Office of
the Chairman
A special letter to shareholders of the Putnam New York Tax
Exempt Money Market Fund
April 29, 1994
Dear Shareholder,
We thank you for returning your completed proxy for the Putnam
New York Tax Exempt Money Market Fund.
According to our records, you elected to abstain from voting on
approval of the reorganization of this Fund with the Putnam Tax
Exempt Money Market Fund. We would like to be sure that you are
fully aware of the implications of this decision.
Your Fund's trustees have unanimously approved the proposed
reorganization outlined in the proxy statement. Approval of the
proposal requires a two-thirds vote of the outstanding shares at
the shareholder meeting scheduled to be held on June 2, 1994. If
that percentage is not attained, the meeting may be adjourned
until a larger number of shareholders vote their proxies, which
in turn may result in additional costs to the fund for further
mailings.
We appreciate your prompt response to our initial mailing.
However, we request that you reconsider your decision to abstain
and instead vote your shares for the Trustees' proposal. You may
do so simply by completing and signing the enclosed card and
returning it in the postage paid envelope provided. Your
abstention will remain in effect if you do not return the
enclosed card.
We urge you to call one of our service representatives toll-free
at 1-800-225-1581 weekdays from 8:30a.m. to 8:00p.m. Eastern time
if you would like further information regarding the proposal.
Thank you for giving this important matter concerning your Fund
such serious consideration.
Sincerely Yours,
George Putnam
Chairman
<PAGE>
Office of
the Chairman
A special letter to shareholders of the Putnam California Tax
Exempt Money Market Fund
April 29, 1994
Dear Shareholder,
We thank you for returning your completed proxy for the Putnam
California Tax Exempt Money Market Fund.
According to our records, you elected to abstain from voting on
approval of the reorganization of this Fund with the Putnam Tax
Exempt Money Market Fund. We would like to be sure that you are
fully aware of the implications of this decision.
Your Fund's trustees have unanimously approved the proposed
reorganization outlined in the proxy statement. Approval of the
proposal requires a two-thirds vote of the outstanding shares at
the shareholder meeting scheduled to be held on June 2, 1994. If
that percentage is not attained, the meeting may be adjourned
until a larger number of shareholders vote their proxies, which
in turn may result in additional costs to the fund for further
mailings.
We appreciate your prompt response to our initial mailing.
However, we request that you reconsider your decision to abstain
and instead vote your shares for the Trustees' proposal. You may
do so simply by completing and signing the enclosed card and
returning it in the postage paid envelope provided. Your
abstention will remain in effect if you do not return the
enclosed card.
We urge you to call one of our service representatives toll-free
at 1-800-225-1581 weekdays from 8:30a.m. to 8:00p.m. Eastern time
if you would like further information regarding the proposal.
Thank you for giving this important matter concerning your Fund
such serious consideration.
Sincerely Yours,
George Putnam
Chairman
