GEORGE PUTNAM
Chairman of the Trustees
THE PUTNAM FUNDS
One Post Office Square
Boston, Massachusetts 02109
PUTNAMINVESTMENTS
Dear Shareholder:
Enclosed you will find proxy materials for Putnam Intermediate
Government Income Trust. As an investor in this fund, you are
being asked to cast your vote on three items:
. The fund's Trustees
. The Trustees' selection of independent auditors
. The proposal to convert your fund from a closed-end fund into
an open-end fund
THE FUND'S TRUSTEES RECOMMEND UNANIMOUSLY THAT SHAREHOLDERS VOTE
AGAINST CONVERTING THE FUND FROM A CLOSED-END FUND INTO AN OPEN-
END FUND BECAUSE THE TRUSTEES BELIEVE THE FUND IN ITS CURRENT
FORM IS MORE ADVANTAGEOUS TO SHAREHOLDERS OVER THE LONG TERM.
Closed-end funds allow portfolio managers to manage all of the
funds' assets for the long term because they are able to invest
fund assets without the inevitable inflows and outflows of cash
that characterize open-end funds. In addition, if Putnam
Intermediate Government Income Trust is converted into an open-
end fund, the fund's operating expenses are likely to increase,
which will negatively affect shareholders who are invested for
the long term.
For more information, please refer to the enclosed proxy
statement. If you have any questions about this material, please
contact your financial advisor or call Putnam Investments at
1-800-225-1581. Please return your ballot soon. For your
convenience, a postage-paid envelope is enclosed.
Sincerely yours,
/s/ George Putnam
George Putnam
(Putnam Logo)
s:\shared\proxy\working\pigltr.sol
