<SEC-DOCUMENT>0000928816-13-001958.txt : 20131223
<SEC-HEADER>0000928816-13-001958.hdr.sgml : 20131223
<ACCEPTANCE-DATETIME>20131223171113
ACCESSION NUMBER:		0000928816-13-001958
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20131223
DATE AS OF CHANGE:		20131223
EFFECTIVENESS DATE:		20131223

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05452
		FILM NUMBER:		131295727

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05498
		FILM NUMBER:		131295728

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

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05740
		FILM NUMBER:		131295729

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MUNICIPAL OPPORTUNITIES TRUST
		CENTRAL INDEX KEY:			0000900422
		IRS NUMBER:				043187549
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		131295730

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

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05133
		FILM NUMBER:		131295731

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>a_cefdefa14a.htm
<DESCRIPTION>COMPLEXWIDE PROXY
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   <TD align=center><FONT size=3 face=serif>UNITED STATES</FONT></TD></TR>

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   <TD noWrap align=center><FONT size=3 face=serif>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp;</TD></TR>

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   <TD align=center><FONT size=3 face=serif>WASHINGTON, DC 20549</FONT></TD></TR>

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   <TD align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

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   <TD align=center><FONT size=3 face=serif>SCHEDULE 14A</FONT></TD></TR>

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   <TD align=center><FONT size=3 face=serif>(RULE 14A-101)</FONT></TD></TR>

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   <TD align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=center><FONT size=3 face=serif>INFORMATION REQUIRED IN PROXY STATEMENT</FONT>&nbsp;</TD></TR>

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   <TD align=center><FONT size=3 face=serif>SCHEDULE 14A INFORMATION</FONT></TD></TR>

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   <TD align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

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   <TD align=center><FONT size=3 face=serif>Proxy Statement Pursuant to Section 14(a)</FONT></TD></TR>

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   <TD align=center><FONT size=3 face=serif>of the Securities Exchange Act of 1934</FONT></TD></TR>

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   <TD align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

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   <TD align=center><FONT size=3 face=serif>Filed by the Registrant / X /</FONT></TD></TR>

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   <TD align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

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   <TD align=center><FONT size=3 face=serif>Filed by a Party other than the Registrant /&nbsp;&nbsp;&nbsp;&nbsp;/</FONT></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0px"><B><FONT size=3 face=serif>Check the appropriate box:</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>/&nbsp;&nbsp;&nbsp;&nbsp;/ Preliminary Proxy Statement.</FONT><BR><FONT size=3 face=serif>/&nbsp;&nbsp;&nbsp;&nbsp;/ Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e) (2)).</FONT><BR><FONT size=3 face=serif>/&nbsp;&nbsp;&nbsp; / Definitive Proxy Statement.</FONT><BR><FONT size=3 face=serif>/ X / Definitive Additional Materials.</FONT><BR><FONT size=3 face=serif>/&nbsp;&nbsp;&nbsp; / Soliciting Material under &#167; 240.14a-12.</FONT></P>

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   <TD align=center><B><FONT size=3 face=serif>PUTNAM HIGH INCOME SECURITIES FUND</FONT></B></TD></TR>

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   <TD noWrap align=center><B><FONT size=3 face=serif>PUTNAM MANAGED MUNICIPAL INCOME TRUST</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=center><B><FONT size=3 face=serif>PUTNAM MASTER INTERMEDIATE INCOME TRUST</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=center><B><FONT size=3 face=serif>PUTNAM MUNICIPAL OPPORTUNITIES TRUST</FONT></B>&nbsp;</TD></TR>

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   <TD align=center><B><FONT size=3 face=serif>PUTNAM PREMIER INCOME TRUST</FONT></B></TD></TR>


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   <TD align=center><FONT size=3 face=serif>(Name of Registrant as Specified in its Charter)</FONT></TD></TR>

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   <TD>&nbsp;</TD></TR>

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   <TD align=center><FONT size=3 face=serif>(Name of Person(s) Filing Proxy Statement,</FONT></TD></TR>

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   <TD align=center><FONT size=3 face=serif>if Other Than the Registrant)</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>Payment of Filing Fee (Check the appropriate box):</FONT></B><BR><BR><FONT size=3 face=serif>/ X / No fee required.</FONT><BR><BR><FONT size=3 face=serif>/&nbsp;&nbsp;&nbsp; / Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT><BR><FONT size=3 face=serif>(1) Title of each class of securities to which transaction applies:</FONT><BR><FONT size=3 face=serif>(2) Aggregate number of securities to which transaction applies:</FONT><BR><FONT size=3 face=serif>(3) Per unit price or other underlying value of transaction computed pursuant to Exchange </FONT><FONT size=3 face=serif>Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how </FONT><FONT size=3 face=serif>it was determined):</FONT><BR><FONT size=3 face=serif>(4) Proposed maximum aggregate value of transaction:</FONT><BR><FONT size=3 face=serif>(5) Total fee paid:</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>/&nbsp;&nbsp;&nbsp;&nbsp;/ Fee paid previously with preliminary materials.</FONT><BR><BR><FONT size=3 face=serif>/&nbsp;&nbsp;&nbsp;&nbsp;/ Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and </FONT><FONT size=3 face=serif>identify the filing for which the offsetting fee was paid previously. Identify the previous </FONT><FONT size=3 face=serif>filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT><BR><FONT size=3 face=serif>(1) Amount Previously Paid:</FONT><BR><FONT size=3 face=serif>(2) Form, Schedule or Registration Statement No.:</FONT><BR><FONT size=3 face=serif>(3) Filing Party:</FONT><BR><FONT size=3 face=serif>(4) Date Filed:</FONT></P></DIV>

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   <TD width="99%" colSpan=3 noWrap align=center><B><FONT size=2 face=sans-serif>PUTNAM INVESTMENTS PROXY WO# 25215 - TOUCH-TONE TELEPHONE VOTING SCRIPT</FONT></B>&nbsp;</TD></TR>

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   <TD width="57%" colSpan=2 noWrap align=right><B><FONT size=2 face=sans-serif>** PROXY CARD **</FONT></B> <B><FONT size=2 face=sans-serif></FONT></B></TD>

   <TD width="42%" noWrap align=center><B><FONT size=1 face=sans-serif>IVR Revision 12-12-13</FONT></B>&nbsp;</TD></TR>

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   <TD width="52%" noWrap align=right><B><FONT size=2 face=sans-serif>Control Number: 215 9999 9001 099</FONT></B>&nbsp;</TD>

   <TD width="5%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD>

   <TD width="42%" noWrap align=left><B><FONT size=2 face=sans-serif>Security Code: 9999 9999</FONT></B>&nbsp;</TD></TR>

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   <TD width="52%" noWrap align=right><B><FONT size=2 face=sans-serif>Control Number: 215 9999 9002 099</FONT></B>&nbsp;</TD>

   <TD width="5%" noWrap align=right><B><FONT size=2 face=sans-serif></FONT></B></TD>

   <TD width="42%" noWrap align=left><B><FONT size=2 face=sans-serif>Security Code: 9999 9999</FONT></B>&nbsp;</TD></TR>

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   <TD width="52%" noWrap align=right><B><FONT size=2 face=sans-serif>Control Number: 215 9999 9003 099</FONT></B>&nbsp;</TD>

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   <TD width="42%" noWrap align=left><B><FONT size=2 face=sans-serif>Security Code: 9999 9999</FONT></B>&nbsp;</TD></TR>

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   <TD width="52%" noWrap align=right><B><FONT size=2 face=sans-serif>Control Number: 215 9999 9004 099</FONT></B>&nbsp;</TD>

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   <TD width="42%" noWrap align=left><B><FONT size=2 face=sans-serif>Security Code: 9999 9999</FONT></B>&nbsp;</TD></TR>

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   <TD width="52%" noWrap align=right><B><FONT size=2 face=sans-serif>Control Number: 215 9999 9005 099</FONT></B>&nbsp;</TD>

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   <TD width="42%" noWrap align=left><B><FONT size=2 face=sans-serif>Security Code: 9999 9999</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><I><FONT size=1 face=sans-serif></FONT></I></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><I><FONT size=1 face=sans-serif>WHEN CONNECTED TO OUR PHONE VOTING SYSTEM ACCESSED VIA OUR TOLL-FREE NUMBER </FONT></I></B><B><I><FONT size=1 face=sans-serif>1-800-337-3503</FONT></I></B><B><I><FONT size=1 face=sans-serif>, THE SHAREHOLDER HEARS:</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>THE INITIAL PROMPT:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"Thank you for calling the proxy voting line."</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"Before you can vote, I'll need to validate some information from your proxy card or meeting notice. </FONT></I></B><B><I><FONT size=1 face=sans-serif>On your card or notice there&#8217;s a shaded box with a 14 digit number inside. Please enter that number now."</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>AFTER THE SHAREHOLDER ENTERS THEIR 14 DIGIT CONTROL NUMBER, HE/SHE HEARS:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"Next, located in the un-shaded box is an 8 digit number. Please enter this number now."</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>THEN YOU HEAR:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"Thank you. Please hold while I validate those numbers."</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>IF CUSTOM GREETING IS APPROVED, THE SHAREHOLDER WILL HEAR THE FOLLOWING CUSTOM SPEECH:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"Okay, you'll be voting your proxy for shares in the Putnam Funds. The Trustees Recommend a vote "FOR" all proposals."</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>IF THERE IS A PRIOR VOTE IN THE SYSTEM FOR THE CONTROL NUMBER ENTERED YOU HEAR:</FONT></B><BR><B><I><FONT size=1 face=sans-serif>" I see that you&#8217;ve already voted. If you don&#8217;t want to change your vote you can just hang-up. Otherwise, </FONT></I></B><B><I><FONT size=1 face=sans-serif>remain on the line and I&#8217;ll take you through the voting process again..."</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>IF THERE IS NO PRIOR VOTE, THE FOLLOWING IS HEARD:</FONT></B><BR><B><I><FONT size=1 face=sans-serif>"I'm about to take you through the voting process. Please keep your voting card or meeting notice in front </FONT></I></B><B><I><FONT size=1 face=sans-serif>of you to follow along. Okay, let's begin&#8230;"</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>THEN, </FONT></I></B><B><I><U><FONT size=1 face=sans-serif>MATCHING THE SHAREHOLDER'S PROXY CARD</FONT></U></I></B><B><I><FONT size=1 face=sans-serif>, THEY WILL BE PROMPTED TO VOTE ON EACH PROPOSAL:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"PROPOSAL 1: [FOR ONE HOLDING THEY HEAR]: "To vote FOR Press 1; AGAINST Press 2; Or to ABSTAIN Press 3" </FONT></I></B><B><I><FONT size=1 face=sans-serif>OR MULTIPLE HOLDINGS THEY HEAR]: "To vote FOR on ALL HOLDINGS, Press 1; AGAINST on ALL HOLDINGS, Press 2; </FONT></I></B><B><I><FONT size=1 face=sans-serif>ABSTAIN on ALL HOLDINGS, Press 3 or to vote on EACH HOLDING INDIVIDUALLY, press 4."</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>WHEN A SHAREHOLDER OWNS MULTIPLE HOLDINGS AND CHOOSES TO VOTE ON EACH HOLDING INDIVIDUALLY, THEY HEAR:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"FOR HOLDING 1: To vote FOR Press 1; AGAINST Press 2; Or to ABSTAIN Press 3"</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"FOR HOLDING 2: To vote FOR Press 1; AGAINST Press 2; Or to ABSTAIN Press 3"</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>The prompting continues for each of the shareholders holdings to match their funds listed on their proxy card&#8230;</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>"ELECTION OF BOARD MEMBER" PROPOSAL PROMPTS WHEN A </FONT></I></B><B><I><FONT size=1 face=sans-serif><U>SINGLE FUND</U> </FONT></I></B><B><I><FONT size=1 face=sans-serif>IS HELD FOR THE PROPOSAL:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"PROPOSAL 2: To vote FOR ALL nominees, Press </FONT></I></B><I><FONT size=1 face=sans-serif>1</FONT></I><B><I><FONT size=1 face=sans-serif>. To WITHHOLD your vote from all nominees, press 2. </FONT></I></B><B><I><FONT size=1 face=sans-serif>Or to WITHHOLD YOUR VOTE FROM INDIVIDUAL nominees press 3."</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>IF THE SHAREHOLDER PRESSES 1, TO VOTE FOR ALL NOMINEES THEY WILL HEAR:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"Okay, voting for all nominees"</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>IF THE SHAREHOLDER PRESSES 2, TO WITHHOLD FROM ALL NOMINEES THEY WILL HEAR:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"Okay, voting withhold on all nominees "</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>IF THE SHAREHOLDER PRESSES 3, TO WITHHOLD FROM INDIVIDUAL NOMINEES THEY WILL HEAR:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"Okay, we'll withhold your vote on the nominees you specify. All other nominees will be voted FOR. "</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>THEN THEY HEAR: "For each nominee listed on your proxy card or meeting notice there's a corresponding </FONT></I></B><B><I><FONT size=1 face=sans-serif>two-digit number. Please enter the number of the nominee from whom you wish to withhold your vote."</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>AFTER THE SHAREHOLDER ENTERS A NOMINEE NUMBER TO WITHHOLD FROM, HE/SHE HEARS:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"OK, withholding your vote from nominee number N" [Where N is the nominee number entered]"</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>THEN THE SHAREHOLDER HEARS:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"To withhold your vote from another nominee, enter the two-digit number. If there are no other nominees </FONT></I></B><B><I><FONT size=1 face=sans-serif>from whom you wish to withhold your vote press # (pound)."</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>WHEN # IS PRESSED, THE SHAREHOLDER HEARS:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"Okay, finished withholding from nominees"</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>"ELECTION OF BOARD MEMBER" PROPOSAL PROMPTS WHEN </FONT></I></B><B><I><FONT size=1 face=sans-serif><U>MULTIPLE FUNDS</U> </FONT></I></B><B><I><FONT size=1 face=sans-serif>ARE HELD FOR THE PROPOSAL:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"PROPOSAL 2 FOR HOLDING 1: To vote FOR ALL nominees, Press </FONT></I></B><I><FONT size=1 face=sans-serif>1</FONT></I><B><I><FONT size=1 face=sans-serif>. To WITHHOLD your vote from all nominees, press 2. </FONT></I></B><B><I><FONT size=1 face=sans-serif>Or t</FONT></I></B><I><FONT size=1 face=sans-serif>o </FONT></I><B><I><FONT size=1 face=sans-serif><U>WITHHOLD YOUR VOTE FROM INDIVIDUAL</U> </FONT></I></B><B><I><FONT size=1 face=sans-serif>nominees </FONT></I></B><I><FONT size=1 face=sans-serif>press 3."</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>IF THE SHAREHOLDER PRESSES 1, TO VOTE FOR ALL NOMINEES FOR THE FIRST HOLDING THEY WILL HEAR:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>Okay, for the first holding listed on this proposal you just voted &#8220;For All&#8221; Nominees.</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>To vote the same way for all other holdings listed, press 1; To vote for each holding individually, press 2.</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>IF THE SHAREHOLDER PRESSES 2, TO WITHHOLD YOUR VOTE FROM ALL NOMINEES FOR THE FIRST HOLDING THEY WILL HEAR:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>Okay, for the first holding listed on this proposal you just voted to withhold your vote from all Nominees.</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>To vote the same way for all other holdings listed, press 1; To vote for each holding individually, press 2.</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>IF THE SHAREHOLDER PRESSES 3, TO WITHHOLD FROM INDIVIDUAL NOMINEES FOR THE FIRST HOLDING THEY WILL HEAR:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"Okay, we'll withhold your vote on the nominees you specify. All other nominees will be voted FOR. "</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>THEN THEY HEAR: "For each nominee listed on your proxy card or meeting notice there's a corresponding </FONT></I></B><B><I><FONT size=1 face=sans-serif>two-digit number. Please enter the number of the nominee from whom you wish to withhold your vote."</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>AFTER THE SHAREHOLDER ENTERS A NOMINEE NUMBER TO WITHHOLD FROM, HE/SHE HEARS:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"OK, withholding your vote from nominee number N" [Where N is the nominee number entered]"</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>THEN THE SHAREHOLDER HEARS:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"To withhold your vote from another nominee, enter the two-digit number. If there are no other nominees </FONT></I></B><B><I><FONT size=1 face=sans-serif>from whom you wish to withhold your vote press # (pound)."</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>WHEN # (POUND) IS PRESSED, THE SHAREHOLDER HEARS:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"Okay, finished withholding from nominees"</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>THEN THE SHAREHOLDER HEARS:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>Okay, for the first holding listed on this proposal you just voted to withhold your vote from nominee(s)&#8230;N" [Where N is(are) the </FONT></I></B><B><I><FONT size=1 face=sans-serif>nominee number(s) entered by the shareholder]</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>To vote the same way for all other holdings listed, press 1; To vote for each holding individually, press 2.</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>IF THE SHAREHOLDER CHOOSES OPTION 1, TO VOTE THE SAME WAY FOR ALL OTHER HOLDINGS ON THE NOMINEE PROPOSAL:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>Okay, I&#8217;ll apply the same vote to all other holdings listed.</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>IF THE SHAREHOLDER CHOOSES OPTION 2, TO VOTE FOR EACH HOLDING INDIVIDUALLY:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>Okay, let&#8217;s continue then&#8230;</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>THEN THE SHAREHOLDER HEARS PROMPTS FOR THE NEXT HOLDING [This is repeated until all holdings are voted on]:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>Example: "For Holding 2: To vote FOR ALL nominees, Press 1. To WITHHOLD your vote from all nominees, press 2. </FONT></I></B><B><I><FONT size=1 face=sans-serif>Or to </FONT></I></B><B><I><FONT size=1 face=sans-serif><U>WITHHOLD YOUR VOTE FROM INDIVIDUAL</U> </FONT></I></B><B><I><FONT size=1 face=sans-serif>nominees press 3."</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>"PROPOSAL 3: [FOR ONE HOLDING THEY HEAR]: "To vote FOR Press 1; AGAINST Press 2; Or to ABSTAIN Press 3" </FONT></I></B><B><I><FONT size=1 face=sans-serif>OR MULTIPLE HOLDINGS THEY HEAR]: "To vote FOR on ALL HOLDINGS, Press 1; AGAINST on ALL HOLDINGS, Press 2; </FONT></I></B><B><I><FONT size=1 face=sans-serif>ABSTAIN on ALL HOLDINGS, Press 3 or to vote on EACH HOLDING INDIVIDUALLY, press 4."</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>WHEN A SHAREHOLDER OWNS MULTIPLE HOLDINGS AND CHOOSES TO VOTE ON EACH HOLDING INDIVIDUALLY, THEY HEAR:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"FOR HOLDING 1: To vote FOR Press 1; AGAINST Press 2; Or to ABSTAIN Press 3"</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"FOR HOLDING 2: To vote FOR Press 1; AGAINST Press 2; Or to ABSTAIN Press 3"</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>The prompting continues for each of the shareholders holdings to match their funds listed on their proxy card&#8230;</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>"PROPOSAL 4: [FOR ONE HOLDING THEY HEAR]: "To vote FOR Press 1; AGAINST Press 2; Or to ABSTAIN Press 3"</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>"PROPOSAL 5: [FOR ONE HOLDING THEY HEAR]: "To vote FOR Press 1; AGAINST Press 2; Or to ABSTAIN Press 3" </FONT></I></B><B><I><FONT size=1 face=sans-serif>OR MULTIPLE HOLDINGS THEY HEAR]: "To vote FOR on ALL HOLDINGS, Press 1; AGAINST on ALL HOLDINGS, Press 2; </FONT></I></B><B><I><FONT size=1 face=sans-serif>ABSTAIN on ALL HOLDINGS, Press 3 or to vote on EACH HOLDING INDIVIDUALLY, press 4."</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>WHEN A SHAREHOLDER OWNS MULTIPLE HOLDINGS AND CHOOSES TO VOTE ON EACH HOLDING INDIVIDUALLY, THEY HEAR:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"FOR HOLDING 1: To vote FOR Press 1; AGAINST Press 2; Or to ABSTAIN Press 3"</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"FOR HOLDING 2: To vote FOR Press 1; AGAINST Press 2; Or to ABSTAIN Press 3"</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>The prompting continues for each of the shareholders holdings to match their funds listed on their proxy card&#8230;</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>WHEN THE SHAREHOLDER HAS COMPLETED VOTING ON THE PROPOSALS, HE/SHE WILL HEAR:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"Okay, you've finished voting but your vote has not yet been recorded."</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"To hear a summary of how you voted, press 1; To record your vote, Press 2."</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>IF THE SHAREHOLDER PRESSES 1, TO HEAR A SUMMARY OF THEIR VOTES, HE/SHE WILL HEAR:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"Please note your vote will be cast automatically should you decide to hang up during the summary."</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"You've elected to vote as follows..." </FONT></I></B><B><FONT size=1 face=sans-serif>[THEN A PLAYBACK OF THE VOTE COLLECTED FOR THE PROPOSAL IS HEARD]</FONT></B><BR><B><FONT size=1 face=sans-serif>AFTER THE VOTE PLAYBACK, THE SHAREHOLDER HEARS:</FONT></B><BR><B><I><FONT size=1 face=sans-serif>"If this is correct, press 1; Otherwise, press 2. If you'd like to hear the information again press # (pound)."</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>IF THE CALLER CHOOSES TO RECORD THEIR VOTE (EITHER BEFORE OR AFTER THE SUMMARY IS HEARD), THEY HEAR:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"(Okay) Please hold while I record your vote."</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>THEN THEY HEAR:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"Your vote has been recorded. It&#8217;s not necessary for you to mail in your proxy card or meeting notice. </FONT></I></B><B><I><FONT size=1 face=sans-serif>I&#8217;m now going to end this call unless you have another proxy card or meeting notice to vote or you </FONT></I></B><B><I><FONT size=1 face=sans-serif>want to change your vote. If you need to vote again, press one now."</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>IF THE SHAREHOLDER PRESSES 2, INDICATING AN INCORRECT VOTE, HE/SHE WILL HEAR:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"Okay, lets change your vote." </FONT></I></B><B><FONT size=1 face=sans-serif>[The system then prompts the voting options again.]</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>AFTER THE SHAREHOLDER'S VOTE IS RECORDED, IF THEY ELECT TO VOTE ANOTHER PROXY, HE/SHE HEARS:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"Before you can vote, I'll need to validate some information from your proxy card or meeting notice. </FONT></I></B><B><I><FONT size=1 face=sans-serif>On your card or notice there&#8217;s a shaded box with a 14 digit # inside. Please enter that number now."</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>IF THE SHAREHOLDER ELECTS TO END THE CALL, HE/SHE WILL HEAR:</FONT></I></B><BR><B><I><FONT size=1 face=sans-serif>"Thank you for voting, goodbye."</FONT></I></B></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>Email Notification Setup Form</FONT></B><BR><B><FONT size=3 face=serif>Work Order Number: 24215</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>From Address: </FONT><U><FONT size=3 face=serif>PutnamInvestments@proxydirectmail.com</FONT></U><BR><FONT size=3 face=serif>Reply to Address: </FONT><U><FONT size=3 face=serif>internetresponse@computershare.com</FONT></U></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>Subject: </FONT></B><FONT size=3 face=serif>We need your vote</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>Email body:</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Dear Shareholder:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>As you have opted to receive updates regarding your investments in the Putnam Funds electronically, we are writing today to let you know that the proxy materials for the Putnam Funds Shareholder Meeting, scheduled for February 27, 2014, are now available online.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Please read the proxy materials by clicking here. [</FONT><U><FONT size=3 face=serif>https://www.proxy-direct.com/put-25215</FONT></U><FONT size=3 face=serif>] You will need </FONT><FONT size=3 face=serif><U>Adobe Acrobat Reader</U>. </FONT><FONT size=3 face=serif>[http://www.adobe.com/products/acrobat/readstep2.html]</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>We appreciate your prompt response, as it can help keep fund administrative expenses as low as possible.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>Voting your proxy online</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Voting your proxy online is convenient by clicking on the following links:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>Fund: xxxxxx</FONT><BR><FONT size=3 face=serif>Control number: xxxxxxxxxx</FONT><BR><FONT size=3 face=serif>Security code: xxxxxx</FONT><BR><U><FONT size=3 face=serif>Click here to vote</FONT></U><BR><BR><FONT size=3 face=serif>Fund: xxxxxx</FONT><BR><FONT size=3 face=serif>Control number: xxxxxxxxxx</FONT><BR><FONT size=3 face=serif>Security code: xxxxxx</FONT><BR><U><FONT size=3 face=serif>Click here to vote</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>You can also go to </FONT><FONT size=3 face=serif><U>http://www.proxy-direct.com</U> </FONT><FONT size=3 face=serif>and enter your control numbers and security code exactly as they appear above. </FONT><B><FONT size=3 face=serif>If multiple control numbers and security codes appear, you will need to vote each individually for your vote to be captured on all accounts. </FONT></B><FONT size=3 face=serif>Please note that there is no charge for you to vote via this service, though you may incur costs associated with electronic access, such as usage.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>If you have questions about the proposals, please call a customer service representative at 1-866-963-5821, or contact your financial advisor.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>We appreciate your attention to this important matter.</FONT></P></DIV>



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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Check out our redesigned website &#8212; on any device</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Visit putnam.com/individual on your phone, tablet, or desktop computer, and you will get an optimal viewing experience. On any device, you&#8217;ll find readable text, appealing graphics, and easy navigation. The new site also offers quicker access to Putnam blogs and account information, and a new investment strategies section.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Remember to vote your fund proxy</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All shareholders of the Putnam funds have been sent a proxy statement to vote on important proposals affecting the Putnam funds, which include:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; Approving new management contracts</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; Electing Trustees</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; Approving an amended and restated Declaration of Trust</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; Updating investment policy restrictions on certain funds</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Vote online, by mail, or by phone as outlined in the proxy statement. Voting promptly can help to prevent further mailings. We appreciate your attention to these important matters.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Don&#8217;t go it alone</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>At Putnam, we believe the counsel and expertise of a professional advisor is essential for navigating complex and changing financial markets. An advisor can help you consider all components of your financial strategy and recommend investments to suit your needs.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=sans-serif>IMPORTANT INVESTMENT INFORMATION</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For complete information concerning the sales charge or contingent deferred sales charge (CDSC) that applies to any class of fund shares, please see the fund&#8217;s current prospectus and statement of additional information. As required by SEC rules, the following information sets forth provisions regarding changes to sales charges.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Conversion of class B shares into class A shares. </FONT></B><FONT size=2 face=sans-serif>Class B shares will automatically convert to class A shares on or around the end of the month eight years after the purchase date (for Putnam Small Cap Value Fund, on or around the end of the month six years after the purchase date, and for Multi-Cap Value Fund, on or around the end of the month five years after the purchase date). Class B shares acquired by exchanging class B shares of another Putnam fund will convert to class A shares based on the time of the initial purchase. The conversion period of the acquired fund will apply, unless the initial fund&#8217;s CDSC schedule is higher than that of the acquired fund. In that case, the conversion period and CDSC schedule of the initial fund will apply. Class B shares acquired through reinvestment of distributions will convert to class A shares based on the date of the initial purchase to which such shares relate. For this purpose, class B shares acquired through reinvestment of distributions will be attributed to particular purchases of class </FONT><FONT size=2 face=sans-serif>B shares in accordance with such procedures as the Trustees may determine from time to time. The conversion of class B shares to class A shares is subject to the condition that such conversions will not constitute taxable events for Federal tax purposes. Shareholders should consult with their tax advisors regarding the state and local tax consequences of the conversion of class B shares to class A shares, or any other exchange or conversion of shares.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Distribution Plans</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Class A shares: </FONT></B><FONT size=2 face=sans-serif>Putnam Retail Management makes quarterly (or in certain cases monthly) payments to dealers at up to the annual rates set forth below (as a percentage of the average net asset value of class A shares for which such dealers are designated the dealer of record) except as described below. No payments are made during the first year after purchase on shares purchased at net asset value by shareholders that invest at least $1 million, or, in the case of dealers of record for an employer-sponsored benefit plan investing at least $1 million, where such dealer has agreed to a reduced sales commission.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>The fund may sell shares without a sales charge or CDSC to the following categories of investors:</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(viii) Shareholders reinvesting the proceeds from a Putnam Corporate IRA Plan distribution into a non-retirement plan account.</FONT></P>

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   <TD noWrap align=center><B><FONT face=serif size=3>Proxy solicitation Q&amp;A</FONT></B>&nbsp;</TD></TR>

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   <TD align=center><B><FONT face=serif size=3>December 2013</FONT></B></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><I><FONT face=serif size=3>The Board of Trustees of the Putnam Funds has mailed proxy materials to shareholders of all Putnam retail open-end funds, variable trust finds, and closed-end funds, asking for their vote on important proposals for the funds. This Q&amp;A is designed to help you answer questions you might receive about the proxy solicitation.</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>What are the Trustees asking fund shareholders to do?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>The Trustees are asking shareholders to vote as outlined on the proxy card by visiting a website, calling by phone, or signing and returning the proxy card in the postage paid envelope. The proxies are needed unless a shareholder decides to attend the special shareholder meeting scheduled for February 27, 2014 and vote his or her shares at the meeting.</FONT></P>

<P style="TEXT-ALIGN: left"><B><U><FONT face=serif size=3>For questions about the matters being put to a shareholder vote</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>What are the matters included in the proxy, and how do the Trustees recommend that shareholders vote?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>The Trustees unanimously recommend that shareholders vote for the following proposals included in the proxy:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>&#8226; </FONT><FONT face=serif size=3>approving new management contracts for the Putnam funds (all funds);</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>&#8226; </FONT><FONT face=serif size=3>electing Trustees (open-end funds and variable trust funds only);</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>&#8226; </FONT><FONT face=serif size=3>approving an Amended and Restated Declaration of Trust (open-end funds and variable trust funds only); and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>&#8226; </FONT><FONT face=serif size=3>other matters affecting investment policies of three Putnam funds (Putnam Global Consumer Fund, Putnam Global Financials Fund, and Putnam Dynamic Asset Allocation Conservative Fund only).</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Why are shareholders approving new management contracts?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>On October 8, 2013, Paul G. Desmarais, who was the controlling shareholder of Power Corporation of Canada, Putnam&#8217;s ultimate parent company, passed away. Upon his death, voting control of the shares of Power Corporation of Canada that Mr. Desmarais controlled was transferred to a family trust. The transfer of voting control of these shares may have constituted an &#8220;assignment&#8221; of the management contract between Putnam Management and the Putnam funds, resulting in its automatic termination as required by law. Shareholders are being asked to approve a new management contract for the funds to ensure that Putnam Management is able to continue managing them.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Will the new management contracts have any effect on Putnam funds?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>The transfer of voting control will not have any practical impact on the operations of Putnam Management or any fund. Shareholders of all Putnam funds are being asked to approve a new management contract with Putnam Investment Management, the investment manager of the Putnam funds. The proposed new management contract is identical (except for its effective date and initial term and for certain non-substantive changes) to each fund&#8217;s current management contract.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Why are Trustees being elected?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>The Investment Company Act of 1940 permits mutual fund board vacancies to be filled by the Trustees so long as at least two-thirds of the Board of Trustees remains shareholder-elected. Seeking shareholder approval of election of Trustees for all Trusts at this time would permit the Trustees additional governance flexibility in the future (assuming the Trustees may wish to fill future vacancies)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>Shareholders of all open-end Putnam funds are being asked to elect Trustees at the upcoming special meeting. Each nominee is currently a Trustee of all Putnam funds. (Shareholders of the closed-end Putnam funds will be asked to elect Trustees at their 2014 annual meeting, expected to be held in April 2014.)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Who are the Trustees, and what is their role?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>Putnam&#8217;s Board of Trustees is responsible for protecting the interests of Putnam shareholders. The Trustees&#8217; responsibilities include the general oversight of each fund&#8217;s business, reviewing investment performance, overseeing the fund&#8217;s compliance with federal securities laws, approving fees paid to Putnam Investments and its affiliates, and voting proxies for the fund&#8217;s portfolio securities. All but one of the Trustees currently is independent of the funds and Putnam Management.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>What is the amendment to the Declarations of Trust?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>All shareholders of open-end Putnam funds are being asked to authorize the Trustees to adopt a single form of amended and restated Declaration of Trust for each trust. The open-end Putnam funds (including the variable trust funds) currently operate under 38 distinct Declarations of Trust. These were created at different times in the past and differ from each other in several ways. The adoption of a single amended and restated Declaration of Trust will provide the Trustees and Putnam Management with increased flexibility in managing the affairs of the funds in an efficient and cost-effective manner. Shareholder authorization also will modernize and streamline governance provisions, and eliminate certain ambiguities and inconsistencies.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>What are the &#8220;other matters&#8221; affecting the investment policies of three Putnam mutual funds?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>Shareholders of Putnam Dynamic Asset Allocation Conservative Fund are being asked to approve an amendment to a fundamental investment restriction with respect to investments in commodities. The proposal would enable the fund to invest directly in gold and other physical commodities, as well as engage in a variety of transactions involving commodity-linked investments (already permitted under its current investment restriction). Putnam Management presently has no specific intention to change the fund&#8217;s exposures to commodities or commodity-linked investments in response to the revision of the fund&#8217;s investment restriction, but this intention is subject to change based on Putnam Management&#8217;s assessment of both market conditions at any given time and those investments most likely to assist the fund in meeting its investment objective.</FONT></P>

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   <TD noWrap align=left><FONT face=serif size=3>FOR INTERNAL USE ONLY</FONT>&nbsp;</TD>

   <TD noWrap align=left><FONT face=serif size=3>2</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=3>Shareholders of Putnam Global Consumer Fund and Putnam Global Financials Fund are being asked to authorize an amendment to a fundamental investment policy with respect to diversification of investments. The proposed change would allow each fund to operate as a non-diversified fund, enabling it to invest more of its assets in securities of fewer issuers than a diversified fund. (It is important to note that Putnam Management would have the flexibility to operate the affected funds as non-diversified, although it has no immediate plans to alter materially its management of the funds.)</FONT></P>

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<TR>

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<TR vAlign=bottom>

   <TD noWrap align=left><FONT face=serif size=3>FOR INTERNAL USE ONLY</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT face=serif size=3>3</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><U><FONT face=serif size=3>For questions about the proxy process</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>What is a proxy?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>A proxy is a person who can act on behalf of another. In this case, proxies are Putnam fund Trustees, who are empowered to vote on behalf of shareholders based on their instructions when shareholders respond to the proxy solicitation.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>What is the purpose of the proxy mailing?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>Every Putnam shareholder has a right to vote on certain matters that affect the management of their funds. Since it is not possible for most people to attend a shareholder meeting and vote in person, shareholders are mailed the proxy package, which provides a proxy statement, a proxy card, and instructions for voting by phone, by mail, or online.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>What is a proxy card?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>The proxy card directs the Trustees identified as proxies on how to vote on behalf of a shareholder. In addition to the card, shareholders also receive a proxy statement, which describes the proposals that are being put to a vote. The proxy statement includes the recommendations of the funds&#8217; Trustees to vote in favor of the proposals.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Who is eligible to vote?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>Shareholders of record at the close of business on December 2, 2013, are eligible to vote. Each share is entitled to one vote.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>When is the special shareholder meeting?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>The special shareholder meeting is scheduled to take place on February 27, 2014, at One Post Square, Boston, Massachusetts.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>What if shareholders do not return their proxy cards?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>If Putnam does not receive the proxy cards in sufficient numbers, we must make follow-up solicitations, either by mail or by phone, which can result in additional expenses for the funds. All shareholders benefit when proxies are voted in a timely manner.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>What if a shareholder only signs the card?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>If a shareholder signs the proxy card, but doesn&#8217;t fill in a vote, the shares will be voted in accordance with the Trustees&#8217; recommendations.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>What are the key dates for the proxy solicitation?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>December 2, 2013 &#8212; Designated record date</FONT><BR><FONT face=serif size=3>Week of December 23, 2013 &#8212; Initial proxy mailing</FONT><BR><FONT face=serif size=3>January 20, 2014 &#8212; Initial phone campaign</FONT><BR><BR><FONT face=serif size=3>If needed:</FONT></P>

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   <TD noWrap align=right><FONT face=serif size=3>4</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=3>January 27, 2014 &#8212; Second proxy mailing</FONT><BR><FONT face=serif size=3>February 5, 2014 &#8212; Third proxy mailing</FONT><BR><FONT face=serif size=3>February 14, 2014 &#8212; Fourth proxy mailing</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>How can a shareholder submit a vote?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>Voting instructions are included on the proxy card. (Note: These are for direct shareholders only; beneficial holders will need to refer to their voting instruction form.) There are several ways to vote:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>&#8226; </FONT><FONT face=serif size=3>Online at </FONT><U><FONT face=serif size=3>www.proxy-direct.com</FONT></U><FONT face=serif size=3>. You will need your control number as listed on your proxy card.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>&#8226; </FONT><FONT face=serif size=3>By phone at 1-800-337-3504 (note that this is a touch-tone line). You will need your control number as listed on your proxy card.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>&#8226; </FONT><FONT face=serif size=3>By mailing the completed proxy card in the postage-paid envelope to:</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Proxy Tabulator</FONT></B><BR><B><FONT face=serif size=3>P.O. Box 9043</FONT></B><BR><B><FONT face=serif size=3>Smithtown, NY 11787-9833</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>Who is coordinating and reporting votes by mail, Internet, and phone?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>Computershare Fund Services (CFS) is tabulating all votes received. CFS has been contracted by Putnam to ensure that the proxy voting is fully administered and tabulated in a fair manner.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>What is the process for transferring calls to CFS?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>If you receive a telephone call from a shareholder who would like to vote by phone, please use the following procedures:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>&#8226; </FONT><FONT face=serif size=3>Confirm voting eligibility by verifying shareholder name and that he or she was a Putnam retail open-end fund, variable trust fund, or closed-end fund shareholder of record on December 2, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>&#8226; </FONT><FONT face=serif size=3>Provide him or her with CFS&#8217;s telephone number 1-800-963-5821, and ask shareholder if you may place him or her on hold and then transfer the shareholder to CFS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>&#8226; </FONT><FONT face=serif size=3>Conduct a warm transfer to CFS, thanking the shareholder for voting.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>How can shareholders get proxy statements if they did not receive them in the mail?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>Additional proxy statements may be ordered from the literature system. This mailing will only include the proxy statement, and will not include a proxy card. If a caller requests a proxy card, or both the proxy statement and the proxy card, send an e-mail message to </FONT><FONT face=serif size=3>Patti Bissanti </FONT><FONT face=serif size=3>with the fund name, shareholder address, and account number. If the shareholder is a beneficial owner, he or she should contact his or her broker.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>What if a shareholder misplaces his/her proxy card?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>First, offer to transfer the caller to CFS so that he/she may vote by telephone (see above for transfer instructions). Additional proxy statements may be ordered from the literature system. This mailing will only include the proxy statement, and will not include a proxy card. If a caller requests a proxy card, or both the proxy statement and the proxy card,</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=3>send an e-mail message to </FONT><FONT face=serif size=3>Patti Bissanti </FONT><FONT face=serif size=3>with the fund name, shareholder address, and account number. If the shareholder is a beneficial owner, he or she should contact his or her broker for the voting instruction form.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>What if a shareholder whose account is held in street name did not receive a voting instruction form?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>Shareholders on street-name accounts who want a statement or voting instruction form must contact their financial advisor. Putnam is not able to accommodate the request. Broker-dealers on street-name accounts provide shareholder names and addresses to a third party, which mails the proxy statements and voting instruction forms to shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>In most cases, as long as the shareholder never instructed his or her advisor to be placed on the Do Not Call List, CFS should have the account information. Offer to transfer the client to CFS (using the instructions above) to vote via phone.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>How can a shareholder be placed on a &#8220;Do not call/Do not mail&#8221; list for this proxy solicitation?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>Putnam and the Trustees prefer that shareholders not be placed on a &#8220;Do not call&#8221; list, as voting is in a shareholder&#8217;s best interest. To place a shareholder (who received a request to participate in proxy voting) on a &#8220;Do not call&#8221; list, you must get approval from the Director of your department. Please coordinate with your supervisor to obtain approval and to have the Director send an e-mail message to </FONT><FONT face=serif size=3>Patti Bissanti </FONT><FONT face=serif size=3>advising that the shareholder account does not want to receive calls regarding this campaign.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=3>How are financial advisors being made aware of the upcoming shareholder meeting and proxy voting process?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=3>In addition, proxy materials are being delivered electronically to firms of accounts that are held in street name. Putnam relationship managers and back-office contacts are also making firms aware of the meeting and proxy voting process.</FONT></P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
