Vote-By-Phone Solicitation Script for
Putnam Investors Fund
This script provides information to the shareholder and solicits
their vote by phone, to be confirmed by written confirmation.
Good Morning/ Afternoon/ Evening. May I please speak with (name
of shareholder)? I am representing Putnam Investments in Boston.
I am calling in connection with the upcoming shareholder meeting
for Putnam Investors Fund for which you recently received a proxy
statement requesting your vote.
To verify I am speaking with the shareholder of record, may I
confirm that you are (name of shareholder of record) and that
your address of record is (address of record)?
(If the person is unwilling to confirm this information, thank
them for their time and terminate the call.)
We noted that we have not yet received your proxy card. Do you
have any questions regarding the proposals being considered at
the meeting that I can clarify for you?
(If there are questions regarding the proposal, please refer to
the proxy statement.)
Would you like to vote by telephone?
(If not, ask the shareholder if they would like another proxy
card, thank them for their time and terminate the call. If so,
proceed as follows:)
Pages 43 and 44 of the proxy statement that you received
describes our procedures for voting your shares by telephone.
I will now paraphrase the proxy card so that you can provide us
with your voting instructions. The proxy card generally states
the following:
By authorizing your shares to be voted at the meeting you are
approving George Putnam, Hans H. Estin, and Robert E. Patterson,
and each of them separately, as proxies, with power of
substitution, and are authorizing them to represent and vote your
shares at the meeting of shareholders of Putnam Investors Fund,
on July 31, 1996, at 2:00 p.m., Boston time, and at any
adjournments thereof.
When properly authorized, the proxy will be voted in the manner
directed by the shareholder. In their discretion, the proxies
are authorized to vote upon such other matters as may properly
come before the meeting.
<PAGE>
The proxy card requests your vote on the following proposals, for
which the Trustees are recommending your voting in favor.
Proposal 1
Elect the following nomminees as Trustees: J.A. Baxter, H.H.
Estin, J.A. Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser,
R.E. Paterson, D.S. Perkins, W.F. Pounds, G. Putnam, G.
Putnam, III, E. Shapiro, A.J.C. Smith, W.N. Thorndike.
How would you like to vote on this proposal?
Would you like to vote for the proposal, against the
proposal, or would you like to abstain from voting on this
proposal? Would you like to withhold authority to vote for
one or more of the nominees?
Proposal 2
Ratify the selection of Coopers and Lybrand L.L.P. as
independent auditors of your fund?
How would you like to vote on this proposal?
Would you like to vote for the proposal, against the
proposal, or would you like to abstain from voting on this
proposal?
Proposal 3.A.
Amend the fund's fundamental investment restriction with
respect to diversification of investments.
How would you like to vote on this proposal?
Would you like to vote for the proposal, against the
proposal, or would you like to abstain from voting on this
proposal?
Proposal 3.B.
Amend the fund's fundamental investment restriction with
respect to investments in the securities of a single issuer.
How would you like to vote on this proposal?
Would you like to vote for the proposal, against the
proposal, or would you like to abstain from voting on this
proposal?
Proposal 3.C.
Amend the fund's fundamental investment restriction with
respect to making loans through purchases of debt
obligations, repurchase agreements and securities loans.
How would you like to vote on this proposal?
Would you like to vote for the proposal, against the
proposal, or would you like to abstain from voting on this
proposal?
<PAGE>
Proposal 3.D.
Amend the fund's fundamental investment restriction with
respect to investments in real estate.
How would you like to vote on this proposal?
Would you like to vote for the proposal, against the
proposal, or would you like to abstain from voting on this
proposal?
Proposal 3.E.
Amend the fund's fundamental investment restriction with
respect to concentration of its assets.
How would you like to vote on this proposal?
Would you like to vote for the proposal, against the
proposal, or would you like to abstain from voting on this
proposal?
Proposal 3.F.
Amend the fund's fundamental investment restriction with
respect to investments in commodities or commodity
contracts.
How would you like to vote on this proposal?
Would you like to vote for the proposal, against the
proposal, or would you like to abstain from voting on this
proposal?
Proposal 3.G.
Amend the fund's fundamental investment restriction with
respect to underwriting.
How would you like to vote on this proposal?
Would you like to vote for the proposal, against the
proposal, or would you like to abstain from voting on this
proposal?
Proposal 3.H.
Eliminate the fund's fundamental investment restriction with
respect to investments in issuers that have been in
operation for less than three years.
How would you like to vote on this proposal?
Would you like to vote for the proposal, against the
proposal, or would you like to abstain from voting on this
proposal?
<PAGE>
Proposal 3.I.
Eliminate the fund's fundamental investment restriction with
respect to investments in securities of issuers in which
management of the fund or Putnam Investment Management, Inc.
owns securities.
How would you like to vote on this proposal?
Would you like to vote for the proposal, against the
proposal, or would you like to abstain from voting on this
proposal?
Proposal 3.J.
Eliminate the fund's fundamental investment restriction
which limits the fund's ability to pledge assets.
How would you like to vote on this proposal?
Would you like to vote for the proposal, against the
proposal, or would you like to abstain from voting on this
proposal?
Proposal 3.K.
Eliminate the fund's fundamental investment restriction with
respect to investments in restricted securities.
How would you like to vote on this proposal?
Would you like to vote for the proposal, against the
proposal, or would you like to abstain from voting on this
proposal?
Proposal 3.L.
Eliminate the fund's fundamental investment restriction with
respect to investments in other investment companies.
How would you like to vote on this proposal?
Would you like to vote for the proposal, against the
proposal, or would you like to abstain from voting on this
proposal?
Thank you.
I will now repeat your instructions:
You voted: (For, Against, Abstained from) (list all
proposals)
Is this correct?
Thank you. We will be sending you a written confirmation of your
vote. Please call us if the information on the confirmation is
incorrect.
