SCHEDULE 14A INFORMATION

                 PROXY STATEMENT PURSUANT TO SECTION 14(a)
                  OF THE SECURITIES EXCHANGE ACT OF 1934                   
                             (Amendment No. )
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                          Filed by the Registrant                     / X /
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                Filed by a party other than the Registrant            /   /
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Check the appropriate box:
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/   /    Preliminary Proxy Statement                                       
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/   /    Confidential, for Use of the Commission Only (as
- ----          permitted by Rule 14a-6(e) (2))

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/   /    Definitive Proxy Statement                                        
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/ X /    Definitive Additional Materials                                   
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/   /    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)

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         (1) Title of each class of securities to which
         transaction applies:

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         transaction computed pursuant to Exchange Act Rule 0-11
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         (4) Proposed maximum aggregate value of transaction:

         (5) Total fee paid:

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Vote-By-Phone Solicitation Script for
Putnam High Yield Municipal Trust
Putnam Investment Grade Municipal Trust
Putnam Managed Municipal Income Trust
Putnam Municipal Opportunities Trust

This script provides information to the shareholder and solicits
their vote by phone, to be confirmed by written confirmation.

Good Morning/ Afternoon/ Evening.  May I please speak with (name
of shareholder)? I am representing Putnam Investments in Boston.
I am calling in connection with the upcoming shareholder meeting
for [Putnam High Yield Municipal Trust/Putnam Investment Grade
Municipal Trust/Putnam Managed Municipal Income Trust/Putnam
Municipal Opportunities Trust] for which you recently received a
proxy statement requesting your vote.

To verify that I am speaking with the shareholder of record, may
I confirm that you are (name of shareholder or record) and that
your address of record is (address of record)?

(If the person is unwilling to confirm this information, thank
them for their time and terminate the call.)

We noted that we have not yet received your proxy card. Do you
have any questions regarding the proposals being represented at
the meeting that I can clarify for you?

(If there are questions regarding the proposal, please refer to
the proxy statement.)

Would you like to vote by phone?

(If not, ask the shareholder if they would like another proxy
card, thank them for their time and terminate the call. If so,
proceed as follows:)

Page 33 of the proxy statement that you received describes our
procedures for voting your shares by telephone.

I will now paraphrase the proxy card so that you can provide us
with your voting instructions. The proxy card generally states
the following:

By authorizing your shares to be voted at the meeting you are
approving George Putnam, Hans H. Estin, and Robert E. Patterson,
and each of them separately, as proxies, with power of
substitution, and are authorizing them to represent and vote your
shares, at the meeting of shareholders of [Putnam High Yield
Municipal Trust/Putnam Investment Grade Municipal Trust/Putnam
Managed Municipal Income Trust/Putnam Municipal Opportunities
Trust] on October 1, 1998, at 2:00 p.m., Boston time, and at any
adjournments thereof.

When properly authorized, the proxy will be voted in the manner
directed by the shareholder. In their discretion, the proxies are
authorized to vote upon such other matters as may properly come
before the meeting.

The proxy card requests your vote on the following proposals, for
which the Trustees are recommending voting in favor.  

Proposal 1 is to
    Fix the number of Trustees at sixteen and elect the
    following Trustees: J.A. Baxter, H.H. Estin, J.A. Hill, R.J.
    Jackson, P.L. Joskow, E.T. Kennan, L.J. Lasser, J.H. Mullin,
    R.E. Patterson, D.S. Perkins, W.F. Pounds, G. Putnam, G.
    Putnam, III, A.J.C. Smith, W.T. Stephens and W.N. Thorndike.

    How would you like to vote on this proposal?
    Would you like to fix the number of Trustees at sixteen and
    vote for all nominees, withhold authority to vote for
    certain of the nominees, or withhold authority to vote for
    all nominees?  If you would like to withhold authority to
    vote for certain of the nominees, please state those
    nominees' names now.

Proposal 2 is to

    Ratify the selection of PricewaterhouseCoopers LLP as  
    independent auditors of your fund? 

    How would you like to vote on this proposal?
    Would you like to vote for the proposal, against the
    proposal, or would you like to abstain from voting on this
    proposal?  

Proposal 3 is to
    Approve an amendment to the fund's fundamental investment
    restriction with respect to making loans?

    How would you like to vote on this proposal?
    Would you like to vote for the proposal, against the
    proposal, or would you like to abstain from voting on this
    proposal?  

Thank you.

I will now repeat your instructions:

You voted:         (For fixing the number of Trustees at sixteen
                   and for all nominees for Trustee, for no
                   nominee for Trustee, for all nominees for
                   Trustee except for the following...) 

                   (For, Against, Abstained from) (list all
                   other proposals)

Is this correct?

Thank you. We will be sending you a written confirmation of your
vote. Please call us if the information on the confirmation is
incorrect.



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