<SEC-DOCUMENT>0000928816-14-000555.txt : 20140401
<SEC-HEADER>0000928816-14-000555.hdr.sgml : 20140401
<ACCEPTANCE-DATETIME>20140401142854
ACCESSION NUMBER:		0000928816-14-000555
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140401
DATE AS OF CHANGE:		20140401
EFFECTIVENESS DATE:		20140401

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:		14733538

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

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

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

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

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05452
		FILM NUMBER:		14733539

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		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:		14733540

	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 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:		14733541

	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:		14733542

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>a_cefdefa14a.htm
<DESCRIPTION>PUTNAM CLOSED-END DEFA-14A PROXY
<TEXT>

<HTML>
<HEAD>
   <TITLE>a_cefdefa14a.htm</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<!--$$/page=--><A name="page_1"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="3%"></TD>

   <TD width="97%"></TD></TR>

<TR vAlign=bottom>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="97%" noWrap align=center><FONT size=3 face=serif>UNITED STATES</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="97%" noWrap align=center><FONT size=3 face=serif>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="97%" noWrap align=center><FONT size=3 face=serif>WASHINGTON, DC 20549</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="97%" noWrap align=center><FONT size=3 face=serif>SCHEDULE 14A</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="97%" noWrap align=center><FONT size=3 face=serif>(RULE 14A-101)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="97%" noWrap align=center><FONT size=3 face=serif>INFORMATION REQUIRED IN PROXY STATEMENT</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="97%" noWrap align=center><FONT size=3 face=serif>SCHEDULE 14A INFORMATION</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="97%" noWrap align=center><FONT size=3 face=serif>Proxy Statement Pursuant to Section 14(a)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="97%" noWrap align=center><FONT size=3 face=serif>of the Securities Exchange Act of 1934</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="97%" noWrap align=center><FONT size=3 face=serif>Filed by the Registrant / X /</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="97%" noWrap align=center><FONT size=3 face=serif>Filed by a Party other than the Registrant /&nbsp;&nbsp;&nbsp;&nbsp;/</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><B><FONT size=3 face=serif>Check the appropriate box:</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>/</FONT>&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=3 face=serif>/ Preliminary Proxy Statement.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>/</FONT>&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=3 face=serif>/ Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e) (2)).</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>/</FONT>&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=3 face=serif>/ Definitive Proxy Statement.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>/</FONT>&nbsp;X&nbsp;&nbsp;<FONT size=3 face=serif>/ Definitive Additional Materials.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>/</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=3 face=serif>/ Soliciting Material under &#167; 240.14a-12.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="97%" noWrap align=center><B><FONT size=3 face=serif>PUTNAM HIGH INCOME SECURITIES FUND</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="97%" noWrap align=center><B><FONT size=3 face=serif>PUTNAM MANAGED MUNICIPAL INCOME TRUST</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="97%" noWrap align=center><B><FONT size=3 face=serif>PUTNAM MASTER INTERMEDIATE INCOME TRUST</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="97%" noWrap align=center><B><FONT size=3 face=serif>PUTNAM MUNICIPAL OPPORTUNITIES TRUST</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="97%" noWrap align=center><B><FONT size=3 face=serif>PUTNAM PREMIER INCOME TRUST</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="97%" noWrap align=center><FONT size=3 face=serif>(Name of Registrant as Specified in its Charter)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="97%" noWrap align=center><FONT size=3 face=serif>(Name of Person(s) Filing Proxy Statement,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="97%" noWrap align=center><FONT size=3 face=serif>if Other Than the Registrant)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><B><FONT size=3 face=serif>Payment of Filing Fee (Check the appropriate box):</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>/ X / No fee required.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>/&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT size=3 face=serif>/ Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Title of each class of securities to which transaction applies:</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Aggregate number of securities to which transaction applies:</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_2"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=3 face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) Per unit price or other underlying value of transaction computed pursuant to Exchange</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=3 face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=3 face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it was determined):</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=3 face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) Proposed maximum aggregate value of transaction:</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=3 face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) Total fee paid:</FONT>&nbsp;</TD></TR>

<TR>

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

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=3 face=serif>/&nbsp;&nbsp;&nbsp; / Fee paid previously with preliminary materials.</FONT>&nbsp;</TD></TR>

<TR>

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

<TR vAlign=bottom>

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

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=3 face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; identify the filing for which the offsetting fee was paid previously. Identify the previous</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=3 face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=3 face=serif><FONT size=3 face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(1) Amount Previously Paid:</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=3 face=serif><FONT size=3 face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(2) Form, Schedule or Registration Statement No.:</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=3 face=serif><FONT size=3 face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(3) Filing Party:</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=3 face=serif><FONT size=3 face=serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(4) Date Filed:</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<HR align=center SIZE=2 width="100%" noShade>







































<!--$$/page=--><A name="page_1"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><B><FONT face=sans-serif size=3>Closed-End Fund Proxy Solicitation Q&amp;A</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT face=sans-serif size=3>April 2014</FONT></B></TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>The Board of Trustees of the Putnam Funds has mailed proxy materials to shareholders of the Putnam closed-end funds &#8212; Putnam High Income Securities Fund, Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust, and Putnam Premier Income Trust &#8212; 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=sans-serif size=3>What are the Trustees asking fund shareholders to do?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-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 April 25, 2014, and vote his or her shares at the meeting.</FONT></P>

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

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="20%"></TD>

   <TD width="80%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=2><B><FONT face=sans-serif size=3>What are the proposals in the proxy?</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=2><B><FONT face=sans-serif size=3></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 36pt" noWrap align=left width="20%"><FONT face=sans-serif size=3>Proposal 1a.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="80%"><FONT face=sans-serif size=3>Fixing the number of Trustees at 14 </FONT><I><FONT face=sans-serif size=3>(all closed-end funds)</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 36pt" noWrap align=left width="20%"><FONT face=sans-serif size=3>Proposal 1b.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="80%"><FONT face=sans-serif size=3>Electing Trustees </FONT><I><FONT face=sans-serif size=3>(all closed-end funds)</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 36pt" noWrap align=left width="20%"><FONT face=sans-serif size=3>Proposal 2.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="80%"><FONT face=sans-serif size=3>Converting a fund to an open-end investment company </FONT><I><FONT face=sans-serif size=3>(Putnam</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="80%"><I><FONT face=sans-serif size=3>High Income Securities Fund, Putnam Master Intermediate Income</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"></TD>

   <TD noWrap align=left width="80%"><I><FONT face=sans-serif size=3>Trust, and Putnam Premier Income Trust only)</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 36pt" noWrap align=left width="20%"><FONT face=sans-serif size=3>Proposal 3.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="80%"><FONT face=sans-serif size=3>Approving an Amended and Restated Declaration of Trust for a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="80%"><FONT face=sans-serif size=3>fund </FONT><I><FONT face=sans-serif size=3>(all closed-end funds)</FONT></I><FONT face=sans-serif size=3>:</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="80%"><FONT face=sans-serif size=3>3a.</FONT> <FONT face=sans-serif size=3>Quorum requirement for shareholder meetings</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="80%"><FONT face=sans-serif size=3>3b.</FONT> <FONT face=sans-serif size=3>Other changes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 36pt" noWrap align=left width="20%"><FONT face=sans-serif size=3>Proposal 4.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="80%"><FONT face=sans-serif size=3>Approving an amendment to your fund&#8217;s Declaration of Trust &#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="80%"><FONT face=sans-serif size=3>eliminating mandatory shareholder votes for conversion to an</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="80%"><FONT face=sans-serif size=3>open-end investment company </FONT><I><FONT face=sans-serif size=3>(all closed-end funds except</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="80%"><I><FONT face=sans-serif size=3>Putnam Municipal Opportunities Trust)</FONT></I>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="100%" colSpan=2><B><FONT face=sans-serif size=3>How do your fund&#8217;s Trustees recommend that shareholders vote on these</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=3>proposals?</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="80%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 36pt" noWrap align=left width="20%"><FONT face=sans-serif size=3>Proposal 1a.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="80%"><B><FONT face=sans-serif size=3>FOR </FONT></B><FONT face=sans-serif size=3>fixing the number of Trustees at 14</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 36pt" noWrap align=left width="20%"><FONT face=sans-serif size=3>Proposal 1b.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="80%"><B><FONT face=sans-serif size=3>FOR </FONT></B><FONT face=sans-serif size=3>electing your fund&#8217;s nominees for Trustees</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 36pt" noWrap align=left width="20%"><FONT face=sans-serif size=3>Proposal 2.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="80%"><B><FONT face=sans-serif size=3>AGAINST </FONT></B><FONT face=sans-serif size=3>the conversion of your fund from closed-end to open-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="80%"><FONT face=sans-serif size=3>end status</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 36pt" noWrap align=left width="20%"><FONT face=sans-serif size=3>Proposal 3.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="80%"><B><FONT face=sans-serif size=3>FOR </FONT></B><FONT face=sans-serif size=3>authorizing an Amended and Restated Declaration of Trust by</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="80%"><FONT face=sans-serif size=3>voting:</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="80%"><FONT face=sans-serif size=3>3a.</FONT> <B><FONT face=sans-serif size=3>FOR </FONT></B><FONT face=sans-serif size=3>reducing the quorum requirement for shareholder</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="80%"><FONT face=sans-serif size=3>meetings;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="80%"><FONT face=sans-serif size=3>3b.</FONT> <B><FONT face=sans-serif size=3>FOR </FONT></B><FONT face=sans-serif size=3>making other changes; and</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=right><FONT face=sans-serif size=3>1</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<HR align=center width="100%" noShade SIZE=2>



<!--$$/page=--><A name="page_2"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="20%"></TD>

   <TD width="80%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 36pt" noWrap align=left width="20%"><FONT face=sans-serif size=3>Proposal 4.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="80%"><B><FONT face=sans-serif size=3>FOR </FONT></B><FONT face=sans-serif size=3>authorizing an amendment to your fund&#8217;s Declaration of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="80%"><FONT face=sans-serif size=3>Trust to eliminate certain mandatory shareholder votes on</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="80%"><FONT face=sans-serif size=3>converting the fund to an open-end fund</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The Trustees of each of the closed-end funds stand for election (or reelection as the case may be) at least once during each fund&#8217;s fiscal year.</FONT></P>

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

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The Putnam Funds&#8217; 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 Investments.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=3>Why are certain funds&#8217; shareholders being asked to vote regarding conversion from closed-end to open-end status </FONT></B><B><I><FONT face=sans-serif size=3>(Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust, and Putnam Premier Income Trust only)</FONT></I></B><B><FONT face=sans-serif size=3>?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>As a closed-end fund, your fund&#8217;s shares are bought and sold in the securities markets at prevailing prices, which may be equal to, less than, or greater than its net asset value (NAV) per share. Your fund&#8217;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&#8217;s common shares have traded at an average discount of more than 10% from its NAV per share during the last 12 calendar weeks of the preceding fiscal year.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=3>What do the Trustees recommend concerning the conversion proposal?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The Trustees recommend that shareholders vote </FONT><B><FONT face=sans-serif size=3>AGAINST </FONT></B><FONT face=sans-serif size=3>this proposal. 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&#8217;s shareholders. </FONT><FONT face=sans-serif size=3>The Trustees believe that your fund&#8217;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 and the ability to invest without limit in illiquid 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 style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=3>Why are shareholders being asked to vote on the amendment and restatement of the Declarations of Trust?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>All shareholders of Putnam closed-end funds are being asked to authorize the Trustees to adopt a single form of Amended and Restated Declaration of Trust for each trust. The closed-end Putnam funds currently operate under five 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 form of Amended and Restated Declaration of Trust will provide the Trustees and Putnam Investments with increased flexibility in managing the affairs of the funds in an efficient and cost-effective manner. Shareholder authorization</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

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

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

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

<HR align=center width="100%" noShade SIZE=2>



<!--$$/page=--><A name="page_3"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>also will modernize and streamline governance provisions, and eliminate certain ambiguities and inconsistencies.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=3>Why are shareholders being asked to eliminate mandatory votes on converting the fund to an open-end fund (</FONT></B><B><I><FONT face=sans-serif size=3>Putnam High Income Securities Fund, Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, and Putnam Premier Income Trust only</FONT></I></B><B><FONT face=sans-serif size=3>)?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>Over the last decade, this conversion provision has been triggered on several occasions for the relevant funds. On each such occasion, shareholders of your fund have voted overwhelmingly to retain the closed-end structure of the fund. In view of this history, and the fact that these types of mandatory conversion votes are typically no longer required in new closed-end funds organized in recent years, your fund&#8217;s Trustees believe that it is no longer in the best interests of the fund and its shareholders to incur the considerable proxy solicitation, legal, and other costs involved in submitting a proxy proposal relating to the conversion of the fund to open-end status as an automatic response to discount levels that have often been shown to be temporary in nature. Experience has shown that trading discounts tend to be cyclical in nature, often responding to changes in market conditions, including increasing or decreasing interest rates. Experience has also shown that over time shareholders are likely to have regular opportunities to liquidate their investment in the fund at prices reasonably close to NAV and at times even above NAV.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The Trustees believe that eliminating the requirement for mandatory conversion votes will not deprive shareholders of any meaningful shareholder right, as any shareholder holding shares having a market value of at least $2,000 has the right, if he or she wishes, to present a proposal for conversion of the fund to open-end status at any annual meeting of shareholders, subject only to complying with Securities and Exchange Commission rules generally pertaining to shareholder proposals (including holding such shares continuously for at least one year before the date the proposal is submitted).</FONT></P>

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

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

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

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

<P style="TEXT-ALIGN: left"><FONT face=sans-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 received a proxy statement, which</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

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

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

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

<HR align=center width="100%" noShade SIZE=2>



<!--$$/page=--><A name="page_4"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>describes the proposals that are being put to a vote. The proxy statement includes the recommendations of the funds&#8217; Trustees on how to vote with respect to each proposal.</FONT></P>

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

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>Shareholders of record at the close of business on January 29, 2014, are eligible to vote. Each share is entitled to one vote.</FONT></P>

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

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The special shareholder meeting is scheduled to take place on April 25, 2014, at One Post Square, Boston, Massachusetts.</FONT></P>

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

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

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

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>January 29, 2014 &#8212; Official record date<BR></FONT><FONT face=sans-serif size=3>Week of March 24, 2014 &#8212; Initial proxy mailing <BR></FONT><FONT face=sans-serif size=3>April 21, 2014 (estimate) &#8212; Initial phone campaign<BR></FONT><FONT face=sans-serif size=3>Further proxy mailings and phone campaigns to be determined based on need.</FONT></P>

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

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>Voting instructions are included on the proxy card. (Note: The below instructions are for registered, or &#8220;direct,&#8221; shareholders only; beneficial, or &#8220;street-name,&#8221; holders will need to refer to their voting instruction form.) There are several ways to vote:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="10%"></TD>

   <TD width="90%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="10%"><FONT face=sans-serif size=3>&#8226;</FONT>&nbsp;</TD>

   <TD noWrap align=left width="90%"><FONT face=sans-serif size=3>Online at </FONT><FONT face=sans-serif size=3>www.proxyonline.com </FONT><FONT face=sans-serif size=3>you will need your control number as</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="90%"><FONT face=sans-serif size=3>listed on your proxy card.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="10%"><FONT face=sans-serif size=3>&#8226;</FONT>&nbsp;</TD>

   <TD noWrap align=left width="90%"><FONT face=sans-serif size=3>By phone at 1-888-227-9349 (note that this is a touch-tone line); you will</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="90%"><FONT face=sans-serif size=3>need your control number as listed on your proxy card.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="10%"><FONT face=sans-serif size=3>&#8226;</FONT>&nbsp;</TD>

   <TD noWrap align=left width="90%"><FONT face=sans-serif size=3>By mailing the completed proxy card in the postage-paid envelope to:</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="90%"><FONT face=sans-serif size=3>TAG Proxy Services</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="90%"><FONT face=sans-serif size=3>P.O. Box 268</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="90%"><FONT face=sans-serif size=3>Lyndhurst, NJ 07071-9330</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

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

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

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

<HR align=center width="100%" noShade SIZE=2>



<!--$$/page=--><A name="page_5"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

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

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>AST Fund Solutions (AST) is tabulating all votes received. AST 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=sans-serif size=3>What is the process for transferring calls to AST?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-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>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="10%"></TD>

   <TD width="90%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="10%"><FONT face=sans-serif size=3>&#8226;</FONT>&nbsp;</TD>

   <TD noWrap align=left width="90%"><FONT face=sans-serif size=3>Confirm voting eligibility by verifying shareholder name and that he or she</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="90%"><FONT face=sans-serif size=3>was a Putnam fund shareholder of record on January 29, 2014.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="10%"><FONT face=sans-serif size=3>&#8226;</FONT>&nbsp;</TD>

   <TD noWrap align=left width="90%"><FONT face=sans-serif size=3>Provide him or her with AST&#8217;s telephone number 1-800-283-5915, and ask</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="90%"><FONT face=sans-serif size=3>shareholder if you may place him or her on hold and then transfer the</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="90%"><FONT face=sans-serif size=3>shareholder to AST.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="10%"><FONT face=sans-serif size=3>&#8226;</FONT>&nbsp;</TD>

   <TD noWrap align=left width="90%"><FONT face=sans-serif size=3>Conduct a warm transfer to AST, thanking the shareholder for voting.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>First, offer to transfer the caller to AST 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, send an e-mail message to </FONT><B><FONT face=sans-serif size=3>Patti Bissanti </FONT></B><FONT face=sans-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=sans-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=sans-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"><B><FONT face=sans-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=sans-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</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=right><FONT face=sans-serif size=3>5</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<HR align=center width="100%" noShade SIZE=2>



<!--$$/page=--><A name="page_6"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>and to have the Director send an e-mail message to </FONT><B><FONT face=sans-serif size=3>Patti Bissanti </FONT></B><FONT face=sans-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=sans-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=sans-serif size=3>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>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=right><FONT face=sans-serif size=3>6</FONT>&nbsp;</TD></TR></TABLE></DIV>

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




</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
