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<SEC-DOCUMENT>0000928816-06-001340.txt : 20091102
<SEC-HEADER>0000928816-06-001340.hdr.sgml : 20091102

<ACCEPTANCE-DATETIME>20061026155510

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000928816-06-001340

CONFORMED SUBMISSION TYPE:	PRE 14A

PUBLIC DOCUMENT COUNT:		8

CONFORMED PERIOD OF REPORT:	20070111

FILED AS OF DATE:		20061026

DATE AS OF CHANGE:		20061204


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:		061165884



	BUSINESS ADDRESS:	

		STREET 1:		ONE POST OFFICE SQ

		CITY:			BOSTON

		STATE:			MA

		ZIP:			02109

		BUSINESS PHONE:		6172921000




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:		061165883



	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 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:		061165885



	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



</SEC-HEADER>

<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>a_proxystatement.htm
<DESCRIPTION>PUTNAM MULTIFUND PROXY
<TEXT>

<HTML>
<HEAD>
   <TITLE>a_proxystatement.htm</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

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<A name="page_1"></A>
<P align=left><FONT face=serif size=2>SCHEDULE 14A INFORMATION</FONT></P>
<P align=left><FONT face=serif size=2>PROXY STATEMENT PURSUANT TO SECTION 14(a)</FONT><BR>
<FONT face=serif size=2>OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></P>
<P align=left><FONT face=serif size=2>Filed by the Registrant / X /</FONT></P>
<P align=left><FONT face=serif size=2>Filed by a party other than the Registrant / /</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=3><B><FONT face=serif size=2>Check the appropriate box</FONT></B><FONT face=serif size=2>:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%" colSpan=2><FONT face=serif size=2><BR>
/ X /</FONT>&nbsp; </TD>
     <TD noWrap align=left width="93%"><FONT face=serif size=2>Preliminary Proxy Statement</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="2%"><FONT face=serif size=2>/</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=serif size=2>/</FONT>&nbsp; </TD>
     <TD noWrap align=left width="93%"><FONT face=serif size=2>Confidential, for Use of the Commission Only (as permitted by Rule</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="93%"><FONT face=serif size=2>14a-6(e) (2))</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="2%"><FONT face=serif size=2>/&nbsp;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%" background=""><FONT size=2>/</FONT>&nbsp;</TD>
     <TD noWrap align=left width="93%"><FONT face=serif size=2>Definitive Proxy Statement</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="2%"><FONT face=serif size=2>/</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=serif size=2>/</FONT>&nbsp; </TD>
     <TD noWrap align=left width="93%"><FONT face=serif size=2>Definitive Additional Materials</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="2%"><FONT face=serif size=2>/</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=serif size=2>/</FONT>&nbsp; </TD>
     <TD noWrap align=left width="93%"><FONT face=serif size=2>Soliciting Material Pursuant to Sec. 240.14a-11(c) or Sec. 240.14a-12</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=serif size=2>PUTNAM HIGH INCOME SECURITIES FUND</FONT></B><BR>
<B><FONT face=serif size=2>PUTNAM MASTER INTERMEDIATE INCOME TRUST</FONT></B><BR>
<B><FONT face=serif size=2>PUTNAM PREMIER INCOME TRUST</FONT></B></P>
<P align=left><FONT face=serif size=2>(Name of Registrant as Specified In Its Charter)</FONT></P>
<P align=left><FONT face=serif size=2>(Name of Person(s) Filing Proxy Statement,</FONT><BR>
<FONT face=serif size=2>if other than Registrant)</FONT></P>
<P align=left><FONT face=serif size=2>I-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_2"></A>
<P align=left><B><FONT face=serif size=2>Payment of Filing Fee (Check the appropriate box):</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=serif size=2>/ X /</FONT>&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif size=2>No fee required</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=serif size=2><BR>
/&nbsp;&nbsp;&nbsp; /</FONT>&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif size=2>Fee computed on table below per Exchange Act Rule 14a 6(i)(1) and 0-11</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><BR>
&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif size=2>(1) Title of each class of securities to which transaction applies:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><BR>
&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif size=2>(2) Aggregate number of securities to which transaction applies:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><BR>
&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif size=2>(3) Per unit price or other underlying value of transaction</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif size=2>computed pursuant to Exchange Act Rule 0-11 (set forth the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif size=2>amount on which the filing fee is calculated and state how it</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif size=2>was determined):</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><BR>
&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif size=2>(4) Proposed maximum aggregate value of transaction:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><BR>
&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif size=2>(5) Total fee paid:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=serif size=2><BR>
/&nbsp;&nbsp;&nbsp; /</FONT>&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif size=2>Fee paid previously with preliminary materials.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=serif size=2><BR>
/&nbsp;&nbsp;&nbsp; /</FONT>&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif size=2>Check box if any part of the fee is offset as provided by Exchange Act Rule</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif size=2>0-11(a)(2) and identify the filing for which the offsetting fee was paid</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif size=2>previously. Identify the previous filing by registration statement</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif size=2>number, or the Form or Schedule and the date of its filing.</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=serif size=2>(1) Amount Previously Paid:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=serif size=2><BR>
(2) Form, Schedule or Registration Statement No.:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=serif size=2><BR>
(3) Filing Party:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=serif size=2><BR>
(4) Date Filed:</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>I-2</FONT></P>
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<A name="page_3"></A>
<P align=left><B><FONT face=serif size=5>The proxy statement</FONT></B></P>
<P align=left><B><FONT face=serif size=2>PUTNAM HIGH INCOME SECURITIES FUND<BR>
</FONT></B><B><FONT face=serif size=2>PUTNAM MASTER INTERMEDIATE INCOME TRUST <BR>
PUTNAM PREMIER INCOME TRUST</FONT></B></P>
<P align=left><FONT face=serif size=2>This proxy statement can help you decide how you want to vote on important issues relating to your Putnam fund. When you complete and sign your proxy ballot, the Trustees of the funds will vote on your behalf exactly as you have indicated. If you simply sign the proxy ballot, it will be voted in accordance with the Trustees&#146; recommendations on page[s] [ ] and [ ] of the proxy statement.</FONT></P>
<P align=left><FONT face=serif size=2>Please take a few moments and decide how you want to vote. When shareholders don&#146;t return their proxies in sufficient numbers, follow-up solicitations are required, which cost your fund money.</FONT></P>
<P align=left><FONT face=serif size=2>You can vote by returning your proxy ballots in the envelope provided. Or you can call our toll-free number, or go to the Internet. See your proxy ballot for the phone number and Internet address. If you have proxy related questions, please call 1-800-225-1581 or contact your financial advisor.</FONT></P>
<P align=left><FONT face=serif size=2>[PUTNAM INVESTMENTS LOGO]</FONT></P>
<P align=left><FONT face=serif size=2>I-3</FONT></P>
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<A name="page_4"></A>
<P align=left><B><FONT face=serif size=2>Table of contents</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="75%"><FONT face=serif size=2>A Message from the Chairman</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=serif size=2>1</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="75%"><FONT face=serif size=2>Notice of Shareholder Meeting</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=serif size=2>3</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="75%"><FONT face=serif size=2>Trustees' Recommendations</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=serif size=2>[ ]</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%"><FONT face=serif size=2>The Proposal</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=serif size=2>[ ]</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%"><FONT face=serif size=2>Proposal 1</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=serif size=2>[ ]</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%"><FONT face=serif size=2>Proposal 2</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=serif size=2>[ ]</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="92%" colSpan=2><FONT face=serif size=2>Further Information About Voting and the Meeting</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=serif size=2>[ ]</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=serif size=2>Fund Information</FONT>&nbsp; </TD>
     <TD noWrap align=left width="53%"><FONT face=serif size=2>[ ]</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=serif size=2>Exhibit A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="53%"><FONT face=serif size=2>[ ]</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=serif size=2>PROXY CARDS ENCLOSED</FONT></B></P>
<P align=left><FONT face=serif size=2>If you have any questions, please contact us at 1-800-225-1581 or call your financial advisor.</FONT></P>
<P align=left><FONT face=serif size=2>I-4</FONT></P>
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<A name="page_5"></A>

<P align="left">
<B><FONT face="serif">A Message from the Chairman</FONT></B><BR>
<BR>
<FONT size=2 face="serif">Dear Fellow Shareholder: </FONT><BR>
<BR>
<FONT size=2 face="serif">[photo of John A. Hill]</FONT></P>
<P align="left">
<FONT size=2 face="serif">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 cards 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 size=2 face="serif">Fixing the number of Trustees at 12 and electing your fund&#146;s nominees for Trustees</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">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 size=2 face="serif">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">
<FONT size=2 face="serif">The 12 nominees include one nominee not previously elected by shareholders, Kenneth R. Leibler. Information about his and the other nominees&#146; backgrounds and other activities is included in this proxy statement.
</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Converting your fund to an open-end investment company</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">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.</FONT></P>
<P align="left">
<FONT size=2 face="serif">________________</FONT></P>
<P align="left">
<FONT size=2 face="serif">I&#146;m sure that you, like most people, lead a busy life and are tempted to put this proxy aside for another day. Please don&#146;t. When shareholders do not vote their proxies, their fund may have to incur the expense of
follow-up solicitations. All shareholders benefit from the speedy return of proxies.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Your vote is important to us. We appreciate the time and consideration I am sure you will give these important matters. If you have questions about any of these proposals, please call a Putnam customer services
representative at 1-800-225-1581 or contact your financial advisor.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Sincerely yours,</FONT></P>
<P align="left">
<FONT size=2 face="serif">/s/ John A. Hill</FONT><BR>
<FONT size=2 face="serif">----------------------</FONT><BR>
<FONT size=2 face="serif">John A. Hill, Chairman</FONT></P>
<P align="left">
<FONT size=2 face="serif">I-5</FONT></P>

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<A name="page_6"></A>

<P align="left">
<B><FONT size=2 face="serif">PUTNAM HIGH INCOME SECURITIES FUND</FONT></B><BR>
<B><FONT size=2 face="serif">PUTNAM MASTER INTERMEDIATE INCOME TRUST</FONT></B><BR>
<B><FONT size=2 face="serif">PUTNAM PREMIER INCOME TRUST</FONT></B></P>
<P align="left">
<B><FONT face="serif">Notice of Annual Meeting of Shareholders</FONT></B></P>
<P align="left">
<B><FONT size=2 face="serif">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 size=2 face="serif">To the Shareholders of Putnam High Income Securities, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust:</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Annual Meeting of Shareholders of your fund will be held on January 11, 2007 at 11:00 a.m., Eastern time, at the principal offices of the fund on the 12</FONT><SUP><FONT size=2 face="serif">th </FONT></SUP><FONT size=2 face="serif">floor of One Post Office Square, Boston, Massachusetts 02109, to consider the following:</FONT></P>
<P align="left">
<B><FONT size=2 face="serif"> 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 size=2 face="serif">2. Converting you fund to an open-end investment company </FONT></B></P>
<P align="left">
<FONT size=2 face="serif">By Judith Cohen, Clerk, on behalf of the Trustees</FONT><BR>
<FONT size=2 face="serif">John A. Hill, Chairman</FONT><BR>
<FONT size=2 face="serif">Jameson A. Baxter, Vice Chairman</FONT><BR>
<FONT size=2 face="serif">George Putnam, III, President</FONT></P>
<P align="left">
<FONT size=2 face="serif">Charles B. Curtis</FONT><BR>
<FONT size=2 face="serif">Myra R. Drucker</FONT><BR>
<FONT size=2 face="serif">Charles E. Haldeman, Jr.</FONT><BR>
<FONT size=2 face="serif">Paul L. Joskow</FONT><BR>
<FONT size=2 face="serif">Elizabeth T. Kennan</FONT><BR>
<FONT size=2 face="serif">Kenneth R. Leibler</FONT><BR>
<FONT size=2 face="serif">Robert E. Patterson</FONT><BR>
<FONT size=2 face="serif">W. Thomas Stephens</FONT><BR>
<FONT size=2 face="serif">Richard B. Worley</FONT></P>
<P align="left">
<B><FONT size=2 face="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="serif">November __, 2006</FONT></P>
<P align="left">
<B><FONT face="serif">Proxy Statement</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">I-6</FONT></P>

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<A name="page_7"></A>

<P align="left">
<B><FONT size=2 face="serif">This document will give you the information you need to vote on the proposals. Much of the information is required under rules of the Securities and Exchange Commission ("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="serif">Who is asking for your vote?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">The enclosed proxy is solicited by the Trustees of Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust for use at the Annual Meeting of Shareholders of each fund to be
held on January 11, 2007, and, if your fund's meeting is adjourned, at any later meetings, for the purposes stated in the Notice of Annual Meeting (see (page ). The Notice of Annual Meeting, the proxy and the Proxy Statement are being mailed on or
about November 20, 2006.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">How do your fund's Trustees recommend that shareholders vote on these proposals?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">The Trustees recommend that you vote</FONT></P>
<P align="left">
<FONT size=2 face="serif">1. </FONT><B><FONT size=2 face="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">
<FONT size=2 face="serif">2. </FONT><B><FONT size=2 face="serif">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 </FONT></B></P>
<P align="left">
<FONT size=2 face="serif">I-7</FONT></P>

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<P align="left">
<B><FONT size=2 face="serif">Who is eligible to vote?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Shareholders of record at the close of business on October 16, 2006 are entitled to be present and to vote at the meeting or any adjourned meeting.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Each share is entitled to one vote. Shares represented by your duly executed proxy will be voted in accordance with your instructions. If you sign the proxy, 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 size=2 face="serif">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 size=2 face="serif">The Proposals</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">I. </FONT><B><FONT size=2 face="serif">ELECTION OF TRUSTEES</FONT></B></P>
<P align="left">
<B><FONT size=2 face="serif">Who are the nominees for Trustees?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">The Board Policy and Nominating Committee of the Trustees of each fund makes recommendations concerning the nominees for Trustees of that fund. The Board Policy and Nominating Committee consists solely of Trustees who are
not "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 size=2 face="serif">The Board Policy and Nominating Committee of the Trustees of each fund recommends that the number of Trustees be fixed at 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">
<FONT size=2 face="serif">The nominees for Trustees and their backgrounds are shown in the following pages. This information includes each nominee&#146;s name, year of birth, principal occupation(s) during the past 5 years, and other information
about the nominee&#146;s professional background, including other directorships the nominee holds. Each Trustee oversees all of the Putnam funds and serves until the election and qualification of his or her successor, or until he or she sooner dies,
resigns or is removed. The address of all of the Trustees is One Post Office Square, Boston, Massachusetts 02109. At December 31, 2005, there were 108 Putnam funds.</FONT></P>
<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
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&nbsp;
	</TD>
	<TD align=left width=82% nowrap>
<B><FONT size=2 face="serif">Jameson A. Baxter </FONT></B><FONT size=2 face="serif">(Born 1943), Trustee since 1994 and Vice Chairman</FONT>&nbsp;
	</TD>
</TR>
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	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD align=left width=82% nowrap>
<FONT size=2 face="serif">since 2005</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
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	<TD align=left width=17% nowrap>
<FONT size=2 face="serif">[Photo]</FONT>&nbsp;
	</TD>
	<TD align=left width=82% nowrap>
<FONT size=2 face="serif">Ms. Baxter is the President of Baxter Associates, Inc., a private</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD align=left width=82% nowrap>
<FONT size=2 face="serif">investment firm that she founded in 1986.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">I-8</FONT></P>

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<P align="left">
<FONT size=2 face="serif">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 size=2 face="serif">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>
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	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD align=left width=83% nowrap>
<B><FONT size=2 face="serif">Charles B. Curtis </FONT></B><FONT size=2 face="serif">(Born 1940), Trustee since 2001</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">[Photo]</FONT>&nbsp;
	</TD>
	<TD align=left width=83% nowrap>
<FONT size=2 face="serif">Mr. Curtis is President and Chief Operating Officer of the Nuclear Threat</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD align=left width=83% nowrap>
<FONT size=2 face="serif">Initiative (a private foundation dealing with national security issues) and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD align=left width=83% nowrap>
<FONT size=2 face="serif">serves as Senior Advisor to the United Nations Foundation.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">Mr. Curtis is a member of the Council on Foreign Relations, the Trustee Advisory Council of the Applied Physics Laboratory, Johns Hopkins University and serves as a Director of Edison International and Southern California
Edison. Until 2003, Mr. Curtis was a member of the Electric Power Research Institute Advisory Council and the University of Chicago Board of Governors for Argonne National Laboratory. Prior to 2002, Mr. Curtis was a Member of the Board of Directors
of the Gas Technology Institute and the Board of Directors of the Environment and Natural Resources Program Steering Committee, John F. Kennedy School of Government, Harvard University. Until 2001, Mr. Curtis was a member of the Department of
Defense Policy Board and Director of EG&amp;G Technical Services, Inc. (a fossil energy research and development support company).</FONT></P>
<P align="left">
<FONT size=2 face="serif">From August 1997 to December 1999, Mr. Curtis was a Partner at Hogan &amp; Hartson L.L.P., a Washington, D.C. law firm. Prior to May 1997, Mr. Curtis was Deputy Secretary and Under Secretary of the U.S. Department of
Energy. He served as Chairman of the Federal Energy Regulatory Commission from 1977 to 1981 and has held positions on the staff of the U.S. Treasury Department, and the SEC.</FONT></P>
<P align="left">
<FONT size=2 face="serif">I-9</FONT></P>

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<P align="left">
<B><FONT size=2 face="serif">Myra R. Drucker </FONT></B><FONT size=2 face="serif">( Born 1948),</FONT><BR>
<FONT size=2 face="serif">Trustee since 2004</FONT></P>
<P align="left">
<FONT size=2 face="serif">[Photo]</FONT></P>
<P align="left">
<FONT size=2 face="serif">Ms. Drucker is Chair of the Board of Trustees of Commonfund (a not-for-profit firm specializing in asset management for educational endowments and foundations), Vice Chair of the Board of Trustees of Sarah Lawrence College,
and a member of the Investment Committee of the Kresge Foundation (a charitable trust). She is also a director of New York Stock Exchange LLC, a wholly-owned subsidiary of the publicly-traded NYSE Group, Inc.. She is an advisor to Hamilton Lane LLC
and RCM Capital Management (investment management firms).</FONT></P>
<P align="left">
<FONT size=2 face="serif">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. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Until August 31, 2004, Ms. Drucker was Managing Director and a member of the Board of Directors of General Motors Asset Management and Chief Investment Officer of General Motors Trust Bank. Ms. Drucker also served as a
member of the NYSE Corporate Accountability and Listing Standards Committee and the NYSE/NASD IPO Advisory Committee.</FONT></P>
<P align="left">
<FONT size=2 face="serif">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>
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	<TD align=left width=82% nowrap>
<B><FONT size=2 face="serif">John A. Hill </FONT></B><FONT size=2 face="serif">(Born 1942),</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD align=left width=82% nowrap>
<FONT size=2 face="serif">Trustee since 1985 and Chairman since 2000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
<FONT size=2 face="serif">[Photo]</FONT>&nbsp;
	</TD>
	<TD align=left width=82% nowrap>
<FONT size=2 face="serif">Mr. Hill is Vice Chairman of First Reserve Corporation, a private equity</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD align=left width=82% nowrap>
<FONT size=2 face="serif">buyout firm that specializes in energy investments in the diversified</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD align=left width=82% nowrap>
<FONT size=2 face="serif">worldwide energy industry.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">I-10</FONT></P>

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<P align="left">
<FONT size=2 face="serif">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 size=2 face="serif">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>
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	<TD align=left width=84% nowrap>
<B><FONT size=2 face="serif">Paul L. Joskow </FONT></B><FONT size=2 face="serif">(Born 1947), Trustee since 1997</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<FONT size=2 face="serif">[Photo]</FONT>&nbsp;
	</TD>
	<TD align=left width=84% nowrap>
<FONT size=2 face="serif">Dr. Joskow is the Elizabeth and James Killian Professor of Economics</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD align=left width=84% nowrap>
<FONT size=2 face="serif">and Management, and Director of the Center for Energy and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD align=left width=84% nowrap>
<FONT size=2 face="serif">Environmental Policy Research at the Massachusetts Institute of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD align=left width=84% nowrap>
<FONT size=2 face="serif">Technology.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="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="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="serif">I-11</FONT></P>

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&nbsp;
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	<TD align=left width=84% nowrap>
<B><FONT size=2 face="serif">Elizabeth T. Kennan </FONT></B><FONT size=2 face="serif">( Born 1938), Trustee since 1992</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<FONT size=2 face="serif">[Photo]</FONT>&nbsp;
	</TD>
	<TD align=left width=84% nowrap>
<FONT size=2 face="serif">Dr. Kennan is a Partner of Cambus-Kenneth Farm (thoroughbred horse</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD align=left width=84% nowrap>
<FONT size=2 face="serif">and cattle breeding). She is President Emeritus of Mount Holyoke</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD align=left width=84% nowrap>
<FONT size=2 face="serif">College.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">Dr. Kennan served as Chairman and is now Lead Director of Northeast Utilities. She has served as Director on a number of other boards, including Bell Atlantic, Chastain Real Estate, Shawmut Bank, Berkshire Life Insurance,
Kentucky Home Life Insurance and Talbots, Inc. She is a Trustee of the National Trust for Historic Preservation, of Centre College and of Midway College in Midway, Kentucky. Until 2006, she was a member of The Trustees of Reservations. Dr. Kennan
has served on the oversight committee of the Folger Shakespeare Library, as President of Five Colleges Incorporated, as a Trustee of Notre Dame University, and is active in various educational and civic associations. </FONT></P>
<P align="left">
<FONT size=2 face="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>
<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
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<B><FONT size=2 face="serif">Kenneth R. Leibler </FONT></B><FONT size=2 face="serif">( Born 1949), Trustee since 2006</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<FONT size=2 face="serif">[Photo]</FONT>&nbsp;
	</TD>
	<TD align=left width=84% nowrap>
<FONT size=2 face="serif">Mr. Leibler is founding Chariman of the Boston Options Exchange, the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD align=left width=84% nowrap>
<FONT size=2 face="serif">nation&#146;s newest electronic marketplace for the trading of derivative</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD align=left width=84% nowrap>
<FONT size=2 face="serif">securities.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">Mr. Leibler currently serves as a Trustee of Beth Israel Deaconess Hospital in Boston. He is also lead director of Ruder Finn Group, a global communications and advertising firm. Since 2003, he has served as a director of
the Optimum Funds group. Prior to October 2006, he served as a director of ISO New England, the organization responsible for the operation of the electric generation system in the New England states. Prior to 2000, he was a director of the
Investment Company Institute in Washington, D.C.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Prior to January 2005, Mr. Leibler served as Chairman and Chief Executive Officer of the Boston Stock Exchange. Prior to January 2000, he served as President and Chief Executive Officer of Liberty Financial Companies, a
publicly traded diversified asset management organization. Prior to June 1990, he served as President and Chief Operating Officer of the American Stock Exchange (AMEX), the youngest person in Exchange history to hold the title of President. Prior to
serving as Amex President, he held the position of Chief Financial Officer, and headed its management and marketing operations. Mr. Leibler graduated magna cum laude in economics from Syracuse University, where he was elected to Phi Beta
Kappa.</FONT></P>
<P align="left">
<FONT size=2 face="serif">I-12</FONT></P>

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	<TD align=left width=16% nowrap>
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	<TD align=left width=83% nowrap>
<B><FONT size=2 face="serif">Robert E. Patterson </FONT></B><FONT size=2 face="serif">(Born 1945), Trustee since 1984</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">[Photo]</FONT>&nbsp;
	</TD>
	<TD align=left width=83% nowrap>
<FONT size=2 face="serif">Mr. Patterson is Senior Partner of Cabot Properties, L.P. and Chairman</FONT>&nbsp;
	</TD>
</TR>
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	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD align=left width=83% nowrap>
<FONT size=2 face="serif">of Cabot Properties, Inc. (a private equity firm investing in commercial</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD align=left width=83% nowrap>
<FONT size=2 face="serif">real estate)</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="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 the ea 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="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>
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	<TD align=left width=15% nowrap>
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<B><FONT size=2 face="serif">W. Thomas Stephens </FONT></B><FONT size=2 face="serif">(Born 1942), Trustee since 1997</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
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	<TD align=left width=15% nowrap>
<FONT size=2 face="serif">[Photo]</FONT>&nbsp;
	</TD>
	<TD align=left width=84% nowrap>
<FONT size=2 face="serif">Mr. Stephens is Chairman and Chief Executive Officer of Boise Cascade,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD align=left width=84% nowrap>
<FONT size=2 face="serif">L.L.C. (a paper, forest products and timberland assets company).</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="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="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="serif">I-13</FONT></P>

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<B><FONT size=2 face="serif">Richard B. Worley </FONT></B><FONT size=2 face="serif">(Born 1945), Trustee since 2004</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
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&nbsp;
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	<TD align=left width=83% nowrap>
<FONT size=2 face="serif">Mr. Worley is Managing Partner of Permit Capital LLC, an investment</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">[Photo]</FONT>&nbsp;
	</TD>
	<TD align=left width=83% nowrap>
<FONT size=2 face="serif">management firm.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="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="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>
<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
<B><FONT size=2 face="serif">Interested Trustees</FONT></B>&nbsp;
	</TD>
	<TD align=left width=74% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD align=left width=74% nowrap>
<B><FONT size=2 face="serif">Charles E. Haldeman, Jr.* </FONT></B><FONT size=2 face="serif">(Born 1948), Trustee since 2004</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD align=left width=74% nowrap>
<FONT size=2 face="serif">Mr. Haldeman is President and Chief Executive Officer of Putnam, LLC</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">[Photo]</FONT>&nbsp;
	</TD>
	<TD align=left width=74% nowrap>
<FONT size=2 face="serif">(&#147;Putnam Investments&#148;). He is a member of Putnam Investments&#146;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD align=left width=74% nowrap>
<FONT size=2 face="serif">Executive Board of Directors and Advisory Council.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="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="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="serif">I-14</FONT></P>

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<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD align=left width=84% nowrap>
<B><FONT size=2 face="serif">George Putnam III* </FONT></B><FONT size=2 face="serif">(Born 1951), Trustee since 1984 and President</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD align=left width=84% nowrap>
<FONT size=2 face="serif">since 2000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
<FONT size=2 face="serif">[Photo]</FONT>&nbsp;
	</TD>
	<TD align=left width=84% nowrap>
<FONT size=2 face="serif">Mr. Putnam is Chairman of New Generation Research, Inc. (a publisher</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD align=left width=84% nowrap>
<FONT size=2 face="serif">of financial advisory and other research services), and President of New</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD align=left width=84% nowrap>
<FONT size=2 face="serif">Generation Advisers, Inc. (a registered investment advisor to private</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD align=left width=84% nowrap>
<FONT size=2 face="serif">funds). Mr. Putnam founded the New Generation companies in 1986.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="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="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">
<B><FONT size=2 face="serif">*</FONT></B><FONT size=2 face="serif">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 size=2 face="serif">All the nominees except for Kenneth R. Leibler were elected by the shareholders of each fund on June 29, 2006. Mr. Leibler was elected to the Board of Trustees by vote of the Trustees on October 12, 2006.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Each Trustee serves until his or her successor is elected and qualified or until his or her earlier resignation, retirement at age 72, death or removal. 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.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">What are the Trustees' responsibilities?</FONT></B></P>
<P align="left">
<FONT size=2 face="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="serif">At least 75% of the trustees of your fund are required not to be &#147;interested persons&#148; (as defined in the 1940 Act) of your fund or your fund&#146;s investment manager. These independent trustees, who are referred
to in this proxy </FONT></P>
<P align="left">
<FONT size=2 face="serif">I-15</FONT></P>

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<P align="left">
<FONT size=2 face="serif">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="serif">Board committees. </FONT></B><FONT size=2 face="serif">Your fund&#146;s Trustees have determined that the efficient conduct of your fund&#146;s affairs makes it desirable to delegate responsibility for certain specific
matters to committees of the board. Certain committees (the Executive Committee, Distributions Committee, and Audit and Compliance Committee) are authorized to act for the Trustees as specified in their charters. The other committees review and
evaluate matters specified in their charters and make recommendations to the Trustees as they deem appropriate. Each committee may utilize the resources of your fund&#146;s independent staff, counsel and auditors as well as other experts. The
committees meet as often as necessary, either in conjunction with regular meetings of the Trustees or otherwise. The membership and chairperson of each committee are appointed by the Trustees upon recommendation of the Board Policy and Nominating
Committee.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Audit and Compliance Committee</FONT></B><FONT size=2 face="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' 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 is 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, Leibler and Stephens.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Board Policy and Nominating Committee</FONT></B><FONT size=2 face="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="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 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="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) the overall composition of the Board of Trustees. 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 </FONT></P>
<P align="left">
<FONT size=2 face="serif">I-16</FONT></P>

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<P align="left">
<FONT size=2 face="serif">Committee recommends such candidates as it determines appropriate to the Independent Trustees for nomination, and the Independent Trustees select the nominees after considering the recommendation of the Committee.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Committee will consider nominees for trustee recommended by shareholders of a fund provided shareholders submit their recommendations by the date disclosed in the paragraph entitled &#147;Date for receipt of
shareholders&#146; proposals for the next annual meeting,&#148; and provided the shareholders&#146; recommendations otherwise comply with applicable securities laws, including Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the
&#147;1934 Act&#148;).</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Committee consists only of Independent Trustees. The Committee currently consists of Dr. Kennan (Chairperson), Ms. Baxter and Messrs. Hill and Patterson.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Brokerage Committee</FONT></B><FONT size=2 face="serif">. The Brokerage Committee reviews the policies and procedures of the funds regarding the execution of portfolio transactions for the funds, including policies
regarding: the selection of brokers and dealers to execute portfolio transactions; the establishment of brokerage commissions rates; and the generation and use of soft dollar credits. The Committee also oversees the implementation by Putnam
Management of such policies and procedures. The Committee reviews periodic reports regarding payments made, the quality of execution obtained by the funds, and the value of research obtained by Putnam Management in connection with portfolio
transactions on behalf of the funds. The Committee currently consists of Dr. Joskow (Chairperson), Ms. Drucker and Mr. Putnam.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Contract Committee</FONT></B><FONT size=2 face="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 in response to address trading discounts, including share
repurchase program. The Committee consists only of Independent Trustees. The Committee currently consists of Ms. Baxter (Chairperson), Messrs. Curtis and Worley and Dr. Kennan.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Distributions Committee</FONT></B><FONT size=2 face="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 Mr. Putnam, III (Chairperson), Ms. Drucker and Dr. Joskow.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Executive Committee</FONT></B><FONT size=2 face="serif">. 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 and its affiliates on behalf of the shareholders of the Putnam funds. The Committee currently consists of
Messrs. Hill (Chairperson), Curtis, Patterson and Putnam, III </FONT><I><FONT size=2 face="serif">(ex officio)</FONT></I><FONT size=2 face="serif">, Dr. Joskow and Ms. Baxter.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Investment Oversight Committees</FONT></B><FONT size=2 face="serif">. These Committees regularly meet with investment personnel of Putnam Management to review the investment performance and strategies of the funds in
light of their stated investment objectives and policies. Investment Oversight Committee A currently consists of Mses. Drucker (Chairperson) and Baxter and Mr. Curtis. Investment Oversight Committee B currently consists of Drs. Joskow (Chairperson)
and Kennan and Mr. Stephens. Investment Committee C currently consists of Messrs. Leibler (Chairperson), Patterson </FONT></P>
<P align="left">
<FONT size=2 face="serif">I-17</FONT></P>

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<P align="left">
<FONT size=2 face="serif">and Putnam, III. Investment Oversight Committee D currently consists of Messrs. Worley (Chairperson), Haldeman and Hill. </FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Investment Process Committee.</FONT></B><FONT size=2 face="serif"> The Investment Process Committee complements the work of the Investment Oversight Committees by monitoring Putnam Management&#146;s investment
philosophies, investment processes and investment personnel. The Committee reviews Putnam Management&#146;s research capabilities; risk management processes; recruiting, training and compensation of investment personnel; performance measurement; and
portfolio construction. The Committee currently consists of Ms. Drucker (Chairperson), Dr. Joskow and Mr. Putnam, III.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Marketing Committee</FONT></B><FONT size=2 face="serif">. The Marketing Committee oversees the marketing and sale of fund shares by Putnam Retail Management. The Committee reviews (i) services provided by Putnam Retail
Management under its Distributor&#146;s Contracts with the open-end funds, (ii) sales charges imposed in connection with the sale of fund shares, (iii) expenditure of the funds&#146; assets for distribution and shareholder services pursuant to
distribution plans of the open-end funds, (iv) financial arrangements between Putnam Retail Management and 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 Worley, Ms. Baxter and Dr. Kennan.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Pricing Committee</FONT></B><FONT size=2 face="serif">. The Pricing Committee oversees the implementation of your fund&#146;s policies and procedures for achieving accurate and timely pricing of the funds&#146; shares,
including oversight of fair value determinations of individual securities made by Putnam Management or other designated agents of your fund. The Committee oversees compliance by money market funds with Rule 2a-7 under the 1940 Act, interfund
transactions pursuant to Rule 17a-7 under the 1940 Act, and the correction of occasional pricing errors. The Committee also receives reports on various matters including reports on the liquidity of portfolio securities. The Committee currently
consists of Messrs. Stephens (Chairperson), Hill, Leibler and Patterson.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Shareholder Communications and Relations Committee.</FONT></B><FONT size=2 face="serif"> The Shareholder Communications and Relations Committee reviews certain communications sent to fund shareholders, including
shareholder reports, prospectuses, proxy statements and other materials. The Committee oversees the policies and procedures pursuant to which such shareholder communications are prepared, and the implementation by Putnam Management of such policies
and procedures. The Committee reviews periodic reports regarding the costs to the funds of preparing and distributing such communications. The Committee also reviews periodic reports regarding comments and suggestions received with respect to such
communications. The Committee currently consists of Mr. Putnam, III (Chairperson), Ms. Drucker and Dr. Joskow.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">How large a stake do the Trustees and nominees have in the Putnam family of funds?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">The Trustees allocate their investments among the Putnam funds based on their own investment needs. The table below shows the number of shares beneficially owned by each nominee for Trustees other than Kenneth R. Leibler
and the value of each nominee&#146;s holdings in each fund and in all of the Putnam funds as of September 30, 2006. Mr. Leibler, who joined the Board of Trustees on October 12, 2006, owned no shares of these funds as of September 30, 2006. As a
group, the Trustees owned shares of the Putnam funds valued at approximately &#36;90 million as of September 30, 2006.</FONT></P>
<P align="left">
<FONT size=2 face="serif">I-18</FONT></P>

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<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=58% nowrap colspan=2>
<B><FONT size=2 face="serif">Putnam High Income Securities Fund</FONT></B>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<B><FONT size=2 face="serif">Name of Nominee</FONT></B>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<B><FONT size=2 face="serif">Dollar Range of Putnam</FONT></B>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<B><FONT size=2 face="serif">Aggregate Dollar</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<B><FONT size=2 face="serif">High Income Securities</FONT></B>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<B><FONT size=2 face="serif">Beneficially</FONT></B>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<B><FONT size=2 face="serif">Range of Shares</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<B><FONT size=2 face="serif">Fund</FONT></B>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<B><FONT size=2 face="serif">Owned</FONT></B>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<B><FONT size=2 face="serif">Held in all of the</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<B><FONT size=2 face="serif">Shares Owned</FONT></B>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<B><FONT size=2 face="serif">Putnam Funds</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Jameson A. Baxter</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;10,001 - &#36;50,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">1,619.792</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Charles B. Curtis</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">393.794</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Myra R. Drucker</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">351.679</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Charles E. Haldeman, Jr.</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">841</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">John A. Hill</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;500,001 - &#36;1,000,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">71,193.838</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Paul L. Joskow</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">334.178</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Elizabeth T. Kennan</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">451.380</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Robert E. Patterson</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">1,084.356</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">George Putnam, III</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;10,001 - &#36;50,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">1670</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">W. Thomas Stephens</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">334.178</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Richard B. Worley</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">334</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=58% nowrap colspan=2>
<B><FONT size=2 face="serif">Putnam Master Intermediate Income Trust</FONT></B>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<B><FONT size=2 face="serif">Name of Nominee</FONT></B>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<B><FONT size=2 face="serif">Dollar Range of Putnam</FONT></B>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<B><FONT size=2 face="serif">Aggregate Dollar</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<B><FONT size=2 face="serif">Master Intermediate</FONT></B>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<B><FONT size=2 face="serif">Beneficially</FONT></B>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<B><FONT size=2 face="serif">Range of Shares</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<B><FONT size=2 face="serif">Income Trust</FONT></B>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<B><FONT size=2 face="serif">Owned</FONT></B>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<B><FONT size=2 face="serif">Held in all of the</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<B><FONT size=2 face="serif">Shares Owned</FONT></B>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<B><FONT size=2 face="serif">Putnam Funds</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Jameson A. Baxter</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">461.972</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Charles B. Curtis</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">118.704</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Myra R. Drucker</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">104.309</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Charles E. Haldeman, Jr.</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">510</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">John A. Hill</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">436.985</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Paul L. Joskow</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">100</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Elizabeth T. Kennan</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">270.436</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Robert E. Patterson</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">587</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">George Putnam, III</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;10,001 - &#36;50,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">2,178</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">W. Thomas Stephens</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">100</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Richard B. Worley</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">100</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<B><FONT size=2 face="serif">Putnam Premier Income Trust</FONT></B>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<B><FONT size=2 face="serif">Name of Nominee</FONT></B>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<B><FONT size=2 face="serif">Dollar Range of Putnam</FONT></B>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<B><FONT size=2 face="serif">Aggregate Dollar</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<B><FONT size=2 face="serif">Premier Income Trust</FONT></B>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<B><FONT size=2 face="serif">Beneficially</FONT></B>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<B><FONT size=2 face="serif">Range of Shares</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<B><FONT size=2 face="serif">Shares Owned</FONT></B>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<B><FONT size=2 face="serif">Owned</FONT></B>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<B><FONT size=2 face="serif">Held in all of the</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<B><FONT size=2 face="serif">Putnam Funds</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Jameson A. Baxter</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">496.412</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Charles B. Curtis</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">241.639</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Myra R. Drucker</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">210.069</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Charles E. Haldeman, Jr.</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">1,005</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">John A. Hill</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;10,001 - &#36;50,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">3,645.613</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Paul L. Joskow</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">201.176</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Elizabeth T. Kennan</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">292.060</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Robert E. Patterson</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">803.529</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">George Putnam, III</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;10,001 - &#36;50,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">2,505</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">W. Thomas Stephens</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">201.176</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">I-19</FONT></P>

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


<!--$$/page=-->
<A name="page_20"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%"><FONT face=serif size=2>$1 - $10,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=serif size=2>201</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=serif size=2>over $100,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>At September 30, 2006, the Trustees and officers of these three funds as a group owned less than 1% of the outstanding shares of each fund on that date. </FONT></P>
<P align=left><B><FONT face=serif size=2>What are some of the ways in which the Trustees represent shareholder interests?</FONT></B></P>
<P align=left><FONT face=serif size=2>Among other ways, the Trustees seek to represent shareholder interests:</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#9633;&nbsp;</FONT><FONT face=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>&#9633;&nbsp;</FONT><FONT face=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>&#9633;&nbsp;</FONT><FONT face=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>&#9633;&nbsp;</FONT><FONT face=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>&#9633;&nbsp;</FONT><FONT face=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>&#9633;&nbsp;</FONT><FONT face=serif size=2>by monitoring potential conflicts of interest between the funds and Putnam Management and its affiliates to ensure that the funds continue to be managed in the best interests of their shareholders; and</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#9633;&nbsp;</FONT><FONT face=serif size=2>by monitoring potential conflicts among funds managed by Putnam to ensure that shareholders continue to realize the benefits of participation in a large and diverse family of funds.</FONT></P>
<P align=left><B><FONT face=serif size=2>How can shareholders communicate with the Trustees?</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board of Trustees provides a process for shareholders to send communications to the Trustees. Shareholders may direct communications to the Board of Trustees as a whole or to specified individual Trustees by submitting them in writing to the following address:</FONT></P>
<P align=left><FONT face=serif size=2>The Putnam Funds</FONT><BR>
<FONT face=serif size=2>Attention: &#147;Board of Trustees&#148; or any specified Trustee(s)</FONT><BR>
<FONT face=serif size=2>One Post Office Square</FONT><BR>
<FONT face=serif size=2>Boston, Massachusetts 02109</FONT></P>
<P align=left><FONT face=serif size=2>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=serif size=2>The Office of the Trustees will respond to all correspondence sent to Trustees. 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><FONT face=serif size=2>I-20</FONT></P>
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<A name="page_21"></A>

<P align="left">
<B><FONT size=2 face="serif">How often do the Trustees meet?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif"> 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 committees of the board, 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.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The number of times each committee met during your fund&#146;s last fiscal year is shown in the table below:</FONT></P>
<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Putnam High Income Securities Fund</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Fiscal year ended August 31, 2006</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Audit and Compliance Committee*</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">12</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Board Policy and Nominating Committee</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">11</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Brokerage Committee**</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">7</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Contract Committee</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Distributions Committee</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">11</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Executive Committee</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">2</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Investment Oversight Committees</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Marketing Committee***</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">8</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Pricing Committee*</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">12</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Shareholder Communications and Relations Committee***</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">8</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Investment Process Committee****</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">7</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Putnam Master Intermediate Income Trust</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Fiscal year ended September 30, 2006</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Audit and Compliance Committee*</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Board Policy and Nominating Committee</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">11</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Brokerage Committee**</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">7</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Contract Committee</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Distributions Committee</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">11</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Executive Committee</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">2</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Investment Oversight Committees</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Marketing Committee***</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">8</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Pricing Committee*</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Shareholder Communications and Relations Committee***</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">8</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Investment Process Committee****</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">8</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Putnam Premier Income Trust</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Fiscal year ended July 31, 2006</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Audit and Compliance Committee*</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">11</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Board Policy and Nominating Committee</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">11</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=85% nowrap>
<FONT size=2 face="serif">Brokerage Committee**</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">7</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">I-21</FONT></P>

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<A name="page_22"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=serif size=2>Contract Committee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=serif size=2>13</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=serif size=2>Distributions Committee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=serif size=2>11</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=serif size=2>Executive Committee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=serif size=2>2</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=serif size=2>Investment Oversight Committees</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=serif size=2>38</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=serif size=2>Marketing Committee***</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=serif size=2>8</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=serif size=2>Pricing Committee*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=serif size=2>11</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=serif size=2>Shareholder Communications and Relations Committee***</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=serif size=2>8</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%"><FONT face=serif size=2>Investment Process Committee****</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=serif size=2>7</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=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 by the former combined Audit and Pricing Committee prior to the formation of the new committees and by the relevant new committee after its formation. </FONT></P>
<P align=left><FONT face=serif size=1>** Effective January 2006, the Brokerage and Custody Committee was renamed the Brokerage Committee. </FONT></P>
<P align=left><FONT face=serif size=1>*** Effective January 2006, the responsibilities of the Communication, Service and Marketing Committee were divided between two separate </FONT><FONT face=serif size=1>committees, the Marketing Committee and the Shareholder Communications and Relations Committee. The number of meetings shown represents the number of meetings held by the former combined Communication, Service and Marketing Committee prior to the formation of the new committees and by the relevant new committee after its formation.</FONT></P>
<P align=left><FONT face=serif size=1>****The Investment Process Committee began meeting in January 2006. </FONT></P>
<P align=left><FONT face=serif size=2>Your fund does not have a policy with respect to Trustee attendance at shareholder meetings. Although your fund&#146;s Trustees did not attend the last annual meeting of your fund, they were represented at the meeting by their staff.</FONT></P>
<P align=left><B><FONT face=serif size=2>What are the Trustees paid for their services?</FONT></B></P>
<P align=left><FONT face=serif size=2>Each Independent Trustee of the fund receives an annual retainer fee and additional fees for each Trustees' meeting attended, for attendance at industry seminars and for certain compliance-related services. Independent Trustees who serve on board committees receive additional fees for attendance at certain committee meetings and for special services rendered in that connection. Independent Trustees also are reimbursed for costs incurred in connection with their services, including costs of travel, seminars and educational materials. All of the current Independent Trustees of the fund are Trustees of all the Putnam funds and receive fees for their services. Mr. Putnam, III also receives the foregoing fees for his services as Trustee.</FONT></P>
<P align=left><FONT face=serif size=2>The Trustees periodically review their fees to ensure that such fees continue to be appropriate in light of their responsibilities as well as in relation to fees paid to trustees of other mutual fund complexes. The Board Policy and Nominating Committee, which consists solely of Independent Trustees of the fund, estimates that committee and Trustee meeting time, together with the appropriate preparation, requires the equivalent of at least three business days per Trustee meeting. The following table shows the year each Trustee became a Trustee of the Putnam funds and the fees paid to each Trustee by your fund for its most recent fiscal year and the fees paid to each Trustee by all of the Putnam funds during calendar year 2005:</FONT></P>
<P align=left><FONT face=serif size=2>I-22</FONT></P>
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<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<B><FONT size=2 face="serif">Putnam High Income Securities Fund</FONT></B>&nbsp;
	</TD>
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD align=left width=38% nowrap colspan=2>
<B><FONT size=2 face="serif">COMPENSATION TABLE</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD align=left width=22% nowrap>
<B><FONT size=2 face="serif">Aggregate</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">Retirement</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">Estimated annual</FONT></B>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="serif">Total compensation</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD align=left width=22% nowrap>
<B><FONT size=2 face="serif">compensation from</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">benefits accrued</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">benefits from all</FONT></B>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="serif">from all Putnam</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD align=left width=22% nowrap>
<B><FONT size=2 face="serif">the fund</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">as part of fund</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">Putnam funds upon</FONT></B>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="serif">funds(2)(3)</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">expenses</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">retirement(1)</FONT></B>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<B><FONT size=2 face="serif">Trustees/Year</FONT></B>&nbsp;
	</TD>
	<TD align=left width=22% nowrap>
&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Jameson A. Baxter/1994(4)</FONT>&nbsp;
	</TD>
	<TD align=left width=22% nowrap>
<FONT size=2 face="serif">&#36;1,612</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">&#36;590</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">&#36;110,500</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">&#36;237,250</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Charles B. Curtis/2001</FONT>&nbsp;
	</TD>
	<TD align=left width=22% nowrap>
<FONT size=2 face="serif">1,546</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">883</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">113,900</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">231,500</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Myra R. Drucker/2004(4)</FONT>&nbsp;
	</TD>
	<TD align=left width=22% nowrap>
<FONT size=2 face="serif">1,507</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">224,250</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Charles E. Haldeman, Jr./2004</FONT>&nbsp;
	</TD>
	<TD align=left width=22% nowrap>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">John A. Hill/1985(4)(5)</FONT>&nbsp;
	</TD>
	<TD align=left width=22% nowrap>
<FONT size=2 face="serif">2,285</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">814</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">161,700</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">422,813</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Paul L. Joskow/1997(4)</FONT>&nbsp;
	</TD>
	<TD align=left width=22% nowrap>
<FONT size=2 face="serif">1,559</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">536</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">113,400</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">228,500</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Elizabeth T. Kennan/1992(4)</FONT>&nbsp;
	</TD>
	<TD align=left width=22% nowrap>
<FONT size=2 face="serif">1,609</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">750</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">108,000</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">229,250</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Kenneth R. Leibler/2006 (7)</FONT>&nbsp;
	</TD>
	<TD align=left width=22% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">John H. Mullin, III/1997(4)(6)</FONT>&nbsp;
	</TD>
	<TD align=left width=22% nowrap>
<FONT size=2 face="serif">1,265</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">650</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">107,400</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">222,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Robert E. Patterson/1984</FONT>&nbsp;
	</TD>
	<TD align=left width=22% nowrap>
<FONT size=2 face="serif">1,571</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">450</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">106,500</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">222,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">George Putnam, III/1984(5)</FONT>&nbsp;
	</TD>
	<TD align=left width=22% nowrap>
<FONT size=2 face="serif">1,725</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">409</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">130,300</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">262,750</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">W. Thomas Stephens/1997(4)</FONT>&nbsp;
	</TD>
	<TD align=left width=22% nowrap>
<FONT size=2 face="serif">1,474</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">628</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">107,100</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">211,250</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="serif">Richard B. Worley/2004</FONT>&nbsp;
	</TD>
	<TD align=left width=22% nowrap>
<FONT size=2 face="serif">1,545</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">218,750</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">I-23</FONT></P>

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



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

<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=32% nowrap>
<B><FONT size=2 face="serif">Putnam Master Intermediate Income Trust</FONT></B>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% nowrap>
&nbsp;
	</TD>
	<TD align=left width=36% nowrap colspan=2>
<B><FONT size=2 face="serif">COMPENSATION TABLE</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% nowrap>
&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<B><FONT size=2 face="serif">Aggregate</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">Retirement</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">Estimated annual</FONT></B>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="serif">Total compensation</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% nowrap>
&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<B><FONT size=2 face="serif">compensation from</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">benefits accrued</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">benefits from all</FONT></B>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="serif">from all Putnam</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% nowrap>
&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<B><FONT size=2 face="serif">the fund</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">as part of fund</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">Putnam funds upon</FONT></B>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="serif">funds(2)(3)</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% nowrap>
&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">expenses</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">retirement(1)</FONT></B>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% nowrap>
<B><FONT size=2 face="serif">Trustees/Year</FONT></B>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% nowrap>
<FONT size=2 face="serif">Jameson A. Baxter/1994(4)</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">&#36;2,150</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">&#36;790</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">&#36;110,500</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">&#36;237,250</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% nowrap>
<FONT size=2 face="serif">Charles B. Curtis/2001</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">2,062</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">1,169</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">113,900</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">231,500</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% nowrap>
<FONT size=2 face="serif">Myra R. Drucker/2004(4)</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">2,010</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">224,250</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% nowrap>
<FONT size=2 face="serif">Charles E. Haldeman, Jr./2004</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% nowrap>
<FONT size=2 face="serif">John A. Hill/1985(4)(5)</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">3,046</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">1,089</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">161,700</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">422,813</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% nowrap>
<FONT size=2 face="serif">Paul L. Joskow/1997(4)</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">2,080</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">708</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">113,400</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">228,500</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% nowrap>
<FONT size=2 face="serif">Elizabeth T. Kennan/1992(4)</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">2,146</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">1,003</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">108,000</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">229,250</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% nowrap>
<FONT size=2 face="serif">Kenneth R. Leibler/2006 (7)</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% nowrap>
<FONT size=2 face="serif">John H. Mullin, III/1997(4)(6)</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">1,687</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">874</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">107,400</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">220,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% nowrap>
<FONT size=2 face="serif">Robert E. Patterson/1984</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">2,095</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">603</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">106,500</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">222,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% nowrap>
<FONT size=2 face="serif">George Putnam, III/1984(5)</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">2,300</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">549</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">130,300</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">262,750</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% nowrap>
<FONT size=2 face="serif">W. Thomas Stephens/1997(4)</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">1,966</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">839</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">107,100</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">211,250</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% nowrap>
<FONT size=2 face="serif">Richard B. Worley/2004</FONT>&nbsp;
	</TD>
	<TD align=left width=20% nowrap>
<FONT size=2 face="serif">2,060</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">218,750</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">I-24</FONT></P>

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



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<A name="page_25"></A>

<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<B><FONT size=2 face="serif">Putnam Premier Income Trust</FONT></B>&nbsp;
	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
&nbsp;
	</TD>
	<TD align=left width=40% nowrap colspan=2>
<B><FONT size=2 face="serif">COMPENSATION TABLE</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
&nbsp;
	</TD>
	<TD align=left width=24% nowrap>
<B><FONT size=2 face="serif">Aggregate</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">Retirement</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">Estimated annual</FONT></B>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="serif">Total compensation</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
&nbsp;
	</TD>
	<TD align=left width=24% nowrap>
<B><FONT size=2 face="serif">compensation from</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">benefits accrued</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">benefits from all</FONT></B>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="serif">from all Putnam</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
&nbsp;
	</TD>
	<TD align=left width=24% nowrap>
<B><FONT size=2 face="serif">the fund</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">as part of fund</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">Putnam funds upon</FONT></B>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<B><FONT size=2 face="serif">funds(2)(3)</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
&nbsp;
	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">expenses</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">retirement(1)</FONT></B>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<B><FONT size=2 face="serif">Trustees/Year</FONT></B>&nbsp;
	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">Jameson A. Baxter/1994(4)</FONT>&nbsp;
	</TD>
	<TD align=left width=24% nowrap>
<FONT size=2 face="serif">&#36;2,797</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">&#36;1,047</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">&#36;110,500</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">&#36;237,250</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">Charles B. Curtis/2001</FONT>&nbsp;
	</TD>
	<TD align=left width=24% nowrap>
<FONT size=2 face="serif">2,870</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">1,587</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">113,900</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">231,500</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">Myra R. Drucker/2004(4)</FONT>&nbsp;
	</TD>
	<TD align=left width=24% nowrap>
<FONT size=2 face="serif">2,750</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">224,250</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">Charles E. Haldeman, Jr./2004</FONT>&nbsp;
	</TD>
	<TD align=left width=24% nowrap>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">John A. Hill/1985(4)(5)</FONT>&nbsp;
	</TD>
	<TD align=left width=24% nowrap>
<FONT size=2 face="serif">2,683</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">1,447</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">161,700</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">422,813</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">Paul L. Joskow/1997(4)</FONT>&nbsp;
	</TD>
	<TD align=left width=24% nowrap>
<FONT size=2 face="serif">2,776</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">967</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">113,400</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">228,500</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">Elizabeth T. Kennan/1992(4)</FONT>&nbsp;
	</TD>
	<TD align=left width=24% nowrap>
<FONT size=2 face="serif">2,250</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">1,334</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">108,000</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">229,250</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">Kenneth R. Leibler/2006 (7)</FONT>&nbsp;
	</TD>
	<TD align=left width=24% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">John H. Mullin, III/1997(4)(6)</FONT>&nbsp;
	</TD>
	<TD align=left width=24% nowrap>
<FONT size=2 face="serif">4,062</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">1,150</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">107,400</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">220,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">Robert E. Patterson/1984</FONT>&nbsp;
	</TD>
	<TD align=left width=24% nowrap>
<FONT size=2 face="serif">3,069</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">797</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">106,500</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">222,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">George Putnam, III/1984(5)</FONT>&nbsp;
	</TD>
	<TD align=left width=24% nowrap>
<FONT size=2 face="serif">2,753</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">726</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">130,300</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">262,750</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">W. Thomas Stephens/1997(4)</FONT>&nbsp;
	</TD>
	<TD align=left width=24% nowrap>
<FONT size=2 face="serif">2,865</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">1,116</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">107,100</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">211,250</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">Richard B. Worley/2004</FONT>&nbsp;
	</TD>
	<TD align=left width=24% nowrap>
<FONT size=2 face="serif">2,624</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD align=left width=14% nowrap>
<FONT size=2 face="serif">218,750</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">I-25</FONT></P>

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


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<A name="page_26"></A>
<P align=left><FONT face=serif size=2>(1) Estimated benefits for each Trustee are based on Trustee fee rates for calendar years 2003, 2004 and 2005. For Mr. Mullin, the annual benefits equal the actual benefits he is currently receiving under the Retirement Plan for Trustees of the Putnam funds.</FONT></P>
<P align=left><FONT face=serif size=2>(2) As of December 31, 2005, there were 108 funds in the Putnam family. For Mr. Hill, amounts shown also include compensation for service as Chairman of TH Lee, Putnam Emerging Opportunities Portfolio, a closed-end fund advised by an affiliate of Putnam Management.</FONT></P>
<P align=left><FONT face=serif size=2>(3) Includes amounts (ranging from approximately $1,500 to $15,250 per Trustee) for which the Putnam funds were reimbursed by Putnam Management for special Board and committee meetings and additional time spent on behalf of the Putnam funds in connection with certain regulatory and investigatory matters.</FONT></P>
<P align=left><FONT face=serif size=2>(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 face=serif size=2>Putnam High Income Securities Fund</FONT></B><FONT face=serif size=2> (August 31, 2006) Ms. Baxter-$1,936; Ms. Drucker-$125; Mr. Hill-$8,520; Dr. Joskow-$2,269; Dr. Kennan-$136; Mr. Mullin-$2,506; and Mr. Stephens-$214.</FONT></P>
<P align=left><B><FONT face=serif size=2>Putnam Master Intermediate Income Trust</FONT></B><FONT face=serif size=2> (September 30, 2006) Ms. Baxter-$5,147; Ms. Drucker-$331; Mr. Hill-$22,651; Dr. Joskow-$6,037; Dr. Kennan-$360; Mr. Mullin-$6,665; and Mr. Stephens-$571.</FONT></P>
<P align=left><B><FONT face=serif size=2>Putnam Premier Income Trust</FONT></B><FONT face=serif size=2> (July 31, 2006) Ms. Baxter-$7,885; Ms. Drucker-$509; Mr. Hill-$34,724; Dr. Joskow-$9,354; Dr. Kennan-$552; Mr. Mullin-$9,230; and Mr. Stephens-$872.</FONT></P>
<P align=left><FONT face=serif size=2>(5) Includes additional compensation to Messrs. Hill and Putnam, III, for service as Chairman of the Trustees and President of the Funds, respectively.</FONT></P>
<P align=left><FONT face=serif size=2>(6) Mr. Mullin retired from the Board of Trustees of the Putnam Funds on June 30, 2006.</FONT></P>
<P align=left><FONT face=serif size=2>(7) Mr. Leibler was elected to the Board of Trustees of the Putnam Funds by vote of the Trustees on October 12, 2006 and accordingly was not a Trustee of your </FONT><FONT face=serif size=2>fund during its last fiscal year.</FONT></P>
<P align=left><FONT face=serif size=2>I-26</FONT></P>
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<A name="page_27"></A>
<P align=left><FONT face=serif size=2>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 face=serif size=2>The Plan Administrator (currently the Board Policy and Nominating Committee) may terminate or amend the Plan at any time, but no termination or amendment will result in a reduction in the amount of benefits (i) currently being paid to a Trustee at the time of such termination or amendment, or (ii) to which a current Trustee would have been entitled had he or she retired immediately prior to such termination or amendment. The Trustees have terminated the Plan with respect to any Trustee first elected to the board after 2003.</FONT></P>
<P align=left><B><FONT face=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></P>
<P align=left><B><FONT face=serif size=2>What is this proposal?</FONT></B></P>
<P align=left><FONT face=serif size=2>Shareholders will have the opportunity to vote at the meeting on the question of whether your fund should be converted from a closed-end fund to an open-end fund. If the conversion is approved, your fund&#146;s shares would become redeemable directly from your fund at net asset value, eliminating any discount of market price to net asset value. In 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=serif size=2>Why is this question being submitted to shareholders?</FONT></B></P>
<P align=left><FONT face=serif size=2>Your fund&#146;s Declaration of Trust requires that shareholders of your fund be given the opportunity to vote on a proposal to convert your fund from closed-end to open-end status if the fund&#146;s common shares have traded at an average discount of more than 10% from their 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="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=serif size=2>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="40%"><B><FONT face=serif size=2>12 Weeks EndedAvg. Discount</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=serif size=2>Putnam High Income Securities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=2>August 25, 2006</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>11.97%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=serif size=2>Putnam Master Intermediate Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=2>September 29, 2006</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>12.79%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=serif size=2>Putnam Premier Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=2>July 28, 2006</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>13.64%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=serif size=2>What do the Trustees recommend?</FONT></B></P>
<P align=left><B><FONT face=serif size=2>The Trustees of your fund 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. 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=serif size=2>Why are the Trustees recommending a vote against a conversion?</FONT></B></P>
<P align=left><FONT face=serif size=2>In recommending a vote against converting your fund to open-end status, the Trustees considered the following factors:</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#9633;&nbsp;</FONT><I><FONT face=serif size=2>Potential investment advantages</FONT></I><FONT face=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 </FONT></P>
<P align=left><FONT face=serif size=2>I-27</FONT></P>
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<A name="page_28"></A>
<P align=left><FONT face=serif size=2>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>&#9633;&nbsp;</FONT><I><FONT face=serif size=2>Share repurchase program.</FONT></I><FONT face=serif size=2> Your fund&#146;s Trustees have approved a share repurchase program (described in further detail below) that permits your fund to repurchase up to 10% of its outstanding shares at market prices over the two-year period ending October 6, 2007. The Trustees believe that share repurchases can represent an attractive investment opportunity for your fund and be an important contributor to your fund&#146;s returns at net asset value. </FONT></P>
<P align=left><FONT face=sans-serif size=2>&#9633;&nbsp;</FONT><I><FONT face=serif size=2>Other recent actions enhancing shareholder value</FONT></I><FONT face=serif size=2>. Both in response to recent discounts and as part of their general oversight responsibilities, the Trustees have since 2005 reviewed various other measures to increase shareholder value for each of the Putnam closed-end funds. Furthermore, in the case of Putnam High Income Securities Fund, the Trustees initiated changes to the fund&#146;s management contract, which went into effect in January 2006, resulting in a reduction of the effective management fee rate from 0.75% to 0.70%, measured as a percentage of average assets of the fund. The Trustees believe that these steps have the potential to enhance shareholder returns, which in turn may support increased demand for your fund&#146;s shares.</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#9633;&nbsp;</FONT><I><FONT face=serif size=2>Trading discounts. </FONT></I><FONT face=serif size=2>In reviewing the trading information for your fund, the Trustees took into account the fact that its shares have consistently traded at a discount to net asset value over the past few years. They reviewed the possible causes and effects of discounts, which are discussed at more length below, and noted that discount levels for your fund have fluctuated over the years and that, for some periods, fund shares have traded at substantially lower discounts or at premiums.</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#9633;&nbsp;</FONT><I><FONT face=serif size=2>Potential for leverage</FONT></I><FONT face=serif size=2>. At the 2005 Annual Meeting of Shareholders, the Trustees proposed, and shareholders approved, changes to your fund&#146;s investment restrictions to allow your fund to employ investment leverage through borrowing to the maximum extent permitted by law. Closed-end funds commonly leverage their portfolios with the intention of increasing the yield to common shareholders. </FONT><FONT face=serif size=2>While your fund has not yet leveraged its portfolio, Putnam Management has informed the Trustees that it would consider making use of leverage under appropriate market conditions within the foreseeable future. Your fund&#146;s ability to use leverage in seeking increased returns and yield could help in the future to reduce the discount to net asset value at which your fund&#146;s shares may trade. </FONT></P>
<P align=left><FONT face=sans-serif size=2>&#9633;&nbsp;</FONT><I><FONT face=serif size=2>Possible changes in fund size and expenses</FONT></I><FONT face=serif size=2>. Following conversion to open-end status, redemptions by shareholders could cause your fund to shrink, in the near term, 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 and creating significant transaction costs. 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. The terms of any redemption fee would be determined at a later time, but 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=serif size=2>Since open-end funds may continuously offer new shares to the public, they also have the ability to increase in size, and growth in your fund&#146;s size following a conversion to open-end status 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 recommend, subject to shareholder approval, that your fund adopt a distribution plan under Rule 12b-1 under the 1940 Act. The plan the Trustees might recommend could resemble the plans of other open-end Putnam funds, under which Putnam Retail Management, those funds&#146; principal underwriter, currently receives annual distribution fees of 0.25% of net assets, though the applicable plans permit fees of up to 0.35% . </FONT></P>
<P align=left><FONT face=serif size=2>If, following a conversion, your fund were to experience a significant loss of assets and corresponding </FONT></P>
<P align=left><FONT face=serif size=2>I-28</FONT></P>
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<P align="left">
<FONT size=2 face="serif">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 size=2 face="serif">What does it mean when fund shares trade at a discount?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">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, your fund has listed its shares for trading on the New York 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 size=2 face="serif">Putnam Management has advised the Trustees that discount levels for closed-end funds investing primarily in fixed-income securities &#150; such as your fund &#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 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 size=2 face="serif">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 table below presents 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 of each full calendar year since inception, in each case expressed as a percentage discount from, or premium to, net asset value (NAV). Thus, the &#147;Highest Market Price&#148;
column presents the lowest discount or, if the fund traded above NAV during the year, the highest premium achieved in a given year; conversely, the &#147;Lowest Market Price&#148; column presents the highest discount or, if the fund only traded
above NAV during the year, the lowest premium. In addition, the &#147;Average Discount/Premium&#148; column presents the average daily differential between market price and net asset value over the course of each full calendar year since inception.
</FONT></P>
<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=53% nowrap colspan=2>
<B><FONT size=2 face="serif">Putnam High Income Securities Fund</FONT></B>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<B><FONT size=2 face="serif">Highest Market Price</FONT></B>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<B><FONT size=2 face="serif">Lowest Market Price</FONT></B>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<B><FONT size=2 face="serif">Average</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<B><FONT size=2 face="serif">Calendar Year</FONT></B>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<B><FONT size=2 face="serif">(relative to NAV)</FONT></B>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<B><FONT size=2 face="serif">(relative to NAV)</FONT></B>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<B><FONT size=2 face="serif">Discount/Premium</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">2005</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-6.91%</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-14.97%</FONT>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<FONT size=2 face="serif">-10.63%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">2004</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-5.34%</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-15.63%</FONT>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<FONT size=2 face="serif">-9.15%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">2003</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">2.48%</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-9.98%</FONT>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<FONT size=2 face="serif">-3.65%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">2002</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">5.30%</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-10.85%</FONT>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<FONT size=2 face="serif">-1.45%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">2001</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">8.22%</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-11.21%</FONT>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<FONT size=2 face="serif">-0.92%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">2000</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">1.54%</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-19.52%</FONT>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<FONT size=2 face="serif">-8.91%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">1999</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">13.10%</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-19.50%</FONT>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<FONT size=2 face="serif">1.08%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">1998</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">21.63%</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">0.74%</FONT>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<FONT size=2 face="serif">10.38%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">1997</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">13.87%</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-0.72%</FONT>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<FONT size=2 face="serif">3.82%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">1996</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">10.06%</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-2.26%</FONT>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<FONT size=2 face="serif">4.53%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">1995</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">9.80%</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-0.54%</FONT>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<FONT size=2 face="serif">4.61%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">1994</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">9.32%</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-6.11%</FONT>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<FONT size=2 face="serif">3.13%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">1993</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">14.65%</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-10.07%</FONT>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<FONT size=2 face="serif">5.75%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">1992</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">11.92%</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-4.07%</FONT>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<FONT size=2 face="serif">3.81%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">1991</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">13.49%</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-14.01%</FONT>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<FONT size=2 face="serif">0.24%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">1990</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-5.63%</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-21.64%</FONT>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<FONT size=2 face="serif">-12.10%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">1989</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-3.50%</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-13.43%</FONT>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<FONT size=2 face="serif">-7.83%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
<FONT size=2 face="serif">1988</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">8.23%</FONT>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<FONT size=2 face="serif">-9.33%</FONT>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<FONT size=2 face="serif">-2.21%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=53% nowrap colspan=2>
<B><FONT size=2 face="serif">Putnam Master Intermediate Income Trust</FONT></B>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=28% nowrap>
&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<B><FONT size=2 face="serif">Highest Market Price</FONT></B>&nbsp;
	</TD>
	<TD align=left width=25% nowrap>
<B><FONT size=2 face="serif">Lowest Market Price</FONT></B>&nbsp;
	</TD>
	<TD align=left width=21% nowrap>
<B><FONT size=2 face="serif">Average</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">I-29</FONT></P>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><B><FONT face=serif size=2>Calendar Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="25%"><B><FONT face=serif size=2>(relative to NAV)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="25%"><B><FONT face=serif size=2>(relative to NAV)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="21%"><B><FONT face=serif size=2>Discount/Premium</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="28%"><FONT face=serif size=2>2005</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-7.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-15.19%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-10.66%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>2004</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-4.15%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-12.41%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-7.65%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>2003</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>2.47%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-10.97%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-6.09%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>2002</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>2.72%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-8.94%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-2.91%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>2001</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-1.75%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-11.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-5.72%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>2000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-7.88%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-23.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-14.89%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>1.56%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-21.98%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-8.83%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1998</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>0.78%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-10.51%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-5.14%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1997</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-3.07%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-13.49%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-8.52%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1996</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-8.11%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-14.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-11.82%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1995</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-7.58%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-15.75%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-11.49%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1994</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-5.23%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-16.04%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-9.64%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1993</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-1.32%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-9.52%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-4.74%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1992</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>3.56%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-9.12%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-2.64%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1991</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-2.08%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-13.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-6.69%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1990</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-2.42%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-20.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-11.63%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1989</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>2.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-10.71%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-2.86%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1988</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>7.87%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-6.91%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>0.54%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%" colSpan=2><B><FONT face=serif size=2>Putnam Premier Income Trust</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><B><FONT face=serif size=2>Highest Market Price</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="25%"><B><FONT face=serif size=2>Lowest Market Price</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="21%"><B><FONT face=serif size=2>Average</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><B><FONT face=serif size=2>Calendar Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="25%"><B><FONT face=serif size=2>(relative to NAV)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="25%"><B><FONT face=serif size=2>(relative to NAV)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="21%"><B><FONT face=serif size=2>Discount/Premium</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="28%"><FONT face=serif size=2>2005</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-7.82%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-15.20%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-11.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>2004</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-5.83%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-13.54%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-9.54%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>2003</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>3.72%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-10.90%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-5.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>2002</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>3.25%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-9.95%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-2.73%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>2001</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-0.29%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-11.69%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-5.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>2000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-8.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-23.25%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-14.65%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>3.52%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-21.25%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-4.83%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1998</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>5.99%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-10.21%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-1.82%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1997</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-1.13%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-13.25%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-6.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1996</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-8.78%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-13.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-11.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1995</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-5.90%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-14.26%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-10.84%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1994</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-3.73%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-16.25%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-9.18%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1993</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-1.99%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-10.22%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-5.94%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1992</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>4.29%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-9.25%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-2.39%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1991</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-0.06%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-12.20%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-5.67%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1990</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-1.59%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-19.97%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-11.54%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1989</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>8.32%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-9.36%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>2.71%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>1988</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>10.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>-2.26%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>6.01%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><B><FONT face=serif size=2>How do the Trustees monitor and address trading discounts?</FONT></B></P>
<P align=left><FONT face=serif size=2>The Trustees carefully monitor the trading prices of your fund&#146;s shares, recognizing that trading prices and discounts will fluctuate over time. At times when the fund trades at a material discount for an extended period of time, the Trustees may examine possible factors contributing to the situation and consider a broad range of possible actions in an effort to reduce or eliminate the discount. Such actions that could be implemented consistent with your fund&#146;s closed-end structure might include: </FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=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;<BR>
</FONT><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Repurchases by the fund of its shares at prevailing market prices; and<BR>
</FONT><FONT face=serif size=2>&#183; </FONT><FONT face=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=serif size=2>I-30</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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

<P align="left">
<FONT size=2 face="serif">It is possible that these actions may have a temporary effect on a fund&#146;s trading discount, although there is little industry experience that would suggest a 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, however, such repurchases will enhance the net asset
value of the fund&#146;s remaining shares and the total return at net asset value for the remaining shareholders. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Recognizing this benefit, the Trustees have authorized all of the Putnam closed-end funds, including your fund, to repurchase up to 10% of their outstanding shares (based on shares outstanding as of October 7, 2005) at
market prices. The Trustees first authorized the repurchase program in October 2005 to permit repurchases of up to 5% of each fund&#146;s outstanding shares, and in March 2006 they voted to increase the repurchase limit to 10% of each fund&#146;s
outstanding shares. Originally set to expire in October 2006, the program was recently extended by the Trustees until October 6, 2007. The Trustees authorized the extension of the program after reviewing the program&#146;s impact on investment
performance and trading discounts. This review included information provided by Putnam Management regarding the increases in the net asset value of remaining shares caused by share repurchases. The table below shows the aggregate increase in the net
asset value of remaining shares caused by repurchases for less than net asset value, as well as the approximate contribution of the share repurchase program to your fund&#146;s returns at net asset value from October 25, 2005 (the date shares were
first repurchased) through September 30, 2006. </FONT></P>
<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=47% nowrap>
&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<B><FONT size=2 face="serif">Total</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">Contribution</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=47% nowrap>
&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<B><FONT size=2 face="serif">Contribution</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">to Returns at</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">Actual Total</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=47% nowrap>
&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<B><FONT size=2 face="serif">to Per-Share</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">Net Asset</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">Returns at Net</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=47% nowrap>
&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<B><FONT size=2 face="serif">NAV (&#36;)</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<B><FONT size=2 face="serif">Asset Value</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=47% nowrap>
<B><FONT size=2 face="serif">Putnam High Income Securities Fund</FONT></B>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">&#36;959,374</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">0.50%</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">11.84%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=47% nowrap>
<B><FONT size=2 face="serif">Putnam Master Intermediate Income Trust</FONT></B>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">&#36;5,969,640</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">0.88%</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">6.26%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=47% nowrap>
<B><FONT size=2 face="serif">Putnam Premier Income Trust</FONT></B>&nbsp;
	</TD>
	<TD align=left width=19% nowrap>
<FONT size=2 face="serif">&#36;11,044,748</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">0.83%</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="serif">6.64%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">The Trustees believe that the record of the repurchase program to date supports the assertion that share repurchases represent attractive investment opportunities for the funds. Of course, past performance is no guarantee
of future results. In addition, there is no guarantee that share repurchases will cause the market price of your fund&#146;s shares to increase or narrow any existing discounts. The Trustees will continue to monitor the repurchase program and review
its impact on the funds&#146; investment performance and on trading discounts.</FONT></P>
<P align="left">
<FONT size=2 face="serif">To date, the Trustees have not authorized tender offers but may consider that alternative in the future. </FONT></P>
<P align="left">
<FONT size=2 face="serif">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 have considered whether the closed-end structure of the fund continues to offer the investment advantages contemplated when the fund was originally offered to the marketplace. Especially in light of the recent steps to
enhance shareholder returns described above, the Trustees have concluded that the fund remains a viable investment vehicle and that recent discount levels do not currently justify abandoning the advantages of the closed-end structure by converting
your fund to open-end status.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">How has your fund performed?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">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 returns. </FONT></P>
<P align="left">
<FONT size=2 face="serif">I-31</FONT></P>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="74%" colSpan=3><B><FONT face=serif size=2>Total Return (Annualized) for Periods Ended September 30, 2006*</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><B><FONT face=serif size=2>1 year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="13%"><B><FONT face=serif size=2>3 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="13%"><B><FONT face=serif size=2>5 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="11%"><B><FONT face=serif size=2>10 years</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><B><FONT face=serif size=2>Putnam High Income Securities Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=serif size=2>Net Asset Value</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=serif size=2>10.19%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>11.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>13.57%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=serif size=2>8.71%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=serif size=2>Market Price</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=serif size=2>11.25%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>9.73%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>11.28%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=serif size=2>6.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=serif size=2>Merrill Lynch All-Convertibles</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=serif size=2>10.12%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>11.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>12.18%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=serif size=2>9.39%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=serif size=2>Speculative Quality Index</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=serif size=2>Lipper Convertible Securities Funds Average</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=serif size=2>7.82%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>10.14%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>7.42%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=serif size=2>7.12%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>*Returns for periods ended September 30, 2006 only partially reflect the impact of a reduction by 0.05% (of average assets) in the management fees payable by Putnam High Income Securities Fund that went into effect on January 1, 2006. This fee reduction will have a corresponding effect of reducing the fund&#146;s total expenses (measured as a percentage of average assets) by 0.05% .</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="73%" colSpan=3><B><FONT face=serif size=2>Total Return (Annualized) for Periods Ended September 30, 2006</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><B><FONT face=serif size=2>1 year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="13%"><B><FONT face=serif size=2>3 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="13%"><B><FONT face=serif size=2>5 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="11%"><B><FONT face=serif size=2>10 years</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><B><FONT face=serif size=2>Putnam Master Intermediate Income Trust</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=serif size=2>Net Asset Value</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>6.01%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>7.14%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>9.07%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=serif size=2>6.33%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=serif size=2>Market Price</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>4.17%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>5.22%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>7.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=serif size=2>6.26%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=serif size=2>Lehman Municipal Bond Index</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>4.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>4.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>5.17%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=serif size=2>5.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=serif size=2>Lipper Flexible Income Funds Average</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>5.56%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>7.24%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>8.94%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=serif size=2>5.58%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="73%" colSpan=3><B><FONT face=serif size=2>Total Return (Annualized) for Periods Ended September 30, 2006</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><B><FONT face=serif size=2>1 year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="13%"><B><FONT face=serif size=2>3 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="13%"><B><FONT face=serif size=2>5 years</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="11%"><B><FONT face=serif size=2>10 years</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><B><FONT face=serif size=2>Putnam Premier Income Trust</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=serif size=2>Net Asset Value</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>6.17%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>8.05%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>9.71%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=serif size=2>6.52%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=serif size=2>Market Price</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>5.51%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>6.23%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>8.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=serif size=2>6.46%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=serif size=2>Lehman Government Bond Index</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>4.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>4.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>5.17%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=serif size=2>5.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=serif size=2>Lipper Flexible Income Funds Average</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>5.56%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>7.24%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>8.94%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=serif size=2>5.58%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>As the table above indicates, each fund&#146;s returns both at net asset value and (except for Putnam High Income Securities Fund) at market price exceeded the fund&#146;s benchmark for most periods. Because performance at market price reflects the impact of market forces, which are inherently unpredictable, the Trustees consider performance at net asset value to be more indicative of the long-term investment opportunity offered by your fund. In addition, each fund&#146;s returns at net asset value, at as indicated in the table, have been higher than the average (calculated at net asset value) for the fund&#146;s Lipper peer group of unleveraged closed-end debt funds for most periods.</FONT></P>
<P align=left><FONT face=serif size=2>The Trustees believe that shareholders should evaluate your fund&#146;s investment performance, both at net asset value and at market price, in light of the fund&#146;s stated investment objective(s):</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><I><FONT face=serif size=2>Putnam High Income Securities Fund</FONT></I><FONT face=serif size=2>: High current income (primary objective); capital appreciation (secondary objective).<BR>
</FONT><FONT face=serif size=2>&#183; </FONT><I><FONT face=serif size=2>Putnam Master Intermediate Income Trust</FONT></I><FONT face=serif size=2>: High current income and relative stability of net asset value.<BR>
</FONT><FONT face=serif size=2>&#183; </FONT><I><FONT face=serif size=2>Putnam Premier Income Trust</FONT></I><FONT face=serif size=2>: High current income.</FONT></P>
<P align=left><FONT face=serif size=2>Putnam Management has advised the Trustees that, consistent with the fund&#146;s investment objective(s), it manages your fund&#146;s portfolio in a way that seeks to balance the pursuit of investment yield against the risks to principal that might result from an undue focus on yield alone. This means that your fund will not necessarily invest in the highest yielding securities available in the marketplace or engage in maximum permitted leverage if doing so would involve undue risk of loss of principal due to possible credit defaults or interest rate changes. Thus, there may be times when your fund&#146;s portfolio will generate an investment yield that is lower than that of some competing investment products that are willing to accept greater risk. Since investment yields appear to be an important factor in influencing market prices, this approach may at times contribute to discount levels that are higher than those of competing products. Over longer periods of time, ho
wever, Putnam Management believes that this approach to </FONT></P>
<P align=left><FONT face=serif size=2>I-32</FONT></P>
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<P align=left><FONT face=serif size=2>managing risk should produce less principal volatility and higher overall investment returns. There is, of course, no guarantee that this will be the case.</FONT></P>
<P align=left><B><FONT face=serif size=2>What are additional differences between a closed-end and open-end fund?</FONT></B></P>
<P align=left><FONT face=serif size=2>In addition to the differences outlined above, shareholders evaluating this proposal may wish to consider the following:</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#9633;&nbsp;</FONT><I><FONT face=serif size=2>Investment flexibility</FONT></I><FONT face=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>&#9633;&nbsp;</FONT><I><FONT face=serif size=2>Annual shareholder meetings</FONT></I><FONT face=serif size=2>. Your fund is currently required by the rules of the New York Stock Exchange to hold annual meetings of shareholders. Conversion of your fund to open-end status would result in termination of the fund&#146;s listing on the New York Stock Exchange, with the result that your fund would no longer be required to hold annual meetings. The open-end Putnam funds have committed to holding shareholder meetings for the purpose of electing their Trustees at least every five years (beginning in 2004).</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#9633;&nbsp;</FONT><I><FONT face=serif size=2>Dividend reinvestment</FONT></I><FONT face=serif size=2>. Shareholders of your fund currently have the option of participating in the fund&#146;s Dividend Reinvestment Plan, under which cash distributions paid by your fund are generally reinvested through the purchase of additional fund shares at market prices, which currently reflect a discount from net asset value. (At times when your fund&#146;s shares are trading at a premium over their net asset value, such reinvestments are made at the higher of net asset value or 95% of market value.) Shareholders of open-end Putnam funds have the option to reinvest their distributions in additional shares at net asset value at all times. If the fund were to convert to open-end status, shareholders would no longer be able to reinvest dividends at a price below net asset value per share during times when shares are trading at a discount to net asset value.</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#9633;&nbsp;</FONT><I><FONT face=serif size=2>Exchange privileges</FONT></I><FONT face=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=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=serif size=2>Conversion of your fund from a closed-end to an open-end fund would require certain changes to your fund&#146;s Declaration of Trust and, therefore, a vote in favor of such conversion would also authorize the Trustees to amend your fund&#146;s Declaration of Trust to reflect such changes. These changes would bring your fund&#146;s Declaration of Trust more in line with most other Putnam open-end funds.</FONT></P>
<P align=left><FONT face=serif size=2>The Declaration of Trust would be amended to require your fund to purchase all shares offered to it for redemption at a price equal to the net asset value of the shares next determined, less any redemption charge fixed by the Trustees. In addition, to the extent permitted by applicable law, the fund would be authorized, at its option, to redeem shares held in a shareholder&#146;s account at net asset value if at any time a shareholder owned shares in an amount either less than or greater than, as the case may be, an amount determined by the Trustees. Notwithstanding this provision, all shares would be redeemable at a shareholder&#146;s option.</FONT></P>
<P align=left><FONT face=serif size=2>The Declaration of Trust would also be amended to eliminate certain provisions that relate specifically to the fund&#146;s closed-end status, such as the conversion provision that has necessitated this proposal. In addition, if shareholders were to vote to convert your fund to open-end status, the provision in your fund&#146;s Declaration of Trust requiring that Trustees be elected annually at the annual shareholder meeting or at a special meeting in lieu thereof would be eliminated. The Trustees would also make certain necessary technical and non-material changes to the Declaration of Trust.</FONT></P>
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<P align="left">
<FONT size=2 face="serif">Certain legal, accounting and other costs would be incurred in connection with the conversion of your fund to open-end status. These costs are not expected to exceed an amount equal to 0.5% of your fund&#146;s current net
assets.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">What is the voting requirement for approving the conversion?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Approval of the conversion of your fund to open-end status and of the related amendments to each fund&#146;s Declaration of Trust requires the &#147;yes&#148; vote of a majority of the fund&#146;s outstanding common
shares.</FONT></P>
<P align="left">
<FONT size=2 face="serif">If such conversion is approved, the conversion would become effective following compliance with all necessary regulatory requirements under federal and state law. Your fund would seek to complete this process as soon as
reasonably practicable. Prior to the conversion, the common shares of your fund would continue to be listed and traded on the New York Stock Exchange.</FONT></P>
<P align="left">
<B><FONT size=2 face="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="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">
<B><FONT size=2 face="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></B></P>
<P align="left">
<B><FONT face="serif">Further Information About Voting and the Meeting</FONT></B></P>
<P align="left">
<B><FONT size=2 face="serif">Quorum and Methods of Tabulation.</FONT></B><FONT size=2 face="serif"> The shareholders of each fund vote separately with respect to each proposal. In the case of each fund, 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). 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. 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. With respect to the election of Trustees, neither abstentions nor broker non-votes have an effect on the outcome of the proposal. With respect to any other proposals, abstentions and broker non-votes have the effect of a negative vote on a
proposal.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Shareholders who object to any proposal in this Proxy Statement will not be entitled under Massachusetts law or your fund&#146;s Agreement and Declaration of Trust to demand payment for, or an appraisal of, their
shares.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Other business.</FONT></B><FONT size=2 face="serif"> The Trustees know of no matters other than those set forth herein to be brought before the meeting. If, however, any other matters properly come before the Meeting,
proxies will be voted on such matters in accordance with the judgment of the persons named in the enclosed form of proxy.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Simultaneous meetings.</FONT></B><FONT size=2 face="serif"> The meeting of shareholders of your fund is called to be held at the same time as the meetings of shareholders of certain of the other Putnam funds. It is
anticipated that all meetings will be held simultaneously.</FONT></P>
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<P align=left><FONT face=serif size=2>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 face=serif size=2>Solicitation of proxies.</FONT></B><FONT face=serif size=2> 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 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 Pu
tnam 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=serif size=2>Shareholders have the opportunity to submit their voting instructions via the Internet by utilizing a program provided by a third party vendor hired by Putnam Management or by automated telephone service. The giving of a proxy will not affect your right to vote in person should you decide to attend the meeting. To use the Internet, please access the Internet address listed on your proxy card and follow the instructions on the Internet site. To record your voting instructions via automated telephone service, use the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate shareholder identities, to allow shareholders to give their voting instructions, and to confirm that shareholders' 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 companie
s that must be borne by the shareholders.</FONT></P>
<P align=left><FONT face=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=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 The Altman Group, Inc., 60 East Street, Suite 405, New York, NY, 10165 to aid in the solicitation of instructions for registered and nominee accounts, for a fee not to exceed $1,000, per fund. 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=serif size=2>Revocation of proxies</FONT></B><FONT face=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=serif size=2>Date for receipt of shareholders' proposals for the next annual meeting</FONT></B><FONT face=serif size=2>. It is currently anticipated that your fund's next annual meeting of shareholders will be held in January 2008.</FONT></P>
<P align=left><FONT face=serif size=2>The Trustees of your fund reserve the right to set an earlier or later date of the 2008 meeting. Shareholder proposals to be included in the proxy statement for that meeting must be received by your fund on or before _____, 2007. 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 2008 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 January 2008 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 ____, 2
007. </FONT></P>
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<P align="left">
<B><FONT size=2 face="serif">Adjournment</FONT></B><FONT size=2 face="serif">. If sufficient votes in favor of any of the proposals set forth in the Notice of Annual Meeting of Shareholders are not received by the time scheduled for the meeting or
if the quorum required for the proposal has not been met, the persons named as proxies may propose adjournments of the meeting for a period or periods of not more than 60 days in the aggregate to permit further solicitation of proxies. Any
adjournment will require the affirmative vote of a majority of the votes cast on the question in person or by proxy at the session of the Meeting to be adjourned. The persons named as proxies will vote in favor of adjournment those proxies that they
are entitled to vote in favor of the proposals. They will vote against any such adjournment those proxies required to be voted against the proposals. Your fund pays the costs of any additional solicitation and of any adjourned session. Any proposals
for which sufficient favorable votes have been received by the time of the meeting may be acted upon and considered final regardless of whether the meeting is adjourned to permit additional solicitation with respect to any other proposal.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Duplicate mailings. </FONT></B><FONT size=2 face="serif">As permitted by SEC rules, Putnam&#146;s policy is to send a single copy of the proxy statement to shareholders who share the same last name and address, unless a
shareholder previously has requested otherwise. Separate proxy ballots will be included with the proxy statement for each account registered at that address. If you would prefer to receive your own copy of the proxy statement or any annual or
semi-annual shareholder report, please contact Putnam Investor Services by phone at 1-800-225-1581 or by mail at P.O. Box 41203, Providence, Rhode Island 02940-1203.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Financial information</FONT></B><FONT size=2 face="serif">.</FONT><B><FONT size=2 face="serif"> 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 size=2 face="serif">.</FONT></P>
<P align="left">
<B><FONT face="serif">Fund Information</FONT></B></P>
<P align="left">
<B><FONT size=2 face="serif">Putnam Investments. </FONT></B><FONT size=2 face="serif"> Putnam Investment Management, LLC, your fund's investment manager and administrator, is a subsidiary of Putnam, LLC (Putnam Investments). Putnam Investments is a
wholly-owned subsidiary of Putnam Investments Trust, a holding company that, except for a minority stake owned by employees, is in turn owned by Marsh &amp; McLennan Companies, Inc., a leading professional services firm that includes risk and
insurance services, investment management and consulting businesses.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The address of each of Putnam Investments Trust, Putnam Investments and Putnam Investment Management, LLC, is One Post Office Square, Boston, Massachusetts 02109. The address of the executive offices of Marsh &amp; McLennan
Companies, Inc. is 1166 Avenue of the Americas, New York, New York 10036. Charles E. Haldeman, Jr. is the President and Chief Executive Officer of Putnam Investments. His address is One Post Office Square, Boston, MA 02109. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Mr. Haldeman is a stockholder of Putnam Investments Trust. On March 15, 2005, Putnam Investments Trust granted Mr. Haldeman 210,635 shares of Class B Common Stock pursuant to the Putnam Investments Trust Equity Partnership
Plan. With respect to this 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 September 29, 2005, Mr. Haldeman participated in the Putnam Option Exchange Program in which holders of eligible options to purchase Class B Common Stock were permitted to elect to exchange their options for
restricted shares of Class B Common Stock with a value equal to the value of the exchanged options. Mr. Haldeman was granted 14,226 restricted shares of Class B Common Stock in exchange for an option to purchase 99,200 shares of Class B Common
Stock. On March 15, 2006, Putnam Investments Trust granted Mr. Haldeman 111,693 restricted shares of Class B Common Stock for his performance in 2005. With respect to such grant, Mr. Haldeman&#146;s shares vest over a four-year period, with 25% of
the shares vesting on each anniversary of the grant. On March 15, 2006, Mr. Haldeman received an additional grant of 314,136 restricted shares of Class B Common Stock and an option to purchase 510,638 shares as a special grant as a result of his
employment contract with Marsh &amp; McLennan Companies, Inc. With respect to each 2006 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 size=2 face="serif">Putnam Investments Limited. </FONT></B><FONT size=2 face="serif">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  </FONT></P>
<P align="left">
<FONT size=2 face="serif">I-36</FONT></P>

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<A name="page_37"></A>
<P align=left><FONT face=serif size=2>each fund, is a subsidiary of The Putnam Advisory Company, LLC, which is owned by Putnam Advisory Company LP, a subsidiary of Putnam Investments. Putnam Advisory Company LP&#146;s general partner is Putnam Advisory Company GP, Inc. Putnam Advisory Company GP, Inc. is a wholly-owned subsidiary of Putnam Investments, which is also the sole limited partner of Putnam Advisory Company LP.</FONT></P>
<P align=left><FONT face=serif size=2>The address of Putnam Investments Limited is Cassini House, 57-59 St. James&#146;s Street, London, England, SW1A 1LD. The address of each of The Putnam Advisory Company, LLC, Putnam Advisory Company LP, and Putnam Advisory Company GP, Inc. is One Post Office Square, Boston, Massachusetts 02109.</FONT></P>
<P align=left><B><FONT face=serif size=2>Putnam Fiduciary Trust Company.</FONT></B> <FONT face=serif size=2>Putnam Fiduciary Trust Company, your fund&#146;s investor servicing agent and custodian, is a subsidiary of Putnam Investments. Its address is One Post Office Square, Boston, Massachusetts 02109.</FONT></P>
<P align=left><FONT face=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="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%"><B><FONT face=serif size=2>Fund/Fiscal Year-End</FONT></B>&nbsp;</TD>
     <TD noWrap align=left width="10%">&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="13%" background=""><STRONG><FONT size=2><FONT face=serif size=2><STRONG>Fee</STRONG></FONT></FONT></STRONG></TD>
     <TD noWrap align=left width="12%">&nbsp;</TD></TR>
<TR>
     <TD width="87%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%"><FONT face=serif size=2>Putnam High Income Securities Fund (August 31, 2006)</FONT>&nbsp;</TD>
     <TD noWrap align=left width="10%">&nbsp;</TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>$233,639</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="87%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%"><FONT face=serif size=2>Putnam Master Intermediate Income Trust (September 30, 2005)*</FONT>&nbsp;</TD>
     <TD noWrap align=left width="10%">&nbsp;</TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>680,125</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="87%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%"><FONT face=serif size=2>Putnam Premier Income Trust (July 31, 2006)</FONT>&nbsp;</TD>
     <TD noWrap align=left width="10%">&nbsp;</TD>
     <TD noWrap align=left width="13%"><FONT face=serif size=2>1,043,748</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="87%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>* Fee information for the fiscal year ended September 30, 2006 was not available as of the date of this proxy statement.</FONT></P>
<P align=left><B><FONT face=serif size=2>Litigation.</FONT></B> <FONT face=serif size=2>Exhibit A to this proxy statement describes the pending legal proceedings in which the Trustees have been named as parties adverse to some or all of your funds.</FONT></P>
<P align=left><B><FONT face=serif size=2>Limitation of Trustee liability.</FONT></B> <FONT face=serif size=2>Your fund&#146;s Agreement and 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=serif size=2>Independent Registered Public Accounting Firm.</FONT></B> <FONT face=serif size=2>As set forth in the table below, the Audit and Compliance Committee and the full Board of Trustees have selected PricewaterhouseCoopers LLP, 125 High Street, Boston, Massachusetts 02110, or KPMG LLP, 99 High Street, Boston, Massachusetts 02110, to serve as the independent registered public accounting firm for each fund&#146;s current fiscal year. Representatives of PricewaterhouseCoopers LLP and KPMG LLP are expected to be present at the meeting of shareholders of the funds to make statements and to respond to appropriate questions.</FONT></P>
<P align=left><FONT face=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="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><B><U><FONT face=serif size=2>Fiscal year ended</FONT></U></B>&nbsp;</TD>
     <TD noWrap align=left width="18%"><B><U><FONT face=serif size=2>Audit Fees</FONT></U></B>&nbsp;</TD>
     <TD noWrap align=left width="24%"><B><U><FONT face=serif size=2>Audit-Related Fees</FONT></U></B>&nbsp;</TD>
     <TD noWrap align=left width="16%"><B><U><FONT face=serif size=2>Tax Fees</FONT></U></B>&nbsp;</TD>
     <TD noWrap align=left width="18%"><B><U><FONT face=serif size=2>All Other Fees</FONT></U></B>&nbsp;</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%" colSpan=2><B><FONT face=serif size=2>Putnam High Income Securities Fund</FONT></B>&nbsp;</TD>
     <TD noWrap align=left width="24%">&nbsp;</TD>
     <TD noWrap align=left width="16%">&nbsp;</TD>
     <TD noWrap align=left width="18%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%" colSpan=2><FONT face=serif size=2>(PricewaterhouseCoopers LLP)</FONT>&nbsp;</TD>
     <TD noWrap align=left width="24%">&nbsp;</TD>
     <TD noWrap align=left width="16%">&nbsp;</TD>
     <TD noWrap align=left width="18%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=serif size=2>August 31, 2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>$100,437</FONT>&nbsp;</TD>
     <TD noWrap align=left width="24%"><FONT face=serif size=2>$51</FONT>&nbsp;</TD>
     <TD noWrap align=left width="16%"><FONT face=serif size=2>$9,504</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>$215</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=serif size=2>August 31, 2005</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>70,572</FONT>&nbsp;</TD>
     <TD noWrap align=left width="24%"><FONT face=serif size=2>5,500**</FONT>&nbsp;</TD>
     <TD noWrap align=left width="16%"><FONT face=serif size=2>9,006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>13</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%" colSpan=2><B><FONT face=serif size=2>Putnam Master Intermediate Trust*</FONT></B>&nbsp;</TD>
     <TD noWrap align=left width="24%">&nbsp;</TD>
     <TD noWrap align=left width="16%">&nbsp;</TD>
     <TD noWrap align=left width="18%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=serif size=2>(KPMG LLP)</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%">&nbsp;</TD>
     <TD noWrap align=left width="24%">&nbsp;</TD>
     <TD noWrap align=left width="16%">&nbsp;</TD>
     <TD noWrap align=left width="18%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=serif size=2>September 30, 2005</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>42,292</FONT>&nbsp;</TD>
     <TD noWrap align=left width="24%"><FONT face=serif size=2>0</FONT>&nbsp;</TD>
     <TD noWrap align=left width="16%"><FONT face=serif size=2>4,192</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>0</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=serif size=2>September 30, 2004</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>43,250</FONT>&nbsp;</TD>
     <TD noWrap align=left width="24%"><FONT face=serif size=2>0</FONT>&nbsp;</TD>
     <TD noWrap align=left width="16%"><FONT face=serif size=2>4,150</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>126</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>I-37</FONT></P>
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<A name="page_38"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="42%" colSpan=2><B><FONT face=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="10%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=serif size=2>(KPMG LLP)</FONT>&nbsp;</TD>
     <TD noWrap align=left width="20%">&nbsp;</TD>
     <TD noWrap align=left width="25%">&nbsp;</TD>
     <TD noWrap align=left width="22%">&nbsp;</TD>
     <TD noWrap align=left width="10%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=serif size=2>July 31, 2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="20%"><FONT face=serif size=2>65,580</FONT>&nbsp;</TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>0</FONT>&nbsp;</TD>
     <TD noWrap align=left width="22%"><FONT face=serif size=2>4,680</FONT>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>862</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=serif size=2>July 31, 2005</FONT>&nbsp;</TD>
     <TD noWrap align=left width="20%"><FONT face=serif size=2>42,192</FONT>&nbsp;</TD>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>18,000**</FONT>&nbsp;</TD>
     <TD noWrap align=left width="22%"><FONT face=serif size=2>4,192</FONT>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>0</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>*Fee information for the fiscal year ended in September 30, 2006 was not available as of the date of this proxy statement.</FONT></P>
<P align=left><FONT face=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></P>
<P align=left><B><I><FONT face=serif size=2>Audit Fees</FONT></I></B> <FONT face=serif size=2>represents fees billed for a fund&#146;s last two fiscal years.</FONT></P>
<P align=left><B><I><FONT face=serif size=2>Audit-Related Fees</FONT></I></B> <FONT face=serif size=2>represents fees billed in a fund&#146;s last two fiscal years for services traditionally performed by the fund&#146;s auditor, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation.</FONT></P>
<P align=left><B><I><FONT face=serif size=2>Tax Fees</FONT></I></B> <FONT face=serif size=2>represent fees billed in the fund&#146;s last two fiscal years for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities.</FONT></P>
<P align=left><B><I><FONT face=serif size=2>All Other Fees</FONT></I></B> <FONT face=serif size=2>represents fees billed for services relating to valuation of derivative securities, an analysis of recordkeeping fees, fund expense processing, expense allocation methodology and interfund trading.</FONT></P>
<P align=left><FONT face=serif size=2>The following table presents the amounts KPMG LLP or PricewaterhouseCoopers LLP billed for aggregate non-audit fees in each of the last two fiscal years to each fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund:</FONT></P>
<P align=left><B><U><FONT face=serif size=2>Fiscal year ended</FONT></U></B></P>
<P align=left><B><FONT face=serif size=2>Putnam High Income Securities Fund</FONT></B><BR>
<FONT face=serif size=2>(PricewaterhouseCoopers LLP)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=serif size=2>August 31,</FONT>&nbsp; <FONT face=serif size=2>2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=2>$279,442</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=serif size=2>August 31,</FONT>&nbsp; <FONT face=serif size=2>2005</FONT>&nbsp;</TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=2>202,266</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><B><FONT face=serif size=2>Putnam Master Intermediate Trust*</FONT></B><BR>
<FONT face=serif size=2>(KPMG LLP)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=serif size=2>September 30, 2005</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%" background="">&nbsp;</TD>
     <TD noWrap align=left width="9%" background="">&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""><FONT size=2><FONT face=serif size=2>$4,192</FONT></FONT></TD>
     <TD noWrap align=left width="30%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" colSpan=3><FONT face=serif size=2>September 30, 2004</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""><FONT size=2><FONT face=serif size=2>4,276</FONT></FONT></TD>
     <TD noWrap align=left width="30%">&nbsp;</TD></TR></TABLE><BR>
<P align=left><B><FONT face=serif size=2>Putnam Premier Income Trust</FONT></B><BR>
<FONT face=serif size=2>(KPMG LLP)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=serif size=2>July 31, 2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=2>5,542</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=serif size=2>July 31, 2005</FONT>&nbsp;</TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=2>22,192</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>*Fee information for the fiscal year ended September 30, 2006 was not available as of the date of this proxy statement.</FONT></P>
<P align=left><B><I><FONT face=serif size=2>Pre-Approval Policies of the Audit and Compliance Committee</FONT></I></B><I><FONT face=serif size=2>.</FONT></I> <FONT face=serif size=2>The Audit and Compliance Committee has determined that all work performed for the funds by the funds&#146; independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.</FONT></P>
<P align=left><FONT face=serif size=2>The Audit and Compliance Committee also has adopted a policy to pre-approve the engagement by Putnam Management and certain of its affiliates of the funds&#146; independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by Putnam Management or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees and why this work should be performed by that particular audit firm as opposed to another one.</FONT></P>
<P align=left><FONT face=serif size=2>I-38</FONT></P>
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<A name="page_39"></A>
<P align=left><FONT face=serif size=2>The table below presents the amounts billed by PriceWaterhouseCoopers LLP to Putnam High Income Securities Fund in the last two fiscal years for services that were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. No such services were provided to Putnam Master Intermediate Trust or Putnam Premier Income Trust in the last two fiscal years.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%" colSpan=2><B><U><FONT face=serif size=2>Fiscal year ended</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="24%"><B><U><FONT face=serif size=2>Audit-Related Fees</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><U><FONT face=serif size=2>Tax Fees</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="18%"><B><U><FONT face=serif size=2>All Other Fees</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="21%"><B><U><FONT face=serif size=2>Total Non-Audit Fees</FONT></U></B>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="43%" colSpan=3><B><FONT face=serif size=2>Putnam High Income Securities Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="43%" colSpan=3><FONT face=serif size=2>(PricewaterhouseCoopers LLP)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=serif size=2>August 31,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>2006</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2>$</FONT></TD>
     <TD noWrap align=left width="24%"><FONT face=serif size=2>-</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2>$</FONT></TD>
     <TD noWrap align=left width="15%"><FONT face=serif size=2>153,160</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2>$</FONT></TD>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>-</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2>$</FONT></TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=serif size=2>August 31,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>2005</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=serif size=2>-</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=serif size=2>-</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>-</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=serif size=2>-</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>For purposes of this table, </FONT><B><I><FONT face=serif size=2>Tax Fees </FONT></I></B><FONT face=serif size=2>represents fees billed for advisory services relating to the impact of the American Jobs Creation Act of 2004.</FONT></P>
<P align=left><FONT face=serif size=2>The Audit and Compliance Committee of your fund has submitted the following report:</FONT></P>
<P align=left><FONT face=serif size=2>The Audit and Compliance Committee has reviewed and discussed with management of your fund the audited financial statements for the last fiscal year. The Audit and Compliance Committee has discussed with your fund&#146;s independent auditors the matters required to be discussed by Statements on Auditing Standard No. 61 (SAS 61). SAS 61 requires independent auditors to communicate to the Audit and Pricing Committee matters including, if applicable: (1) methods used to account for significant unusual transactions; (2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus; (3) the process used by management in formulating particularly sensitive accounting estimates and the basis for the auditor&#146;s conclusions regarding the reasonableness of those estimates and (4) disagreements with management over the application of accounting principles and certain other matters. The Audit and 
Compliance Committee has received the written disclosures and the letter from your fund&#146;s independent auditors required by the SEC'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 face=serif size=2>Robert E. Patterson (Chairperson)</FONT><BR>
<FONT face=serif size=2>John A. Hill</FONT><BR>
<FONT face=serif size=2>Kenneth R. Leibler</FONT><BR>
<FONT face=serif size=2>W. Thomas Stephens </FONT></P>
<P align=left><B><FONT face=serif size=2>Officers and other information.</FONT></B><FONT face=serif size=2> All of the officers of your fund, with the exception of George Putnam, III, the fund&#146;s President, are employees of Putnam Management or its affiliates or serve on the staff of the Office of the Trustees. Because of their positions with Putnam Management or its affiliates or their ownership of stock of Marsh &amp; McLennan Companies, Inc., the parent corporation of Putnam Investments Trust and indirectly of Putnam Investments, Messrs. Haldeman and Putnam, III, as well as the officers of your fund, will benefit from the management fees, underwriting commissions, custodian fees, and investor servicing fees paid or allowed by the fund. In addition to Mr. Putnam, III, the other officers of each fund are as follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=serif size=2>Year first</FONT>&nbsp; </TD>
     <TD noWrap align=left width="45%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=serif size=2>elected to</FONT>&nbsp; </TD>
     <TD noWrap align=left width="45%"><FONT face=serif size=2>Business experience</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=serif size=2>Name Year of Birth, Age</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=serif size=2>office</FONT>&nbsp; </TD>
     <TD noWrap align=left width="45%"><FONT face=serif size=2>during past 5 years</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=serif size=2>Office with the fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="45%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=serif size=2>Charles E. Porter (Born 1938)*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=serif size=2>1989</FONT>&nbsp; </TD>
     <TD noWrap align=left width="45%"><FONT face=serif size=2>Executive Vice President, Associate Treasurer,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=serif size=2>Executive Vice President,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="45%"><FONT face=serif size=2>Principal Executive Officer and Compliance</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=serif size=2>Associate Treasurer, Principal</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="45%"><FONT face=serif size=2>Liaison, The Putnam Funds</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>I-39</FONT></P>
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<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Executive Officer and Compliance Liaison</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Jonathan S. Horwitz (Born 1955)*</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
<FONT size=2 face="serif">2004</FONT>&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Senior Vice President and Treasurer, The Putnam</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Senior Vice President and Treasurer</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Funds. Prior to 2004, Managing Director, Putnam</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Investments</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Steven D. Krichmar (Born 1958)</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
<FONT size=2 face="serif">2002</FONT>&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Senior Managing Director, Putnam Investments. Vice</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">President and Principal Financial Officer</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Prior to 2001, Mr. Krichmar was a Partner at</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">PricewaterhouseCoopers, LLP</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Michael T. Healy (Born 1958)</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
<FONT size=2 face="serif">2000</FONT>&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Managing Director, Putnam Investments</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Assistant Treasurer and</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Principal Accounting Officer</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Janet C. Smith (Born 1965)</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
<FONT size=2 face="serif">2006</FONT>&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Managing Director; Putnam Investments</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Assistant Treasurer</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Beth Mazor (Born 1958)</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
<FONT size=2 face="serif">2002</FONT>&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Managing Director, Putnam Investments</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Vice President</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Mark C. Trenchard (Born 1962)</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
<FONT size=2 face="serif">2002</FONT>&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Managing Director, Putnam Investments</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Vice President and</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">BSA Compliance officer</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Francis J. McNamara, III (Born 1955)</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
<FONT size=2 face="serif">2004</FONT>&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Senior Managing Director, Putnam Investments,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Vice President and Chief Legal Officer</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Putnam Management and Putnam Retail</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Management. Prior to 2004, Mr. McNamara was</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">General Counsel of State Street Research &amp;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Management.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Charles A. Ruys de Perez (Born 1957)</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
<FONT size=2 face="serif">2004</FONT>&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Managing Director, Putnam Investments</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Vice President and Chief Compliance Officer</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">James P. Pappas (Born 1953)</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
<FONT size=2 face="serif">2004</FONT>&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Managing Director, Putnam Investments</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Vice President</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">and Putnam Management. During 2002, Mr.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Pappas was Chief Operating Officer of Atalanta/Sosnoff</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Management Corporation.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Prior to 2001 he was President and Chief Executive</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Officer of UAM Investment Services, Inc.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Richard S. Robie III (Born 1960)</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
<FONT size=2 face="serif">2004</FONT>&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Senior Managing Director, Putnam Investments,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Vice President</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Putnam Management and Putnam Retail</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Management. Prior to 2003, Mr. Robie was</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Senior Vice President of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">United Asset Management Corporation.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Judith Cohen (Born 1945)*</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
<FONT size=2 face="serif">1993</FONT>&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Vice President, Clerk and Assistant Treasurer,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Vice President, Clerk and Assistant Treasurer</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">The Putnam Funds</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Wanda M. McManus (Born 1947)*</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
<FONT size=2 face="serif">1993</FONT>&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Vice President, Senior Associate Treasurer and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=47% nowrap colspan=2>
<FONT size=2 face="serif">Vice President, Senior Associate Treasurer and</FONT>&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Assistant Clerk, The Putnam Funds.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Assistant Clerk</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=40% nowrap>
<FONT size=2 face="serif">Nancy E. Florek (Born 1957)*</FONT>&nbsp;
	</TD>
	<TD align=left width=7% nowrap>
<FONT size=2 face="serif">2000</FONT>&nbsp;
	</TD>
	<TD align=left width=51% nowrap>
<FONT size=2 face="serif">Vice President, Assistant Clerk, Assistant</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">I-40</FONT></P>

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<A name="page_41"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=serif size=2>Vice President, Assistant Clerk, Assistant Treasurer</FONT>&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=serif size=2>Treasurer and Proxy Manager, The Putnam</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=serif size=2>and Proxy Manager, The Putnam Funds.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="46%"><FONT face=serif size=2>Funds</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>* Officers of each fund who are members of the Trustees&#146; independent administrative staff. Compensation for these individuals is fixed by the Trustees and reimbursed to Putnam Management.</FONT></P>
<P align=left><B><FONT face=serif size=2>Net assets of your fund as of September 30, 2006*</FONT></B></P>
<P align=left><FONT face=serif size=2>Putnam High Income Securities Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $191,341,164</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam Master Intermediate Income Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$664,637,784</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam Premier Income Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1,307,208,662</FONT></P>
<P align=left><B><FONT face=serif size=2>Shares Outstanding of your fund as of October 16, 2006*</FONT></B></P>
<P align=left><FONT face=serif size=2>Putnam High Income Securities Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21,555,372.171</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam Master Intermediate Income Trust&nbsp;&nbsp;&nbsp; 93,823,560.759</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam Premier Income Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183,319,830.628</FONT></P>
<P align=left><FONT face=serif size=2>*Includes shares repurchased by the fund in trades that had not settled as of October 16, 2006</FONT></P>
<P align=left><B><FONT face=serif size=2>5% beneficial ownership:</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=2><FONT face=serif size=2>As of September 30, 2006, except as noted below, to the knowledge of the fund, no person owned beneficially or of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=2><FONT face=serif size=2>record 5% or more of any class of shares of each fund.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><B><FONT face=serif size=2>Putnam High Income Securities Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="63%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=2>Cede &amp; Company*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="63%"><FONT face=serif size=2>20,281,470 common shares (94.00% of outstanding common shares)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=2>20 Bowling Green</FONT>&nbsp; </TD>
     <TD noWrap align=left width="63%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=2>New York, NY 10004-1408</FONT>&nbsp; </TD>
     <TD noWrap align=left width="63%">&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=serif size=2>P</FONT><B><FONT face=serif size=2>utnam 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="36%"><FONT face=sans-serif size=2>Cede &amp; Company*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="63%"><FONT face=serif size=2>89,634,365 common shares (95.30% of outstanding common shares)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=2>20 Bowling Green</FONT>&nbsp; </TD>
     <TD noWrap align=left width="63%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=2>New York, NY 10004-1408</FONT>&nbsp; </TD>
     <TD noWrap align=left width="63%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><B><FONT face=serif size=2>Putnam Premier Income Trust</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="63%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=2>Cede &amp; Company*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="63%"><FONT face=serif size=2>172,004,797 common shares (93.60% of outstanding common shares)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=2>20 Bowling Green</FONT>&nbsp; </TD>
     <TD noWrap align=left width="63%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=2>New York, NY 10004-1408</FONT>&nbsp; </TD>
     <TD noWrap align=left width="63%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>I-41</FONT></P>
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<A name="page_42"></A>
<P align=left><B><FONT face=serif size=2>EXHIBIT A</FONT></B></P>
<P align=left><B><FONT face=serif size=4>Litigation</FONT></B></P>
<P align=left><B><FONT face=serif size=2>1. Multi-District Litigation </FONT></B></P>
<P align=left><FONT face=serif size=2>From November 2003 through March 2004, several lawsuits were filed in different states alleging that the Putnam Trustees and other Putnam-related defendants permitted, failed to disclose and/or failed to prevent market timing, short-term trading and/or late trading in the Putnam Funds. The Plaintiffs in the various cases asserted different combinations of the following claims: violations of &#167; 36 of the 1940 Act; &#167; 206 of the Investment Advisers Act of 1940; &#167; 10(b) of the 1934 Act and Rule 10b-5; &#167; 20(a) of the 1934 Act; breach of fiduciary duty; aiding and abetting breach of fiduciary duty; civil conspiracy; abuse of control; gross mismanagement; waste of corporate assets; and unjust enrichment. The plaintiffs generally sought injunctive relief including removal of the current Trustees and fund managers, disgorgement of profits, monetary damages, punitive damages, and attorneys&#146; fees and costs.</FONT></P>
<P align=left><FONT face=serif size=2>The actions described above were transferred to the United States District Court for the District of Maryland and consolidated for pre-trial proceedings in the Special Multi-District Litigation (&#147;MDL&#148;) Proceeding (In re: Mutual Funds Litigation, 04-MD-15863) created for actions involving market timing issues against mutual fund complexes. Two consolidated amended derivative complaints have been filed in the Putnam Subtrack of the MDL, and the complaint involving the Putnam Trustees and the Putnam Funds is described as follows: </FONT></P>
<P align=left><FONT face=serif size=2>The lead plaintiff named below alleged that the defendants engaged in, permitted, and/or failed to prevent market timing and late trading in the Putnam Funds. The plaintiffs claimed violations of &#167;&#167; 36, 47 and 48 of the 1940 Act, violations of &#167;&#167; 206 and 215 of the Investment Advisers Act of 1940, breach of fiduciary duty, breach of contract, aiding and abetting breach of fiduciary duty, unjust enrichment, interference with contract and civil conspiracy. The plaintiffs sought, among other things, injunctive relief including removal of the current Trustees, removal of the adviser and distributor defendants, rescission of the management and other contracts, disgorgement of profits, monetary damages, punitive damages and attorneys&#146; fees and costs. In 2006, the Court dismissed all of the plaintiffs&#146; claims except the claim asserted under &#167;36 of the 1940 Act. Furthermore, the plaintiffs&#146; claims against the Trustees of the Putnam Funds h
ave been dismissed.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=serif size=2>Consolidated</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=serif size=2>Amended</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=serif size=2>Derivative</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=serif size=2>Complaint</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>Case Name</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>Defendants</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=serif size=2>Court</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=serif size=2>Filing Date</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=4><FONT face=serif size=2>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>In re: Mutual Funds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>Putnam Trustees</FONT><SUP><FONT face=serif size=2>1</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=serif size=2>United States</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=serif size=2>September 29,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>Investment Litigation</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>Putnam Management</FONT><SUP><FONT face=serif size=2>2</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=serif size=2>District Court for</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=serif size=2>2004</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>Putnam Retail</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=serif size=2>the District of</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>Lead Case:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>Management, LP</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=serif size=2>Maryland</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>Zuber (derivatively on</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>Putnam Retail</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>behalf of the Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>Management, GP, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>Family of Funds) v.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="47%" colSpan=2><FONT face=serif size=2>Putnam Fiduciary Trust Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>Putnam Investment</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>Charles E. Porter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=serif size=2>Management LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>Patricia C. Flaherty</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>William H. Woolverton</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>Justin M. Scott</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>I-42</FONT></P>
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<A name="page_43"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=serif size=2>Omid Kamshad</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=serif size=2>Geirluv Lode</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=serif size=2>Carmel Peters</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=serif size=2>Putnam Funds</FONT><SUP><FONT face=serif size=2>3 </FONT></SUP><FONT face=serif size=2>(nominal)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="100%"><FONT face=serif size=2><FONT face=serif size=2>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT>&nbsp; </FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>2. State Court Case</FONT></P>
<P align=left><FONT face=serif size=2>The plaintiff named below alleges that defendants failed to prevent the disclosure of confidential information concerning the identity of securities, the practice of late trading by selected investors, time-trading by selected investors and insider trading by Company Directors, officers and or employees. The plaintiff claims breach of fiduciary duty.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=serif size=2>Case Name</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>Defendants</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=serif size=2>Court</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=serif size=2>Date Instituted</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=4><FONT face=serif size=2>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=serif size=2>Stern (derivative on</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>Putnam Funds</FONT><SUP><FONT face=serif size=2>3</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=serif size=2>Supreme Court</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=serif size=2>December 17,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=serif size=2>behalf of Marsh &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>Putnam Management</FONT><SUP><FONT face=serif size=2>2</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=serif size=2>of the State of</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=serif size=2>2003</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=serif size=2>McLennan) v.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>Jeffrey Greenberg</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=serif size=2>New York</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=serif size=2>Greenberg, et. al,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>Mathis Cabaillavetta</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>Marsh Directors</FONT><SUP><FONT face=serif size=2>4</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=serif size=2>Lawrence Lasser</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=4><FONT face=serif size=2><FONT face=serif size=2>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT>&nbsp; </FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>1 The &#147;Putnam Trustees&#148; include current Trustees Jameson Adkins Baxter, Charles B. Curtis, John A Hill, Paul L. Joskow, Elizabeth T. Kennan, John H. Mullin, III, Robert E. Patterson, George Putnam, III and W. Thomas Stephens, and former Trustees Ronald J. Jackson, Lawrence J. Lasser, W. Nicholas Thorndike and A.J.C. Smith.</FONT></P>
<P align=left><FONT face=serif size=2>2 &#147;Putnam Management&#148; includes Putnam Investment Trust, Putnam Investment Management, LLC, Putnam, LLC, and/or Marsh &amp; McLennan Companies, Inc.</FONT></P>
<P align=left><FONT face=serif size=2>3 &#147;Putnam Funds&#148; includes any and/or all registered investment companies managed by Putnam Management.</FONT></P>
<P align=left><FONT face=serif size=2>4 The &#147;Marsh Directors&#148; are Charles Davis, Lewis Bernard, Peter Coster, Robert Ebruru, Oscar Fanjul, Ray Groves, Stephen Hardis, Gwendolyn King, Lord Lang of Monkton, David Olsen, Morton Shapiro, Adele Simmons and A.J.C. Smith.</FONT></P>
<P align=left><FONT face=serif size=2>I-43</FONT></P>
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<A name="page_44"></A>

<P align="left">
<B><FONT face="serif">P U T N A M INVESTMENTS</FONT></B></P>
<P align="left">
<B><FONT size=2 face="serif">The Putnam Funds</FONT></B><BR>
<FONT size=2 face="serif">One Post Office Square</FONT><BR>
<FONT size=2 face="serif">Boston, Massachusetts 02109</FONT><BR>
<FONT size=2 face="serif">Toll-free 1-800-225-1581</FONT></P>
<P align="left">
<FONT size=2 face="serif">xxxxx x/xx</FONT></P>
<P align="left">
<FONT size=2 face="serif">I-44</FONT></P>

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




























<!--$$/page=-->
<A name="page_1"></A>
<IMG src="proxyballotsx1x1.jpg" border=0>
<BR>
<P align=left><B><FONT face=sans-serif size=4>The proxy ballot</FONT></B><B><FONT face=sans-serif size=1> </FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><B><FONT face=sans-serif size=1>To vote by mail</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>To vote by telephone</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="36%"><B><FONT face=sans-serif size=1>To vote on the web</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=1>Read the proxy statement.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Read the proxy statement and</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Read the proxy statement and have the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=1>Check the appropriate box</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>have the proxy ballot at hand.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>proxy ballot at hand.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=1>on the reverse side.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Call 1-866-458-9863.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Follow the automated</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT size=1>Go to www.myproxyonline.com.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=1>Sign and date the proxy ballot.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT size=1>telephone directions.</FONT></TD>
     <TD noWrap align=left width="36%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT size=1>Follow the instructions on the site.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=1>Return the proxy ballot in the</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT size=1>There is no need for you to</FONT></TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>There is no need for you to return your</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=1>envelope provided.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT size=1>return your proxy ballot.</FONT></TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>proxy ballot.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="36%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>PUTNAM HIGH INCOME SECURITIES FUND </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>By signing below, you as a Putnam fund shareholder, appoint Trustees John A. Hill and Robert E. Patterson, and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote your Putnam fund shares on your behalf at the meeting of the shareholders of Putnam High Income Securities Fund. The meeting will take place on January 11, 2007 at 11:00 a.m., Boston time, and may be adjourned to later times or dates. </FONT><B><FONT face=sans-serif size=2>Your vote is being solicited on behalf of the Trustees. </FONT></B><FONT face=sans-serif size=2>When you complete and sign the proxy ballot, your proxies will vote exactly as you have indicated on the other side of this card. </FONT><B><FONT face=sans-serif size=2>If you simply sign the proxy ballot, or don&#146;t vote on a specific proposal, your shares will be automatically voted as the Trustees recommend. </FONT></B><FONT face=sans-serif size=2>Your proxies are also authoriz
ed to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting. </FONT></P>
<P align=left>
<IMG src="proxyballotsx1x2.jpg" border=0>
</P>
<P align=left><FONT face=sans-serif size=1>Sign your name exactly as it appears on this card. If you own shares jointly, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer&#146;s office. If you are a partner, sign in the partnership name. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_2"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><B><FONT face=sans-serif size=2>Proposals</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=2>Please vote by filling in the appropriate boxes below.</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><FONT face=sans-serif size=2>To vote on all proposals as the Trustees recommend, mark this box.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>(No other vote is necessary.)</FONT>&nbsp; &#9633;</TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%" colSpan=5><FONT face=sans-serif size=2>THE TRUSTEES RECOMMEND A VOTE </FONT><B><FONT face=sans-serif size=2>FOR </FONT></B><FONT face=sans-serif size=2>ALL NOMINEES.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" colSpan=7><FONT face=sans-serif size=2>1. Fixing the number of Trustees at 12 and electing your fund&#146;s nominees for Trustees.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>FOR ALL</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>WITHHOLD ALL</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>1)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>J.A. Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>C.E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>7) E.T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>10)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>G. Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>(except as marked on left)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>2)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>C.B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>5)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>J.A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>8) K.R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>11)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>W.T. Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&#9633;</TD>
     <TD noWrap align=left width="13%">&#9633;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>3)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>M.R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>6)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>P.L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>9) R.E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%" colSpan=2><FONT face=sans-serif size=1>12) R.B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" colSpan=7><FONT face=sans-serif size=1>To withhold authority to vote for one or more of the nominees, write the letter(s) of the nominee(s) below:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD noWrap align=left width="57%" background="">________________________________________________________</TD>
     <TD noWrap align=left width="22%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="7%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>THE TRUSTEES RECOMMEND A VOTE </FONT><B><FONT face=sans-serif size=2>AGAINST </FONT></B><FONT face=sans-serif size=2>PROPOSAL 2.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>FOR</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><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 vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>2. Converting your fund to an open-end investment company.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&#9633; </TD>
     <TD noWrap align=left width="12%">&#9633;&nbsp; </TD>
     <TD noWrap align=left width="7%">&#9633;&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%" colSpan=2><FONT face=sans-serif size=2>If you have any questions on this proposal, please call 1-800-255-1581.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="42%"><FONT face=sans-serif size=2>Please sign and date the other side of this card.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1><BR>
<BR>
CUSIP:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=1>BARCODE</FONT>&nbsp; </TD>
     <TD noWrap align=left width="42%"><FONT face=sans-serif size=1>TAG ID: 12345678</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_3"></A>
<IMG src="proxyballotsx3x1.jpg" border=0>
<BR>
<P align=left><B><FONT face=sans-serif size=4>The proxy ballot</FONT></B><B><FONT face=sans-serif size=1> </FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><B><FONT face=sans-serif size=1>To vote by mail</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>To vote by telephone</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="36%"><B><FONT face=sans-serif size=1>To vote on the web</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=1>Read the proxy statement.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Read the proxy statement and</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Read the proxy statement and have the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=1>Check the appropriate box</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>have the proxy ballot at hand.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>proxy ballot at hand.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=1>on the reverse side.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Call 1-866-458-9863.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT size=1>Go to www.myproxyonline.com.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=1>Sign and date the proxy ballot.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT size=1>Follow the automated</FONT></TD>
     <TD noWrap align=left width="36%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>telephone directions.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT size=1>Follow the instructions on the site.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=1>Return the proxy ballot in the</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>There is no need for you to return your</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=1>envelope provided.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>There is no need for you to</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>proxy ballot.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>return your proxy ballot.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>PUTNAM MASTER INTERMEDIATE INCOME TRUST </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>By signing below, you as a Putnam fund shareholder, appoint Trustees John A. Hill and Robert E. Patterson, and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote your Putnam fund shares on your behalf at the meeting of the shareholders of Putnam Master Intermediate Income Trust. The meeting will take place on January 11, 2007 at 11:00 a.m., Boston time, and may be adjourned to later times or dates. </FONT><B><FONT face=sans-serif size=2>Your vote is being solicited on behalf of the Trustees. </FONT></B><FONT face=sans-serif size=2>When you complete and sign the proxy ballot, your proxies will vote exactly as you have indicated on the other side of this card. </FONT><B><FONT face=sans-serif size=2>If you simply sign the proxy ballot, or don&#146;t vote on a specific proposal, your shares will be automatically voted as the Trustees recommend. </FONT></B><FONT face=sans-serif size=2>Your proxies are also aut
horized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting. </FONT></P>
<P align=left>
<IMG src="proxyballotsx3x2.jpg" border=0>
</P>
<P align=left><FONT face=sans-serif size=1>Sign your name exactly as it appears on this card. If you own shares jointly, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer&#146;s office. If you are a partner, sign in the partnership name. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_4"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><B><FONT face=sans-serif size=2>Proposals</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=2>Please vote by filling in the appropriate boxes below.</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><FONT face=sans-serif size=2>To vote on all proposals as the Trustees recommend, mark this box.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>(No other vote is necessary.)</FONT>&nbsp;&#9633; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%" colSpan=5><FONT face=sans-serif size=2>THE TRUSTEES RECOMMEND A VOTE </FONT><B><FONT face=sans-serif size=2>FOR </FONT></B><FONT face=sans-serif size=2>ALL NOMINEES.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" colSpan=7><FONT face=sans-serif size=2>1. Fixing the number of Trustees at 12 and electing your fund&#146;s nominees for Trustees.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>FOR ALL</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>WITHHOLD ALL</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>1)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>J.A. Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>C.E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>7) E.T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>10)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>G. Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>(except as marked on left)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>2)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>C.B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>5)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>J.A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>8) K.R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>11)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>W.T. Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&#9633; </TD>
     <TD noWrap align=left width="13%">&#9633;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>3)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>M.R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>6)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>P.L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>9) R.E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%" colSpan=2><FONT face=sans-serif size=1>12) R.B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=9>&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" colSpan=7><FONT face=sans-serif size=1>To withhold authority to vote for one or more of the nominees, write the letter(s) of the nominee(s) below:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD noWrap align=left width="57%" background="">___________________________________________________&nbsp; </TD>
     <TD noWrap align=left width="22%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="7%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"></TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>FOR</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><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 vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>THE TRUSTEES RECOMMEND A VOTE </FONT><B><FONT face=sans-serif size=2>AGAINST </FONT></B><FONT face=sans-serif size=2>PROPOSAL 2.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&#9633;&nbsp; </TD>
     <TD noWrap align=left width="12%">&#9633;&nbsp; </TD>
     <TD noWrap align=left width="7%">&#9633;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>2. Converting your fund to an open-end investment company.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%" colSpan=2><FONT face=sans-serif size=2>If you have any questions on this proposal, please call 1-800-255-1581</FONT>&nbsp; </TD>
     <TD noWrap align=left width="42%"><FONT face=sans-serif size=2>Please sign and date the other side of this card.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1><BR>
<BR>
CUSIP:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=1>BARCODE</FONT>&nbsp; </TD>
     <TD noWrap align=left width="42%"><FONT face=sans-serif size=1>TAG ID: 12345678</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_5"></A>
<IMG src="proxyballotsx5x1.jpg" border=0>
<BR>
<P align=left><B><FONT face=sans-serif size=4>The proxy ballot</FONT></B><B><FONT face=sans-serif size=1> </FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><B><FONT face=sans-serif size=1>To vote by mail</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>To vote by telephone</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="36%"><B><FONT face=sans-serif size=1>To vote on the web</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=1>Read the proxy statement.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Read the proxy statement and</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Read the proxy statement and have the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=1>Check the appropriate box</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>have the proxy ballot at hand.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>proxy ballot at hand.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=1>on the reverse side.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Call 1-866-458-9863.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp;</TD>
     <TD noWrap align=left width="36%"><FONT size=1>Go to www.myproxyonline.com.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=1>Sign and date the proxy ballot.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT size=1>Follow the automated</FONT>&nbsp;</TD>
     <TD noWrap align=left width="36%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>telephone directions.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT size=1>Follow the instructions on the site.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=1>Return the proxy ballot in the</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>There is no need for you to return your</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=1>envelope provided.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>There is no need for you to</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>proxy ballot.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>return your proxy ballot.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>PUTNAM PREMIER INCOME TRUST </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>By signing below, you as a Putnam fund shareholder, appoint Trustees John A. Hill and Robert E. Patterson, and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote your Putnam fund shares on your behalf at the meeting of the shareholders of Putnam Premier Income Trust. The meeting will take place on January 11, 2007 at 11:00 a.m., Boston time, and may be adjourned to later times or dates. </FONT><B><FONT face=sans-serif size=2>Your vote is being solicited on behalf of the Trustees. </FONT></B><FONT face=sans-serif size=2>When you complete and sign the proxy ballot, your proxies will vote exactly as you have indicated on the other side of this card. </FONT><B><FONT face=sans-serif size=2>If you simply sign the proxy ballot, or don&#146;t vote on a specific proposal, your shares will be automatically voted as the Trustees recommend. </FONT></B><FONT face=sans-serif size=2>Your proxies are also authorized to v
ote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting. </FONT></P>
<P align=left>
<IMG src="proxyballotsx5x2.jpg" border=0>
</P>
<P align=left><FONT face=sans-serif size=1>Sign your name exactly as it appears on this card. If you own shares jointly, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer&#146;s office. If you are a partner, sign in the partnership name. </FONT></P>
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<A name="page_6"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><B><FONT face=sans-serif size=2>Proposals</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=2>Please vote by filling in the appropriate boxes below.</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%"><FONT face=sans-serif size=2>To vote on all proposals as the Trustees recommend, mark this box.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>(No other vote is necessary.)</FONT>&nbsp;&#9633; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%" colSpan=5><FONT face=sans-serif size=2>THE TRUSTEES RECOMMEND A VOTE </FONT><B><FONT face=sans-serif size=2>FOR </FONT></B><FONT face=sans-serif size=2>ALL NOMINEES.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" colSpan=7><FONT face=sans-serif size=2>1. Fixing the number of Trustees at 12 and electing your fund&#146;s nominees for Trustees.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>FOR ALL</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>WITHHOLD ALL</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>1)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>J.A. Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>C.E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>7) E.T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>10)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>G. Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>(except as marked on left)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>2)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>C.B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>5)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>J.A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>8) K.R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>11)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>W.T. Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&#9633; </TD>
     <TD noWrap align=left width="13%">&#9633;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>3)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>M.R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>6)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>P.L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>9) R.E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%" colSpan=2><FONT face=sans-serif size=1>12) R.B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=9>&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%" colSpan=7><FONT face=sans-serif size=1>To withhold authority to vote for one or more of the nominees, write the letter(s) of the nominee(s) below:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD noWrap align=left width="57%" background="">_________________________________________________</TD>
     <TD noWrap align=left width="22%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="7%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>FOR</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><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 vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>THE TRUSTEES RECOMMEND A VOTE </FONT><B><FONT face=sans-serif size=2>AGAINST </FONT></B><FONT face=sans-serif size=2>PROPOSAL 2.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&#9633;&nbsp; </TD>
     <TD noWrap align=left width="12%">&#9633;&nbsp; </TD>
     <TD noWrap align=left width="7%">&#9633;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>2. Converting your fund to an open-end investment company.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%" colSpan=2><FONT face=sans-serif size=2>If you have any questions on this proposal, please call 1-800-255-1581.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="42%"><FONT face=sans-serif size=2>Please sign and date the other side of this card.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1><BR>
<BR>
CUSIP:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=1>BARCODE</FONT>&nbsp; </TD>
     <TD noWrap align=left width="42%"><FONT face=sans-serif size=1>TAG ID: 12345678</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align=left><FONT face=serif>October 26, 2006</FONT></P>
<P align=left><FONT face=serif>Securities and Exchange Commission</FONT><BR>
<FONT face=serif>450 Fifth Street, N.W.</FONT><BR>
<FONT face=serif>Washington, DC 20549-1004</FONT></P>
<P align=left><FONT face=serif>Re: Proxy Materials for </FONT></P>
<P align=left><FONT face=serif>Putnam High Income Securities Fund (Securities Act Registration no. 33-13858; Investment Company Act File no. 811-05133) <BR>
<BR>
Putnam Master Intermediate Income Trust (Securities Act Registration no. 33-20610; Investment Company Act File no. 811-05498) <BR>
<BR>
Putnam Premier Income Trust (Securities Act Registration no. 33-19648; Investment Company Act File no. 811-05452)</FONT></P>
<P align=left><FONT face=serif>Ladies and Gentlemen:</FONT></P>
<P align=left><FONT face=serif>Pursuant to Rule 14a-6(b) under the Securities Exchange Act of 1934, we are transmitting for filing via the EDGAR system preliminary proxy materials in connection with a regular meeting of shareholders of the registrants identified above to be held on January 11, 2007.</FONT></P>
<P align=left><FONT face=serif>Definitive materials are expected to be mailed to shareholders on or about November 20, 2006.</FONT></P>
<P align=left><FONT face=serif>Comments on the above-referenced filing can be directed to James Clark of this office at (617) 760-8939.</FONT></P>
<P align=left><FONT face=serif>Very truly yours,</FONT></P>
<P align=left><FONT face=serif>/s/ Karen Ferguson</FONT><BR>
<FONT face=serif>Karen Ferguson</FONT><BR>
<FONT face=serif>Legal Product Specialist</FONT></P>
<P align=left><FONT face=serif>cc: James F. Clark, Esq. </FONT><BR>
<FONT face=serif>George B. Raine, Esq. </FONT><BR>
<FONT face=serif>Laurie Grossman</FONT><BR>
<FONT face=serif>J Scott-Harris</FONT></P>
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