SCHEDULE 14A INFORMATION

                 PROXY STATEMENT PURSUANT TO SECTION 14(a)
                  OF THE SECURITIES EXCHANGE ACT OF 1934          
                            (Amendment No. )
                                                                  
                                                        ----
                    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))

 ----
/   /    Definitive Proxy Statement          
- ----                                     
 ----  
/ X /    Definitive Additional Materials          
- ----
 ----
/   /    Soliciting Material Pursuant to Sec. 240.14a-11(c) or
- ----     Sec. 240.14a-12

                     PUTNAM HIGH YIELD MUNICIPAL TRUST
                  PUTNAM INVESTMENT GRADE MUNICIPAL TRUST
                   PUTNAM MANAGED MUNICIPAL INCOME TRUST
                   PUTNAM MUNICIPAL OPPORTUNITIES 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:



     Q & A for: Putnam High Yield Municipal Trust/Putnam Investment
          Grade Municipal Trust/Putnam Managed Municipal Income
               Trust/Putnam Municipal Opportunities Trust

On or about July 20, 1998 a proxy statement was sent to
shareholders of [Putnam High Yield Municipal Trust/Putnam
Investment Grade Municipal Trust/Putnam Managed Municipal Income
Trust/Putnam Municipal Opportunities Trust] asking for their vote
on the following matters:  (1) for fixing the number of and
electing the fund's Trustees; (2) ratifying the selection of the
fund's independent auditors; (3) approving an amendment to the
fund's fundamental investment restriction with respect to making
loans.   

Listed below are questions shareholders are likely to ask and
recommended responses. 

                                Proposal 1
                           Election of Trustees

What is being proposed?

The Nominating Committee of the Trustees, which consists solely
of Trustees who are independent with no financial interest in
Putnam Management, recommends that the number of Trustees be
fixed at sixteen and that shareholders vote for the election of
the nominees for Trustees.

What are the Trustees' responsibilities?

The 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 the shareholders.

                               Proposal 2
                          Election of Auditors


Who has selected the independent auditors of the fund?

The Trustees have selected PricewaterhouseCoopers LLP as the
independent auditors of your fund and shareholders are being
asked to ratify the selection for the current year.

What were the reasons for the selection of PricewaterhouseCoopers
LLP as the independent auditors of the fund?

The Trustees selected PricewaterhouseCoopers LLP primarily based
on its expertise as auditors of investment companies, the quality
of its audit services and the competitiveness of its fees.

                               Proposal 3
               Amending the fund's fundamental investment 
                restriction with respect to making loans

What are the Trustees proposing?

The Trustees are recommending that the fund's fundamental
investment restriction with respect to making loans be revised to 
reflect the standard restriction expected to be used by other
Putnam funds and to clarify that the fund is permitted to
participate in a proposed interfund lending program as described
in Proposal 3 in the Proxy Statement.

If the proposal is approved, the fund would be able to
participate in an interfund lending program and make loans to
other Putnam funds.  The fund would only make loans under the
program if it could receive an interest rate higher than those
available for repurchase agreements.  There is a risk that the 
fund could experience a delay in obtaining prompt repayment of a
loan and, unlike repurchase agreements, the fund would not
necessarily have received collateral for its loan.  A delay in
obtaining prompt payment could cause the fund to miss an
investment opportunity or to incur costs to borrow money to
replace the delayed payment.

Since the Putnam funds may be considered affiliated parties,
interfund lending may be prohibited by the Investment Company Act
of 1940 and would be implemented only upon receipt of an
exemptive order of the Securities and Exchange Commission. 



s:\proxy\working\solicit\hiimQ&A