FONT face=sans-serif
size=2>th</FONT></SUP><FONT face=sans-serif size=2> 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 12 and electing your fund&#146;s nominees for Trustees. See page[__].
</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.<BR></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 __. </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 __. </FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>4. Shareholder proposal regarding
cumulative voting for the election of Trustees.<BR></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
__.</FONT></B><B><I><FONT face=sans-serif size=2> </FONT></I></B></P>
<P align=left><B><FONT face=sans-serif size=2>5. Shareholder proposal to reduce
the Board of Trustees by one-third. <BR>(</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 __.</FONT></B><B><I><FONT face=sans-serif
size=2> </FONT></I></B></P>
<P align=left><FONT face=sans-serif size=2>By Judith Cohen, Clerk, on behalf of
the Trustees </FONT><BR><FONT face=sans-serif size=2>John A. Hill, Chairman
</FONT><BR><FONT face=sans-serif size=2>Jameson A. Baxter, Vice Chairman
</FONT><BR><FONT face=sans-serif size=2>George Putnam, III, President
</FONT><BR></P>
<P align=left><FONT face=sans-serif size=2>Charles B. Curtis </FONT><BR><FONT
face=sans-serif size=2>Myra R. Drucker </FONT><BR><FONT face=sans-serif
size=2>Charles E. Haldeman, Jr.</FONT><BR><FONT face=sans-serif size=2>Paul L.
Joskow </FONT><BR><FONT face=sans-serif size=2>Elizabeth T. Kennan
</FONT><BR><FONT face=sans-serif size=2>John H. Mullin, III </FONT><BR><FONT
face=sans-serif size=2>Robert E. Patterson </FONT><BR><FONT face=sans-serif
size=2>W. Thomas Stephens </FONT><BR><FONT face=sans-serif size=2>Richard B.
Worley </FONT><BR></P>
<P align=left><FONT face=sans-serif size=2>I-7 </FONT></P>
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<P align="left">
<B><FONT size=2 face="sans-serif">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 size=2 face="sans-serif">May __, 2006</FONT><BR>
</P>
<P align="left">
<FONT size=2 face="sans-serif">I-8</FONT></P>

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<P align="left">
<B><FONT face="sans-serif">Proxy Statement </FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-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 ("SEC"); some of it is technical. If there is
anything you don't understand, please contact us at our toll-free number, 1-800-225-1581, or call your financial advisor. </FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Who is asking for your vote? </FONT></B></P>
<P align="left">
<FONT size=2 face="sans-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's meeting is adjourned, at any later meetings, for the purposes stated in the Notice of Annual Meeting (see pages __). The
Notice of Annual Meeting, the proxy and the Proxy Statement are being mailed on or about May __, 2006. </FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">How do your fund's Trustees recommend that shareholders vote on these proposals? </FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">The Trustees recommend that you vote </FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">1.</FONT></B><FONT size=2 face="sans-serif"> </FONT><B><FONT size=2 face="sans-serif">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">
<B><FONT size=2 face="sans-serif">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 size=2 face="sans-serif">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">
<FONT size=2 face="sans-serif">I-9 </FONT></P>

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<P align=left><B><FONT face=sans-serif size=2>Who is eligible to vote?
</FONT></B></P>
<P align=left><FONT face=sans-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=sans-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't fill in a vote, your shares will be voted
in accordance with the Trustees' recommendations. If any other business is
brought before your fund'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=sans-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><B><FONT face=sans-serif size=2>The Proposals </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>I. </FONT><B><FONT face=sans-serif
size=2>ELECTION OF TRUSTEES </FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>Who are the nominees for Trustees?
</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>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 "interested persons" (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's investment manager ("Putnam
Management"). 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 face=sans-serif size=2>The Board Policy and Nominating
Committee of the Trustees of each fund recommends that the number of Trustees be
fixed at 12 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. </FONT></P>
<P align=left><I><FONT face=sans-serif size=2>For Putnam Investment Grade
Municipal Trust and Putnam Managed Municipal Income Trust only: </FONT></I><FONT
face=sans-serif size=2>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 10 of the 12 nominees. Therefore, Messrs. Hill and
Patterson have been nominated as Trustees to be elected by the holders of the
preferred shares, while the other 10 Trustees 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 face=sans-serif size=2>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 face=sans-serif size=2>I-10 </FONT></P>
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<P align=left><FONT face=sans-serif size=2>[Photo] </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Jameson A. Baxter </FONT></B><FONT
face=sans-serif size=2>(Born 1943), Trustee since 1994 and Vice Chairman since
2005 </FONT></P>
<P align=left><FONT face=sans-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=sans-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), 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=sans-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><FONT face=sans-serif size=2>[Photo] </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Charles B. Curtis </FONT></B><FONT
face=sans-serif size=2>(Born 1940), Trustee since 2001 </FONT></P>
<P align=left><FONT face=sans-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=sans-serif size=2>I-11 </FONT></P>
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<P align=left><FONT face=sans-serif size=2>Mr. Curtis is a member of the Council
on Foreign Relations and the Trustee Advisory Council of the Applied Physics
Laboratory, Johns Hopkins University. 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=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. House of Representatives, the U.S. Treasury Department, and the SEC.
</FONT></P>
<P align=left><FONT face=sans-serif size=2>[Photo] </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Myra R. Drucker </FONT></B><FONT
face=sans-serif size=2>(Born 1948), <BR>Trustee since 2004 </FONT></P>
<P align=left><FONT face=sans-serif size=2>I-12 </FONT></P>
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<P align=left><FONT face=sans-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=sans-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 </FONT><FONT face=sans-serif size=2>Accountability and Listing
Standards Committee and the NYSE/NASD IPO Advisory Committee.</FONT></P>
<P align=left><FONT face=sans-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=2>[Photo] </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>John A. Hill </FONT></B><FONT
face=sans-serif size=2>(Born 1942), <BR></FONT><FONT face=sans-serif
size=2>Trustee since 1985 and Chairman since 2000 </FONT></P>
<P align=left><FONT face=sans-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=sans-serif size=2>Mr. Hill is a Director of Devon
Energy Corporation, 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=sans-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><FONT face=sans-serif size=2>I-13 </FONT></P>
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<P align="left">
<FONT size=2 face="sans-serif">[Photo] </FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Paul L. Joskow </FONT></B><FONT size=2 face="sans-serif">(Born 1947), Trustee since 1997 </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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 size=2 face="sans-serif">Dr. Joskow serves as a Director of National Grid plc (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 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 size=2 face="sans-serif">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">
<FONT size=2 face="sans-serif">[Photo] </FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Elizabeth T. Kennan </FONT></B><FONT size=2 face="sans-serif">(Born 1938), Trustee since 1992 </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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 size=2 face="sans-serif">Dr. Kennan served as Chairman and is now Lead Director of Northeast Utilities. Until 2005, she was a Director of Talbots, Inc. She has served as Director on a number of other boards, including Bell Atlantic, Chastain
Real Estate, Shawmut Bank, Berkshire Life Insurance and Kentucky Home Life Insurance. 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 size=2 face="sans-serif">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 size=2 face="sans-serif">I-14 </FONT></P>

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<P align="left">
<FONT size=2 face="sans-serif">[Photo] </FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">John H. Mullin, III </FONT></B><FONT size=2 face="sans-serif">(Born 1941), Trustee since 1997 </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Mr. Mullin is the Chairman and CEO of Ridgeway Farm (a limited liability company engaged in timber and farming). </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Mr. Mullin serves as a Director of Progress Energy, Inc. (a utility company, formerly known as Carolina Power &amp; Light) and Sonoco Products, Inc. (a packaging company). Mr. Mullin is Trustee Emeritus of The National
Humanities Center and Washington &amp; Lee University, where he served as Chairman of the Investment Committee. Prior to February 2006, he was a Director of The Liberty Corporation. Prior to February 2004, he was a Director of Alex Brown Realty,
Inc. Prior to May 2001, he was a Director of Graphic Packaging International Corp.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Mr. Mullin is also a past Director of Adolph Coors Company; ACX Technologies, Inc.; Crystal Brands, Inc.; Dillon, Read &amp; Co., Inc.; Fisher-Price, Inc.; and The Ryland Group, Inc. Mr. Mullin is a graduate of
Washington &amp; Lee University and The Wharton Graduate School, University of Pennsylvania. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">[Photo] </FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Robert E. Patterson </FONT></B><FONT size=2 face="sans-serif">(Born 1945), Trustee since 1984 </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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 size=2 face="sans-serif">Mr. Patterson serves as Chairman Emeritus and Trustee of the Joslin Diabetes Center and as a 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 size=2 face="sans-serif">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">
<FONT size=2 face="sans-serif">I-15 </FONT></P>

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<P align="left">
<FONT size=2 face="sans-serif">[Photo] </FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">W. Thomas Stephens</FONT></B><FONT size=2 face="sans-serif"> (Born 1942), Trustee since 1997 </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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 size=2 face="sans-serif">Until 2005, Mr. Stephens was a director of TransCanadaPipelines, Ltd. Until 2004, Mr. Stephens was a Director 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 size=2 face="sans-serif">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 size=2 face="sans-serif">[Photo] </FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Richard B. Worley </FONT></B><FONT size=2 face="sans-serif">(Born 1945), Trustee since 2004 </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Mr. Worley is Managing Partner of Permit Capital LLC, an investment management firm.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Mr. Worley serves on the Executive Committee of the University of Pennsylvania Medical Center, is a Trustee of The Robert Wood Johnson Foundation (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 size=2 face="sans-serif">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 size=2 face="sans-serif">I-16 </FONT></P>

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<P align="left">
<B><FONT size=2 face="sans-serif">Interested Trustees </FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">[Photo] </FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Charles E. Haldeman, Jr.* </FONT></B><FONT size=2 face="sans-serif">(Born 1948), Trustee since 2004 </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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 size=2 face="sans-serif">Prior to November 2003, Mr. Haldeman served as 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 size=2 face="sans-serif">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>
<P align="left">
<FONT size=2 face="sans-serif">[Photo] </FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">George Putnam, III* </FONT></B><FONT size=2 face="sans-serif">(Born 1951), Trustee since 1984 and President since 2000 </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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 size=2 face="sans-serif">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 size=2 face="sans-serif">Mr. Putnam previously worked as an attorney with the law firm of Dechert LLP (formerly known as Dechert Price &amp; Rhoads) in Philadelphia. He is a graduate of Harvard College, Harvard Business School, and Harvard Law
School. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">I-17 </FONT></P>

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<P align=left><B><FONT face=sans-serif size=2>*</FONT></B><FONT face=sans-serif
size=2>Nominees who are or may be deemed to be "interested persons" (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 "interested persons." </FONT></P>
<P align=left><FONT face=sans-serif size=2>All the nominees were elected by the
shareholders of each fund on the dates listed below: </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>July 14, 2005</FONT></U><BR></P>
<P align=left><FONT face=sans-serif size=2>Putnam High Income Securities Fund
</FONT><BR><FONT face=sans-serif size=2>Putnam Master Intermediate Income
Trust</FONT><BR><FONT face=sans-serif size=2>Putnam Premier Income Trust
</FONT><BR></P>
<P align=left><U><FONT face=sans-serif size=2>October 28,
2005</FONT></U><BR></P>
<P align=left><FONT face=sans-serif size=2>Putnam Investment Grade Municipal
Trust</FONT><BR><FONT face=sans-serif size=2>Putnam Managed Municipal Income
Trust </FONT><BR></P>
<P align=left><I><FONT face=sans-serif size=2>For all funds other than Putnam
Investment Grade Municipal Trust and Putnam Managed Municipal
Trust:<BR></FONT></I><FONT face=sans-serif size=2>The 12 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 face=sans-serif size=2>For Putnam Investment Grade
Municipal Trust and Putnam Managed Municipal Income Trust
only:<BR></FONT></I><FONT face=sans-serif size=2>The 10 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 face=sans-serif size=2>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 12 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 10.</FONT></P>
<P align=left><FONT face=sans-serif size=2>I-18</FONT></P>
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<P align="left">
<B><FONT size=2 face="sans-serif">What are the Trustees' responsibilities?</FONT></B><BR>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Your fund's Trustees are responsible for the general oversight of your fund's affairs and for assuring that your fund is managed in the best interests of its shareholders. The Trustees regularly review your fund'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'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="sans-serif">Consistent with the 1940 Act and SEC rules, at least 75% of the trustees of your fund are required not 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. Ten of the 12 nominees for election as Trustee would be Independent Trustees.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Board committees. </FONT></B><FONT size=2 face="sans-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">
<B><FONT size=2 face="sans-serif">Audit and Compliance Committee</FONT></B><FONT size=2 face="sans-serif">. 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' independent registered public accounting firms, including their independence. The members of your 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'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 size=2 face="sans-serif">Board Policy and Nominating Committee</FONT></B><FONT size=2 face="sans-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 size=2 face="sans-serif">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 </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">I-19</FONT></P>

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<P align="left">
<FONT size=2 face="sans-serif">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 size=2 face="sans-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="sans-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="sans-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="sans-serif">Brokerage Committee</FONT></B><FONT size=2 face="sans-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 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 size=2 face="sans-serif">Contract Committee</FONT></B><FONT size=2 face="sans-serif">. 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' 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 size=2 face="sans-serif">Distributions Committee</FONT></B><FONT size=2 face="sans-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">
<FONT size=2 face="sans-serif">I-20</FONT></P>

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<P align=left><B><FONT face=sans-serif size=2>Executive
Committee</FONT></B><FONT face=sans-serif size=2>. The functions of the
Executive Committee are twofold. The first is to ensure that the funds' 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 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),&nbsp;Dr.
Joskow and Ms. Baxter. </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Investment Oversight Committees</FONT></B><FONT face=sans-serif size=2>. 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="sans-serif">Investment Process Committee.</FONT></B><FONT size=2 face="sans-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 face=sans-serif size=2>Marketing
Committee</FONT></B><FONT face=sans-serif size=2>. 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 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
financial 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><B><FONT face=sans-serif size=2>Pricing Committee</FONT></B><FONT
face=sans-serif size=2>.&nbsp;The Pricing&nbsp;Committee oversees the
implementation of&nbsp;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&nbsp;on various matters including
reports on&nbsp;the liquidity of portfolio securities. The Committee currently
consists of Messrs. Stephens (Chairperson), Hill and Patterson. </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Shareholder Communications and
Relations Committee</FONT></B><FONT face=sans-serif size=2>. 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 Mr. Worley (Chairperson), Ms. Drucker, Dr. Joskow and Mr. Putnam, III.
</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>How large a stake do the Trustees
and nominees have in the Putnam family of funds? </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>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 $80 million as of March 31,
2006.</FONT></P>
<P align=left><FONT face=sans-serif size=2>I-21</FONT></P>
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<!--$$/page=--><A name=page_22></A>
<P align=left><B><FONT face=sans-serif size=2>Putnam High Income Securities Fund
</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><B><FONT
      face=sans-serif size=2
     >Name of Nominee</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=2
     >Dollar Range of Putnam</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Shares</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="21%"><B><FONT
      face=sans-serif size=2
     >Aggregate Dollar</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=2
     >High Income Securities</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Beneficially</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="21%"><B><FONT
      face=sans-serif size=2
     >Range of Shares</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=2
     >Fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Owned</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="21%"><B><FONT
      face=sans-serif size=2
     >Held in all of the</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=2
     >Shares Owned</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="21%"><B><FONT
      face=sans-serif size=2
     >Putnam Funds</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Jameson A. Baxter</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><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>1,619.792</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Charles B. Curtis</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>391.785</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><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="27%"><FONT face=sans-serif
      size=2>Myra R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>339.790</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Charles E. Haldeman,
      Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>841</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>John A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Over $100,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>71,014.018</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><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="27%"><FONT face=sans-serif
      size=2>Paul L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>334.178</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Elizabeth T. Kennan</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>451.380</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>John H. Mullin, III</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>409.004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><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="27%"><FONT face=sans-serif
      size=2>Robert E. Patterson</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>1,084.356</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>George Putnam, III</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><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>1,670</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><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="27%"><FONT face=sans-serif
      size=2>W. Thomas Stephens</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>334.178</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Richard B. Worley</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>334</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>Putnam Investment Grade Municipal
Trust</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><B><FONT
      face=sans-serif size=2
     >Name of Nominee</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=2
     >Dollar Range of Putnam</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Shares</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="21%"><B><FONT
      face=sans-serif size=2
     >Aggregate Dollar</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=2
     >Investment Grade</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Beneficially</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="21%"><B><FONT
      face=sans-serif size=2
     >Range of Shares</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=2
     >Municipal Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Owned</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="21%"><B><FONT
      face=sans-serif size=2
     >Held in all of the</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=2
     >Shares Owned</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="21%"><B><FONT
      face=sans-serif size=2
     >Putnam Funds</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Jameson A. Baxter</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Charles B. Curtis</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><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="27%"><FONT face=sans-serif
      size=2>Myra R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><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="27%"><FONT face=sans-serif
      size=2>Charles E. Haldeman,
      Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>John A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><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="27%"><FONT face=sans-serif
      size=2>Paul L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><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="27%"><FONT face=sans-serif
      size=2>Elizabeth T. Kennan</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>John H. Mullin, III</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>120.369</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><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="27%"><FONT face=sans-serif
      size=2>Robert E. Patterson</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><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="27%"><FONT face=sans-serif
      size=2>George Putnam, III</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><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="21%"><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="27%"><FONT face=sans-serif
      size=2>W. Thomas Stephens</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Richard B. Worley</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>I-22 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_23></A>
<P align=left><B><FONT face=sans-serif size=2>Putnam Managed Municipal Income
Trust </FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><B><FONT
      face=sans-serif size=2
     >Name of Nominee</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=2
     >Dollar Range of Putnam</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Shares</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="21%"><B><FONT
      face=sans-serif size=2
     >Aggregate Dollar</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=2
     >Managed Municipal</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Beneficially</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="21%"><B><FONT
      face=sans-serif size=2
     >Range of Shares</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=2
     >IncomeTrust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Owned</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="21%"><B><FONT
      face=sans-serif size=2
     >Held in all of the</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=2
     >Shares Owned</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="21%"><B><FONT
      face=sans-serif size=2
     >Putnam Funds</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Jameson A. Baxter</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><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="27%"><FONT face=sans-serif
      size=2>Charles B. Curtis</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Myra R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Charles E. Haldeman,
      Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><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="27%"><FONT face=sans-serif
      size=2>John A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Paul L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Elizabeth T. Kennan</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><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="27%"><FONT face=sans-serif
      size=2>John H. Mullin, III</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>120.281</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Robert E. Patterson</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><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="27%"><FONT face=sans-serif
      size=2>George Putnam, III</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><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="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>W. Thomas Stephens</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><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="27%"><FONT face=sans-serif
      size=2>Richard B. Worley</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><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><B><FONT face=sans-serif size=2>Putnam Master Intermediate Income
Trust </FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
   >
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><B><FONT face=sans-serif size=2
     >Name of
      Nominee</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><B><FONT face=sans-serif size=2
     >Dollar Range of
      Putnam</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><B><FONT face=sans-serif size=2
     >Shares</FONT></B>&nbsp;
</TD>
    <TD noWrap align=left width="21%"
   ><B><FONT face=sans-serif size=2
     >Aggregate
      Dollar</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   >&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><B><FONT face=sans-serif size=2
     >Master
      Intermediate</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><B><FONT face=sans-serif size=2

     >Beneficially</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><B><FONT face=sans-serif size=2
     >Range of
      Shares</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   >&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><B><FONT face=sans-serif size=2
     >Income
      Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><B><FONT face=sans-serif size=2
     >Owned</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><B><FONT face=sans-serif size=2
     >Held in all of
      the</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   >&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><B><FONT face=sans-serif size=2
     >Shares
      Owned</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><B><FONT face=sans-serif size=2
     >Putnam
      Funds</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Jameson A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><FONT face=sans-serif size=2
     >$1&#150;$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><FONT face=sans-serif size=2
     >461.972</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><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="27%"
   ><FONT face=sans-serif size=2
     >Charles B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><FONT face=sans-serif size=2
     >$1&#150;$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><FONT face=sans-serif size=2
     >118.184</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
   >
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Myra R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><FONT face=sans-serif size=2
     >$1&#150;$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><FONT face=sans-serif size=2
     >101.387</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><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="27%"
   ><FONT face=sans-serif size=2
     >Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><FONT face=sans-serif size=2
     >$1&#150;$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><FONT face=sans-serif size=2
     >510</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><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="27%"
   ><FONT face=sans-serif size=2
     >John A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><FONT face=sans-serif size=2
     >$1&#150;$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><FONT face=sans-serif size=2
     >430.286</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><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="27%"
   ><FONT face=sans-serif size=2
     >Paul L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><FONT face=sans-serif size=2
     >$1&#150;$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="21%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
   >
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Elizabeth T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><FONT face=sans-serif size=2
     >$1&#150;$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><FONT face=sans-serif size=2
     >270.436</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><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="27%"
   ><FONT face=sans-serif size=2
     >John H. Mullin, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><FONT face=sans-serif size=2
     >$1&#150;$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><FONT face=sans-serif size=2
     >120.981</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
   >
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Robert E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><FONT face=sans-serif size=2
     >$1&#150;$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><FONT face=sans-serif size=2
     >587</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><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="27%"
   ><FONT face=sans-serif size=2
     >George Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><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
     >2,178</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><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="27%"
   ><FONT face=sans-serif size=2
     >W. Thomas Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><FONT face=sans-serif size=2
     >$1&#150;$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="21%"
   ><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="27%"
   ><FONT face=sans-serif size=2
     >Richard B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><FONT face=sans-serif size=2
     >$1&#150;$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="21%"
   ><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=2>I-23 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_24></A>
<P align=left><B><FONT face=sans-serif size=2>Putnam Premier Income
Trust</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><B><FONT
      face=sans-serif size=2
     >Name of Nominee</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=2
     >Dollar Range of Putnam</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Shares</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="21%"><B><FONT
      face=sans-serif size=2
     >Aggregate Dollar</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=2
     >Premier Income Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Beneficially</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="21%"><B><FONT
      face=sans-serif size=2
     >Range of Shares</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=2
     >Shares Owned</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Owned</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="21%"><B><FONT
      face=sans-serif size=2
     >Held in all of the</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="32%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="21%"><B><FONT
      face=sans-serif size=2
     >Putnam Funds</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Jameson A. Baxter</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Charles B. Curtis</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><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="27%"><FONT face=sans-serif
      size=2>Myra R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Charles E. Haldeman,
      Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>John A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><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>3,587.10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><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="27%"><FONT face=sans-serif
      size=2>Paul L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Elizabeth T. Kennan</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>John H. Mullin, III</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>246.2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><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="27%"><FONT face=sans-serif
      size=2>Robert E. Patterson</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>George Putnam, III</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><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="21%"><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="27%"><FONT face=sans-serif
      size=2>W. Thomas Stephens</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Richard B. Worley</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>$1&#150;$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="21%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>None of the Trustees owns any
preferred shares of Putnam Investment Grade Municipal Trust or Putnam Managed
Municipal Income Trust. </FONT></P>
<P align=left><FONT face=sans-serif size=2>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=sans-serif size=2>Among other ways, the Trustees seek
to represent shareholder interests: </FONT></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><FONT face=sans-serif
size=2>by carefully reviewing your fund's investment performance on an
individual basis with your fund's investment team; </FONT></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><FONT face=sans-serif
size=2>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=sans-serif size=2>* </FONT><FONT face=sans-serif
size=2>by discussing with senior management of Putnam Management steps being
taken to address any performance deficiencies; </FONT></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><FONT face=sans-serif
size=2>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 providing Putnam
Management sufficient resources to continue to provide high quality services in
the future; </FONT></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><FONT face=sans-serif
size=2>by reviewing brokerage costs and fees, allocations among brokers, soft
dollar expenditures and similar expenses of the fund; </FONT></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><FONT face=sans-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=sans-serif size=2>I-24 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_25></A>
<P align=left><FONT face=sans-serif size=2>* </FONT><FONT face=sans-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=sans-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</FONT><I><FONT face=sans-serif size=2> </FONT></I><FONT
face=sans-serif size=2>address:</FONT><I><FONT face=sans-serif size=2>
</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>The Putnam Funds </FONT><BR><FONT
face=sans-serif size=2>Attention: &#147;Board of Trustees&#148; or any specified
Trustee(s) </FONT><BR><FONT face=sans-serif size=2>One Post Office Square
</FONT><BR><FONT face=sans-serif size=2>Boston, Massachusetts 02109
</FONT><BR></P>
<P align=left><FONT face=sans-serif size=2>The written communication 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=sans-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=sans-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 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'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 such Fund's last fiscal
year. </FONT></P>
<P align=left><FONT face=sans-serif size=2>The number of times each committee
met during your fund&#146;s last fiscal year is shown in the table below: </FONT></P>
<P align=left><FONT face=sans-serif size=2>I-25 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_26></A>
<P align=left><B><FONT face=sans-serif size=2>Putnam High Income Securities Fund
</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Fiscal year ended August 31,
      2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Audit and Compliance
      Committee*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >23</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Board Policy and Nominating
      Committee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >11</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Brokerage Committee
      **</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >7</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Contract Committee</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >17</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Distributions
      Committee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >9</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Executive Committee</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >1</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Investment Oversight
      Committees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >38</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Marketing
      Committee***</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >16</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Pricing Committee*</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >23</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Shareholder Communications and
      Relations Committee***</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >16</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Investment Process
      Committee****</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>-</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>Putnam Investment Grade Municipal
Trust</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Fiscal year ended November 30,
      2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Audit and Compliance
      Committee*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >19</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Board Policy and Nominating
      Committee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >12</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Brokerage
      Committee**</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >6</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Contract Committee</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >15</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Distributions
      Committee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >11</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Executive Committee</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >1</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Investment Oversight
      Committees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >38</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Marketing
      Committee***</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >14</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Pricing Committee*</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >19</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Shareholder Communications and
      Relations Committee***</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >14</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Investment Process
      Committee****</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >-</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>I-26 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_27></A>
<P align=left><B><FONT face=sans-serif size=2>Putnam Managed Municipal Income
Trust</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Fiscal year ended October 31,
      2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Audit and Compliance
      Committee*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >20</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Board Policy and Nominating
      Committee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >12</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Brokerage
      Committee**</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >7</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Contract Committee</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >16</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Distributions
      Committee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >11</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Executive Committee</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >1</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Investment Oversight
      Committees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >38</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Marketing
      Committee***</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >15</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Pricing Committee*</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >20</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Shareholder Communications and
      Relations Committee***</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >15</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Investment Process
      Committee****</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >-</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>Putnam Master Intermediate Income
Trust </FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Fiscal year ended September 30,
      2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Audit and Compliance
      Committee*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >21</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Board Policy and Nominating
      Committee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >11</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Brokerage
      Committee**</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >7</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Contract Committee</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >16</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Distributions
      Committee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >10</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Executive Committee</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >1</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Investment Oversight
      Committees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >38</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Marketing
      Committee***</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >16</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Pricing Committee*</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >21</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Shareholder Communications and
      Relations Committee***</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >16</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Investment Process
      Committee****</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >-</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>I-27 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_28></A>
<P align=left><B><FONT face=sans-serif size=2>Putnam Premier Income Trust
</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Fiscal year ended July 31,
      2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Audit and Compliance
      Committee*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >24</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Board Policy and Nominating
      Committee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >11</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Brokerage
      Committee**</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >7</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Contract Committee</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >17</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Distributions
      Committee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >9</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Executive Committee</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >1</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Investment Oversight
      Committees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >38</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Marketing
      Committee***</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >16</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Pricing Committee*</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >24</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Shareholder Communications and
      Relations Committee***</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >16</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=sans-serif
      size=2>Investment Process
      Committee****</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT
      face=sans-serif size=2
     >-</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=1>* 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
during your fund&#146;s last fiscal year by the Audit and Pricing Committee prior to
the formation of the new committees.</FONT></P>
<P align=left><FONT face=sans-serif size=1>** Effective January 2006, the
Brokerage and Custody Committee was renamed the Brokerage Committee.</FONT></P>
<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 during your fund&#146;s last fiscal year by
the Communication, Service and Marketing Committee 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=sans-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 size=2 face="sans-serif">Each independent Trustee of the fund receives an annual retainer fee and additional fees for each Trustees' 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 size=2 face="sans-serif">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 was first elected 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=2>I-28 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_29></A>
<P align=left><B><FONT face=sans-serif size=2>Putnam High Income Securities Fund
</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><B><FONT
      face=sans-serif size=2
     >Compensation Table</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=2
     >Aggregate</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Retirement</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Estimated</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >Total</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=2
     >compensation</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >benefits</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >annual</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >compensation</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=2
     >from the</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >accrued</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >benefits from all</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >from all Putnam</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=2
     >fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2>as
      part of</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Putnam funds</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >funds(2)(3)</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><B><FONT
      face=sans-serif size=2
     >Trustees/Year</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >fund expenses</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >upon retirement(1)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Jameson A.
      Baxter/1994(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>$1,125</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>$393</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Charles B.
      Curtis/2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,069</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>724</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Myra R.
      Drucker/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,051</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Charles E. Haldeman,
      Jr./2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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 noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>John A.
      Hill/1985(4)(5)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,652</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>511</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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 noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Ronald J.
      Jackson/1996(4)(6)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>751</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>436</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Paul L.
      Joskow/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,057</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>414</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Elizabeth T.
      Kennan/1992</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,074</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>505</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>John H. Mullin,
      III/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,099</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>451</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Robert E.
      Patterson/1984</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,041</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>273</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>George Putnam,
      III/1984(5)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,260</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>245</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>W. Thomas
      Stephens/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>997</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>449</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Richard B.
      Worley/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,046</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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=2>I-29 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_30></A>
<P align=left><B><FONT face=sans-serif size=2>Putnam Investment Grade Municipal
Trust </FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><B><FONT
      face=sans-serif size=2
     >Compensation Table</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=2
     >Aggregate</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Retirement</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Estimated</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >Total</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=2
     >compensation</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >benefits</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >annual</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >compensation</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=2
     >from the</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >accrued</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >benefits from all</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >from all Putnam</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=2
     >fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2>as
      part of</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Putnam funds</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >funds(2)(3)</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><B><FONT
      face=sans-serif size=2
     >Trustees/Year</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >fund expenses</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >upon retirement(1)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Jameson A.
      Baxter/1994(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>$1,255</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>$402</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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 noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Charles B.
      Curtis/2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,189</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>778</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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 noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Myra R.
      Drucker/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,367</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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 noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Charles E. Haldeman,
      Jr./2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>John A.
      Hill/1985(4)(5)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,745</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>524</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Ronald J.
      Jackson/1996(4)(6)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>537</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>450</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Paul L.
      Joskow/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,166</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>448</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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 noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Elizabeth T.
      Kennan/1992</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,181</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>512</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>John H. Mullin,
      III/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,209</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>460</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Robert E.
      Patterson/1984</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,151</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>278</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>George Putnam,
      III/1984(5)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,398</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>253</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>W. Thomas
      Stephens/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,078</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>467</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Richard B.
      Worley/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,355</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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=2>I-30 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_31></A>
<P align=left><B><FONT face=sans-serif size=2>Putnam Managed Municipal Income
Trust </FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><B><FONT
      face=sans-serif size=2
     >Compensation Table</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=2
     >Aggregate</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Retirement</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Estimated</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >Total</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=2
     >compensation</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >benefits</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >annual</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >compensation</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=2
     >from the</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >accrued</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >benefits from all</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >from all Putnam</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=2
     >fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2>as
      part of</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Putnam funds</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >funds(2)(3)</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><B><FONT
      face=sans-serif size=2
     >Trustees/Year</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >fund expenses</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >upon retirement(1)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Jameson A.
      Baxter/1994(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>$1,368</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>$417</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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 noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Charles B.
      Curtis/2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,297</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>794</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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 noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Myra R.
      Drucker/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,487</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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 noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Charles E. Haldeman,
      Jr./2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>John A.
      Hill/1985(4)(5)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,938</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>543</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Ronald J.
      Jackson/1996(4)(6)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>582</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>465</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Paul L.
      Joskow/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,272</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>456</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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 noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Elizabeth T.
      Kennan/1992</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,288</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>533</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>John H. Mullin,
      III/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,089</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>478</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Robert E.
      Patterson/1984</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,256</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>289</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>George Putnam,
      III/1984(5)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,526</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>261</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>W. Thomas
      Stephens/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,175</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>482</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Richard B.
      Worley/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,474</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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=2>I-31 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_32></A>
<P align=left><B><FONT face=sans-serif size=2>Putnam Master Intermediate Income
Trust </FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><B><FONT
      face=sans-serif size=2
     >Compensation Table</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=2
     >Aggregate</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Retirement</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Estimated</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >Total</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=2
     >compensation</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >benefits</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >annual</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >compensation</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=2
     >from the</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >accrued</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >benefits from all</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >from all Putnam</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=2
     >fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2>as
      part of</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Putnam funds</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >funds(2)(3)</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><B><FONT
      face=sans-serif size=2
     >Trustees/Year</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >fund expenses</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >upon retirement(1)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Jameson A.
      Baxter/1994(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>$1,619</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>$524</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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 noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Charles B.
      Curtis/2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,538</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>972</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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 noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Myra R.
      Drucker/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,505</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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 noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Charles E. Haldeman,
      Jr./2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>John A.
      Hill/1985(4)(5)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>2,358</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>682</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Ronald J.
      Jackson/1996(4)(6)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,114</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>582</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Paul L.
      Joskow/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,522</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>556</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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 noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Elizabeth T.
      Kennan/1992</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,545</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>672</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>John H. Mullin,
      III/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,583</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>601</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Robert E.
      Patterson/1984</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,498</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>364</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>George Putnam,
      III/1984(5)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,820</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>327</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>W. Thomas
      Stephens/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,440</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>600</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Richard B.
      Worley/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,498</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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=2>I-32 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_33></A>
<P align=left><B><FONT face=sans-serif size=2>Putnam Premier Income Trust
</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><B><FONT
      face=sans-serif size=2
     >Compensation Table</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=2
     >Aggregate</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Retirement</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Estimated</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >Total</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=2
     >compensation</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >benefits</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >annual</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >compensation</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=2
     >from the</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >accrued</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >benefits from all</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >from all Putnam</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=2
     >fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2>as
      part of</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >Putnam funds</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >funds(2)(3)</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><B><FONT
      face=sans-serif size=2
     >Trustees/Year</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >fund expenses</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><FONT
      face=sans-serif size=2
     >upon retirement(1)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Jameson A.
      Baxter/1994(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>$2,432</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>$674</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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 noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Charles B.
      Curtis/2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>2,309</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>1,223</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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 noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Myra R.
      Drucker/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>2,184</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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 noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Charles E. Haldeman,
      Jr./2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>John A.
      Hill/1985(4)(5)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>3,535</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>877</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Ronald J.
      Jackson/1996(4)(6)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1,743</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>745</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Paul L.
      Joskow/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>2,276</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>698</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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 noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Elizabeth T.
      Kennan/1992</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>2,325</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>868</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>John H. Mullin,
      III/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>2,379</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>773</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Robert E.
      Patterson/1984</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>2,235</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>470</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>George Putnam,
      III/1984(5)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>2,717</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>419</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>W. Thomas
      Stephens/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>2,162</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>767</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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="27%"><FONT face=sans-serif
      size=2>Richard B.
      Worley/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>2,184</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><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=2>I-33 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_34"></A>

<P align="left">
<FONT size=2 face="sans-serif">(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 size=2 face="sans-serif">(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 size=2 face="sans-serif">(3) Includes amounts (ranging from approximately &#36;1,500 to &#36;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 size=2 face="sans-serif">(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">
<B><FONT size=2 face="sans-serif">Putnam High Income Securities Fund </FONT></B><FONT size=2 face="sans-serif">(August 31, 2005) Ms. Baxter - &#36;1,740, Mr. Hill - &#36;6,712, Mr. Jackson - &#36;3,336, Mr. Joskow, - &#36;2,055, Mr. Mullin -
&#36;1,985, and Mr. Stephens - &#36;381.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Putnam Investment Grade Municipal Trust </FONT></B><FONT size=2 face="sans-serif">(November 30, 2005) Ms. Baxter - &#36;1,160, Mr. Hill - &#36;4,663, Mr. Jackson - &#36;2,420, Mr. Joskow, - &#36;1,384, Mr. Mullin -
&#36;1,324, and Mr. Stephens - &#36;255.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Putnam Managed Municipal Income Trust </FONT></B><FONT size=2 face="sans-serif">(October 31, 2005) Ms. Baxter - &#36;3,628, Mr. Hill - &#36;14,352, Mr. Jackson - &#36;7,584, Mr. Joskow, - &#36;4,289, Mr. Mullin -
&#36;4,135, and Mr. Stephens - &#36;798.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Putnam Master Intermediate Income Trust </FONT></B><FONT size=2 face="sans-serif">(September 30, 2005) Ms. Baxter - &#36;4,998, Mr. Hill - &#36;19,278, Mr. Jackson - &#36;9,588, Mr. Joskow, - &#36;5,906, Mr. Mullin
- - &#36;5,700, and Mr. Stephens - &#36;1,098.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Putnam Premier Income Trust </FONT></B><FONT size=2 face="sans-serif">(July 31, 2005) Ms. Baxter - &#36;7,691, Mr. Hill - &#36;29,674, Mr. Jackson - &#36;14,755, Mr. Joskow, - &#36;9,078, Mr. Mullin - &#36;8,778 and
Mr. Stephens - &#36;1,684.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(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 size=2 face="sans-serif">(6) Mr. Jackson retired from the Board of Trustees of the Putnam funds on June 10, 2005. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">I-34 </FONT></P>

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



<!--$$/page=-->
<A name="page_35"></A>

<P align="left">
<FONT size=2 face="sans-serif">Under a Retirement Plan for Trustees of the Putnam funds (the "Plan"), 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'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's
total years of service. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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">
<FONT size=2 face="sans-serif">I-35</FONT></P>

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

<!--$$/page=--><A name=page_36></A>
<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'S AGREEMENT AND DECLARATION OF TRUST </FONT></B><FONT
face=sans-serif size=2>(</FONT><I><FONT face=sans-serif size=2>For Putnam
Investment Grade Municipal Trust, Putnam Master Intermediate Income Trust and
Putnam Premier Income Trust only</FONT></I><FONT face=sans-serif size=2>)
</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>What is this
proposal?</FONT></B><BR></P>
<P align=left><FONT face=sans-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
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=sans-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="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><B><FONT
      face=sans-serif size=1
     >Fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="33%"><B><FONT
      face=sans-serif size=1>12
      Weeks Ended</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="20%"><B><FONT
      face=sans-serif size=1
     >Avg. Discount</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=1>Putnam Investment Grade
      Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=1>November 25, 2005</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=1>-13.1%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=1>Putnam Master Intermediate
      Income Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=1>September 30, 2005</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=1>-10.2%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=1>Putnam Premier Income
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=1>July 29, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=1>-10.8%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" 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><BR></P>
<P align=left><B><FONT face=sans-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=sans-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=sans-serif size=2>* </FONT><I><FONT face=sans-serif
size=2>Potential investment advantages</FONT></I><FONT face=sans-serif size=2>.
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 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=sans-serif size=2>* </FONT><I><FONT face=sans-serif
size=2>Advantages of leverage through preferred shares (Putnam Investment Grade
Municipal Trust only). </FONT></I><FONT face=sans-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 </FONT></P>
<P align=left><FONT face=sans-serif size=2>I-36</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_37></A>
<P align=left><FONT face=sans-serif size=2>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=sans-serif size=2>* </FONT><I><FONT face=sans-serif
size=2>Effects of discounts</FONT></I><FONT face=sans-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=sans-serif size=2>* </FONT><I><FONT face=sans-serif
size=2>Recent Measures in Response to Discounts. </FONT></I><FONT
face=sans-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 discussed below, that are likely to enhance your fund&#146;s total
return and may have temporary effects with respect to trading
discounts.</FONT></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><I><FONT face=sans-serif
size=2>Possible changes in fund size and expenses</FONT></I><FONT
face=sans-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=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=sans-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=sans-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 fluctuate 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=sans-serif size=2>Putnam Management has advised the
Trustees that discount levels for closed-end funds investing primarily in
fixed-income securities &#150; which includes all of the closed-end Putnam Funds &#150;
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 </FONT></P>
<P align=left><FONT face=sans-serif size=2>I-37 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<A name=page_38></A>
<P align=left><FONT face=sans-serif size=2>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=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
below NAV during the year, the narrowest discount.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Putnam Investment Grade Municipal
Trust</FONT></B><B><FONT face=sans-serif size=2></FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="26%">&nbsp;</TD>
    <TD noWrap align=left width="41%"><B><FONT
      face=sans-serif size=1
     >Highest Market Price</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=1
     >Lowest Market Price</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><B><FONT
      face=sans-serif size=1
     >Calendar Year</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="41%"><B><FONT
      face=sans-serif size=1
     >(relative to NAV)</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=1
     >(relative to NAV)</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>2005</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>-10.88%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-15.24%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>2004</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>+3.39%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-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="26%"><FONT face=sans-serif
      size=1>2003</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>+8.33%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-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="26%"><FONT face=sans-serif
      size=1>2002</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>+10.81%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-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="26%"><FONT face=sans-serif
      size=1>2001</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>+3.70%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-6.90%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>2000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>+20.93%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-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="26%"><FONT face=sans-serif
      size=1>1999</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>+29.82%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>+0.19%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>1998</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>+27.30%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>+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="26%"><FONT face=sans-serif
      size=1>1997</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>+26.98%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>+13.06%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>1996</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>+19.97%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>+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="26%"><FONT face=sans-serif
      size=1>1995</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>+12.10%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>+3.54%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>Putnam Master Intermediate Income
Trust</FONT></B><B><FONT face=sans-serif size=2></FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="26%">&nbsp;</TD>
    <TD noWrap align=left width="41%"><B><FONT
      face=sans-serif size=1
     >Highest Market Price</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=1
     >Lowest Market Price</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><B><FONT
      face=sans-serif size=1
     >Calendar Year</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="41%"><B><FONT
      face=sans-serif size=1
     >(relative to NAV)</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=1
     >(relative to NAV)</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>2005</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>-7.44%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-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="26%"><FONT face=sans-serif
      size=1>2004</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>-4.15%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-12.41%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>2003</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>+2.47%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-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="26%"><FONT face=sans-serif
      size=1>2002</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>+2.72%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-8.94%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>2001</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>-1.75%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-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="26%"><FONT face=sans-serif
      size=1>2000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>-7.88%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-23.33%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>1999</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>+1.56%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-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="26%"><FONT face=sans-serif
      size=1>1998</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>+0.78%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-10.51%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>1997</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>-3.07%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-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="26%"><FONT face=sans-serif
      size=1>1996</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>-8.11%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-14.40%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>1995</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>-7.58%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-15.75%</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>Putnam Premier Income
Trust</FONT></B><B><FONT face=sans-serif size=2></FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="26%">&nbsp;</TD>
    <TD noWrap align=left width="41%"><B><FONT
      face=sans-serif size=1
     >Highest Market Price</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=1
     >Lowest Market Price</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><B><FONT
      face=sans-serif size=1
     >Calendar Year</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="41%"><B><FONT
      face=sans-serif size=1
     >(relative to NAV)</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=1
     >(relative to NAV)</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>2005</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>-7.82%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-15.20%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>2004</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>-5.83%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-13.54%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>2003</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>+3.72%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-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="26%"><FONT face=sans-serif
      size=1>2002</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>+3.25%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-9.95%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>2001</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>-0.29%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-11.69%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>2000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>-8.43%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-23.25%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>1999</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>+3.52%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-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="26%"><FONT face=sans-serif
      size=1>1998</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>+5.99%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-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="26%"><FONT face=sans-serif
      size=1>1997</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>-1.13%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-13.25%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>1996</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>-8.78%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-13.65%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>1995</FONT>&nbsp;</TD>
    <TD noWrap align=left width="41%"><FONT face=sans-serif
      size=1>-5.90%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=1>-14.26%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=3
     ><HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>I-38</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_39></A>
<P align=left><B><FONT face=sans-serif size=2>How do the Trustees monitor and
address trading discounts?</FONT></B><FONT face=sans-serif size=2> </FONT></P>
<P align=left><FONT face=sans-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, trading at a discount to net asset value.</FONT></P>
<P align=left><FONT face=sans-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=sans-serif size=2>* </FONT><FONT face=sans-serif
size=2>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=sans-serif size=2>* </FONT><FONT face=sans-serif
size=2>Repurchases by the fund of its shares at prevailing market prices; and
</FONT></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><FONT face=sans-serif
size=2>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=sans-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 of 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=sans-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
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=sans-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>
<P align=left><FONT face=sans-serif size=2>I-39 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<A name=page_40></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" colSpan=2><B><FONT
      face=sans-serif size=2
     >Total Return (Annualized) for Periods Ending March 31,
      2006*&nbsp;</FONT></B></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="13%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%">&nbsp;</TD>
    <TD noWrap align=left width="17%"><B><FONT
      face=sans-serif size=2>1
      year</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="10%"><B><FONT
      face=sans-serif size=2>3
      years</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="13%"><B><FONT
      face=sans-serif size=2>5
      years</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="11%"><B><FONT
      face=sans-serif size=2>10
      years</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"><B><FONT
      face=sans-serif size=2
     >Putnam Investment Grade Municipal Trust</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="17%">&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="13%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </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="17%"><FONT face=sans-serif
      size=2>5.47%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>7.78%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>6.25%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>6.23%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" 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="17%"><FONT face=sans-serif
      size=2>8.95</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>2.23</FONT>&nbsp;</TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>4.11</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>3.77</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Lehman Municipal Bond
      Index</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>3.80</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>4.10</FONT>&nbsp;</TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>5.18</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>5.87</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Lipper General Muni Debt
      (Leveraged) Funds</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>6.28</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>7.10</FONT>&nbsp;</TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>6.89</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>6.60</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Average</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%">&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="13%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&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="65%" colSpan=2><B><FONT
      face=sans-serif size=2
     >Total Return (Annualized) for Periods Ending March 31,
      2006<FONT face=sans-serif size=2
     ></FONT></FONT></B><B><U><FONT
      face=sans-serif size=2
     ></FONT></U></B>&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="13%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%">&nbsp;</TD>
    <TD noWrap align=left width="17%"><B><FONT
      face=sans-serif size=2>1
      year</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="10%"><B><FONT
      face=sans-serif size=2>3
      years</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="13%"><B><FONT
      face=sans-serif size=2>5
      years</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="11%"><B><FONT
      face=sans-serif size=2>10
      years</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"><B><FONT
      face=sans-serif size=2
     >Putnam Master Intermediate Income Trust</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="17%">&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="13%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </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="17%"><FONT face=sans-serif
      size=2>3.85%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>8.93%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>7.72%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>6.43%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" 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="17%"><FONT face=sans-serif
      size=2>-0.02</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>5.26</FONT>&nbsp;</TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>5.74</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>6.34</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Lehman Municipal Bond
      Index</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>3.80</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>4.10</FONT>&nbsp;</TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>5.18</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>5.87</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Lipper Flexible Income Funds
      Average</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>5.07</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>8.95</FONT>&nbsp;</TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>7.41</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>6.33</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="65%" colSpan=2><B><FONT
      face=sans-serif size=2
     >Total Return (Annualized) for Periods Ending
      Ma</FONT></B><B><FONT face=sans-serif size=2
     >rch 31,
    2006&nbsp;</FONT></B></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="13%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%">&nbsp;</TD>
    <TD noWrap align=left width="17%"><B><FONT
      face=sans-serif size=2>1
      year</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="10%"><B><FONT
      face=sans-serif size=2>3
      years</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="13%"><B><FONT
      face=sans-serif size=2>5
      years</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="11%"><B><FONT
      face=sans-serif size=2>10
      years</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"><B><FONT
      face=sans-serif size=2
     >Putnam Premier Income Trust</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="17%">&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="13%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </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="17%"><FONT face=sans-serif
      size=2>4.65%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>9.93%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>8.41%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>6.68%</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" 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="17%"><FONT face=sans-serif
      size=2>2.86</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>5.62</FONT>&nbsp;</TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>6.27</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>6.26</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Lehman Municipal Bond
      Index</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>3.80</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>4.10</FONT>&nbsp;</TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>5.18</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>5.87</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Lipper Flexible Income Funds
      Average</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>5.07</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>8.95</FONT>&nbsp;</TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=2>7.41</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>6.33</FONT>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=5
     ><HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>*Returns for periods ended March 31,
2006 only partially reflect the impact of a reduction by 0.10% (of average
assets) in the fund&#146;s management fees that went into effect on January 1, 2006,
of an amended management contract. 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=sans-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=sans-serif size=2>* </FONT><I><FONT face=sans-serif
size=2>Investment flexibility</FONT></I><FONT face=sans-serif size=2>. 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=sans-serif size=2>* </FONT><I><FONT face=sans-serif
size=2>Annual shareholder meetings</FONT></I><FONT face=sans-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=sans-serif size=2>* </FONT><I><FONT face=sans-serif
size=2>Dividend reinvestment</FONT></I><FONT face=sans-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 to reinvest
their</FONT></P>
<P align=left><FONT face=sans-serif size=2>I-40</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_41></A>
<P align=left><FONT face=sans-serif size=2>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=sans-serif size=2>* </FONT><I><FONT face=sans-serif
size=2>Exchange privileges</FONT></I><FONT face=sans-serif size=2>. 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.
Shareholders of your fund do not have that privilege. </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>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=sans-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=sans-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=sans-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=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 ___%
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=sans-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&nbsp;shares&nbsp;entitled to vote.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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=sans-serif size=2>If such conversion were 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><FONT face=sans-serif size=2>I-41 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_42"></A>

<P align="left">
<B><FONT size=2 face="sans-serif">If the conversion is not approved, will your fund continue in its current form? </FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">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">
<FONT size=2 face="sans-serif">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></P>
<P align="left">
<FONT size=2 face="sans-serif">I-42</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 </FONT></B><B><FONT face=sans-serif size=2>FUNDAMENTAL
INVESTMENT RESTRICTION CONCERNING INVESTMENTS IN </FONT></B><B><FONT
face=sans-serif size=2>RESTRICTED SECURITIES </FONT></B><FONT
face=sans-serif>(</FONT><I><FONT face=sans-serif>For Putnam High Income
Securities Fund only</FONT></I><FONT face=sans-serif>) </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>What is this
proposal?</FONT></B><BR></P>
<P align=left><FONT face=sans-serif size=2>Your fund currently has a fundamental
investment restriction under which the fund may not:</FONT></P>
<P align=left><FONT face=sans-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=sans-serif size=2>The Trustees recommend that
shareholders approve the elimination of this investment restriction to afford
your fund the investment flexibility 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=sans-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=sans-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=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=sans-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=sans-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=sans-serif size=2>As a general matter, the Trustees
believe that eliminating fundamental investment restrictions that are not
required, such the restriction regarding investment 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><FONT face=sans-serif size=2>I-43</FONT></P>
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<P align="left">
<B><FONT size=2 face="sans-serif">What are the voting requirements to approve the proposal? </FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">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 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 size=2 face="sans-serif">The Trustees recommend that shareholders of your fund vote FOR Proposal 4.</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">I-44</FONT></P>

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<!--$$/page=--><A name=page_45></A>
<P align=left><B><FONT face=sans-serif size=2>4. SHAREHOLDER PROPOSAL REGARDING
CUMULATIVE VOTING FOR THE </FONT></B><B><FONT face=sans-serif size=2>ELECTION OF
TRUSTEES </FONT></B><FONT face=sans-serif>(</FONT><I><FONT face=sans-serif>For
Putnam High Income Securities Fund only</FONT></I><FONT face=sans-serif>)
</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>What is the
proposal?</FONT></B><BR></P>
<P align=left><FONT face=sans-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=sans-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=sans-serif size=2>Supporting
Statement</FONT></U><BR></P>
<P align=left><FONT face=sans-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><B><FONT face=sans-serif size=2>
</FONT></B></P>
<P align=left><FONT face=sans-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 2004 announcement, was 4.22% for the Opportunity Fund. The
return for the Bond Fund was 6.42% . </FONT></P>
<P align=left><FONT face=sans-serif size=2>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 face=sans-serif size=2>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 $.107 a share to $.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 face=sans-serif size=2>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 face=sans-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><BR></P>
<P align=left><B><FONT face=sans-serif size=2>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><FONT face=sans-serif size=2>I-45</FONT></P>
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<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=sans-serif size=2>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 face=sans-serif size=2>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 face=sans-serif size=2>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
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 face=sans-serif size=2>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 89.136% of the votes submitted on the proposal to approve
the merger were cast in favor of the transaction. </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>What would happen if the proposal
passes?</FONT></B><BR></P>
<P align=left><FONT face=sans-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=sans-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, </FONT></P>
<P align=left><FONT face=sans-serif size=2>I-46</FONT></P>
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<P align="left">
<FONT size=2 face="sans-serif">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 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="sans-serif">In order to authorize the Trustees to amend the Declaration of Trust to permit cumulative voting, the shareholder proposal requires the affirmative vote of shareholders holding a majority of the outstanding shares of
your fund. </FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">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 size=2 face="sans-serif">I-47</FONT></P>

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<!--$$/page=--><A name=page_48></A>
<P align=left><B><FONT face=sans-serif size=2>5. SHAREHOLDER PROPOSAL TO REDUCE
THE BOARD OF TRUSTEES BY ONE-THIRD </FONT></B><FONT
face=sans-serif>(</FONT><I><FONT face=sans-serif>For Putnam Premier Income Trust
only</FONT></I><FONT face=sans-serif>) </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>What is the
proposal?</FONT></B><BR></P>
<P align=left><FONT face=sans-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=sans-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=sans-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><BR></P>
<P align=left><B><FONT face=sans-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=sans-serif size=2>The twelve nominees presented for
election in Proposal 1 above 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=sans-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 from 12
to 8, as proposed, the maximum estimated savings to your fund through not paying
compensation to, or accruing retirement benefits 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 in context, this annual savings would represent
less than 0.001% of your fund&#146;s current net assets (less than 10&#162; for an
investor holding shares worth $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 face=sans-serif size=2>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 face=sans-serif size=2>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><FONT face=sans-serif size=2>I-48</FONT></P>
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<P align="left">
<B><FONT size=2 face="sans-serif">What would happen if the proposal passes?</FONT></B><BR>
</P>
<P align="left">
<FONT size=2 face="sans-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 12. 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">
<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="sans-serif">Approval of the shareholder proposal to reduce the Board 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="sans-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=2 face="sans-serif">I-49</FONT></P>

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<P align="left">
<B><FONT face="sans-serif">Further Information About Voting and the Meeting </FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Quorum and Methods of Tabulation. </FONT></B><FONT size=2 face="sans-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 (unless otherwise noted in the Proxy Statement). 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 "for" approval of a proposal for purposes of determining whether sufficient affirmative votes have been cast. Shares
represented by proxies that reflect abstentions and "broker non-votes" (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="sans-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 otherwise 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 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="sans-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="sans-serif">Special Rule for Proportional Voting. </FONT></B><FONT size=2 face="sans-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="sans-serif">Other business.</FONT></B><FONT size=2 face="sans-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="sans-serif">Simultaneous meetings.</FONT></B><FONT size=2 face="sans-serif"> The meeting of shareholders of your fund is called to be held at the same time as the meetings of shareholders of certain of the other Putnam funds.
It is anticipated that all meetings will be held simultaneously. </FONT></P>
<P align="left">
<FONT size=2 face="sans-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="sans-serif">Solicitation of proxies.</FONT></B><FONT size=2 face="sans-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 proxy solicitation firm call you to record your voting instructions by telephone. The procedures for voting proxies by telephone are designed to
authenticate shareholders' identities, to allow them to authorize the voting of their shares in accordance </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">I-50</FONT></P>

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<P align=left><FONT face=sans-serif size=2>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' 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 face=sans-serif size=2>Shareholders have the opportunity to
submit their voting instructions via the Internet 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' 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 face=sans-serif size=2>Your fund's Trustees have adopted a
general policy of maintaining confidentiality 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 face=sans-serif size=2>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, 10005, to aid
in the solicitation of instructions for registered and nominee accounts, for a
fee not to exceed $3,000 for each of&nbsp;Putnam High Income Securities Fund,
Putnam Investment Grade Municipal Trust and Putnam Managed Municipal Income
Trust; $2,750 for Putnam Master Intermediate Income Trust and $3,000 for Putnam
Premier Income Trust, 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 face=sans-serif size=2>Revocation of
proxies</FONT></B><FONT face=sans-serif size=2>. 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 face=sans-serif size=2>Date for receipt of shareholders'
proposals for the next annual meeting</FONT></B><FONT face=sans-serif size=2>.
It is currently anticipated that your fund's next annual meeting of shareholders
will be held in the month/year as denoted below: </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>January 2007</FONT></U><BR></P>
<P align=left><FONT face=sans-serif size=2>Putnam High Income Securities Fund
</FONT><BR><FONT face=sans-serif size=2>Putnam Master Intermediate Income
Trust</FONT><BR><FONT face=sans-serif size=2>Putnam Premier Income Trust
</FONT><BR></P>
<P align=left><FONT face=sans-serif size=2>The Trustees of your fund reserve the
right to set an earlier or later date of the 2007 meeting. Shareholder proposals
to be included in the proxy statement for that meeting must be received by your
fund on or before _____, 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--other than one that will be included in the fund's </FONT></P>
<P align=left><FONT face=sans-serif size=2>I-51</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_52></A>
<P align=left><FONT face=sans-serif size=2>proxy materials--should notify the
fund no later than ____, 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 earlier than _____, 2006 and no later than ____,
2006.</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>April 2007</FONT></U><FONT
face=sans-serif size=2> </FONT></P>
<P align=left><FONT face=sans-serif size=2>Putnam Investment Grade Municipal
Trust </FONT><BR><FONT face=sans-serif size=2>Putnam Managed Municipal Income
Trust</FONT><BR></P>
<P align=left><FONT face=sans-serif size=2>The Trustees of your fund reserve the
right to set an earlier or later date of the 2007 meeting. Shareholder proposals
to be included in the proxy statement for that meeting must be received by your
fund on or before ____, 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--other
than one that will be included in the fund's proxy materials--should notify the
fund no later than _____, 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 earlier than ____, 2007 and no later than ____,
2007.</FONT></P>
<P align=left><FONT face=sans-serif size=2>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><B><FONT face=sans-serif size=2>Adjournment</FONT></B><FONT
face=sans-serif size=2>. 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 face=sans-serif size=2>Duplicate mailings.
</FONT></B><FONT face=sans-serif size=2>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 face=sans-serif size=2>Financial
information</FONT></B><FONT face=sans-serif size=2>.</FONT><B><FONT
face=sans-serif size=2> Your fund&#146;s Clerk will furnish to you, upon request and
without charge, a copy of the fund's Annual Report for its most recent fiscal
year, and a copy of its semiannual report for any subsequent semiannual period.
Such requests may be directed to Putnam Investor Services, P.O. Box 41203,
Providence, RI 02940-1203 or 1-800-225-1581</FONT></B><FONT face=sans-serif
size=2>. </FONT></P>
<P align=left><FONT face=sans-serif size=2>I-52 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_53></A>
<P align=left><B><FONT face=sans-serif>Fund Information</FONT></B><BR></P>
<P align=left><B><FONT face=sans-serif size=2>Putnam Investments.
</FONT></B><FONT face=sans-serif size=2>Putnam Investment Management, LLC, your
fund'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 face=sans-serif size=2>The address of each of Putnam
Investments Trust, Putnam Investments and Putnam Investment&nbsp;</FONT><FONT
face=sans-serif size=2>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 face=sans-serif size=2>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 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, 2003 and March 26, 2004, Mr. Haldeman sold to Putnam Investments Trust
1,629 shares and 1,524 shares, respectively, of Class B Common Stock with
respective prices of $39.57 and $33.62 per share for personal tax-planning
purposes. The terms of the Plan provide generally that if Mr. Haldeman&#146;s
employment with Putnam terminates, Putnam Investments Trust may at its
discretion repurchase his vested shares of Class B Common Stock at their
then-current value. On September 29, 2005, Mr. Haldeman participated in the
Putnam Option Exchange Program in which holders of eligible options to purchase
Putnam Class B shares were permitted to elect to exchange their options for
restricted shares of Putnam Class B stock with a value equal to the value of the
exchanged options. Mr. Haldeman was granted 14,226 shares of Putnam Class B
restricted stock in exchange for 99,200 options to Purchase Putnam Class B
shares. On March 15, 2006, Putnam Investments Trust granted Mr. Haldeman 111,693
shares of Putnam Class B restricted stock for his performance in the 2005
performance year plan. 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
510,638 shares of Putnam Class B restricted common stock and 315,126 of
Non-Qualified Options as a Special Grant as a result of his employment contract
with MMC. 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=sans-serif size=2>Putnam Investments Limited.
</FONT></B><FONT face=sans-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=sans-serif size=2>The address of Putnam Investments
Limited is Cassini House, 57-59 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=sans-serif size=2>Other service providers.
</FONT></B><FONT face=sans-serif size=2>Putnam Retail Management Limited
Partnership, the fund&#146;s principal underwriter, and Putnam Fiduciary Trust
Company, the fund's investor servicing agent and custodian, are both
subsidiaries of Putnam Investments. Their address is One Post Office Square,
Boston, Massachusetts 02109. </FONT></P>
<P align=left><FONT face=sans-serif size=2>I-53</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_54></A>
<P align=left><FONT face=sans-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="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><B><FONT
      face=sans-serif size=2
     >Fund/Fiscal Year-End</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><STRONG><FONT
      face=Arial size=2>Fee</FONT></STRONG>&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=sans-serif
      size=2>Putnam High Income Securities
      Fund (August 31, 2005)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><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="83%"><FONT face=sans-serif
      size=2>Putnam Investment Grade
      Municipal Trust (November 30, 2005)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>244,775</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
       &nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=sans-serif
      size=2>Putnam Managed Municipal Income
      Trust (October 31, 2005)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>340,093</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=sans-serif
      size=2>Putnam Master Intermediate
      Income Trust (September 30, 2005)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>680,125</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=sans-serif
      size=2>Putnam Premier Income Trust
      (July 31, 2005)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><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=sans-serif size=2>Litigation. </FONT></B><FONT
face=sans-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=sans-serif size=2>Limitation of Trustee
liability.</FONT></B><FONT face=sans-serif size=2> 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 indemnification 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=sans-serif size=2>Independent Registered Public
Accounting Firm. </FONT></B><FONT face=sans-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=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="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><B><U><FONT
      face=sans-serif size=2
     >Fiscal year ended</FONT></U></B>&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><U><FONT
      face=sans-serif size=2
     >Audit Fees</FONT></U></B>&nbsp; </TD>
    <TD noWrap align=left width="26%"><B><U><FONT
      face=sans-serif size=2
     >Audit-Related Fees</FONT></U></B>&nbsp; </TD>
    <TD noWrap align=left width="15%"><B><U><FONT
      face=sans-serif size=2
     >Tax Fees</FONT></U></B>&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><U><FONT
      face=sans-serif size=2
     >All Other Fees</FONT></U></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" colSpan=2><B><FONT
      face=sans-serif size=2
     >Putnam High Income Securities Fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" colSpan=2><FONT
      face=sans-serif size=2
     >(PricewaterhouseCoopers LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>August 31, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>$70,572</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><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="18%"><FONT face=sans-serif
      size=2>$13</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>August 31, 2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>$61,486</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><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="18%"><FONT face=sans-serif
      size=2>$23</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%" colSpan=3><B><FONT
      face=sans-serif size=2
     >Putnam Investment Grade Municipal Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>(KPMG LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>November 30, 2005</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>$34,892</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>$21,933</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>$4,192</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>$-</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>November 30, 2004</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>$34,850</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><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="18%"><FONT face=sans-serif
      size=2>$40</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%" colSpan=3><B><FONT
      face=sans-serif size=2
     >Putnam Managed Municipal Income Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>(KPMG LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>October 31, 2005</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>$34,892</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>$21,767</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>$4,192</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>$-</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>October 31, 2004</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>$34,850</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><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="18%"><FONT face=sans-serif
      size=2>$68</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>I-54 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_55></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="66%" colSpan=3><B><FONT
      face=sans-serif size=2
     >Putnam Master Intermediate Income Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%"><FONT face=sans-serif
      size=2>(KPMG LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%"><FONT face=sans-serif
      size=2>September 30, 2005</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>$42,292</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>$4,192</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>$-</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%"><FONT face=sans-serif
      size=2>September 30, 2004</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>$43,250</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>$4,150</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>$126</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" colSpan=2><B><FONT
      face=sans-serif size=2
     >Putnam Premier Income Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%"><FONT face=sans-serif
      size=2>(KPMG LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%"><FONT face=sans-serif
      size=2>July 31, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>$42,192</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$18,000*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>$4,192</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>$-</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%"><FONT face=sans-serif
      size=2>July 31, 2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>$40,150</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>$-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>$4,150</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>$176</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>* 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><FONT face=sans-serif></FONT></P>
<P align=left><FONT face=sans-serif size=2>Audit Fees represents fees billed for
the fund&#146;s last two fiscal years. </FONT><FONT face=sans-serif></FONT></P>
<P align=left><FONT face=sans-serif size=2>Audit-Related Fees 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><FONT face=sans-serif> </FONT></P>
<P align=left><FONT face=sans-serif size=2>Tax Fees 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><FONT face=sans-serif></FONT></P>
<P align=left><FONT face=sans-serif size=2>All Other Fees represents fees billed
for services relating to an analysis of recordkeeping fees, fund expense
processing and interfund trading.</FONT><FONT face=sans-serif> </FONT></P>
<P align=left><FONT face=sans-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="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
   ><B><FONT face=sans-serif size=2
     >Putnam High Income
      Securities Fund</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"
   ><FONT face=sans-serif size=2
     >August 31, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="49%" colSpan=2
   ><FONT face=sans-serif size=2
     >$202,266</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"
   ><FONT face=sans-serif size=2
     >August 31, 2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="49%" colSpan=2
   ><FONT face=sans-serif size=2
     >$139,982</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
   ><B><FONT face=sans-serif size=2
     >Putnam Investment Grade
      Municipal Trust</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"
   ><FONT face=sans-serif size=2
     >November 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >$26,125</FONT>&nbsp; </TD>
    <TD noWrap align=left width="38%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"
   ><FONT face=sans-serif size=2
     >November 30, 2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >$24,390</FONT>&nbsp; </TD>
    <TD noWrap align=left width="38%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
   ><B><FONT face=sans-serif size=2
     >Putnam Managed Municipal
      Income Trust</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"
   ><FONT face=sans-serif size=2
     >October 31, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="49%" colSpan=2
   ><FONT face=sans-serif size=2
     >$25,959</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"
   ><FONT face=sans-serif size=2
     >October 31, 2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="49%" colSpan=2
   ><FONT face=sans-serif size=2
     >$23,718</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
   ><B><FONT face=sans-serif size=2
     >Putnam Master Intermediate
      Income Trust</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"
   ><FONT face=sans-serif size=2
     >September 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="49%" colSpan=2
   ><FONT face=sans-serif size=2
     >$4,192</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"
   ><FONT face=sans-serif size=2
     >September 30, 2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="49%" colSpan=2
   ><FONT face=sans-serif size=2
     >$4,276</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3
   ><B><FONT face=sans-serif size=2
     >Putnam Premier Income
      Trust</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"
   ><FONT face=sans-serif size=2
     >July 31, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="49%" colSpan=2
   ><FONT face=sans-serif size=2
     >$22,192</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"
   ><FONT face=sans-serif size=2
     >July 31, 2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="49%" colSpan=2
   ><FONT face=sans-serif size=2
     >$4,326</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>I-55 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_56"></A>

<P align="left">
<B><I><FONT size=2 face="sans-serif">Pre-Approval Policies of the Audit and Compliance Committee</FONT></I></B><I><FONT size=2 face="sans-serif">. </FONT></I><FONT size=2 face="sans-serif">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 size=2 face="sans-serif">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 size=2 face="sans-serif">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 size=2 face="sans-serif">The Audit and Compliance Committee of your fund has submitted the following report: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">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'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">
<FONT size=2 face="sans-serif">Robert E. Patterson (Chairperson)</FONT><BR>
<FONT size=2 face="sans-serif">John A. Hill </FONT><BR>
<FONT size=2 face="sans-serif">W. Thomas Stephens</FONT><BR>
</P>
<P align="left">
<FONT size=2 face="sans-serif">I-56</FONT></P>

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

<!--$$/page=--><A name=page_57></A>
<P align=left><B><FONT face=sans-serif size=2>Officers and other
information.</FONT></B><FONT face=sans-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="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="39%">&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=2>Year first</FONT>&nbsp; </TD>
    <TD noWrap align=left width="48%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%">&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=2>elected to</FONT>&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Business experience</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Name (birthyear),
      Age</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=2>office</FONT>&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>during past 5 years</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Office with the
      fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="48%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Charles E. Porter (Born
      1938)*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=2>1989</FONT>&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Executive Vice President,
      Associate Treasurer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Executive Vice
      President,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>and Principal Executive Officer,
      The Putnam</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Associate Treasurer and
      Principal</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Funds</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Executive Officer</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="48%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Jonathan S. Horwitz (Born
      1955)*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=2>2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Senior Vice President and
      Treasurer, The Putnam</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Senior Vice President and
      Treasurer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Funds. Prior to 2004, Managing
      Director, Putnam</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Investments</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Steven D. Krichmar (Born
      1958)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=2>2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Senior Managing Director, Putnam
      Investments.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" colSpan=2><FONT
      face=sans-serif size=2>Vice President
      and Principal Financial Officer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Prior to 2001, Mr. Krichmar was
      a Partner at</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>PricewaterhouseCoopers,
      LLP</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Michael T. Healy (Born
      1958)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=2>2000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Managing Director, Putnam
      Investments</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Assistant Treasurer
      and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="48%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Principal Accounting
      Officer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="48%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Beth Mazor (Born
      1958)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=2>2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Managing Director, Putnam
      Investments</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Vice President</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="48%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Daniel T. Gallagher (Born
      1962)*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=2>2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Senior Vice President, Staff
      Counsel and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Senior Vice President, Staff
      Counsel</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Compliance Liaison, The Putnam
      Funds.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>and Compliance
      Liaison</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Prior to 2004, Mr. Gallagher
      was</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>an Associate at Ropes &amp; Gray
      LLP</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Mark C. Trenchard (Born
      1962)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=2>2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Managing Director, Putnam
      Investments</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Vice President and</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="48%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>BSA Compliance
      officer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="48%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Francis J. McNamara, III (Born
      1955)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=2>2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Senior Managing Director, Putnam
      Investments,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Vice President and Chief Legal
      Officer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Putnam Management and Putnam
      Retail</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Management. Prior to 2004, Mr.
      McNamara was</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>General Counsel of State Street
      Research &amp;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Management.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Charles A. Ruys de Perez (Born
      1957)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=2>2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Managing Director, Putnam
      Investments</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" colSpan=2><FONT
      face=sans-serif size=2>Vice President
      and Chief Compliance Officer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="48%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>James P. Pappas (Born
      1953)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=2>2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>Managing Director, Putnam
      Investments</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=2>Vice President</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="48%"><FONT face=sans-serif
      size=2>and Putnam Management. During
      2002, Mr.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>I-57</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_58></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Pappas was Chief Operating
      Officer of</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Atalanta/Sosnoff Management
      Corporation.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Prior to 2001 he was President
      and Chief</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Executive Officer of UAM
      Investment Services,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Inc.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </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="7%"><FONT face=sans-serif
      size=2>2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Senior 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="7%">&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Investments, Putnam Management
      and Putnam</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Retail Management. 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="7%">&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>was Senior Vice President
      of</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>United Asset Management
      Corporation.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Judith Cohen (Born
      1945)*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=2>1993</FONT>&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Vice President, Clerk and
      Assistant Treasurer,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Vice President, Clerk and
      Assistant Treasurer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>The Putnam Funds</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Wanda M. McManus (Born
      1947)*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=2>1993</FONT>&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Vice President, Senior Associate
      Treasurer and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Vice President, Senior Associate
      Treasurer and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Assistant Clerk, The Putnam
      Funds.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Assistant Clerk</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="46%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Nancy E. Florek (Born
      1957)*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=2>2000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Vice President, Assistant Clerk,
      Assistant</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%" colSpan=2><FONT
      face=sans-serif size=2>Vice President,
      Assistant Clerk, Assistant Treasurer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Treasurer and Proxy Manager, The
      Putnam</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>and Proxy Manager, The Putnam
      Funds.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Funds</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>* Officers of each fund who are
members of the Trustees&#146; independent administrative staff.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Compensation for these individuals is
fixed by the Trustees and reimbursed to Putnam Management. </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=sans-serif
      size=2>N</FONT><B><FONT face=sans-serif
      size=2>et assets of your
      fund as of February 28, 2006</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="38%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=sans-serif
      size=2>Putnam High Income Securities
      Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="38%"><FONT face=sans-serif
      size=2>$193,806,039.40</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=sans-serif
      size=2>Putnam Investment Grade
      Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="38%"><FONT face=sans-serif
      size=2>230,143,057.62</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=2>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=sans-serif
      size=2>Putnam Managed Municipal Income
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="38%"><FONT face=sans-serif
      size=2>383,298,870.43</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=2>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=sans-serif
      size=2>Putnam Master Intermediate
      Income Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="38%"><FONT face=sans-serif
      size=2>690,260,442.07</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=2>
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=sans-serif
      size=2>Putnam Premier Income
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="38%"><FONT face=sans-serif
      size=2>1,356,772,471.53</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=2>
      <HR noShade SIZE=1>
      </FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>I-58 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_59></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"
   ><B><FONT face=sans-serif size=2
     >Shares outstanding of your
      fund as of February 28, 2006</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
   ><FONT face=sans-serif size=2
     >
      <HR noShade SIZE=1>
       </FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"
   ><B><FONT face=sans-serif size=2
     >Common
      shares:</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"
   ><FONT face=sans-serif size=2
     >Putnam High Income Securities
      Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=2
     >22,207,463.146</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
   ><FONT face=sans-serif size=2
     >
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"
   ><FONT face=sans-serif size=2
     >Putnam Investment Grade Municipal
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=2
     >21,027,943.573</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
   >
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"
   ><FONT face=sans-serif size=2
     >Putnam Managed Municipal Income
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=2
     >46,216,623.699</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
   ><FONT face=sans-serif size=2
     >
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"
   ><FONT face=sans-serif size=2
     >Putnam Master Intermediate Income
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=2
     >98,120,459.805</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
   ><FONT face=sans-serif size=2
     >
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%"
   ><FONT face=sans-serif size=2
     >Putnam Premier Income
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=2
     >191,170,014.831</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
   ><FONT face=sans-serif size=2
     >
      <HR noShade SIZE=1>
      </FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"
   ><B><FONT face=sans-serif size=2
     >Preferred
      shares:</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="54%" colSpan=3
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"
   ><FONT face=sans-serif size=2
     >Putnam Managed Municipal Income
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >550 (Class A)</FONT></TD>
    <TD noWrap align=left width="13%" background=""
   ><FONT face=Arial size=2>550
      (Class B)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%" background=""
   ><FONT face=Arial size=2>650
      (Class C)</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=4
   ><FONT face=sans-serif size=2
     >
      <HR noShade SIZE=1>
      </FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=4
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"
   ><FONT face=sans-serif size=2
     >Putnam Investment Grade Municipal
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="54%" colSpan=3
   ><FONT face=sans-serif size=2
     >1,400 (Class A)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=4
   ><FONT face=sans-serif size=2
     >
      <HR noShade SIZE=1>
      </FONT></TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>5% beneficial ownership:
</FONT></B></P>
<P align=left><FONT face=sans-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="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><B><FONT
      face=sans-serif size=2
     >Putnam High Income Securities Fund</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Cede &amp; Company*</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=2>20,897,676 common shares (93.90%
      of outstanding common shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>20 Bowling Green</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="67%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>New York, NY
      10004-1408</FONT>&nbsp; </TD>
    <TD noWrap align=left width="67%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=2>First Trust
      Portfolios/First Trust Advisors</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>1001 Warrenville
      Road</FONT>&nbsp; </TD>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=2>1,189,605 common shares (5.3% of
      outstanding common shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Lisle, IIl 60532</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="67%">&nbsp; </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
     >Putnam Investment Grade Municipal Trust</FONT></B>&nbsp;
  </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Cede &amp; Company*</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=2>19,125,910 </FONT><FONT
      face=sans-serif>common </FONT><FONT face=sans-serif
      size=2>shares (90.80% of outstanding
      common shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>20 Bowling Green</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="67%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>New York, NY
      10004-1408</FONT>&nbsp; </TD>
    <TD noWrap align=left width="67%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Karpus Investment
      Management</FONT>&nbsp; </TD>
    <TD noWrap align=left width="67%"><FONT face=sans-serif
      size=2>1,815,260 common shares (8.6% of
      outstanding common shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>183 Sully&#146;s Trail</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="67%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Pittsford, NY 14534</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="67%">&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>I-59 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_60></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
   ><B><FONT face=sans-serif size=2
     >Putnam Managed Municipal
      Income Trust</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%"
   ><FONT face=sans-serif size=2
     >Cede &amp; Company*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="68%"
   ><FONT face=sans-serif size=2
     >41,319,265 common shares (89.20% of
      outstanding common shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%"
   ><FONT face=sans-serif size=2
     >20 Bowling Green</FONT>&nbsp; </TD>
    <TD noWrap align=left width="68%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%"
   ><FONT face=sans-serif size=2
     >New York, NY 10004-1408</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="68%"
   >&nbsp; </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
     >Putnam Master Intermediate
      Income Trust</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%"
   ><FONT face=sans-serif size=2
     >Cede &amp; Company*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="68%"
   ><FONT face=sans-serif size=2
     >93,494,394 </FONT><FONT face=sans-serif
     ><FONT size=2>common</FONT> </FONT><FONT
      face=sans-serif size=2>shares (95.10%
      of outstanding common shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%"
   ><FONT face=sans-serif size=2
     >20 Bowling Green</FONT>&nbsp; </TD>
    <TD noWrap align=left width="68%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%"
   ><FONT face=sans-serif size=2
     >New York, NY 10004-1408</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="68%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%"
   ><B><FONT face=sans-serif size=2
     >Putnam Premier Income
      Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="68%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%"
   ><FONT face=sans-serif size=2
     >Cede &amp; Company*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="68%"
   ><FONT face=sans-serif size=2
     >179,096,952 </FONT><FONT
      face=sans-serif><FONT size=2>common</FONT>
      </FONT><FONT face=sans-serif size=2
     >shares (93.50% of outstanding common shares)</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%"
   ><FONT face=sans-serif size=2
     >20 Bowling Green</FONT>&nbsp; </TD>
    <TD noWrap align=left width="68%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%"
   ><FONT face=sans-serif size=2
     >New York, NY 10004-1408</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="68%"
   >&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif>* Believed to hold shares only as a nominee.
</FONT></P>
<P align=left><FONT face=sans-serif size=2>I-60 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_61></A>
<P align=left><B><FONT face=sans-serif size=2>EXHIBIT A </FONT></B></P>
<P align=left><B><FONT face=sans-serif>THE PUTNAM FUNDS </FONT></B><BR><B><FONT
face=sans-serif>AUDIT AND COMPLIANCE COMMITTEE CHARTER </FONT></B><BR></P>
<P align=left><U><FONT face=sans-serif>JANUARY 2006</FONT></U><FONT
face=sans-serif> </FONT></P>
<P align=left><B><FONT face=sans-serif size=2></FONT></B><U><FONT
face=sans-serif size=2>Purpose</FONT></U><FONT face=sans-serif size=2>.
</FONT><B><FONT face=sans-serif size=2>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></B></P>
<P align=left><B><FONT face=sans-serif size=2>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></B><B><SUP><FONT face=sans-serif
size=2>1 </FONT></SUP></B><B><FONT face=sans-serif size=2>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></B></P>
<P align=left><B><FONT face=sans-serif size=2></FONT></B><U><FONT
face=sans-serif size=2>Composition</FONT></U><FONT face=sans-serif size=2>.
</FONT><B><FONT face=sans-serif size=2>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 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></B></P>
<P align=left><B><FONT face=sans-serif size=2></FONT></B><U><FONT
face=sans-serif size=2>Assistance</FONT></U><FONT face=sans-serif size=2>.
</FONT><B><FONT face=sans-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></B></P>
<P align=left><B><FONT face=sans-serif size=2></FONT></B><U><FONT
face=sans-serif size=2>Funding</FONT></U><FONT face=sans-serif size=2>.
</FONT><B><FONT face=sans-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></B></P>
<P align=left><U><FONT face=sans-serif size=2>Specific Duties of
Committee</FONT></U><FONT face=sans-serif size=2>. </FONT><B><FONT
face=sans-serif size=2>The duties of the Committee include: </FONT></B></P>
<P align=left><SUP><FONT face=sans-serif size=2>1</FONT></SUP><FONT
face=sans-serif size=2> 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 face=sans-serif size=2>I-61 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_62></A>
<P align=left><FONT face=sans-serif size=2>* </FONT><B><FONT face=sans-serif
size=2>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></B></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><B><FONT face=sans-serif
size=2>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></B></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><B><FONT face=sans-serif
size=2>Reviewing the arrangements for and scope of the annual audit and any
special audits; </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><B><FONT face=sans-serif
size=2>Conducting meetings at least quarterly; </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><B><FONT face=sans-serif
size=2>Evaluating Committee performance at least annually; </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><B><FONT face=sans-serif
size=2>For Funds whose shares are traded on an Exchange, discussing the annual
audited financial statements and semiannual or any other periodic financial
statements with Fund management and the independent auditors, including the
Funds&#146; disclosures under management&#146;s discussion of Fund performance;
</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><B><FONT face=sans-serif
size=2>Discussing with</FONT></B><FONT face=sans-serif size=2> </FONT><B><FONT
face=sans-serif size=2>management, guidelines and policies with respect to risk
assessment and risk management; </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><B><FONT face=sans-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></B></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><B><FONT face=sans-serif
size=2>Reviewing with the independent auditors any audit problems or
difficulties and management&#146;s response to such issues, and to resolve any
disagreements between management and the independent auditors; </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><B><FONT face=sans-serif
size=2>Setting clear hiring policies by the Funds for employees or former
employees of the independent auditors; </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><B><FONT face=sans-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></B></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><B><FONT face=sans-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 </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>I-62</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_63></A>
<P align=left><B><FONT face=sans-serif size=2>&#147;adjusted&#148; non-GAAP, information),
if any, as well as financial information and earnings guidance provided to
analysts and rating agencies; </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><B><FONT face=sans-serif
size=2>Reviewing scope and adequacy of audits; </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><B><FONT face=sans-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></B></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><B><FONT face=sans-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></B></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><B><FONT face=sans-serif
size=2>Reviewing matters relating to the Funds&#146; Code of Ethics and Putnam
Investments&#146; Code of Ethics; </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><B><FONT face=sans-serif
size=2>Reviewing compliance matters identified to the Committee; </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><B><FONT face=sans-serif
size=2>Reassessing annually the adequacy of this Charter and recommending any
proposed changes to the full Board of Trustees; and </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>* </FONT><B><FONT face=sans-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></B></P>
<P align=left><U><FONT face=sans-serif size=2>Role and Responsibilities of the
Committee</FONT></U><FONT face=sans-serif size=2>. </FONT><B><FONT
face=sans-serif size=2>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></B></P>
<P align=left><B><FONT face=sans-serif size=2>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></B></P>
<P align=left><B><FONT face=sans-serif size=2>In discharging their duties, the
members of the Committee are entitled to rely on information, opinions, reports
or statements, including financial 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></B></P>
<P align=left><FONT face=sans-serif size=2>I-63 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_64></A>
<P align=left><B><FONT face=sans-serif size=2>EXHIBIT B</FONT></B><BR></P>
<P align=left><B><FONT face=sans-serif size=4>Litigation</FONT></B><BR></P>
<P align=left><B><FONT face=sans-serif size=2>1. </FONT></B><FONT
face=sans-serif size=2>The plaintiffs named below allege that the defendants
engaged in, permitted, and/or failed to prevent market timing and short-term
trading in the Putnam Funds. Plaintiffs generally claim violations of &#167; 36 of
the Investment Company Act of 1940, &#167; 206 of the Investment Advisers Act, &#167;
10(b) of the Exchange Act and Rule 10b-5, &#167; 20(a) of the Exchange Act, breach of
fiduciary duty, aiding and abetting breach of fiduciary duty, and civil
conspiracy. The plaintiffs generally seek injunctive relief including removal of
the current Trustees and fund managers, disgorgement of profits, monetary
damages, punitive damages, and attorney&#146;s fees and costs. </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><B><FONT
      face=sans-serif size=2
     >Case Name</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=2
     >Defendants</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="22%"><B><FONT
      face=sans-serif size=2
     >Court</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >Date Instituted</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >Joanne S. Baseman</FONT></I>&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="22%"><FONT face=sans-serif
      size=2>United States
      District</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>Dec. 16, 2003</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>(derivatively on behalf
      of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Omid Kamshad</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>Court for the
      District</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Putnam International
      Equity</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Justin Scott</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>of Maryland</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Fund and the Putnam
      Funds)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>William Woolverton</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >v. Putnam Investment</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Trustees</FONT><SUP><FONT
      face=sans-serif size=2
     >3</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >Management, Inc., et al.</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Funds</FONT><SUP><FONT
      face=sans-serif size=2>4
      </FONT></SUP><FONT face=sans-serif size=2
     >(nominal)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >John K. Clement </FONT></I><FONT face=sans-serif size=2
     >(derivatively</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Management</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>United States
      District</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>Nov. 26, 2003</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>on behalf of
      several</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Omid Kamshad</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>Court for the
      District</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>individual funds and
      the</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Justin Scott</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>of Maryland</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Putnam Funds) </FONT><I><FONT
      face=sans-serif size=2
     >v. Putnam</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>William Woolverton</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >Investment Management Inc.,</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Trustees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >et al.</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Funds
      (nominal)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >Simon J. Denenberg</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Management</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>United States
      District</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>Jan. 30, 2004</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>(derivatively on behalf of
      the</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Omid Kamshad</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>Court for the
      District</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Putnam US
      Government</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Justin Scott</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>of Maryland</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Income Fund and the
      Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>William Woolverton</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Funds) </FONT><I><FONT
      face=sans-serif size=2
     >v. Putnam Investment</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Trustees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >Management, Inc., et al.</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Funds
      (nominal)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >Diane Hutto and Dina</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Management</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>United States
      District</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>Nov. 12, 2003</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >Rozenbaum </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 Trustees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>Court for the
      District</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>behalf of several
      individual</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Justin M. Scott</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>of Maryland</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>funds and the Putnam
      Funds)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Omid Kamshad</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >v. Putnam, LLC, et. al.</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Certain officers of the
      Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Funds and Putnam</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=sans-serif size=2>2</FONT></SUP><FONT
face=sans-serif size=2> &#147;Putnam Management&#148; includes Putnam Investments Trust,
Putnam Investment Management, Putnam Investment Management, LLC, Putnam, LLC,
and/or Marsh &amp; McLennan. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=2>3</FONT></SUP><FONT
face=sans-serif size=2> The 13 Putnam Trustees include current Trustees Jameson
Adkins Baxter, Charles B. Curtis, John A. Hill, Ronald J. Jackson, Paul L.
Joskow, Elizabeth T. Kennan, John H. Mullin, III, Robert E. Patterson, George
Putnam, III, A.J. Smith, W. Thomas Stephens, and W. Nicholas Thorndike and
former Trustee Lawrence J. Lasser. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=2>4</FONT></SUP><FONT
face=sans-serif size=2> &#147;Putnam Funds&#148; includes Putnam Investment Funds and/or
individual Putnam mutual funds. </FONT></P>
<P align=left><FONT face=sans-serif size=2>I-64</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_65></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><B><FONT
      face=sans-serif size=2
     >Case Name</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT
      face=sans-serif size=2
     >Defendants</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="22%"><B><FONT
      face=sans-serif size=2
     >Court</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >Date Instituted</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Management</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>John Does 1-100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Funds
      (nominal)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >Seth B. Marks </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 Management</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>United States
      District</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>Dec. 3, 2003</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>behalf of several
      individual</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Trustees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>Court for the
      District</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>funds and the Putnam
      Funds)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Justin M. Scott</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>of Maryland</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >v. Putnam, LLC, et. al.</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Omid Kamshad</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Certain officers of the
      Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Funds and Putnam</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Management</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>John Does 1-100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Funds
      (nominal)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >Cynthia Puleo </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 Management</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>United States
      District</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>Dec. 16, 2003</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>behalf of several
      individual</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Trustees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>Court for the
      District</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>funds and the Putnam
      Funds)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Justin M. Scott</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>of Maryland</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >v. Putnam, LLC, et al.</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Omid Kamshad</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Certain officers of the
      Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Funds and Putnam</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Management</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>John Does 1-100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Funds
      (nominal)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >Edward L. Segel </FONT></I><FONT face=sans-serif size=2
     >(derivative</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Management</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>United States
      District</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>Jan. 23, 2004</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>on behalf of individual
      fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Trustees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>Court for the
      District</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>and the Putnam Funds)
      </FONT><I><FONT face=sans-serif size=2
     >v.</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Omid Kamshad</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>of Maryland</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >Putnam, LLC, et al.</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Justin Scott</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>William Woolverton</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Funds
      (nominal)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >Zachary Alan Starr</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Management</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>United States
      District</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>Nov. 6, 2003</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>(derivative on behalf
      of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Trustees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>Court for the
      District</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Putnam International
      Equity</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Omid Kamshad</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>of Maryland</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Fund and the Putnam
      Funds)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Justin M. Scott</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >v. Putnam Investment</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=sans-serif
      size=2>Putnam Funds
      (nominal)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >Management, et al.</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="32%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>I-65</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_66></A>
<P align=left><B><FONT face=sans-serif size=2>2. </FONT></B><FONT
face=sans-serif size=2>The plaintiffs named below allege that the defendants
failed to properly disclose that select customers were allowed to engage in late
trading or time their mutual fund trades. The plaintiffs generally claim of
breach of fiduciary duty, abuse of control, gross mismanagement, waste of
corporate assets, unjust enrichment. The plaintiffs seek damages, equitable
and/or injunctive relief, restitution, and attorney&#146;s fees and
costs.</FONT><FONT face=sans-serif size=2> </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><B><FONT
      face=sans-serif size=2
     >Case Name</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="33%"><B><FONT
      face=sans-serif size=2
     >Defendants</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="27%"><B><FONT
      face=sans-serif size=2
     >Court</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="17%"><B><FONT
      face=sans-serif size=2
     >Date Instituted</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><I><FONT
      face=sans-serif size=2
     >Leon Brazin</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Putnam Trustees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>United States
      District</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>March 15, 2004</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>(derivatively on
      behalf</FONT>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Putnam Management</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Court for District
      of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>of Putnam Vista</FONT>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Putnam Vista Fund
      (nominal)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Maryland</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>Fund) </FONT><I><FONT
      face=sans-serif size=2
     >v. John A. Hill,</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Certain officers of the
      Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><I><FONT
      face=sans-serif size=2
     >et al.</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Funds and Putnam</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Management</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><I><FONT
      face=sans-serif size=2
     >Peter Kavaler</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Putnam Trustees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>United States
      District</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>March 15, 2004</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>(derivatively on
      behalf</FONT>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Putnam Management</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Court for District
      of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>of Putnam Income</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Putnam Income Fund</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Maryland</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>Fund) </FONT><I><FONT
      face=sans-serif size=2
     >v. John A. Hill,</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>(nominal)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><I><FONT
      face=sans-serif size=2
     >et al.</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Certain officers of the
      Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Funds and Putnam</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Management</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
      &nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><I><FONT
      face=sans-serif size=2
     >Todd Klein</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Putnam Trustees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>United States
      District</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>Jan. 27, 2004</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>(derivatively on
      behalf</FONT>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Putnam Management</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Court for the District
      of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>of Putnam Global</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Putnam Global Equity
      Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Maryland</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>Equity Fund) </FONT><I><FONT
      face=sans-serif size=2
     >v. Hill,</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>(nominal)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><I><FONT
      face=sans-serif size=2
     >et al.</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Certain officers of the
      Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Funds and Putnam</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Management</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
      &nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><I><FONT
      face=sans-serif size=2
     >Steven Wiegand</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Putnam Trustees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>United States
      District</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>Jan. 27, 2004</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>(derivatively on
      behalf</FONT>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Putnam Management</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Court for the District
      of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>of Putnam Classic</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Putnam Classic Equity
      Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Maryland</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=sans-serif
      size=2>Equity Fund) </FONT><I><FONT
      face=sans-serif size=2
     >v. Hill</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>(nominal)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><I><FONT
      face=sans-serif size=2
     >et al.</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Certain officers of the
      Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Funds and Putnam</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Management</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=4
     ><HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>All of the cases named above were
transferred to the U.S. District Court for the District of Maryland (&#147;Maryland
Court&#148;) and consolidated for pretrial proceedings with similar actions in the
market timing multi-district litigation, </FONT><I><FONT face=sans-serif
size=2>In re: Mutual Funds Investment Litigation</FONT></I><FONT face=sans-serif
size=2>, 04-15863. All derivative cases pending against the Putnam-related
defendants were consolidated under the lead case, </FONT><I><FONT
face=sans-serif size=2>Zuber v. Putnam Investment Management LLC et
al.</FONT></I><FONT face=sans-serif size=2>, 04-00564. On March 1, 2006, the
Maryland Court dismissed all claims except the claim asserted under Section
36(b) of the Investment Company Act and the related claim under Section 48(a) of
the Investment Company Act pending in </FONT><I><FONT face=sans-serif
size=2>Zuber</FONT></I><FONT face=sans-serif size=2> </FONT><I><FONT
face=sans-serif size=2>v. Putnam Investment Management LLC et
al.</FONT></I><FONT face=sans-serif size=2> </FONT></P>
<P align=left><FONT face=sans-serif size=2>I-66</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_67></A>
<P align=left><B><FONT face=sans-serif size=2>3. </FONT></B><FONT
face=sans-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="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><B><FONT
      face=sans-serif size=2
     >Case Name</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="29%"><B><FONT
      face=sans-serif size=2
     >Defendants</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="25%"><B><FONT
      face=sans-serif size=2
     >Court</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT
      face=sans-serif size=2
     >Date Instituted</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >Stern </FONT></I><FONT face=sans-serif size=2
     >(derivative on behalf of</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Putnam Funds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>Supreme Court of</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>December 17,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Marsh &amp; McLennan)
      </FONT><I><FONT face=sans-serif size=2
     >v.</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Putnam Management</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>the State of New</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>2003</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><I><FONT
      face=sans-serif size=2
     >Greenberg, et. al</FONT></I><FONT face=sans-serif size=2
     >,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Jeffrey Greenberg</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>York</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Mathis
      Cabaillavetta</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Marsh Directors</FONT><SUP><FONT
      face=sans-serif size=2
     >5</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=2>Lawrence Lasser</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=sans-serif size=2>5</FONT></SUP><FONT
face=sans-serif size=2> The Directors of Marsh &amp; McLennan 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. Smith.</FONT><FONT face=sans-serif size=2> </FONT></P>
<P align=left><FONT face=sans-serif size=2>I-67</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_68"></A>

<P align="left">
<B><FONT face="sans-serif">P U T N A M INVESTMENTS</FONT></B><BR>
</P>
<P align="left">
<B><FONT size=2 face="sans-serif">The Putnam Funds </FONT></B><BR>
<FONT size=2 face="sans-serif">One Post Office Square </FONT><BR>
<FONT size=2 face="sans-serif">Boston, Massachusetts 02109</FONT><BR>
<FONT size=2 face="sans-serif">Toll-free 1-800-225-1581</FONT><BR>
</P>
<P align="left">
<FONT size=2 face="sans-serif">233942 6/06</FONT><BR>
</P>
<P align="left">
<FONT size=2 face="sans-serif">I-68</FONT></P>

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









<A name=page_1></A>
<P align=left><IMG src="ballotsx1x1.jpg" border=0></P><BR>
<P align=left><B><FONT face=sans-serif>The proxy ballot</FONT></B><B><FONT
face=sans-serif size=1></FONT></B></P>
<P align=left><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><B><FONT
face=sans-serif size=1></FONT></B><FONT face=sans-serif size=1><BR>Check the
appropriate boxes<BR></FONT><FONT face=sans-serif size=1>on the reverse
side.</FONT> <BR><FONT face=sans-serif size=1><BR>Sign and date the proxy
ballot.</FONT> <BR><FONT face=sans-serif size=1>Return the proxy ballot in
the<BR></FONT><FONT face=sans-serif size=1>envelope provided.</FONT><FONT
face=sans-serif size=1></FONT> <BR></P>
<P align=left><B><FONT face=sans-serif size=1>To vote by telephone</FONT></B>
<BR><FONT face=sans-serif size=1><BR>Read the proxy statement
and</FONT><BR><FONT face=sans-serif size=1>have the proxy ballot at hand.</FONT>
<BR><FONT face=sans-serif size=1><BR>Call 1-866-241-6192.</FONT> <BR><FONT
face=sans-serif size=1>Follow the automated<BR></FONT><FONT face=sans-serif
size=1>telephone directions.</FONT> <BR><FONT face=sans-serif size=1><BR>There
is no need for you to<BR></FONT><FONT face=sans-serif size=1>return your proxy
ballot.</FONT><FONT face=sans-serif size=1></FONT> <BR></P>
<P align=left><B><FONT face=sans-serif size=1>To vote on the web</FONT></B>
<BR><FONT face=sans-serif size=1>Read the proxy statement and have the</FONT>
<BR><FONT face=sans-serif size=1>proxy ballot at hand.</FONT> <BR><FONT
face=sans-serif size=1><BR>Go to</FONT> <U><FONT face=sans-serif color=#0000ff
size=1><FONT color=#000000>https:/vote.proxy-direct.com.</FONT></FONT></U><FONT
face=sans-serif size=1></FONT> <BR><FONT face=sans-serif size=1><BR>Follow the
instructions on the site.</FONT> <BR><FONT face=sans-serif size=1><BR>There is
no need for you to return your</FONT> <BR><FONT face=sans-serif size=1>proxy
ballot.</FONT><B><FONT face=sans-serif size=1></FONT></B> <BR></P>
<P align=left><B><FONT face=sans-serif size=1>PUTNAM PREMIER INCOME
TRUST</FONT></B></P>
<P align=left><FONT face=sans-serif size=1><FONT face="Times New Roman"><FONT
size=2><FONT face=sans-serif size=2><FONT face="Times New Roman"><FONT
size=1><FONT face=sans-serif size=1><FONT face="Times New Roman"><FONT
face=sans-serif size=1><FONT face="Times New Roman">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. <B>Your vote is being solicited on behalf of
the Trustees.</B> When you complete and sign the proxy ballot, the Trustees will
vote exactly as you have indicated on the other side of this card. <B>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.</B> The Trustees are also
authorized to vote <SUP>at their discretion on any other matter that arises at
the meeting or any adjournment of the
meeting.</SUP></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR>
    <TD noWrap align=left width="14%" background=""
   ></TD>
    <TD noWrap align=left width="85%" background=""
   >
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="14%"
   >&nbsp;</TD>
    <TD noWrap align=left width="85%"
   ><B><FONT face=sans-serif size=1
     >999 9999 9999
      999</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="14%">&nbsp;</TD>
    <TD width="85%" background=""
BCLSPANVALID="1">
      <HR noShade SIZE=1>
      &nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="14%"
   >&nbsp;</TD>
    <TD noWrap align=left width="85%"
   ><B><FONT face=sans-serif size=1
     >Please be sure to sign and
      date here</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="14%">&nbsp;</TD>
    <TD width="85%" background=""
BCLSPANVALID="1">
      <HR noShade SIZE=1>
      &nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2
   >&nbsp;</TD></TR>
  <TR>
    <TD width="14%">&nbsp;</TD>
    <TD width="85%" background=""
BCLSPANVALID="1">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="14%"
   >&nbsp;</TD>
    <TD noWrap align=left width="85%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="14%"
   ><B><FONT face=sans-serif size=1

   >Signature(s)</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="85%"
   ><FONT face=sans-serif size=1
     >Sign your name exactly as it appears on this card.
      If you own shares jointly, each</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="14%"
   >&nbsp;</TD>
    <TD noWrap align=left width="85%"
   ><FONT face=sans-serif size=1
     >owner should sign. When signing as executor,
      administrator, attorney, trustee,</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="14%"
   >&nbsp;</TD>
    <TD noWrap align=left width="85%"
   ><FONT face=sans-serif size=1
     >guardian, or as custodian for a minor, please give
      your full title as such. If you are</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="14%"
   >&nbsp;</TD>
    <TD noWrap align=left width="85%"
   ><FONT face=sans-serif size=1
     >signing for a corporation, please sign the full
      corporate name and indicate the</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="14%"
   >&nbsp;</TD>
    <TD noWrap align=left width="85%"
   ><FONT face=sans-serif size=1
     >signer&#146;s office. If you are a partner, sign in the
      partnership name.</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="14%"
   ><B><FONT face=sans-serif size=1
     >Date</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="85%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="14%"
   >&nbsp;</TD>
    <TD noWrap align=left width="85%"
   ><B><FONT face=sans-serif size=1

   >PUT_16185A</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<A name=page_2></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=sans-serif
      size=1>Proposals</FONT>&nbsp;</TD>
    <TD noWrap align=left width="65%"><FONT face=sans-serif
      size=1>Please vote by filling in the
      appropriate boxes below.</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>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=2><FONT size=5><FONT size=3>&#9632;</FONT></FONT></P></FONT><FONT
size=4></FONT><FONT size=4>
<P></FONT></FONT><FONT face=sans-serif size=2><FONT size=3>&#9633;</FONT> To vote on
all Proposals,</FONT> <B><FONT face=sans-serif size=2>as the Trustees
recommend</FONT></B><FONT face=sans-serif size=2>, mark this box. (No other vote
is necessary.)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=1>THE TRUSTEES
      RECOMMEND A VOTE</FONT> <B><U><FONT face=sans-serif size=1
     >FOR</FONT></U></B>
      <FONT face=sans-serif size=1>ALL
      NOMINEES.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%">&nbsp;</TD>
    <TD noWrap align=left width="24%">&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="15%">&nbsp;</TD>
    <TD noWrap align=left width="7%">&nbsp;</TD>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap align=left width="4%">&nbsp;</TD>
    <TD noWrap align=left width="24%">&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>FOR</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>WITHHOLD</FONT>&nbsp;</TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>FOR ALL</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>1.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT
      face=sans-serif size=1>Proposal to
      elect all nominees:</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap align=left width="4%">&nbsp;</TD>
    <TD noWrap align=left width="24%">&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>ALL</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>ALL</FONT>&nbsp;</TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>EXCEPT</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>01</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>J.A. Baxter</FONT>&nbsp;</TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>02</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>C.B. Curtis</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=1>03</FONT>&nbsp;</TD>
    <TD noWrap align=left width="24%"><FONT face=sans-serif
      size=1>M.R. Drucker</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT size=3>
      <P>&#9633;</P></FONT></TD>
    <TD noWrap align=left width="11%"><FONT size=3>
      <P>&#9633;</P></FONT></TD>
    <TD noWrap align=left width="8%"><FONT size=3>
      <P>&#9633;</P></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>04</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>C.E. Haldeman,
    Jr.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>05</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>J.A. Hill</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=1>06</FONT>&nbsp;</TD>
    <TD noWrap align=left width="24%"><FONT face=sans-serif
      size=1>P.L. Joskow</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>07</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>E.T. Kennan</FONT>&nbsp;</TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>08</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>J.H. Mullin, III</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=1>09</FONT>&nbsp;</TD>
    <TD noWrap align=left width="24%"><FONT face=sans-serif
      size=1>R.E. Patterson</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>10</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>G. Putnam, III</FONT>&nbsp;</TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>11</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>W.T. Stephens</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=1>12</FONT>&nbsp;</TD>
    <TD noWrap align=left width="24%"><FONT face=sans-serif
      size=1>R.B. Worley</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" colSpan=6><FONT
      face=sans-serif size=1>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="10%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=1>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="24%">&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" colSpan=2><FONT
      face=sans-serif size=1>THE TRUSTEES
      RECOMMEND</FONT>&nbsp;</TD>
    <TD noWrap align=left width="23%" colSpan=2><FONT
      face=sans-serif size=1>A VOTE</FONT>
      <B><U><FONT face=sans-serif size=1
     >AGAINST</FONT></U></B> <FONT
      face=sans-serif size=1>PROPOSAL
      2.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%">&nbsp;</TD>
    <TD noWrap align=left width="24%">&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>FOR</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>AGAINST</FONT>&nbsp;</TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>ABSTAIN</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>2.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="66%" colSpan=5><FONT
      face=sans-serif size=1>Proposal to
      convert the fund to an open-end investment company.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%">
      <P>&#9633;&nbsp;</P></TD>
    <TD noWrap align=left width="11%">
      <P>&#9633;&nbsp;</P></TD>
    <TD noWrap align=left width="8%">
      <P>&#9633;&nbsp;</P></TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" colSpan=2><FONT
      face=sans-serif size=1>THE TRUSTEES
      RECOMMEND</FONT>&nbsp;</TD>
    <TD noWrap align=left width="23%" colSpan=2><FONT
      face=sans-serif size=1>A VOTE</FONT>
      <B><U><FONT face=sans-serif size=1
     >AGAINST</FONT></U></B> <FONT
      face=sans-serif size=1>PROPOSAL
      5.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%">&nbsp;</TD>
    <TD noWrap align=left width="24%">&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>5.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="66%" colSpan=5><FONT
      face=sans-serif size=1>Shareholder
      proposal to reduce the Board of Trustees by one-third.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%">
      <P>&#9633;&nbsp;</P></TD>
    <TD noWrap align=left width="11%">
      <P>&#9633;&nbsp;</P></TD>
    <TD noWrap align=left width="8%">
      <P>&#9633;&nbsp;</P></TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR>
    <TD noWrap align=left width="57%" background=""></TD>
    <TD noWrap align=left width="21%" background=""><FONT
      face=Arial size=1></FONT></TD>
    <TD noWrap align=left width="21%" background=""
 >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=sans-serif
      size=1>If you have any questions on the
      proposals, please call 1-800-225-1581</FONT>&nbsp;</TD>
    <TD noWrap align=left width="42%" colSpan=2><FONT
      face=sans-serif size=1>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=1>PUT_16185A</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>
<A name=page_3></A>
<P align=left><IMG src="ballotsx3x1.jpg" border=0></P><BR>
<P align=left><B><FONT face=sans-serif>The proxy ballot</FONT></B><B><FONT
face=sans-serif size=1></FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>To vote by mail</FONT></B>
<BR><FONT face=sans-serif size=1><BR>Read the proxy statement.</FONT>
<BR><B><FONT face=sans-serif size=1></FONT></B><FONT face=sans-serif
size=1><BR>Check the appropriate boxes</FONT><BR><FONT face=sans-serif size=1>on
the reverse side.</FONT> <BR><FONT face=sans-serif size=1><BR>Sign and date the
proxy ballot.</FONT> <BR><FONT face=sans-serif size=1><BR>Return the proxy
ballot in the</FONT><BR><FONT face=sans-serif size=1>envelope
provided.</FONT><FONT face=sans-serif size=1></FONT> <BR></P>
<P align=left><B><FONT face=sans-serif size=1>To vote by telephone</FONT></B>
<BR><FONT face=sans-serif size=1><BR>Read the proxy statement
and</FONT><BR><FONT face=sans-serif size=1>have the proxy ballot at hand.</FONT>
<BR><FONT face=sans-serif size=1><BR>Call 1-866-241-6192.</FONT> <BR><FONT
face=sans-serif size=1><BR>Follow the automated</FONT><BR><FONT face=sans-serif
size=1>telephone directions.</FONT> <BR><FONT face=sans-serif size=1><BR>There
is no need for you to</FONT><BR><FONT face=sans-serif size=1>return your proxy
ballot.</FONT><FONT face=sans-serif size=1></FONT> <BR></P>
<P align=left><B><FONT face=sans-serif size=1>To vote on the web</FONT></B>
<BR><FONT face=sans-serif size=1><BR>Read the proxy statement and have
the</FONT> <BR><FONT face=sans-serif size=1>proxy ballot at hand.</FONT>
<BR><FONT face=sans-serif size=1><BR>Go to</FONT> <U><FONT face=sans-serif
color=#0000ff size=1><FONT
color=#000000>https:/vote.proxy-direct.com</FONT></FONT></U><FONT
face=sans-serif size=1>.</FONT> <BR><FONT face=sans-serif size=1><BR>Follow the
instructions on the site.</FONT> <BR><FONT face=sans-serif size=1><BR>There is
no need for you to return your</FONT> <BR><FONT face=sans-serif size=1>proxy
ballot.</FONT><B><FONT face=sans-serif size=1></FONT></B> <BR></P>
<P align=left><B><FONT face=sans-serif size=1>PUTNAM MASTER INTERMEDIATE INCOME
TRUST</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>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=1>Your
vote is being solicited on behalf of the Trustees.</FONT></B> <FONT
face=sans-serif size=1>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=1>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=1>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>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR>
    <TD noWrap align=left width="79%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="20%" background=""></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><B><FONT
      face=sans-serif size=1>999
      9999 9999 999</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="20%">&nbsp;</TD></TR>
  <TR>
    <TD width="79%">
      <HR noShade SIZE=1>
      &nbsp;</TD>
    <TD width="20%" background="">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><B><FONT
      face=sans-serif size=1
     >Please be sure to sign and date
    here</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="20%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
      &nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
      &nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><B><FONT
      face=sans-serif size=1
     >Signature(s)</FONT></B>&nbsp;</TD>
    <TD noWrap align=right width="20%"><B><FONT
      face=sans-serif size=1
     >Date</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>Sign your name
      exactly as it appears on this card. If you own shares jointly,
    each</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>owner should
      sign. When signing as executor, administrator, attorney,
    trustee,</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>guardian, or as
      custodian for a minor, please give your full title as such. If you
      are</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>signing for a
      corporation, please sign the full corporate name and indicate
    the</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=sans-serif
      size=1>signer&#146;s office. If you are a
      partner, sign in the partnership name.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="20%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;</TD>
    <TD noWrap align=left width="20%"><B><FONT
      face=sans-serif size=1
     >PUT_16185B</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<A name=page_4></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><B><FONT
      face=sans-serif size=1
     >Proposals</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="65%"><B><FONT
      face=sans-serif size=1
     >Please vote by filling in the appropriate boxes
      below.</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>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=2><FONT size=6><FONT size=4>&#9632;</FONT></FONT></P></FONT></FONT><B><FONT
face=sans-serif size=1></FONT></B><FONT face=sans-serif size=2>
<P><FONT size=4><FONT size=3>&#9633;</FONT></FONT> To vote on all Proposals,</FONT>
<B><FONT face=sans-serif size=2>as the Trustees recommend</FONT></B><FONT
face=sans-serif size=2>, mark this box. (No other vote is necessary.)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="18%">&nbsp;</TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap align=left width="4%">&nbsp;</TD>
    <TD noWrap align=left width="24%">&nbsp;</TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>FOR</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>WITHHOLD</FONT>&nbsp;</TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>FOR ALL</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>1.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="23%" colSpan=2><FONT
      face=sans-serif size=1>Proposal to
      elect all nominees:</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap align=left width="4%">&nbsp;</TD>
    <TD noWrap align=left width="24%">&nbsp;</TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>ALL</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>ALL</FONT>&nbsp;</TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>EXCEPT</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>01</FONT>&nbsp;</TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>J.A. Baxter</FONT>&nbsp;</TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>02</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>C.B. Curtis</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=1>03</FONT>&nbsp;</TD>
    <TD noWrap align=left width="24%"><FONT face=sans-serif
      size=1>M.R. Drucker</FONT>&nbsp;</TD>
    <TD noWrap align=left width="9%">&#9633;&nbsp;</TD>
    <TD noWrap align=left width="11%">&#9633;&nbsp;</TD>
    <TD noWrap align=left width="8%">&#9633;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>04</FONT>&nbsp;</TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>C.E. Haldeman,
    Jr.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>05</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>J.A. Hill</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=1>06</FONT>&nbsp;</TD>
    <TD noWrap align=left width="24%"><FONT face=sans-serif
      size=1>P.L. Joskow</FONT>&nbsp;</TD>
    <TD noWrap align=left width="9%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>07</FONT>&nbsp;</TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>E.T. Kennan</FONT>&nbsp;</TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>08</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>J.H. Mullin, III</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=1>09</FONT>&nbsp;</TD>
    <TD noWrap align=left width="24%"><FONT face=sans-serif
      size=1>R.E. Patterson</FONT>&nbsp;</TD>
    <TD noWrap align=left width="9%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>10</FONT>&nbsp;</TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>G. Putnam, III</FONT>&nbsp;</TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>11</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>W.T. Stephens</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=1>12</FONT>&nbsp;</TD>
    <TD noWrap align=left width="24%"><FONT face=sans-serif
      size=1>R.B. Worley</FONT>&nbsp;</TD>
    <TD noWrap align=left width="9%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%" colSpan=6><FONT
      face=sans-serif size=1>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="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" colSpan=4><FONT
      face=sans-serif size=1>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="24%">&nbsp;</TD>
    <TD noWrap align=left width="9%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" colSpan=4><FONT
      face=sans-serif size=1>THE TRUSTEES
      RECOMMEND A VOTE</FONT> <B><U><FONT face=sans-serif size=1

     >AGAINST</FONT></U></B> <FONT face=sans-serif size=1
     >PROPOSAL 2.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%">&nbsp;</TD>
    <TD noWrap align=left width="24%">&nbsp;</TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>FOR</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>AGAINST</FONT>&nbsp;</TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>ABSTAIN</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>2.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="67%" colSpan=5><FONT
      face=sans-serif size=1>Proposal to
      convert the fund to an open-end investment company.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="9%">&#9633;&nbsp;</TD>
    <TD noWrap align=left width="11%">&#9633;&nbsp;</TD>
    <TD noWrap align=left width="8%"
BASEALIGN="left">&#9633;&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=sans-serif
      size=1>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=1>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=1
     >PUT_16185B</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="38%"
BASEALIGN="left">&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<A name=page_5></A><IMG src="ballotsx5x1.jpg"
border=0> <BR>
<P align=left><B><FONT face=sans-serif>The proxy ballot</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>To vote by mail</FONT></B>
<BR><FONT face=sans-serif size=1><BR>Read the proxy statement.</FONT> <BR><FONT
face=sans-serif size=1><BR>Check the appropriate boxes</FONT><BR><FONT
face=sans-serif size=1>on the reverse side.</FONT> <BR><FONT face=sans-serif
size=1><BR>Sign and date the proxy ballot.</FONT> <BR><FONT face=sans-serif
size=1><BR>Return the proxy ballot in the</FONT><BR><FONT face=sans-serif
size=1>envelope provided.</FONT><FONT face=sans-serif size=1></FONT> <BR></P>
<P align=left><B><FONT face=sans-serif size=1>To vote by telephone</FONT></B>
<BR><FONT face=sans-serif size=1><BR>Read the proxy statement
and</FONT><BR><FONT face=sans-serif size=1>have the proxy ballot at hand.</FONT>
<BR><FONT face=sans-serif size=1><BR>Call 1-866-241-6192.</FONT> <BR><FONT
face=sans-serif size=1>Follow the automated</FONT><BR><FONT face=sans-serif
size=1>telephone directions.</FONT> <BR><FONT face=sans-serif size=1><BR>There
is no need for you to</FONT><BR><FONT face=sans-serif size=1>return your proxy
ballot.</FONT><FONT face=sans-serif size=1></FONT> <BR></P>
<P align=left><B><FONT face=sans-serif size=1>To vote on the web</FONT></B>
<BR><FONT face=sans-serif size=1><BR>Read the proxy statement and have
the</FONT> <BR><FONT face=sans-serif size=1>proxy ballot at hand.</FONT>
<BR><FONT face=sans-serif size=1><BR>Go to</FONT> <U><FONT face=sans-serif
color=#0000ff size=1><FONT color=#000000>https:/vote.proxy-direct.com<FONT
face=sans-serif size=1>.</FONT><A href="#page_1"><A href="#page_1"><A
href="#page_1"></FONT><A href="#page_1"><A href="#page_1"><FONT face=sans-serif
size=1></A></FONT></FONT></U><FONT face=sans-serif size=1></FONT> <BR><FONT
face=sans-serif size=1><BR>Follow the instructions on the site.</FONT> <BR><FONT
face=sans-serif size=1><BR>There is no need for you to return your</FONT>
<BR><FONT face=sans-serif size=1>proxy ballot.</FONT><B><FONT face=sans-serif
size=1></FONT></B> <BR></P>
<P align=left><B><FONT face=sans-serif size=1>PUTNAM MANAGED MUNICIPAL INCOME
TRUST</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>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=1>Your
vote is being solicited on behalf of the Trustees.</FONT></B> <FONT
face=sans-serif size=1>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=1>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=1>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>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR>
    <TD noWrap align=left width="79%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="20%" background=""></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><B><FONT
      face=sans-serif size=1>999
      9999 9999 999</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="20%">&nbsp;</TD></TR>
  <TR>
    <TD width="79%">
      <HR noShade SIZE=1>
      &nbsp;</TD>
    <TD width="20%" background="">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><B><FONT
      face=sans-serif size=1
     >Please be sure to sign and date here</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="20%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
      &nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
      &nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><B><FONT
      face=sans-serif size=1
     >Signature(s)</FONT></B>&nbsp;</TD>
    <TD noWrap align=right width="20%"><B><FONT
      face=sans-serif size=1
     >Date</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>Sign your name
      exactly as it appears on this card. If you own shares jointly,
    each</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>owner should
      sign. When signing as executor, administrator, attorney,
    trustee,</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>guardian, or as
      custodian for a minor, please give your full title as such. If you
      are</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>signing for a
      corporation, please sign the full corporate name and indicate
    the</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=sans-serif
      size=1>signer&#146;s office. If you are a
      partner, sign in the partnership name.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="20%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;</TD>
    <TD noWrap align=left width="20%"><B><FONT
      face=sans-serif size=1
     >PUT_16185C</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<A name=page_6></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><B><FONT
      face=sans-serif size=1
     >Proposals</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="65%"><B><FONT
      face=sans-serif size=1
     >Please vote by filling in the appropriate boxes
      below.</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>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=2><FONT size=3>&#9632;</FONT></P></FONT></FONT>
<P align=left><B><FONT face=sans-serif size=1></FONT></B><FONT face=sans-serif
size=2><FONT face="Times New Roman" size=3>&#9633; </FONT>To vote on all
Proposals,</FONT> <B><FONT face=sans-serif size=2>as the Trustees
recommend</FONT></B><FONT face=sans-serif size=2>, mark this box. (No other vote
is necessary.)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" colSpan=4
   ><FONT face=sans-serif size=1
     >THE TRUSTEES RECOMMEND A VOTE</FONT>
      <B><U><FONT face=sans-serif size=1
     >FOR</FONT></U></B> <FONT face=sans-serif
      size=1>ALL NOMINEES.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"
   >&nbsp;</TD>
    <TD noWrap align=left width="20%"
   >&nbsp;</TD>
    <TD noWrap align=left width="15%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD>
    <TD noWrap align=left width="8%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   >&nbsp;</TD>
    <TD noWrap align=left width="17%"
   >&nbsp;</TD>
    <TD noWrap align=left width="5%"
   >&nbsp;</TD>
    <TD noWrap align=left width="15%"
   >&nbsp;</TD>
    <TD noWrap align=left width="4%"
   >&nbsp;</TD>
    <TD noWrap align=left width="20%"
   >&nbsp;</TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >FOR</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >WITHHOLD</FONT>&nbsp;</TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >FOR ALL</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=1
     >1.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="22%" colSpan=2
   ><FONT face=sans-serif size=1
     >Proposal to elect All
    Nominees:</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"
   >&nbsp;</TD>
    <TD noWrap align=left width="4%"
   >&nbsp;</TD>
    <TD noWrap align=left width="20%"
   >&nbsp;</TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >ALL</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >ALL</FONT>&nbsp;</TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >EXCEPT</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=1
     >01</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >J.A. Baxter</FONT>&nbsp;</TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=1
     >02</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >C.B. Curtis</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=1
     >03</FONT>&nbsp;</TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=1
     >M.R. Drucker</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"
   ><FONT size=2>
      <P><FONT size=3>&#9633;</FONT></FONT>&nbsp;</P></TD>
    <TD noWrap align=left width="11%"
   >&#9633;&nbsp;</TD>
    <TD noWrap align=left width="8%"
   >&#9633;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=1
     >04</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >C.E. Haldeman, Jr.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=1
     >05</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >P.L. Joskow</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=1
     >06</FONT>&nbsp;</TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=1
     >E.T. Kennan</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD>
    <TD noWrap align=left width="8%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=1
     >07</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >J.H. Mullin, III</FONT>&nbsp;</TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=1
     >08</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >G. Putnam, III</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=1
     >09</FONT>&nbsp;</TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=1
     >W.T. Stephens</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD>
    <TD noWrap align=left width="8%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=1
     >10</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >R.B. Worley</FONT>&nbsp;</TD>
    <TD noWrap align=left width="5%"
   >&nbsp;</TD>
    <TD noWrap align=left width="15%"
   >&nbsp;</TD>
    <TD noWrap align=left width="4%"
   >&nbsp;</TD>
    <TD noWrap align=left width="20%"
   >&nbsp;</TD>
    <TD noWrap align=left width="15%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD>
    <TD noWrap align=left width="8%"
   >&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>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="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=sans-serif
      size=1>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=1>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=1
     >PUT_16185C1</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="38%"
BASEALIGN="left">&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<A name=page_7></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><B><FONT
      face=sans-serif size=1
     >Proposals</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="65%"><B><FONT
      face=sans-serif size=1
     >Please vote by filling in the appropriate boxes
      below.</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>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=2><FONT size=3>&#9632;</FONT></P></FONT></FONT>
<P align=left><B><FONT face=sans-serif size=1></FONT></B><FONT face=sans-serif
size=2><FONT face="Times New Roman" size=3>&#9633; </FONT>To vote on all
Proposals,</FONT> <B><FONT face=sans-serif size=2>as the Trustees
recommend</FONT></B><FONT face=sans-serif size=2>, mark this box. (No other vote
is necessary.)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" colSpan=4
   ><FONT face=sans-serif size=1
     >THE TRUSTEES RECOMMEND A VOTE</FONT>
      <B><U><FONT face=sans-serif size=1
     >FOR</FONT></U></B> <FONT face=sans-serif
      size=1>ALL NOMINEES.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"
   >&nbsp;</TD>
    <TD noWrap align=left width="20%"
   >&nbsp;</TD>
    <TD noWrap align=left width="15%"
   >&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="17%"
   >&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="20%"
   >&nbsp;</TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >FOR</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >WITHHOLD</FONT>&nbsp;</TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >FOR ALL</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=1
     >1.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="23%" colSpan=2
   ><FONT face=sans-serif size=1
     >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="20%"
   >&nbsp;</TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >ALL</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >ALL</FONT>&nbsp;</TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >EXCEPT</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=1
     >01</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >J.A. Baxter</FONT>&nbsp;</TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=1
     >02</FONT>&nbsp;</TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >C.B. Curtis</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=1
     >03</FONT>&nbsp;</TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=1
     >M.R. Drucker</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"
   ><FONT size=2>
      <P><FONT size=3>&#9633;</FONT></FONT>&nbsp;</P></TD>
    <TD noWrap align=left width="11%"
   >&#9633;&nbsp;</TD>
    <TD noWrap align=left width="7%"
   >&#9633;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=1
     >04</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >C.E. Haldeman, Jr.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=1
     >05</FONT>&nbsp;</TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >P.L. Joskow</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=1
     >06</FONT>&nbsp;</TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=1
     >E.T. Kennan</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"
   >&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=1
     >07</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >J.H. Mullin, III</FONT>&nbsp;</TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=1
     >08</FONT>&nbsp;</TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >G. Putnam, III</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=1
     >09</FONT>&nbsp;</TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=1
     >W.T. Stephens</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"
   >&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=1
     >10</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >R.B. Worley</FONT>&nbsp;</TD>
    <TD noWrap align=left width="6%"
   ><FONT face=sans-serif size=1
     >11</FONT>&nbsp;</TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >J.A. Hill</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=1
     >12</FONT>&nbsp;</TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=1
     >R.E. Patterson</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD>
    <TD noWrap align=left width="7%"
   >&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>To withhold authority to vote for one
or more of the nominees, check the &#147;For All Except&#148; box and</FONT> <B><FONT
face=sans-serif size=1></FONT></B><FONT face=sans-serif size=1>write the name(s)
or number(s) of the nominee(s) below:</FONT> <B><FONT face=sans-serif
size=1></FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=sans-serif
      size=1>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=1>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=1
     >PUT_16185C2</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="38%"
BASEALIGN="left">&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<A name=page_8></A>
<P align=left><IMG src="ballotsx8x1.jpg" border=0></P><BR>
<P align=left><B><FONT face=sans-serif>The proxy ballot</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>To vote by mail</FONT></B>
<BR><FONT face=sans-serif size=1><BR>Read the proxy statement.</FONT> <BR><FONT
face=sans-serif size=1><BR>Check the appropriate boxes</FONT><BR><FONT
face=sans-serif size=1>on the reverse side.</FONT> <BR><FONT face=sans-serif
size=1><BR>Sign and date the proxy ballot.</FONT> <BR><FONT face=sans-serif
size=1><BR>Return the proxy ballot in the</FONT><BR><FONT face=sans-serif
size=1>envelope provided.</FONT><FONT face=sans-serif size=1></FONT> <BR></P>
<P align=left><B><FONT face=sans-serif size=1>To vote by telephone</FONT></B>
<BR><FONT face=sans-serif size=1><BR>Read the proxy statement
and</FONT><BR><FONT face=sans-serif size=1>have the proxy ballot at hand.</FONT>
<BR><FONT face=sans-serif size=1><BR>Call 1-866-241-6192.</FONT> <BR><FONT
face=sans-serif size=1><BR>Follow the automated</FONT><BR><FONT face=sans-serif
size=1>telephone directions.</FONT> <BR><FONT face=sans-serif size=1><BR>There
is no need for you to</FONT><BR><FONT face=sans-serif size=1>return your proxy
ballot.</FONT><FONT face=sans-serif size=1></FONT> <BR></P>
<P align=left><B><FONT face=sans-serif size=1>To vote on the web</FONT></B>
<BR><FONT face=sans-serif size=1><BR>Read the proxy statement and have
the</FONT> <BR><FONT face=sans-serif size=1>proxy ballot at hand.</FONT>
<BR><FONT face=sans-serif size=1><BR>Go to</FONT> <U><FONT face=sans-serif
color=#0000ff size=1><FONT color=#000000>https:/vote.proxy-direct.com<FONT
face=sans-serif size=1>.</FONT></FONT></FONT></U><FONT face=sans-serif
size=1></FONT> <BR><FONT face=sans-serif size=1><BR>Follow the instructions on
the site.</FONT> <BR><FONT face=sans-serif size=1><BR>There is no need for you
to return your</FONT> <BR><FONT face=sans-serif size=1>proxy
ballot.</FONT><B><FONT face=sans-serif size=1></FONT></B> <BR></P>
<P align=left><B><FONT face=sans-serif size=1>PUTNAM HIGH INCOME SECURITIES
FUND</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>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=1>Your
vote is being solicited on behalf of the Trustees.</FONT></B> <FONT
face=sans-serif size=1>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=1>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=1>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>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR>
    <TD noWrap align=left width="79%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="20%" background=""></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><B><FONT
      face=sans-serif size=1>999
      9999 9999 999</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="20%">&nbsp;</TD></TR>
  <TR>
    <TD width="79%">
      <HR noShade SIZE=1>
      &nbsp;</TD>
    <TD width="20%" background="">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><B><FONT
      face=sans-serif size=1
     >Please be sure to sign and date here</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="20%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
      &nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
      &nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><B><FONT
      face=sans-serif size=1
     >Signature(s)</FONT></B>&nbsp;</TD>
    <TD noWrap align=right width="20%"><B><FONT
      face=sans-serif size=1
     >Date</FONT></B>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>Sign your name
      exactly as it appears on this card. If you own shares jointly,
    each</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>owner should
      sign. When signing as executor, administrator, attorney,
    trustee,</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>guardian, or as
      custodian for a minor, please give your full title as such. If you
      are</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>signing for a
      corporation, please sign the full corporate name and indicate
    the</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=sans-serif
      size=1>signer&#146;s office. If you are a
      partner, sign in the partnership name.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="20%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;</TD>
    <TD noWrap align=left width="20%"><B><FONT
      face=sans-serif size=1
     >PUT_16185D</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<A name=page_9></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><B><FONT
      face=sans-serif size=1
     >Proposals</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="65%"><B><FONT
      face=sans-serif size=1
     >Please vote by filling in the appropriate boxes
      below.</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>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=2><FONT size=3>&#9632;</FONT></P></FONT></FONT>
<P align=left><B><FONT face=sans-serif size=1></FONT></B><FONT face=sans-serif
size=2><FONT face="Times New Roman" size=3>&#9633;</FONT> To vote on all
Proposals,</FONT> <B><FONT face=sans-serif size=2>as the Trustees
recommend</FONT></B><FONT face=sans-serif size=2>, mark this box. (No other vote
is necessary.)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" colSpan=4
   ><FONT face=sans-serif size=1
     >THE TRUSTEES RECOMMEND A VOTE</FONT>
      <B><U><FONT face=sans-serif size=1
     >FOR</FONT></U></B> <FONT face=sans-serif
      size=1>ALL NOMINEES.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="3%"
   >&nbsp;</TD>
    <TD noWrap align=left width="25%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&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="14%"
   >&nbsp;</TD>
    <TD noWrap align=left width="8%"
   >&nbsp;</TD>
    <TD noWrap align=left width="15%"
   >&nbsp;</TD>
    <TD noWrap align=left width="3%"
   >&nbsp;</TD>
    <TD noWrap align=left width="25%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >FOR</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >WITHHOLD</FONT>&nbsp;</TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >FOR ALL</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=1
     >1.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="22%" colSpan=2
   ><FONT face=sans-serif size=1
     >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="25%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >ALL</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >ALL</FONT>&nbsp;</TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >EXCEPT</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=1
     >01</FONT>&nbsp;</TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >J.A. Baxter</FONT>&nbsp;</TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >02</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >C.B. Curtis</FONT>&nbsp;</TD>
    <TD noWrap align=left width="3%"
   ><FONT face=sans-serif size=1
     >03</FONT>&nbsp;</TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=1
     >M.R. Drucker</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT size=2>
      <P><FONT size=3>&#9633;</FONT></FONT>&nbsp;</P></TD>
    <TD noWrap align=left width="11%"
   >&#9633;&nbsp;</TD>
    <TD noWrap align=left width="7%"
   >&#9633;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=1
     >04</FONT>&nbsp;</TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >C.E. Haldeman, Jr.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >05</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >J.A. Hill</FONT>&nbsp;</TD>
    <TD noWrap align=left width="3%"
   ><FONT face=sans-serif size=1
     >06</FONT>&nbsp;</TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=1
     >P.L. Joskow</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&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=1
     >07</FONT>&nbsp;</TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >E.T. Kennan</FONT>&nbsp;</TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >08</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >J.H. Mullin, III</FONT>&nbsp;</TD>
    <TD noWrap align=left width="3%"
   ><FONT face=sans-serif size=1
     >09</FONT>&nbsp;</TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=1
     >R.E. Patterson</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&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=1
     >10</FONT>&nbsp;</TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >G. Putnam, III</FONT>&nbsp;</TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >11</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >W.T. Stephens</FONT>&nbsp;</TD>
    <TD noWrap align=left width="3%"
   ><FONT face=sans-serif size=1
     >12</FONT>&nbsp;</TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=1
     >R.B. Worley</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&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="70%" colSpan=6
   ><FONT face=sans-serif size=1
     >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="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=1
     >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="25%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&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>
    <TD width="99%" colSpan=9
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%" colSpan=2
   ><FONT face=sans-serif size=1
     >THE TRUSTEES RECOMMEND</FONT>&nbsp;</TD>
    <TD noWrap align=left width="23%" colSpan=2
   ><FONT face=sans-serif size=1
     >A VOTE</FONT> <B><U><FONT
      face=sans-serif size=1
     >FOR</FONT></U></B> <FONT face=sans-serif size=1
     >PROPOSAL 3.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="3%"
   >&nbsp;</TD>
    <TD noWrap align=left width="25%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >FOR</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >AGAINST</FONT>&nbsp;</TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >ABSTAIN</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=9
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=1
     >3.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="65%" colSpan=5
   ><FONT face=sans-serif size=1
     >Proposal to eliminate the fund&#146;s
      fundamental investment restriction concerning</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&#9633;&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&#9633;&nbsp;</TD>
    <TD noWrap align=left width="7%"
   >&#9633;&nbsp;</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=1
     >investments in restricted
      securities.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="3%"
   >&nbsp;</TD>
    <TD noWrap align=left width="25%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&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="19%" colSpan=2
   ><FONT face=sans-serif size=1
     >THE TRUSTEES RECOMMEND</FONT>&nbsp;</TD>
    <TD noWrap align=left width="23%" colSpan=2
   ><FONT face=sans-serif size=1
     >A VOTE</FONT> <B><U><FONT
      face=sans-serif size=1
     >AGAINST</FONT></U></B> <FONT face=sans-serif size=1
     >PROPOSAL 4.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="3%"
   >&nbsp;</TD>
    <TD noWrap align=left width="25%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&#9633;&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&#9633;&nbsp;</TD>
    <TD noWrap align=left width="7%"
   >&#9633;&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=9
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=1
     >4.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="65%" colSpan=5
   ><FONT face=sans-serif size=1
     >Shareholder proposal regarding
      cumulative voting for the election of Trustees.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD>
    <TD noWrap align=left width="7%"
   >&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=sans-serif
      size=1>If you have any questions on the
      proposals, please call 1-877-288-6597.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="38%"><FONT face=sans-serif
      size=1>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=1
     >PUT_16185D</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="38%"
BASEALIGN="left">&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<A name=page_10></A><IMG src="ballotsx10x1.jpg"
border=0> <BR>
<P align=left><B><FONT face=sans-serif>The proxy ballot</FONT></B><B><FONT
face=sans-serif size=1></FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>To vote by mail</FONT></B>
<BR><FONT face=sans-serif size=1><BR>Read the proxy statement.</FONT>
<BR><B><FONT face=sans-serif size=1></FONT></B><FONT face=sans-serif
size=1><BR>Check the appropriate boxes</FONT><BR><FONT face=sans-serif size=1>on
the reverse side.</FONT> <BR><FONT face=sans-serif size=1><BR>Sign and date the
proxy ballot.</FONT> <BR><FONT face=sans-serif size=1><BR>Return the proxy
ballot in the</FONT><BR><FONT face=sans-serif size=1>envelope
provided.</FONT><FONT face=sans-serif size=1></FONT> <BR></P>
<P align=left><B><FONT face=sans-serif size=1>To vote by telephone</FONT></B>
<BR><FONT face=sans-serif size=1><BR>Read the proxy statement
and</FONT><BR><FONT face=sans-serif size=1>have the proxy ballot at hand.</FONT>
<BR><FONT face=sans-serif size=1><BR>Call 1-866-241-6192.</FONT> <BR><FONT
face=sans-serif size=1><BR>Follow the automated</FONT><BR><FONT face=sans-serif
size=1>telephone directions.</FONT> <BR><FONT face=sans-serif size=1><BR>There
is no need for you to</FONT><BR><FONT face=sans-serif size=1>return your proxy
ballot.</FONT><FONT face=sans-serif size=1></FONT> <BR></P>
<P align=left><B><FONT face=sans-serif size=1>To vote on the web</FONT></B>
<BR><FONT face=sans-serif size=1><BR>Read the proxy statement and have
the</FONT> <BR><FONT face=sans-serif size=1>proxy ballot at hand.</FONT>
<BR><FONT face=sans-serif size=1><BR>Go to</FONT> <U><FONT face=sans-serif
color=#0000ff size=1><FONT color=#000000>https:/vote.proxy-direct.com<FONT
face=sans-serif size=1>.</FONT></FONT></FONT></U><FONT face=sans-serif
size=1></FONT> <BR><FONT face=sans-serif size=1><BR>Follow the instructions on
the site.</FONT> <BR><FONT face=sans-serif size=1><BR>There is no need for you
to return your</FONT> <BR><FONT face=sans-serif size=1>proxy
ballot.</FONT><B><FONT face=sans-serif size=1></FONT></B> <BR></P>
<P align=left><B><FONT face=sans-serif size=1>PUTNAM INVESTMENT GRADE MUNICIPAL
TRUST</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>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=1>Your
vote is being solicited on behalf of the Trustees.</FONT></B> <FONT
face=sans-serif size=1>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=1>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=1>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>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR>
    <TD noWrap align=left width="79%" background="">
      <HR noShade SIZE=1>
    </TD>
    <TD noWrap align=left width="20%" background=""></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><B><FONT
      face=sans-serif size=1>999
      9999 9999 999</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="20%">&nbsp;</TD></TR>
  <TR>
    <TD width="79%">
      <HR noShade SIZE=1>
      &nbsp;</TD>
    <TD width="20%" background="">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><B><FONT
      face=sans-serif size=1
     >Please be sure to sign and date here</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="20%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
      &nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><B><FONT
      face=sans-serif size=1
     >Signature(s)</FONT></B>&nbsp;</TD>
    <TD noWrap align=right width="20%"><B><FONT
      face=sans-serif size=1
     >Date</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>Sign your name
      exactly as it appears on this card. If you own shares jointly,
    each</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>owner should
      sign. When signing as executor, administrator, attorney,
    trustee,</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>guardian, or as
      custodian for a minor, please give your full title as such. If you
      are</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>signing for a
      corporation, please sign the full corporate name and indicate
    the</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=sans-serif
      size=1>signer&#146;s office. If you are a
      partner, sign in the partnership name.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="20%">&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%">&nbsp;</TD>
    <TD noWrap align=left width="20%"><B><FONT
      face=sans-serif size=1
     >PUT_16185E</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<A name=page_11></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><B><FONT
      face=sans-serif size=1
     >Proposals</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="65%"><B><FONT
      face=sans-serif size=1
     >Please vote by filling in the appropriate boxes
      below.</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>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=2><FONT size=3>&#9632;</FONT></P></FONT></FONT><B><FONT face=sans-serif
size=1></FONT></B><FONT face=sans-serif size=2>
<P><FONT size=3>&#9633;</FONT> To vote on all Proposals,</FONT> <B><FONT
face=sans-serif size=2>as the Trustees recommend</FONT></B><FONT face=sans-serif
size=2>, mark this box. (No other vote is necessary.)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=1>THE TRUSTEES
      RECOMMEND A VOTE</FONT> <B><U><FONT face=sans-serif size=1

     >FOR</FONT></U></B> <FONT face=sans-serif size=1
     >ALL NOMINEES.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="25%">&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="17%">&nbsp;</TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="25%">&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>FOR</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>WITHHOLD</FONT>&nbsp;</TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>FOR ALL</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>1.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT
      face=sans-serif size=1>Proposal to
      elect All Nominees:</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="25%">&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>ALL</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>ALL</FONT>&nbsp;</TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>EXCEPT</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>01</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=1>J.A. Baxter</FONT>&nbsp;</TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>02</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>C.B. Curtis</FONT>&nbsp;</TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=1>03</FONT>&nbsp;</TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>M.R. Drucker</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%">&#9633;&nbsp;</TD>
    <TD noWrap align=left width="11%">&#9633;&nbsp;</TD>
    <TD noWrap align=left width="8%">&#9633;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>04</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=1>C.E. Haldeman,
    Jr.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>05</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>P.L. Joskow</FONT>&nbsp;</TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=1>06</FONT>&nbsp;</TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>E.T. Kennan</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>07</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=1>J.H. Mullin, III</FONT>&nbsp;</TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>08</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>G. Putnam, III</FONT>&nbsp;</TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=1>09</FONT>&nbsp;</TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>W.T. Stephens</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>10</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=1>R.B. Worley</FONT>&nbsp;</TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="25%">&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" colSpan=6><FONT
      face=sans-serif size=1>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="10%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=1>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="25%">&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=1>THE TRUSTEES
      RECOMMEND A VOTE</FONT> <B><U><FONT face=sans-serif size=1

     >AGAINST</FONT></U></B> <FONT face=sans-serif size=1
     >PROPOSAL 2.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="25%">&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>FOR</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>AGAINST</FONT>&nbsp;</TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>ABSTAIN</FONT>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>2.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="66%" colSpan=5><FONT
      face=sans-serif size=1>Proposal to
      convert the fund to an open-end investment company.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%">&#9633;</TD>
    <TD noWrap align=left width="11%">&#9633;&nbsp;</TD>
    <TD noWrap align=left width="8%"
BASEALIGN="left">&#9633;&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=sans-serif
      size=1>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=1>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=1
     >PUT_16185E1</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="38%"
BASEALIGN="left">&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<A name=page_12></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><B><FONT
      face=sans-serif size=1
     >Proposals</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="65%"><B><FONT
      face=sans-serif size=1
     >Please vote by filling in the appropriate boxes
      below.</FONT></B>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>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=2><FONT size=3>&#9632;</FONT></P></FONT></FONT>
<P align=left><B><FONT face=sans-serif size=1></FONT></B><FONT face=sans-serif
size=2><FONT size=3>&#9633;</FONT> To vote on all Proposals,</FONT> <B><FONT
face=sans-serif size=2>as the Trustees recommend</FONT></B><FONT face=sans-serif
size=2>, mark this box. (No other vote is necessary.)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=1>THE TRUSTEES
      RECOMMEND A VOTE</FONT> <B><U><FONT face=sans-serif size=1

     >FOR</FONT></U></B> <FONT face=sans-serif size=1
     >ALL NOMINEES.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="25%">&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>1.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT
      face=sans-serif size=1>Proposal to
      elect All Nominees:</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="25%">&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>FOR</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>WITHHOLD</FONT>&nbsp;</TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>FOR ALL</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>01</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=1>J.A. Baxter</FONT>&nbsp;</TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>02</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>C.B. Curtis</FONT>&nbsp;</TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=1>03</FONT>&nbsp;</TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>M.R. Drucker</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>ALL</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>ALL</FONT>&nbsp;</TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>EXCEPT</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>04</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=1>C.E. Haldeman,
    Jr.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>05</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>P.L. Joskow</FONT>&nbsp;</TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=1>06</FONT>&nbsp;</TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>E.T. Kennan</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%">&#9633;&nbsp;</TD>
    <TD noWrap align=left width="11%">&#9633;&nbsp;</TD>
    <TD noWrap align=left width="8%">&#9633;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>07</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=1>J.H. Mullin, III</FONT>&nbsp;</TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>08</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>G. Putnam, III</FONT>&nbsp;</TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=1>09</FONT>&nbsp;</TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>W.T. Stephens</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>10</FONT>&nbsp;</TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=1>R.B. Worley</FONT>&nbsp;</TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>11</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>J.A. Hill</FONT>&nbsp;</TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=1>12</FONT>&nbsp;</TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=1>R.E. Patterson</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" colSpan=6><FONT
      face=sans-serif size=1>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="10%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=1>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="25%">&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=1>THE TRUSTEES
      RECOMMEND A VOTE</FONT> <B><U><FONT face=sans-serif size=1

     >AGAINST</FONT></U></B> <FONT face=sans-serif size=1
     >PROPOSAL 2.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="25%">&nbsp;</TD>
    <TD noWrap align=left width="10%">&nbsp;</TD>
    <TD noWrap align=left width="11%">&nbsp;</TD>
    <TD noWrap align=left width="8%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="17%">&nbsp;</TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="25%">&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>FOR</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>AGAINST</FONT>&nbsp;</TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>ABSTAIN</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>2.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="66%" colSpan=5><FONT
      face=sans-serif size=1>Proposal to
      convert the fund to an open-end investment company.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%">&#9633;&nbsp;</TD>
    <TD noWrap align=left width="11%">&#9633;&nbsp;</TD>
    <TD noWrap align=left width="8%"
BASEALIGN="left">&#9633;&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=sans-serif
      size=1>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=1>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=1
     >PUT_16185E2</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="38%"
BASEALIGN="left">&nbsp;</TD></TR></TABLE><BR>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
