Proxy Solicitation Script
for
Putnam California Tax Exempt Money Market Fund
This script provides information to the shareholder and solicits
his/her vote by mail.
Putnam: Good Evening Mr./Ms. . My name is
and I'm calling from Putnam Investments in Boston. I'm
calling in regard to the important proxy materials
which you should have received for your Fund's
shareholders' meeting which will be held in June. This
information was mailed to you in late April. The
package consisted of a Putnam business envelope with
black and red print on the outside of the envelope.
The words "Important Proxy Material Enclosed Prompt
Response Will Save Your Fund Money" were clearly marked
on the package. Do you recall receiving it? (Proceed
to A or B as applicable).
A (If the shareholder has received the proxy materials.)
S/H: Yes.
Putnam: Great, however according to our most recent records, we
have not received your proxy ballot which was included
in the package. Could you tell me if you have already
returned it?
* If the shareholder received the information, but has
not sent it back, continue with: We are calling our
shareholders to urge them to read and complete the
Proxy ballot enclosed in the package. By promptly
doing so, it may save your Fund the cost of an
additional mailing.
* If the shareholder returned the ballot, continue with:
Thank you very much for your time, Mr./Ms. .
Your vote is very important.
* If the shareholder threw the ballot away because he/she
did not think it was important, proceed to B.
B (If the shareholder has not received the proxy
materials.)
S/H: No.
Putnam: May I confirm your address so that another package can
be sent to you? (Confirm address with shareholder.)
You will be receiving a duplicate package shortly. We
ask only that you read the materials and take a moment
to complete and return the proxy ballot. By promptly
doing so, it may save your Fund the cost of an
additional mailing. If you have any questions in
regard to this material, please call us, toll-free, at
1-(800) 225-1581.
Putnam: Thank you very much for your time, Mr./Ms. .
We look forward to receiving your ballot shortly.
The following information is only to be given if the
shareholder would like to know what the proposal is:
Putnam: A meeting of the shareholders of your Fund will be held
on June 2, 1994 at 1 p.m. on the eighth floor of One
Post Office Square, Boston, Massachusetts. Although we
would like to have each shareholder attend, we
understand this is not always possible. Even if you
cannot attend, we need your support on the proposal
which will be addressed at the meeting.
S/H: What is the proposal?
Putnam: The proposal to be acted upon at the meeting is more
fully described in the proxy statement. I will be
happy to summarize them for you:
1 REORGANIZATION. The Trustees of the California
Fund are recommending that the shareholders
approve a reorganization in which the California
Fund will transfer all of its assets to Putnam Tax
Exempt Money Market Fund (the "Money Market Fund")
in return for shares of the Money Market Fund and
the assumption by the Money Market Fund of all of
the liabilities of the California Fund. After the
transfer, the shares of the Money Market Fund will
be distributed to the holders of the California
Fund, thereby liquidating the California Fund. As
a result of these transactions, your shares of the
California Fund would, in effect, be exchanged at
net asset value and on a tax-free basis for shares
of the Money Market Fund. Both funds are managed
by Putnam Investment Management, Inc. and have the
same Trustees.
Each Fund seeks as high a level of current income
exempt from federal income tax (and, in the case
of the California Fund, exempt from California
income tax) as is consistent with maintenance of
liquidity and stability of principal. The
principle difference between the Funds is that the
California Fund normally concentrates its
investments in tax-exempt securities of California
issuers, while the Money Market Fund normally
invests in tax-exempt securities of issuers
located in various states (including the District
of Columbia). Because of the similarities between
the Funds, the proposed reorganization will not
affect the general strategy or style in which the
portfolio manager will manage your investment.
You should recognize however that income
distributions on shares of the Money Market Fund
following the reorganization will not be exempt
from California income tax.
Putnam: This is the proposal. Can I clarify anything for you?
If not, please read the materials carefully, complete
the enclosed proxy card and return it promptly in the
envelope provided.
S/H: Thank you for the information.
Putnam: Thank you for your time, Mr./Ms. . Your vote is
very important, and we look forward to receiving it
soon.
<PAGE>
Proxy Solicitation Script
for
Putnam New York Tax Exempt Money Market Fund
This script provides information to the shareholder and solicits
his/her vote by mail.
Putnam: Good Evening Mr./Ms. . My name is
and I'm calling from Putnam Investments in Boston. I'm
calling in regard to the important proxy materials
which you should have received for your Fund's
shareholders' meeting which will be held in June. This
information was mailed to you in late April. The
package consisted of a Putnam business envelope with
black and red print on the outside of the envelope.
The words "Important Proxy Material Enclosed Prompt
Response Will Save Your Fund Money" were clearly marked
on the package. Do you recall receiving it? (Proceed
to A or B as applicable).
A (If the shareholder has received the proxy materials.)
S/H: Yes.
Putnam: Great, however according to our most recent records, we
have not received your proxy ballot which was included
in the package. Could you tell me if you have already
returned it?
* If the shareholder received the information, but has
not sent it back, continue with: We are calling our
shareholders to urge them to read and complete the
Proxy ballot enclosed in the package. By promptly
doing so, it may save your Fund the cost of an
additional mailing.
* If the shareholder returned the ballot, continue with:
Thank you very much for your time, Mr./Ms. .
Your vote is very important.
* If the shareholder threw the ballot away because he/she
did not think it was important, proceed to B.
B (If the shareholder has not received the proxy
materials.)
S/H: No.
Putnam: May I confirm your address so that another package can
be sent to you? (Confirm address with shareholder.)
You will be receiving a duplicate package shortly. We
ask only that you read the materials and take a moment
to complete and return the proxy ballot. By promptly
doing so, it may save your Fund the cost of an
additional mailing. If you have any questions in
regard to this material, please call us, toll-free, at
1-(800) 225-1581.
Putnam: Thank you very much for your time, Mr./Ms. .
We look forward to receiving your ballot shortly.
The following information is only to be given if the
shareholder would like to know what the proposal is:
Putnam: A meeting of the shareholders of your Fund will be held
on June 2, 1994 at 1 p.m. on the eighth floor of One
Post Office Square, Boston, Massachusetts. Although we
would like to have each shareholder attend, we
understand this is not always possible. Even if you
cannot attend, we need your support on the proposal
which will be addressed at the meeting.
S/H: What is the proposal?
Putnam: The proposal to be acted upon at the meeting is more
fully described in the proxy statement. I will be
happy to summarize them for you:
1 REORGANIZATION. The Trustees of the New York Fund
are recommending that the shareholders approve a
reorganization in which the New York Fund will
transfer all of its assets to Putnam Tax Exempt
Money Market Fund (the "Money Market Fund") in
return for shares of the Money Market Fund and the
assumption by the Money Market Fund of all of the
liabilities of the New York Fund. After the
transfer, the shares of the Money Market Fund will
be distributed to the holders of the New York
Fund, thereby liquidating the New York Fund. As a
result of these transactions, your shares of the
New York Fund would, in effect, be exchanged at
net asset value and on a tax-free basis for shares
of the Money Market Fund. Both funds are managed
by Putnam Investment Management, Inc. and have the
same Trustees.
Each Fund seeks as high a level of current income
exempt from federal income tax (and, in the case
of the New York Fund, exempt from New York State
and City income tax) as is consistent with
Maintenance of liquidity and stability of
principal. The principle difference between the
Funds is that the New York Fund normally
concentrates its investments in tax-exempt
securities of New York issuers, while the Money
Market Fund normally invests in tax-exempt
securities of issuers located in various states
(including the District of Columbia). Because of
the similarities between the Funds, the proposed
reorganization will not affect the general
strategy or style in which the portfolio manager
will manage your investment. You should recognize
however that income distributions on shares of the
Money Market Fund following the reorganization
will not be exempt from New York State and City
income tax.
Putnam: This is the proposal. Can I clarify anything for you?
If not, please read the materials carefully, complete
the enclosed proxy card and return it promptly in the
envelope provided.
S/H: Thank you for the information.
Putnam: Thank you for your time, Mr./Ms. . Your vote is
very important, and we look forward to receiving it
soon.
A25scrip
