ADP LETTER
George Putnam
Chairman of the Trustees
The Putnam Funds
One Post Office Square
Boston, MA 02109
Dear Shareholder:
You recently received a proxy statement requesting your vote on a
proposal relating to Putnam Investment Grade Intermediate
Municipal Trust. Due to a processing error, the proxy package
you received was incomplete - it did not include the prospectus
for Putnam Intermediate Tax Exempt Fund or the most recent annual
report. This package contains all the correct components. We
suggest that you carefully review these materials.
If you have already cast your vote; please review the enclosed
prospectus. If you still feel your vote is appropriate, you need
not respond to this mailing. If you would like to change your
original vote, simply fill in the enclosed proxy card and mail it
in.
If you have not yet voted, please read the enclosed material and
cast your ballot. Your vote is important.
The Trustees are recommending the merger of Putnam Investment
Grade Intermediate Municipal Trust, a closed-end fund, into
Putnam Intermediate Tax Exempt fund, an open-end fund with a
similar investment strategy.
The merger would be accomplished by exchanging your current
shares, at net asset value, for shares of Putnam Intermediate Tax
Exempt Fund, thus liquidating Putnam Investment Grade
Intermediate Municipal Trust.
* The merger would provide shareholders with increased
liquidity for their shares.
* The merger would also eliminate the discount to net
asset value at which the fund has historically traded.
PUTNAM MANAGEMENT AND THE TRUSTEES BELIEVE THIS MERGER IS IN THE
BEST INTEREST OF SHAREHOLDERS.
We apologize for any inconvenience this may have caused you.
Please be assured that your fund will not bear any costs
associated with this additional mailing.
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If you have any questions about this proposal, please contact
your financial advisor or call a Putnam customer service
representative at 1-800-225-1581.
Sincerely,
George Putnam
