SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934
Filed by the Registrant / X /
Filed by a party other than the Registrant / /
Check the appropriate box:
/ / Preliminary Proxy Statement
/ / Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e) (2))
/ X / Definitive Proxy Statement
/ / Definitive Additional Materials
/ / Soliciting Material Pursuant to Sec. 240.14a-11(c) or Sec. 240.14a-12
PUTNAM CALIFORNIA INVESTMENT GRADE MUNICIPAL TRUST
PUTNAM INVESTMENT GRADE MUNICIPAL TRUST
PUTNAM INVESTMENT GRADE MUNICIPAL TRUST II
PUTNAM INVESTMENT GRADE MUNICIPAL TRUST III
PUTNAM MANAGED MUNICIPAL INCOME TRUST
PUTNAM MUNICIPAL OPPORTUNITIES TRUST
PUTNAM NEW YORK INVESTMENT GRADE MUNICIPAL TRUST
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement,
if other than Registrant)
Payment of Filing Fee (Check the appropriate box):
/ X / No fee required
/ / Fee computed on table below per Exchange Act Rule 14a 6(i)(1) and 0-11
(1) Title of each class of securities to which transaction applies:
(2) Aggregate number of securities to which transaction applies:
(3) Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule 0-11 (set forth the
amount on which the filing fee is calculated and state how it
was determined):
(4) Proposed maximum aggregate value of transaction:
(5) Total fee paid:
/ / Fee paid previously with preliminary materials.
/ / Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.
(1) Amount Previously Paid:
(2) Form, Schedule or Registration Statement No.:
(3) Filing Party:
(4) Date Filed:
<PAGE>
IMPORTANT INFORMATION FOR SHAREHOLDERS IN
PUTNAM CALIFORNIA INVESTMENT GRADE MUNICIPAL TRUST
PUTNAM INVESTMENT GRADE MUNICIPAL TRUST
PUTNAM INVESTMENT GRADE MUNICIPAL TRUST II
PUTNAM INVESTMENT GRADE MUNICIPAL TRUST III
PUTNAM MANAGED MUNICIPAL INCOME TRUST
PUTNAM MUNICIPAL OPPORTUNITIES TRUST
PUTNAM NEW YORK INVESTMENT GRADE MUNICIPAL TRUST
The document you hold in your hands contains your proxy statement and
proxy card. A proxy card is, in essence, a ballot. When you vote your
proxy, it tells us how to vote on your behalf on important issues
relating to your fund. If you complete and sign the proxy, we'll vote
it exactly as you tell us. If you simply sign the proxy, we'll vote
it in accordance with the Trustees' recommendations on page 4.
We urge you to spend a couple of minutes with the proxy statement,
and either fill out your proxy card and return it to us via the mail,
or record your voting instructions via the Internet. When
shareholders don't return their proxies in sufficient numbers, we
have to incur the expense of follow-up solicitations, which can cost
your fund money.
We want to know how you would like to vote and welcome your comments.
Please take a few moments with these materials and return your proxy
to us.
[PUTNAM SCALES LOGO]
<PAGE>
Table of contents
A Message from the Chairman................................................ 1
Notice of Shareholder Meeting.............................................. 2
Trustees' Recommendations.................................................. 4
Proxy card enclosed
If you have any questions, please contact
us at the special toll-free number we have
set up for you (1-800-225-1581)
or call your financial advisor.
-----------------------------------------------
<PAGE>
A Message from the Chairman
Dear Shareholder:
[photo of John A. Hill]
I am writing to you to ask for your vote on important questions that affect
your fund. While you are, of course, welcome to join us at your fund's meeting,
most shareholders cast their vote by either filling out and signing the
enclosed proxy card or by voting via the Internet. Instructions are listed at
the top of your proxy card. We are asking for your vote on the following
matters: (1) fixing the number of Trustees and electing your fund's Trustees;
and (2) ratifying the selection of your fund's independent auditors.
Although we would like very much to have each shareholder attend his or her
fund's meeting, we realize this may not be possible. Whether or not you plan to
be present, we need your vote. We urge you to record your voting instructions
on the Internet or complete, sign, and return the enclosed proxy card promptly.
A postage-paid envelope is enclosed for mailing, and Internet voting
instructions are listed at the top of your proxy card.
I'm sure that you, like most people, lead a busy life and are tempted to put
this proxy aside for another day. Please don't. When shareholders do not return
their proxies, their fund may have to incur the expense of follow-up
solicitations. All shareholders benefit from the speedy return of proxies.
Your vote is important to us. We appreciate the time and consideration that I
am sure you will give this important matter. If you have questions about the
proposals, contact your financial adviser or call a Putnam customer service
representative at 1-800-225-1581.
Sincerely yours,
/s/ John A. Hill
----------------------
John A. Hill, Chairman
1
<PAGE>
PUTNAM CALIFORNIA INVESTMENT GRADE
MUNICIPAL TRUST
PUTNAM INVESTMENT GRADE MUNICIPAL TRUST
PUTNAM INVESTMENT GRADE MUNICIPAL TRUST II
PUTNAM INVESTMENT GRADE MUNICIPAL TRUST III
PUTNAM MANAGED MUNICIPAL INCOME TRUST
PUTNAM MUNICIPAL OPPORTUNITIES TRUST
PUTNAM NEW YORK INVESTMENT GRADE
MUNICIPAL TRUST
Notice of Annual Meeting of Shareholders
> This is the formal agenda for your fund's shareholder meeting. It tells you
what matters will be voted on and the time and place of the meeting, if you
can attend in person.
To the Shareholders of Putnam California Investment Grade Municipal Trust,
Putnam Investment Grade Municipal Trust, Putnam Investment Grade Municipal
Trust II, Putnam Investment Grade Municipal Trust III, Putnam Managed
Municipal Income Trust, Putnam Municipal Opportunities Trust and Putnam New
York Investment Grade Municipal Trust:
The Annual Meeting of Shareholders of your fund will be held on October 5,
2000 at 2:00 p.m., Boston time, on the eighth floor of One Post Office
Square, Boston, Massachusetts, to consider the following:
1. Fixing the number of Trustees and electing Trustees. See page 6.
2
<PAGE>
2. Ratifying the selection by the Trustees of the independent auditors of your
fund for its current fiscal year. See page 30.
By the Trustees
John A. Hill, Chairman
George Putnam, III, President
<TABLE>
<S> <C>
Jameson A. Baxter John H. Mullin, III
Hans H. Estin Robert E. Patterson
Ronald J. Jackson A.J.C. Smith
Paul L. Joskow W. Thomas Stephens
Elizabeth T. Kennan W. Nicholas Thorndike
Lawrence J. Lasser
</TABLE>
WE URGE YOU TO MARK, SIGN, DATE, AND MAIL THE ENCLOSED PROXY IN THE
POSTAGE-PAID ENVELOPE PROVIDED OR RECORD YOUR VOTING INSTRUCTIONS VIA THE
INTERNET SO YOU WILL BE REPRESENTED AT THE MEETING.
August 11, 2000
3
<PAGE>
Proxy Statement
> This document will give you the information you need to vote on the matters
listed on the previous pages. Much of the information in the proxy
statement is required under rules of the Securities and Exchange Commission
("SEC"); some of it is technical. If there is anything you don't
understand, please contact us at our special toll-free number,
1-800-225-1581, or call your financial advisor.
> Who is asking for your vote?
The enclosed proxy is solicited by the Trustees of Putnam California
Investment Grade Municipal Trust, Putnam Investment Grade Municipal Trust,
Putnam Investment Grade Municipal Trust II, Putnam Investment Grade
Municipal Trust III, Putnam Managed Municipal Income Trust, Putnam
Municipal Opportunities Trust and Putnam New York Investment Grade
Municipal Trust for use at the Annual Meeting of Shareholders of each fund
to be held on October 5, 2000, and, if your fund's meeting is adjourned, at
any later meetings, for the purposes stated in the Notice of Annual Meeting
(see previous pages).
> How do your fund's Trustees recommend that shareholders vote on these
proposals?
The Trustees recommend that you vote
1. For fixing the number of Trustees as proposed and the election of all
nominees; and
2a. All funds except Putnam Investment Grade Municipal Trust and Putnam Managed
Municipal Income Trust: For ratifying the selection of
PricewaterhouseCoopers LLP as the independent auditors of your fund.
4
<PAGE>
2b. Putnam Investment Grade Municipal Trust and Putnam Managed Municipal Income
Trust only: For ratifying the selection of KPMG LLP as the independent
auditors of your fund.
> Who is eligible to vote?
Shareholders of record at the close of business on July 14, 2000 are
entitled to be present and to vote at the meeting or any adjourned meeting.
The Notice of Meeting, the proxy, and the Proxy Statement are being mailed
on or about August 14, 2000.
Each share is entitled to one vote. Shares represented by duly executed
proxies will be voted in accordance with your instructions. If you sign the
proxy, but don't fill in a vote, your shares will be voted in accordance
with the Trustees' recommendations. If any other business is brought before
your fund's meeting, your shares will be voted at the Trustees' discretion.
Shareholders of each fund vote separately with respect to each proposal.
The outcome of a vote affecting one fund does not affect any other fund.
5
<PAGE>
The Proposals
I. ELECTION OF TRUSTEES
> Who are the nominees for Trustees?
The Board Policy and Nominating Committee of the Trustees of each fund
makes recommendations concerning the Trustees of that fund. The Board
Policy and Nominating Committee consists solely of Trustees who are not
"interested persons" (as defined in the Investment Company Act of 1940) of
your fund or of Putnam Investment Management, Inc., your fund's investment
manager ("Putnam Management").
The Board Policy and Nominating Committee of the Trustees of each fund
recommends that the number of Trustees be fixed at thirteen and that you
vote for the election of the nominees described below. Each nominee is
currently a Trustee of your fund and of the other Putnam funds.
Pursuant to the bylaws of your fund and the Investment Company Act of 1940,
holders of the preferred shares of your fund, voting as a class, are
entitled to elect two nominees for Trustees. The holders of the preferred
shares and the common shares of your fund, voting together as a single
class, are entitled to vote for the remaining 11 of the 13 nominees.
Therefore, Messrs. Hill and Patterson have been nominated as Trustees to be
elected by the holders of the preferred shares, while the other eleven
Trustees have been nominated to be elected by the holders of the preferred
shares and common shares voting together as a single class.
> Jameson Adkins Baxter
[photo of Jameson Adkins Baxter]
Ms. Baxter, age 57, is the President of Baxter Associates, Inc., a
management consulting and private investment firm that she founded in 1986.
During that time, she was also a Vice President and Principal of the
Regency Group, Inc. and a Consultant to First Boston Corporation, both of
which are investment banking firms. From 1965 to 1986, Ms. Baxter
6
<PAGE>
Nominees for Trustees
held various positions in investment banking and corporate finance at First
Boston.
Ms. Baxter currently also serves as a Director of Banta Corporation,
Ryerson Tull and ASHTA Chemicals, Inc. She is also the Chairman Emeritus of
the Board of Trustees of Mount Holyoke College, having previously served as
Chairman for five years and as a Board member for thirteen years; an
Honorary Trustee and past President of the Board of Trustees of the Emma
Willard School; Member of the Board of Governors of Good Shepherd Hospital;
and Chair of the National Center for Non-profit Boards. Ms. Baxter is a
graduate of Mount Holyoke College.
> Hans H. Estin
[photo of Hans H. Estin]
Mr. Estin, age 72, is a Chartered Financial Analyst and the Vice Chairman
of North American Management Corp., a registered investment advisor serving
individual clients and their families. Mr. Estin currently also serves as a
Corporation Member of The Schepens Eye Research Institute and as a Trustee
of New England Aquarium. He previously served as the Chairman of the Board
of Trustees of Boston University and is currently active in various other
civic associations, including the Boys & Girls Clubs of Boston, Inc. Mr.
Estin is a graduate of Harvard College and holds honorary doctorates from
Merrimack College and Boston University.
> John A. Hill
[photo of John A. Hill]
Mr. Hill, age 58, is Chairman of the Trustees. He is the Vice-Chairman and
Managing Director of First Reserve Corporation, a registered investment
advisor investing in companies in the world-wide energy industry on behalf
of institutional investors.
7
<PAGE>
Nominees for Trustees
Prior to acquiring First Reserve in 1983, Mr. Hill held executive positions
with several investment advisory firms and held various positions with the
Federal government, including Associate Director of the Office of
Management and Budget and Deputy Administrator of the Federal Energy
Administration.
Mr. Hill currently also serves as a Director of Santa Fe Snyder
Corporation, an exploration and production company, TransMontaingne Oil
Company, a refined oil product pipeline and distribution company and
various private companies controlled by First Reserve Corporation. He is
also a Member of the Board of Advisors of Fund Directions. He is currently
active in various business associations, including the Economic Club of New
York, and lectures on energy issues in the United States and Europe. Mr.
Hill is a graduate of Southern Methodist University.
> Ronald J. Jackson
[photo of Ronald J. Jackson]
Mr. Jackson, age 56, retired as Chairman of the Board, President and Chief
Executive Officer of Fisher-Price, Inc., a major toy manufacturer, in 1993,
a position which he held since 1990. He previously served as President and
Chief Executive Officer of Stride-Rite, Inc., a manufacturer and
distributor of footwear, from 1989 to 1990, and as President and Chief
Executive Officer of Kenner Parker Toys, Inc., a major toy and game
manufacturer, from 1985 to 1987. Prior to that, he held various financial
and marketing positions at General Mills, Inc. from 1966 to 1985, including
Vice President, Controller and Vice President of Marketing for Parker
Brothers, a toy and game company, and President of Talbots, a retailer and
direct marketer of women's apparel. Mr. Jackson is a graduate of Michigan
State University Business School.
8
<PAGE>
Nominees for Trustees
> Paul L. Joskow*
[photo of Paul L. Joskow]
Dr. Joskow, age 53, is Elizabeth and James Killian Professor of Economics
and Director of the Center for Energy and Environmental Policy Research at
the Massachusetts Institute of Technology. He has published five books and
numerous articles on topics in industrial organization, government
regulation of industry, and competition policy. Dr. Joskow currently serves
as a Director of the New England Electric System, a public utility holding
company, State Farm Indemnity Company, an automobile insurance company, and
the Whitehead Institute for Biomedical Research, a non-profit research
institution. He has been President of the Yale University Council since
1993.
Dr. Joskow is active on industry restructuring, environmental, energy,
competition, and privatization policies and has served as an advisor to
governments and corporations around the world.
Dr. Joskow is a graduate of Cornell University and Yale University. He is a
Fellow of the Econometric Society and the American Academy of Arts and
Sciences.
> Elizabeth T. Kennan
[photo of Elizabeth T. Kennan]
Dr. Kennan, age 62, is President Emeritus of Mount Holyoke College. From
1978 through June 1995, she was President of Mount Holyoke College. From
1966 to 1978, she was on the faculty of Catholic University, where she
taught history, published numerous articles, and directed the post-doctoral
programs in Patristic and Medieval Studies.
Dr. Kennan currently also serves as a director of Northeast Utilities,
Talbots and Cambus-Kenneth Bloodstock, a corporation involved in
thoroughbred horse breeding and farming. She is a member of The Folger
Shakespeare Library Committee and a trustee of Franklin Pierce College.
9
<PAGE>
Nominees for Trustees
Dr. Kennan previously served as a director of Bell Atlantic Corporation,
Chastain Real Estate and Kentucky Home Life Insurance. Active in various
educational and civic associations, Dr. Kennan is a graduate of Mount
Holyoke College, the University of Washington, and St. Hilda's College,
Oxford University. She holds several honorary doctorates.
> Lawrence J. Lasser*
[photo of Lawrence J. Lasser]
Mr. Lasser, age 57, is a Vice President of your fund and each of the other
Putnam funds. He has been the President, Chief Executive Officer and a
Director of Putnam Investments, Inc. and Putnam Management since 1985,
having begun his career there in 1969.
Mr. Lasser currently also serves as a Director of Marsh & McLennan
Companies, Inc., the parent company of Putnam Management. He is a Member of
the Board of Directors of the United Way of Massachusetts Bay, a Member of
the Board of Governors of the Investment Company Institute, a Trustee of
the Museum of Fine Arts, Boston, a Trustee and Member of the Finance and
Executive Committees of the Beth Israel Deaconess Medical Center, Boston
and a Member of the CareGroup Board of Managers Investment Committee, the
Council on Foreign Relations, and the Commercial Club of Boston. Mr. Lasser
is a graduate of Antioch College and Harvard Business School.
> John H. Mullin, III
[photo of John H. Mullin]
Mr. Mullin, age 59, is Chairman and CEO of Ridgeway Farm, a limited
liability company engaged in timber activities and farming. Prior to
establishing Ridgeway Farm in 1989, Mr. Mullin was a Managing Director of
Dillon, Read & Co. Inc., an investment banking firm.
Mr. Mullin currently serves as a Director of Graphic Packaging
International Corp., a company engaged in the
10
<PAGE>
Nominees for Trustees
manufacture of packaging products, Alex. Brown Realty, Inc., a real estate
investment company, CP&L Energy, a public utility company, and The Liberty
Corporation, a company engaged in the life insurance and broadcasting
industries. Mr. Mullin previously served as a Director of Dillon, Read &
Co. Inc., Adolph Coors Company, Crystal Brands, Inc., Fisher-Price, Inc.,
Mattel, Inc. and The Ryland Group, Inc. Mr. Mullin is a Trustee Emeritus of
Washington & Lee University where he served as Chairman of the Investment
Committee. Mr. Mullin is a graduate of Washington & Lee University and The
Wharton Graduate School at the University of Pennsylvania.
> Robert E. Patterson
[photo of Robert E. Patterson]
Mr. Patterson, age 55, is the President and a Trustee of Cabot Industrial
Trust, a publicly traded real estate investment trust. Prior to February,
1998 he was Executive Vice President and Director of Acquisitions of Cabot
Partners Limited Partnership, a registered investment advisor which managed
real estate investments for institutional investors. Prior to 1990, he was
the Executive Vice President of Cabot, Cabot & Forbes Realty Advisors,
Inc., the predecessor company of Cabot Partners. Prior to that, he was a
Senior Vice President of the Beal Companies, a real estate management,
investment and development company. He has also worked as an attorney and
held various positions in state government, including the founding
Executive Director of the Massachusetts Industrial Finance Agency.
Mr. Patterson currently also serves as Chairman of the Joslin Diabetes
Center, a Trustee of SEA Education Association and a Director of Brandywine
Trust Company. Mr. Patterson is a graduate of Harvard College and Harvard
Law School.
11
<PAGE>
Nominees for Trustees
> George Putnam, III*
[photo of George Putnam, III]
Mr. Putnam, age 48, is the President of your Fund and each of the other
Putnam Funds. He is also President of New Generation Research, Inc., a
publisher of financial advisory and other research services relating to
bankrupt and distressed companies, and New Generation Advisers, Inc., a
registered investment advisor which provides advice to private funds
specializing in investments in such companies. Prior to founding New
Generation in 1985, Mr. Putnam was an attorney with the Philadelphia law
firm Dechert Price & Rhoads.
Mr. Putnam currently also serves as a Director of The Boston Family Office,
L.L.C., a registered investment advisor that provides financial advice to
individuals and families. He is also a Trustee of the SEA Education
Association and St. Mark's School. Mr. Putnam is a graduate of Harvard
College, Harvard Business School and Harvard Law School.
> A.J.C. Smith*
[photo of A.J.C. Smith]
Mr. Smith, age 66, is a Director of Marsh & McLennan Companies, Inc. From
May 1992 to November 1999, he served as the company's Chairman and Chief
Executive Officer and from November 1999 to May 2000, he served as
Chairman. He has been employed by Marsh & McLennan and related companies in
various capacities since 1961. Mr. Smith is a Director of the Trident
Corp.; a Trustee of the Carnegie Hall Society, the Central Park
Conservancy, the Educational Broadcasting Corporation, the Economic Club of
New York, and the U.S. Chamber of Commerce; a Member of the Board of
Overseers of the Joan and Sanford I. Weill Graduate School of Medical
Sciences of Cornell University; and a Founder of the Museum of Scotland
Society. He was educated in Scotland and is a Fellow of the Faculty of
Actuaries in Edinburgh, a
12
<PAGE>
Nominees for Trustees
Fellow of the Canadian Institute of Actuaries, a Fellow of the Conference
of Actuaries, an Associate of the Society of Actuaries, a Member of the
American Academy of Actuaries, the International Actuarial Association and
the International Association of Consulting Actuaries.
> W. Thomas Stephens
[photo of W. Thomas Stephens]
Mr. Stephens, age 57, was, until 1999, the President and Chief Executive Officer
of MacMillan Bloedel Limited, a forest products and building materials company.
In 1996, Mr. Stephens retired as Chairman of the Board of Directors, President
and Chief Executive Officer of Johns Manville Corporation.
Mr. Stephens serves as a Director for Qwest Communications, a communications
company, New Century Energies, a public utility company, TransCanada Pipelines,
and Fletcher Challenge Canada, a paper manufacturer. Mr. Stephens has B.S. and
M.S. degrees from the University of Arkansas.
> W. Nicholas Thorndike
[photo of W. Nicholas Thorndike]
Mr. Thorndike, age 67, serves as a Director of various corporations and
charitable organizations, including, Bradley Real Estate, Inc., a real estate
investment firm, Providence Journal Co., a newspaper publisher, and Courier
Corporation, a book binding and printing company. He is also a Trustee of Cabot
Industrial Trust and Northeastern University, a member of the Advisory Board of
New England Electric Systems, and an Honorary Trustee of Massachusetts General
Hospital, where he previously served as chairman and president.
Prior to December 1988, Mr. Thorndike was the Chairman of the Board and
Managing Partner of Wellington Management Company/Thorndike, Doran, Paine &
Lewis, a registered investment advisor that manages mutual funds and
institutional assets. He also previously served as a Trustee
13
<PAGE>
Nominees for Trustees
of the Wellington Group of Funds (now The Vanguard Group) and was the
Chairman and a Director of Ivest Fund, Inc. Mr. Thorndike is a graduate of
Harvard College.
--------------------
*Nominees who are or may be deemed to be "interested persons" (as defined
in the Investment Company Act of 1940) of your fund, Putnam Management, and
Putnam Retail Management, Inc. ("Putnam Retail Management"), the principal
underwriter for all the open-end Putnam funds and an affiliate of Putnam
Management. Messrs. Lasser, Putnam III and Smith are deemed "interested
persons" by virtue of their positions as officers or affiliates of your
fund, or directors of Putnam Management, Putnam Retail Management, or Marsh
& McLennan Companies, Inc., the parent company of Putnam Management and
Putnam Retail Management.
Mr. Joskow is not currently an "interested person" of your fund but could
be deemed by the Securities and Exchange Commission to be an "interested
person" on account of his prior consulting relationship with National
Economic Research Associates, Inc. a wholly-owned subsidiary of Marsh &
McLennan Companies, Inc., which was terminated as of August 31, 1998.
The balance of the nominees are not "interested persons."
--------------------
Except as indicated above, the principal occupations and business
experience of the nominees for the last five years have been with the
employers indicated, although in some cases they have held different
positions with those employers.
The 11 nominees for election as Trustees by the holders of common and
preferred shares, voting as a single class, at the shareholder meeting of
your fund who receive the greatest number of votes from the preferred and
common shareholders will be elected Trustees of your fund. The 2 nominees
for election as Trustees by the preferred shareholders who receive the
greatest number of votes from the preferred shareholders, voting as a
single class, will be elected as Trustees of your fund. The Trustees serve
until their successors are elected and qualified. Each of the nominees has
agreed to serve as a Trustee if elected. If any of the nominees is
unavailable for election at the time of the meeting, which is not
anticipated, the Trustees may vote for other nominees at their discretion,
or the Trustees may fix the number of Trustees at less than 13 for your
fund.
The address for each of the current Trustees and each of the nominees is
One Post Office Square, Boston, Massachusetts 02109.
14
<PAGE>
> What are the Trustees' responsibilities?
Your fund's Trustees are responsible for the general oversight of your
fund's business and for assuring that your fund is managed in the best
interests of its shareholders. The Trustees periodically review your fund's
investment performance as well as the quality of other services provided to
your fund and its shareholders by Putnam Management and its affiliates,
including administration, custody, and investor servicing. At least
annually, the Trustees review the fees paid to Putnam Management and its
affiliates for these services and the overall level of your fund's
operating expenses. In carrying out these responsibilities, the Trustees
are assisted by an independent administrative staff and by your fund's
auditors and legal counsel, which are selected by the Trustees and are
independent of Putnam Management and its affiliates.
> Do the Trustees have a stake in your fund?
The Trustees believe it is important that each Trustee have a significant
investment in the Putnam funds. The Trustees allocate their investments
among the more than 114 Putnam funds based on their own investment needs.
The Trustees' aggregate investments in the Putnam funds total over $29
million. The table below lists each Trustee's current investments in each
fund and in the Putnam funds as a group based on beneficial ownership.
Except as otherwise noted, each Trustee has sole voting power and sole
investment power with respect to his or her shares.
15
<PAGE>
Share Ownership by Trustees
Number of shares owned as of May 31, 2000 of:
<TABLE>
<CAPTION>
Year first All Putnam Putnam
elected as funds California
Trustee of the (including Investment Grade
Trustees Putnam funds notional shares)(1)(2) Municipal Trust
----------------------- ---------------- ------------------------ -----------------
<S> <C> <C> <C>
Jameson A. Baxter 1994 161,048(3) 126
Hans H. Estin 1972 35,915(4) 144
John A. Hill 1985 231,092 100
Ronald J. Jackson 1996 165,186(3) 200(3)
Paul L. Joskow 1997 52,285 100
Elizabeth T. Kennan 1992 27,584(4) 155
Lawrence J. Lasser 1992 521,035(3) 100
John H. Mullin, III 1997 73,938 100
Robert E. Patterson 1984 91,400 100
George Putnam, III 1984 516,910(3) 500
A.J.C. Smith 1986 46,333(3) 200(3)
W. Thomas Stephens 1997 139,100(3) 100
W. Nicholas Thorndike 1992 85,531 153
----------------------- ---- --------- -----
</TABLE>
(1) These holdings do not include shares of Putnam money market funds.
(2) Notional shares represent economic interest in a fund acquired by the
Trustees pursuant to the terms of the Trustee Compensation Deferral Plan,
and they do not have any voting power.
(3) Includes shares over which the Trustee has shared investment and shared
voting power.
(4) Includes shares held in a trust over which the Trustee has investment and
voting power.
As of May 31, 2000, the Trustees and officers of Putnam California
Investment Grade Municipal Trust, Putnam Investment Grade Municipal Trust
and Putnam Investment Grade Municipal Trust II owned a total of 2,078,
2,169 and 3,277 shares respectively, comprising less than 1% of the
outstanding shares of such fund on that date. None of the Trustees owns any
of the fund's preferred shares.
16
<PAGE>
<TABLE>
<CAPTION>
Putnam Putnam
Investment Grade Investment Grade
Municipal Trust Municipal Trust II
------------------ --------------------
<S> <C>
129 1,317
201 149
100 100
200(3) 200(3)
100 100
152 153
100 100
100 100
300 100
300 500
200(3) 200(3)
100 100
187 158
----- -------
</TABLE>
17
<PAGE>
Share Ownership by Trustees
Number of shares owned as of May 31, 2000 of:
<TABLE>
<CAPTION>
Putnam Putnam Putnam
Investment Managed Municipal
Grade Municipal Municipal Income Opportunities
Trustees Trust III Trust Trust
----------------------- ----------------- ------------------ --------------
<S> <C> <C> <C>
Jameson A. Baxter 1,561 129 128
Hans H. Estin 134 201 150
John A. Hill 100 100 100
Ronald J. Jackson 200(3) 200(3) 200(3)
Paul L. Joskow 100 100 100
Elizabeth T. Kennan 136 152 160
Lawrence J. Lasser 100 100 100
John H. Mullin, III 100 100 100
Robert E. Patterson 200 300 100
George Putnam, III 500 300 500
A.J.C. Smith 200(3) 200(3) 200(3)
W. Thomas Stephens 100 100 100
W. Nicholas Thorndike 136 187 158
----------------------- ------- ----- -----
As of May 31, 2000, the Trustees and officers of Putnam Investment Grade
Municipal Trust III, Putnam Managed Municipal Income Trust, Putnam
Municipal Opportunities Trust and Putnam New York Investment Grade
Municipal Trust owned a total of 3,568, 2,169, 2,096 and 2,067 shares
respectively, comprising less than 1% of the outstanding shares of such
fund on that date. None of the Trustees owns any of the fund's preferred
shares.
18
<PAGE>
<CAPTION>
Putnam
New York
Investment Grade
Municipal Trust
-----------------
<C>
125
143
100
200(3)
100
147
100
100
100
500
200(3)
100
152
-----
</TABLE>
19
<PAGE>
> What are some of the ways in which the Trustees represent shareholder
interests?
The Trustees believe that, as substantial investors in the Putnam funds,
their interests are closely aligned with those of individual shareholders.
Among other ways, the Trustees seek to represent shareholder interests:
o by carefully reviewing your fund's investment performance on an
individual basis with your fund's managers;
o by also carefully reviewing the quality of the various other services
provided to the funds and their shareholders by Putnam Management and its
affiliates;
o by discussing with senior management of Putnam Management steps being
taken to address any performance deficiencies;
o by conducting an in-depth review of the fees paid by each fund and by
negotiating with Putnam Management to ensure that such fees remain
reasonable and competitive with those of other mutual funds, while at the
same time providing Putnam Management sufficient resources to continue to
provide high quality services in the future;
o by reviewing brokerage costs and fees, allocations among brokers, soft
dollar expenditures and similar expenses of each fund;
o by monitoring potential conflicts between the funds and Putnam Management
and its affiliates to ensure that the funds continue to be managed in the
best interests of their shareholders; and
o by also monitoring potential conflicts among funds to ensure that
shareholders continue to realize the benefits of participation in a large
and diverse family of funds.
20
<PAGE>
> How often do the Trustees meet?
The Trustees meet each month (except August) over a two-day period to
review the operations of your fund and of the other Putnam funds. A portion
of these meetings is devoted to meetings of various committees of the board
which focus on particular matters. These currently include: the Contract
Committee, which reviews all the contractual arrangements with Putnam
Management and its affiliates; the Communication, Service and Marketing
Committee, which reviews the quality of services provided by your fund's
investor servicing agent and custodian; the Brokerage and Custody
Committee, which reviews matters relating to custody of securities, best
execution, brokerage costs and allocations and new investment techniques;
the Audit Committee, which reviews procedures for the valuation of
securities, the funds' accounting policies and the adequacy of internal
controls and supervises the engagement of the funds' auditors; the Board
Policy and Nominating Committee, which is composed of non-interested
Trustees and which reviews the compensation of the Trustees and their
administrative staff, supervises the engagement of the funds' independent
counsel and selects nominees for election as Trustees; the Distribution and
Closed-end Funds Committee, which is responsible for reviewing special
issues applicable to closed-end funds such as your fund, and the Pricing
Committee, which reviews procedures for the valuation of securities.
Each Trustee generally attends at least two formal committee meetings
during each regular meeting of the Trustees. During 1999, the average
Trustee participated in approximately 40 committee and board meetings. In
addition, the Trustees meet in small groups with Chief Investment Officers
and Portfolio Managers to review recent performance and the current
investment climate for selected funds. These meetings ensure that each
fund's performance is reviewed in detail at least twice a year. The
Contract Committee typically meets on
21
<PAGE>
several additional occasions during the year to carry out its
responsibilities. Other committees, including an Executive Committee, may
also meet on special occasions as the need arises.
> What are the Trustees paid for their services?
Each Trustee of your fund receives a fee for his or her services. Each
Trustee also receives fees for serving as Trustee of the other Putnam
funds. The Trustees periodically review their fees to assure that such fees
continue to be appropriate in light of their responsibilities as well as in
relation to fees paid to trustees of other mutual fund complexes. The Board
Policy and Nominating Committee, which consists solely of Trustees not
affiliated with Putnam Management, estimates that Committee and Trustee
meeting time, together with the appropriate preparation, requires the
equivalent of at least three business days per Trustee meeting. The
following table shows the fees paid to each Trustee by each fund for its
most recent fiscal year and the fees paid to each Trustee by all of the
Putnam funds during calendar year 1999:
22
<PAGE>
PUTNAM CALIFORNIA INVESTMENT GRADE MUNICIPAL TRUST
Compensation Table
<TABLE>
<CAPTION>
Estimated
Pension or annual
retirement benefits
benefits from all
Aggregate accrued as Putnam Total
compensation part of funds compensation
from the fund upon from all
Trustee fund(1) expenses retirement(2) Putnam funds(3)
----------------------- -------------- ------------ --------------- ----------------
<S> <C> <C> <C> <C>
Jameson A. Baxter $477 $101 $ 95,000 $191,000(4)
Hans H. Estin 474 236 95,000 190,000
John A. Hill(5) 494 119 115,000 239,750(4)
Ronald J. Jackson 477 126 95,000 193,500(4)
Paul L. Joskow 474 46 95,000 191,000(4)
Elizabeth T. Kennan 474 150 95,000 190,000
Lawrence J. Lasser 472 115 95,000 189,000
John H. Mullin, III 476 68 95,000 196,250(4)
Robert E. Patterson 474 80 95,000 190,250
George Putnam, III 474 54 95,000 190,000
A.J.C. Smith 469 170 95,000 188,000
W. Thomas Stephens 465 64 95,000 188,000(4)
W. Nicholas Thorndike 472 211 95,000 190,000
----------------------- ---- ---- -------- ------------
</TABLE>
(1) Includes an annual retainer and an attendance fee for each meeting
attended.
(2) Assumes that each Trustee retires at the normal retirement date. Estimated
benefits for each Trustee are based on Trustee fee rates in effect during
calendar 1999.
(3) As of December 31, 1999, there were 114 funds in the Putnam family.
(4) Includes compensation deferred pursuant to a Trustee Compensation Deferral
Plan.
(5) Includes additional compensation for service as Vice Chairman of the Putnam
funds.
23
<PAGE>
PUTNAM INVESTMENT GRADE MUNICIPAL TRUST
Compensation Table
<TABLE>
<CAPTION>
Estimated
Pension or annual
retirement benefits
benefits from all
Aggregate accrued as Putnam Total
compensation part of funds compensation
from the fund upon from all
Trustee fund(1) expenses retirement(2) Putnam funds(3)
----------------------- -------------- ------------ --------------- ----------------
<S> <C> <C> <C> <C>
Jameson A. Baxter $636 $139 $ 95,000 $191,000(4)
Hans H. Estin 632 309 95,000 190,000
John A. Hill(5) 715 157 115,000 239,750(4)
Ronald J. Jackson 640 197 95,000 193,500(4)
Paul L. Joskow 632 81 95,000 191,000(4)
Elizabeth T. Kennan 632 206 95,000 190,000
Lawrence J. Lasser 628 157 95,000 189,000
John H. Mullin, III 648 122 95,000 196,250(4)
Robert E. Patterson 633 106 95,000 190,250
George Putnam, III 632 72 95,000 190,000
A.J.C. Smith 625 227 95,000 188,000
W. Thomas Stephens 625 114 95,000 188,000(4)
W. Nicholas Thorndike 630 288 95,000 190,000
----------------------- ---- ---- -------- ------------
</TABLE>
(1) Includes an annual retainer and an attendance fee for each meeting
attended.
(2) Assumes that each Trustee retires at the normal retirement date. Estimated
benefits for each Trustee are based on Trustee fee rates in effect during
calendar 1999.
(3) As of December 31, 1999, there were 114 funds in the Putnam family.
(4) Includes compensation deferred pursuant to a Trustee Compensation Deferral
Plan.
(5) Includes additional compensation for service as Vice Chairman of the Putnam
funds.
24
<PAGE>
PUTNAM INVESTMENT GRADE MUNICIPAL TRUST II
Compensation Table
<TABLE>
<CAPTION>
Estimated
Pension or annual
retirement benefits
benefits from all
Aggregate accrued as Putnam Total
compensation part of funds compensation
from the fund upon from all
Trustee fund(1) expenses retirement(2) Putnam funds(3)
----------------------- -------------- ------------ --------------- ----------------
<S> <C> <C> <C> <C>
Jameson A. Baxter $664 $127 $ 95,000 $191,000(4)
Hans H. Estin 660 296 95,000 190,000
John A. Hill(5) 706 149 115,000 239,750(4)
Ronald J. Jackson 664 160 95,000 193,500(4)
Paul L. Joskow 660 58 95,000 191,000(4)
Elizabeth T. Kennan 660 189 95,000 190,000
Lawrence J. Lasser 657 144 95,000 189,000
John H. Mullin, III 662 88 95,000 196,250(4)
Robert E. Patterson 660 100 95,000 190,250
George Putnam, III 660 68 95,000 190,000
A.J.C. Smith 653 213 95,000 188,000
W. Thomas Stephens 647 82 95,000 188,000(4)
W. Nicholas Thorndike 657 265 95,000 190,000
----------------------- ---- ---- -------- ------------
</TABLE>
(1) Includes an annual retainer and an attendance fee for each meeting
attended.
(2) Assumes that each Trustee retires at the normal retirement date. Estimated
benefits for each Trustee are based on Trustee fee rates in effect during
calendar 1999.
(3) As of December 31, 1999, there were 114 funds in the Putnam family.
(4) Includes compensation deferred pursuant to a Trustee Compensation Deferral
Plan.
(5) Includes additional compensation for service as Vice Chairman of the Putnam
funds.
25
<PAGE>
PUTNAM INVESTMENT GRADE MUNICIPAL TRUST III
Compensation Table
<TABLE>
<CAPTION>
Estimated
Pension or annual
retirement benefits
benefits from all Total
Aggregate accrued as Putnam compensation
compensation part of funds from all
from the fund upon Putnam
Trustee fund(1) expenses retirement(2) funds(3)
----------------------- -------------- ------------ --------------- -----------------
<S> <C> <C> <C> <C>
Jameson A. Baxter $460 $103 $ 95,000 $191,000(4)
Hans H. Estin 457 231 95,000 190,000
John A. Hill(5) 489 117 115,000 239,750(4)
Ronald J. Jackson 466 144 95,000 193,500(4)
Paul L. Joskow 457 59 95,000 191,000(4)
Elizabeth T. Kennan 457 152 95,000 190,000
Lawrence J. Lasser 455 116 95,000 189,000
John H. Mullin, III 472 88 95,000 196,250(4)
Robert E. Patterson 458 79 95,000 190,250
George Putnam, III 457 54 95,000 190,000
A.J.C. Smith 452 169 95,000 188,000
W. Thomas Stephens 452 82 95,000 188,000(4)
W. Nicholas Thorndike 457 214 95,000 190,000
----------------------- ---- ---- -------- ------------
</TABLE>
(1) Includes an annual retainer and an attendance fee for each meeting
attended.
(2) Assumes that each Trustee retires at the normal retirement date. Estimated
benefits for each Trustee are based on Trustee fee rates in effect during
calendar 1999.
(3) As of December 31, 1999, there were 114 funds in the Putnam family.
(4) Includes compensation deferred pursuant to a Trustee Compensation Deferral
Plan.
(5) Includes additional compensation for service as Vice Chairman of the Putnam
funds.
26
<PAGE>
PUTNAM MANAGED MUNICIPAL INCOME TRUST
Compensation Table
<TABLE>
<CAPTION>
Estimated
Pension or annual
retirement benefits
benefits from all
Aggregate accrued as Putnam Total
compensation part of funds compensation
from the fund upon from all
Trustee fund(1) expenses retirement(2) Putnam funds(3)
----------------------- -------------- ------------ --------------- ----------------
<S> <C> <C> <C> <C>
Jameson A. Baxter $ 821 $164 $ 95,000 $191,000(4)
Hans H. Estin 816 367 95,000 190,000
John A. Hill(5) 1,101 186 115,000 239,750(4)
Ronald J. Jackson 830 229 95,000 193,500(4)
Paul L. Joskow 816 93 95,000 191,000(4)
Elizabeth T. Kennan 816 243 95,000 190,000
Lawrence J. Lasser 810 185 95,000 189,000
John H. Mullin, III 841 139 95,000 196,250(4)
Robert E. Patterson 818 126 95,000 190,250
George Putnam, III 816 85 95,000 190,000
A.J.C. Smith 805 269 95,000 188,000
W. Thomas Stephens 805 130 95,000 188,000(4)
W. Nicholas Thorndike 816 340 95,000 190,000
----------------------- ------ ---- -------- ------------
</TABLE>
(1) Includes an annual retainer and an attendance fee for each meeting
attended.
(2) Assumes that each Trustee retires at the normal retirement date. Estimated
benefits for each Trustee are based on Trustee fee rates in effect during
calendar 1999.
(3) As of December 31, 1999, there were 114 funds in the Putnam family.
(4) Includes compensation deferred pursuant to a Trustee Compensation Deferral
Plan.
(5) Includes additional compensation for service as Vice Chairman of the Putnam
funds.
27
<PAGE>
PUTNAM MUNICIPAL OPPORTUNITIES TRUST
Compensation Table
<TABLE>
<CAPTION>
Estimated
Pension or annual
retirement benefits
benefits from all
Aggregate accrued as Putnam Total
compensation part of funds compensation
from the fund upon from all
Trustee fund(1) expenses retirement(2) Putnam funds(3)
----------------------- -------------- ------------ --------------- ----------------
<S> <C> <C> <C> <C>
Jameson A. Baxter $681 $134 $ 95,000 $191,000(4)
Hans H. Estin 677 313 95,000 190,000
John A. Hill(5) 716 157 115,000 239,750(4)
Ronald J. Jackson 682 168 95,000 193,500(4)
Paul L. Joskow 677 61 95,000 191,000(4)
Elizabeth T. Kennan 677 199 95,000 190,000
Lawrence J. Lasser 673 152 95,000 189,000
John H. Mullin, III 682 92 95,000 196,250(4)
Robert E. Patterson 676 105 95,000 190,250
George Putnam, III 677 72 95,000 190,000
A.J.C. Smith 670 226 95,000 188,000
W. Thomas Stephens 663 86 95,000 188,000(4)
W. Nicholas Thorndike 674 280 95,000 190,000
----------------------- ---- ---- -------- ------------
</TABLE>
(1) Includes an annual retainer and an attendance fee for each meeting
attended.
(2) Assumes that each Trustee retires at the normal retirement date. Estimated
benefits for each Trustee are based on Trustee fee rates in effect during
calendar 1999.
(3) As of December 31, 1999, there were 114 funds in the Putnam family.
(4) Includes compensation deferred pursuant to a Trustee Compensation Deferral
Plan.
(5) Includes additional compensation for service as Vice Chairman of the Putnam
funds.
28
<PAGE>
PUTNAM NEW YORK INVESTMENT GRADE
MUNICIPAL TRUST
Compensation Table
<TABLE>
<CAPTION>
Estimated
Pension or annual
retirement benefits
benefits from all
Aggregate accrued as Putnam Total
compensation part of funds compensation
from the fund upon from all
Trustee fund(1) expenses retirement(2) Putnam funds(3)
----------------------- -------------- ------------ --------------- ----------------
<S> <C> <C> <C> <C>
Jameson A. Baxter $468 $ 99 $ 95,000 $191,000(4)
Hans H. Estin 466 231 95,000 190,000
John A. Hill(5) 479 116 115,000 239,750(4)
Ronald J. Jackson 468 123 95,000 193,500(4)
Paul L. Joskow 466 45 95,000 191,000(4)
Elizabeth T. Kennan 466 147 95,000 190,000
Lawrence J. Lasser 463 112 95,000 189,000
John H. Mullin, III 467 67 95,000 196,250(4)
Robert E. Patterson 466 78 95,000 190,250
George Putnam, III 466 53 95,000 190,000
A.J.C. Smith 461 167 95,000 188,000
W. Thomas Stephens 456 63 95,000 188,000(4)
W. Nicholas Thorndike 463 206 95,000 190,000
----------------------- ---- ---- -------- ------------
</TABLE>
(1) Includes an annual retainer and an attendance fee for each meeting
attended.
(2) Assumes that each Trustee retires at the normal retirement date. Estimated
benefits for each Trustee are based on Trustee fee rates in effect during
calendar 1999.
(3) As of December 31, 1999, there were 114 funds in the Putnam family.
(4) Includes compensation deferred pursuant to a Trustee Compensation Deferral
Plan.
(5) Includes additional compensation for service as Vice Chairman of the Putnam
funds.
29
<PAGE>
Under a Retirement Plan for Trustees of the Putnam funds (the "Plan"), each
Trustee who retires with at least five years of service as a Trustee of the
funds is entitled to receive an annual retirement benefit equal to one-half
of the average annual compensation paid to such Trustee by the funds for
the last three years of service prior to retirement. This retirement
benefit is payable during a Trustee's lifetime, beginning the year
following retirement, for a number of years equal to such Trustee's years
of service compensated by the funds. A death benefit is also available
under the Plan which assures that the Trustee and his or her beneficiaries
will receive benefit payments for the lesser of an aggregate period of (i)
ten years or (ii) such Trustee's total years of service.
The Plan Administrator (a committee comprised of Trustees that are not
"interested persons" of the fund, as defined in the Investment Company Act
of 1940) may terminate or amend the Plan at any time, but no termination or
amendment will result in a reduction in the amount of benefits (i)
currently being paid to a Trustee at the time of such termination or
amendment, or (ii) to which a current Trustee would have been entitled had
he or she retired immediately prior to such termination or amendment.
For additional information about your fund, including further information
about its Trustees and officers, please see "Fund Information," on page 38.
2a. RATIFICATION OF INDEPENDENT AUDITORS
All funds except Putnam Investment Grade Municipal Trust and Putnam Managed
Municipal Income Trust:
PricewaterhouseCoopers LLP, 160 Federal Street, Boston, Massachusetts
02110, independent accountants, has been selected by the Trustees as the
independent auditors of your fund for the current fiscal year. Among the
country's preeminent accounting firms, this firm also serves as the auditor
for various other funds in the Putnam family. It was selected
30
<PAGE>
primarily on the basis of its expertise as auditors of investment
companies, the quality of its audit services, and the competitiveness of
its fees.
A majority of the votes on the matter is necessary to ratify the selection
of auditors. The outcome of a vote affecting one fund does not affect any
other fund. A representative of the independent auditors is expected to be
present at the meeting to make statements and to respond to appropriate
questions.
2b. RATIFICATION OF INDEPENDENT AUDITORS
Putnam Investment Grade Municipal Trust and Putnam Managed Municipal Income
Trust only:
KPMG LLP, 99 High Street, Boston, Massachusetts 02110, independent
accountants, has been selected by the Trustees as the independent auditors
of your fund for the current fiscal year. The Audit Committee of the Board
of Trustees unanimously approved the selection of KPMG in June of 1999, and
the Trustees unanimously approved such selection in July 1999. Among the
country's preeminent accounting firms, this firm also serves as the
auditors for several of the other funds in the Putnam family. It was
selected primarily on the basis of its expertise as auditors of investment
companies, the quality of its audit services, and the competitiveness of
its fees.
PricewaterhouseCoopers LLP, independent accountants, has previously served
as the independent auditors for your fund. PricewaterhouseCoopers LLP
resigned as independent auditors in July, 1999. Neither of its reports on
the financial statements for the past two fiscal years contained an adverse
opinion or a disclaimer of opinion, nor was either report qualified as to
uncertainty, audit scope or accounting principles. There were no no
disagreements between PricewaterhouseCoopers LLP and your fund on any
matter of accounting principles and practices, financial statement
disclosure, or auditing scope or procedure.
The change in audit firms reflects the Trustees' decision to continue their
policy of having two audit firms serve the
31
<PAGE>
Putnam funds. In the past, the two firms were Price Waterhouse LLP and
Coopers & Lybrand L.L.P. These firms merged in July, 1998.
A majority of the votes on the matter is necessary to ratify the selection
of auditors. The outcome of a vote affecting one fund does not affect any
other fund. A representative of the independent auditors is expected to be
present at the meeting to make statements and to respond to appropriate
questions.
Further Information About Voting and the Meeting
Quorum and Methods of Tabulation. The shareholders of each fund vote
separately with respect to each proposal. In the case of each fund, a
majority of the shares entitled to vote--present in person or represented
by proxy--constitutes a quorum for the transaction of business with respect
to any proposal at the meeting (unless otherwise noted in the proxy
statement), except that where the preferred shares or common shares shall
vote as a separate class, then a majority of the aggregate number of shares
of that class shall be necessary to constitute a quorum for the transaction
of business by that class. Shares represented by proxies that reflect
abstentions and "broker non-votes" (i.e., shares held by brokers or
nominees as to which (i) instructions have not been received from the
beneficial owners or the persons entitled to vote and (ii) the broker or
nominee does not have the discretionary voting power on a particular
matter) will be counted as shares that are present and entitled to vote on
the matter for purposes of determining the presence of a quorum. Votes cast
by proxy or in person at the meeting will be counted by persons appointed
by your fund as tellers for the meeting.
The tellers will count the total number of votes cast "for" approval of the
proposals for purposes of determining whether sufficient affirmative votes
have been cast. With respect to the election of Trustees and selection of
auditors, neither abstentions nor broker non-votes have any effect on the
outcome of
32
<PAGE>
the proposal. With respect to any other proposals, abstentions and broker
non-votes have the effect of a negative vote on the proposal.
Special Rule for Proportional Voting. In accordance with New York Stock
Exchange rules, brokerage firms may vote for or against a proposal, on
behalf of their clients who beneficially own remarketed preferred shares
and from whom they have not received voting instructions, in the same
proportion as votes for and against such proposal have been received from
holders of preferred shares if (i) the holders of a minimum of 30% of the
outstanding preferred shares have been voted by the holders of preferred
shares, (ii) holders of less than 10% of the outstanding preferred shares
have voted against such proposal and (iii) the holders of the common shares
have approved such proposal.
The tellers will count the total number of votes cast "for" approval of the
proposals for purposes of determining whether sufficient affirmative votes
have been cast. With respect to the election of Trustees and selection of
auditors, neither abstentions nor broker non-votes have any effect on the
outcome of the proposal. With respect to any other proposals, abstentions
and broker non-votes have the effect of a negative vote on the proposal.
Other business. The Trustees know of no other business to be brought before
the meeting. However, if any other matters properly come before the
meeting, it is their intention that proxies that do not contain specific
restrictions to the contrary will be voted on such matters in accordance
with the judgment of the persons named as proxies in the enclosed form of
proxy.
Simultaneous meetings. The meeting of shareholders of your fund is called
to be held at the same time as the meetings of shareholders of certain of
the other Putnam funds. It is anticipated that all meetings will be held
simultaneously.
33
<PAGE>
If any shareholder at the meeting objects to the holding of a simultaneous
meeting and moves for an adjournment of the meeting to a time promptly
after the simultaneous meetings, the persons named as proxies will vote in
favor of such adjournment.
Solicitation of proxies. In addition to soliciting proxies by mail,
Trustees of your fund and employees of Putnam Management, Putnam Fiduciary
Trust Company, and Putnam Retail Management may solicit proxies in person
or by telephone. Your fund may also arrange to have voting instructions
recorded by telephone. The telephone voting procedure is designed to
authenticate shareholders' identities, to allow them to authorize the
voting of their shares in accordance with their instructions and to confirm
that their instructions have been properly recorded. Your fund has been
advised by counsel that these procedures are consistent with the
requirements of applicable law. If these procedures were subject to a
successful legal challenge, such votes would not be counted at the meeting.
Your fund is unaware of any such challenge at this time. Shareholders would
be called at the phone number Putnam Investments has in its records for
their accounts, and would be asked for their Social Security number or
other identifying information. The shareholders would then be given an
opportunity to authorize proxies to vote their shares at the meeting in
accordance with their instructions. To ensure that the shareholders'
instructions have been recorded correctly, they will also receive a
confirmation of their instructions in the mail. A special toll-free number
will be available in case the information contained in the confirmation is
incorrect.
Shareholders may have the opportunity to submit their voting instructions
via the Internet by utilizing a program provided by a third party vendor
hired by Putnam Management. The giving of such a proxy will not affect your
right to vote in person should you decide to attend the meeting. To vote
via the
34
<PAGE>
Internet, you will need the 14-digit "control" number that appears on your
proxy card. To use the Internet, please access the Internet address found
on your proxy card on the World Wide Web. The Internet voting procedures
are designed to authenticate shareholder identities, to allow shareholders
to give their voting instructions, and to confirm that shareholders'
instructions have been recorded properly. Shareholders voting via the
Internet should understand that there may be costs associated with internet
access, such as usage charges from Internet access providers and telephone
companies, that must be borne by the shareholders.
Your fund's Trustees have adopted a general policy of maintaining
confidentiality in the voting of proxies. Consistent with this policy, your
fund may solicit proxies from shareholders who have not voted their shares
or who have abstained from voting.
Persons holding shares as nominees will upon request be reimbursed for
their reasonable expenses in soliciting instructions from their principals.
Each fund has retained at its expense D.F. King & Co. Inc., 77 Water
Street, New York, NY 10005, to aid in the solicitation of instructions for
registered and nominee accounts, for a fee not to exceed $6,000 plus
reasonable out-of-pocket expenses for mailing and phone costs.
Revocation of proxies. Proxies, including proxies given by telephone or
over the Internet, may be revoked at any time before they are voted either
(i) by a written revocation received by the Associate Clerk of your fund,
(ii) by properly executing a later-dated proxy, (iii) by recording
later-dated voting instructions via the Internet or (iv) by attending the
meeting and voting in person.
Date for receipt of shareholders' proposals for the next annual meeting. It
is currently anticipated that each fund's next annual meeting of
shareholders will be held in October 2001. Shareholder proposals to be
included in the proxy statement for that meeting must be received by your
fund
35
<PAGE>
before March 28, 2001. Shareholders who wish to make a proposal at the 2001
annual meeting--other than one that will be included in the fund's proxy
materials--should notify the fund no later than June 5, 2001. The
Nominating Committee will also consider nominees recommended by
shareholders of each fund to serve as Trustees, provided that shareholders
submit their recommendations by the above date. If a shareholder who wishes
to present a proposal fails to notify the fund by this date, the proxies
solicited for the meeting will have discretionary authority to vote on the
shareholder's proposal if it is properly brought before the meeting. If a
shareholder makes a timely notification, the proxies may still exercise
discretionary voting authority under circumstances consistent with the
SEC's proxy rules.
Adjournment. If sufficient votes in favor of any of the proposals set forth
in the Notice of the Meeting are not received by the time scheduled for the
meeting, the persons named as proxies may propose adjournments of the
meeting for a period or periods of not more than 60 days in the aggregate
to permit further solicitation of proxies with respect to those proposals.
Any adjournment will require the affirmative vote of a majority of the
votes cast on the question in person or by proxy at the session of the
meeting to be adjourned. The persons named as proxies will vote in favor of
adjournment those proxies that they are entitled to vote in favor of such
proposals. They will vote against adjournment those proxies required to be
voted against such proposals. Your fund pays the costs of any additional
solicitation and of any adjourned session. Any proposals for which
sufficient favorable votes have been received by the time of the meeting
may be acted upon and considered final regardless of whether the meeting is
adjourned to permit additional solicitation with respect to any other
proposal.
36
<PAGE>
Financial information. Your fund will furnish to you upon request and
without charge, a copy of the fund's annual report for its most recent
fiscal year, and a copy of its semiannual report for any subsequent
semiannual period. Such requests may be directed to Putnam Investor
Services, P.O. Box 41203, Providence, RI 02940-1203 or 1-800-225-1581.
37
<PAGE>
Fund Information
Putnam Investments. Putnam Investment Management, Inc., the fund's
investment manager, and its affiliates, Putnam Retail Management, Inc., the
fund's principal underwriter, and Putnam Fiduciary Trust Company, the
fund's investor servicing agent and custodian (collectively, the "Putnam
companies"), are owned by Putnam Investments, Inc., a holding company that,
except for a minority stake owned by employees, is in turn owned by Marsh &
McLennan Companies, Inc., a leading professional services firm that
includes risk and insurance services, investment management and consulting
businesses. The address of the executive offices of Marsh & McLennan
Companies, Inc. is 1166 Avenue of the Americas, New York, New York 10036
Limitation of Trustee liability. The Agreement and Declaration of Trust of
each fund provides that the fund will indemnify its Trustees and officers
against liabilities and expenses incurred in connection with litigation in
which they may be involved because of their offices with the fund, except
if it is determined in the manner specified in the Agreement and
Declaration of Trust that they have not acted in good faith in the
reasonable belief that their actions were in the best interests of the fund
or that such indemnification would relieve any officer or Trustee of any
liability to the fund or its shareholders arising by reason of willful
misfeasance, bad faith, gross negligence or reckless disregard of his or
her duties. Your fund, at its expense, provides liability insurance for the
benefit of its Trustees and officers.
Audit Committee and Board Policy and Nominating Committee. The members of
the Audit Committee of your fund include only Trustees who are not
"interested persons" of the fund or Putnam Management. The Audit Committee
currently consists of Dr. Kennan and Messrs. Estin, Mullin and Stephens
(Chairman). The Board Policy and Nominating
38
<PAGE>
Committee consists only of Trustees who are not "interested persons" of
your fund or Putnam Management. The Board Policy and Nominating Committee
currently consists of Dr. Kennan (Chairperson), Messrs. Hill, Patterson and
Thorndike.
Officers and other information. All of the officers of your fund are
employees of Putnam Management or its affiliates. Because of their
positions with Putnam Management or its affiliates or their ownership of
stock of Marsh & McLennan Companies, Inc., the parent corporation of Putnam
management and Putnam Retail Management, Messrs. Putnam, III, Lasser and
Smith (nominees for Trustees of your fund), as well as the officers of your
fund, will benefit from the management fees, custodian fees, and investor
servicing fees paid or allowed by the fund. In addition to George Putnam
III and Lawrence J. Lasser, the officers of each fund are as follows:
<TABLE>
<CAPTION>
Putnam California Investment Grade Municipal Trust
Year first
elected to
Name (age) Office office
---------------------------- -------------------------- -----------
<S> <C> <C>
Charles E. Porter (61) Executive Vice President 1989
Patricia C. Flaherty (53) Senior Vice President 1993
John D. Hughes (65) Senior Vice President
& Treasurer 1988
Gordon H. Silver (53) Vice President 1990
Ian C. Ferguson (43) Vice President 1997
Stephen Oristaglio (44) Vice President 1998
Jerome J. Jacobs (41) Vice President 1996
Richard P. Wyke* (44) Vice President 1998
Richard A. Monaghan** (45) Vice President 1998
John R. Verani (61) Vice President 1988
-----------------------------------------------------------------------
</TABLE>
*The fund's portfolio manager
**President of Putnam Retail Management
39
<PAGE>
<TABLE>
<CAPTION>
Putnam Investment Grade Municipal Trust II
Year first
elected to
Name (age) Office office
---------------------------- -------------------------- -----------
<S> <C> <C>
Charles E. Porter (61) Executive Vice President 1989
Patricia C. Flaherty (53) Senior Vice President 1993
John D. Hughes (65) Senior Vice President
& Treasurer 1989
Gordon H. Silver (53) Vice President 1990
Ian C. Ferguson (43) Vice President 1997
Stephen Oristaglio (44) Vice President 1998
Jerome J. Jacobs (41) Vice President 1996
Richard P. Wyke* (44) Vice President 1996
Richard A. Monaghan** (45) Vice President 1998
John R. Verani (61) Vice President 1988
-----------------------------------------------------------------------
</TABLE>
*The fund's portfolio manager
**President of Putnam Retail Management
<TABLE>
<CAPTION>
Putnam Municipal Opportunities Trust
Year first
elected to
Name (age) Office office
---------------------------- -------------------------- -----------
<S> <C> <C>
Charles E. Porter (61) Executive Vice President 1989
Patricia C. Flaherty (53) Senior Vice President 1993
John D. Hughes (65) Senior Vice President
& Treasurer 1988
Gordon H. Silver (53) Vice President 1990
Ian C. Ferguson (43) Vice President 1997
Stephen Oristaglio (44) Vice President 1998
Jerome J. Jacobs (41) Vice President 1996
Blake E. Anderson* (43) Vice President 1996
Richard A. Monaghan** (45) Vice President 1998
John R. Verani (61) Vice President 1988
-----------------------------------------------------------------------
</TABLE>
*The fund's portfolio manager
**President of Putnam Retail Management
40
<PAGE>
<TABLE>
<CAPTION>
Putnam New York Investment Grade Municipal Trust
Year first
elected to
Name (age) Office office
---------------------------- -------------------------- -----------
<S> <C> <C>
Charles E. Porter (61) Executive Vice President 1989
Patricia C. Flaherty (53) Senior Vice President 1993
John D. Hughes (65) Senior Vice President
& Treasurer 1988
Gordon H. Silver (53) Vice President 1990
Ian C. Ferguson (43) Vice President 1997
Stephen Oristaglio (44) Vice President 1998
Jerome J. Jacobs (41) Vice President 1996
Richard P. Wyke* (44) Vice President 1998
Richard A. Monaghan** (45) Vice President 1998
John R. Verani (61) Vice President 1988
-----------------------------------------------------------------------
</TABLE>
*The fund's portfolio manager
**President of Putnam Retail Management
<TABLE>
<CAPTION>
Putnam Investment Grade Municipal Trust III
Year first
elected to
Name (age) Office office
---------------------------- -------------------------- -----------
<S> <C> <C>
Charles E. Porter (61) Executive Vice President 1989
Patricia C. Flaherty (53) Senior Vice President 1993
John D. Hughes (65) Senior Vice President
& Treasurer 1988
Gordon H. Silver (53) Vice President 1990
Ian C. Ferguson (43) Vice President 1997
Stephen Oristaglio (44) Vice President 1998
Jerome J. Jacobs (41) Vice President 1996
Richard P. Wyke* (44) Vice President 1996
Richard A. Monaghan** (45) Vice President 1998
John R. Verani (61) Vice President 1988
-----------------------------------------------------------------------
</TABLE>
*The fund's portfolio manager
**President of Putnam Retail Management
41
<PAGE>
<TABLE>
<CAPTION>
Putnam Managed Municipal Income Trust
Year first
elected to
Name (age) Office office
---------------------------- -------------------------- -----------
<S> <C> <C>
Charles E. Porter (61) Executive Vice President 1989
Patricia C. Flaherty (53) Senior Vice President 1993
John D. Hughes (65) Senior Vice President
& Treasurer 1988
Gordon H. Silver (53) Vice President 1990
Ian C. Ferguson (43) Vice President 1997
Stephen Oristaglio (44) Vice President 1998
Jerome J. Jacobs (41) Vice President 1996
Richard P. Wyke* (44) Vice President 1998
Richard A. Monaghan** (45) Vice President 1998
John R. Verani (61) Vice President 1988
-----------------------------------------------------------------------
</TABLE>
*The fund's portfolio manager
**President of Putnam Retail Management
<TABLE>
<CAPTION>
Putnam Investment Grade Municipal Trust
Year first
elected to
Name (age) Office office
---------------------------- -------------------------- -----------
<S> <C> <C>
Charles E. Porter (61) Executive Vice President 1989
Patricia C. Flaherty (53) Senior Vice President 1993
John D. Hughes (65) Senior Vice President
& Treasurer 1988
Gordon H. Silver (53) Vice President 1990
Ian C. Ferguson (43) Vice President 1997
Stephen Oristaglio (44) Vice President 1998
Jerome J. Jacobs (41) Vice President 1996
Richard P. Wyke* (44) Vice President 1996
Richard A. Monaghan** (45) Vice President 1998
John R. Verani (61) Vice President 1988
-----------------------------------------------------------------------
</TABLE>
*The fund's portfolio manager
**President of Putnam Retail Management
42
<PAGE>
<TABLE>
<CAPTION>
Assets and shares outstanding of your fund as of May 31, 2000
---------------------------------------------------------------------
Net assets:
---------------------------------------------------------------------
<S> <C>
Putnam California Investment Grade Municipal Trust $ 64,553,620
Putnam Investment Grade Municipal Trust $217,084,237
Putnam Investment Grade Municipal Trust II $165,498,792
Putnam Investment Grade Municipal Trust III $ 48,115,339
Putnam Managed Municipal Income Trust $388,575,690
Putnam Municipal Opportunities Trust $198,986,149
Putnam New York Investment Grade Municipal Trust $ 36,156,892
-----------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Shares outstanding and authorized to vote:
-------------------------------------------------------------------------
<S> <C>
Putnam California Investment Grade Municipal Trust
Common shares outstanding and authorized to vote 4,607,092 shares
Preferred shares outstanding and authorized to vote 320 shares
Putnam Investment Grade Municipal Trust
Common shares outstanding and authorized to vote 21,111,888 shares
Preferred shares outstanding and authorized to vote 1,400 shares
Putnam Investment Grade Municipal Trust II
Common shares outstanding and authorized to vote 13,357,092 shares
Preferred shares outstanding and authorized to vote A: 630 shares
B: 630 shares
Putnam Investment Grade Municipal Trust III
Common shares outstanding and authorized to vote 4,007,092 shares
Preferred shares outstanding and authorized to vote 200 shares
Putnam Managed Municipal Income Trust
Common shares outstanding and authorized to vote 46,806,578 shares
Preferred shares outstanding and authorized to vote A: 550 shares
B: 550 shares
C: 650 shares
Putnam Municipal Opportunities Trust
Common shares outstanding and authorized to vote 16,157,092 shares
Preferred shares outstanding and authorized to vote A: 800 shares
B: 1,620 shares
C: 1,620 shares
</TABLE>
43
<PAGE>
<TABLE>
<CAPTION>
Putnam New York Investment Grade Municipal Trust
<S> <C>
Common shares outstanding and authorized to vote 2,847,092 shares
Preferred shares outstanding and authorized to vote 200 shares
</TABLE>
<TABLE>
<CAPTION>
5% beneficial ownership of your fund as of May 31, 2000:
----------------------------------------------------------------
<S> <C>
Putnam California Investment Grade Municipal Trust
Persons beneficially owning more than 5% of the fund's
Common shares NONE
Persons beneficially owning more than 5% of the fund's
Preferred shares NONE
Putnam Investment Grade Municipal Trust
Persons beneficially owning more than 5% of the fund's
Common shares NONE
Persons beneficially owning more than 5% of the fund's
Preferred shares NONE
Putnam Investment Grade Municipal Trust II
Persons beneficially owning more than 5% of the fund's
Common shares NONE
Persons beneficially owning more than 5% of the fund's
Preferred shares NONE
Putnam Investment Grade Municipal Trust III
Persons beneficially owning more than 5% of the fund's
Common shares NONE
Persons beneficially owning more than 5% of the fund's
Preferred shares NONE
Putnam Managed Municipal Income Trust
Persons beneficially owning more than 5% of the fund's
Common shares NONE
Persons beneficially owning more than 5% of the fund's
Preferred shares NONE
Putnam Municipal Opportunities Trust
Persons beneficially owning more than 5% of the fund's
Common shares NONE
Persons beneficially owning more than 5% of the fund's
Preferred shares NONE
Putnam New York Investment Grade Municipal Trust
</TABLE>
44
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Persons beneficially owning more than 5% of the fund's
Common shares NONE
Persons beneficially owning more than 5% of the fund's
Preferred shares NONE
</TABLE>
45
<PAGE>
P U T N A M INVESTMENTS [logo]
The Putnam Funds
One Post Office Square
Boston, Massachusetts 02109
Toll-free 1-800-225-1581
62707 8/00
<PAGE>
PUTNAM INVESTMENTS (Logo)
P.O. Box 9131
Hingham, MA 02043-9131
FOR YOUR CONVENIENCE YOU MAY RECORD YOUR VOTING INSTRUCTIONS VIA THE INTERNET OR
BY RETURNING THIS PROXY CARD BY MAIL
Your vote is very important. If you choose to record your voting instructions
via the Internet, visit the website at proxyweb.com/Putnam. Please refer to the
instructions below. Your voting instructions will be immediately confirmed if
you provide your e-mail address.
To record your voting instructions on the Internet
1. Read the proxy statement.
2. Go to proxyweb.com/Putnam.
3. Enter the 14-digit control number printed on your proxy card.
4. Follow the instructions on the site.
If you submit your voting instructions on the Internet, do not return your proxy
card.
This is your PROXY CARD.
To vote by mail, please record your voting instructions on this proxy card, sign
it below, and return it promptly in the envelope provided. Your vote is
important.
PLEASE FOLD AT PERFORATION BEFORE DETACHING
Proxy for a meeting of shareholders to be held on October 5, 2000 for Putnam
California Investment Grade Municipal Trust (Common Shares).
This proxy is solicited on behalf of the Trustees of the fund.
The undersigned shareholder hereby appoints John A. Hill, Hans H. Estin, and
Robert E. Patterson, and each of them separately, Proxies, with power of
substitution, and hereby authorizes them to represent such shareholder and to
vote, as designated below, at the meeting of shareholders of Putnam California
Investment Grade Municipal Trust on October 5, 2000, at 2:00 p.m., Boston time,
and at any adjournments thereof, all of the shares of the fund that the
undersigned shareholder would be entitled to vote if personally present.
-1-
<PAGE>
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this card. If you are a joint
owner, each owner should sign. When signing as executor, administrator,
attorney, trustee, or guardian, or as custodian for a minor, please give your
full title as such. If you are signing for a corporation, please sign the full
corporate name and indicate the signer's office. If you are a partner, sign in
the partnership name.
-------------------------------------------------
Shareholder sign here Date
-------------------------------------------------
Co-owner sign here Date
HAS YOUR ADDRESS CHANGED?
Please use this form to notify us of any change in address or telephone number
or to provide us with your comments. Detach this form from the proxy card and
return it with your signed proxy in the enclosed envelope.
Name
-----------------------------------------------------------
Street
-----------------------------------------------------------
City State Zip
-----------------------------------------------------------
Telephone
-----------------------------------------------------------
DO YOU HAVE ANY COMMENTS?
------------------------------------------------------------
------------------------------------------------------------
DEAR SHAREHOLDER:
Your vote is important. Please help us to eliminate the expense of follow-up
mailings by signing and returning this proxy card or by recording your voting
instructions via the Internet as soon as possible. A postage-paid envelope is
enclosed for your convenience.
THANK YOU!
-2-
<PAGE>
PLEASE FOLD AT PERFORATION BEFORE DETACHING
If you complete and sign the proxy, we'll vote exactly as you tell us. The
Proxies are authorized to vote in their discretion upon any matters as may
properly come before the meeting or at any adjournments of the meeting. If you
simply sign the proxy, or fail to provide your voting instructions on a
proposal, the Proxies will vote FOR fixing the number of Trustees as set forth
in Proposal 1 and FOR Proposal 2.
Please vote by filling in the appropriate boxes below.
THE TRUSTEES RECOMMEND A VOTE FOR FIXING THE NUMBER OF TRUSTEES AS PROPOSED:
<TABLE>
<S> <C> <C>
1. Proposal to fix the number of Trustees and elect all FOR WITHHOLD
nominess. fixing the number authority to
of Trustees as vote for all
The nominees for Trustees are: J.A. Baxter, H.H. Estin, J.A. proposed and nominees
Hill, R.J. Jackson, P.L. Joskow, E.T. Kennan, L.J. Lasser, J.H. electing all the
Mullin, III, R.E. Patterson, G. Putnam, III, A.J.C. Smith, W.T. nominees (except
Stephens and W.N. Thorndike. as marked to the
contrary below)
|_| |_|
To withhold authority to vote for one or more of the nominees,
write the
name(s) of the nominee(s) below:
---------------------------------------------
THE TRUSTEES RECOMMEND A VOTE FOR PROPOSAL 2:
2. Proposal to ratify the selection of PricewaterhouseCoopers FOR AGAINST ABSTAIN
LLP as the independent auditors of your fund. |_| |_| |_|
</TABLE>
Note: If you have questions on any of the proposals, please call
1-800-225-1581.
-3-
<PAGE>
PUTNAM INVESTMENTS (Logo)
NOTE: PHONE AND INTERNET VOTING IS
NOT AVAILABLE FOR THIS ACCOUNT.
This is your PROXY CARD.
Please vote this proxy, sign it below, and return it promptly in the envelope
provided. Your vote is important.
PLEASE FOLD AT PERFORATION BEFORE DETACHING
Proxy for a meeting of shareholders to be held on October 5, 2000 for Putnam
California Investment Grade Municipal Trust (Preferred Shares).
This proxy is solicited on behalf of the Trustees of the fund.
The undersigned shareholder hereby appoints John Hill, Hans H. Estin, and Robert
E. Patterson, and each of them separately, Proxies, with power of substitution,
and hereby authorizes them to represent such shareholder and to vote, as
designated below, at the meeting of shareholders of Putnam California Investment
Grade Municipal Trust on October 5, 2000, at 2:00 p.m., Boston time, and at any
adjournments thereof, all of the shares of the fund that the undersigned
shareholder would be entitled to vote if personally present.
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this card. If you are a joint
owner, each owner should sign. When signing as executor, administrator,
attorney, trustee, or guardian, or as custodian for a minor, please give your
full title as such. If you are signing for a corporation, please sign the full
corporate name and indicate the signer's office. If you are a partner, sign in
the partnership name.
-------------------------------------------------
Shareholder sign here Date
-------------------------------------------------
Co-owner sign here Date
-1-
<PAGE>
If you complete and sign the proxy, we'll vote exactly as you tell us. If you
simply sign the proxy, or fail to provide your voting instructions on a
proposal, the Proxies will vote FOR fixing the number of Trustees as set forth
in Proposal 1 and FOR Proposal 2. In their discretion, the Proxies will also be
authorized to vote upon such other matters that may properly come before the
meeting.
THE TRUSTEES RECOMMEND A VOTE FOR FIXING THE NUMBER OF TRUSTEES AND ELECTING ALL
OF THE NOMINEES FOR TRUSTEES:
Please vote by filling in the appropriate boxes below.
1. Proposal to fix the number of Trustees and elect all nominees. The
nominees for Trustees are: J.A. Baxter, H.H. Estin, J.A. Hill, R.J.
Jackson, P.L. Joskow, E.T. Kennan, L.J. Lasser, J.H. Mullin, III, R.E.
Patterson, G. Putnam, III, A.J.C. Smith, W.T. Stephens and W.N.
Thorndike.
/ / FOR fixing the number of Trustees as proposed and electing all the
nominees (except as marked to the contrary below)
To withhold authority to vote for one or more of the nominees,
write the name(s) of the nominee(s) below:
--------------------------------------
/ / WITHHOLD authority to vote for all nominees
THE TRUSTEES RECOMMEND A VOTE FOR PROPOSAL 2:
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
<S> <C> <C> <C>
2. Proposal to ratify the selection of / / / / / /
PricewaterhouseCoopers LLP as the independent
auditors of your fund.
</TABLE>
Note: If you have questions on any of the proposals, please call
1-800-225-1581.
-2-
<PAGE>
PUTNAM INVESTMENTS (Logo)
P.O. Box 9131
Hingham, MA 02043-9131
FOR YOUR CONVENIENCE YOU MAY RECORD YOUR VOTING INSTRUCTIONS VIA THE INTERNET OR
BY RETURNING THIS PROXY CARD BY MAIL
Your vote is very important. If you choose to record your voting instructions
via the Internet, visit the website at proxyweb.com/Putnam. Please refer to the
instructions below. Your voting instructions will be immediately confirmed if
you provide your e-mail address.
To record your voting instructions on the Internet
1. Read the proxy statement.
2. Go to proxyweb.com/Putnam.
3. Enter the 14-digit control number printed on your proxy card.
4. Follow the instructions on the site.
If you submit your voting instructions on the Internet, do not return your proxy
card.
This is your PROXY CARD.
To vote by mail, please record your voting instructions on this proxy card, sign
it below, and return it promptly in the envelope provided. Your vote is
important.
PLEASE FOLD AT PERFORATION BEFORE DETACHING
Proxy for a meeting of shareholders to be held on October 5, 2000 for Putnam
Investment Grade Municipal Trust (Common Shares).
This proxy is solicited on behalf of the Trustees of the fund.
The undersigned shareholder hereby appoints John A. Hill, Hans H. Estin, and
Robert E. Patterson, and each of them separately, Proxies, with power of
substitution, and hereby authorizes them to represent such shareholder and to
vote, as designated below, at the meeting of shareholders of Putnam Investment
Grade Municipal Trust on October 5, 2000, at 2:00 p.m., Boston time, and at any
adjournments thereof, all of the shares of the fund that the undersigned
shareholder would be entitled to vote if personally present.
-1-
<PAGE>
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this card. If you are a joint
owner, each owner should sign. When signing as executor, administrator,
attorney, trustee, or guardian, or as custodian for a minor, please give your
full title as such. If you are signing for a corporation, please sign the full
corporate name and indicate the signer's office. If you are a partner, sign in
the partnership name.
-------------------------------------------------
Shareholder sign here Date
-------------------------------------------------
Co-owner sign here Date
HAS YOUR ADDRESS CHANGED?
Please use this form to notify us of any change in address or telephone number
or to provide us with your comments. Detach this form from the proxy card and
return it with your signed proxy in the enclosed envelope.
Name
-----------------------------------------------------------
Street
-----------------------------------------------------------
City State Zip
-----------------------------------------------------------
Telephone
-----------------------------------------------------------
DO YOU HAVE ANY COMMENTS?
------------------------------------------------------------
------------------------------------------------------------
DEAR SHAREHOLDER:
Your vote is important. Please help us to eliminate the expense of follow-up
mailings by signing and returning this proxy card or by recording your voting
instructions via the Internet as soon as possible. A postage-paid envelope is
enclosed for your convenience.
THANK YOU!
-2-
<PAGE>
PLEASE FOLD AT PERFORATION BEFORE DETACHING
If you complete and sign the proxy, we'll vote exactly as you tell us. The
Proxies are authorized to vote in their discretion upon any matters as may
properly come before the meeting or at any adjournments of the meeting. If you
simply sign the proxy, or fail to provide your voting instructions on a
proposal, the Proxies will vote FOR fixing the number of Trustees as set forth
in Proposal 1 and FOR Proposal 2.
Please vote by filling in the appropriate boxes below.
THE TRUSTEES RECOMMEND A VOTE FOR FIXING THE NUMBER OF TRUSTEES AS PROPOSED:
<TABLE>
<S> <C> <C>
1. Proposal to fix the number of Trustees and elect all FOR WITHHOLD
nominess. fixing the number authority to
of Trustees as vote for all
The nominees for Trustees are: J.A. Baxter, H.H. Estin, J.A. proposed and nominees
Hill, R.J. Jackson, P.L. Joskow, E.T. Kennan, L.J. Lasser, J.H. electing all the
Mullin, III, R.E. Patterson, G. Putnam, III, A.J.C. Smith, W.T. nominees (except
Stephens and W.N. Thorndike. as marked to the
contrary below)
|_| |_|
To withhold authority to vote for one or more of the nominees,
write the name(s) of the nominee(s) below:
---------------------------------------------
THE TRUSTEES RECOMMEND A VOTE FOR PROPOSAL 2:
2. Proposal to ratify the selection of KPMG LLP as the FOR AGAINST ABSTAIN
independent auditors of your fund. |_| |_| |_|
</TABLE>
Note: If you have questions on any of the proposals, please call
1-800-225-1581.
-3-
<PAGE>
PUTNAM INVESTMENTS (Logo)
NOTE: PHONE AND INTERNET VOTING IS
NOT AVAILABLE FOR THIS ACCOUNT.
This is your PROXY CARD.
Please vote this proxy, sign it below, and return it promptly in the envelope
provided. Your vote is important.
PLEASE FOLD AT PERFORATION BEFORE DETACHING
Proxy for a meeting of shareholders to be held on October 5, 2000 for Putnam
Investment Grade Municipal Trust (Preferred Shares).
This proxy is solicited on behalf of the Trustees of the fund.
The undersigned shareholder hereby appoints John Hill, Hans H. Estin, and Robert
E. Patterson, and each of them separately, Proxies, with power of substitution,
and hereby authorizes them to represent such shareholder and to vote, as
designated below, at the meeting of shareholders of Putnam Investment Grade
Municipal Trust on October 5, 2000, at 2:00 p.m., Boston time, and at any
adjournments thereof, all of the shares of the fund that the undersigned
shareholder would be entitled to vote if personally present.
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this card. If you are a joint
owner, each owner should sign. When signing as executor, administrator,
attorney, trustee, or guardian, or as custodian for a minor, please give your
full title as such. If you are signing for a corporation, please sign the full
corporate name and indicate the signer's office. If you are a partner, sign in
the partnership name.
-------------------------------------------------
Shareholder sign here Date
-------------------------------------------------
Co-owner sign here Date
-1-
<PAGE>
If you complete and sign the proxy, we'll vote exactly as you tell us. If you
simply sign the proxy, or fail to provide your voting instructions on a
proposal, the Proxies will vote FOR fixing the number of Trustees as set forth
in Proposal 1 and FOR Proposal 2. In their discretion, the Proxies will also be
authorized to vote upon such other matters that may properly come before the
meeting.
THE TRUSTEES RECOMMEND A VOTE FOR FIXING THE NUMBER OF TRUSTEES AND ELECTING ALL
OF THE NOMINEES FOR TRUSTEES:
Please vote by filling in the appropriate boxes below.
1. Proposal to fix the number of Trustees and elect all nominees. The
nominees for Trustees are: J.A. Baxter, H.H. Estin, J.A. Hill, R.J.
Jackson, P.L. Joskow, E.T. Kennan, L.J. Lasser, J.H. Mullin, III, R.E.
Patterson, G. Putnam, III, A.J.C. Smith, W.T. Stephens and W.N.
Thorndike.
/ / FOR fixing the number of Trustees as proposed and electing all the
nominees (except as marked to the contrary below)
To withhold authority to vote for one or more of the nominees, write
the name(s) of the nominee(s) below:
--------------------------------------
/ / WITHHOLD authority to vote for all nominees
THE TRUSTEES RECOMMEND A VOTE FOR PROPOSAL 2:
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
<S> <C> <C> <C>
2. Proposal to ratify the selection of / / / / / /
KPMG LLP as the independent auditors
of your fund.
</TABLE>
Note: If you have questions on any of the proposals, please call
1-800-225-1581.
-2-
<PAGE>
PUTNAM INVESTMENTS (Logo)
P.O. Box 9131
Hingham, MA 02043-9131
FOR YOUR CONVENIENCE YOU MAY RECORD YOUR VOTING INSTRUCTIONS VIA THE INTERNET OR
BY RETURNING THIS PROXY CARD BY MAIL
Your vote is very important. If you choose to record your voting instructions
via the Internet, visit the website at www.proxyweb.com/Putnam. Please refer to
the instructions below. Your voting instructions will be immediately confirmed
if you provide your e-mail address.
To record your voting instructions on the Internet
1. Read the proxy statement.
2. Go to proxyweb.com/Putnam.
3. Enter the 14-digit control number printed on your proxy card.
4. Follow the instructions on the site.
If you submit your voting instructions on the Internet, do not return your proxy
card.
This is your PROXY CARD.
To vote by mail, please record your voting instructions on this proxy card, sign
it below, and return it promptly in the envelope provided. Your vote is
important.
PLEASE FOLD AT PERFORATION BEFORE DETACHING
Proxy for a meeting of shareholders to be held on October 5, 2000 for Putnam
Investment Grade Municipal Trust II (Common Shares).
This proxy is solicited on behalf of the Trustees of the fund.
The undersigned shareholder hereby appoints John A. Hill, Hans H. Estin, and
Robert E. Patterson, and each of them separately, Proxies, with power of
substitution, and hereby authorizes them to represent such shareholder and to
vote, as designated below, at the meeting of shareholders of Putnam Investment
Grade Municipal Trust II on October 5, 2000, at 2:00 p.m., Boston time, and at
any adjournments thereof, all of the shares of the fund that the undersigned
shareholder would be entitled to vote if personally present.
-1-
<PAGE>
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this card. If you are a joint
owner, each owner should sign. When signing as executor, administrator,
attorney, trustee, or guardian, or as custodian for a minor, please give your
full title as such. If you are signing for a corporation, please sign the full
corporate name and indicate the signer's office. If you are a partner, sign in
the partnership name.
-------------------------------------------------
Shareholder sign here Date
-------------------------------------------------
Co-owner sign here Date
HAS YOUR ADDRESS CHANGED?
Please use this form to notify us of any change in address or telephone number
or to provide us with your comments. Detach this form from the proxy card and
return it with your signed proxy in the enclosed envelope.
Name
-----------------------------------------------------------
Street
-----------------------------------------------------------
City State Zip
-----------------------------------------------------------
Telephone
-----------------------------------------------------------
DO YOU HAVE ANY COMMENTS?
------------------------------------------------------------
------------------------------------------------------------
DEAR SHAREHOLDER:
Your vote is important. Please help us to eliminate the expense of follow-up
mailings by signing and returning this proxy card or by recording your voting
instructions via the Internet as soon as possible. A postage-paid envelope is
enclosed for your convenience.
THANK YOU!
-2-
<PAGE>
PLEASE FOLD AT PERFORATION BEFORE DETACHING
If you complete and sign the proxy, we'll vote exactly as you tell us. The
Proxies are authorized to vote in their discretion upon any matters as may
properly come before the meeting or at any adjournments of the meeting. If you
simply sign the proxy, or fail to provide your voting instructions on a
proposal, the Proxies will vote FOR fixing the number of Trustees as set forth
in Proposal 1 and FOR Proposal 2.
Please vote by filling in the appropriate boxes below.
THE TRUSTEES RECOMMEND A VOTE FOR FIXING THE NUMBER OF TRUSTEES AS PROPOSED:
<TABLE>
<S> <C> <C>
1. Proposal to fix the number of Trustees and elect all FOR WITHHOLD
nominess. fixing the number authority to
of Trustees as vote for all
The nominees for Trustees are: J.A. Baxter, H.H. Estin, J.A. proposed and nominees
Hill, R.J. Jackson, P.L. Joskow, E.T. Kennan, L.J. Lasser, J.H. electing all the
Mullin, III, R.E. Patterson, G. Putnam, III, A.J.C. Smith, W.T. nominees (except
Stephens and W.N. Thorndike. as marked to the
contrary below)
|_| |_|
To withhold authority to vote for one or more of the nominees,
write the name(s) of the nominee(s) below:
---------------------------------------------
THE TRUSTEES RECOMMEND A VOTE FOR PROPOSAL 2:
2. Proposal to ratify the selection of PricewaterhouseCoopers FOR AGAINST ABSTAIN
LLP as the independent auditors of your fund.
|-| |-| |-|
</TABLE>
Note: If you have questions on any of the proposals, please call
1-800-225-1581.
-3-
<PAGE>
PUTNAM INVESTMENTS (Logo)
NOTE: PHONE AND INTERNET VOTING IS
NOT AVAILABLE FOR THIS ACCOUNT.
This is your PROXY CARD.
Please vote this proxy, sign it below, and return it promptly in the envelope
provided. Your vote is important.
PLEASE FOLD AT PERFORATION BEFORE DETACHING
Proxy for a meeting of shareholders to be held on October 5, 2000 for Putnam
Investment Grade Municipal Trust II (Preferred Shares).
This proxy is solicited on behalf of the Trustees of the fund.
The undersigned shareholder hereby appoints John Hill, Hans H. Estin, and Robert
E. Patterson, and each of them separately, Proxies, with power of substitution,
and hereby authorizes them to represent such shareholder and to vote, as
designated below, at the meeting of shareholders of Putnam Investment Grade
Municipal Trust II on October 5, 2000, at 2:00 p.m., Boston time, and at any
adjournments thereof, all of the shares of the fund that the undersigned
shareholder would be entitled to vote if personally present.
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this card. If you are a joint
owner, each owner should sign. When signing as executor, administrator,
attorney, trustee, or guardian, or as custodian for a minor, please give your
full title as such. If you are signing for a corporation, please sign the full
corporate name and indicate the signer's office. If you are a partner, sign in
the partnership name.
-------------------------------------------------
Shareholder sign here Date
-------------------------------------------------
Co-owner sign here Date
-1-
<PAGE>
If you complete and sign the proxy, we'll vote exactly as you tell us. If you
simply sign the proxy, or fail to provide your voting instructions on a
proposal, the Proxies will vote FOR fixing the number of Trustees as set forth
in Proposal 1 and FOR Proposal 2. In their discretion, the Proxies will also be
authorized to vote upon such other matters that may properly come before the
meeting.
THE TRUSTEES RECOMMEND A VOTE FOR FIXING THE NUMBER OF TRUSTEES AND ELECTING ALL
OF THE NOMINEES FOR TRUSTEES:
Please vote by filling in the appropriate boxes below.
1. Proposal to fix the number of Trustees and elect all nominees. The
nominees for Trustees are: J.A. Baxter, H.H. Estin, J.A. Hill, R.J.
Jackson, P.L. Joskow, E.T. Kennan, L.J. Lasser, J.H. Mullin, III, R.E.
Patterson, G. Putnam, III, A.J.C. Smith, W.T. Stephens and W.N.
Thorndike.
/ / FOR fixing the number of Trustees as proposed and electing all the
nominees (except as marked to the contrary below)
To withhold authority to vote for one or more of the nominees, write
the name(s) of the nominee(s) below:
--------------------------------------
/ / WITHHOLD authority to vote for all nominees
THE TRUSTEES RECOMMEND A VOTE FOR PROPOSAL 2:
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
<S> <C> <C> <C>
2. Proposal to ratify the selection of / / / / / /
PricewaterhouseCoopers LLP as the independent
auditors of your fund.
</TABLE>
Note: If you have questions on any of the proposals, please call
1-800-225-1581.
-2-
<PAGE>
PUTNAM INVESTMENTS (Logo)
P.O. Box 9131
Hingham, MA 02043-9131
FOR YOUR CONVENIENCE YOU MAY RECORD YOUR VOTING INSTRUCTIONS VIA THE INTERNET OR
BY RETURNING THIS PROXY CARD BY MAIL
Your vote is very important. If you choose to record your voting instructions
via the Internet, visit the website at proxyweb.com/Putnam. Please refer to the
instructions below. Your voting instructions will be immediately confirmed if
you provide your e-mail address.
To record your voting instructions on the Internet
1. Read the proxy statement.
2. Go to proxyweb.com/Putnam.
3. Enter the 14-digit control number printed on your proxy card.
4. Follow the instructions on the site.
If you submit your voting instructions on the Internet, do not return your proxy
card.
This is your PROXY CARD.
To vote by mail, please record your voting instructions on this proxy card, sign
it below, and return it promptly in the envelope provided. Your vote is
important.
PLEASE FOLD AT PERFORATION BEFORE DETACHING
Proxy for a meeting of shareholders to be held on October 5, 2000 for Putnam
Investment Grade Municipal Trust III (Common Shares).
This proxy is solicited on behalf of the Trustees of the fund.
The undersigned shareholder hereby appoints John A. Hill, Hans H. Estin, and
Robert E. Patterson, and each of them separately, Proxies, with power of
substitution, and hereby authorizes them to represent such shareholder and to
vote, as designated below, at the meeting of shareholders of Putnam Investment
Grade Municipal Trust III on October 5, 2000, at 2:00 p.m., Boston time, and at
any adjournments thereof, all of the shares of the fund that the undersigned
shareholder would be entitled to vote if personally present.
-1-
<PAGE>
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this card. If you are a joint
owner, each owner should sign. When signing as executor, administrator,
attorney, trustee, or guardian, or as custodian for a minor, please give your
full title as such. If you are signing for a corporation, please sign the full
corporate name and indicate the signer's office. If you are a partner, sign in
the partnership name.
-------------------------------------------------
Shareholder sign here Date
-------------------------------------------------
Co-owner sign here Date
HAS YOUR ADDRESS CHANGED?
Please use this form to notify us of any change in address or telephone number
or to provide us with your comments. Detach this form from the proxy card and
return it with your signed proxy in the enclosed envelope.
Name
-----------------------------------------------------------
Street
-----------------------------------------------------------
City State Zip
-----------------------------------------------------------
Telephone
-----------------------------------------------------------
DO YOU HAVE ANY COMMENTS?
------------------------------------------------------------
------------------------------------------------------------
DEAR SHAREHOLDER:
Your vote is important. Please help us to eliminate the expense of follow-up
mailings by signing and returning this proxy card or by recording your voting
instructions via the Internet as soon as possible. A postage-paid envelope is
enclosed for your convenience.
THANK YOU!
-2-
<PAGE>
PLEASE FOLD AT PERFORATION BEFORE DETACHING
If you complete and sign the proxy, we'll vote exactly as you tell us. The
Proxies are authorized to vote in their discretion upon any matters as may
properly come before the meeting or at any adjournments of the meeting. If you
simply sign the proxy, or fail to provide your voting instructions on a
proposal, the Proxies will vote FOR fixing the number of Trustees as set forth
in Proposal 1 and FOR Proposal 2.
Please vote by filling in the appropriate boxes below.
THE TRUSTEES RECOMMEND A VOTE FOR FIXING THE NUMBER OF TRUSTEES AS PROPOSED:
<TABLE>
<S> <C> <C>
1. Proposal to fix the number of Trustees and elect all FOR WITHHOLD
nominess. fixing the number authority to
of Trustees as vote for all
The nominees for Trustees are: J.A. Baxter, H.H. Estin, J.A. proposed and nominees
Hill, R.J. Jackson, P.L. Joskow, E.T. Kennan, L.J. Lasser, J.H. electing all the
Mullin, III, R.E. Patterson, G. Putnam, III, A.J.C. Smith, W.T. nominees (except
Stephens and W.N. Thorndike. as marked to the
contrary below)
|_| |_|
To withhold authority to vote for one or more of the nominees,
write the name(s) of the nominee(s) below:
---------------------------------------------
THE TRUSTEES RECOMMEND A VOTE FOR PROPOSAL 2:
2. Proposal to ratify the selection of PricewaterhouseCoopers FOR AGAINST ABSTAIN
LLP as the independent auditors of your fund. |_| |_| |_|
</TABLE>
Note: If you have questions on any of the proposals, please call
1-800-225-1581.
-3-
<PAGE>
PUTNAM INVESTMENTS (Logo)
NOTE: PHONE AND INTERNET VOTING IS
NOT AVAILABLE FOR THIS ACCOUNT.
This is your PROXY CARD.
Please vote this proxy, sign it below, and return it promptly in the envelope
provided. Your vote is important.
PLEASE FOLD AT PERFORATION BEFORE DETACHING
Proxy for a meeting of shareholders to be held on October 5, 2000 for Putnam
Investment Grade Municipal Trust III (Preferred Shares).
This proxy is solicited on behalf of the Trustees of the fund.
The undersigned shareholder hereby appoints John Hill, Hans H. Estin, and Robert
E. Patterson, and each of them separately, Proxies, with power of substitution,
and hereby authorizes them to represent such shareholder and to vote, as
designated below, at the meeting of shareholders of Putnam Investment Grade
Municipal Trust III on October 5, 2000, at 2:00 p.m., Boston time, and at any
adjournments thereof, all of the shares of the fund that the undersigned
shareholder would be entitled to vote if personally present.
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this card. If you are a joint
owner, each owner should sign. When signing as executor, administrator,
attorney, trustee, or guardian, or as custodian for a minor, please give your
full title as such. If you are signing for a corporation, please sign the full
corporate name and indicate the signer's office. If you are a partner, sign in
the partnership name.
-------------------------------------------------
Shareholder sign here Date
-------------------------------------------------
Co-owner sign here Date
-1-
<PAGE>
If you complete and sign the proxy, we'll vote exactly as you tell us. If you
simply sign the proxy, or fail to provide your voting instructions on a
proposal, the Proxies will vote FOR fixing the number of Trustees as set forth
in Proposal 1 and FOR Proposal 2. In their discretion, the Proxies will also be
authorized to vote upon such other matters that may properly come before the
meeting.
THE TRUSTEES RECOMMEND A VOTE FOR FIXING THE NUMBER OF TRUSTEES AND ELECTING ALL
OF THE NOMINEES FOR TRUSTEES:
Please vote by filling in the appropriate boxes below.
1. Proposal to fix the number of Trustees and elect all nominees. The
nominees for Trustees are: J.A. Baxter, H.H. Estin, J.A. Hill, R.J.
Jackson, P.L. Joskow, E.T. Kennan, L.J. Lasser, J.H. Mullin, III, R.E.
Patterson, G. Putnam, III, A.J.C. Smith, W.T. Stephens and W.N.
Thorndike.
/ / FOR fixing the number of Trustees as proposed and electing all the
nominees (except as marked to the contrary below)
To withhold authority to vote for one or more of the nominees,
write the name(s) of the nominee(s) below:
--------------------------------------
/ / WITHHOLD authority to vote for all nominees
THE TRUSTEES RECOMMEND A VOTE FOR PROPOSAL 2:
<TABLE>
FOR AGAINST ABSTAIN
<S> <C> <C> <C>
2. Proposal to ratify the selection of / / / / / /
PricewaterhouseCoopers LLP as the independent
auditors of your fund.
</TABLE>
Note: If you have questions on any of the proposals, please call
1-800-225-1581.
-2-
<PAGE>
PUTNAM INVESTMENTS (Logo)
P.O. Box 9131
Hingham, MA 02043-9131
FOR YOUR CONVENIENCE YOU MAY RECORD YOUR VOTING INSTRUCTIONS VIA THE INTERNET OR
BY RETURNING THIS PROXY CARD BY MAIL
Your vote is very important. If you choose to record your voting instructions
via the Internet, visit the website at proxyweb.com/Putnam. Please refer to the
instructions below. Your voting instructions will be immediately confirmed if
you provide your e-mail address.
To record your voting instructions on the Internet
1. Read the proxy statement.
2. Go to proxyweb.com/Putnam.
3. Enter the 14-digit control number printed on your proxy card.
4. Follow the instructions on the site.
If you submit your voting instructions on the Internet, do not return your proxy
card.
This is your PROXY CARD.
To vote by mail, please record your voting instructions on this proxy card, sign
it below, and return it promptly in the envelope provided. Your vote is
important.
PLEASE FOLD AT PERFORATION BEFORE DETACHING
Proxy for a meeting of shareholders to be held on October 5, 2000 for Putnam
Managed Municipal Income Trust (Common Shares).
This proxy is solicited on behalf of the Trustees of the fund.
The undersigned shareholder hereby appoints John A. Hill, Hans H. Estin, and
Robert E. Patterson, and each of them separately, Proxies, with power of
substitution, and hereby authorizes them to represent such shareholder and to
vote, as designated below, at the meeting of shareholders of Putnam Managed
Municipal Income Trust on October 5, 2000, at 2:00 p.m., Boston time, and at any
adjournments thereof, all of the shares of the fund that the undersigned
shareholder would be entitled to vote if personally present.
-1-
<PAGE>
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this card. If you are a joint
owner, each owner should sign. When signing as executor, administrator,
attorney, trustee, or guardian, or as custodian for a minor, please give your
full title as such. If you are signing for a corporation, please sign the full
corporate name and indicate the signer's office. If you are a partner, sign in
the partnership name.
-------------------------------------------------
Shareholder sign here Date
-------------------------------------------------
Co-owner sign here Date
HAS YOUR ADDRESS CHANGED?
Please use this form to notify us of any change in address or telephone number
or to provide us with your comments. Detach this form from the proxy card and
return it with your signed proxy in the enclosed envelope.
Name
-----------------------------------------------------------
Street
-----------------------------------------------------------
City State Zip
-----------------------------------------------------------
Telephone
-----------------------------------------------------------
DO YOU HAVE ANY COMMENTS?
------------------------------------------------------------
------------------------------------------------------------
DEAR SHAREHOLDER:
Your vote is important. Please help us to eliminate the expense of follow-up
mailings by signing and returning this proxy card or by recording your voting
instructions via the Internet as soon as possible. A postage-paid envelope is
enclosed for your convenience.
THANK YOU!
-2-
<PAGE>
PLEASE FOLD AT PERFORATION BEFORE DETACHING
If you complete and sign the proxy, we'll vote exactly as you tell us. The
Proxies are authorized to vote in their discretion upon any matters as may
properly come before the meeting or at any adjournments of the meeting. If you
simply sign the proxy, or fail to provide your voting instructions on a
proposal, the Proxies will vote FOR fixing the number of Trustees as set forth
in Proposal 1 and FOR Proposal 2.
Please vote by filling in the appropriate boxes below.
THE TRUSTEES RECOMMEND A VOTE FOR FIXING THE NUMBER OF TRUSTEES AS PROPOSED:
<TABLE>
<S> <C> <C>
1. Proposal to fix the number of Trustees and elect all FOR WITHHOLD
nominess. fixing the number authority to
of Trustees as vote for all
The nominees for Trustees are: J.A. Baxter, H.H. Estin, J.A. proposed and nominees
Hill, R.J. Jackson, P.L. Joskow, E.T. Kennan, L.J. Lasser, J.H. electing all the
Mullin, III, R.E. Patterson, G. Putnam, III, A.J.C. Smith, W.T. nominees (except
Stephens and W.N. Thorndike. as marked to the
contrary below)
|_| |_|
To withhold authority to vote for one or more of the nominees,
write the name(s) of the nominee(s) below:
---------------------------------------------
THE TRUSTEES RECOMMEND A VOTE FOR PROPOSAL 2:
2. Proposal to ratify the selection of KPMG LLP as the FOR AGAINST ABSTAIN
independent auditors of your fund. |_| |_| |_|
</TABLE>
Note: If you have questions on any of the proposals, please call
1-800-225-1581.
-3-
<PAGE>
PUTNAM INVESTMENTS (Logo)
NOTE: PHONE AND INTERNET VOTING IS
NOT AVAILABLE FOR THIS ACCOUNT.
This is your PROXY CARD.
Please vote this proxy, sign it below, and return it promptly in the envelope
provided. Your vote is important.
PLEASE FOLD AT PERFORATION BEFORE DETACHING
Proxy for a meeting of shareholders to be held on October 5, 2000 for Putnam
Managed Municipal Income Trust (Preferred Shares).
This proxy is solicited on behalf of the Trustees of the fund.
The undersigned shareholder hereby appoints John Hill, Hans H. Estin, and Robert
E. Patterson, and each of them separately, Proxies, with power of substitution,
and hereby authorizes them to represent such shareholder and to vote, as
designated below, at the meeting of shareholders of Putnam Managed Municipal
Income Trust on October 5, 2000, at 2:00 p.m., Boston time, and at any
adjournments thereof, all of the shares of the fund that the undersigned
shareholder would be entitled to vote if personally present.
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this card. If you are a joint
owner, each owner should sign. When signing as executor, administrator,
attorney, trustee, or guardian, or as custodian for a minor, please give your
full title as such. If you are signing for a corporation, please sign the full
corporate name and indicate the signer's office. If you are a partner, sign in
the partnership name.
-------------------------------------------------
Shareholder sign here Date
-------------------------------------------------
Co-owner sign here Date
-1-
<PAGE>
If you complete and sign the proxy, we'll vote exactly as you tell us. If you
simply sign the proxy, or fail to provide your voting instructions on a
proposal, the Proxies will vote FOR fixing the number of Trustees as set forth
in Proposal 1 and FOR Proposal 2. In their discretion, the Proxies will also be
authorized to vote upon such other matters that may properly come before the
meeting.
THE TRUSTEES RECOMMEND A VOTE FOR FIXING THE NUMBER OF TRUSTEES AND ELECTING ALL
OF THE NOMINEES FOR TRUSTEES:
Please vote by filling in the appropriate boxes below.
1. Proposal to fix the number of Trustees and elect all nominees. The
nominees for Trustees are: J.A. Baxter, H.H. Estin, J.A. Hill, R.J.
Jackson, P.L. Joskow, E.T. Kennan, L.J. Lasser, J.H. Mullin, III, R.E.
Patterson, G. Putnam, III, A.J.C. Smith, W.T. Stephens and W.N.
Thorndike.
/ / FOR fixing the number of Trustees as proposed and electing all the
nominees (except as marked to the contrary below)
To withhold authority to vote for one or more of the nominees, write
the name(s) of the nominee(s) below:
--------------------------------------
/ / WITHHOLD authority to vote for all nominees
THE TRUSTEES RECOMMEND A VOTE FOR PROPOSAL 2:
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
<S> <C> <C> <C>
2. Proposal to ratify the selection of KPMG LLP / / / / / /
as the independent auditors of your fund.
</TABLE>
Note: If you have questions on any of the proposals, please call
1-800-225-1581.
-2-
<PAGE>
PUTNAM INVESTMENTS (Logo)
P.O. Box 9131
Hingham, MA 02043-9131
FOR YOUR CONVENIENCE YOU MAY RECORD YOUR VOTING INSTRUCTIONS VIA THE INTERNET OR
BY RETURNING THIS PROXY CARD BY MAIL
Your vote is very important. If you choose to record your voting instructions
via the Internet, visit the website at proxyweb.com/Putnam. Please refer to the
instructions below. Your voting instructions will be immediately confirmed if
you provide your e-mail address.
To record your voting instructions on the Internet
1. Read the proxy statement.
2. Go to proxyweb.com/Putnam.
3. Enter the 14-digit control number printed on your proxy card.
4. Follow the instructions on the site.
If you submit your voting instructions on the Internet, do not return your proxy
card.
This is your PROXY CARD.
To vote by mail, please record your voting instructions on this proxy card, sign
it below, and return it promptly in the envelope provided. Your vote is
important.
PLEASE FOLD AT PERFORATION BEFORE DETACHING
Proxy for a meeting of shareholders to be held on October 5, 2000 for Putnam
Municipal Opportunities Trust (Common Shares).
This proxy is solicited on behalf of the Trustees of the fund.
The undersigned shareholder hereby appoints John A. Hill, Hans H. Estin, and
Robert E. Patterson, and each of them separately, Proxies, with power of
substitution, and hereby authorizes them to represent such shareholder and to
vote, as designated below, at the meeting of shareholders of Putnam Municipal
OpportunitiesTrust on October 5, 2000, at 2:00 p.m., Boston time, and at any
adjournments thereof, all of the shares of the fund that the undersigned
shareholder would be entitled to vote if personally present.
-1-
<PAGE>
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this card. If you are a joint
owner, each owner should sign. When signing as executor, administrator,
attorney, trustee, or guardian, or as custodian for a minor, please give your
full title as such. If you are signing for a corporation, please sign the full
corporate name and indicate the signer's office. If you are a partner, sign in
the partnership name.
-------------------------------------------------
Shareholder sign here Date
-------------------------------------------------
Co-owner sign here Date
HAS YOUR ADDRESS CHANGED?
Please use this form to notify us of any change in address or telephone number
or to provide us with your comments. Detach this form from the proxy card and
return it with your signed proxy in the enclosed envelope.
Name
-----------------------------------------------------------
Street
-----------------------------------------------------------
City State Zip
-----------------------------------------------------------
Telephone
-----------------------------------------------------------
DO YOU HAVE ANY COMMENTS?
------------------------------------------------------------
------------------------------------------------------------
DEAR SHAREHOLDER:
Your vote is important. Please help us to eliminate the expense of follow-up
mailings by signing and returning this proxy card or by recording your voting
instructions via the Internet as soon as possible. A postage-paid envelope is
enclosed for your convenience.
THANK YOU!
-2-
<PAGE>
PLEASE FOLD AT PERFORATION BEFORE DETACHING
If you complete and sign the proxy, we'll vote exactly as you tell us. The
Proxies are authorized to vote in their discretion upon any matters as may
properly come before the meeting or at any adjournments of the meeting. If you
simply sign the proxy, or fail to provide your voting instructions on a
proposal, the Proxies will vote FOR fixing the number of Trustees as set forth
in Proposal 1 and FOR Proposal 2.
Please vote by filling in the appropriate boxes below.
THE TRUSTEES RECOMMEND A VOTE FOR FIXING THE NUMBER OF TRUSTEES AS PROPOSED:
<TABLE>
<S> <C> <C>
1. Proposal to fix the number of Trustees and elect all FOR WITHHOLD
nominess. fixing the number authority to
of Trustees as vote for all
The nominees for Trustees are: J.A. Baxter, H.H. Estin, J.A. proposed and nominees
Hill, R.J. Jackson, P.L. Joskow, E.T. Kennan, L.J. Lasser, J.H. electing all the
Mullin, III, R.E. Patterson, G. Putnam, III, A.J.C. Smith, W.T. nominees (except
Stephens and W.N. Thorndike. as marked to the
contrary below)
|_| |_|
To withhold authority to vote for one or more of the nominees,
write the name(s) of the nominee(s) below:
---------------------------------------------
THE TRUSTEES RECOMMEND A VOTE FOR PROPOSAL 2:
2. Proposal to ratify the selection of PricewaterhouseCoopers FOR AGAINST ABSTAIN
LLP as the independent auditors of your fund. |_| |_| |_|
</TABLE>
Note: If you have questions on any of the proposals, please call
1-800-225-1581.
-3-
<PAGE>
PUTNAM INVESTMENTS (Logo)
NOTE: PHONE AND INTERNET VOTING IS
NOT AVAILABLE FOR THIS ACCOUNT.
This is your PROXY CARD.
Please vote this proxy, sign it below, and return it promptly in the envelope
provided. Your vote is important.
PLEASE FOLD AT PERFORATION BEFORE DETACHING
Proxy for a meeting of shareholders to be held on October 5, 2000 for Putnam
Municipal Opportunities Trust (Preferred Shares).
This proxy is solicited on behalf of the Trustees of the fund.
The undersigned shareholder hereby appoints John Hill, Hans H. Estin, and Robert
E. Patterson, and each of them separately, Proxies, with power of substitution,
and hereby authorizes them to represent such shareholder and to vote, as
designated below, at the meeting of shareholders of Putnam Municipal
Opportunities Trust on October 5, 2000, at 2:00 p.m., Boston time, and at any
adjournments thereof, all of the shares of the fund that the undersigned
shareholder would be entitled to vote if personally present.
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this card. If you are a joint
owner, each owner should sign. When signing as executor, administrator,
attorney, trustee, or guardian, or as custodian for a minor, please give your
full title as such. If you are signing for a corporation, please sign the full
corporate name and indicate the signer's office. If you are a partner, sign in
the partnership name.
-------------------------------------------------
Shareholder sign here Date
-------------------------------------------------
Co-owner sign here Date
-1-
<PAGE>
If you complete and sign the proxy, we'll vote exactly as you tell us. If you
simply sign the proxy, or fail to provide your voting instructions on a
proposal, the Proxies will vote FOR fixing the number of Trustees as set forth
in Proposal 1 and FOR Proposal 2. In their discretion, the Proxies will also be
authorized to vote upon such other matters that may properly come before the
meeting.
THE TRUSTEES RECOMMEND A VOTE FOR FIXING THE NUMBER OF TRUSTEES AND ELECTING ALL
OF THE NOMINEES FOR TRUSTEES:
Please vote by filling in the appropriate boxes below.
1. Proposal to fix the number of Trustees and elect all nominees. The
nominees for Trustees are: J.A. Baxter, H.H. Estin, J.A. Hill, R.J.
Jackson, P.L. Joskow, E.T. Kennan, L.J. Lasser, J.H. Mullin, III, R.E.
Patterson, G. Putnam, III, A.J.C. Smith, W.T. Stephens and W.N.
Thorndike.
/ / FOR fixing the number of Trustees as proposed and electing all the
nominees (except as marked to the contrary below)
To withhold authority to vote for one or more of the nominees, write
the name(s) of the nominee(s) below:
--------------------------------------
/ / WITHHOLD authority to vote for all nominees
THE TRUSTEES RECOMMEND A VOTE FOR PROPOSAL 2:
<TABLE>
<CAPTION>
FOR AGAINST ABSTAIN
<S> <C> <C> <C>
2. Proposal to ratify the selection of / / / / / /
PricewaterhouseCoopers LLP as the independent
auditors of your fund.
</TABLE>
Note: If you have questions on any of the proposals, please call
1-800-225-1581.
-2-
<PAGE>
PUTNAM INVESTMENTS (Logo)
P.O. Box 9131
Hingham, MA 02043-9131
FOR YOUR CONVENIENCE YOU MAY RECORD YOUR VOTING INSTRUCTIONS VIA THE INTERNET OR
BY RETURNING THIS PROXY CARD BY MAIL
Your vote is very important. If you choose to record your voting instructions
via the Internet, visit the website at proxyweb.com/Putnam. Please refer to the
instructions below. Your voting instructions will be immediately confirmed if
you provide your e-mail address.
To record your voting instructions on the Internet
1. Read the proxy statement.
2. Go to proxyweb.com/Putnam.
3. Enter the 14-digit control number printed on your proxy card.
4. Follow the instructions on the site.
If you submit your voting instructions on the Internet, do not return your proxy
card.
This is your PROXY CARD.
To vote by mail, please record your voting instructions on this proxy card, sign
it below, and return it promptly in the envelope provided. Your vote is
important.
PLEASE FOLD AT PERFORATION BEFORE DETACHING
Proxy for a meeting of shareholders to be held on October 5, 2000 for Putnam New
York Investment Grade Municipal Trust (Common Shares).
This proxy is solicited on behalf of the Trustees of the fund.
The undersigned shareholder hereby appoints John A. Hill, Hans H. Estin, and
Robert E. Patterson, and each of them separately, Proxies, with power of
substitution, and hereby authorizes them to represent such shareholder and to
vote, as designated below, at the meeting of shareholders of Putnam New York
Investment Grade Municipal Trust on October 5, 2000, at 2:00 p.m., Boston time,
and at any adjournments thereof, all of the shares of the fund that the
undersigned shareholder would be entitled to vote if personally present.
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PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this card. If you are a joint
owner, each owner should sign. When signing as executor, administrator,
attorney, trustee, or guardian, or as custodian for a minor, please give your
full title as such. If you are signing for a corporation, please sign the full
corporate name and indicate the signer's office. If you are a partner, sign in
the partnership name.
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Shareholder sign here Date
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Co-owner sign here Date
HAS YOUR ADDRESS CHANGED?
Please use this form to notify us of any change in address or telephone number
or to provide us with your comments. Detach this form from the proxy card and
return it with your signed proxy in the enclosed envelope.
Name
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Street
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City State Zip
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Telephone
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DO YOU HAVE ANY COMMENTS?
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DEAR SHAREHOLDER:
Your vote is important. Please help us to eliminate the expense of follow-up
mailings by signing and returning this proxy card or by recording your voting
instructions via the Internet as soon as possible. A postage-paid envelope is
enclosed for your convenience.
THANK YOU!
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PLEASE FOLD AT PERFORATION BEFORE DETACHING
If you complete and sign the proxy, we'll vote exactly as you tell us. The
Proxies are authorized to vote in their discretion upon any matters as may
properly come before the meeting or at any adjournments of the meeting. If you
simply sign the proxy, or fail to provide your voting instructions on a
proposal, the Proxies will vote FOR fixing the number of Trustees as set forth
in Proposal 1 and FOR Proposal 2.
Please vote by filling in the appropriate boxes below.
THE TRUSTEES RECOMMEND A VOTE FOR FIXING THE NUMBER OF TRUSTEES AS PROPOSED:
<TABLE>
<S> <C> <C>
1. Proposal to fix the number of Trustees and elect all FOR WITHHOLD
nominess. fixing the number authority to
of Trustees as vote for all
The nominees for Trustees are: J.A. Baxter, H.H. Estin, J.A. proposed and nominees
Hill, R.J. Jackson, P.L. Joskow, E.T. Kennan, L.J. Lasser, J.H. electing all the
Mullin, III, R.E. Patterson, G. Putnam, III, A.J.C. Smith, W.T. nominees (except
Stephens and W.N. Thorndike. as marked to the
contrary below)
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To withhold authority to vote for one or more of the nominees,
write the name(s) of the nominee(s) below:
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THE TRUSTEES RECOMMEND A VOTE FOR PROPOSAL 2:
2. Proposal to ratify the selection of PricewaterhouseCoopers FOR AGAINST ABSTAIN
LLP as the independent auditors of your fund. |_| |_| |_|
</TABLE>
Note: If you have questions on any of the proposals, please call
1-800-225-1581.
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PUTNAM INVESTMENTS (Logo)
NOTE: PHONE AND INTERNET VOTING IS
NOT AVAILABLE FOR THIS ACCOUNT.
This is your PROXY CARD.
Please vote this proxy, sign it below, and return it promptly in the envelope
provided. Your vote is important.
PLEASE FOLD AT PERFORATION BEFORE DETACHING
Proxy for a meeting of shareholders to be held on October 5, 2000 for Putnam New
York Investment Grade Municipal Trust (Preferred Shares).
This proxy is solicited on behalf of the Trustees of the fund.
The undersigned shareholder hereby appoints John Hill, Hans H. Estin, and Robert
E. Patterson, and each of them separately, Proxies, with power of substitution,
and hereby authorizes them to represent such shareholder and to vote, as
designated below, at the meeting of shareholders of Putnam New York Investment
Grade Municipal Trust on October 5, 2000, at 2:00 p.m., Boston time, and at any
adjournments thereof, all of the shares of the fund that the undersigned
shareholder would be entitled to vote if personally present.
PLEASE BE SURE TO SIGN AND DATE THIS PROXY.
Please sign your name exactly as it appears on this card. If you are a joint
owner, each owner should sign. When signing as executor, administrator,
attorney, trustee, or guardian, or as custodian for a minor, please give your
full title as such. If you are signing for a corporation, please sign the full
corporate name and indicate the signer's office. If you are a partner, sign in
the partnership name.
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Shareholder sign here Date
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Co-owner sign here Date
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<PAGE>
If you complete and sign the proxy, we'll vote exactly as you tell us. If you
simply sign the proxy, or fail to provide your voting instructions on a
proposal, the Proxies will vote FOR fixing the number of Trustees as set forth
in Proposal 1 and FOR Proposal 2. In their discretion, the Proxies will also be
authorized to vote upon such other matters that may properly come before the
meeting.
THE TRUSTEES RECOMMEND A VOTE FOR FIXING THE NUMBER OF TRUSTEES AND ELECTING ALL
OF THE NOMINEES FOR TRUSTEES:
Please vote by filling in the appropriate boxes below.
1. Proposal to fix the number of Trustees and elect all nominees. The
nominees for Trustees are: J.A. Baxter, H.H. Estin, J.A. Hill, R.J.
Jackson, P.L. Joskow, E.T. Kennan, L.J. Lasser, J.H. Mullin, III, R.E.
Patterson, G. Putnam, III, A.J.C. Smith, W.T. Stephens and W.N.
Thorndike.
/ / FOR fixing the number of Trustees as proposed and electing all the
nominees (except as marked to the contrary below)
To withhold authority to vote for one or more of the nominees, write
the name(s) of the nominee(s) below:
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/ / WITHHOLD authority to vote for all nominees
THE TRUSTEES RECOMMEND A VOTE FOR PROPOSAL 2:
<TABLE>
FOR AGAINST ABSTAIN
<S> <C> <C> <C>
2. Proposal to ratify the selection of / / / / / /
PricewaterhouseCoopers LLP as the independent
auditors of your fund.
</TABLE>
Note: If you have questions on any of the proposals, please call
1-800-225-1581.
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