Exhibit (a)(5)
OFFER TO PURCHASE FOR CASH
All Outstanding Shares of Common Stock
of
PUTNAM CALIFORNIA INVESTMENT GRADE MUNICIPAL TRUST
at
$14.16 Net Per Share
by
MILDRED B. HOREJSI TRUST
THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 12:00 MIDNIGHT, NEW YORK
CITY TIME, ON FEBRUARY 16, 2007, UNLESS THE OFFER IS EXTENDED.
January 22, 2007
To Our Clients:
Enclosed for your consideration is an Offer to Purchase dated January 22,
2007 and a related letter of transmittal (which, together with any amendments or
supplements thereto, collectively constitute the "Offer") relating to the Offer
by the Mildred B. Horejsi Trust, an irrevocable grantor trust administered in
accordance with Alaska administrative statutes and governed by Alaska trust law
(the "Trust") to purchase all outstanding shares of common stock, par value
$0.001 per share (the "shares"), of Putnam California Investment Grade Municipal
Trust, a Massachusetts business trust ("PCA"), on the terms and subject to the
conditions set forth in the Offer.
We are the holder of record of shares held by us for your account. A tender
of those shares can be made only by us as the holder of record and pursuant to
your instructions. The letter of transmittal is furnished to you for your
information only and cannot be used to tender shares held by us for your
account.
We request instructions as to whether you wish to tender any or all of the
shares held by us for your account pursuant to the terms and subject to the
conditions set forth in the Offer.
Your attention is directed to the following:
1. The Offer price is $14.16 per share, net to you in cash (subject
to applicable withholding of United States federal, state and
local taxes), without interest thereon, on the terms and subject
to the conditions set forth in the Offer.
2. The Offer is being made for up to 100% of the outstanding shares
of PCA.
3. The Offer is conditioned upon the conditions to the Offer
described in Section 14 of the Offer to Purchase.
4. Tendering stockholders will not be obligated to pay brokerage
fees or commissions to the depositary or the information agent
or, except as set forth in Instruction 6 of the letter of
transmittal, transfer taxes on the purchase of shares by the
Purchasers pursuant to the Offer. However, federal income tax
backup withholding at a rate of 28% may be required, unless an
exemption is provided or unless the required taxpayer
identification information is provided. See Instruction 9 of the
letter of transmittal.
If you wish to have us tender any of or all the shares held by us for your
account, please so instruct us by completing, executing, detaching and returning
to us the instruction form set forth below. An envelope to return your
instructions to us is enclosed. If you authorize the tender of your shares, all
such shares will be tendered unless you otherwise specify below. Your
instructions to us should be forwarded promptly to permit us to submit a tender
on your behalf prior to the expiration date.
In all cases, payment for shares accepted for payment pursuant to the Offer
will be made only after timely receipt by Colbent Corporation (the "depositary")
of (1) the certificates for (or a timely book-entry confirmation (as defined in
the Offer to Purchase) with respect to) such shares, (2) a letter of transmittal
(or a facsimile thereof), properly completed and duly executed, with any
required signature guarantees, or, in the case of a book-entry transfer effected
pursuant to the procedures set forth in Section 3 of the Offer to Purchase, an
agent's message (as defined in the Offer to Purchase), and (3) any other
documents required by the letter of transmittal. Accordingly, tendering
stockholders may be paid at different times depending on when certificates for
shares or book-entry confirmations with respect to shares are actually received
by the depositary.
UNDER NO CIRCUMSTANCES WILL INTEREST BE PAID ON THE PURCHASE PRICE OF THE
SHARES TO BE PAID BY THE PURCHASERS, REGARDLESS OF ANY EXTENSION OF OR AMENDMENT
TO THE OFFER OR ANY DELAY IN PAYING FOR SUCH SHARES.
The Offer is not being made to, nor will tenders be accepted from or on
behalf of, holders of shares in any jurisdiction in which the making of the
Offer or the acceptance thereof would not be in compliance with the laws of that
jurisdiction.
INSTRUCTION FORM WITH RESPECT TO
THE OFFER TO PURCHASE FOR CASH
ALL OUTSTANDING SHARES OF COMMON STOCK
OF
PUTNAM CALIFORNIA INVESTMENT GRADE MUNICIPAL TRUST
The undersigned acknowledge(s) receipt of your letter enclosing the Offer
to Purchase dated January 22, 2007 and the related letter of transmittal
relating to the Offer by the Mildred B. Horejsi Trust to purchase up to 100% of
the outstanding shares of common stock, par value $0.001 per share (the
"shares"), of Putnam California Investment Grade Municipal Trust, a
Massachusetts business trust.
This will instruct you to tender the number of shares indicated below held
by you for the account of the undersigned (or, if no amount is indicated below,
all the shares held by you for the account of the undersigned) on the terms and
subject to the conditions set forth in the Offer to Purchase and the related
letter of transmittal.
Number of Shares to be Tendered*
_____________________________________________
_____________________________________________ _____________________________________________
shares
Signatures
Dated: _________________________________, 2007 _____________________________________________
_____________________________________________
_____________________________________________
Please type or print name(s)
Address(es) (including Zip Code(s)):
_____________________________________________
_____________________________________________
_____________________________________________
_____________________________________________
_____________________________________________
Area Code and Telephone No.
_____________________________________________
Taxpayer Identification or Social Security No.:
_____________________________________________
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* Unless otherwise indicated, it will be assumed that all shares held by us for
your account are to be tendered.