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                PUTNAM HIGH YIELD MUNICIPAL TRUST
             PUTNAM INVESTMENT GRADE MUNICIPAL TRUST
           PUTNAM INVESTMENT GRADE MUNICIPAL TRUST II
              PUTNAM MANAGED MUNICIPAL INCOME TRUST
              PUTNAM MUNICIPAL OPPORTUNITIES TRUST
        (Name of Registrant as Specified In Its Charter)

           (Name of Person(s) Filing Proxy Statement,
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Voting instruction page


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                   INTERNET PROXY SERVICE
                     INTERNET PROXY CARD
                    PUTNAM (NAME OF FUND)



THE TRUSTEES RECOMMEND A VOTE "FOR" FIXING THE NUMBER OF
TRUSTEES AND ELECTING ALL OF THE NOMINEES FOR TRUSTEES AND
"FOR" THE OTHER PROPOSAL LISTED BELOW.

When using a `For all except' response, enter the number(s)
of the nominees(s) you wish to withhold on, separated by a
comma, in the text field.

Proposal 1.    Proposal for fixing the number of Trustees
and electing Trustees.   0 FOR ALL
      The nominees for Trustees are:  (01) J.A. Baxter, (02)
H. H. Estin,   0 WITHHOLD ALL
      (03) R.J. Jackson, (04) P.L. Joskow, (05) E.T. Kennan,
0 FOR ALL EXCEPT:
      (06) L.J. Lasser, (07) J.H. Mullin, III, (08) W.F.
Pounds,
      (09) George Putnam, (10) George Putnam, III, (11)
A.J.C. Smith,
      (12) W. T. Stephens, and (13) W.N. Thorndike.

Proposal 2.    Proposal to ratify the selection of (Name of
Auditor)
      as the independent auditors of your fund.
0 FOR  0 AGAINST   0 ABSTAIN



If you have questions on any of the proposals, please call 1-
          800-225-1581.

IF YOU DO NOT SPECIFY VOTING INSTRUCTIONS ON THE PROPOSASL,
          YOUR PROXY WILL VOTE "FOR" THE PROPOSALS ON
                    YOUR BEHALF.


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   FOR  THE  SAME  PROPOSAL, ONLY YOUR  LAST  (MOST  RECENT)
   VOTING INSTRUCTIONS WILL BE CONSIDERED VALID.

Page that comes up after you submit your voting
instructions.


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                   INTERNET PROXY SERVICE
                     INTERNET PROXY CARD
                    PUTNAM (NAME OF FUND)

THANK YOU!  YOUR VOTE HAS BEEN SUBMITTED.

THE TRUSTEES RECOMMEND A VOTE "FOR" FIXING THE NUMBER OF
TRUSTEES AND ELECTING ALL OF THE NOMINEES FOR TRUSTEES AND
"FOR" THE OTHER PROPOSAL LISTED BELOW.


Proposal 1.    Proposal for fixing the number of Trustees
and electing Trustees.   (your voting
      The nominees for Trustees are:  (01) J.A. Baxter, (02)
H. H. Estin,   instruction
      (03) R.J. Jackson, (04) P.L. Joskow, (05) E.T. Kennan,
listed here)
      (06) L.J. Lasser, (07) J.H. Mullin, III, (08) W.F.
Pounds,
      (09) George Putnam, (10) George Putnam, III, (11)
A.J.C. Smith,
      (12) W. T. Stephens, and (13) W.N. Thorndike.



Proposal 2.    Proposal to ratify the selection of (Name of Auditor)
               as the independent auditors of your fund.


If you have questions on the proposals, please call 1-800-225-1581.

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or
                    Your email confirmation has been sent
          to: (email address listed)

Change Vote         Exit Internet Proxy Voting Service
          Vote Another Proxy
Proxy Vote Confirm, if requested.


From:     (Vendor Website address) on (date) (time)

To:       (email address)

Subject:  Confirmation of Internet Proxy Vote


Your vote has been submitted for Putnam (Name of Fund).


Proposal 1.    Proposal for fixing the number of Trustees
and electing Trustees.   (your voting
      The nominees for Trustees are:  (01) J.A. Baxter, (02)
H. H. Estin,   instruction
      (03) R.J. Jackson, (04) P.L. Joskow, (05) E.T. Kennan,
listed here)
      (06) L.J. Lasser, (07) J.H. Mullin, III, (08) W.F.
Pounds,
      (09) George Putnam, (10) George Putnam, III, (11)
A.J.C. Smith,
      (12) W. T. Stephens, and (13) W.N. Thorndike.



Proposal 2.    Proposal to ratify the selection of (Name of
Auditor)            (your voting
      as the independent auditors of your fund.
instruction listed


Thank you for using (Website address), The Internet Proxy
          Voting Service!