The trustees of three closed-end Putnam Investments funds have voted to recommend that trustees of those funds vote against open-ending the Putnam Investment Grade Municipal Trust, the Putnam Master Intermediate Income Trust and the Putnam Premier Income Trust funds.

The question of open-ending the funds comes as a result of a provision that puts the matter to shareholder vote when a fund trades at a discount of 10% or more in the last 12 weeks of its fiscal year.

The trustees determined that open-ending the three funds is not in shareholders' best interests. Shareholders of the funds are scheduled to meet and vote on the matter in June.

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