Dear Investment Colleague:
Enclosed please find a proxy package, which will be mailed to
your clients soon. Shareholders will be asked to vote on the
issues that are outlined in the package.
Please discuss these issues with your clients and encourage them
to vote. Should you have any questions, please call Broker
Operations toll free at 1-800-354-2228.
Sincerely,
/s/William N. Shiebler
William N. Shiebler
President, Putnam Mutual Funds
<PAGE>
Putnam Mutual Funds
One Post Office Square
Boston, Massachusetts 02109
PUTNAMINVESTMENTS
We are forwarding you a copy of the Prospectus/Proxy Statement
relating to the proposed merger of Putnam Investment Grace
Intermediate Municipal Trust and Putnam Intermediate Tax Exempt
Fund, described therein.
Sincerely,
Putnam Mutual Funds Corp.
<PAGE>
5/22-7/7
Investment Grade Intermediate Municipal Trust:
You should have already received a proxy package soliciting your
vote as a Putnam Investment Grade Intermediate Municipal Trust
shareholder on an important proposal. Your vote is important.
If you have questions, call your financial advisor or Putnam at
1-800-225-1581.
<PAGE>
PUTNAMINVESTMENTS
Dear Shareholder:
Enclosed please find several documents, including a proxy
statement soliciting your vote as a shareholder of Putnam
Investment Grade Intermediate Municipal Trust on an important
proposal. Please take a few moments to review this material to
determine how you wish to vote.
The Trustees are recommending the merger of your fund. Putnam
Investment Grade Intermediate Municipal Trust, which is a closed-
end fund, and Putnam Intermediate Tax Exempt Fund, an open-end
fund with a similar investment strategy.
The merger would be accomplished by transferring the fund's
assets at net asset value (NAV) to Putnam Intermediate Tax Exempt
Fund in exchange for shares of that fund. The shares, in turn,
would be distributed to you and other shareholders, thus
liquidating Putnam Investment Grade Intermediate Municipal Trust.
The Trustees believe tax-exempt intermediate-term bonds remain a
valuable investment choice for more conservative tax-exempt
investors. However, due to current closed-end Market conditions
Putnam Management and the Trustees believe the merger would be in
the best interest of shareholders. Not only would the merger
provide shareholders with increase liquidity for their shares,
but it would also eliminate the discount to NAV, at which the
fund has historically traded.
The enclosed proxy statement explains the proposal in greater
detail and also includes a prospectus and the most recent Putnam
Intermediate Tax Exempt Fund's annual report.
As you may know, voting your proxy, and doing so promptly,
prevents the fund from having to send out additional mailings. If
you have any questions about the proposals under consideration,
please do not hesitate to call 1-800-225-1581.
Sincerely,
/s/George Putnam
George Putnam
