Putnam Closed-End Fund Shareholders Vote to Keep Funds Closed-End.

BOSTON -- The following five Putnam closed-end funds held their annual meetings of shareholders on June 29, 2006:

--Putnam High Income Securities Fund (NYSE: PCF)

--Putnam Investment Grade Municipal Trust (NYSE: PGM)

--Putnam Managed Municipal Income Trust (NYSE: PMM)

--Putnam Master Intermediate Income Trust (NYSE: PIM)

--Putnam Premier Income Trust (NYSE: PPT)

At the meetings, shareholders of Putnam Investment Grade Municipal Trust, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust voted against converting the funds from closed-end to open-end form.

The proposal to convert to open-end form was submitted to the shareholders of each fund as a result of provisions in each fund's Agreement and Declaration of Trust that require that, if the fund's shares trade at a certain discount to net asset value during the last 12 weeks of the fund's fiscal year, a proposal to convert the fund to open-end form must be presented to shareholders at the fund's next annual meeting.

As discussed in the definitive proxy statement that the funds filed with the Securities and Exchange Commission on May 12, 2006, the Trustees concluded that the funds are afforded significant investment advantages as a result of their closed-end status. The Trustees accordingly recommended that shareholders of each fund vote to defeat the proposal. The affirmative vote of more than 50% of the shares outstanding as of the record date, April 3, 2006, was required to pass the proposal. Fewer than 16% of each fund's outstanding shares were voted in favor of the proposal. These results are consistent with the results of shareholder voting on open-ending proposals in previous years by these and other Putnam closed-end funds.

At the annual meeting, shareholders also elected each of the 11 nominees for Trustees, who all currently serve as Trustees.

In addition, shareholders of Putnam High Income Securities Fund also voted, in line with the Trustees' recommendations, to eliminate the fund's investment restriction concerning investments in restricted securities.

Shareholders of Putnam High Income Securities Fund also voted to defeat a proposal submitted by a shareholder calling for the adoption of cumulative voting in the election of the fund's Trustees. Shareholders of Putnam Premier Income Trust voted to defeat a shareholder proposal to reduce the size of the fund's Board of Trustees by one-third.

About Putnam Investments: At Putnam Investments, our top priority remains prudently managing money for our more than 10 million individual and institutional investors worldwide. Since 1937, our values have been rooted in a profound sense of responsibility for the money entrusted to us. We use a research-driven team approach to seek consistent, dependable, superior investment results over time, although there is no guarantee a fund will meet its objectives. We are committed to doing what's right for investors, including maintaining stringent investor protections for every Putnam fund.

Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms. As of May 31, 2006, Putnam managed $182 billion in assets, of which $120 billion is for mutual fund investors and $62 billion is for institutional accounts. Putnam has offices in Boston, London and Tokyo. For more information, go to www.putnam.com.