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<SEC-DOCUMENT>0000928816-06-001145.txt : 20060914
<SEC-HEADER>0000928816-06-001145.hdr.sgml : 20060914
<ACCEPTANCE-DATETIME>20060914162839
ACCESSION NUMBER:		0000928816-06-001145
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		36
CONFORMED PERIOD OF REPORT:	20061030
FILED AS OF DATE:		20060914
DATE AS OF CHANGE:		20060914
EFFECTIVENESS DATE:		20060914

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM CALIFORNIA INVESTMENT GRADE MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0000892980
		IRS NUMBER:				046716831
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07276
		FILM NUMBER:		061090992

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM NEW YORK INVESTMENT GRADE MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0000892960
		IRS NUMBER:				046716832
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07274
		FILM NUMBER:		061090993

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MUNICIPAL OPPORTUNITIES TRUST
		CENTRAL INDEX KEY:			0000900422
		IRS NUMBER:				043187549
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		061090994

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM  MUNICIPAL BOND FUND
		CENTRAL INDEX KEY:			0000892884
		IRS NUMBER:				046716830
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07270
		FILM NUMBER:		061090995

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		PUTNAM LLC
		STREET 2:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INVESTMENT GRADE MUNICIPAL TRUST II
		DATE OF NAME CHANGE:	19921111

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM HIGH YIELD MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0000848077
		IRS NUMBER:				046621377
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05795
		FILM NUMBER:		061090996

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6177601000
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a_proxystat.htm
<DESCRIPTION>PUTNAM MULTI FUND PROXY
<TEXT>
<!DOCTYPE HTML PUBLIC "ManHiYdMuniComb_Proxy_FINAL.pdf">


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<P align="left">
<FONT size=7 face="serif">The proxy statement </FONT><BR>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Putnam California Investment Grade Municipal Trust</FONT><BR>
<FONT size=2 face="sans-serif">Putnam High Yield Municipal Trust</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Municipal Bond Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Municipal Opportunities Trust</FONT><BR>
<FONT size=2 face="sans-serif">Putnam New York Investment Grade Municipal Trust</FONT><BR>
</P>
<P align="left">
<FONT size=2 face="sans-serif">This proxy statement can help you decide how you want to vote on important issues relating to your Putnam fund. When you complete and sign your proxy ballot, the Trustees of the funds will vote on your behalf exactly
as you have indicated. If you simply sign the proxy ballot, it will be voted in accordance with the Trustees&#146; recommendations on page 6 and 7 of the proxy statement.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Please take a few moments and decide how you want to vote. When shareholders don&#146;t return their proxies in sufficient numbers, follow-up solicitations are required, which cost your fund money.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">You can vote by returning your proxy ballots in the envelope provided. Or you can call our toll-free number, or go to the Internet. See your proxy ballot for the phone number and Internet address. If you have proxy
related questions, please call 1-800-225-1581 or contact your financial advisor.</FONT></P>
<P align="center">
<IMG src="proxystatxyx1x1.jpg" border=0>
</P>

<HR noshade align="center" width="100%" size=2>

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<P align=left><FONT face=serif size=5>Table of contents</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >A Message from the Chairman</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>1</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >Notice of Shareholder Meeting</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>4</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >Trustees&#146; Recommendations</FONT></TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>6</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >The Proposals</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>8</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >Proposal 1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>8</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >Proposal 2</FONT> </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>35</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >Proposal 3</FONT></TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>44</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >Proposal 4</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>60</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >Further Information About
      Voting</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >and the Meeting</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>76</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >Fund Information</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>80</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >Appendix A</FONT></TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>91</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >Appendix B</FONT></TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>96</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >Exhibit A</FONT></TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>101</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >Exhibit B</FONT></TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>105</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>PROXY CARD(S) ENCLOSED</FONT></P>
<P align=left><FONT face=serif size=2>If you have any questions, please contact
us at 1-800-225-1581 or call your financial advisor.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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<P align=left><FONT face=serif size=5>A Message from the Chairman</FONT></P><IMG
src="proxystatxyx3x1.jpg" border=0> <BR>
<P align=left><FONT face=serif size=2>Dear Fellow Shareholder:</FONT></P>
<P align=left><FONT face=serif size=2>I am writing to ask for your vote on
important matters affecting your investment in the Putnam funds. While you are,
of course, welcome to join us at your fund&#146;s meeting, most shareholders cast
their vote by filling out and signing the enclosed proxy cards by calling or by
voting via the Internet. We are asking for your vote </FONT><FONT face=serif
size=2>on the following matters:</FONT></P>
<P align=left><B><FONT face=serif size=2>* Fixing the number of Trustees at 11
and electing your fund&#146;s nominees for Trustees</FONT></B></P>
<P align=left><FONT face=serif size=2>Although Trustees do not manage fund
portfolios, they play an important role in protecting fund shareholders, and are
responsible for approving the fees paid to the fund&#146;s investment adviser and its
affiliates, reviewing overall fund expenses, selecting the fund&#146;s auditors,
monitoring conflicts of interest, overseeing the fund&#146;s compliance with federal
securities laws and voting proxies for the fund&#146;s portfolio securities.
</FONT></P>
<P align=left><FONT face=serif size=2>Your fund&#146;s Trustees have also in the past
three years been at the forefront of reform efforts affecting the mutual fund
industry, including ending the practice of directing fund brokerage commissions
to brokers in connection with sales of fund shares, instituting measures to
discourage excessive short-term trading in open-end funds and other initiatives
to reduce shareholder expenses and improve fund disclosures.</FONT></P>
<P align=left><B><FONT face=serif size=2>* Converting your fund to an open-end
investment company </FONT></B><B><I><FONT face=serif size=2>(Putnam High Yield
Municipal Trust only)</FONT></I></B></P>
<P align=left><FONT face=serif size=2>Your fund&#146;s governing documents require
the fund to submit for shareholder vote a proposal to convert the fund to an
open-end investment company if the fund&#146;s shares trade at a discount from net
asset value over a specified time period. The Trustees recommend that
shareholders vote against converting your fund. As discussed in this Proxy
Statement, the Trustees believe that your fund&#146;s status as a closed-end fund
offers potential investment benefits, including the ability to remain more fully
invested in longer-term, higher-yielding securities. The Trustees do not believe
that recent discount levels are currently a sufficient justification for
abandoning the advantages of the closed-end structure through conversion to
open-end status.</FONT></P>
<P align=left><FONT face=sans-serif size=1>1</FONT></P>
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<P align="left">
<B><FONT size=2 face="serif">* Shareholder proposals requesting the Trustees to take the steps necessary to merge Putnam California Investment Grade Municipal Trust and Putnam New York Investment Grade Municipal Trust into their respective open-end
Putnam fund counterparts or otherwise to permit shareholders of the funds to realize the net asset value of their shares. </FONT></B><B><I><FONT size=2 face="serif">(Putnam California Investment Grade Municipal Trust and Putnam New York Investment
Grade Municipal Trust only)</FONT></I></B></P>
<P align="left">
<FONT size=2 face="serif">A shareholder of both Putnam California Investment Grade Municipal Trust and Putnam New York Investment Grade Municipal Trust has submitted shareholder proposals that call for your funds&#146; Trustees to take steps to
merge each fund into its Putnam open-end fund counterpart or consider other means of permitting fund shareholders to receive the net asset value of their shares. It is important to note that these proposals are not proposals formally to approve
mergers or other transactions; they only request the Trustees to consider further action. As discussed in the Proxy Statement, the Trustees believe that each fund&#146;s closed-end status offers potential investment benefits, including the ability
to utilize leverage through the issuance of preferred shares and the ability to remain more fully invested in longer-term, higher-yielding securities. Over most periods, both funds have outperformed their respective Putnam open-end fund counterparts
at net asset value. In addition, these funds have historically offered significantly higher yields than their open-end fund counterparts. The Trustees believe that this outperformance is primarily attributable to the funds&#146; status as leveraged
closed-end funds. The Trustees do not believe that recent discount levels are currently a sufficient justification for abandoning the advantages of the closed-end structure through merger into an open-end fund.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">2</FONT></P>

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<P align="left">
<FONT size=2 face="serif">I&#146;m sure that you, like most people, lead a busy life and are tempted to put this proxy aside for another day. Please don&#146;t. When shareholders do not vote their proxies, their fund may have to incur the expense of
follow-up solicitations. All shareholders benefit from the speedy return of proxies.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Your vote is important to us. We appreciate the time and consideration I am sure you will give these important matters. If you have questions about any of these proposals, please call a Putnam customer services
representative at 1-800-225-1581 or contact your financial advisor.</FONT></P>
<IMG src="proxystatxyx5x1.jpg" border=0>
<BR>
<P align="left">
<FONT size=1 face="sans-serif">3</FONT></P>

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<P align=left><B><FONT face=sans-serif size=2>PUTNAM CALIFORNIA INVESTMENT GRADE
</FONT></B><BR><B><FONT face=sans-serif size=2>MUNICIPAL
TRUST</FONT></B><BR><B><FONT face=sans-serif size=2>PUTNAM HIGH YIELD MUNICIPAL
TRUST</FONT></B><BR><B><FONT face=sans-serif size=2>PUTNAM MUNICIPAL BOND
FUND</FONT></B><BR><B><FONT face=sans-serif size=2>PUTNAM MUNICIPAL
OPPORTUNITIES TRUST</FONT></B><BR><B><FONT face=sans-serif size=2>PUTNAM NEW
YORK INVESTMENT GRADE </FONT></B><BR><B><FONT face=sans-serif size=2>MUNICIPAL
TRUST</FONT></B><BR></P>
<P align=left><FONT face=serif size=5>Notice of Annual Meeting of
Shareholders</FONT></P>
<P align=left><B><FONT face=serif size=2>* This is the formal agenda for your
fund&#146;s shareholder meeting. It tells you what proposals will be voted on and the
time and place of the meeting, in the event you attend in person.</FONT></B></P>
<P align=left><FONT face=serif size=2>To the Shareholders of Putnam California
Investment Grade Municipal Trust, Putnam High Yield Municipal Trust, Putnam
Municipal Bond Fund, Putnam Municipal Opportunities Trust and Putnam New York
Investment Grade Municipal Trust: </FONT></P>
<P align=left><FONT face=serif size=2>The Annual Meeting of Shareholders of your
fund will be held on October 30, 2006 at 11:00 a.m., Boston time, at the
principal offices of the fund on the 8th floor of One Post Office Square,
Boston, Massachusetts 02109, to consider the following:</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>1. Fixing the number of Trustees
at 11 and electing your fund&#146;s nominees for Trustees. See page 8.</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>2. Converting your fund to an
open-end investment company </FONT></B><I><FONT face=sans-serif size=2>(Putnam
High Yield Municipal Trust only)</FONT></I><B><FONT face=sans-serif size=2>. See
page 35.</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>3. Shareholder proposal requesting
the Trustees to take the steps necessary to merge your fund into Putnam
California Tax Exempt Income Fund, an open-end fund, or otherwise to permit
shareholders to realize the net asset value of their shares </FONT></B><I><FONT
face=sans-serif size=2>(Putnam California Investment Grade Municipal Trust
only)</FONT></I><B><FONT face=sans-serif size=2>. See page 44.</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>4</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>4. Shareholder proposal requesting
the Trustees to take the steps necessary to merge your fund into Putnam New York
Tax Exempt Income Fund, an open-end fund, or otherwise to permit shareholders to
realize the net asset value of their shares </FONT></B><I><FONT face=sans-serif
size=2>(Putnam New York Investment Grade Municipal Trust
only)</FONT></I><B><FONT face=sans-serif size=2>. See page 60.</FONT></B></P>
<P align=left><FONT face=serif size=2>By Judith Cohen, Clerk, on behalf of the
Trustees:</FONT><BR><FONT face=serif size=2><BR>John A. Hill,
Chairman</FONT><BR><FONT face=serif size=2>Jameson A. Baxter, Vice
Chairman</FONT><BR><FONT face=serif size=2>George Putnam, III,
President</FONT><BR><FONT face=serif size=2><BR>Charles B.
Curtis</FONT><BR><FONT face=serif size=2>Myra R. Drucker</FONT><BR><FONT
face=serif size=2>Charles E. Haldeman, Jr.</FONT><BR><FONT face=serif
size=2>Paul L. Joskow</FONT><BR><FONT face=serif size=2>Elizabeth T.
Kennan</FONT><BR><FONT face=serif size=2>Robert E. Patterson</FONT><BR><FONT
face=serif size=2>W. Thomas Stephens</FONT><BR><FONT face=serif size=2>Richard
B. Worley</FONT><BR></P>
<P align=left><B><FONT face=serif size=2>We urge you to mark, sign, date, and
mail the enclosed proxy in the postage-paid envelope provided or record your
voting instructions by telephone or via the Internet so that you will be
represented at the meeting.</FONT></B></P>
<P align=left><FONT face=serif size=2>September 15, 2006</FONT></P>
<P align=left><FONT face=sans-serif size=1>5</FONT></P>
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<P align="left">
<FONT size=5 face="serif">Proxy Statement</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">This document will give you the information you need to vote on the proposals. Much of the information is required under rules of the Securities and Exchange Commission (&#147;SEC&#148;); some of it is technical. If
there is anything you don&#146;t understand, please contact us at our toll-free number, 1-800-225-1581, or call your financial advisor.</FONT></B></P>
<P align="left">
<B><FONT size=2 face="serif">* Who is asking for your vote?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">The enclosed proxy is solicited by the Trustees of Putnam California Investment Grade Municipal Trust, Putnam High Yield Municipal Trust, Putnam Municipal Bond Fund, Putnam Municipal Opportunities Trust and New York
Investment Grade Municipal Trust for use at the Annual Meeting of Shareholders of each fund to be held on October 30, 2006, and, if your fund&#146;s meeting is adjourned, at any later meetings, for the purposes stated in the Notice of Annual Meeting
(see page 4). The Notice of Annual Meeting, the proxy and the Proxy Statement are being mailed on or about September 15, 2006.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">* How do your fund&#146;s Trustees recommend that shareholders vote on these proposals?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">The Trustees recommend that you vote:</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">1. FOR fixing the number of Trustees as proposed by the Board Policy and Nominating Committee and electing your fund&#146;s nominees for Trustees.</FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-serif">2. AGAINST converting your fund to an open-end investment company and authorizing certain related amendments to your fund&#146;s Agreement and Declaration of Trust </FONT></B><I><FONT size=2
face="sans-serif">(Putnam High Yield Municipal Trust only)</FONT></I><B><FONT size=2 face="sans-serif">.</FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-serif">3. AGAINST the shareholder proposal requesting the Trustees to take the steps necessary to merge your fund into Putnam California Tax Exempt Income Fund, an open-end fund, or otherwise to permit shareholders to
realize the net asset value of their shares </FONT></B><I><FONT size=2 face="sans-serif">(Putnam California Investment Grade Municipal Trust only)</FONT></I><B><FONT size=2 face="sans-serif">.</FONT></B></P>
<P align="left">
<FONT size=1 face="sans-serif">6</FONT></P>

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<P align=left><B><FONT face=sans-serif size=2>4. AGAINST the shareholder
proposal requesting the Trustees to take the steps necessary to merge your fund
into Putnam New York Tax Exempt Income Fund, an open-end fund, or otherwise to
permit shareholders to realize the net asset value of their shares
</FONT></B><I><FONT face=sans-serif size=2>(Putnam New York Investment Grade
Municipal Trust only)</FONT></I><B><FONT face=sans-serif size=2>.</FONT></B></P>
<P align=left><B><FONT face=serif size=2>* Who is eligible to
vote?</FONT></B></P>
<P align=left><FONT face=serif size=2>Shareholders of record at the close of
business on August 3, 2006 are entitled to be present and to vote at the meeting
or any adjourned meeting. </FONT></P>
<P align=left><FONT face=serif size=2>Each share is entitled to one vote. Unless
otherwise noted, the holders of your fund&#146;s preferred shares and holders of your
fund&#146;s common shares will vote as separate classes. Shares represented by your
duly executed proxy will be voted in accordance with your instructions. If you
sign the proxy card, but don&#146;t fill in a vote, your shares will be voted in
accordance with the Trustees&#146; recommendations. If any other business is brought
before your fund&#146;s meeting, your shares will be voted at the discretion of the
persons designated on the proxy card.</FONT></P>
<P align=left><FONT face=serif size=2>Shareholders of each fund vote separately
with respect to each proposal. The outcome of a vote affecting one fund does not
affect any other fund.</FONT></P>
<P align=left><FONT face=sans-serif size=1>7</FONT></P>
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<P align=left><FONT face=serif size=5>The Proposals</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>1. ELECTION OF
TRUSTEES</FONT></B></P>
<P align=left><FONT face=serif size=2>* </FONT><B><FONT face=serif size=2>Who
are the nominees for Trustees?</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board Policy and Nominating Committee
of the Trustees of each fund makes recommendations concerning the nominees for
Trustees of that fund. The Board Policy and Nominating Committee consists solely
of Trustees who are not &#147;interested persons&#148; (as defined in the Investment
Company Act of 1940, as amended (the &#147;1940 Act&#148;)) of your fund or of Putnam
Investment Management, LLC, your fund&#146;s investment manager (&#147;Putnam
Management&#148;). Those Trustees who are not &#147;interested persons&#148; of your fund or
Putnam Management are referred to as &#147;Independent Trustees&#148; throughout this
Proxy Statement. </FONT></P>
<P align=left><FONT face=serif size=2>The Board Policy and Nominating Committee
of the Trustees of each fund recommends that the number of Trustees be fixed at
11 and that you vote for the election of the nominees described in the following
pages. Each nominee is currently a Trustee of your fund and of the other Putnam
funds.</FONT></P>
<P align=left><FONT face=serif size=2>Pursuant to the bylaws of your fund and
the 1940 Act, holders of the preferred shares of your fund, voting as a class,
are entitled to elect two nominees for Trustees. The holders of the preferred
shares and the common shares of your fund, voting together as a single class,
are entitled to vote for the remaining 9 of the 11 nominees. Therefore, Messrs.
Hill and Patterson have been nominated to be elected as Trustees by the holders
of the preferred shares, while the other 9 nominees have been nominated to be
elected by the holders of the preferred shares and common shares voting together
as a single class.</FONT></P>
<P align=left><FONT face=serif size=2>The nominees for Trustees and their
backgrounds are shown in the following pages. This information includes each
nominee&#146;s name, year of birth, principal occupation(s) during the past 5 years,
and other information about the nominee&#146;s professional background, including
other directorships the nominee holds. Each Trustee oversees all of the Putnam
funds and serves until the election and qualification of his or her successor,
or until he or she sooner dies, resigns or is removed. The address of all of the
Trustees is One Post Office Square, Boston, Massachusetts 02109. At December 31,
2005, there were 108 Putnam funds.</FONT></P>
<P align=left><FONT face=sans-serif size=1>8</FONT></P>
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<P align=left><B><FONT face=serif size=2>Jameson A. Baxter </FONT></B><FONT
face=serif size=2>(Born 1943)</FONT><BR><FONT face=serif size=2>Trustee since
1994 and Vice Chairman since 2005</FONT><BR><FONT face=serif
size=2>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151; </FONT><BR><FONT face=serif
size=2><BR>Ms. Baxter is the President of Baxter Associates, Inc., a private
investment firm that she founded in 1986. <BR><BR>Ms. Baxter serves as a
Director of ASHTA Chemicals, Inc., Banta Corporation (a printing and digital
imaging firm), Ryerson Tull, Inc. (a steel service </FONT><FONT face=serif
size=2>corporation), the Mutual Fund Directors Forum, Advocate Health Care and
BoardSource, formerly the National Center for Nonprofit Boards. She is Chairman
Emeritus of the Board of Trustees, Mount Holyoke College, having served as
Chairman for five years and as a board member for thirteen years. Until 2002,
Ms. Baxter was a Director of Intermatic Corporation (a manufacturer of energy
control products). </FONT></P>
<P align=left><FONT face=serif size=2>Ms. Baxter has held various positions in
investment banking and corporate finance, including Vice President and Principal
of the Regency Group, and Vice President of and Consultant to First Boston
Corporation. She is a graduate of Mount Holyoke College.</FONT></P>
<P align=left><IMG src="proxystatxyx11x2.jpg" border=0> </P>
<P align=left><B><FONT face=serif size=2>Charles B. Curtis </FONT></B><FONT
face=serif size=2>(Born 1940)</FONT><BR><FONT face=serif size=2>Trustee since
2001</FONT><BR><FONT face=serif size=2>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;
&#151;&#151;&#151;&#151;&#151; &#151;&#151;</FONT><BR></P>
<P align=left><FONT face=serif size=2>Mr. Curtis is President and Chief
Operating Officer of the Nuclear Threat Initiative (a private foundation dealing
with national security issues) and serves as Senior Advisor to the United
Nations Foundation. </FONT></P>
<P align=left><FONT face=serif size=2>Mr. Curtis is a member of the Council on
Foreign </FONT><FONT face=serif size=2>Relations, the Trustee Advisory Council
of the Applied Physics Laboratory, Johns Hopkins University and serves as a
Director of Edison International and Southern California Edison. Until 2003, Mr.
Curtis was a member of the Electric Power Research Institute Advisory Council
and the University of Chicago Board of Governors for Argonne National
Laboratory. Prior to 2002, Mr. Curtis was a Member of the Board of Directors of
the Gas Technology Institute and the Board of Directors of the Environment and
Natural Resources Program Steering Committee, John F. Kennedy School of
Government, Harvard University. Until 2001, Mr. Curtis was a member of the
Department of Defense Policy Board and Director of EG&amp;G Technical Services,
Inc. (a fossil energy research and development support company).</FONT></P>
<P align=left><FONT face=sans-serif size=1>9</FONT></P>
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<P align=left><FONT face=serif size=2>From August 1997 to December 1999, Mr.
Curtis was a Partner at Hogan &amp; Hartson L.L.P., a Washington, D.C. law firm.
Prior to May 1997, Mr. Curtis was Deputy Secretary and Under Secretary of the
U.S. Department of Energy. He served as Chairman of the Federal Energy
Regulatory Commission from 1977 to 1981 and has held positions on the staff of
the U.S. Treasury Department, and the SEC.</FONT></P><IMG
src="proxystatxyx12x1.jpg" border=0> <BR>
<P align=left><B><FONT face=serif size=2>Myra R. Drucker </FONT></B><FONT
face=serif size=2>(Born 1948)</FONT><BR><FONT face=serif size=2>Trustee since
2004</FONT><BR><FONT face=serif size=2>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;
</FONT><BR></P>
<P align=left><FONT face=serif size=2>Ms. Drucker is Chair of the Board of
Trustees of Commonfund (a not-for-profit firm specializing in asset management
for educational endowments and foundations), Vice Chair of the Board of Trustees
of Sarah Lawrence College, and a member of the Invest</FONT><FONT face=serif
size=2>ment Committee of the Kresge Foundation (a charitable trust). She is also
a director of New York Stock Exchange LLC, a wholly-owned subsidiary of the
publicly-traded NYSE Group, Inc. She is an advisor to Hamilton Lane LLC and RCM
Capital Management (investment management firms).</FONT></P>
<P align=left><FONT face=serif size=2>Ms. Drucker is an ex-officio member of the
New York Stock Exchange (NYSE) Pension Managers Advisory Committee, having
served as Chair for seven years and a member of the Executive Committee of the
Committee on Investment of Employee Benefit Assets. She is Chair of the Advisory
Board of Hamilton Lane Advisors (an investment management firm) and a member of
the Advisory Board of RCM (an investment management firm). Until August 31,
2004, Ms. Drucker was Managing Director and a member of the Board of Directors
of General Motors Asset Management and Chief Investment Officer of General
Motors Trust Bank. Ms. Drucker also served as a member of the NYSE Corporate
Accountability and Listing Standards Committee and the NYSE/NASD IPO Advisory
Committee.</FONT></P>
<P align=left><FONT face=serif size=2>Prior to joining General Motors Asset
Management in 2001, Ms. Drucker held various executive positions in the
investment management industry. Ms. Drucker served as Chief Investment Officer
of Xerox Corporation (a technology and service company in the document
industry), where she was responsible for the investment of the company&#146;s pension
assets. Ms. Drucker was also Staff Vice President and Director of Trust
Investments for International Paper (a paper, paper distribution, packaging and
forest products company) and previously served as Manager of Trust Investments
for Xerox</FONT></P>
<P align=left><FONT face=sans-serif size=1>10</FONT></P>
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<P align=left><FONT face=serif size=2>Corporation. Ms. Drucker received a B.A.
degree in Literature and Psychology from Sarah Lawrence College and pursued
graduate studies in economics, statistics and portfolio theory at Temple
University.</FONT></P>
<P align=left><IMG src="proxystatxyx13x1.jpg" border=0> </P>
<P align=left><B><FONT face=serif size=2>John A. Hill </FONT></B><FONT
face=serif size=2>(Born 1942)</FONT><BR><FONT face=serif size=2>Trustee since
1985 and Chairman since 2000</FONT><BR><FONT face=serif
size=2>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151; </FONT><BR></P>
<P align=left><FONT face=serif size=2>Mr. Hill is Vice Chairman of First Reserve
</FONT><FONT face=serif size=2>Corporation, a private equity buyout firm that
specializes in energy investments in the diversified worldwide energy
industry.</FONT></P>
<P align=left><FONT face=serif size=2>Mr. Hill is a Director of Devon Energy
Corporation, </FONT><FONT face=serif size=2>TransMontaigne Oil Company and
various private companies controlled by First Reserve Corporation, as well as
Chairman of TH Lee, Putnam Investment Trust (a closed-end investment company
advised by an affiliate of Putnam Management). He is also a Trustee of Sarah
Lawrence College. Until 2005, he was a Director of Continuum Health Partners of
New York.</FONT></P>
<P align=left><FONT face=serif size=2>Prior to acquiring First Reserve
Corporation in 1983, Mr. Hill held executive positions in investment banking and
investment management with several firms and with the federal government,
including Deputy Associate Director of the Office of Management and Budget, and
Deputy Director of the Federal Energy Administration. He is active in various
business associations, including the Economic Club of New York, and lectures on
energy issues in the United States and Europe. Mr. Hill holds a B.A. degree in
Economics from Southern Methodist University and pursued graduate studies there
as a Woodrow Wilson Fellow.</FONT></P>
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<P align=left><B><FONT face=serif size=2>Paul L. Joskow </FONT></B><FONT
face=serif size=2>(Born 1947)</FONT><BR><FONT face=serif size=2>Trustee since
1997</FONT><BR><FONT face=serif size=2>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;
</FONT><BR></P>
<P align=left><FONT face=serif size=2>Dr. Joskow is the Elizabeth and James
Killian Professor of Economics and Management, and Director of the Center for
Energy and Environmental Policy Research at the Massachusetts Institute of
Technology.</FONT></P>
<P align=left><FONT face=serif size=2>Dr. Joskow serves as a Director of
National Grid plc (a </FONT><FONT face=serif size=2>UK-based holding company
with interests in electric and gas transmis sion and distribution and
telecommunications infrastructure) and TransCanada Corporation (an energy
company focused on natural gas transmission and power services). He also serves
on the Board of Overseers of the Boston Symphony Orchestra. Prior to February
2005, he served on the board of the Whitehead Institute for
Biomedical</FONT></P>
<P align=left><FONT face=sans-serif size=1>11</FONT></P>
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<P align=left><FONT face=serif size=2>Research (a non-profit research
institution) and has been President of the Yale University Council since 1993.
Prior to February 2002, he was a Director of State Farm Indemnity Company (an
automobile insurance company), and prior to March 2000, he was a Director of New
England Electric System (a public utility holding company).</FONT></P>
<P align=left><FONT face=serif size=2>Dr. Joskow has published five books and
numerous articles on topics in industrial organization, government regulation of
industry, and competition policy. He is active in industry restructuring,
environmental, energy, competition and privatization policies &#151; serving as an
advisor to governments and corporations worldwide. Dr. Joskow holds a Ph.D. and
M. Phil from Yale University and B.A. from Cornell University.</FONT></P><IMG
src="proxystatxyx14x1.jpg" border=0> <BR>
<P align=left><B><FONT face=serif size=2>Elizabeth T. Kennan </FONT></B><FONT
face=serif size=2>(Born 1938)</FONT><BR><FONT face=serif size=2>Trustee since
1992</FONT><BR><FONT face=serif size=2>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;
<BR><BR></FONT><FONT face=serif size=2>Dr. Kennan is a Partner of Cambus-Kenneth
Farm (thoroughbred horse and cattle breeding). She is President Emeritus of
Mount Holyoke College. </FONT></P>
<P align=left><FONT face=serif size=2>Dr. Kennan served as Chairman and is now
Lead Director of Northeast Utilities. She has served as </FONT><FONT face=serif
size=2>Director on a number of other boards, including Bell Atlantic, Chastain
Real Estate, Shawmut Bank, Berkshire Life Insurance, Kentucky Home Life
Insurance and Talbots, Inc. She is a Trustee of the National Trust for Historic
Preservation, of Centre College and of Midway College in Midway, Kentucky. Until
2006, she was a member of The Trustees of Reservations. Dr. Kennan has served on
the oversight committee of the Folger Shakespeare Library, as President of Five
Colleges Incorporated, as a Trustee of Notre Dame University, and is active in
various educational and civic associations.</FONT></P>
<P align=left><FONT face=serif size=2>As a member of the faculty of Catholic
University for twelve years, until 1978, Dr. Kennan directed the post-doctoral
program in Patristic and Medieval Studies, taught history and published numerous
articles. Dr. Kennan holds a Ph.D. from the University of Washington in Seattle,
an M.S. from St. Hilda&#146;s College at Oxford University and an A.B. from Mount
Holyoke College. She holds several honorary doctorates.</FONT></P>
<P align=left><FONT face=sans-serif size=1>12</FONT></P>
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<P align=left><B><FONT face=serif size=2>Robert E. Patterson </FONT></B><FONT
face=serif size=2>(Born 1945)</FONT><BR><FONT face=serif size=2>Trustee since
1984</FONT></P>
<P align=left><FONT face=serif
size=2>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT><BR><FONT face=serif
size=2><BR>Mr. Patterson is Senior Partner of Cabot Properties, L.P. and
Chairman of Cabot Properties, Inc. (a private equity firm investing in
commercial real estate). </FONT></P>
<P align=left><FONT face=serif size=2>Mr. Patterson serves as Chairman Emeritus
and Trustee of the Joslin Diabetes Center and as a Director of </FONT><FONT
face=serif size=2>Brandywine Trust Group, LLC. Prior to June 2003, he was a
Trustee of the Sea Education Association. Prior to December 2001, he was
President and Trustee of Cabot Industrial Trust (a publicly traded real estate
investment trust). Prior to February 1998, he was Executive Vice President and
Director of Acquisitions of Cabot Partners Limited Partnership (a registered
investment adviser involved in institutional real estate investments). Prior to
1990, he served as Executive Vice President of Cabot, Cabot &amp; Forbes Realty
Advisors, Inc. (the predecessor company of Cabot Partners). </FONT></P>
<P align=left><FONT face=serif size=2>Mr. Patterson practiced law and held
various positions in state government and was the founding Executive Director of
the Massachusetts Industrial Finance Agency. Mr. Patterson is a graduate of
Harvard College and Harvard Law School.</FONT></P>
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<P align=left><B><FONT face=serif size=2>W. Thomas Stephens </FONT></B><FONT
face=serif size=2>(Born 1942)</FONT><BR><FONT face=serif size=2>Trustee since
1997</FONT><BR><FONT face=serif size=2>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;
</FONT><BR></P>
<P align=left><FONT face=serif size=2>Mr. Stephens is Chairman and Chief
Executive Officer of Boise Cascade, L.L.C. (a paper, forest products and
timberland assets company).</FONT></P>
<P align=left><FONT face=serif size=2>Until 2005, Mr. Stephens was a director of
</FONT><FONT face=serif size=2>TransCanadaPipelines, Ltd. Until 2004, Mr.
Stephens </FONT><FONT face=serif size=2>was a Director of Xcel Energy
Incorporated (a public utility company), Quest Communications, and Norske
Canada, Inc. (a paper manufacturer). Until 2003, Mr. Stephens was a Director of
Mail-Well, Inc. (a diversified printing company). He served as Chairman of
Mail-Well until 2001 and as CEO of MacMillan-Bloedel, Ltd. (a forest products
company) until 1999.</FONT></P>
<P align=left><FONT face=serif size=2>Prior to 1996, Mr. Stephens was Chairman
and Chief Executive Officer of Johns Manville Corporation. He holds B.S. and
M.S. degrees from the University of Arkansas.</FONT></P>
<P align=left><FONT face=sans-serif size=1>13</FONT></P>
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<P align=left><B><FONT face=serif size=2>Richard B. Worley </FONT></B><FONT
face=serif size=2>(Born 1945)</FONT><BR><FONT face=serif size=2>Trustee since
2004</FONT><BR><FONT face=serif size=2>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;
</FONT><BR></P>
<P align=left><FONT face=serif size=2>Mr. Worley is Managing Partner of Permit
Capital LLC, an investment management firm.</FONT></P>
<P align=left><FONT face=serif size=2>Mr. Worley serves on the Executive
Committee of the University of Pennsylvania Medical Center, is a Trustee of The
Robert Wood Johnson Foundation (a </FONT><FONT face=serif size=2>philanthropic
organization devoted to health care issues) and is a Director of The Colonial
Williamsburg Foundation (a historical preservation organization). Mr. Worley
also serves on the investment committees of Mount Holyoke College and World
Wildlife Fund (a wildlife conservation organization).</FONT></P>
<P align=left><FONT face=serif size=2>Prior to joining Permit Capital LLC in
2002, Mr. Worley served as Chief Strategic Officer of Morgan Stanley Investment
Management. He previously served as President, Chief Executive Officer and Chief
Investment Officer of Morgan Stanley Dean Witter Investment Management and as a
Managing Director of Morgan Stanley, a financial services firm. Mr. Worley also
was the Chairman of Miller Anderson &amp; Sherrerd, an investment management
firm. Mr. Worley holds a B.S. degree from University of Tennessee and pursued
graduate studies in economics at the University of Texas.</FONT></P>
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<P align=left><FONT face=serif size=2>* </FONT><B><FONT face=sans-serif
size=2>Interested Trustees</FONT></B><BR><B><FONT face=serif size=2><BR>Charles
E. Haldeman, Jr.* </FONT></B><FONT face=serif size=2>(Born 1948)</FONT><BR><FONT
face=serif size=2>Trustee since 2004</FONT><BR><FONT face=serif
size=2>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151; </FONT><BR></P>
<P align=left><FONT face=serif size=2>Mr. Haldeman is President and Chief
Executive Officer of Putnam, LLC (&#147;Putnam Investments&#148;). He is a member of
Putnam Investments&#146; Executive Board of Directors and Advisory
Council.</FONT></P>
<P align=left><FONT face=serif size=2>Prior to November 2003, Mr. Haldeman
served as Co-Head of Putnam Investments&#146; Investment Division. Prior to joining
Putnam Investments in 2002, Mr. Haldeman held executive positions in the
investment management industry. He previously served as Chief Executive Officer
of Delaware Investments and President &amp; Chief Operating Officer of United
Asset Management. Mr. Haldeman was also a partner and director of Cooke &amp;
Bieler, Inc. (an investment management firm).</FONT></P>
<P align=left><FONT face=sans-serif size=1>14</FONT></P>
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<P align=left><FONT face=serif size=2>Mr. Haldeman currently serves as a Trustee
of Dartmouth College and is a member of the Partners HealthCare Systems
Investment Committee. He is a graduate of Dartmouth College, Harvard Law School
and Harvard Business School. Mr. Haldeman is also a Chartered Financial Analyst
(CFA) charterholder.</FONT></P><IMG src="proxystatxyx17x1.jpg"
border=0> <BR>
<P align=left><B><FONT face=serif size=2>George Putnam, III* </FONT></B><FONT
face=serif size=2>(Born 1951)</FONT><BR><FONT face=serif size=2>Trustee since
1984 and President since 2000</FONT><BR><FONT face=serif
size=2>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151; </FONT><BR></P>
<P align=left><FONT face=serif size=2>Mr. Putnam is Chairman of New Generation
Research, Inc. (a publisher of financial advisory and other research services),
and President of New Generation Advisers, Inc. (a registered investment advisor
to private funds). Mr. Putnam founded the New Generation companies in
1986.</FONT></P>
<P align=left><FONT face=serif size=2>Mr. Putnam is a Director of The Boston
Family Office, LLC (a registered investment adviser). He is a Trustee of St.
Mark&#146;s School and Shore Country Day School, and until 2002 was a Trustee of the
Sea Education Association.</FONT></P>
<P align=left><FONT face=serif size=2>Mr. Putnam previously worked as an
attorney with the law firm of Dechert LLP (formerly known as Dechert Price &amp;
Rhoads) in Philadelphia. He is a graduate of Harvard College, Harvard Business
School, and Harvard Law School.</FONT></P>
<P align=left><FONT face=sans-serif size=1>* Nominees who are or may be deemed
to be &#147;interested persons&#148; (as defined in the 1940 Act) of the fund, Putnam
Management, Putnam Retail Management Limited Partnership (&#147;Putnam Retail
Management&#148;) or Marsh &amp; McLennan Companies, Inc., the parent company of
Putnam Investments and its affiliated companies. Messrs. Putnam, III and
Haldeman are deemed &#147;interested persons&#148; by virtue of their positions as
officers of the funds, Putnam Management or Putnam Retail Management and as
shareholders of Marsh &amp; McLennan Companies, Inc. Mr. Haldeman is the
President and Chief Executive Officer of Putnam Investments. Mr. Putnam, III is
the President of your fund and each of the other Putnam funds. The balance of
the nominees are not &#147;interested persons.&#148;</FONT></P>
<P align=left><FONT face=sans-serif size=1>15</FONT></P>
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<P align="left">
<FONT size=2 face="serif">All the nominees were elected by the shareholders of each fund other than Putnam California Investment Grade Municipal Trust on October 28, 2005 and by shareholders of Putnam California Investment Grade Municipal Trust on
December 6, 2005.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The nine nominees for election as Trustees by the holders of common and preferred shares, voting as a single class, who receive the greatest number of votes from the preferred and common shareholders will be elected as
Trustees of your fund. In addition, the two nominees for election as Trustees by the preferred shareholders, voting as a class, who receive the greatest number of votes from the preferred shareholders will be elected as Trustees of your
fund.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Each Trustee serves until his or her successor is elected and qualified or until his or her earlier resignation, retirement at age 72, death or removal. Each of the nominees has agreed to serve as a Trustee, if elected. If
any of the nominees is unavailable for election at the time of the meeting, which is not anticipated, the Trustees may vote for other nominees at their discretion, or the Trustees may fix the number of Trustees to be elected by the holders of common
and preferred shares voting as a single class at fewer than 9.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">16</FONT></P>

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<P align=left><B><FONT face=sans-serif size=2>* What are the Trustees&#146;
responsibilities?</FONT></B></P>
<P align=left><FONT face=serif size=2>Your fund&#146;s Trustees are responsible for
the general oversight of your fund&#146;s affairs and for assuring that your fund is
managed in the best interests of its shareholders. The Trustees regularly review
your fund&#146;s investment performance as well as the quality of other services
provided to your fund and its shareholders by Putnam Management and its
affiliates, including administration, custody, and shareholder servicing. At
least annually, the Trustees review and evaluate the fees and operating expenses
paid by your fund for these services and negotiate changes that they deem
appropriate. In carrying out these responsibilities, the Trustees are assisted
by an independent administrative staff and by your fund&#146;s auditors, independent
counsel and other experts as appropriate, selected by and responsible to the
Trustees.</FONT></P>
<P align=left><FONT face=serif size=2>At least 75% of the trustees of your fund
are required to not be &#147;interested persons&#148; (as defined in the 1940 Act) of your
fund or your fund&#146;s investment manager. These independent trustees, who are
referred to in this proxy statement as &#147;Independent Trustees,&#148; must vote
separately to approve all financial arrangements and other agreements with your
fund&#146;s investment manager and other affiliated parties. The role of independent
trustees has been characterized as that of a &#147;watchdog&#148; charged with oversight
to protect shareholders&#146; interests against overreaching and abuse by those who
are in a position to control or influence a fund. Your fund&#146;s Independent
Trustees meet regularly as a group in executive session. Nine of the 11 nominees
for election as Trustee would be Independent Trustees. </FONT></P>
<P align=left><B><FONT face=serif size=2>Board committees. </FONT></B><FONT
face=serif size=2>Your fund&#146;s Trustees have determined that the effi-cient
conduct of your fund&#146;s affairs makes it desirable to delegate responsibility for
certain specific matters to committees of the board. Certain committees (the
Executive Committee, Distributions Committee, and Audit and Compliance
Committee) are authorized to act for the Trustees as specified in their
charters. The other committees review and evaluate matters specified in their
charters and make recommendations to the Trustees as they deem appropriate. Each
committee may utilize the resources of your fund&#146;s independent staff, counsel
and auditors as well as other experts. The committees meet as often as
necessary, either in conjunction with regular meetings of the Trustees or
otherwise. The membership and chairperson of each committee are appointed by the
Trustees upon recommendation of the Board Policy and Nominating
Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=1>17</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_20></A>
<P align=left><B><FONT face=serif size=2>Audit and Compliance Committee.
</FONT></B><FONT face=serif size=2>The Audit and Compliance Committee provides
oversight on matters relating to the preparation of the fund&#146;s financial
statements, compliance matters and Code of Ethics issues. This oversight is
discharged by regularly meeting with management and the funds&#146; independent
registered public accounting firms and keeping current on industry developments.
Duties of this Committee also include the review and evaluation of all matters
and relationships pertaining to the funds&#146; independent registered public
accounting firms, including their independence. The members of your Committee
include only Independent Trustees. Each member of the Committee is &#147;independent&#148;
as defined in Sections 303.01(B)(2)(a) and (3) of the listing standards of the
New York Stock Exchange and as defined in Section 121(A) of the listing
standards of the American Stock Exchange. The Trustees have adopted a written
charter for the Committee. The Audit and Compliance Committee&#146;s charter, which
is included in this Proxy Statement as Exhibit A, is also available on the
fund&#146;s web site at
https://content.putnam.com/individual_investor/pdf/committee_charter.pdf. Print
copies of the charter are available free of charge upon request by calling
1-800-225-1581. The Committee currently consists of Messrs. Patterson
(Chairperson), Hill and Stephens.</FONT></P>
<P align=left><B><FONT face=serif size=2>Board Policy and Nominating Committee.
</FONT></B><FONT face=serif size=2>The Board Policy and Nominating Committee
reviews policy matters pertaining to the operations of the Board of Trustees and
its Committees, the compensation of the Trustees and their staff and the conduct
of legal affairs for the funds. The Committee also oversees the voting of
proxies associated with portfolio investments of the Putnam funds, with the goal
of ensuring that these proxies are voted in the best interest of the funds&#146;
shareholders. </FONT></P>
<P align=left><FONT face=serif size=2>The Committee evaluates and recommends all
candidates for election as Trustees and recommends the appointment of members
and chairs of each board committee. The Committee also identifies prospective
nominees for election as trustee by considering individuals that come to its
attention through current Trustees, Putnam Management or shareholders.
Candidates properly submitted by shareholders (as described below) will be
considered and evaluated on the same basis as candidates recommended by other
sources. The Committee may, but is not required to, engage a third-party
professional search firm to assist it in identifying and evaluating potential
nominees.</FONT></P>
<P align=left><FONT face=sans-serif size=1>18</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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<A name="page_21"></A>

<P align="left">
<FONT size=2 face="serif">When evaluating a potential candidate for membership on the Board of Trustees, the Committee considers the skills and characteristics that it feels would most benefit the Putnam funds at the time the evaluation is made. The
Committee may take into account a wide variety of attributes in considering potential trustee candidates, including, but not limited to: (i) availability and commitment of a candidate to attend meetings, (ii) other board experience, (iii) relevant
industry and related experience, (iv) educational background, (v) financial expertise, (vi) an assessment of the candidate&#146;s ability, judgment and expertise, (vii) an assessment of the perceived needs of the Board of Trustees and its committees
at that point in time and (viii) the overall composition of the Board of Trustees. In connection with this evaluation, the Committee will determine whether to interview prospective nominees, and, if warranted, one or more members of the Committee,
and other Trustees and representatives of the funds, as appropriate, will interview prospective nominees in person or by telephone. Once this evaluation is completed, the Committee recommends such candidates as it determines appropriate to the
Independent Trustees for nomination, and the Independent Trustees select the nominees after considering the recommendation of the Committee.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Committee will consider nominees for trustee recommended by shareholders of a fund provided shareholders submit their recommendations by the date disclosed in the paragraph entitled &#147;Date for receipt of
shareholders&#146; proposals for the next annual meeting,&#148; and provided the shareholders&#146; recommendations otherwise comply with applicable securities laws, including Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the
&#147;1934 Act&#148;).</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Committee consists only of Independent Trustees. The Committee currently consists of Dr. Kennan (Chairperson), Ms. Baxter and Messrs. Hill and Patterson.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Brokerage Committee. </FONT></B><FONT size=2 face="serif">The Brokerage Committee reviews the policies and procedures of the funds regarding the execution of portfolio transactions for the funds, including policies
regarding: the selection of brokers and dealers to execute portfolio transactions; the establishment of brokerage commissions rates; and the generation and use of soft dollar credits. The Committee also oversees the implementation by Putnam
Management of such policies and procedures. The Committee reviews periodic reports regarding payments made, the quality of execution obtained by the funds, and the value of research obtained by Putnam Management in connection with portfolio
transactions on</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">19</FONT></P>

<HR noshade align="center" width="100%" size=2>



<!--$$/page=-->
<A name="page_22"></A>

<P align="left">
<FONT size=2 face="serif">behalf of the funds. The Committee currently consists of Dr. Joskow (Chairperson), Ms. Drucker and Mr. Putnam, III.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Contract Committee. </FONT></B><FONT size=2 face="serif">The Contract Committee reviews and evaluates, at least annually, all arrangements pertaining to (i) the engagement of Putnam Management and its affiliates to
provide services to the funds, (ii) the expenditure of the funds&#146; assets for distribution purposes pursuant to the distribution plans of the open-end funds and (iii) the engagement of other persons to provide material services to the funds,
including in particular those instances where the cost of services is shared between the funds and Putnam Management and its affiliates or where Putnam Management or its affiliates have a material interest. The Committee recommends to the Trustees
such changes in arrangements as it deems appropriate. After review and evaluation, the Committee recommends to the Trustees the proposed organization of new fund products and proposed structural changes to existing funds. Its oversight of the
closed-end funds includes (i) investment performance, (ii) trading activity, (iii) determinations with respect to conversion of a closed-end fund to an open-end fund, and (iv) other measures in response to trading discounts, including share
repurchase programs. The Committee consists only of Independent Trustees. The Committee currently consists of Ms. Baxter (Chairperson), Messrs. Curtis and Worley and Dr. Kennan.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Distributions Committee. </FONT></B><FONT size=2 face="serif">The Distributions Committee oversees all fund distributions. The Committee makes recommendations to the Trustees of the funds regarding the amount and timing
of distributions paid by the funds, and approves such matters when the Trustees are not in session. The Committee also oversees the policies and procedures pursuant to which Putnam Management prepares recommended distributions, and meets regularly
with representatives of Putnam Management to review the implementation of such policies and procedures. The Committee currently consists of Mr. Putnam, III, (Chairperson), Ms. Drucker and Dr. Joskow.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Executive Committee. </FONT></B><FONT size=2 face="serif">The functions of the Executive Committee are twofold. The first is to ensure that the funds&#146; business may be conducted at times when it is not feasible to
convene a meeting of the Trustees or for the Trustees to act by written consent. The Committee may exercise any or all of the power and authority of the Trustees when the Trustees are not in session. The second is to establish annual and ongoing
goals, objectives and priorities for the Board of Trustees and to</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">20</FONT></P>

<HR noshade align="center" width="100%" size=2>

<!--$$/page=--><A name=page_23></A>
<P align=left><FONT face=serif size=2>ensure coordination of all efforts between
the Trustees and Putnam Management and its affiliates on behalf of the
shareholders of the Putnam funds. The Committee currently consists of Messrs.
Hill (Chairperson), Curtis, Patterson and Putnam, III (</FONT><I><FONT
face=serif size=2>ex officio</FONT></I><FONT face=serif size=2>), Dr. Joskow and
Ms. Baxter.</FONT></P>
<P align=left><B><FONT face=serif size=2>Investment Oversight Committees.
</FONT></B><FONT face=serif size=2>These Committees regularly meet with
investment personnel of Putnam Management to review the investment performance
and strategies of the funds in light of their stated investment objectives and
policies. Investment Oversight Committee A currently consists of Mses. Drucker
(Chairperson) and Baxter and Mr. Curtis. Investment Oversight Committee B
currently consists of Drs. Joskow (Chairperson) and Kennan and Mr. Stephens.
Investment Committee C currently consists of Messrs. Patterson (Chairperson) and
Putnam, III. Investment Oversight Committee D currently consists of Messrs.
Worley (Chairperson), Haldeman and Hill. </FONT></P>
<P align=left><B><FONT face=serif size=2>Investment Process Committee.
</FONT></B><FONT face=serif size=2>The Investment Process Committee complements
the work of the Investment Oversight Committees by monitoring Putnam
Management&#146;s investment philosophies, investment processes and investment
personnel. The Committee reviews Putnam Management&#146;s research capabilities; risk
management processes; recruiting, training and compensation of investment
personnel; performance measurement; and portfolio construction. The Committee
currently consists of Ms. Drucker (Chairperson), Dr. Joskow and Mr. Putnam,
III.</FONT></P>
<P align=left><B><FONT face=serif size=2>Marketing Committee. </FONT></B><FONT
face=serif size=2>The Marketing Committee oversees the marketing and sale of
fund shares by Putnam Retail Management. The Committee reviews (i) services
provided by Putnam Retail Management under its Distributor&#146;s Contracts with the
open-end funds, (ii) sales charges imposed in connection with the sale of fund
shares, (iii) expenditure of the funds&#146; assets for distribution and shareholder
services pursuant to distribution plans of the open-end funds, (iv) financial
arrangements between Putnam Retail Management and financial intermediaries
related to the sale of fund shares, and (v) compliance by Putnam Retail
Management with applicable federal and state laws and regulations governing the
sale of fund shares. The Committee also exercises general oversight of marketing
and sales communications used by Putnam Retail Management in connection with the
sale of fund shares. The Committee currently consists of Messrs. Curtis
(Chairperson) and Worley, Ms. Baxter and Dr. Kennan.</FONT></P>
<P align=left><FONT face=sans-serif size=1>21</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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<A name="page_24"></A>

<P align="left">
<B><FONT size=2 face="serif">Pricing Committee. </FONT></B><FONT size=2 face="serif">The Pricing Committee oversees the implementation of your fund&#146;s policies and procedures for achieving accurate and timely pricing of the funds&#146; shares,
including oversight of fair value determinations of individual securities made by Putnam Management or other designated agents of your fund. The Committee oversees compliance by money market funds with Rule 2a-7 under the 1940 Act, interfund
transactions pursuant to Rule 17a-7 under the 1940 Act, and the correction of occasional pricing errors. The Committee also receives reports on various matters including reports on the liquidity of portfolio securities. The Committee currently
consists of Messrs. Stephens (Chairperson), Hill and Patterson.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Shareholder Communications and Relations Committee. </FONT></B><FONT size=2 face="serif">The Shareholder Communications and Relations Committee reviews certain communications sent to fund shareholders, including
shareholder reports, prospectuses, proxy statements and other materials. The Committee oversees the policies and procedures pursuant to which such shareholder communications are prepared, and the implementation by Putnam Management of such policies
and procedures. The Committee reviews periodic reports regarding the costs to the funds of preparing and distributing such communications. The Committee also reviews periodic reports regarding comments and suggestions received with respect to such
communications. The Committee currently consists of Mr. Putnam, III (Chairperson), Ms. Drucker and Dr. Joskow.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">* How large a stake do the Trustees and nominees have in the Putnam family of funds?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">The Trustees allocate their investments among the Putnam funds based on their own investment needs. The table below shows the number of shares beneficially owned by each nominee for Trustee and the value of each
nominee&#146;s holdings in each fund and in all of the Putnam funds as of June 30, 2006. As a group, the Trustees owned shares of the Putnam funds valued at approximately &#36;87 million as of June 30, 2006.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">22</FONT></P>

<HR noshade align="center" width="100%" size=2>

<!--$$/page=--><A name=page_25></A>
<P align=left><B><FONT face=sans-serif size=2>Putnam California Investment Grade
Municipal Trust</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>Dollar Range</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="27%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>of Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=1>Aggregate Dollar</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="26%" background=""><FONT
      face=Arial size=1>California Investment</FONT>&nbsp;</TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=1>Shares</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=1>Range of Shares
      held</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="26%" background=""><FONT
      face=Arial size=1>Grade Municipal Trust</FONT>&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=1>Beneficially</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=1>in all of the</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=1>Name of Nominee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=1>Shares Owned</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=1>Owned</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=1>Putnam funds</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Jameson A. Baxter</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>188.704</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Charles B. Curtis</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>116.878</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Myra R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>103.512</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Charles E. Haldeman,
      Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>243</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>John A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>218.319</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Paul L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Elizabeth T. Kennan</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>201.338</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Robert E. Patterson</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>George Putnam, III</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="26%" background=""><FONT
      face=Arial size=2>$10,001 &#151; $50,000</FONT>&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>1,100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>W. Thomas Stephens</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>Richard B. Worley</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>over $100,000</FONT>&nbsp;
</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>Putnam High Yield Municipal
Trust</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   >&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >Dollar Range of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >Aggregate Dollar</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   >&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >Putnam High Yield</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Shares</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >Range of Shares held</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   >&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Beneficially</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >in all of the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=1
     >Name of Nominee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >Shares Owned</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Owned</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >Putnam funds</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Jameson A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >203.997</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Charles B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >115.108</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Myra R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >102.765</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Charles E. Haldeman, Jr.</FONT></TD>
    <TD noWrap align=left width="28%" background=""
   ><FONT face=Arial size=2>$1
      &#151; $10,000</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >John A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >218.965</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Paul L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Elizabeth T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >201.315</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Robert E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >300</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >George Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$10,001 &#151; $50,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >2100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >W. Thomas Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Richard B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>23</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_26></A>
<P align=left><B><FONT face=sans-serif size=2>Putnam Municipal Bond
Fund</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   >&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >Dollar Range</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="26%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   >&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >of Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >Aggregate Dollar</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   >&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >Municipal</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Shares</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >Range of Shares held</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   >&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >Bond Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Beneficially</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >in all of the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=1
     >Name of Nominee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >Shares Owned</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Owned</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >Putnam funds</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Jameson A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$10,001 &#151; $50,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >3570</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Charles B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >120.297</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Myra R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >103.105</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Charles E. Haldeman, Jr.&nbsp;</FONT>
    </TD>
    <TD noWrap align=left width="28%" background=""
   ><FONT face=Arial size=2>$1
      &#151; $10,000</FONT>&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >250</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >John A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >318.337</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Paul L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >196</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Elizabeth T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >189.709</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Robert E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >293</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >George Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$10,001 &#151; $50,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1184</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >W. Thomas Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >196</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Richard B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>Putnam Municipal Opportunities
Trust</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   >&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >Dollar Range</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="26%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   >&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >of Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >Aggregate Dollar</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   >&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >Municipal</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Shares</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >Range of Shares held</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   >&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >Opportunities Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Beneficially</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >in all of the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=1
     >Name of Nominee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >Shares Owned</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Owned</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >Putnam funds</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Jameson A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >207.003</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Charles B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >120.544</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Myra R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >102.890</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Charles E. Haldeman, Jr. </FONT></TD>
    <TD noWrap align=left width="28%" background=""
   ><FONT face=Arial size=2>$1
      &#151; $10,000</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >270</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >John A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >222.08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Paul L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Elizabeth T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >119.793</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Robert E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >George Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$10,001 &#151; $50,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1300</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >W. Thomas Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >Richard B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>24</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_27></A>
<P align=left><B><FONT face=sans-serif size=2>Putnam New York Investment Grade
Municipal Trust</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"
   >&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=1
     >Dollar Range</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="25%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"
   >&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=1
     >of Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=1
     >Aggregate Dollar</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"
   >&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=1
     >New York Investment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Shares</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=1
     >Range of Shares held</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"
   >&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=1
     >Grade Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Beneficially</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=1
     >in all of the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=1
     >Name of Nominee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=1
     >Shares Owned</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Owned</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=1
     >Putnam funds</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >Jameson A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >186.650</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >Charles B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >115.781</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >Myra R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >102.234</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >Charles E. Haldeman, Jr. </FONT></TD>
    <TD noWrap align=left width="30%" background=""
   ><FONT face=Arial size=2>$1
      &#151; $10,000</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >280</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >John A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >$100,001 &#151; $500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >36,316.780</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >Paul L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >Elizabeth T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >189.263</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >Robert E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >George Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >$10,001 &#151; $50,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1,200</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >W. Thomas Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"
   ><FONT face=sans-serif size=2
     >Richard B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"
   ><FONT face=sans-serif size=2
     >$1 &#151; $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>At June 30, 2006, the Trustees and
officers, as a group, owned on that date less than 1% of the outstanding common
shares of each fund, except Putnam New York Investment Grade Municipal Trust, of
which their aggregate ownership was approximately 1.39% .</FONT></P>
<P align=left><FONT face=serif size=2>None of the Trustees owns any preferred
shares of any of the funds.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* What are some of the ways in
which the Trustees represent shareholder interests?</FONT></B></P>
<P align=left><FONT face=serif size=2>Among other ways, the Trustees seek to
represent shareholder interests: </FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;by carefully reviewing your fund&#146;s
investment performance on an individual basis with your fund&#146;s investment team;
</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;by carefully reviewing the quality
of the various other services provided to the funds and their shareholders by
Putnam Management and its affiliates; </FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;by discussing with senior
management of Putnam Management steps being taken to address any performance
deficiencies;</FONT></P>
<P align=left><FONT face=sans-serif size=1>25</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_28></A>
<P align=left><FONT face=serif size=2>*&nbsp;by reviewing in depth the fees paid
by each fund and by negotiating with Putnam Management to ensure that such fees
remain reasonable and competitive with those of comparable funds, while at the
same time providing Putnam Management sufficient resources to continue to
provide high quality services in the future; </FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;by reviewing brokerage costs and
fees, allocations among brokers, soft dollar expenditures and similar expenses
of the fund; </FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;by monitoring potential conflicts
of interest between the funds and Putnam Management and its affiliates to ensure
that the funds continue to be managed in the best interests of their
shareholders; and </FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;by monitoring potential conflicts
among funds managed by Putnam to ensure that shareholders continue to realize
the benefits of participation in a large and diverse family of funds.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* How can shareholders communicate
with the Trustees?</FONT></B></P>
<P align=left><FONT face=serif size=2>The Board of Trustees provides a process
for shareholders to send communications to the Trustees. Shareholders may direct
communications to the Board of Trustees as a whole or to specified individual
Trustees by submitting them in writing to the following address:</FONT></P>
<P align=left><FONT face=serif size=2>The Putnam Funds</FONT><BR><FONT
face=serif size=2>Attention: &#147;Board of Trustees&#148; or any specified
Trustee(s)</FONT><BR><FONT face=serif size=2>One Post Office
Square</FONT><BR><FONT face=serif size=2>Boston, Massachusetts
02109</FONT><BR></P>
<P align=left><FONT face=serif size=2>Written communications must include the
shareholder&#146;s name, be signed by the shareholder, refer to the Putnam fund(s) in
which the shareholder holds shares and include the class and number of shares
held by the shareholder as of a recent date.</FONT></P>
<P align=left><FONT face=serif size=2>The Office of the Trustees will respond to
all correspondence sent to Trustees. Due to the volume of correspondence, all
communications are not sent directly to the Trustees; the correspondence is
reviewed, summarized and presented to Trustees on a periodic basis.</FONT></P>
<P align=left><FONT face=sans-serif size=1>26</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_29></A>
<P align=left><B><FONT face=sans-serif size=2>* How often do the Trustees
meet?</FONT></B></P>
<P align=left><FONT face=serif size=2>The Trustees meet each month (except
August) over a two-day period to review the operations of your fund and of the
other Putnam funds. A portion of these meetings is devoted to meetings of
various committees of the board that focus on particular matters. Each Trustee
generally attends at least two formal committee meetings during each regular
meeting of the Trustees. In addition, the Trustees meet in small groups with
Chief Investment Officers, Portfolio Leaders and Portfolio Members to review
recent performance and the current investment climate for selected funds. These
meetings ensure that each fund&#146;s performance is reviewed in detail at least
twice a year. The committees of the board, including the Executive Committee,
may also meet on special occasions as the need arises. During calendar year
2005, the average Trustee participated in approximately 55 committee and board
meetings. </FONT></P>
<P align=left><FONT face=serif size=2>The number of times each committee met
during your fund&#146;s last fiscal year is shown in the table below:</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Putnam California Investment Grade
Municipal Trust</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=sans-serif
      size=1>Fiscal year ended April 30,
      2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=sans-serif
      size=2>Audit and Compliance
      Committee*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>13</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=sans-serif
      size=2>Board Policy and Nominating
      Committee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>12</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=sans-serif
      size=2>Brokerage
      Committee**</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>8</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=sans-serif
      size=2>Contract Committee</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>14</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=sans-serif
      size=2>Distributions
      Committee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>9</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=sans-serif
      size=2>Executive Committee</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>2</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=sans-serif
      size=2>Investment Oversight
      Committees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>38</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=sans-serif
      size=2>Marketing
      Committee***</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>11</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=sans-serif
      size=2>Pricing Committee*</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>13</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=sans-serif
      size=2>Shareholder Communications and
      Relations Committee***</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>10</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"><FONT face=sans-serif
      size=2>Investment Process
      Committee****</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=2>4</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>27</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_30"></A>

<P align="left">
<B><FONT size=2 face="sans-serif">Putnam High Yield Municipal Trust</FONT></B></P>
<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=1 face="sans-serif">Fiscal year ended March 31, 2006</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Audit and Compliance Committee*</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">14</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Board Policy and Nominating Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Brokerage Committee**</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">7</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Contract Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">14</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Distributions Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">8</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Executive Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">2</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Investment Oversight Committees</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Marketing Committee***</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">12</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Pricing Committee*</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">15</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Shareholder Communications and Relations Committee***</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">10</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Investment Process Committee****</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">3</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<B><FONT size=2 face="sans-serif">Putnam Municipal Bond Fund</FONT></B></P>
<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=1 face="sans-serif">Fiscal year ended April 30, 2006</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Audit and Compliance Committee*</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Board Policy and Nominating Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">12</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Brokerage Committee**</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">8</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Contract Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">14</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Distributions Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">9</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Executive Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">2</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Investment Oversight Committees</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Marketing Committee***</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">11</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Pricing Committee*</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Shareholder Communications and Relations Committee***</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">10</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Investment Process Committee****</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">4</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=1 face="sans-serif">28</FONT></P>

<HR noshade align="center" width="100%" size=2>



<!--$$/page=-->
<A name="page_31"></A>

<P align="left">
<B><FONT size=2 face="sans-serif">Putnam Municipal Opportunities Trust</FONT></B></P>
<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=1 face="sans-serif">Fiscal year ended April 30, 2006</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Audit and Compliance Committee*</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Board Policy and Nominating Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">12</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Brokerage Committee**</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">8</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Contract Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">14</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Distributions Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">9</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Executive Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">2</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Investment Oversight Committees</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Marketing Committee***</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">11</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Pricing Committee*</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Shareholder Communications and Relations Committee***</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">10</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Investment Process Committee****</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">4</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<B><FONT size=2 face="sans-serif">Putnam New York Investment Grade Municipal Trust</FONT></B></P>
<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=1 face="sans-serif">Fiscal year ended April 30, 2006</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Audit and Compliance Committee*</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Board Policy and Nominating Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">12</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Brokerage Committee**</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">8</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Contract Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">14</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Distributions Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">9</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Executive Committee</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">2</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Investment Oversight Committees</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Marketing Committee***</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">11</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Pricing Committee*</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Shareholder Communications and Relations Committee***</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">10</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=84% nowrap align=left>
<FONT size=2 face="sans-serif">Investment Process Committee****</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">4</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=1 face="sans-serif">* Effective January 2006, the responsibilities of the Audit and Pricing Committee were divided between two separate committees, the Audit and Compliance Committee and the Pricing Committee. The number of meetings shown
represents the number of meetings held by the former combined Audit and Pricing Committee prior to the formation of the new committees and by the relevant new committee after its formation.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">** Effective January 2006, the Brokerage and Custody Committee was renamed the Brokerage Committee.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">29</FONT></P>

<HR noshade align="center" width="100%" size=2>



<!--$$/page=-->
<A name="page_32"></A>

<P align="left">
<FONT size=1 face="sans-serif">*** Effective January 2006, the responsibilities of the Communication, Service and Marketing Committee were divided between two separate committees, the Marketing Committee and the Shareholder Communications and
Relations Committee. The number of meetings shown represents the number of meetings held by the former combined Communication, Service and Marketing Committee prior to the formation of the new committees and by the relevant new committee after its
formation.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">****The Investment Process Committee began meeting in January 2006.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Your fund does not have a policy with respect to Trustee attendance at shareholder meetings. Although your fund&#146;s Trustees did not attend the last annual meeting of your fund, they were represented at the meeting by
their staff.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">* What are the Trustees paid for their services?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Each Independent Trustee of the fund receives an annual retainer fee and additional fees for each Trustees&#146; meeting attended, for attendance at industry seminars and for certain compliance-related services. Independent
Trustees who serve on board committees receive additional fees for attendance at certain committee meetings and for special services rendered in that connection. Independent Trustees also are reimbursed for costs incurred in connection with their
services, including costs of travel, seminars and educational materials. All of the current Independent Trustees of the fund are Trustees of all the Putnam funds and receive fees for their services. Mr. Putnam, III also receives the foregoing fees
for his services as Trustee.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Trustees periodically review their fees to ensure that such fees continue to be appropriate in light of their responsibilities as well as in relation to fees paid to trustees of other mutual fund complexes. The Board
Policy and Nominating Committee, which consists solely of Independent Trustees of the fund, estimates that committee and Trustee meeting time, together with the appropriate preparation, requires the equivalent of at least three business days per
Trustee meeting. The following table shows the year each Trustee became a Trustee of the Putnam funds and the fees paid to each Trustee by your fund for its most recent fiscal year and the fees paid to each Trustee by all of the Putnam funds during
calendar year 2005:</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">30</FONT></P>

<HR noshade align="center" width="100%" size=2>

<!--$$/page=--><A name=page_33></A>
<P align=left><B><FONT face=sans-serif size=2>Putnam California Investment Grade
Municipal Trust <BR>Compensation Table</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >Retirement</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Estimated</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >benefits</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >annual</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >Total</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >Aggregate</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >accrued</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >benefits from&nbsp;</FONT> </TD>
    <TD noWrap align=left width="17%" background=""
   ><FONT face=Arial
      size=1>compensation</FONT>&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   >&nbsp;</TD>
    <TD noWrap align=left width="14%" background=""
   ><FONT face=Arial
      size=1>compensation</FONT>&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >as part</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >all Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >from all</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >from the</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >of fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >funds upon</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >Putnam</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=1
     >Trustees/Year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >expenses</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >retirement </FONT><SUP><FONT
      face=sans-serif size=1
     >(1)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >funds </FONT><SUP><FONT face=sans-serif
      size=1>(2)(3)</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   >
      <HR noShade SIZE=1>
      &nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Jameson A. Baxter/1994</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >$1,405</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >$418</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >$110,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >$237,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Charles B. Curtis/2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,310</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >778</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >113,900</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >231,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Myra R. Drucker/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,287</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >224,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Charles E. Haldeman,
      Jr./2004&nbsp;</FONT> </TD>
    <TD noWrap align=left width="14%" background=""
   ><FONT face=Arial
      size=2>0</FONT>&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >0</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >John A. Hill/1985(4)(5)</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >2,005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >539</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >161,700</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >422,813</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Ronald J. Jackson/1996</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)(6)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >451</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >107,333</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Paul L. Joskow/1997</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,342</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >443</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >113,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >228,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Elizabeth T. Kennan/1992</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,373</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >526</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >108,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >229,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >John H. Mullin,
      III/1997</FONT><SUP><FONT face=sans-serif size=2
     >(4)(6)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,325</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >485</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >220,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Robert E. Patterson/1984</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,323</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >291</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >106,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >222,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >George Putnam,
      III/1984</FONT><SUP><FONT face=sans-serif size=2
     >(5)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,498</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >265</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >130,300</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >262,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >W. Thomas
      Stephens/1997</FONT><SUP><FONT face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,264</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >482</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >211,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Richard B. Worley/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,317</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >218,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=5
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   ><B><FONT face=sans-serif size=2
     >Putnam High Yield
      Municipal Trust Compensation Table</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=5
   >&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Jameson A. Baxter/1994</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >$1,363</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >$445</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >$110,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >$237,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Charles B. Curtis/2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,261</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >840</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >113,900</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >231,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Myra R. Drucker/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,291</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >224,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Charles E. Haldeman,
      Jr./2004&nbsp;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%" background=""
   ><FONT face=Arial
      size=2>0</FONT>&nbsp;</TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >0</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >John A. Hill/1985</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)(5)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >2,074</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >576</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >161,700</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >422,813</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Ronald J. Jackson/1996</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)(6)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >316</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >485</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >107,333</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Paul L. Joskow/1997</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,291</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >480</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >113,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >228,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Elizabeth T. Kennan/1992</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,326</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >562</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >108,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >229,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >John H. Mullin,
      III/1997</FONT><SUP><FONT face=sans-serif size=2
     >(4)(6)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,274</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >515</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >220,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Robert E. Patterson/1984</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,268</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >309</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >106,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >222,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >George Putnam,
      III/1984</FONT><SUP><FONT face=sans-serif size=2
     >(5)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,485</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >282</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >130,300</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >262,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >W. Thomas
      Stephens/1997</FONT><SUP><FONT face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,188</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >515</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >211,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Richard B. Worley/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,265</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >218,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>31</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_34></A>
<P align=left><B><FONT face=sans-serif size=2>Putnam Municipal Bond Fund
Compensation Table</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>Retirement</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>Estimated</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>benefits</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>annual</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>Total</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>Aggregate</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>accrued</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>benefits from </FONT></TD>
    <TD noWrap align=left width="16%" background=""><FONT
      face=Arial size=1>compensation</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%">&nbsp;</TD>
    <TD noWrap align=left width="14%" background=""><FONT
      face=Arial size=1>compensation</FONT>&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>as part</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>all Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>from all</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%">&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>from the</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>of fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>funds upon</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>Putnam</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>Trustees/Year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>expenses</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=1>retirement </FONT><SUP><FONT
      face=sans-serif size=1
     >(1)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>funds </FONT><SUP><FONT
      face=sans-serif size=1
     >(2)(3)</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5><FONT
      face=sans-serif size=1>
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Jameson A.
      Baxter/1994</FONT><SUP><FONT face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>$1,572</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>$465</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>$110,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>$237,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Charles B.
      Curtis/2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>1,466</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>867</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>113,900</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>231,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Myra R.
      Drucker/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>1,440</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>224,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Charles E. Haldeman,
      Jr./2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%" background=""><FONT
      face=Arial size=2>0</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>John A.
      Hill/1985</FONT><SUP><FONT face=sans-serif size=2
     >(4)(5)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>2,242</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>601</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>161,700</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>422,813</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Ronald J.
      Jackson/1996</FONT><SUP><FONT face=sans-serif size=2
     >(4)(6)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>18</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>502</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>107,333</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Paul L.
      Joskow/1997</FONT><SUP><FONT face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>1,502</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>493</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>113,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>228,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Elizabeth T.
      Kennan/1992</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>1,536</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>586</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>108,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>229,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>John H. Mullin,
      III/1997</FONT><SUP><FONT face=sans-serif size=2
     >(4)(6)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>1,482</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>541</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>220,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Robert E.
      Patterson/1984</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>1,481</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>324</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>106,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>222,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>George Putnam,
      III/1984</FONT><SUP><FONT face=sans-serif size=2
     >(5)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>1,676</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>296</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>130,300</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>262,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>W. Thomas
      Stephens/1997</FONT><SUP><FONT face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>1,415</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>537</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>107,100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>211,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Richard B.
      Worley/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>1,473</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>218,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5><B><FONT
      face=sans-serif size=2
     >Putnam Municipal Opportunities Trust Compensation
      Table</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=5
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5><FONT
      face=sans-serif size=1>
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Jameson A.
      Baxter/1994</FONT><SUP><FONT face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>$1,546</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>$458</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>$110,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>$237,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Charles B.
      Curtis/2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>1,441</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>852</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>113,900</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>231,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Myra R.
      Drucker/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>1,416</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>224,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Charles E. Haldeman, Jr./2004
      </FONT></TD>
    <TD noWrap align=left width="14%" background=""><FONT
      face=Arial size=2>0</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>John A.
      Hill/1985</FONT><SUP><FONT face=sans-serif size=2
     >(4)(5)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>2,205</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>591</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>161,700</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>422,813</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Ronald J.
      Jackson/1996</FONT><SUP><FONT face=sans-serif size=2
     >(4)(6)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>18</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>494</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>107,333</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Paul L.
      Joskow/1997</FONT><SUP><FONT face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>1,477</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>485</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>113,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>228,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Elizabeth T.
      Kennan/1992</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>1,511</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>576</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>108,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>229,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>John H. Mullin,
      III/1997</FONT><SUP><FONT face=sans-serif size=2
     >(4)(6)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>1,458</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>532</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>220,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Robert E.
      Patterson/1984</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>1,456</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>319</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>106,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>222,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>George Putnam,
      III/1984</FONT><SUP><FONT face=sans-serif size=2
     >(5)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>1,648</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>291</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>130,300</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>262,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>W. Thomas
      Stephens/1997</FONT><SUP><FONT face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>1,391</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>528</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>107,100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>211,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>Richard B.
      Worley/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>1,449</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>218,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>32</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_35></A>
<P align=left><B><FONT face=sans-serif size=2>Putnam New York Investment Grade
Municipal Trust</FONT></B><BR><B><FONT face=sans-serif size=2>Compensation
Table</FONT></B><BR></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >Retirement</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Estimated</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >benefits</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >annual</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >Total</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >Aggregate</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >accrued</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >benefits from </FONT></TD>
    <TD noWrap align=left width="16%" background=""
   ><FONT face=Arial
      size=1>compensation</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   >&nbsp;</TD>
    <TD noWrap align=left width="14%" background=""
   ><FONT face=Arial
      size=1>compensation</FONT>&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >as part</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >all Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >from all</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >from the</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >of fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >funds upon</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >Putnam</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=1
     >Trustees/Year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >expenses</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >retirement </FONT><SUP><FONT
      face=sans-serif size=1
     >(1)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >funds </FONT><SUP><FONT face=sans-serif
      size=1>(2)(3)</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Jameson A. Baxter/1994</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >$1,374</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >$407</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >$110,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >$237,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Charles B. Curtis/2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,281</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >759</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >113,900</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >231,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Myra R. Drucker/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,259</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >224,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Charles E. Haldeman,
      Jr./2004&nbsp;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%" background=""
   ><FONT face=Arial
      size=2>0</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >0</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >John A. Hill/1985</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)(5)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,961</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >526</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >161,700</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >422,813</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Ronald J. Jackson/1996</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)(6)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >16</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >440</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >107,333</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Paul L. Joskow/1997</FONT><SUP><FONT
      face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,313</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >432</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >113,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >228,500</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Elizabeth T. Kennan/1992</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,343</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >513</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >108,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >229,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >John H. Mullin,
      III/1997</FONT><SUP><FONT face=sans-serif size=2
     >(4)(6)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,296</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >474</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >220,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Robert E. Patterson/1984</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,294</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >284</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >106,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >222,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >George Putnam,
      III/1984</FONT><SUP><FONT face=sans-serif size=2
     >(5)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,465</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >259</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >130,300</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >262,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >W. Thomas
      Stephens/1997</FONT><SUP><FONT face=sans-serif size=2
     >(4)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,237</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >471</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >107,100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >211,250</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="35%"
   ><FONT face=sans-serif size=2
     >Richard B. Worley/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=2
     >1,288</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >218,750</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>(1) Estimated benefits for each
Trustee are based on Trustee fee rates for calendar years 2003, 2004 and 2005.
For Mr. Jackson, the annual benefits equal the actual benefits he is currently
receiving under the Retirement Plan for Trustees of the Putnam funds.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(2) As of December 31, 2005, there
were 108 funds in the Putnam family. For Mr. Hill, amounts shown also include
compensation for service as Chairman of TH Lee, Putnam Emerging Opportunities
Portfolio, a closed-end fund advised by an affiliate of Putnam
Management.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(3) Includes amounts (ranging from
approximately $1,500 to $15,250 per Trustee) for which the Putnam funds were
reimbursed by Putnam Management for special Board and committee meetings and
additional time spent on behalf of the Putnam funds in connection with certain
regulatory and investigatory matters.</FONT></P>
<P align=left><FONT face=sans-serif size=1>(4) Certain Trustees are also owed
compensation deferred pursuant to a Trustee Compensation Deferral Plan. As of
the dates identified below, the total amounts of deferred compensation payable
by the fund, including income earned on such amounts, to certain Trustees
were:</FONT></P>
<P align=left><FONT face=sans-serif size=1>Putnam California Investment Grade
Municipal Trust </FONT><FONT face=sans-serif size=1>(April 30, 2006) Ms. Baxter
&#151;$1,020; Ms. Drucker &#151; $41; Mr. Hill &#151; $4,371; Mr. Jackson &#151; $1,947; Dr. Joskow
&#151; $1,208; Dr. Kennan &#151; $47; Mr. Mullin &#151; $1,196; and Mr. Stephens &#151; $112.
</FONT></P>
<P align=left><FONT face=sans-serif size=1>Putnam High Yield Municipal Trust
</FONT><FONT face=sans-serif size=1>(March 31, 2006) Ms. Baxter &#151; $1,261; Ms.
Drucker &#151; $24; Mr. Hill &#151; $5,264; Mr. Jackson &#151; $2,409; Dr. Joskow &#151; $1,494; Dr.
Kennan &#151; $27; Mr. Mullin &#151; $1,480; and Mr. Stephens &#151; $139.</FONT></P>
<P align=left><FONT face=sans-serif size=1>33</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_36"></A>

<P align="left">
<FONT size=1 face="sans-serif">Putnam Municipal Bond Fund </FONT><FONT size=1 face="sans-serif">(April 30, 2006) Ms. Baxter &#151; &#36;1,375; Ms. Drucker &#151; &#36;55; Mr. Hill &#151; &#36;5,891; Mr. Jackson &#151; &#36;2,624; Dr. Joskow &#151;
&#36;1,629; Dr. Kennan &#151; &#36;63; Mr. Mullin &#151; &#36;1,612; and Mr. Stephens &#151; &#36;151.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">Putnam Municipal Opportunities Trust </FONT><FONT size=1 face="sans-serif">(April 30, 2006) Ms. Baxter &#151; &#36;1,365; Ms. Drucker &#151; &#36;55; Mr. Hill &#151; &#36;5,848; Mr. Jackson &#151; &#36;2,605; Mr.
Joskow &#151; &#36;1.617; Dr. Kennan &#151; &#36;62; Mr. Mullin &#151; &#36;1,600; and Mr. Stephens &#151; &#36;150.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">Putnam New York Investment Grade Municipal Trust </FONT><FONT size=1 face="sans-serif">(April 30, 2006) Ms. Baxter &#151; &#36;1,003; Ms. Drucker &#151; &#36;40; Mr. Hill &#151; &#36;4,297; Mr. Jackson &#151;
&#36;1,914; Dr. Joskow &#151; &#36;1,188; Dr. Kennan &#151; &#36;46; Mr. Mullin &#151; &#36;1,176; and Mr. Stephens &#151; &#36;110.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">(5) Includes additional compensation to Messrs. Hill and Putnam, III, for service as Chairman of the Trustees and President of the Funds, respectively.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">(6) Mr. Jackson retired from the Board of Trustees of the Putnam funds on June 10, 2005, and Mr. Mullin retired from the Board on June 30, 2006.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Under a Retirement Plan for Trustees of the Putnam funds (the &#147;Plan&#148;), each Trustee who retires with at least five years of service as a Trustee of the funds is entitled to receive an annual retirement benefit
equal to one-half of the average annual attendance and retainer fees paid to such Trustee for calendar years 2003, 2004 and 2005. This retirement benefit is payable during a Trustee&#146;s lifetime, beginning the year following retirement, for the
number of years of service through December 31, 2006. A death benefit, also available under the Plan, ensures that the Trustee and his or her beneficiaries will receive benefit payments for the lesser of an aggregate period of (i) ten years or (ii)
such Trustee&#146;s total years of service.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Plan Administrator (currently the Board Policy and Nominating Committee) may terminate or amend the Plan at any time, but no termination or amendment will result in a reduction in the amount of benefits (i) currently
being paid to a Trustee at the time of such termination or amendment, or (ii) to which a current Trustee would have been entitled had he or she retired immediately prior to such termination or amendment. The Trustees have terminated the Plan with
respect to any Trustee first elected to the board after 2003.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">34</FONT></P>

<HR noshade align="center" width="100%" size=2>



<!--$$/page=-->
<A name="page_37"></A>

<P align="left">
<B><FONT size=2 face="sans-serif">2. APPROVAL OR DISAPPROVAL OF THE CONVERSION OF YOUR FUND FROM CLOSED-END TO OPEN-END STATUS AND CERTAIN RELATED AMENDMENTS TO YOUR FUND&#146;S AGREEMENT AND DECLARATION OF TRUST </FONT></B><I><FONT size=2
face="sans-serif">(For Putnam High Yield Municipal Trust only)</FONT></I></P>
<P align="left">
<B><FONT size=2 face="sans-serif">* What is this proposal?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Shareholders will have the opportunity to vote at the meeting on the question of whether your fund should be converted from a closed-end fund to an open-end fund. If the conversion is approved, your fund&#146;s shares would
become redeemable directly from your fund at net asset value, eliminating any discount of market price to net asset value. In order to address the organizational changes necessitated by any conversion from closed-end to open-end status, approval of
this proposal would also authorize the Trustees to make such amendments to your fund&#146;s Agreement and Declaration of Trust (the &#147;Declaration of Trust&#148;) as they may deem necessary.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">* Why is this question being submitted to shareholders?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Your fund&#146;s Declaration of Trust requires that shareholders of your fund be given the opportunity to vote on a proposal to convert your fund from closed-end to open-end status if the fund&#146;s common shares have
traded at an average discount of more than 10% from their net asset value per share during the last twelve calendar weeks of the preceding fiscal year (measured as of the last trading day in each such week). For the twelve weeks ended March 31,
2006, your fund&#146;s shares traded at an average discount from net asset value of &#150;11.51%, requiring that this proposal be submitted to shareholders.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">* What do the Trustees recommend?</FONT></B></P>
<P align="left">
<B><FONT size=2 face="serif">The Trustees of your fund believe that the continued operation of your fund as a closed-end fund is in the best long-term interests of your fund&#146;s shareholders. Accordingly, the Trustees of your fund unanimously
recommend that shareholders vote &#147;AGAINST&#148; this proposal.</FONT></B></P>
<P align="left">
<FONT size=1 face="sans-serif">35</FONT></P>

<HR noshade align="center" width="100%" size=2>

<!--$$/page=--><A name=page_38></A>
<P align=left><B><FONT face=sans-serif size=2>* Why are the Trustees
recommending a vote against a conversion?</FONT></B></P>
<P align=left><FONT face=serif size=2>In recommending a vote against converting
your fund to open-end status, the Trustees considered the following
factors:</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Potential investment advantages. </FONT></I><FONT face=serif size=2>The
Trustees believe that your fund&#146;s closed-end status provides potential
investment advantages not available to open-end fund investors. Because your
fund&#146;s shares are not redeemable, your fund is not required to maintain
short-term, lower-yielding investments in anticipation of possible redemptions,
and generally can be more fully invested in higher-yielding securities. As a
closed-end fund, your fund does not experience the cash flows associated with
sales and redemptions of open-end fund shares, which create transaction costs
that are borne by long-term shareholders. Such cash flows may at times also
require temporary investment in short-term, lower-yielding securities, pending
investment in longer-term, higher-yielding securities.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Advantages of leverage through preferred shares. </FONT></I><FONT
face=serif size=2>The Trustees considered the fact that your fund has engaged in
investment leverage by issuing preferred shares, a strategy that is not
available to open-end funds. This form of investment leverage offers your fund
opportunities for increased investment yield. If the fund were to convert to
open-end status, the fund would be required to redeem its preferred
shares.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Other recent measures in response to discounts. </FONT></I><FONT
face=serif size=2>In reviewing the trading information for your fund, the
Trustees took into account the fact that its shares have consistently traded at
a discount to net asset value over the past few years. They reviewed the
possible causes and effects of discounts, which are discussed at more length
below, and noted that discount levels for your fund have fluctuated over the
years and that, for some periods, fund shares have traded at substantially lower
discounts or at premiums.</FONT></P>
<P align=left><FONT face=serif size=2>Both in response to recent discounts and
as part of their general oversight responsibilities, the Trustees have since
2005 reviewed various measures to increase shareholder value for each of the
Putnam closed-end funds. The Trustees recently authorized a share repurchase
program for all of the Putnam closed-end funds, which is discussed below.
Furthermore, the Trustees initiated changes to your fund&#146;s management contract,
which went into effect in January 2006, resulting in a reduction of the
effective management fee rate from 0.70% to 0.55%, measured as a percentage
of</FONT></P>
<P align=left><FONT face=sans-serif size=1>36</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_39></A>
<P align=left><FONT face=serif size=2>average assets of the fund (including
assets attributable to preferred shares). The Trustees believe that these steps
have the potential to enhance shareholder returns, which in turn may support
increased demand for your fund&#146;s shares.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Possible changes in fund size and expenses. </FONT></I><FONT face=serif
size=2>Following conversion to open-end status, redemptions by shareholders
could cause your fund to shrink, in the near term, resulting in an increased
expense ratio for remaining shareholders. Putnam Retail Management has advised
the Trustees that your fund may experience significant net redemptions shortly
following a conversion to open-end status, thereby shrinking the fund&#146;s size and
creating significant transaction costs. If shareholders approve a conversion to
open-end status, the Trustees would intend to instate a redemption fee for a
period of time following conversion, with the purpose of at least partly
offsetting the transaction costs that may result from significant redemptions of
shares. The terms of any redemption fee would be determined at a later time, but
the Trustees do not expect that the fee would exceed 2% or be imposed on
redemptions for a period of longer than one year following
conversion.</FONT></P>
<P align=left><FONT face=serif size=2>Since open-end funds may continuously
offer new shares to the public, they also have the ability to increase in size
in the long term, and growth in your fund&#146;s size following a conversion to
open-end status could result in efficiencies and the ability to spread fixed
costs over a larger pool of assets. In order to increase assets in the face of
redemptions following a conversion, the Trustees would likely consider
commencing a continuous offering of shares of your fund. In that instance, to
support the marketing of fund shares, the Trustees might also propose that your
fund adopt a distribution plan under Rule 12b-1 under the 1940 Act similar to
the plans of other open-end Putnam funds, under which Putnam Retail Management,
those funds&#146; principal underwriter, currently receives annual distribution fees
of 0.25% of net assets, though the applicable plans permit fees of up to 0.35%
..</FONT></P>
<P align=left><FONT face=serif size=2>If, following a conversion, your fund were
to experience a significant loss of assets and corresponding increase in
expenses, the Trustees might alternatively consider initiating a merger of your
fund into another open-end Putnam fund with a comparable investment
strategy.</FONT></P>
<P align=left><FONT face=sans-serif size=1>37</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_40></A>
<P align=left><B><FONT face=sans-serif size=2>* What does it mean when fund
shares trade at a discount?</FONT></B></P>
<P align=left><FONT face=serif size=2>Since closed-end funds are not required to
redeem their shares, investors in closed-end funds who wish to liquidate their
investment must sell their shares in the secondary markets. To promote the
availability of active secondary markets for shareholders who wish to sell their
shares, your fund has listed its shares for trading on the New York Stock
Exchange. Prices in these secondary markets are determined by market forces and
will fluctuate over time. They will also fluctuate in relation to a fund&#146;s net
asset value. Closed-end fund shares generally trade at discounts to their net
asset value but at times may trade at a premium to net asset value. </FONT></P>
<P align=left><FONT face=serif size=2>Putnam Management has advised the Trustees
that discount levels for closed-end funds investing primarily in fixed-income
securities &#151; such as your fund &#151; appear to fluctuate in relation to conditions
in the broader fixed-income markets, generally increasing during periods of
rising interest rates and declining during periods of falling interest rates.
Accordingly, these funds may be more suitable for investors who have a longer
investment horizon and who will less likely face the need to liquidate their
investments under unfavorable market conditions. The existence of discounts at
times may also provide attractive opportunities to investors seeking potential
additional returns from reductions in discount levels between the time of their
purchase and their sale. </FONT></P>
<P align=left><FONT face=serif size=2>As indicated in the table below, while
your fund&#146;s common shares have traded at a discount to their net asset value
over more recent periods, the discount has fluctuated over time, and at times
your fund&#146;s shares have traded at a premium to net asset value. In order to show
the range of discounts and premiums at which your fund&#146;s shares have
historically traded, the table below presents both the highest market price and
the lowest market price at which your fund&#146;s shares closed on any trading day
over the course each full calendar year since inception, in each case expressed
as a percentage discount from, or premium to, net asset value (NAV). Thus, the
&#147;Highest Market Price&#148; column presents the lowest discount or, if the fund
traded above NAV during the year, the highest premium achieved in a given year;
conversely, the &#147;Lowest Market Price&#148; column presents the highest discount or,
if the fund only traded above NAV during the year, the lowest premium. In
addition, the &#147;Average Discount/Premium&#148; column presents the average daily
differential between market price and net asset value over the course of each
full calendar year since inception.</FONT></P>
<P align=left><FONT face=sans-serif size=1>38</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_41></A>
<P align=left><B><FONT face=sans-serif size=2>Putnam High Yield Municipal
Trust</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >Highest Market Price</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Lowest Market Price</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=1
     >Average</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Calendar Year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >(relative to NAV)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >(relative to NAV)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=1
     >Discount/Premium</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=4
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-8.65%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-15.32%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-12.13%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-8.42%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-16.29%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-12.64%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >2003</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-4.50%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-12.78%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-8.62%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >1.01%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-8.91%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-3.06%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >6.18%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-8.27%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-0.64%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >2000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >4.80%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-15.23%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-5.59%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1999</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >25.00%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-17.02%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >10.80%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1998</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >25.95%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >8.37%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >17.45%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1997</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >18.57%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >7.34%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >13.99%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1996</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >11.78%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >4.05%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >7.54%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1995</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >11.36%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-1.39%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >6.31%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1994</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >13.02%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-4.86%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >7.14%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1993</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >17.75%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >3.41%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >10.34%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1992</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >14.99%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >4.73%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >10.24%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1991</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >12.36%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-7.82%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >5.77%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1990</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >6.09%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-9.12%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >0.18%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>* How do the Trustees monitor and
address trading discounts?</FONT></B></P>
<P align=left><FONT face=serif size=2>The Trustees carefully monitor the trading
prices of your fund&#146;s shares, recognizing that trading prices and discounts will
fluctuate over time. At times when the fund trades at a material discount for an
extended period of time, the Trustees may examine possible factors contributing
to the situation and consider a broad range of possible actions in an effort to
reduce or eliminate the discount. Such actions that could be implemented
consistent with your fund&#146;s closed-end structure might include:</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Communications with the marketplace
regarding the benefits of investing in the fund in an effort to increase
investor demand for the fund&#146;s shares;</FONT></P>
<P align=left><FONT face=serif size=2>* Repurchases by the fund of its shares at
prevailing market prices; and</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Tender offers by the fund to
repurchase its shares at net asset value (or at a price above market and below
net asset value).</FONT></P>
<P align=left><FONT face=sans-serif size=1>39</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_42"></A>

<P align="left">
<FONT size=2 face="serif">It is possible that these actions may have a temporary effect on a fund&#146;s trading discount, although there is little industry experience that would suggest a long-term impact. Repurchases of shares, whether in the
market or in tender offers, reduce the fund&#146;s size and may result in an increase in the fund&#146;s expense ratio. To the extent that shares are repurchased at prices below net asset value, however, such repurchases will enhance the net asset
value of the fund&#146;s shares and the total return for the remaining shareholders. Recognizing this benefit, the Trustees have authorized share repurchases by certain Putnam closed-end funds on past occasions. More recently, in October 2005, the
Trustees authorized all of the Putnam closed-end funds, including your fund, to repurchase up to 5% of their outstanding shares at market prices through October 6, 2006. In March 2006, the Trustees increased this repurchase program to permit the
funds to repurchase up to 10% of their outstanding shares over the same time period. The Trustees continue to study the results of the repurchase program to determine its impact on trading discounts and on investment performance. To date, the
Trustees have not authorized tender offers but may consider that alternative in the future.</FONT></P>
<P align="left">
<FONT size=2 face="serif">In considering these actions and the current proposal, the Trustees have considered the fact that all shareholders who purchased your fund&#146;s shares presumably made their choice from among a broad array of available
investment products available in the marketplace, with an understanding of the potential advantages and disadvantages of closed-end funds. Thus, in considering whether to recommend a fundamental change in the structure of the fund and its investment
characteristics, the Trustees have considered whether the closed-end structure of the fund continues to offer the investment advantages contemplated when the fund was originally offered to the marketplace.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">* How has your fund performed?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">The following table summarizes the annualized total return of your fund for the periods shown based on the net asset value and the market price of its shares. The table also shows the performance of your fund&#146;s primary
benchmark index and the average performance of funds in your fund&#146;s peer group of closed-end funds as determined by Lipper Inc., an independent fund rating agency. Of course, past performance is no guarantee of future performance. Benchmark
index and Lipper peer group results should be compared to your fund&#146;s performance at net asset value.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">40</FONT></P>

<HR noshade align="center" width="100%" size=2>

<!--$$/page=--><A name=page_43></A>
<P align=left><FONT face=sans-serif size=1>Total Return (Annualized) for Periods
Ended June 30, 2006*</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >1 year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >3 years</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >5 years</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >10 years</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"
   ><FONT face=sans-serif size=2
     >Putnam High Yield Municipal
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"
   ><FONT face=sans-serif size=2
     >Net Asset Value</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >4.90%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >6.30%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >5.48%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >5.20%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"
   ><FONT face=sans-serif size=2
     >Market Price</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >0.69</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >4.03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >2.81</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >3.16</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"
   ><FONT face=sans-serif size=2
     >Lehman Municipal Bond
      Index</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >0.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >3.24</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >5.05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >5.79</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"
   ><FONT face=sans-serif size=2
     >Lipper High Yield Municipal
      Debt</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"
   ><FONT face=sans-serif size=2
     >(Leveraged) Funds Average</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=2
     >5.53</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >7.74</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >6.50</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >5.89</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* Returns for periods ended June 30,
2006 only partially reflect the impact of a reduction by 0.15% (of average
assets) in the management fees payable by Putnam High Yield Municipal Trust that
went into effect on January 1, 2006. This fee reduction had a corresponding
effect of reducing the fund&#146;s total expenses (measured as a percentage of
average assets) by 0.15% .</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* What are additional differences
between a closed-end and open-end fund?</FONT></B></P>
<P align=left><FONT face=serif size=2>In addition to the differences outlined
above, shareholders evaluating this proposal may wish to consider the
following:</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Investment flexibility. </FONT></I><FONT face=serif size=2>Because they
are required to maintain the ability to honor redemption requests, open-funds
are prohibited by the 1940 Act from investing more than 15% of their assets in
securities that are deemed illiquid. Closed-end funds are not subject to this
restriction.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Annual shareholder meetings. </FONT></I><FONT face=serif size=2>Your fund
is currently required by the rules of the New York Stock Exchange to hold annual
meetings of shareholders. Conversion of your fund to open-end status would
result in termination of the fund&#146;s listing on the New York Stock Exchange, with
the result that your fund would no longer be required to hold annual meetings.
The open-end Putnam funds have committed to holding shareholder meetings for the
purpose of electing their Trustees at least every five years (beginning in
2004).</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Dividend reinvestment. </FONT></I><FONT face=serif size=2>Shareholders of
your fund currently have the option of participating in the fund&#146;s Dividend
Reinvestment Plan, under which cash distributions paid by your fund are
generally reinvested through the purchase of additional fund shares at market
prices, which currently reflect a discount from net asset value. (At times when
your fund&#146;s shares are trading at a premium over their net asset value, such
reinvestments are made at the higher of net asset value or 95% of</FONT></P>
<P align=left><FONT face=sans-serif size=1>41</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_44></A>
<P align=left><FONT face=serif size=2>market value.) Shareholders of open-end
Putnam funds have the option to reinvest their distributions in additional
shares at net asset value at all times. If the fund were to convert to open-end
status, shareholders would no longer be able to reinvest dividends at a price
below net asset value per share during times when shares are trading at a
discount to net asset value.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Exchange privileges. </FONT></I><FONT face=serif size=2>Shareholders of
open-end funds in the Putnam family of funds currently have the privilege of
exchanging their investment at net asset value and without sales charges for
shares of the same class of more than 65 open-end funds in the Putnam group.
</FONT><FONT face=serif size=2>Shareholders of your fund do not have that
privilege.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* What changes to your fund&#146;s
Declaration of Trust and other effects would follow if shareholders vote to
convert the fund to open-end status?</FONT></B></P>
<P align=left><FONT face=serif size=2>Conversion of your fund from a closed-end
to an open-end fund would require certain changes to your fund&#146;s Declaration of
Trust and, therefore, a vote in favor of such conversion would also authorize
the Trustees to amend your fund&#146;s Declaration of Trust to reflect such changes.
These changes would bring your fund&#146;s Declaration of Trust more in line with
most other Putnam open-end funds.</FONT></P>
<P align=left><FONT face=serif size=2>The Declaration of Trust would be amended
to require your fund to purchase all shares offered to it for redemption at a
price equal to the net asset value of the shares next determined, less any
redemption charge fixed by the Trustees. In addition, to the extent permitted by
applicable law, the fund would be authorized, at its option, to redeem shares
held in a shareholder&#146;s account at net asset value if at any time a shareholder
owned shares in an amount either less than or greater than, as the case may be,
an amount determined by the Trustees. </FONT><FONT face=serif
size=2>Notwithstanding this provision, all shares would be redeemable at a
shareholder&#146;s option.</FONT></P>
<P align=left><FONT face=serif size=2>The Declaration of Trust would also be
amended to eliminate certain provisions that relate specifically to the fund&#146;s
closed-end status, such as the conversion provision that has necessitated this
proposal. In addition, if shareholders were to vote to convert your fund to
open-end status, the provision in your fund&#146;s Declaration of Trust requiring
that Trustees be elected annually at the annual shareholder meeting or at a
special meeting in lieu thereof would be eliminated. The Trustees</FONT></P>
<P align=left><FONT face=sans-serif size=1>42</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_45></A>
<P align=left><FONT face=serif size=2>would also make certain necessary
technical and non-material changes to the Declaration of Trust.</FONT></P>
<P align=left><FONT face=serif size=2>Certain legal, accounting and other costs
would be incurred in connection with the conversion of your fund to open-end
status. These costs are not expected to exceed an amount equal to 0.5% of your
fund&#146;s current net assets.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* What is the voting requirement
for approving the conversion?</FONT></B></P>
<P align=left><FONT face=serif size=2>Approval of the conversion of your fund to
open-end status and of the related amendments to each fund&#146;s Declaration of
Trust requires the &#147;yes&#148; vote of a majority of the fund&#146;s outstanding common
shares. </FONT></P>
<P align=left><FONT face=serif size=2>Although the Declaration of Trust would
technically also require the &#147;yes&#148; vote of a majority of the fund&#146;s outstanding
preferred shares entitled to vote, if the proposal receives the threshold vote
from common shareholders the Trustees will nevertheless act to redeem all of the
outstanding preferred shares and to effect the conversion of your fund to
open-end status.</FONT></P>
<P align=left><FONT face=serif size=2>If such conversion is approved, the
conversion would become effective following compliance with all necessary
regulatory requirements under federal and state law. Your fund would seek to
complete this process as soon as reasonably practicable. Prior to the
conversion, the common shares of your fund would continue to be listed and
traded on the New York Stock Exchange.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* If the conversion is not
approved, will your fund continue in its current form?</FONT></B></P>
<P align=left><FONT face=serif size=2>Yes. In the event that shareholders do not
approve the conversion of your fund to open-end status, your fund would continue
to operate as a closed-end fund. Shareholders would be given the opportunity to
vote on a proposed conversion to open-end status in future years if your fund&#146;s
shares again trade at discounts sufficient to meet the requirement of the
Declaration of Trust described above.</FONT></P>
<P align=left><FONT face=serif size=2>The Trustees believe that the continued
operation of your fund as a closed-end fund is in the best long-term interests
of your fund&#146;s shareholders, and unanimously recommend a vote against the
conversion of your fund to open-end status at this time.</FONT></P>
<P align=left><FONT face=sans-serif size=1>43</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_46></A>
<P align=left><B><FONT face=sans-serif size=2>3. SHAREHOLDER PROPOSAL REQUESTING
THE </FONT></B><B><FONT face=sans-serif size=2>TRUSTEES TO TAKE THE STEPS
NECESSARY TO MERGE YOUR FUND INTO PUTNAM CALIFORNIA TAX</FONT></B><B><FONT
face=sans-serif size=2>EXEMPT INCOME FUND, AN OPEN-END FUND, OR OTHERWISE TO
PERMIT SHAREHOLDERS TO REALIZE THE NET ASSET VALUE OF THEIR SHARES
</FONT></B><I><FONT face=sans-serif size=2>(Putnam California Investment Grade
Municipal Trust Only)</FONT></I><FONT face=sans-serif size=2>.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* What is this
proposal?</FONT></B></P>
<P align=left><FONT face=serif size=2>A shareholder of your fund (the
&#147;proponent&#148;) has informed the fund that he intends to present a proposal for
action at the Annual Meeting of Shareholders. The proposal submitted by the
proponent and the accompanying supporting statement read as follows: </FONT></P>
<P align=left><FONT face=serif size=2>RESOLVED: The shareholders ask the
Trustees to take the steps necessary to merge the Putnam California Investment
Grade Municipal Trust (PCA) into the Putnam California Tax Exempt Income Fund,
an open-end fund, or otherwise permit shareholders to realize net asset value
(NAV) for their shares.</FONT></P>
<P align=left><U><FONT face=serif size=2>Supporting Statement</FONT></U></P>
<P align=left><FONT face=serif size=2>In March, the Trustees of the Putnam
Managed High Yield Trust (PTM) did the right thing by recommending its merger
into a Putnam open-end fund pursuing similar investment objectives and
strategies. The Trustees of PCA, who are the same people as the PTM Trustees,
should once again do the right thing by recommending the merger of PCA into the
open-end California fund which pursues similar investment objectives and
strategies. </FONT></P>
<P align=left><FONT face=serif size=2>The reasons for merging PCA are basically
the same as those for merging PTM: high discount, small size, high expenses,
poor liquidity, and performance that has lagged its closed-end peers for the
last ten years.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Like PTM before the merger
announcement, PCA has persistently traded at a double digit discount from NAV.
As of the date of this proposal (April 28, 2006), PCA&#146;s discount is more than
11%. No other California muni fund is saddled with such gross
under-valuation.</FONT></P>
<P align=left><FONT face=sans-serif size=1>44</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_47></A>
<P align=left><FONT face=serif size=2>*&nbsp;PCA and the Putnam California Tax
Exempt Income Fund have similar investment objectives, the same Trustees, the
same Investment Manager, and the same individuals overseeing the bond
portfolios. But due to PCA&#146;s small size, its operating expense ratio (even with
a recent 0.1% fee reduction) is nearly 50% higher than that for the Class A
shares of the much larger open-end fund.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;PCA is illiquid. Daily trading
volume averages less than 5500 shares. Even a modest order to buy or sell can
move the market.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;PCA&#146;s performance has lagged the
Lipper average for California closed-end muni funds over the past 1 year, 5
years and 10 years ending 10/31/05. Its performance has lagged the Lipper
average for general leveraged muni funds over the past 1 year, 5 years and 10
years ending 3/31/06. Morningstar gives PCA a below-average two stars; the
Putnam open-end California fund gets three stars.</FONT></P>
<P align=left><FONT face=serif size=2>It&#146;s not a pretty picture.</FONT></P>
<P align=left><FONT face=serif size=2>I believe the Trustees should act in the
interest of PCA shareholders as they have done for PTM shareholders, by
recommending a merger that will reduce operating expenses, improve liquidity,
and increase share value. Merging PCA into the Putnam California Tax Exempt
Income Fund is simply the right thing to do. I call on the Trustees to put such
a measure before shareholders AND to recommend that shareholders vote in favor
of the merger proposal.</FONT></P>
<P align=left><FONT face=serif size=2>The proponent&#146;s name and address and the
number of shares he owns in your fund will be furnished by the Clerk of your
fund upon request. At your fund&#146;s 2005 annual meeting, shareholders defeated a
substantially similar shareholder proposal, with fewer than 12% of your fund&#146;s
outstanding shares (30% of the shares voted) voting in favor of the
proposal.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* What would happen if the
proposal passes?</FONT></B></P>
<P align=left><FONT face=serif size=2>The shareholder proposal does not call for
a shareholder vote to approve a merger of your fund with Putnam California Tax
Exempt Income Fund at this time, but rather proposes that the shareholders ask
the Trustees to take action to effect such a merger. If the proposal passes at
the Annual</FONT></P>
<P align=left><FONT face=sans-serif size=1>45</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_48></A>
<P align=left><FONT face=serif size=2>Meeting of Shareholders, the Trustees
would continue to exercise their fiduciary duty to act in the interests of
shareholders in investigating the details and potential benefits of such a
merger transaction, but would not be obligated at any future meeting to
recommend that the fund be merged into Putnam California Tax Exempt Income Fund
or any other fund. In order to approve a merger, the Trustees would be required
by SEC rules to determine that the merger would be in the best interests of
shareholders of both funds and that the merger would not dilute the interests of
either fund&#146;s shareholders.</FONT></P>
<P align=left><FONT face=serif size=2>In any event, even if the Trustees decide,
following any approval of the shareholder proposal (or otherwise), to recommend
such a merger, an additional proxy statement and approval by the shareholders of
your fund would be required. Such a proxy statement would describe in more
detail the merger terms, together with certain legal, accounting, proxy and
other costs that your fund might incur in connection with a merger. </FONT></P>
<P align=left><FONT face=serif size=2>Though it primarily addresses a potential
merger, the shareholder&#146;s proposal alternatively requests that the Trustees take
other steps enabling shareholders to realize the net asset value of their shares
&#151;this might entail such measures as converting the fund into an open-end fund,
liquidating the fund and distributing its assets, or engaging in a tender offer
to repurchase fund shares. It is important to note, however, that the only way
to ensure that all shareholders realize the net asset value for their shares
would be to eliminate the closed-end structure of your fund, whether it is by
merger, open-ending, liquidation or otherwise. Thus, although the discussion
below focuses on a merger, many of the considerations apply equally to other
measures that would enable shareholders to realize the net asset value for their
shares.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* What do the Trustees
recommend?</FONT></B></P>
<P align=left><B><FONT face=serif size=2>The Trustees believe that the continued
operation of your fund as a closed-end fund is in the best long-term interests
of your fund&#146;s shareholders. Accordingly, the Trustees of your fund unanimously
recommend that shareholders vote &#147;AGAINST&#148; this proposal.</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>* Why are the Trustees
recommending a vote against the proposal?</FONT></B></P>
<P align=left><FONT face=serif size=2>In recommending a vote against the
shareholder proposal, the Trustees considered the following factors:</FONT></P>
<P align=left><FONT face=sans-serif size=1>46</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_49></A>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Performance. </FONT></I><FONT face=serif size=2>Your fund&#146;s annualized
total returns, based on net asset value (NAV), are higher than those of the
open-end Putnam California Tax Exempt Income Fund for each of the most recent
3-, 5- and 10-year periods, though 1-year performance has lagged somewhat. While
your fund&#146;s returns at market price have lagged the open-end fund&#146;s returns for
most periods, the Trustees consider market-price returns to be less indicative
of long-term investment opportunity than returns at NAV. More details on
performance are provided below.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Yield. </FONT></I><FONT face=serif size=2>Your fund&#146;s yield has
historically been higher than that of Putnam California Tax Exempt Income Fund,
although currently your fund&#146;s 30-day yield calculated in accordance with SEC
guidelines is somewhat lower than that of the open-end fund. More details on
yields and dividend rates are provided below.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Potential investment advantages. </FONT></I><FONT face=serif size=2>The
Trustees believe that your fund&#146;s closed-end status provides potential
investment advantages not available to open-end fund investors. Because your
fund&#146;s shares are not redeemable, your fund is not required to maintain
short-term, lower-yielding investments in anticipation of possible redemptions,
and generally can be more fully invested in higher-yielding securities. As a
closed-end fund, your fund does not experience the cash flows associated with
sales and redemptions of open-end fund shares, which create transaction costs
that are borne by long-term shareholders. Such cash flows may at times also
require temporary investment in short-term, lower-yielding securities, pending
investment in longer-term, higher-yielding securities.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Effects of leverage. </FONT></I><FONT face=serif size=2>The Trustees
believe that your fund&#146;s historically higher performance and yields compared to
the open-end fund are, in significant part, attributable to the fund&#146;s leveraged
capital structure, which is designed to enable the common shareholders to
realize higher current tax-exempt income on their shares that would be obtained
without leverage. The Trustees recognize, however, that the use of leverage
involves greater risk, and may increase volatility in investment returns for
common shareholders. The potential advantages of using investment leverage are
highly dependent on the prevailing interest rate environment; when long-term
interest rates are not substantially higher than the short-term interest rates
that serve as the basis for dividend payments to your fund&#146;s preferred
shareholders, the use of investment leverage may not be advantageous to common
shareholders. In particular, Putnam Management has advised the Trustees that
your fund&#146;s recent underperformance relative to the open-end fund is due, at
least</FONT></P>
<P align=left><FONT face=sans-serif size=1>47</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_50></A>
<P align=left><FONT face=serif size=2>in part, to market conditions that make
leverage currently a less effective means of increasing returns. If your fund
were to cease to be closed-end, it would have to redeem all of its outstanding
preferred shares. Although as an open-end fund your fund could leverage through
borrowing, it would likely incur higher costs in doing so.</FONT></P>
<P align=left><FONT face=serif size=2>*</FONT><I><FONT face=serif size=2>Trading
discounts. </FONT></I><FONT face=serif size=2>In reviewing the trading
information for your fund, the Trustees took into account the fact that its
shares have consistently traded at a discount to net asset value over the past
few years. The Trustees recognized that shareholders would be able to redeem
their shares for a greater amount following a merger than is currently possible
through sales on the open market. They reviewed the possible causes and effects
of discounts, which are discussed at more length below, and noted that discount
levels for your fund have fluctuated over the years and that, for some periods,
fund shares have traded at substantially lower discounts or at
premiums.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Recent actions enhancing shareholder value. </FONT></I><FONT face=serif
size=2>The Trustees have over the past year reviewed various measures to
increase shareholder value for each of the Putnam closed-end funds. In October
2005, the Trustees authorized a share repurchase program for all of the Putnam
closed-end funds, which is discussed below. Furthermore, the Trustees initiated
changes to your fund&#146;s management contract, which went into effect in January
2006, resulting in a reduction of the effective management fee rate from 0.65%
to 0.55%, measured as a percentage of average assets of the fund (including
assets attributable to preferred shares). The Trustees believe that these recent
steps have the potential to enhance shareholder returns, which in turn may
support increased demand for your fund&#146;s shares.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* What is Putnam California Tax
Exempt Income Fund?</FONT></B></P>
<P align=left><FONT face=serif size=2>Putnam California Tax Exempt Income Fund
is the open-end fund into which the shareholder proposal suggests that your fund
merge. The open-end fund, which is registered with the SEC as a diversified
fund, commenced operations on December 17, 1982. Like your fund, this fund seeks
as high a level of current income exempt from federal income tax and California
personal income tax as Putnam Management believes to be consistent with
preservation of capital.</FONT></P>
<P align=left><FONT face=serif size=2>Your fund and Putnam California Tax Exempt
Income Fund are managed by the same management team at Putnam Management and are
also overseen by the same Board of Trustees. As described in further
detail</FONT></P>
<P align=left><FONT face=sans-serif size=1>48</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_51></A>
<P align=left><FONT face=serif size=2>below, the two funds also have similar
investment policies and restrictions and employ similar investment strategies.
As of June 30, 2006, Putnam California Tax Exempt Income Fund had net assets of
approximately $2.09 billion. As of that same date, your fund&#146;s net assets
(exclusive of the liquidation preference of your fund&#146;s preferred shares, which
is $16 million) were approximately $66 million.</FONT></P>
<P align=left><FONT face=serif size=2>Included in </FONT><B><FONT face=serif
size=2>Appendix A </FONT></B><FONT face=serif size=2>are the Financial
Highlights of your fund and Putnam California Tax Exempt Income Fund from each
fund&#146;s most recent shareholder report. These financial highlights contain
information about each fund&#146;s assets, expenses, performance and
distributions.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* How does the investment
performance of the funds compare?</FONT></B></P>
<P align=left><FONT face=serif size=2>The following table summarizes the
annualized total return of your fund for the periods shown based on the net
asset value and the market price of its shares. The table also shows the
performance of the open-end Putnam California Tax Exempt Income Fund, the
performance of your fund&#146;s primary benchmark index and the average performance
of funds in its peer group of closed-end funds as determined by Lipper Inc., an
independent fund rating agency. Of course, past performance is no guarantee of
future returns.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Annualized Total Returns as of June
30, 2006</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >1 year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >3 years</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >5 years</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >10 years</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"
   ><FONT face=sans-serif size=2
     >Your Fund (Net Asset
      Value)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >0.72%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >4.76%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >5.76%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >6.08%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=5
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"
   ><FONT face=sans-serif size=2
     >Your Fund (Market Price)</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >(0.16)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >3.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >3.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >4.90</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=5
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"
   ><FONT face=sans-serif size=2
     >Putnam California Tax Exempt
      Income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"
   ><FONT face=sans-serif size=2
     >Fund (Open-End) Class A
      Shares</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"
   ><FONT face=sans-serif size=2
     >(Net Asset Value)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >1.11</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >3.09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >4.47</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >5.19</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=5
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"
   ><FONT face=sans-serif size=2
     >Lehman Municipal Bond
      Index</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >0.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >3.24</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >5.05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >5.79</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=5
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"
   ><FONT face=sans-serif size=2
     >Lipper California
      Municipal</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"
   ><FONT face=sans-serif size=2
     >Debt Funds (Closed-End)
      Average</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >1.53</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >5.64</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >6.57</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >6.41</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=5
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"
   ><FONT face=sans-serif size=2
     >Lipper California Municipal
      Debt</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"
   ><FONT face=sans-serif size=2
     >Funds Average</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >0.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >3.20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >4.60</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >5.20</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>As the foregoing table makes clear, your
fund&#146;s returns at NAV for the 3, 5-and 10-year quoted periods are higher than
those of the open-end fund. In addition, at NAV your fund has outperformed the
Lehman Municipal Bond Index, which is the benchmark index for both funds, over
those periods. Annualized total returns are calculated net of expenses, so the
comparative performance figures above already adjust for the higher</FONT></P>
<P align=left><FONT face=sans-serif size=1>49</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_52></A>
<P align=left><FONT face=serif size=2>expense ratio of your fund relative the
open-end fund. The Trustees were informed by Putnam Management that the
outperformance at NAV for these periods is due, in part, to the fund&#146;s leveraged
capital structure (which is described in more detail below), and that the
leverage taken on by your fund involves increased risk and tends to amplify
fluctuations in the total return of the fund, depending on market
conditions.</FONT></P>
<P align=left><FONT face=serif size=2>The table above also shows that your
fund&#146;s returns at market price exceed those of the open-end fund for the 3-year
period, though they lag for the 1-, 5- and 10-year periods. Because performance
at market price reflects the impact of market forces, which are inherently
unpredictable, the Trustees consider performance at net asset value to be more
indicative of the long-term investment opportunity offered by your
fund.</FONT></P>
<P align=left><FONT face=serif size=2>Your fund&#146;s returns, as indicated in the
table, have been lower than the average for the fund&#146;s Lipper peer group of
leveraged closed-end California municipal debt funds. Putnam Management has
informed the Trustees that it believes this is likely due to your fund&#146;s
relatively lesser use of leverage. In previous market conditions, when long-term
interest rates were significantly higher than short-term rates, this limited the
fund&#146;s performance relative to more highly-leveraged closed-end funds. However,
Putnam Management believes that this under-leverage relative to the peer group
could be advantageous to your fund&#146;s relative performance in different market
conditions.</FONT></P>
<P align=left><FONT face=serif size=2>The Trustees believe that shareholders
should evaluate your fund&#146;s investment performance, both at net asset value and
at market price, in light of the fund&#146;s stated investment goal: </FONT></P>
<P align=left><FONT face=serif size=2>To seek as high a level of current income
exempt from federal income tax and California personal income tax as Putnam
Management believes is consistent with preservation of capital. </FONT></P>
<P align=left><FONT face=serif size=2>Putnam Management has advised the Trustees
that, consistent with this goal, it manages your fund&#146;s portfolio in a way that
seeks to balance the pursuit of investment yield against the risks to principal
that might result from an undue focus on yield alone. This means that your fund
will not necessarily invest in the highest yielding securities available in the
marketplace or engage in maximum permitted leverage if doing so would involve
undue risk of loss of principal due to possible credit defaults or interest rate
changes. Thus, there may be times when your fund&#146;s portfolio will generate an
investment yield that is lower than that of some competing investment products
that are willing to accept</FONT></P>
<P align=left><FONT face=sans-serif size=1>50</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_53></A>
<P align=left><FONT face=serif size=2>greater risk. Since investment yields
appear to be an important factor in influencing market prices, this emphasis on
total return may at times contribute to discount levels that are higher than
those of competing products. Over longer periods of time, however, Putnam
Management believes that this approach to managing risk should produce less
principal volatility and higher overall investment returns. There is, of course,
no guarantee that this will be the case.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* How do the two funds&#146; dividend
rates and yields compare?</FONT></B></P>
<P align=left><FONT face=serif size=2>As of June 30, 2006, your fund&#146;s yield,
calculated as your fund&#146;s established dividend rate as a percentage of the
market price of its common shares, was 4.92% . When calculated as a percentage
of net asset value, your fund&#146;s yield on that same date was 4.35% . By contrast,
as of June 30, 2006, the dividend rate for class A shares of Putnam California
Tax Exempt Income Fund was 4.27% of the net asset value of such shares. Putnam
Management has advised the Trustees that your fund has over time consistently
had a higher yield than the open-end fund.</FONT></P>
<P align=left><FONT face=serif size=2>The 30-day yield on your fund&#146;s shares as
calculated in accordance with SEC guidelines (the &#147;SEC yield&#148;) was 3.52% as of
June 15, 2006. The SEC yield for class A shares of Putnam California Tax Exempt
Income Fund was 3.71% of the net asset value of such shares as of June 30, 2006.
</FONT></P>
<P align=left><FONT face=serif size=2>The Trustees and Putnam Management believe
that your fund&#146;s yield has historically been higher than that of Putnam
California Tax Exempt Income Fund primarily because of your fund&#146;s closed-end
structure, which affords the fund greater flexibility for investment and
leveraging, which in turn has allowed the fund to generate higher current income
for distribution to common shareholders. Putnam Management has advised the
Trustees that the current higher SEC yield of the open-end Putnam California Tax
Exempt Income Fund reflects current market conditions that make leverage a less
effective means of increasing investment income.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* How do the two funds&#146; expenses
compare?</FONT></B></P>
<P align=left><FONT face=serif size=2>The following table shows each fund&#146;s
annual operating expenses as of the end of its last fiscal year, showing
expenses that are deducted from fund assets, calculated as a percentage of net
assets attributable to common shares.</FONT></P>
<P align=left><FONT face=sans-serif size=1>51</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_54></A>
<P align=left><B><FONT face=sans-serif size=2>Annual Fund Operating
Expenses</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=1>California
      Investment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>California Tax
      Exempt</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=1>Grade Municipal
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>Income Fund (class A
      shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=1>(fiscal year ended</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>(fiscal year ended</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=1>April 30, 2006)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>September 30, 2005)</FONT>&nbsp;
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Management Fees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>0.76%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>0.47%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Distribution (12b-1)
      Fees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>None</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>0.20%*</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Other Expenses</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>0.49%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>0.08%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Total Annual Fund</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="31%">&nbsp; </TD>
    <TD noWrap align=left width="35%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Operating Expenses</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>1.25%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>0.75%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* Represents a blended rate. 12b-1
fees for class A shares are paid at a rate equal to the weighted average of (i)
0.20% on the net assets of the fund attributable to class A shares purchased and
paid for prior to April 1, 2005 and (ii) 0.25% on all other net assets of the
fund attributable to class A shares.</FONT></P>
<P align=left><FONT face=serif size=2>In the supporting statement to his
shareholder proposal, the proponent asserts that your fund&#146;s expense ratio is
nearly 50% higher than that of Class A shares of the open-end Putnam California
Tax Exempt Income Fund, which appears to be based on a simple comparison of the
Total Annual Fund Operating Expenses shown in the table above. This seemingly
simple comparison does not take into account certain important
factors:</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;This difference in operating
expenses is not due solely to the smaller size of your fund, as the proponent
asserts. Rather, the principal reason for your fund&#146;s higher operating expenses
is that they include additional management fees, custody fees and other expenses
associated with maintaining the fund&#146;s investment leverage, which historically
have been more than offset by the additional investment income earned through
the use of leverage. Under recent market conditions, which have included a
closing of the difference between long-term interest rates and the short-term
interest rates that serve as a basis for dividend payments on your fund&#146;s
preferred shares, leverage has generally provided reduced benefits to your fund
and, for certain periods, may have had a net negative effect on returns. In
light of the factors involved in this analysis, a simple comparison of operating
expenses of a leveraged closed-end fund and an unleveraged open-end fund does
not provide a meaningful analysis.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Further, the table above only
partially reflects a reduction of 0.10% in the effective management fee rate
(from 0.65% of average weekly net assets attributable to common shares and
preferred shares, to 0.55%),</FONT></P>
<P align=left><FONT face=sans-serif size=1>52</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_55></A>
<P align=left><FONT face=serif size=2>negotiated by your fund&#146;s Trustees, which
took effect on January 1, 2006. Based on current asset levels, the change in
management fee would reduce Total Annual Fund Operating Expenses (expressed as a
percentage of net assets attributable to common shares) by approximately 0.12%
once the new fee has been in effect for a full fiscal year. The fund&#146;s Total
Annual Operating Expenses shown above accordingly reflect only the portion of
this reduction corresponding to the period from January 1, 2006 through April
30, 2006.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;The following pro forma table of
annual operating expenses for your fund revises the numbers in the comparative
expense table above to (a) subtract out management fee amounts paid on leveraged
assets, (b) take fully into account the recent management fee reduction, and (c)
subtract out costs incurred in connection with administering your fund&#146;s
preferred share program for investment leverage:</FONT></P>
<P align=left><B><FONT face=serif size=2>California Investment Grade Municipal
Trust </FONT></B><FONT face=serif size=2>(pro forma calculations, based on
fiscal year ended April 30, 2006 )</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="63%"><FONT face=sans-serif
      size=2>Management Fee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>0.76%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%"><FONT face=sans-serif
      size=2>Portion of Management
      Fee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%"><FONT face=sans-serif
      size=2>Paid on Leveraged
      Assets</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>(0.14%)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%"><FONT face=sans-serif
      size=2>Contractual Management
      Fee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%"><FONT face=sans-serif
      size=2>Reduction (effective
      2006)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>(0.07%)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%"><FONT face=sans-serif
      size=2>Distribution (12b-1)
      Fees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>None</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%"><FONT face=sans-serif
      size=2>Other Expenses</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>0.49%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%"><FONT face=sans-serif
      size=2>Portion of Other
      Expenses</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%"><FONT face=sans-serif
      size=2>Attributable to
      Leverage</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>(0.13%)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%"><FONT face=sans-serif
      size=2>Pro Forma Total Annual
      Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%"><FONT face=sans-serif
      size=2>Operating Expenses</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>0.91%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>*&nbsp;The performance figures provided in
the discussion above of how the investment performance of your fund and Putnam
California Tax Exempt Income Fund compare, which show that your fund has
outperformed the open-end fund over a number of periods, are calculated net of
expenses. Thus, any effect that higher expenses may have on reducing your fund&#146;s
performance is already taken into account in calculating its favorable
comparative performance data over longer periods.</FONT></P>
<P align=left><FONT face=sans-serif size=1>53</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_56"></A>

<P align="left">
<B><FONT size=2 face="sans-serif">* How do the investment goals, policies and restrictions of the two funds to compare?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Both your fund and the open-end Putnam California Tax Exempt Income Fund have the investment objective of seeking as high a level of current income exempt from federal income tax and California personal income tax as Putnam
Management believes to be consistent with the preservation of capital. The funds also use similar investment strategies, although your fund&#146;s closed-end structure generally permits it to maintain smaller cash positions. In addition, the
open-end fund, by virtue of its larger size, is able to invest in a greater number of securities.</FONT></P>
<P align="left">
<FONT size=2 face="serif">In addition to differences between the two funds regarding the use of leverage, which are discussed elsewhere, there do exist a few, largely technical differences in their investment policies and restrictions. For example,
because your fund is classified as &#147;non-diversified&#148; and the open-end fund as &#147;diversified,&#148; your fund has more flexibility to concentrate its investments in fewer issuers. The policies requiring each fund to invest a minimum
percentage of its assets in securities producing tax-exempt income also differ. If, in the future, the Trustees were to present a proposal to shareholders to give formal approval for a merger of your fund into Putnam California Tax Exempt Income
Fund, these and other differences, together with potential transaction costs associated with aligning the portfolios of the two funds, would be described in greater detail in the accompanying proxy statement.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">* What does it mean when fund shares trade at a discount?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Since closed-end funds are not required to redeem their shares, investors in closed-end funds who wish to liquidate their investment must sell their shares in the secondary markets. To promote the availability of active
secondary markets for shareholders who wish to sell their shares, your fund has listed its shares for trading on the American Stock Exchange. Prices in these secondary markets are determined by market forces and will fluctuate over time. They will
also fluctuate in relation to a fund&#146;s net asset value. Closed-end fund shares generally trade at a discount to their net asset value but at times may trade at a premium to net asset value.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">54</FONT></P>

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<P align="left">
<FONT size=2 face="serif">Putnam Management has advised the Trustees that discount levels for closed-end funds investing primarily in fixed-income securities &#151; such as your fund &#151; appear to fluctuate in relation to conditions in the
broader fixed-income markets, generally increasing during periods of rising interest rates and declining during periods of falling interest rates. These market cycles, together with other factors specifically affecting your fund, may result in
extended periods of discount in the market price of fund shares. The Trustees recognize that these can partly or entirely offset performance returns that a shareholder would otherwise be able to realize, if that shareholder were to sell shares at a
deeper discount than the price at which they were originally purchased. Accordingly, closed-end funds may be more suitable for investors who have a longer investment horizon and who will less likely face the need to liquidate their investments under
unfavorable market conditions. Conversely, the existence of discounts at times may also provide attractive opportunities to investors seeking potential additional returns from reductions in discount levels between the time of their purchase and
their sale.</FONT></P>
<P align="left">
<FONT size=2 face="serif">As indicated in the table below, while your fund&#146;s common shares have traded at a discount to their net asset value over more recent periods, the discount has fluctuated over time, and at times your fund&#146;s shares
have traded at a premium to net asset value. In order to show the range of discounts and premiums at which your fund&#146;s shares have historically traded, the table below presents both the highest market price and the lowest market price at which
your fund&#146;s shares closed on any trading day over the course of each full calendar year since inception, in each case expressed as a percentage discount from, or premium to, net asset value (NAV). Thus, the &#147;Highest Market Price&#148;
column presents the lowest discount or, if the fund traded above NAV during the year, the highest premium achieved in a given year; conversely, the &#147;Lowest Market Price&#148; column presents the highest discount or, if the fund only traded
above NAV during the year, the lowest premium. In addition, the &#147;Average Discount/Premium&#148; column presents the average daily differential between market price and net asset value over the course of each full calendar year since
inception.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">55</FONT></P>

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<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >Highest Market Price</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Lowest Market Price</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=1
     >Average</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Calendar Year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >(relative to NAV)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >(relative to NAV)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=1
     >Discount/Premium</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=4
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-8.76%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-14.46%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-10.89%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-5.59%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-13.87%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-10.57%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >2003</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-5.74%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-12.86%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-9.93%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-1.75%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-9.08%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-5.32%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >4.24%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-7.55%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-2.55%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >2000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >4.38%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-12.44%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-3.65%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1999</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >5.44%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-13.87%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-0.94%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1998</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >5.42%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-2.47%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >1.40%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1997</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >5.67%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-1.82%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >1.80%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1996</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >1.12%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-7.17%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-2.01%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1995</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-2.09%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-10.92%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-6.74%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1994</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >0.35%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-13.27%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-5.15%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1993</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >2.20%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-8.32%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-3.13%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1992</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >6.99%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >3.09%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >5.04%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>* How do the Trustees monitor and
address trading discounts?</FONT></B></P>
<P align=left><FONT face=serif size=2>The Trustees carefully monitor the trading
prices of your fund&#146;s shares, recognizing that trading prices and discounts will
fluctuate over time. At times when the fund trades at a material discount for an
extended period of time, the Trustees may examine possible factors contributing
to the situation and consider a broad range of possible actions in an effort to
reduce or eliminate the discount. Such actions that could be implemented in a
manner consistent with your fund&#146;s closed-end structure might
include:</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Communications with the marketplace
regarding the benefits of investing in the fund in an effort to increase
investor demand for the fund&#146;s shares;</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Repurchases by the fund of its
shares at prevailing market prices; and</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Tender offers by the fund to
repurchase its shares at net asset value (or at a price above market and below
net asset value).</FONT></P>
<P align=left><FONT face=serif size=2>It is possible that these actions may have
a temporary effect on a fund&#146;s trading discount, although there is little
industry experience that would suggest a long-term impact. Repurchases of
shares, whether in the market or in tender offers, reduce the fund&#146;s size and
may result in an increase in the fund&#146;s expense ratio. To the extent that shares
are repurchased at</FONT></P>
<P align=left><FONT face=sans-serif size=1>56</FONT></P>
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<P align="left">
<FONT size=2 face="serif">prices below net asset value, however, such repurchases will enhance the net asset value of the fund&#146;s shares and the total return of the remaining shareholders. Recognizing this benefit, the Trustees have authorized
share repurchases by certain Putnam closed-end funds on past occasions. More recently, in October 2005, the Trustees authorized all of the Putnam closed-end funds, including your fund, to repurchase up to 5% of their outstanding shares at market
prices through October 6, 2006. In March 2006, the Trustees increased this repurchase program to permit the funds to repurchase up to 10% of their outstanding shares over the same time period. The Trustees continue to study the results of the
repurchase program to determine its impact on trading discounts and on investment performance. To date, the Trustees have not authorized tender offers but may consider that alternative in the future.</FONT></P>
<P align="left">
<FONT size=2 face="serif">In considering these actions and the current proposal, the Trustees have considered the fact that all shareholders who purchased your fund&#146;s shares presumably made their choice from among a broad array of available
investment products available in the marketplace, with an understanding of the potential advantages and disadvantages of closed-end funds. Thus, in considering whether to recommend a fundamental change in the structure of the fund and its investment
characteristics, the Trustees have considered whether the closed-end structure of the fund continues to offer the investment advantages contemplated when the fund was originally offered to the marketplace. Especially in light of the recent steps to
enhance shareholder returns described above, the Trustees have concluded that the fund remains a viable investment vehicle and that recent discount levels do not currently justify abandoning the advantages of the closed-end structure by converting
your fund to open-end status.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">* What purpose does investment leverage serve for your fund?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Because of its closed-end status, your fund is permitted under the 1940 Act to maintain a leveraged capital structure consisting of common shares and auction rate preferred shares. As of June 30, 2006, preferred shares of
your fund were outstanding with an aggregate liquidation preference of &#36;16 million, which represents leverage of approximately 24% in comparison to your fund&#146;s assets (net of leverage) of approximately &#36;66 million. Because an open-end
fund is prohibited under the 1940 Act from issuing preferred shares, your fund would be required to redeem its preferred shares prior to any merger in accordance with the fund&#146;s Bylaws. The leveraged capital structure is designed to enable the
common</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">57</FONT></P>

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<P align=left><FONT face=serif size=2>shareholders to realize higher current
tax-exempt income on their shares than would be obtained without leverage. The
dividends paid to holders of preferred shares are generally based on short-term
rates, while the assets attributable to such preferred shares are generally
invested in longer-term, municipal securities, which typically have higher
yields than short-term rates. As long as your fund can invest these assets in
higher-yielding investments than the rates paid to preferred shareholders, the
common shareholders benefit from the use of this leverage. The Trustees
recognize that the use of leverage through preferred shares can increase the
risk of the fund&#146;s portfolio and tends to amplify fluctuations in total returns,
and that under certain market conditions this can result in lower returns than
an unleveraged portfolio.</FONT></P>
<P align=left><FONT face=serif size=2>Although an open-end fund, such as Putnam
California Tax Exempt Income Fund, is permitted under the 1940 Act to achieve a
leveraged position by borrowing from a bank (subject to certain asset coverage
requirements), Putnam Management has generally not judged it to be in the best
interests of shareholders to cause that fund to borrow money, as it believes
that the costs of leveraging a municipal bond fund other than through preferred
shares are generally too high relative to the lower expected returns of the
municipal bonds in which the fund invests. </FONT></P>
<P align=left><FONT face=serif size=2>Putnam Management believes that, over
time, your fund&#146;s leveraged position is in the best interests of the fund and
may contribute both to higher annualized total returns and higher levels of
current income.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* What are additional differences
between a closed-end and open-end fund?</FONT></B></P>
<P align=left><FONT face=serif size=2>In addition to the differences outlined
above, shareholders evaluating this proposal may wish to consider the
following:</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Investment flexibility. </FONT></I><FONT face=serif size=2>Because they
are required to maintain the ability to honor redemption requests, open-funds
are prohibited by the 1940 Act from investing more than 15% of their assets in
securities that are deemed illiquid. Closed-end funds are not subject to this
restriction.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Annual shareholder meetings. </FONT></I><FONT face=serif size=2>Your fund
is currently required by the rules of the American Stock Exchange to hold annual
meetings of shareholders. Conversion of your fund to open-end status would
result in termination of the fund&#146;s listing on the American Stock Exchange, with
the result that your fund would no longer be required to hold annual meetings.
The open-end Putnam funds have committed to</FONT></P>
<P align=left><FONT face=sans-serif size=1>58</FONT></P>
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<!--$$/page=--><A name=page_61></A>
<P align=left><FONT face=serif size=2>holding shareholder meetings for the
purpose of electing their Trustees at least every five years (beginning in
2004).</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Dividend reinvestment. </FONT></I><FONT face=serif size=2>Shareholders of
your fund currently have the option of participating in the fund&#146;s Dividend
Reinvestment Plan, under which cash distributions paid by your fund are
generally reinvested through the purchase of additional fund shares at market
prices, which currently reflect a discount from net asset value. (At times when
your fund&#146;s shares are trading at a premium over their net asset value, such
reinvestments are made at the higher of net asset value or 95% of market value.)
Shareholders of open-end Putnam funds have the option to reinvest their
distributions in additional shares at net asset value at all times. If the fund
were to convert to open-end status, shareholders would no longer be able to
reinvest dividends at a price below net asset value per share during times when
shares are trading at a discount to net asset value.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Exchange privileges. </FONT></I><FONT face=serif size=2>Shareholders of
open-end funds in the Putnam family of funds currently have the privilege of
exchanging their investment at net asset value and without sales charges for
shares of the same class of more than 65 open-end funds in the Putnam group.
Shareholders of your fund do not have that privilege.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* What is the voting requirement
for approving the shareholder proposal?</FONT></B></P>
<P align=left><FONT face=serif size=2>Approval of the shareholder proposal
requesting that the Trustees of your fund take the steps necessary to convert
your fund to an open-end investment company or otherwise permit shareholders of
your fund to realize the net asset value of their shares requires the
affirmative vote of a majority of the shares voted on the proposal. The fund&#146;s
common shareholders and preferred shareholders will vote together as a single
class on this proposal.</FONT></P>
<P align=left><B><FONT face=serif size=2>The Trustees believe that the continued
operation of your fund as a closed-end fund is in the best long-term interests
of your fund&#146;s shareholders, and unanimously recommend a vote against the
shareholder proposal.</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>59</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>4. SHAREHOLDER PROPOSAL REQUESTING
THE</FONT></B><B><FONT face=sans-serif size=2>TRUSTEES TO TAKE THE STEPS
NECESSARY TO MERGE YOUR FUND INTO PUTNAM NEW YORK TAX EXEMPT INCOME FUND, AN
OPEN-END FUND, OR OTHERWISE TO PERMIT SHAREHOLDERS TO REALIZE THE NET ASSET
VALUE OF THEIR SHARES </FONT></B><I><FONT face=sans-serif size=2>(Putnam New
York Investment Grade Municipal Trust Only)</FONT></I><B><FONT face=sans-serif
size=2>.</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>* What is this
proposal?</FONT></B></P>
<P align=left><FONT face=serif size=2>A shareholder of your fund (the
&#147;proponent&#148;) has informed the fund that he intends to present a proposal for
action at the Annual Meeting of Shareholders. The proposal submitted by the
proponent and the accompanying supporting statement read as follows: </FONT></P>
<P align=left><FONT face=serif size=2>RESOLVED: The shareholders ask the
Trustees to take the steps necessary to merge the Putnam New York Investment
Grade Municipal Trust (PMN) into the Putnam New York Tax Exempt Income Fund, an
open-end fund, or otherwise permit shareholders to realize net asset value (NAV)
for their shares.</FONT></P>
<P align=left><U><FONT face=serif size=2>Supporting Statement</FONT></U></P>
<P align=left><FONT face=serif size=2>In March, the Trustees of the Putnam
Managed High Yield Trust (PTM) did the right thing by recommending its merger
into a Putnam open-end fund pursuing similar investment objectives and
strategies.&nbsp;</FONT><FONT face=serif size=2>The Trustees of PMN, who are the
same people as the PTM Trustees, should once again do the right thing by
recommending the merger of PMN into the open-end New York fund which pursues
similar investment objectives and strategies. </FONT></P>
<P align=left><FONT face=serif size=2>The reasons for merging PMN are basically
the same as those for merging PTM: high discount, small size, high expenses,
poor liquidity, and performance that has lagged its closed-end peers for the
last ten years.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Like PTM before the merger
announcement, PMN has persistently traded at a double digit discount from NAV.
As of the date of this proposal (April 28, 2006), PCA&#146;s discount is 11.4% . No
other New York muni fund is saddled with such gross under-valuation.</FONT></P>
<P align=left><FONT face=sans-serif size=1>60</FONT></P>
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<P align=left><FONT face=serif size=2>*&nbsp;PMN and the Putnam New York Tax
Exempt Income Fund have similar investment objectives, the same Trustees, the
same Investment Manager, and the same individuals overseeing the bond
portfolios. But due to PMN&#146;s small size, its operating expense ratio (even with
a recent 0.1% fee reduction) is more than 60% higher than that for the Class A
shares of the much larger open-end fund.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;PMN is illiquid. Daily trading
volume averages less than 6000 shares. Even a modest order to buy or sell can
move the market.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;PMN&#146;s performance has lagged the
Lipper average for New York closed-end muni funds over the past 1 year, 5 years
and 10 years ending 10/31/05. Its performance has lagged the Lipper average for
general leveraged muni funds over the past 1 year, 5 years and 10 years ending
3/31/06. Morningstar gives PMN a below-average two stars; the Putnam open-end
New York fund gets three stars.</FONT></P>
<P align=left><FONT face=serif size=2>It&#146;s not a pretty picture.</FONT></P>
<P align=left><FONT face=serif size=2>I believe the Trustees should act in the
interest of PMN shareholders as they have done for PTM shareholders, by
recommending a merger that will reduce operating expenses, improve liquidity,
and increase share value. Merging PMN into the Putnam New York Tax Exempt Income
Fund is simply the right thing to do. I call on the Trustees to put such a
measure before shareholders AND to recommend that shareholders vote in favor of
the merger proposal.</FONT></P>
<P align=left><FONT face=serif size=2>The proponent&#146;s name and address and the
number of shares he owns in your fund will be furnished by the Clerk of your
fund upon request.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* What would happen if the
proposal passes?</FONT></B></P>
<P align=left><FONT face=serif size=2>The shareholder proposal does not call for
a shareholder vote to approve a merger of your fund with Putnam New York Tax
Exempt Income Fund at this time, but rather proposes that the shareholders ask
the Trustees to take action to effect such a merger. If the proposal passes at
the Annual Meeting of Shareholders, the Trustees would continue to exercise
their fiduciary duty to act in the interests of shareholders in investigating
the details and potential benefits of such a merger transaction, but would not
be obligated at any future meeting to recommend that the fund be
merged</FONT></P>
<P align=left><FONT face=sans-serif size=1>61</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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<P align=left><FONT face=serif size=2>into Putnam New York Tax Exempt Income
Fund or any other fund. In order to approve a merger, the Trustees would be
required by SEC rules to determine that the merger would be in the best
interests of shareholders of both funds and that the merger would not dilute the
interests of either fund&#146;s shareholders.</FONT></P>
<P align=left><FONT face=serif size=2>In any event, even if the Trustees decide,
following any approval of the shareholder proposal (or otherwise), to recommend
such a merger, an additional proxy statement and approval by the shareholders of
your fund would be required. Such a proxy statement would describe in more
detail the merger terms, together with certain legal, accounting, proxy and
other costs that your fund might incur in connection with a merger. </FONT></P>
<P align=left><FONT face=serif size=2>Though it primarily addresses a potential
merger, the shareholder&#146;s proposal alternatively requests that the Trustees take
other steps enabling shareholders to realize the net asset value of their shares
&#151; this might entail such measures as converting the fund into an open-end fund,
liquidating the fund and distributing its assets, or engaging in a tender offer
to repurchase fund shares. It is important to note, however, that the only way
to ensure that all shareholders realize the net asset value for their shares
would be to eliminate the closed-end structure of your fund, whether it is by
merger, open-ending, liquidation or otherwise. Thus, although the discussion
below focuses on a merger, many of the considerations apply equally to other
measures that would enable shareholders to realize the net asset value for their
shares.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* What do the Trustees
recommend?</FONT></B></P>
<P align=left><B><FONT face=serif size=2>The Trustees believe that the continued
operation of your fund as a closed-end fund is in the best long-term interests
of your fund&#146;s shareholders. Accordingly, the Trustees of your fund unanimously
recommend that shareholders vote &#147;AGAINST&#148; this proposal.</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>* Why are the Trustees
recommending a vote against the proposal?</FONT></B></P>
<P align=left><FONT face=serif size=2>In recommending a vote against the
shareholder proposal, the Trustees considered the following factors:</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Performance</FONT></I><FONT face=serif size=2>. Your fund&#146;s annualized
total returns, based on net asset value (NAV), are higher than those of the
open-end Putnam New York Tax Exempt Income Fund for each of the most recent 3-,
5- and 10-year periods, though 1-year performance has lagged somewhat. While
your</FONT></P>
<P align=left><FONT face=sans-serif size=1>62</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_65></A>
<P align=left><FONT face=serif size=2>fund&#146;s returns at market price have lagged
the open-end fund&#146;s returns, the Trustees consider market-price returns to be
less indicative of long-term investment opportunity than results at NAV. More
details on performance are provided below.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Yield. </FONT></I><FONT face=serif size=2>Your fund&#146;s yield has
historically been higher than that of Putnam New York Tax Exempt Income Fund,
although currently your fund&#146;s yield at net asset value is somewhat lower than
that of the open-end fund. More details on yields and dividend rates are
provided below.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Potential investment advantages. </FONT></I><FONT face=serif size=2>The
Trustees believe that your fund&#146;s closed-end status provides potential
investment advantages not available to open-end fund investors. Because your
fund&#146;s shares are not redeemable, your fund is not required to maintain
short-term, lower-yielding investments in anticipation of possible redemptions,
and generally can be more fully invested in higher-yielding securities. As a
closed-end fund, your fund does not experience the cash flows associated with
sales and redemptions of open-end fund shares, which create transaction costs
that are borne by long-term shareholders. Such cash flows may at times also
require temporary investment in short-term, lower-yielding securities, pending
investment in longer-term, higher-yielding securities.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Effects of leverage. </FONT></I><FONT face=serif size=2>The Trustees
believe that your fund&#146;s historically higher performance and yields compared to
the open-end fund are, in significant part, attributable to the fund&#146;s leveraged
capital structure, which is designed to enable the common shareholders to
realize higher current tax-exempt income on their shares that would be obtained
without leverage. The Trustees recognize, however, that the use of leverage
involves greater risk, and may increase volatility in investment returns for
common shareholders. The potential advantages of using investment leverage are
highly dependent on the prevailing interest rate environment; when long-term
interest rates are not substantially higher than the short-term interest rates
that serve as the basis for dividend payments to your fund&#146;s preferred
shareholders, the use of investment leverage may not be advantageous to common
shareholders. In particular, Putnam Management has advised the Trustees that
your fund&#146;s recent underperformance relative to the open-end fund is due, at
least in part, to market conditions that make leverage currently a less
effective means of increasing returns. If your fund were to cease to be
closed-end, it would have to redeem all of its outstanding preferred shares.
Although as an open-end fund your fund could leverage through borrowing, it
would likely incur higher costs in doing so.</FONT></P>
<P align=left><FONT face=sans-serif size=1>63</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_66></A>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Trading discounts. </FONT></I><FONT face=serif size=2>In reviewing the
trading information for your fund, the Trustees took into account the fact that
its shares have consistently traded at a discount to net asset value over the
past few years. The Trustees recognized that shareholders would be able to
redeem their shares for a greater amount following a merger than is currently
possible through sales on the open market. They reviewed the possible causes and
effects of discounts, which are discussed at more length below, and noted that
discount levels for your fund have fluctuated over the years and that, for some
periods, fund shares have traded at substantially lower discounts or at
premiums.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Recent actions enhancing shareholder value. </FONT></I><FONT face=serif
size=2>The Trustees have over the past year reviewed various measures to
increase shareholder value for each of the Putnam closed-end funds. In October
2005, the Trustees authorized a share repurchase program for all of the Putnam
closed-end funds, which is discussed below. Furthermore, the Trustees initiated
changes to your fund&#146;s management contract, which went into effect in January
2006, resulting in a reduction of the effective management fee rate from 0.65%
to 0.55%, measured as a percentage of average assets of the fund (including
assets attributable to preferred shares). The Trustees believe that these recent
steps have the potential to enhance shareholder returns, which in turn may
support increased demand for your fund&#146;s shares.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* What is Putnam New York Tax
Exempt Income Fund?</FONT></B></P>
<P align=left><FONT face=serif size=2>Putnam New York Tax Exempt Income Fund is
the open-end fund into which the shareholder proposal suggests that your fund
merge. The open-end fund, which is registered with the SEC as a diversified
fund, commenced operations on September 2, 1983. Like your fund, this fund seeks
as high a level of current income exempt from federal income tax and New York
personal income tax as Putnam Management believes to be consistent with
preservation of capital.</FONT></P>
<P align=left><FONT face=serif size=2>Your fund and Putnam New York Tax Exempt
Income Fund are managed by the same management team at Putnam Management and
their Boards of Trustees consist of the same individuals. As described in
further detail below, the two funds also have similar investment policies and
restrictions and employ similar investment strategies. As of June 30, 2006,
Putnam New York Tax Exempt Income Fund had net assets of approximately $1.17
billion. As of that same date, your fund&#146;s</FONT></P>
<P align=left><FONT face=sans-serif size=1>64</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_67></A>
<P align=left><FONT face=serif size=2>net assets (exclusive of the liquidation
preference of your fund&#146;s preferred shares, which is $10 million)) were
approximately $37 million. </FONT></P>
<P align=left><FONT face=serif size=2>Included in </FONT><B><FONT face=serif
size=2>Appendix B </FONT></B><FONT face=serif size=2>are the Financial
Highlights of your fund and Putnam New York Tax Exempt Income Fund from each
fund&#146;s most recent shareholder report. These financial highlights contain
information about each fund&#146;s assets, expenses, performance and
distributions.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* How does the investment
performance of the funds compare?</FONT></B></P>
<P align=left><FONT face=serif size=2>The following table summarizes the
annualized total return of your fund for the periods shown based on the net
asset value and the market price of its shares. The table also shows the
performance of the open-end Putnam New York Tax Exempt Income Fund, the
performance of your fund&#146;s primary benchmark index and the average performance
of funds in its peer group of closed-end funds as determined by Lipper Inc., an
independent fund rating agency. Of course, past performance is no guarantee of
future returns.</FONT></P>
<P align=left><FONT face=sans-serif size=1>Annualized Total Returns as of June
30, 2006</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >1 year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >3 years</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >5 years</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >10 years</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"
   ><FONT face=sans-serif size=2
     >Your Fund (Net Asset
      Value)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >0.36%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >4.42%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >5.21%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >5.76%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=5
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"
   ><FONT face=sans-serif size=2
     >Your Fund (Market Price)</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >(2.30)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >1.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >3.44</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >4.45</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=5
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"
   ><FONT face=sans-serif size=2
     >Putnam New York Tax Exempt</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"
   ><FONT face=sans-serif size=2
     >Income Fund (Open-End)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"
   ><FONT face=sans-serif size=2
     >Class A Shares (Net Asset
      Value)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >0.72</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >2.79</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >4.32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >5.13</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=5
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"
   ><FONT face=sans-serif size=2
     >Lehman Municipal Bond
      Index</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >0.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >3.24</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >5.05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >5.79</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=5
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"
   ><FONT face=sans-serif size=2
     >Lipper New York Municipal</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"
   ><FONT face=sans-serif size=2
     >Debt Funds (Closed-End)
      Average</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >1.67</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >5.39</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >6.11</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >6.18</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=5
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"
   ><FONT face=sans-serif size=2
     >Lipper New York Municipal
      Debt</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"
   ><FONT face=sans-serif size=2
     >Funds Average</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=2
     >0.50</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=2
     >2.76</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=2
     >4.28</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=2
     >5.00</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>As the foregoing table makes clear, your
fund&#146;s returns at NAV for the 3-, 5- and 10-year quoted periods are higher than
those of the open-end fund. In addition, at NAV your fund has outperformed the
Lehman Municipal Bond Index, which is the benchmark index for both funds, over
those periods. Annualized total returns are calculated net of expenses, so the
comparative performance figures above already adjust for the higher expense
ratio of your fund relative the open-end fund. The Trustees were informed by
Putnam Management that the outperformance at NAV for these periods is due, in
part, to the fund&#146;s leveraged capital structure</FONT></P>
<P align=left><FONT face=sans-serif size=1>65</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_68></A>
<P align=left><FONT face=serif size=2>(which is described in more detail below),
and that the leverage taken on by your fund involves increased risk and tends to
amplify fluctuations in the total return of the fund, depending on market
conditions.</FONT></P>
<P align=left><FONT face=serif size=2>The table above also shows that your
fund&#146;s returns at market price lag those of the open-end fund for each period.
Because performance at market price reflects the impact of market forces, which
are inherently unpredictable, the Trustees consider performance at net asset
value to be more indicative of the long-term investment opportunity offered by
your fund.</FONT></P>
<P align=left><FONT face=serif size=2>Your fund&#146;s returns, as indicated in the
table, have been lower than the average for the fund&#146;s Lipper peer group of
leveraged closed-end New York municipal debt funds. Putnam Management has
informed the Trustees that it believes this is likely due to your fund&#146;s
relatively lesser use of leverage. In periods when long-term interest rates were
signifi-cantly higher than short-term rates, this limited the fund&#146;s performance
relative to more highly-leveraged closed-end funds. However, Putnam Management
believes that this under-leverage relative to the peer group could be
advantageous to your fund&#146;s relative performance in different market
conditions.</FONT></P>
<P align=left><FONT face=serif size=2>The Trustees believe that shareholders
should evaluate your fund&#146;s investment performance, both at net asset value and
at market price, in light of the fund&#146;s stated investment goal: </FONT></P>
<P align=left><FONT face=serif size=2>To seek as high a level of current income
exempt from federal income tax and New York State and New York City personal
income tax as Putnam Management believes is consistent with preservation of
capital.</FONT></P>
<P align=left><FONT face=serif size=2>Putnam Management has advised the Trustees
that, consistent with this goal, it manages your fund&#146;s portfolio in a way that
seeks to balance the pursuit of investment yield against the risks to principal
that might result from an undue focus on yield alone. This means that your fund
will not necessarily invest in the highest yielding securities available in the
marketplace or engage in maximum permitted leverage if doing so would involve
undue risk of loss of principal due to possible credit defaults or interest rate
changes. Thus, there may be times when your fund&#146;s portfolio will generate an
investment yield that is lower than that of some competing investment products
that are willing to accept greater risk. Since investment yields appear to be an
important factor</FONT></P>
<P align=left><FONT face=sans-serif size=1>66</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_69></A>
<P align=left><FONT face=serif size=2>in influencing market prices, this
emphasis on total return may at times contribute to discount levels that are
higher than those of competing products. Over longer periods of time, however,
Putnam Management believes that this approach to managing risk should produce
less principal volatility and higher overall investment returns. There is, of
course, no guarantee that this will be the case.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* How do the two funds&#146; dividend
rates and yields compare?</FONT></B></P>
<P align=left><FONT face=serif size=2>As of June 30, 2006, your fund&#146;s yield,
calculated as your fund&#146;s established dividend rate as a percentage of the
market price of its common shares, was 4.62% . When calculated as a percentage
of net asset value, your fund&#146;s yield on that same date was 3.94% . By contrast,
as of June 30, 2006, the dividend rate for class A shares of Putnam New York Tax
Exempt Income Fund was 4.19% of the net asset value of such shares. Putnam
Management has advised the Trustees that your fund has over time consistently
had a higher yield than the open-end fund.</FONT></P>
<P align=left><FONT face=serif size=2>The 30-day yield on your fund&#146;s shares as
calculated in accordance with SEC guidelines (the &#147;SEC yield&#148;) was 3.52% as of
June 15, 2006. The SEC yield for class A shares of Putnam New York Tax Exempt
Income Fund was 3.64% of the net asset value of such shares as of June 30, 2006.
</FONT></P>
<P align=left><FONT face=serif size=2>The Trustees and Putnam Management believe
that your fund&#146;s yield has historically been higher than that of Putnam New York
Tax Exempt Income Fund primarily because of your fund&#146;s closed-end structure,
which affords the fund greater flexibility for investment and leveraging, which
in turn has allowed the fund to generate higher current income for distribution
to common shareholders. Putnam Management has advised the Trustees that the
current higher SEC yield of the open-end Putnam New York Tax Exempt Income Fund
reflects current market conditions that make leverage a less effective means of
increasing investment income.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* How do the two funds&#146; expenses
compare?</FONT></B></P>
<P align=left><FONT face=serif size=2>The following table shows each fund&#146;s
annual operating expenses as of the end of its last fiscal year, showing
expenses that are deducted from fund assets, calculated as a percentage of net
assets attributable to common shares.</FONT></P>
<P align=left><FONT face=sans-serif size=1>67</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_70></A>
<P align=left><B><FONT face=sans-serif size=2>Annual Fund Operating
Expenses</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=1>New York Investment</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>New York Tax Exempt</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=1>Grade Municipal
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>Income Fund (class A
      shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=1>(fiscal year ended</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>(fiscal year ended</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=1>April 30, 2006)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=1>November 30, 2005)</FONT>&nbsp;
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Management Fees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>0.78%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>0.50%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Distribution (12b-1)
      Fees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>None</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>0.20%*</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Other Expenses</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>0.69%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>0.09%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Total Annual Fund</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="31%">&nbsp; </TD>
    <TD noWrap align=left width="35%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=sans-serif
      size=2>Operating Expenses</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>1.47%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif
      size=2>0.79%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* Represents a blended rate. 12b-1
fees for class A shares are paid at a rate equal to the weighted average of (i)
0.20% on the net assets of the fund attributable to class A shares purchased and
paid for prior to April 1, 2005 and (ii) 0.25% on all other net assets of the
fund attributable to class A shares.</FONT></P>
<P align=left><FONT face=serif size=2>In the supporting statement to his
shareholder proposal, the proponent asserts that your fund&#146;s expense ratio is
more than 60% higher than that of Class A shares of the open-end Putnam New York
Tax Exempt Income Fund, which appears to be based on a simple comparison of the
Total Annual Fund Operating Expenses shown in the table above. This seemingly
simple comparison does not take into account certain important
factors:</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;This difference in operating
expenses is not due solely to the smaller size of your fund, as the proponent
asserts. Rather, the principal reason for your fund&#146;s higher operating expenses
is that they include additional management fees, custody fees and other expenses
associated with maintaining the fund&#146;s investment leverage, which historically
have been more than offset by the additional investment income earned through
the use of leverage. Under recent market conditions, which have included a
closing of the difference between long-term interest rates and the short-term
interest rates that serve as a basis for dividend payments on your fund&#146;s
preferred shares, leverage has generally provided reduced benefits to your fund
and, for certain periods, may have had a net negative effect on returns. In
light of the factors involved in this analysis, a simple comparison of operating
expenses of a leveraged closed-end fund and an unleveraged open-end fund does
not provide a meaningful analysis.</FONT></P>
<P align=left><FONT face=sans-serif size=1>68</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_71></A>
<P align=left><FONT face=serif size=2>*&nbsp;Further, the table above only
partially reflects a reduction of 0.10% in the effective management fee rate
(from 0.65% of average weekly assets attributable to common shares and preferred
shares, to 0.55%), negotiated by your fund&#146;s Trustees, which took effect on
January 1, 2006. Based on current asset levels, the change in management fee
would reduce Total Annual Fund Operating Expenses (expressed as a percentage of
net assets attributable to common shares) by approximately 0.13% once the new
fee has been in effect for a full fiscal year. The fund&#146;s Total Annual Operating
Expenses shown above accordingly reflect only the portion of this reduction
corresponding to the period from January 1, 2006 through April 30,
2006.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;The following pro forma table of
annual operating expenses for your fund revises the numbers in the comparative
expense table above to (a) subtract out management fee amounts paid on leveraged
assets, (b) take fully into account the recent management fee reduction, and (c)
subtract out costs incurred in connection with administering your fund&#146;s
preferred share program for investment leverage:</FONT></P>
<P align=left><B><FONT face=serif size=2>New York Investment Grade Municipal
Trust (pro forma calculations, based on fiscal year ended April 30, 2006
)</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face=sans-serif
      size=2>Management Fee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>0.78%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face=sans-serif
      size=2>Portion of Management Fee Paid
      on Leveraged Assets</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>(0.16%)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face=sans-serif
      size=2>Contractual Management Fee
      Reduction (effective 2006)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>(0.07%)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face=sans-serif
      size=2>Distribution (12b-1)
      Fees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>None</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face=sans-serif
      size=2>Other Expenses</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>0.69%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face=sans-serif
      size=2>Portion of Other Expenses
      Attributable to Leverage</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>(0.19%)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face=sans-serif
      size=2>Pro Forma Total Annual Fund
      Operating Expenses</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>1.05%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>*&nbsp;The performance figures provided in
the discussion above of how the investment performance of your fund and Putnam
New York Tax Exempt Income Fund compare, which show that your fund has
outperformed the open-end fund at net asset value over a number of periods, are
calculated net of expenses. Thus, any effect that higher expenses may have on
reducing your fund&#146;s performance is already taken into account in calculating
its favorable comparative performance data over longer periods.</FONT></P>
<P align=left><FONT face=sans-serif size=1>69</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_72"></A>

<P align="left">
<B><FONT size=2 face="sans-serif">* How do the investment goals, policies and restrictions of the two funds to compare?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Both your fund and the open-end Putnam New York Tax Exempt Income Fund have the investment objective of seeking as high a level of current income exempt from federal income tax and New York State and New York City personal
income tax as Putnam Management believes to be consistent with the preservation of capital. The funds also use similar investment strategies, although your fund&#146;s closed-end structure generally permits it to maintain smaller cash positions. In
addition, the open-end fund, by virtue of its larger size, is able to invest in a greater number of securities.</FONT></P>
<P align="left">
<FONT size=2 face="serif">In addition to differences between the two funds regarding the use of leverage, which are discussed elsewhere, there do exist a few, largely technical differences in their investment policies and restrictions. For example,
because your fund is classified as &#147;non-diversified&#148; and the open-end fund as &#147;diversified,&#148; your fund has more flexibility to concentrate its investments in fewer issuers. The policies requiring each fund to invest a minimum
percentage of its assets in securities producing tax-exempt income also differ. If, in the future, the Trustees were to present a proposal to shareholders to give formal approval for a merger of your fund into Putnam New York Tax Exempt Income Fund,
these and other differences, together with potential transaction costs associated with aligning the portfolios of the two funds, would be described in greater detail in the accompanying proxy statement.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">* What does it mean when fund shares trade at a discount?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Since closed-end funds are not required to redeem their shares, investors in closed-end funds who wish to liquidate their investment must sell their shares in the secondary markets. To promote the availability of active
secondary markets for shareholders who wish to sell their shares, your fund has listed its shares for trading on the American Stock Exchange. Prices in these secondary markets are determined by market forces and will fluctuate over time. They will
also fluctuate in relation to a fund&#146;s net asset value. Closed-end fund shares generally trade at a discount to their net asset value but at times may trade at a premium to net asset value.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">70</FONT></P>

<HR noshade align="center" width="100%" size=2>



<!--$$/page=-->
<A name="page_73"></A>

<P align="left">
<FONT size=2 face="serif">Putnam Management has advised the Trustees that discount levels for closed-end funds investing primarily in fixed-income securities &#151; such as your fund &#151; appear to fluctuate in relation to conditions in the
broader fixed-income markets, generally increasing during periods of rising interest rates and declining during periods of falling interest rates. These market cycles, together with other factors specifically affecting your fund, may result in
extended periods of discount in the market price of fund shares. The Trustees recognize that these can partly or entirely offset performance returns that a shareholder would otherwise be able to realize, if that shareholder were to sell shares at a
deeper discount than the price at which they were originally purchased. Accordingly, closed-end funds may be more suitable for investors who have a longer investment horizon and who will less likely face the need to liquidate their investments under
unfavorable market conditions. Conversely, the existence of discounts at times may also provide attractive opportunities to investors seeking potential additional returns from reductions in discount levels between the time of their purchase and
their sale.</FONT></P>
<P align="left">
<FONT size=2 face="serif">As indicated in the table below, while your fund&#146;s common shares have traded at a discount to their net asset value over more recent periods, the discount has fluctuated over time, and at times your fund&#146;s shares
have traded at a premium to net asset value. In order to show the range of discounts and premiums at which your fund&#146;s shares have historically traded, the table below presents both the highest market price and the lowest market price at which
your fund&#146;s shares closed on any trading day over the course of each full calendar year since inception, in each case expressed as a percentage discount from, or premium to, net asset value (NAV). Thus, the &#147;Highest Market Price&#148;
column presents the lowest discount or, if the fund traded above NAV during the year, the highest premium achieved in a given year; conversely, the &#147;Lowest Market Price&#148; column presents the highest discount or, if the fund only traded
above NAV during the year, the lowest premium. In addition, the &#147;Average Discount/Premium&#148; column presents the average daily differential between market price and net asset value over the course of each full calendar year since
inception.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">71</FONT></P>

<HR noshade align="center" width="100%" size=2>

<!--$$/page=--><A name=page_74></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >Highest Market Price</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Lowest Market Price</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=1
     >Average</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Calendar Year</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >(relative to NAV)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >(relative to NAV)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=1
     >Discount/Premium</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=4
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-9.53%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-15.94%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-13.26%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-6.69%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-14.58%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-11.54%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >2003</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-7.13%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-13.20%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-10.21%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >-3.33%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-12.18%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-7.85%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >0.88%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-9.69%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-6.68%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >2000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >0.08%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-12.60%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-5.43%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1999</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >2.77%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-15.17%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-2.09%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1998</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >4.83%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-3.91%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >0.59%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1997</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >5.06%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-8.98%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-2.49%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1996</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >0.22%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-9.74%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-4.68%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1995</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >2.10%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-8.39%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-1.67%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1994</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >3.94%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-14.00%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >-2.79%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1993</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >5.26%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >-3.78%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >0.60%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >1992</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >7.22%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=2
     >4.53%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=sans-serif size=2
     >5.32%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>* How do the Trustees monitor and
address trading discounts?</FONT></B></P>
<P align=left><FONT face=serif size=2>The Trustees carefully monitor the trading
prices of your fund&#146;s shares, recognizing that trading prices and discounts will
fluctuate over time. At times when the fund trades at a material discount for an
extended period of time, the Trustees may examine possible factors contributing
to the situation and consider a broad range of possible actions in an effort to
reduce or eliminate the discount. Such actions that could be implemented in a
manner consistent with your fund&#146;s closed-end structure might
include:</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Communications with the marketplace
regarding the benefits of investing in the fund in an effort to increase
investor demand for the fund&#146;s shares;</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Repurchases by the fund of its
shares at prevailing market prices; and</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Tender offers by the fund to
repurchase its shares at net asset value (or at a price above market and below
net asset value).</FONT></P>
<P align=left><FONT face=serif size=2>It is possible that these actions may have
a temporary effect on a fund&#146;s trading discount, although there is little
industry experience that would suggest a long-term impact. Repurchases of
shares, whether in the market or in tender offers, reduce the fund&#146;s size and
may result in an</FONT></P>
<P align=left><FONT face=sans-serif size=1>72</FONT></P>
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<P align="left">
<FONT size=2 face="serif">increase in the fund&#146;s expense ratio. To the extent that shares are repurchased at prices below net asset value, however, such repurchases will enhance the net asset value of the fund&#146;s shares and the total return
of the remaining shareholders. Recognizing this benefit, the Trustees have authorized share repurchases by certain Putnam closed-end funds on past occasions. More recently, in October 2005, the Trustees authorized all of the Putnam closed-end funds,
including your fund, to repurchase up to 5% of their outstanding shares at market prices through October 6, 2006. In March 2006, the Trustees increased this repurchase program to permit the funds to repurchase up to 10% of their outstanding shares
over the same time period. The Trustees continue to study the results of the repurchase program to determine its impact on trading discounts and on investment performance. To date, the Trustees have not authorized tender offers but may consider that
alternative in the future.</FONT></P>
<P align="left">
<FONT size=2 face="serif">In considering these actions and the current proposal, the Trustees have considered the fact that all shareholders who purchased your fund&#146;s shares presumably made their choice from among a broad array of available
investment products available in the marketplace, with an understanding of the potential advantages and disadvantages of closed-end funds. Thus, in considering whether to recommend a fundamental change in the structure of the fund and its investment
characteristics, the Trustees have considered whether the closed-end structure of the fund continues to offer the investment advantages contemplated when the fund was originally offered to the marketplace. Especially in light of the recent steps to
enhance shareholder returns described above, the Trustees have concluded that the fund remains a viable investment vehicle and that recent discount levels do not currently justify abandoning the advantages of the closed-end structure by converting
your fund to open-end status.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">* What purpose does investment leverage serve for your fund?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Because of its closed-end status, your fund is permitted under the 1940 Act to maintain a leveraged capital structure consisting of common shares and auction rate preferred shares. As of June 30, 2006, preferred shares of
your fund were outstanding with an aggregate liquidation preference of &#36;10 million, which represents leverage of approximately 27% in comparison to your fund&#146;s assets (net of leverage) of approximately &#36;37 million. Because an open-end
fund is prohibited under the 1940 Act from issuing preferred shares, your fund would be required to redeem its preferred shares prior to any merger in accordance with the fund&#146;s</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">73</FONT></P>

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<P align=left><FONT face=serif size=2>Bylaws. The leveraged capital structure is
designed to enable the common shareholders to realize higher current tax-exempt
income on their shares than would be obtained without leverage. The dividends
paid to holders of preferred shares are generally based on short-term rates,
while the assets attributable to such preferred shares are generally invested in
longer-term, municipal securities, which typically have higher yields than
short-term rates. As long as your fund can invest these assets in
higher-yielding investments than the rates paid to preferred shareholders, the
common shareholders benefit from the use of this leverage. The Trustees
recognize that the use of leverage through preferred shares can increase the
risk of the fund&#146;s portfolio and tends to amplify fluctuations in total returns,
and that under certain market conditions this can result in lower returns than
an unleveraged portfolio.</FONT></P>
<P align=left><FONT face=serif size=2>Although an open-end fund, such as Putnam
New York Tax Exempt Income Fund, is permitted under the 1940 Act to achieve a
leveraged position by borrowing from a bank (subject to certain asset coverage
requirements), Putnam Management has generally not judged it to be in the best
interests of shareholders to cause that fund to borrow money, as it believes
that the costs of leveraging a municipal bond fund other than through preferred
shares are generally too high relative to the lower expected returns of the
municipal bonds in which the fund invests. </FONT></P>
<P align=left><FONT face=serif size=2>Putnam Management believes that, over
time, your fund&#146;s leveraged position is in the best interests of the fund and
may contribute both to higher annualized total returns and higher levels of
current income.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* What are additional differences
between a closed-end and open-end fund?</FONT></B></P>
<P align=left><FONT face=serif size=2>In addition to the differences outlined
above, shareholders evaluating this proposal may wish to consider the
following:</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Investment flexibility. </FONT></I><FONT face=serif size=2>Because they
are required to maintain the ability to honor redemption requests, open-funds
are prohibited by the 1940 Act from investing more than 15% of their assets in
securities that are deemed illiquid. Closed-end funds are not subject to this
restriction.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Annual shareholder meetings. </FONT></I><FONT face=serif size=2>Your fund
is currently required by the rules of the American Stock Exchange to hold annual
meetings of shareholders. Conversion of your fund to open-end status would
result in termination of the fund&#146;s listing on the American Stock Exchange, with
the result that your fund would no longer be required to hold</FONT></P>
<P align=left><FONT face=sans-serif size=1>74</FONT></P>
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<P align=left><FONT face=serif size=2>annual meetings. The open-end Putnam funds
have committed to holding shareholder meetings for the purpose of electing their
Trustees at least every five years (beginning in 2004).</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Dividend reinvestment. </FONT></I><FONT face=serif size=2>Shareholders of
your fund currently have the option of participating in the fund&#146;s Dividend
Reinvestment Plan, under which cash distributions paid by your fund are
generally reinvested through the purchase of additional fund shares at market
prices, which currently reflect a discount from net asset value. (At times when
your fund&#146;s shares are trading at a premium over their net asset value, such
reinvestments are made at the higher of net asset value or 95% of market value.)
Shareholders of open-end Putnam funds have the option to reinvest their
distributions in additional shares at net asset value at all times. If the fund
were to convert to open-end status, shareholders would no longer be able to
reinvest dividends at a price below net asset value per share during times when
shares are trading at a discount to net asset value.</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;</FONT><I><FONT face=serif
size=2>Exchange privileges. </FONT></I><FONT face=serif size=2>Shareholders of
open-end funds in the Putnam family of funds currently have the privilege of
exchanging their investment at net asset value and without sales charges for
shares of the same class of more than 65 open-end funds in the Putnam group.
Shareholders of your fund do not have that privilege.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>* What is the voting requirement
for approving the shareholder proposal?</FONT></B></P>
<P align=left><FONT face=serif size=2>Approval of the shareholder proposal
requesting that the Trustees of your fund take the steps necessary to convert
your fund to an open-end investment company or otherwise permit shareholders of
your fund to realize the net asset value of their shares requires the
affirmative vote of a majority of the shares voted on the proposal. The fund&#146;s
common shareholders and preferred shareholders will vote together as a single
class on this proposal.</FONT></P>
<P align=left><B><FONT face=serif size=2>The Trustees believe that the continued
operation of your fund as a closed-end fund is in the best long-term interests
of your fund&#146;s shareholders, and unanimously recommend a vote against the
shareholder proposal.</FONT></B></P>
<P align=left><FONT face=sans-serif size=1>75</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>* Further Information About Voting
and the Meeting</FONT></B></P>
<P align=left><B><FONT face=serif size=2>Quorum and Methods of Tabulation.
</FONT></B><FONT face=serif size=2>The shareholders of each fund vote separately
with respect to each proposal. In the case of each fund a majority of the shares
entitled to vote constitutes a quorum for the transaction of business with
respect to any proposal at the meeting (unless otherwise noted in the proxy
statement), except that, where the preferred shares or common shares shall vote
as separate classes, then a majority of the aggregate number of shares of each
class shall be necessary to constitute a quorum for the transaction of business
by that class. Votes cast by proxy or in person at the meeting will be counted
by persons appointed by your fund as tellers for the meeting. The tellers will
count the total number of votes cast &#147;for&#148; approval of a proposal for purposes
of determining whether sufficient affirmative votes have been cast. Shares
represented by proxies that reflect abstentions and &#147;broker non-votes&#148; (i.e.,
shares held by brokers or nominees as to which (i) instructions have not been
received from the beneficial owners or the persons entitled to vote and (ii) the
broker or nominee does not have the discretionary voting power on a particular
matter) will be counted as shares that are present and entitled to vote on the
matter for purposes of determining the presence of a quorum. </FONT></P>
<P align=left><FONT face=serif size=2>With respect to the election of Trustees
and Proposals 3 and 4, neither abstentions nor broker non-votes have an effect
on the outcome of the proposal. With respect to Proposal 2, abstentions and
broker non-votes have the effect of a negative vote on the proposal. Treating
broker non-votes as negative votes may result in a proposal not being approved,
even though the votes cast in favor would have been sufficient to approve the
proposal if some or all of the broker non-votes had been withheld. In certain
circumstances in which the fund has received sufficient votes to approve a
matter being recommended for approval by the fund&#146;s Trustees, the fund may
request that brokers and nominees, in their discretion, withhold submission of
broker non-votes in order to avoid the need for solicitation of additional votes
in favor of the proposal. The fund may also request that selected brokers and
nominees, in their discretion, submit broker non-votes, if doing so is necessary
to obtain a quorum.</FONT></P>
<P align=left><FONT face=serif size=2>Shareholders who object to any proposal in
this Proxy Statement will not be entitled under Massachusetts law or your fund&#146;s
Agreement and Declaration of Trust to demand payment for, or an appraisal of,
their shares.</FONT></P>
<P align=left><B><FONT face=serif size=2>Special Rule for Proportional Voting
</FONT></B><B><I><FONT face=serif size=2>(Putnam High Yield Municipal Trust,
Putnam Municipal Bond Fund and Putnam Municipal Opportunities Trust
only)</FONT></I></B><B><FONT face=serif size=2>. </FONT></B><FONT face=serif
size=2>For funds listed on the New York Stock</FONT></P>
<P align=left><FONT face=sans-serif size=1>76</FONT></P>
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<P align="left">
<FONT size=2 face="serif">Exchange that have outstanding preferred shares, in accordance with the rules of the exchange, brokerage firms may vote for or against a proposal, on behalf of their clients who beneficially own the remarketed or auction
rate preferred shares and from whom they have not received voting instructions, in the same proportion as votes for and against such proposal have been received from holders of preferred shares if (i) the holders of a minimum of 30% of the
outstanding preferred shares have been voted by the holders of preferred shares, (ii) holders of less than 10% of the outstanding preferred shares have voted against such proposal and (iii) the holders of the common shares have approved such
proposal.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Other business. </FONT></B><FONT size=2 face="serif">The Trustees know of no matters other than those set forth herein to be brought before the meeting. If, however, any other matters properly come before the Meeting,
proxies will be voted on such matters in accordance with the judgment of the persons named in the enclosed form of proxy.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Simultaneous meetings. </FONT></B><FONT size=2 face="serif">The meeting of shareholders of your fund is called to be held at the same time as the meetings of shareholders of certain of the other Putnam funds. It is
anticipated that all meetings will be held simultaneously.</FONT></P>
<P align="left">
<FONT size=2 face="serif">If any shareholder at the meeting objects to the holding of a simultaneous meeting and moves for an adjournment of the meeting to a time promptly after the simultaneous meetings, the persons named as proxies will vote in
favor of such adjournment.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Solicitation of proxies. </FONT></B><FONT size=2 face="serif">In addition to soliciting proxies by mail, Trustees of your fund and employees of Putnam Management, Putnam Fiduciary Trust Company and Putnam Retail
Management may solicit proxies in person or by telephone. Your fund may arrange to have a proxy solicitation firm call you to record your voting instructions by telephone. The procedures for voting proxies by telephone are designed to authenticate
shareholders&#146; identities, to allow them to authorize the voting of their shares in accordance with their instructions and to confirm that their instructions have been properly recorded. Your fund has been advised by counsel that these
procedures are consistent with the requirements of applicable law. If these procedures were subject to a successful legal challenge, such votes would not be counted at the meeting. Your fund is unaware of any such challenge at this time.
Shareholders would be called at the phone number Putnam Management has in its records for their accounts, and would be asked for their Social Security number or other identifying information. The</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">77</FONT></P>

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<P align=left><FONT face=serif size=2>shareholders would then be given an
opportunity to authorize the proxies to vote their shares at the meeting in
accordance with their instructions. To ensure that the shareholders&#146;
instructions have been recorded correctly, they will also receive a confirmation
of their instructions in the mail. A special toll-free number will be available
in case the information contained in the confirmation is incorrect. </FONT></P>
<P align=left><FONT face=serif size=2>Common shareholders have the opportunity
to submit their voting instructions via the Internet by utilizing a program
provided by a third party vendor hired by Putnam Management or by automated
telephone service. The giving of a proxy will not affect your right to vote in
person should you decide to attend the meeting. To use the Internet, please
access the Internet address listed on your proxy card and follow the
instructions on the internet site. To record your voting instructions via
automated telephone service, use the toll-free number listed on your proxy card.
The Internet and telephone voting procedures are designed to authenticate
shareholder identities, to allow shareholders to give their voting instructions,
and to confirm that shareholders&#146; instructions have been recorded properly.
Shareholders voting via the Internet should understand that there may be costs
associated with electronic access, such as usage charges from Internet access
providers and telephone companies that must be borne by the shareholders. The
Internet and automated phone voting options are not available for use by
preferred shareholders.</FONT></P>
<P align=left><FONT face=serif size=2>Your fund&#146;s Trustees have adopted a
general policy of maintaining confi-dentiality in the voting of proxies.
Consistent with this policy, your fund may solicit proxies from shareholders who
have not voted their shares or who have abstained from voting, including brokers
and nominees. </FONT></P>
<P align=left><FONT face=serif size=2>Persons holding shares as nominees will,
upon request, be reimbursed for their reasonable expenses in soliciting
instructions from their principals. Your fund has retained at its own expense
MIS, 60 Research Road, Hingham, MA, 02043-4393 to aid in the solicitation of
instructions for registered and nominee accounts, for a fee not to exceed $7,500
in the aggregate for all funds. The expenses of the preparation of proxy
statements and related materials, including printing and delivery costs, are
borne by each fund.</FONT></P>
<P align=left><B><FONT face=serif size=2>Revocation of proxies. </FONT></B><FONT
face=serif size=2>Proxies, including proxies given by telephone or over the
Internet, may be revoked at any time before they are voted either (i) by a
written revocation received by the Clerk of your fund, (ii) by properly
executing a later-dated proxy, (iii) by recording later-dated</FONT></P>
<P align=left><FONT face=sans-serif size=1>78</FONT></P>
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<FONT size=2 face="serif">voting instructions via the Internet, (iv) in the case of brokers and nominees, by submitting written instructions to your fund&#146;s solicitation agent or the applicable record shareholder or (v) by attending the meeting
and voting in person.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Date for receipt of shareholders&#146; proposals for the next annual meeting. </FONT></B><FONT size=2 face="serif">It is currently anticipated that your fund&#146;s next annual meeting of shareholders will be held in
October 2007.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The Trustees of your fund reserve the right to set an earlier or later date of the October 2007 meeting. Shareholder proposals to be included in the proxy statement for that meeting must be received by your fund on or
before May 18, 2007. In order for a shareholder proposal to be included in the proxy statement, both the submitting shareholder and the proposal itself must satisfy the requirements set forth in Rule 14a-8 under the 1934 Act. Shareholders who wish
to make a proposal at the October 2007 annual meeting &#151; other than one that will be included in the fund&#146;s proxy materials &#151; should notify the fund no later than August 1, 2007. Shareholders who wish to propose one or more nominees
for election as Trustees, or to make a proposal fixing the number of Trustees, at the October 2007 annual meeting must provide written notice to the fund (including all required information) so that such notice is received in good order by the fund
no earlier than August 1, 2007 and no later than August 31, 2007.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Adjournment. </FONT></B><FONT size=2 face="serif">If sufficient votes in favor of any of the proposals set forth in the Notice of Annual Meeting of Shareholders are not received by the time scheduled for the meeting or
if the quorum required for the proposal has not been met, the persons named as proxies may propose adjournments of the meeting for a period or periods of not more than 60 days in the aggregate to permit further solicitation of proxies. Any
adjournment will require the affirmative vote of a majority of the votes cast on the question in person or by proxy at the session of the Meeting to be adjourned. The persons named as proxies will vote in favor of adjournment those proxies that they
are entitled to vote in favor of the proposals. They will vote against any such adjournment those proxies required to be voted against the proposals. Your fund pays the costs of any additional solicitation and of any adjourned session. Any proposals
for which sufficient favorable votes have been received by the time of the meeting may be acted upon and considered final regardless of whether the meeting is adjourned to permit additional solicitation with respect to any other proposal.</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">79</FONT></P>

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<B><FONT size=2 face="serif">Duplicate mailings. </FONT></B><FONT size=2 face="serif">As permitted by SEC rules, Putnam&#146;s policy is to send a single copy of the proxy statement to shareholders who share the same last name and address, unless a
shareholder previously has requested otherwise. Separate proxy ballots will be included with the proxy statement for each account registered at that address. If you would prefer to receive your own copy of the proxy statement, please contact Putnam
Investor Services by phone at 1-800-225-1581 or by mail at P.O. Box 41203, Providence, Rhode Island 02940-1203.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Financial information. Your fund&#146;s Clerk will furnish to you, upon request and without charge, a copy of the fund&#146;s Annual Report for its most recent fiscal year, and a copy of its semian-nual report for any
subsequent semiannual period. Such requests may be directed to Putnam Investor Services, P.O. Box 41203, Providence, RI 02940-1203 or 1-800-225-1581.</FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-serif">* Fund Information</FONT></B></P>
<P align="left">
<B><FONT size=2 face="serif">Putnam Investments. </FONT></B><FONT size=2 face="serif">Putnam Investment Management, LLC, your fund&#146;s investment manager and administrator, is a subsidiary of Putnam, LLC (Putnam Investments). Putnam Investments
is a wholly-owned subsidiary of Putnam Investments Trust, a holding company that, except for a minority stake owned by employees, is in turn owned by Marsh &amp; McLennan Companies, Inc., a leading professional services firm that includes risk and
insurance services, investment management and consulting businesses.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The address of each of Putnam Investments Trust, Putnam Investments and Putnam Investment Management, LLC, is One Post Office Square, Boston, Massachusetts 02109. The address of the executive offices of Marsh &amp; McLennan
Companies, Inc. is 1166 Avenue of the Americas, New York, New York 10036. Charles E. Haldeman, Jr. is the President and Chief Executive Officer of Putnam Investments. His address is One Post Office Square, Boston, MA 02109.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Mr. Haldeman is a stockholder of Putnam Investments Trust. On March 15, 2005, Putnam Investments Trust granted Mr. Haldeman 210,635 shares of Class B Common Stock pursuant to the Putnam Investments Trust Equity Partnership
Plan. With respect to this grant, Mr. Haldeman&#146;s shares vest over a four-year period, with 25% of the shares vesting on each anniversary of the grant, although vesting may be accelerated under certain circumstances if Mr. Haldeman&#146;s
employment with Putnam terminates. On September 29, 2005, </FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">80</FONT></P>

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<FONT size=2 face="serif">Mr. Haldeman participated in the Putnam Option Exchange Program in which holders of eligible options to purchase Class B Common Stock were permitted to elect to exchange their options for restricted shares of Class B Common
Stock with a value equal to the value of the exchanged options. Mr. Haldeman was granted 14,226 restricted shares of Class B Common Stock in exchange for an option to purchase 99,200 shares of Class B Common Stock. On March 15, 2006, Putnam
Investments Trust granted Mr. Haldeman 111,693 restricted shares of Class B Common Stock for his performance in 2005. With respect to such grant, Mr. Haldeman&#146;s shares vest over a four-year period, with 25% of the shares vesting on each
anniversary of the grant. On March 15, 2006, Mr. Haldeman received an additional grant of 314,136 restricted shares of Class B Common Stock and an option to purchase 510,638 shares as a special grant as a result of his employment contract with Marsh
&amp; McLennan Companies, Inc. With respect to each 2006 grant, Mr. Haldeman&#146;s shares vest 10%, 20%, 30% and 40% over the next 4 years, subject to acceleration provisions based on investment performance.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Putnam Fiduciary Trust Company. </FONT></B><FONT size=2 face="serif">Putnam Fiduciary Trust Company, the fund&#146;s investor servicing agent and custodian, is a subsidiary of Putnam Investments. Its address is One Post
Office Square, Boston, Massachusetts 02109.</FONT></P>
<P align="left">
<FONT size=2 face="serif">For its most recent fiscal year, the funds paid Putnam Fiduciary Trust Company aggregate fees as follows, in each case excluding custody credits and investor servicing credits:</FONT></P>
<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=78% nowrap align=left>
<FONT size=2 face="sans-serif">Fund/Fiscal Year-End</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">Fee</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=78% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam California Investment Grade Municipal Trust</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=78% nowrap align=left>
<FONT size=2 face="sans-serif">(April 30, 2006)</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">&#36; 75,867</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=78% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam High Yield Municipal Trust (March 31, 2006)</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">190,819</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=78% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Municipal Bond Fund (April 30, 2006)</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">244,294</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=78% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam Municipal Opportunities Trust (April 30, 2006)</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">222,710</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=78% nowrap align=left>
<FONT size=2 face="sans-serif">Putnam New York Investment Grade Municipal Trust</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=78% nowrap align=left>
<FONT size=2 face="sans-serif">(April 30, 2006)</FONT>&nbsp;
	</TD>
	<TD width=21% nowrap align=left>
<FONT size=2 face="sans-serif">45,836</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<B><FONT size=2 face="serif">Litigation. </FONT></B><FONT size=2 face="serif">Exhibit B to this proxy statement describes the pending legal proceedings in which the Trustees have been named as parties adverse to some or all of your funds.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Limitation of Trustee liability. </FONT></B><FONT size=2 face="serif">Your fund&#146;s Declaration of Trust provides that the fund will indemnify its Trustees and officers against liabilities and expenses incurred in
connection with litigation in which they may be involved because of their offices with the fund, except if it is</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">81</FONT></P>

<HR noshade align="center" width="100%" size=2>

<!--$$/page=--><A name=page_84></A>
<P align=left><FONT face=serif size=2>determined in the manner specified in the
Declaration of Trust that they have not acted in good faith in the reasonable
belief that their actions were in the best interests of the fund or that such
indemnification would relieve any officer or Trustee of any liability to the
fund or its shareholders arising by reason of willful misfeasance, bad faith,
gross negligence or reckless disregard of his or her duties. Your fund, at its
expense, provides liability insurance for the benefit of its Trustees and
officers.</FONT></P>
<P align=left><B><FONT face=serif size=2>Independent Registered Public
Accounting Firm. </FONT></B><FONT face=serif size=2>As set forth in the table
below, the Audit and Compliance Committee and the full Board of Trustees have
selected PricewaterhouseCoopers LLP, 125 High Street, Boston, Massachusetts
02110, or KPMG LLP, 99 High Street, Boston, Massachusetts 02110, to serve as the
independent registered public accounting firm for each fund&#146;s current fiscal
year. </FONT><FONT face=serif size=2>Representatives of PricewaterhouseCoopers
LLP and KPMG LLP are expected to be present at the meeting of shareholders of
the funds to make statements or to respond to appropriate questions.</FONT></P>
<P align=left><FONT face=serif size=2>The following table presents fees billed
in each of the last two fiscal years for services rendered to each fund by the
fund&#146;s independent registered public accounting firm:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=1
     >Audit-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="10%"
   ><FONT face=sans-serif size=1
     >All</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Audit</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=1
     >Related</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >Tax</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"
   ><FONT face=sans-serif size=1
     >Other</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=1
     >Fiscal year ended</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Fees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=1
     >Fees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >Fees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"
   ><FONT face=sans-serif size=1
     >Fees</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" colSpan=3
   ><FONT face=sans-serif size=2
     >Putnam California Investment Grade Municipal
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="10%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" colSpan=2
   ><FONT face=sans-serif size=2
     >(PricewaterhouseCoopers LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="10%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >$46,594</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=2
     >$28,050</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >$5,086</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"
   ><FONT face=sans-serif size=2
     >$5</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >38,142</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=2
     >26,478</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >5,101</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"
   ><FONT face=sans-serif size=2
     >0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" colSpan=2
   ><FONT face=sans-serif size=2
     >Putnam High Yield Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="10%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >(KPMG LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="10%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >March 31, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >$34,592</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=2
     >$22,100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >$4,192</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"
   ><FONT face=sans-serif size=2
     >0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >March 31, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >34,550</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=2
     >20,900</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >4,150</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"
   ><FONT face=sans-serif size=2
     >0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=1
     >Putnam Municipal Bond Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="10%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" colSpan=2
   ><FONT face=sans-serif size=2
     >(PricewaterhouseCoopers LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="10%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >$49,180</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=2
     >$9,367</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >$4,676</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"
   ><FONT face=sans-serif size=2
     >$16</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >42,498</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=2
     >8,921</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >4,380</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"
   ><FONT face=sans-serif size=2
     >0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" colSpan=2
   ><FONT face=sans-serif size=1
     >Putnam Municipal Opportunities Trust</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="10%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" colSpan=2
   ><FONT face=sans-serif size=2
     >(PricewaterhouseCoopers LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="10%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >$43,383</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=2
     >$22,525</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >$4,916</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"
   ><FONT face=sans-serif size=2
     >$14</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >37,859</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=2
     >21,263</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >4,318</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"
   ><FONT face=sans-serif size=2
     >0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" colSpan=3
   ><FONT face=sans-serif size=1
     >Putnam New York Investment Grade Municipal
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="10%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%" colSpan=2
   ><FONT face=sans-serif size=2
     >(PricewaterhouseCoopers LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="10%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >$45,815</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=2
     >$28,050</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >$5,324</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"
   ><FONT face=sans-serif size=2
     >$3</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=2
     >April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=2
     >39,378</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=2
     >26,478</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=2
     >5,074</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"
   ><FONT face=sans-serif size=2
     >0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=5
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman"
size=3>&nbsp;</FONT></FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>82</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_85></A>
<P align=left><B><I><FONT face=serif size=2>Audit Fees </FONT></I></B><FONT
face=serif size=2>represents fees billed for the fund&#146;s last two fiscal years.
</FONT></P>
<P align=left><B><I><FONT face=serif size=2>Audit-Related Fees
</FONT></I></B><FONT face=serif size=2>represents fees billed in the fund&#146;s last
two fiscal years for services traditionally performed by the fund&#146;s auditor,
including accounting consultation for proposed transactions or concerning
financial accounting and reporting standards and other audit or attest services
not required by statute or regulation.</FONT></P>
<P align=left><B><I><FONT face=serif size=2>Tax Fees </FONT></I></B><FONT
face=serif size=2>represent fees billed in the fund&#146;s last two fiscal years for
tax compliance, tax planning and tax advice services. Tax planning and tax
advice services include assistance with tax audits, employee benefit plans and
requests for rulings or technical advice from taxing authorities. </FONT></P>
<P align=left><B><I><FONT face=serif size=2>All Other Fee</FONT></I></B><FONT
face=serif size=2>s represents fees billed for services relating to an analysis
of recordkeeping fees.</FONT></P>
<P align=left><FONT face=serif size=2>The following table presents the amounts
KPMG LLP or </FONT><FONT face=serif size=2>PricewaterhouseCoopers LLP billed for
aggregate non-audit fees in each of the last two fiscal years to each fund,
Putnam Management and any entity controlling, controlled by or under common
control with Putnam Management that provides ongoing services to the
fund:</FONT></P>
<P align=left><FONT face=sans-serif size=1>Fiscal year ended</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"
   ><FONT face=sans-serif size=2
     >Putnam California Investment Grade
      Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"
   ><FONT face=sans-serif size=2
     >(PricewaterhouseCoopers
      LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"
   ><FONT face=sans-serif size=2
     >April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"
   ><FONT face=sans-serif size=2
     >$291,414</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"
   ><FONT face=sans-serif size=2
     >April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"
   ><FONT face=sans-serif size=2
     >216,283</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"
   ><FONT face=sans-serif size=2
     >Putnam High Yield Municipal
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"
   ><FONT face=sans-serif size=2
     >(KPMG LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"
   ><FONT face=sans-serif size=2
     >March 31, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"
   ><FONT face=sans-serif size=2
     >$26,292</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"
   ><FONT face=sans-serif size=2
     >March 31, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"
   ><FONT face=sans-serif size=2
     >25,050</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"
   ><FONT face=sans-serif size=2
     >Putnam Municipal Bond Fund</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="23%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"
   ><FONT face=sans-serif size=2
     >(PricewaterhouseCoopers
      LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"
   ><FONT face=sans-serif size=2
     >April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"
   ><FONT face=sans-serif size=2
     >$272,333</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"
   ><FONT face=sans-serif size=2
     >April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"
   ><FONT face=sans-serif size=2
     >197,005</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"
   ><FONT face=sans-serif size=2
     >Putnam Municipal Opportunities
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"
   ><FONT face=sans-serif size=2
     >(PricewaterhouseCoopers
      LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"
   ><FONT face=sans-serif size=2
     >April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"
   ><FONT face=sans-serif size=2
     >$285,729</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"
   ><FONT face=sans-serif size=2
     >April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"
   ><FONT face=sans-serif size=2
     >209,285</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"
   ><FONT face=sans-serif size=2
     >Putnam New York Investment Grade
      Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"
   ><FONT face=sans-serif size=2
     >(PricewaterhouseCoopers
      LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"
   ><FONT face=sans-serif size=2
     >April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"
   ><FONT face=sans-serif size=2
     >$291,650</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"
   ><FONT face=sans-serif size=2
     >April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"
   ><FONT face=sans-serif size=2
     >215,155</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman"
size=3>&nbsp;</FONT></FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>83</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_86></A>
<P align=left><B><I><FONT face=serif size=2>Pre-Approval Policies of the Audit
and Compliance</FONT></I></B><B><I><FONT face=serif size=2>Committee.
</FONT></I></B><FONT face=serif size=2>The Audit and Compliance Committee has
determined that all work performed for the funds by the funds&#146; independent
auditors will be pre-approved by the Committee itself and thus will generally
not be subject to pre-approval procedures.</FONT></P>
<P align=left><FONT face=serif size=2>The Audit and Compliance Committee also
has adopted a policy to pre-approve the engagement by Putnam Management and
certain of its affiliates of the funds&#146; independent auditors, even in
circumstances where pre-approval is not required by applicable law. Any such
requests by Putnam Management or certain of its affiliates are typically
submitted in writing to the Committee and explain, among other things, the
nature of the proposed engagement, the estimated fees and why this work should
be performed by that particular audit firm as opposed to another one.</FONT></P>
<P align=left><FONT face=serif size=2>The table below presents the amounts
billed by PricewaterhouseCoopers LLP to each fund other than Putnam High Yield
Municipal Trust in the last two fiscal years for services that were required to
be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. No
such services were provided to Putnam High Yield Municipal Trust in the last two
fiscal years.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="54%">&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=1>Audit-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>All</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%">&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=1>Related</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>Tax</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Other</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT face=sans-serif
      size=1>Fiscal year ended</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=1>Fees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>Fees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Fees</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=4><FONT
      face=sans-serif size=1>
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=2><FONT
      face=sans-serif size=2>Putnam
      California Investment Grade Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT face=sans-serif
      size=2>(PricewaterhouseCoopers
      LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT face=sans-serif
      size=2>April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>$0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>$98,160</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>$0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT face=sans-serif
      size=2>April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4><FONT face=Arial size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=2><FONT
      face=sans-serif size=2>Putnam New York
      Investment Grade Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT face=sans-serif
      size=2>(PricewaterhouseCoopers
      LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT face=sans-serif
      size=2>April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>$0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>$98,160</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>$0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT face=sans-serif
      size=2>April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4><FONT face=Arial size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT face=sans-serif
      size=2>Putnam Municipal Bond
      Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT face=sans-serif
      size=2>(PricewaterhouseCoopers
      LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT face=sans-serif
      size=2>April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>$0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>$98,160</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>$0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT face=sans-serif
      size=2>April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4><FONT face=Arial size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT face=sans-serif
      size=2>Putnam Municipal Opportunities
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT face=sans-serif
      size=2>(PricewaterhouseCoopers
      LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT face=sans-serif
      size=2>April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>$0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>$98,160</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>$0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT face=sans-serif
      size=2>April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=4><FONT
      face=sans-serif size=1>
      <HR noShade SIZE=1>
      <FONT face="Times New Roman"
size=3>&nbsp;</FONT></FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>84</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_87></A>
<P align=left><FONT face=serif size=2>For purposes of this table,
</FONT><B><I><FONT face=serif size=2>Tax Fees </FONT></I></B><FONT face=serif
size=2>represents fees billed for advisory services relating to the impact of
the American Jobs Creation Act of 2004. </FONT></P>
<P align=left><FONT face=serif size=2>The Audit and Compliance Committee of your
fund has submitted the following report: </FONT></P>
<P align=left><FONT face=serif size=2>The Audit and Compliance Committee has
reviewed and discussed with management of your fund the audited financial
statements for the last fiscal year. The Audit and Compliance Committee has
discussed with your fund&#146;s independent auditors the matters required to be
discussed by Statements on Auditing Standard No. 61 (SAS 61). SAS 61 requires
independent auditors to communicate to the Audit and Pricing Committee matters
including, if applicable: (1) methods used to account for significant unusual
transactions; (2) the effect of significant accounting policies in controversial
or emerging areas for which there is a lack of authoritative guidance or
consensus; (3) the process used by management in formulating particularly
sensitive accounting estimates and the basis for the auditor&#146;s conclusions
regarding the reasonableness of those estimates and (4) disagreements with
management over the application of accounting principles and certain other
matters. The Audit and Compliance Committee has received the written disclosures
and the letter from your fund&#146;s independent auditors required by the SEC&#146;s
Independence Standards Board Standard No. 1 (among other things, requiring
auditors to make written disclosures to and discuss with the Audit and
Compliance Committee various matters relating to the auditor&#146;s independence),
and has discussed with such accountants the independence of such accountants.
Based on the foregoing review and discussions, the Audit and Compliance
Committee recommended to the Trustees that the audited financial statements for
the last fiscal year be included in your fund&#146;s annual report to shareholders
for the last fiscal year.</FONT></P>
<P align=left><FONT face=serif size=2>Robert E. Patterson
(Chairperson)</FONT><BR><FONT face=serif size=2>John A. Hill</FONT><BR><FONT
face=serif size=2>W. Thomas Stephens</FONT><BR></P>
<P align=left><FONT face=sans-serif size=1>85</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_88></A>
<P align=left><B><FONT face=serif size=2>Officers and other information.
</FONT></B><FONT face=serif size=2>All of the officers of your fund, with the
exception of George Putnam, III, the fund&#146;s President, are employees of Putnam
Management or its affiliates or serve on the staff of the Office of the
Trustees. Because of their positions with Putnam Management or its affiliates or
their ownership of stock of Marsh &amp; McLennan Companies, Inc., the parent
corporation of Putnam Investments Trust and indirectly of Putnam Investments,
Messrs. Haldeman and Putnam, III, as well as the officers of your fund who are
employees of Putnam Management or its affiliates, will benefit from the
management fees, underwriting commissions, custodian fees, and investor
servicing fees paid or allowed by the fund. In addition to Mr. Putnam, III, the
other officers of each fund are as follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=1
     >Year first</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="36%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><B><FONT
      face=sans-serif size=1
     >Name, Year of birth, Age</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=1
     >elected to</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="36%"><B><FONT
      face=sans-serif size=1
     >Business experience</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><B><FONT
      face=sans-serif size=1
     >Office with the fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT
      face=sans-serif size=1
     >office</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="36%"><B><FONT
      face=sans-serif size=1
     >during past 5 years</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT
      face=sans-serif size=1>
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=sans-serif
      size=2>Charles E. Porter (Born
      1938)*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>1989</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Executive Vice
      President,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=sans-serif
      size=2>Executive Vice
      President,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Associate
      Treasurer,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=sans-serif
      size=2>Associate Treasurer,
      Principal</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Principal Executive</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=sans-serif
      size=2>Executive Officer
      and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Officer and
      Compliance</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=sans-serif
      size=2>Compliance Liaison</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Liaison, The Putnam
      Funds</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT
      face=Arial size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=sans-serif
      size=2>Jonathan S. Horwitz (Born
      1955)*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Senior Vice President
      and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=sans-serif
      size=2>Senior Vice President and
      Treasurer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Treasurer, The
      Putnam</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Funds. Prior to 2004,
      Mr.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Horwitz was a
      Managing</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Director at Putnam</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Investments</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT
      face=sans-serif size=2><FONT size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=sans-serif
      size=2>Steven D. Krichmar (Born
      1958)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Senior Managing
      Director,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=sans-serif
      size=2>Vice President and
      Principal</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Putnam Investments.</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=sans-serif
      size=2>Financial Officer</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Prior to 2001, Mr.
      Krichmar</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>was a Partner at</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2
     >PricewaterhouseCoopers,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>LLP</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT
      face=sans-serif size=2><FONT size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=sans-serif
      size=2>Michael T. Healy (Born
      1958)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>2000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Managing Director,
      Putnam</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=sans-serif
      size=2>Assistant Treasurer
      and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Investments</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=sans-serif
      size=2>Principal Accounting
      Officer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="36%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT
      face=sans-serif size=2><FONT size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=sans-serif
      size=2>Janet C. Smith (Born
      1965)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Managing Director,
      Putnam</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=sans-serif
      size=2>Assistant Treasurer</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Investments</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT
      face=sans-serif size=2><FONT size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=sans-serif
      size=2>Beth Mazor (Born
      1958)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Managing Director,
      Putnam</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=sans-serif
      size=2>Vice President</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Investments</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT
      face=sans-serif size=2><FONT size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=sans-serif
      size=2>Mark C. Trenchard (Born
      1962)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=sans-serif
      size=2>2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Managing Director,
      Putnam</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=sans-serif
      size=2>Vice President and</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Investments</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="45%"><FONT face=sans-serif
      size=2>BSA Compliance
      officer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD>
    <TD noWrap align=left width="36%">&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>86</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_89></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%"><B><FONT
      face=sans-serif size=1
     >Year first</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="36%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><B><FONT
      face=sans-serif size=1
     >Name, Year of birth, Age</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="17%"><B><FONT
      face=sans-serif size=1
     >elected to</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="36%"><B><FONT
      face=sans-serif size=1
     >Business experience</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><B><FONT
      face=sans-serif size=1
     >Office with the fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="17%"><B><FONT
      face=sans-serif size=1
     >office</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="36%"><B><FONT
      face=sans-serif size=1
     >during past 5 years</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT
      face=sans-serif size=1>
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Francis J. McNamara, III (Born
      1955)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Senior Managing
      Director,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Vice President and Chief Legal
      Officer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Putnam Investments,</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Putnam Management
      and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Putnam Retail
      Management.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Prior to 2004,</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Mr. McNamara was</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>General Counsel of
      State</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Street Research
      &amp;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Management.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT
      face=sans-serif size=2><FONT size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Charles A. Ruys de Perez (Born
      1957)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Managing Director,</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Vice President and
      Chief</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Putnam Investments</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Compliance Officer</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT
      face=sans-serif size=2><FONT size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>James P. Pappas (Born
      1953)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Managing Director,</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Vice President</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Putnam Investments</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>and Putnam
      Management.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>During 2002, Mr.
      Pappas</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>was Chief Operating</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Officer of
      Atalanta/Sosnoff</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Management
      Corporation.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Prior to 2001 he
      was</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>President and Chief</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Executive Officer of
      UAM</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Investment Services,
      Inc.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT
      face=sans-serif size=2><FONT size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Richard S. Robie III (Born
      1960)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Senior Managing
      Director,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Vice President</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Putnam Investments,</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Putnam Management
      and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Putnam Retail
      Management.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Prior to 2003, Mr.
      Robie</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>was Senior Vice
      President</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>of United Asset</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Management
      Corporation.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT
      face=sans-serif size=2><FONT size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Judith Cohen (Born
      1945)*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>1993</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Vice President, Clerk
      and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Vice President, Clerk
      and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Assistant
      Treasurer.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Assistant Treasurer</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT
      face=sans-serif size=2><FONT size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Wanda M. McManus (Born
      1947)*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>1993</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Vice President,
      Senior</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Vice President, Senior
      Associate</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Associate Treasurer
      and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Treasurer and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Assistant Clerk.</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Assistant Clerk</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT
      face=sans-serif size=2><FONT size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Nancy E. Florek (Born
      1957)*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>2000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Vice President,
      Assistant</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Vice President, Assistant
      Clerk,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>Clerk, Assistant
      Treasurer</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>Assistant Treasurer</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=2>and Proxy Manager.</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="46%"><FONT face=sans-serif
      size=2>and Proxy Manager.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="36%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT
      face=sans-serif size=2><FONT size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman"
  size=3>&nbsp;</FONT></FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* Officers of each fund who are
members of the Trustees&#146; independent administrative staff. </FONT></P>
<P align=left><FONT face=sans-serif size=1>Compensation for these individuals is
fixed by the Trustees and reimbursed to Putnam Management.</FONT></P>
<P align=left><FONT face=sans-serif size=1>87</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_90></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"
   ><B><FONT face=sans-serif size=2
     >Net assets of your fund as
      of June 30, 2006*</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="25%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"
   ><FONT face=sans-serif size=2
     >Putnam California Investment Grade
      Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=2
     >$66,370,410</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"
   ><FONT face=sans-serif size=2
     >Putnam High Yield Municipal
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=2
     >168,952,663</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"
   ><FONT face=sans-serif size=2
     >Putnam Municipal Bond Fund</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=2
     >225,137,410</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"
   ><FONT face=sans-serif size=2
     >Putnam Municipal Opportunities
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=2
     >199,926,506</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"
   ><FONT face=sans-serif size=2
     >Putnam New York Investment Grade
      Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"
   ><FONT face=sans-serif size=2
     >37,131,218</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* Excludes the amount of the
aggregate liquidation preference of outstanding preferred shares of each
fund.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
   ><B><FONT face=sans-serif size=2
     >Shares outstanding of your
      fund as of August 3, 2006*</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"
   ><B><FONT face=sans-serif size=2
     >Common
      shares:</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"
   ><FONT face=sans-serif size=2
     >Putnam California Investment Grade
      Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >4,518,749.199</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"
   ><FONT face=sans-serif size=2
     >Putnam High Yield Municipal
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >21,597,378.145</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"
   ><FONT face=sans-serif size=2
     >Putnam Municipal Bond Fund</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >16,899,737.408</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"
   ><FONT face=sans-serif size=2
     >Putnam Municipal Opportunities
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >15,619,477.199</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"
   ><FONT face=sans-serif size=2
     >Putnam New York Investment Grade
      Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=2
     >2,780,987.199</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* Includes shares repurchased by the
fund in trades that had not settled as of August 3, 2006.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Preferred shares:</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face=sans-serif
      size=2>Putnam California Investment
      Grade Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>320</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face=sans-serif
      size=2>Putnam High Yield Municipal
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>900</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face=sans-serif
      size=2>Putnam Municipal Bond
      Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>2,920 (Class A)</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%">&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>2,400 (Class B)</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face=sans-serif
      size=2>Putnam Municipal Opportunities
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>800 (Class A)</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%">&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>1,620 (Class B)</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%">&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>1,620 (Class C)</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="72%"><FONT face=sans-serif
      size=2>Putnam New York Investment Grade
      Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="27%"><FONT face=sans-serif
      size=2>200</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>88</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_91></A>
<P align=left><B><FONT face=sans-serif size=2>5% beneficial
ownership:</FONT></B></P>
<P align=left><FONT face=serif size=2>As of June 30, 2006, to the knowledge of
the funds, no person owned beneficially or of record 5% or more of any class of
shares of any fund, except as follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=2>Putnam
      California Investment Grade Municipal Trust</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>Cede &amp; Company*</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=2>4,276,949 common
      shares</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>20 Bowling Green</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=2>(94.60% of outstanding common
      shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>New York, NY
      10004-1408</FONT>&nbsp; </TD>
    <TD noWrap align=left width="52%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>Putnam High Yield Municipal
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="52%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>Cede &amp; Company*</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=2>19,474,221 common
      shares</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>20 Bowling Green</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=2>(90.00% of outstanding common
      shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>New York, NY
      10004-1408</FONT>&nbsp; </TD>
    <TD noWrap align=left width="52%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>Putnam Municipal Bond
      Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="52%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>Cede &amp; Company*</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=2>15,899,054 common
      shares</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>20 Bowling Green</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=2>(93.80% of outstanding common
      shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>New York, NY
      10004-1408</FONT>&nbsp; </TD>
    <TD noWrap align=left width="52%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>Putnam Municipal Opportunities
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="52%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>Cede &amp; Company*</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=2>14,977,023 common
      shares</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>20 Bowling Green</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=2>(95.50% of outstanding common
      shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>New York, NY
      10004-1408</FONT>&nbsp; </TD>
    <TD noWrap align=left width="52%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=2>Putnam New York
      Investment Grade Municipal Trust</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT
      face=sans-serif size=1>
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>Cede &amp; Company*</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=2>2,601,018 common
      shares</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>20 Bowling Green</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=2>(93.50% of outstanding common
      shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>New York, NY
      10004-1408</FONT>&nbsp; </TD>
    <TD noWrap align=left width="52%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>Karpus Investment
      Management**</FONT>&nbsp; </TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=2>142,540 common
      shares</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>183 Sullys Trail</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="52%"><FONT face=sans-serif
      size=2>(5.01% of outstanding common
      shares)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="47%"><FONT face=sans-serif
      size=2>Pittsford, New York
      14534</FONT>&nbsp; </TD>
    <TD noWrap align=left width="52%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=2
     ><FONT face=Arial size=1>
      <HR noShade SIZE=1>
       </FONT><FONT face="Times New Roman"
size=3>&nbsp;</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* Believed to hold shares only as a
nominee.</FONT></P>
<P align=left><FONT face=sans-serif size=1>** Ownership reported as of March 9,
2006, as denoted on a report on Schedule 13D/A filed with the SEC on March 9,
2006.</FONT></P>
<P align=left><FONT face=sans-serif size=1>89</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_92"></A>

<P align="left">
<FONT size=2 face="serif">This page intentionally left blank</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">90</FONT></P>

<HR noshade align="center" width="100%" size=2>

<!--$$/page=--><A name=page_93></A>
<P align=left><B><FONT face=sans-serif size=2>APPENDIX A</FONT></B></P>
<P align=left><FONT face=serif size=2>Financial Highlights of </FONT><FONT
face=serif size=2>Putnam California Investment Grade Municipal Trust (April 30,
2006) and Putnam California Tax Exempt Income Fund (March 31, 2006)</FONT></P>
<P align=left><FONT face=sans-serif size=1>91</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_94></A>
<P align=left><B><FONT face=sans-serif size=4>Financial highlights
</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>(For a common share outstanding
throughout the period)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" colSpan=3><FONT
      face=sans-serif size=1>Putnam
      California Investment Grade Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" colSpan=2><FONT
      face=sans-serif size=1>PER-SHARE
      OPERATING PERFORMANCE</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>Year ended</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%">&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>4/30/06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>4/30/05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>4/30/04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>4/30/03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>4/30/02</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=6
     ><FONT face=Arial size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Net asset value,</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>beginning of period</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>(common shares)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>$15.26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>$14.48</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>$14.92</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>$14.74</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>$14.69</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><I><FONT
      face=sans-serif size=1
     >Investment operations:</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Net investment income
      (a)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>.71</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>.74</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>80</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>.95</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Net realized and
      unrealized</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>gain (loss) on
      investments</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>(.33)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>.83</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.47)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>.28</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>.02</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Total from investment
      operations</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>.38</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1.57</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>.33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>1.12</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>.97</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" colSpan=2><I><FONT
      face=sans-serif size=1
     >Distributions to preferred shareholders:</FONT></I>&nbsp;
    </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>From net investment
      income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>(.08)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>(.05)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.03)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>(.04)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>(.06)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>From net realized
      gain</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>on investments</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>(.01)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>(.01)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>&#151; (e)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Total from investment
      operations</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>(applicable to common
      shares)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>.29</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1.52</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>.30</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>1.07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>.91</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" colSpan=2><I><FONT
      face=sans-serif size=1
     >Distributions to common shareholders:</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>From net investment
      income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>(.65)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>(.74)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.74)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>(.82)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>(.83)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>From net realized</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>gain on investments</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>(.15)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>(.07)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>(.03)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Total distributions</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>(.80)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>(.74)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.74)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>(.89)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>(.86)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Increase from shares
      repurchased</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>.03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Net asset value, end of
      period</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>(common shares)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>$14.78</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>$15.26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>$14.48</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>$14.92</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>$14.74</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Market price, end of
      period</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>(common shares)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>$13.14</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>$13.45</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>$12.82</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>$13.44</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>$13.82</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Total return at market
      price</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>(common shares) (%)</FONT><FONT
      face=sans-serif size=1>(b)</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>3.59</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>10.85</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>0.81</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>3.73</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>5.51</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>92</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_95></A>
<P align=left><FONT face=sans-serif size=1>Putnam California Investment Grade
Municipal Trust (continued)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" colSpan=2><FONT
      face=sans-serif size=1>RATIOS AND
      SUPPLEMENTAL DATA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=6
     ><FONT face=Arial size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Net assets, end of
      period</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>(common shares) (in
      thousands)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>$66,798</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>$70,287</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>$66,714</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>$68,715</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>$67,887</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Ratio of expenses
      to</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>average net assets
      (%)(c,d)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1.25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1.21</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1.16</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>1.20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>1.20</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Ratio of net investment
      income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>to average net assets
      (%)(c)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>4.13</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>4.60</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>5.11</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>5.41</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>5.97</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Portfolio turnover rate
      (%)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>11.57</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>49.71</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>20.89</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>22.00</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>11.82</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>(a) </FONT><I><FONT face=sans-serif
size=1>Per share net investment income has been determined on the basis of the
weighted average number of common shares outstanding during the
period.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>(b) </FONT><I><FONT face=sans-serif
size=1>Total return assumes dividend reinvestment.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>(c) </FONT><I><FONT face=sans-serif
size=1>Ratio reflects net assets available to common shares only; net investment
income ratio also reflects reduction for dividend payments to preferred
shareholders.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>(d) </FONT><I><FONT face=sans-serif
size=1>Includes amounts paid through expense offset arrangements.
</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>(e) </FONT><I><FONT face=sans-serif
size=1>Distributions amounted to less than $0.01 per share.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>93</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_96></A>
<P align=left><B><FONT face=sans-serif size=4>Financial highlights
</FONT></B><FONT face=sans-serif size=2>(For a common share outstanding
throughout the period)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" colSpan=3
   ><FONT face=sans-serif size=1
     >INVESTMENT OPERATIONS:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="27%" colSpan=2
   ><FONT face=sans-serif size=1
     >LESS DISTRIBUTIONS:</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="9%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""
   ><FONT face=Arial size=1>Net
      asset</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >realized and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >Total</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >From</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >From</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=Arial
      size=1>value,</FONT>&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >Net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >unrealized</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >from</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >net&nbsp;</FONT> </TD>
    <TD noWrap align=left width="12%" background=""
   ><FONT face=Arial size=1>net
      realized</FONT>&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""
   ><FONT face=Arial
      size=1>beginning</FONT>&nbsp;</TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >investment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >gain (loss) on</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >investment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >investment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >gain on</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >Period ended</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%" background=""
   ><FONT face=Arial size=1>of
      period</FONT>&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >income (loss)</FONT><SUP><FONT
      face=sans-serif size=1
     >(a)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >investments</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >operations</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >investments</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><B><FONT face=sans-serif
     >CLASS A</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >March 31, 2006</FONT><SUP><FONT
      face=sans-serif size=1
     >**</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >$8.43</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >(.10)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.17)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.19)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >September 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >8.57</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.36</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >(.02)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.34</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.38)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.10)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >September 30, 2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >8.62</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.38</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.01</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.39</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.40)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.04)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >September 30, 2003</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >8.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.39</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >(.17)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.22</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.39)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.05)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >September 30, 2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >8.71</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.41</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.56</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.41)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.02)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >September 30, 2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >8.35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.42</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.36</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.78</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.42)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT><SUP><FONT face=sans-serif
      size=1>(c)</FONT></SUP>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=7
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><B><FONT face=sans-serif
     >CLASS B</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >March 31, 2006</FONT><SUP><FONT
      face=sans-serif size=1
     >**</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >$8.42</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.14</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >(.08)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.15)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.19)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >September 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >8.56</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.30</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >(.02)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.28</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.32)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.10)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >September 30, 2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >8.62</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >(.01)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.34)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.04)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >September 30, 2003</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >8.83</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >(.16)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.33)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.05)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >September 30, 2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >8.70</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.36</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.51</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.36)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.02)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >September 30, 2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >8.34</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.36</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.37</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.73</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.37)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT><SUP><FONT face=sans-serif
      size=1>(c)</FONT></SUP>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=7
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><B><FONT face=sans-serif
     >CLASS C</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >March 31, 2006</FONT><SUP><FONT
      face=sans-serif size=1
     >**</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >$8.46</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.14</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >(.10)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.14)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.19)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >September 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >8.60</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.29</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >(.02)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.27</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.31)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.10)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >September 30, 2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >8.65</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.34</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >(.02)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.33)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.04)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >September 30, 2003</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >8.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >(.17)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.32)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.05)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >September 30, 2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >8.74</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.50</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.35)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.02)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >September 30, 2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >8.37</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.37</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.72</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.35)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT><SUP><FONT face=sans-serif
      size=1>(c)</FONT></SUP>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=7
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><B><FONT face=sans-serif
     >CLASS M</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >March 31, 2006</FONT><SUP><FONT
      face=sans-serif size=1
     >**</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >$8.41</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.16</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >(.10)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.16)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.19)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >September 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >8.55</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >(.02)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.31</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.35)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.10)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >September 30, 2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >8.61</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT><SUP><FONT face=sans-serif
      size=1>(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.37)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.04)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >September 30, 2003</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >8.82</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.36</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >(.16)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.36)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.05)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >September 30, 2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >8.69</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.39</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.54</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.39)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.02)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >September 30, 2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"
   ><FONT face=sans-serif size=1
     >8.33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >.39</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.37</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >.76</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.40)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT><SUP><FONT face=sans-serif
      size=1>(c)</FONT></SUP>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* </FONT><I><FONT face=sans-serif
size=1>Not annualized.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>** </FONT><I><FONT face=sans-serif
size=1>Unaudited.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>(a) </FONT><I><FONT face=sans-serif
size=1>Total return assumes dividend reinvestment and does not reflect the
effect of sales charges. </FONT></I></P>
<P align=left><FONT face=sans-serif size=1>(b) </FONT><I><FONT face=sans-serif
size=1>Includes amounts paid through expense offset arrangements.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>(c) </FONT><I><FONT face=sans-serif
size=1>Amount represents less than $0.01 per share.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>94</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_97></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="44%" colSpan=3
   ><FONT face=sans-serif size=1
     >RATIOS AND SUPPLEMENTAL
      DATA:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="8%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >Total</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="13%"
   >&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >Ratio of net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp;</TD>
    <TD noWrap align=left width="8%" background=""
   ><FONT face=Arial size=1>Net
      asset</FONT>&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >return</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >Net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >Ratio of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >investment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   >&nbsp; </TD>
    <TD noWrap align=left width="11%"
   >&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >value,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >at net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >assets,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >expenses to</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >income (loss)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >Portfolio</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >Total&nbsp;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%" background=""
   ><FONT face=Arial
      size=1>Redemption</FONT>&nbsp;</TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >end</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >asset</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >end of period</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >average net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >to average</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >turnover</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >distributions</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >fees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >of period</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >value (%)</FONT><FONT face=sans-serif
      size=1>(a)&nbsp;</FONT> </TD>
    <TD noWrap align=left width="15%" background=""
   ><FONT face=Arial size=1>(in
      thousands)</FONT>&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >assets (%)</FONT><SUP><FONT
      face=sans-serif size=1
     >(b)&nbsp;</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="16%" background=""
   ><FONT face=Arial size=1>net
      assets (%)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >(%)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8
     >&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.36)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT><SUP><FONT face=sans-serif
      size=1>(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >$8.14</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >.86</FONT><SUP><FONT face=sans-serif
      size=1>*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >$1,966,490</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >.37</FONT><SUP><FONT face=sans-serif
      size=1>*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >2.08</FONT><SUP><FONT face=sans-serif
      size=1>*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >3.05</FONT><SUP><FONT face=sans-serif
      size=1>*</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.48)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT><SUP><FONT face=sans-serif
      size=1>(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >8.43</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >4.08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >2,057,513</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >.75</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >4.20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >21.15</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.44)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >8.57</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >4.60</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >2,144,817</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >.79</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >4.49</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >13.01</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.44)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >8.62</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >2.64</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >2,540,224</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >.76</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >4.52</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >22.39</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.43)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >8.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >6.69</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >2,739,618</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >.75</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >4.82</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >6.50</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.42)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >8.71</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >9.57</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >2,631,430</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >.75</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >4.91</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >9.53</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="100%" colSpan=8
     >&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.34)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT><SUP><FONT face=sans-serif
      size=1>(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >$8.14</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >.67</FONT><SUP><FONT face=sans-serif
      size=1>*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >$147,551</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >.69</FONT><SUP><FONT face=sans-serif
      size=1>*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >1.76</FONT><SUP><FONT face=sans-serif
      size=1>*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >3.05</FONT><SUP><FONT face=sans-serif
      size=1>*</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.42)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT><SUP><FONT face=sans-serif
      size=1>(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >8.42</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >3.40</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >178,443</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >1.40</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >3.55</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >21.15</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.38)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >8.56</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >3.81</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >241,841</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >1.44</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >3.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >13.01</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.38)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >8.62</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >2.09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >352,861</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >1.41</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >3.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >22.39</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.38)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >8.83</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >6.00</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >420,977</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >1.40</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >4.17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >6.50</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.37)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >8.70</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >8.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >497,335</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >1.40</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >4.25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >9.53</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="100%" colSpan=8
     >&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.33)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT><SUP><FONT face=sans-serif
      size=1>(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >$8.17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >.44</FONT><SUP><FONT face=sans-serif
      size=1>*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >$24,131</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >.77</FONT><SUP><FONT face=sans-serif
      size=1>*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >1.68</FONT><SUP><FONT face=sans-serif
      size=1>*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >3.05</FONT><SUP><FONT face=sans-serif
      size=1>*</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.41)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT><SUP><FONT face=sans-serif
      size=1>(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >8.46</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >3.21</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >24,333</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >1.55</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >3.40</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >21.15</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.37)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >8.60</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >3.83</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >24,313</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >1.59</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >3.69</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >13.01</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.37)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >8.65</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >1.83</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >32,171</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >1.56</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >3.72</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >22.39</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.37)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >8.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >5.83</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >30,974</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >1.55</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >4.00</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >6.50</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.35)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >8.74</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >8.81</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >14,913</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >1.55</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >4.16</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >9.53</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="100%" colSpan=8
     >&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.35)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT><SUP><FONT face=sans-serif
      size=1>(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >$8.12</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >.70</FONT><SUP><FONT face=sans-serif
      size=1>*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >$5,847</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >.52</FONT><SUP><FONT face=sans-serif
      size=1>*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >1.93</FONT><SUP><FONT face=sans-serif
      size=1>*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >3.05</FONT><SUP><FONT face=sans-serif
      size=1>*</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.45)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT><SUP><FONT face=sans-serif
      size=1>(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >8.41</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >3.76</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >6,279</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >1.05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >3.90</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >21.15</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.41)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >8.55</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >4.17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >6,774</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >1.09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >4.19</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >13.01</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.41)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >8.61</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >2.45</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >9,009</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >1.06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >4.21</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >22.39</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.41)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >8.82</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >6.38</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >15,668</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >1.05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >4.51</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >6.50</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >(.40)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"
   ><FONT face=sans-serif size=1
     >8.69</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >9.25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"
   ><FONT face=sans-serif size=1
     >13,069</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"
   ><FONT face=sans-serif size=1
     >1.05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"
   ><FONT face=sans-serif size=1
     >4.60</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"
   ><FONT face=sans-serif size=1
     >9.53</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>95</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_98></A>
<P align=left><B><FONT face=sans-serif size=2>APPENDIX B</FONT></B></P>
<P align=left><FONT face=serif size=2>Financial Highlights of </FONT><FONT
face=serif size=2>Putnam New York Investment Grade Municipal Trust (April 30,
2006) and Putnam New York Tax Exempt Income Fund (May 31, 2006)</FONT></P>
<P align=left><FONT face=sans-serif size=1>96</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_99></A>
<P align=left><B><FONT face=sans-serif size=4>Financial highlights
</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>(For a common share outstanding
throughout the period)</FONT></P>
<P align=left><FONT face=sans-serif size=1>Putnam New York Investment Grade
Municipal Trust</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" colSpan=2><FONT
      face=sans-serif size=1>PER-SHARE
      OPERATING PERFORMANCE</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>Year ended</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%">&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>4/30/06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>4/30/05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>4/30/04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>4/30/03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>4/30/02</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=6
     ><FONT face=Arial size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Net asset value,</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>beginning of period</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>(common shares)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>$13.75</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>$13.18</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>$13.37</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>$13.32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>$13.45</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><I><FONT
      face=sans-serif size=1
     >Investment operations:</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Net investment income
      (a)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>.61</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>.64</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>.72</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>.83</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>.88</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Net realized and
      unrealized</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>gain (loss) on
      investments</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>(.31)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>.64</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>(.18)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>(.02)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>(.23)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Total from investment
      operations</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>.30</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1.28</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>.54</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>.81</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>.65</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" colSpan=2><I><FONT
      face=sans-serif size=1
     >Distributions to preferred shareholders:</FONT></I>&nbsp;
    </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>From net investment
      income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>(.09)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>(.06)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>(.03)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>(.04)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>(.07)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Total from investment
      operations</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT
      face=sans-serif size=1>(applicable to
      common shareholders) </FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>.21</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1.22</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>.51</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>.77</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>.58</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" colSpan=2><I><FONT
      face=sans-serif size=1
     >Distributions to common shareholders:</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>From net investment
      income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>(.53)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>(.65)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>(.70)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>(.72)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>(.71)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Total distributions</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>(.53)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>(.65)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>(.70)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>(.72)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>(.71)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Increase from shares
      repurchased</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>.04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Net asset value, end of
      period</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>(common shares)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>$13.47</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>$13.75</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>$13.18</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>$13.37</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>$13.32</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Market price, end of
      period</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>(common shares)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>$11.93</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>$11.81</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>$11.35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>$11.99</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>$12.12</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Total return at market price
      (%)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>(common shares) </FONT><FONT
      face=sans-serif size=1>(b)</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>5.57</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>9.90</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>0.26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>4.88</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>2.96</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" colSpan=2><FONT
      face=sans-serif size=1>RATIOS AND
      SUPPLEMENTAL DATA</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=6
     ><FONT face=Arial size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Net assets, end of
      period</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>(common shares)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>(in thousands)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>$37,452</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>$39,144</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>$37,534</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>$38,063</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>$37,917</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Ratio of expenses
      to</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>average net assets
      (%)(c,d)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1.47</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>1.39</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>1.33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>1.36</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>1.35</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Ratio of net investment
      income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>to average net assets
      (%)(c)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>3.79</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>4.35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>5.06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>5.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>5.96</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=sans-serif
      size=1>Portfolio turnover rate
      (%)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>14.79</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>35.82</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>21.43</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>35.93</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>25.16</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>(a) </FONT><I><FONT face=sans-serif
size=1>Per share net investment income has been determined on the basis of the
weighted average number of shares outstanding during the period.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>(b) </FONT><I><FONT face=sans-serif
size=1>Total return assumes dividend reinvestment.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>(c) </FONT><I><FONT face=sans-serif
size=1>Ratios reflect net assets available to common shares only; net investment
income ratio also reflects reduction for distributions to preferred
shareholders.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>(d) </FONT><I><FONT face=sans-serif
size=1>Includes amounts paid through expense offset arrangements.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>97</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_100></A>
<P align=left><B><FONT face=sans-serif size=4>Financial highlights
</FONT></B><FONT face=sans-serif size=2>(For a common share outstanding
throughout the period)</FONT></P>
<P align=left><FONT face=sans-serif size=1>Putnam New York Tax Exempt Income
Fund</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" colSpan=3
   ><FONT face=sans-serif size=1
     >INVESTMENT OPERATIONS:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="26%" colSpan=2
   ><FONT face=sans-serif size=1
     >LESS DISTRIBUTIONS:</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7
   ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >Net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ><FONT face=Arial size=1>Net
      asset</FONT>&nbsp;</TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >realized and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >Total</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >From</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >From</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >value,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >unrealized</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >from</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >net </FONT></TD>
    <TD noWrap align=left width="12%" background=""
   ><FONT face=Arial size=1>net
      realized</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ><FONT face=Arial
      size=1>beginning</FONT>&nbsp;</TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >investment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >gain (loss) on</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >investment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >investment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >gain on</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >Period ended</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%" background=""
   ><FONT face=Arial size=1>of
      period</FONT>&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >income (loss)</FONT><SUP><FONT
      face=sans-serif size=1
     >(a)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >investments</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >operations</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >investments</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7
     ><FONT face=Arial size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><B><FONT face=sans-serif
     >CLASS A</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >May 31, 2006</FONT><SUP><FONT
      face=sans-serif size=1
     >**</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >$8.70</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.18</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >(.05)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.13</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.18)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.09)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >November 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >8.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >(.05)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.30</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.35)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.09)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >November 30, 2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >8.93</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.37</FONT><SUP><FONT face=sans-serif
      size=1>(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >(.10)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.27</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.36)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >November 30, 2003</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >8.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.38</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >.16</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.54</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.39)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.09)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >November 30, 2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >8.79</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.40</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >.07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.47</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.39)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >November 30, 2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >8.52</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.42</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >.27</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.69</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.42)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=7
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><B><FONT face=sans-serif
     >CLASS B</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >May 31, 2006</FONT><SUP><FONT
      face=sans-serif size=1
     >**</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >$8.69</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >(.05)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.15)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.09)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >November 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >8.83</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.31</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >(.06)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.30)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.09)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >November 30, 2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >8.91</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.31</FONT><SUP><FONT face=sans-serif
      size=1>(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >(.09)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.22</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.30)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >November 30, 2003</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >8.85</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >.17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.49</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.34)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.09)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >November 30, 2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >8.77</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.34</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >.07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.41</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.33)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >November 30, 2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >8.51</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.37</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >.25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.62</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.36)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=7
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><B><FONT face=sans-serif
     >CLASS C</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >May 31, 2006</FONT><SUP><FONT
      face=sans-serif size=1
     >**</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >$8.70</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >(.05)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.15)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.09)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >November 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >8.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.28</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >(.06)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.22</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.27)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.09)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >November 30, 2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >8.93</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.30</FONT><SUP><FONT face=sans-serif
      size=1>(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >(.10)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.29)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >November 30, 2003</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >8.86</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.31</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >.17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.48</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.32)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.09)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >November 30, 2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >8.79</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >.06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.39</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.32)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >November 30, 2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >8.53</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >.26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.61</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.35)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=7
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><B><FONT face=sans-serif
     >CLASS M</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD>
    <TD noWrap align=left width="17%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="14%"
   >&nbsp; </TD>
    <TD noWrap align=left width="12%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >May 31, 2006</FONT><SUP><FONT
      face=sans-serif size=1
     >**</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >$8.71</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >(.05)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.12</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.17)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.09)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >November 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >8.85</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >(.05)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.27</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.32)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.09)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >November 30, 2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >8.94</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.34</FONT><SUP><FONT face=sans-serif
      size=1>(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >(.10)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.24</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.33)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >November 30, 2003</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >8.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >.18</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.53</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.37)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >(.09)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >November 30, 2002</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >8.79</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.37</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >.07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.44</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.36)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >November 30, 2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"
   ><FONT face=sans-serif size=1
     >8.53</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >.40</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"
   ><FONT face=sans-serif size=1
     >.26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >.66</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"
   ><FONT face=sans-serif size=1
     >(.40)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"
   ><FONT face=sans-serif size=1
     >&#151;</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>98</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_101></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="44%" colSpan=3><FONT
      face=sans-serif size=1>RATIOS AND
      SUPPLEMENTAL DATA:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=8></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Total</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>Ratio of net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp;</TD>
    <TD noWrap align=left width="7%" background=""><FONT
      face=Arial size=1>Net asset</FONT>&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>return</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>Net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>Ratio of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>investment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=Arial
      size=1>value,</FONT>&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>at net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>assets,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>expenses to</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>income (loss)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>Portfolio</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>Total</FONT></TD>
    <TD noWrap align=left width="12%" background=""><FONT
      size=1><FONT face=Arial><FONT
     >Redemption</FONT></FONT></FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>end</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>asset</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>end of period</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>average net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>to average</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>turnover</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>distributions</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>fees </FONT></TD>
    <TD noWrap align=left width="7%" background=""><FONT
      face=Arial size=1>of period</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>value (%)</FONT><FONT
      face=sans-serif size=1>(a)&nbsp;</FONT>
    </TD>
    <TD noWrap align=left width="15%" background=""><FONT
      face=Arial size=1>(in thousands)</FONT>&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>assets (%)</FONT><SUP><FONT
      face=sans-serif size=1
   >(b)</FONT></SUP></TD>
    <TD noWrap align=left width="16%" background=""><FONT
      size=1><FONT face=Arial><SUP>&nbsp;</SUP><FONT
     >net assets (%)</FONT></FONT></FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>(%)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=8><FONT face=Arial size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.27)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT><SUP><FONT
      face=sans-serif size=1
     >(d)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>$8.56</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>1.46</FONT><SUP><FONT
      face=sans-serif size=1
     >*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>$1,102,905</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>.40</FONT><SUP><FONT
      face=sans-serif size=1
     >*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>2.08</FONT><SUP><FONT
      face=sans-serif size=1
     >*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>3.48</FONT><SUP><FONT
      face=sans-serif size=1
     >*</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.44)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT><SUP><FONT
      face=sans-serif size=1
     >(d)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>8.70</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>3.36</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>1,148,135</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>.79</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>3.98</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>12.91</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.36)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT><SUP><FONT
      face=sans-serif size=1
     >(d)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>8.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>3.08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>1,222,953</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>.82</FONT><SUP><FONT
      face=sans-serif size=1
     >(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>4.14</FONT><SUP><FONT
      face=sans-serif size=1
     >(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>22.57</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.48)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>8.93</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>6.25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>1,336,936</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>.82</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>4.23</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>8.08</FONT><SUP><FONT
      face=sans-serif size=1
     >(e)</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.39)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>8.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>5.44</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>1,322,541</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>.82</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>4.50</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>17.90</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.42)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>8.79</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>8.24</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>1,362,488</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>.81</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>4.80</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>18.63</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=8>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.24)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT><SUP><FONT
      face=sans-serif size=1
     >(d)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>$8.55</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>1.12</FONT><SUP><FONT
      face=sans-serif size=1
     >*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>$70,377</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>.72</FONT><SUP><FONT
      face=sans-serif size=1
     >*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>1.76</FONT><SUP><FONT
      face=sans-serif size=1
     >*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>3.48</FONT><SUP><FONT
      face=sans-serif size=1
     >*</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.39)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT><SUP><FONT
      face=sans-serif size=1
     >(d)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>8.69</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>2.85</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>83,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1.44</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>3.33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>12.91</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.30)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT><SUP><FONT
      face=sans-serif size=1
     >(d)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>8.83</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>2.50</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>110,813</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1.47</FONT><SUP><FONT
      face=sans-serif size=1
     >(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>3.50</FONT><SUP><FONT
      face=sans-serif size=1
     >(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>22.57</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.43)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>8.91</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>5.57</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>158,081</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1.47</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>3.59</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>8.08</FONT><SUP><FONT
      face=sans-serif size=1
     >(e)</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.33)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>8.85</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>4.75</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>119,251</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1.47</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>3.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>17.90</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.36)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>8.77</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>7.41</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>117,722</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1.46</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>4.18</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>18.63</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=8>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.24)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT><SUP><FONT
      face=sans-serif size=1
     >(d)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>$8.56</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>1.08</FONT><SUP><FONT
      face=sans-serif size=1
     >*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>$10,536</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>.79</FONT><SUP><FONT
      face=sans-serif size=1
     >*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>1.68</FONT><SUP><FONT
      face=sans-serif size=1
     >*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>3.48</FONT><SUP><FONT
      face=sans-serif size=1
     >*</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.36)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT><SUP><FONT
      face=sans-serif size=1
     >(d)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>8.70</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>2.54</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>10,472</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1.59</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>3.18</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>12.91</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.29)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT><SUP><FONT
      face=sans-serif size=1
     >(d)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>8.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>2.27</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>10,411</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1.62</FONT><SUP><FONT
      face=sans-serif size=1
     >(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>3.34</FONT><SUP><FONT
      face=sans-serif size=1
     >(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>22.57</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.41)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>8.93</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>5.54</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>10,909</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1.62</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>3.43</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>8.08</FONT><SUP><FONT
      face=sans-serif size=1
     >(e)</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.32)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>8.86</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>4.48</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>5,885</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1.62</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>3.69</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>17.90</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.35)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>8.79</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>7.25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>5,145</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1.61</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>3.93</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>18.63</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=8>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.26)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT><SUP><FONT
      face=sans-serif size=1
     >(d)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>$8.57</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>1.29</FONT><SUP><FONT
      face=sans-serif size=1
     >*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>$2,620</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>.54</FONT><SUP><FONT
      face=sans-serif size=1
     >*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>1.93</FONT><SUP><FONT
      face=sans-serif size=1
     >*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>3.48</FONT><SUP><FONT
      face=sans-serif size=1
     >*</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.41)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT><SUP><FONT
      face=sans-serif size=1
     >(d)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>8.71</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>3.06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>2,780</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1.09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>3.68</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>12.91</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.33)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT><SUP><FONT
      face=sans-serif size=1
     >(d)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>8.85</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>2.77</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>3,318</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1.12</FONT><SUP><FONT
      face=sans-serif size=1
     >(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>3.84</FONT><SUP><FONT
      face=sans-serif size=1
     >(c)</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>22.57</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.46)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>8.94</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>6.06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>3,876</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1.12</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>3.94</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>8.08</FONT><SUP><FONT
      face=sans-serif size=1
     >(e)</FONT></SUP>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.36)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>8.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>5.12</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>2,343</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1.12</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>4.17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>17.90</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>(.40)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>8.79</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>7.78</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=sans-serif
      size=1>1,793</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif
      size=1>1.11</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=1>4.51</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=1>18.63</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=8>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>99</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_102></A>
<P align=left><FONT face=sans-serif size=1>* </FONT><I><FONT face=sans-serif
size=1>Not annualized.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>** </FONT><I><FONT face=sans-serif
size=1>Unaudited.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>(a) </FONT><I><FONT face=sans-serif
size=1>Total return assumes dividend reinvestment and does not reflect the
effect of sales charges. </FONT></I></P>
<P align=left><FONT face=sans-serif size=1>(b) </FONT><I><FONT face=sans-serif
size=1>Includes amounts paid through expense offset arrangements.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>(c) </FONT><I><FONT face=sans-serif
size=1>Reflects an involuntary contractual expense limitation in effect during
the period. As a result of such limitation, the expenses of each class, as a
percentage of its net assets, reflect a reduction of the following
amounts:</FONT></I></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp; </TD>
    <TD noWrap align=left width="50%"><I><FONT
      face=sans-serif size=1
     >11/30/04</FONT></I>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><I><FONT
      face=sans-serif size=1
     >Class A</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="50%"><I><FONT
      face=sans-serif size=1
     >0.02%</FONT></I>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><I><FONT
      face=sans-serif size=1
     >Class B</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="50%"><I><FONT
      face=sans-serif size=1
     >0.02</FONT></I>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><I><FONT
      face=sans-serif size=1
     >Class C</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="50%"><I><FONT
      face=sans-serif size=1
     >0.02</FONT></I>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><I><FONT
      face=sans-serif size=1
     >Class M</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="50%"><I><FONT
      face=sans-serif size=1
     >0.02</FONT></I>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>(d) </FONT><I><FONT face=sans-serif
size=1>Amount represents less than $0.01 per share.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>(e) </FONT><I><FONT face=sans-serif
size=1>Portfolio turnover excludes the impact of assets received from the
acquisition of Putnam New York Tax Exempt Opportunities Fund.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>100</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_103></A>
<P align=left><B><FONT face=sans-serif size=2>EXHIBIT A</FONT></B></P>
<P align=left><FONT face=serif size=5>The Putnam funds</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>AUDIT AND COMPLIANCE COMMITTEE
CHARTER January 2006</FONT></B></P>
<P align=left><B><FONT face=serif size=2>Purpose. </FONT></B><FONT face=serif
size=2>The purpose of the Audit and Compliance Committee (the &#147;Committee&#148;) is to
oversee and assist Trustee oversight of: the integrity of the Funds&#146; financial
statements, including overseeing accounting and financial reporting processes of
the Funds and the audits of the Funds&#146; financial statements; the Funds&#146;
compliance with legal and regulatory requirements; the independent auditors&#146;
qualifications and independence; and the performance of the Funds&#146; internal
audit function, if any, and independent auditors.</FONT></P>
<P align=left><FONT face=serif size=2>The Committee is directly responsible for
the appointment, terms of engagement, termination, compensation and oversight of
the work of the independent auditors employed by the Funds (including resolution
of disagreements between management and the independent auditors regarding
financial reporting), and the independent auditors shall report directly to the
Committee. The Committee is also directly responsible for preparing an audit
committee report required to be included in the annual proxy statement for the
closed-end Funds. The Board of Trustees (the &#147;Board&#148;) and the Funds&#146;
shareholders shall have such rights to approve, ratify and replace the Funds&#146;
independent auditors as are required by applicable law.</FONT></P>
<P align=left><B><FONT face=serif size=2>Composition. </FONT></B><FONT
face=serif size=2>The Committee will be comprised exclusively of &#147;independent&#148;
Trustees, as such term is interpreted for purposes of Rule 10A-3(b)(1) of the
Securities Exchange Act of 1934, as amended, and the listing standards of each
exchange on which shares of one or more of The Putnam Funds are traded (each an
&#147;Exchange&#148;). In addition, none of the Committee&#146;s members will be &#147;interested
persons&#148; of the Funds as that term is defined under the Investment Company Act
of 1940, as amended. The Committee shall have at least three members, who shall
collectively satisfy the independence, financial sophistication and finan-cial
literacy listing standards of each Exchange, as financial literacy is
interpreted by the Board. Committee members may serve on the audit committee of
more than three listed companies, provided that the Board determines that such
simultaneous service would not impair the ability of the member to serve
effectively on the Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=1>101</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_104></A>
<P align=left><B><FONT face=serif size=2>Assistance. </FONT></B><FONT face=serif
size=2>The Committee may seek the assistance of the staff of the Office of the
Trustees, the Funds&#146; independent auditors and counsel, management and other
parties as it may deem appropriate.</FONT></P>
<P align=left><B><FONT face=serif size=2>Funding. </FONT></B><FONT face=serif
size=2>The Funds will provide the necessary funding as determined by the
Committee (i) to compensate the Funds&#146; independent auditors and any advisers
employed by or at the direction of the Committee and (ii) to pay ordinary
administrative expenses of the Committee that are necessary or appropriate in
carrying out its duties.</FONT></P>
<P align=left><B><FONT face=serif size=2>Specific Duties of Committee.
</FONT></B><FONT face=serif size=2>The duties of the Committee
include:</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Obtaining and reviewing, at least
annually, a formal, written report by the independent auditors describing: the
auditors&#146; internal quality-control procedures; any material issues raised by the
most recent internal quality-control review, or peer review, of the auditors, or
by any inquiry or investigation by governmental or professional authorities,
within the preceding five years, respecting one or more independent audits
carried out by the auditors, and any steps taken to deal with any such issues;
and (to assess the auditors&#146; independence), consistent with Independent
Standards Board Standard 1, all relationships between the independent auditors,
management and the Funds;</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Actively engaging in a dialogue
with the independent auditors with respect to any disclosed relationships or
services that may impact the objectivity and independence of the independent
auditors and recommending that the Trustees take appropriate action in response
to the independent auditors&#146; report to satisfy themselves of the independent
auditors&#146; independence;</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Reviewing the arrangements for and
scope of the annual audit and any special audits;</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Conducting meetings at least
quarterly;</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Evaluating Committee performance at
least annually;</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;For Funds whose shares are traded
on an Exchange, discussing the annual audited financial statements and
semiannual or any other periodic finan-cial statements with Fund management and
the independent auditors, including the Funds&#146; disclosures under management&#146;s
discussion of Fund performance;</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Discussing with management,
guidelines and policies with respect to risk assessment and risk
management;</FONT></P>
<P align=left><FONT face=sans-serif size=1>102</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_105></A>
<P align=left><FONT face=serif size=2>*&nbsp;Meeting separately and periodically
with management, with internal auditors (or other personnel responsible for the
internal audit function, if any) and with the independent auditors;</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Reviewing with the independent
auditors any audit problems or difficul-ties and management&#146;s response to such
issues, and to resolve any disagreements between management and the independent
auditors;</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Setting clear hiring policies by
the Funds for employees or former employees of the independent
auditors;</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Establishing procedures for (A) the
receipt, retention and treatment of complaints received by the Funds regarding
accounting, internal accounting controls or auditing matters, and (B)
confidential, anonymous submissions regarding questionable accounting or
auditing matters;</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Reviewing, at least annually, (A)
major issues regarding accounting principles and financial statement
presentations, including any significant changes in the Funds&#146; selection or
application of accounting principles, and major issues as to the adequacy of the
Funds&#146; internal controls and any special audit steps adopted in light of
material control deficiencies; (B) analyses prepared by management and/or the
independent auditors setting forth significant financial reporting issues and
judgments made in connection with the preparation of the financial statements,
including analyses of the effects of alternative GAAP methods on the financial
statements; (C) the effect of regulatory and accounting initiatives, as well as
off-balance sheet structures, on the financial statements of the Funds; and (D)
earnings press releases (paying particular attention to any use of &#147;pro forma,&#148;
or &#147;adjusted&#148; non-GAAP, information), if any, as well as financial information
and earnings guidance provided to analysts and rating agencies;</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Reviewing scope and adequacy of
audits;</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Reporting regularly to the Board of
Trustees to review any issues that arise with respect to the quality or
integrity of the Funds&#146; financial statements, the Funds&#146; compliance with legal
or regulatory requirements, the performance, qualifications and independence of
the Funds&#146; independent auditors and the performance of the Funds&#146; internal audit
function (if any);</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Pre-approving any work performed by
the Funds&#146; auditors, as required by applicable law or the rules of any
Exchange;</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Reviewing matters relating to the
Funds&#146; Code of Ethics and Putnam Investments&#146; Code of Ethics;</FONT></P>
<P align=left><FONT face=sans-serif size=1>103</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_106></A>
<P align=left><FONT face=serif size=2>*&nbsp;Reviewing compliance matters
identified to the Committee;</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Reassessing annually the adequacy
of this Charter and recommending any proposed changes to the full Board of
Trustees; and</FONT></P>
<P align=left><FONT face=serif size=2>*&nbsp;Performing such other functions and
having such powers as may be necessary and appropriate in the efficient and
lawful discharge of the powers provided in this Charter.</FONT></P>
<P align=left><B><FONT face=serif size=2>Role and Responsibilities of the
Committee. </FONT></B><FONT face=serif size=2>The function of the Committee is
oversight; it is management&#146;s responsibility to maintain appropriate systems for
accounting and internal control over financial reporting, and the independent
auditors&#146; responsibility to plan and carry out a proper audit. Specifically, a
Fund&#146;s management is responsible for: (1) the preparation, presentation and
integrity of the Fund&#146;s financial statements; (2) the maintenance of appropriate
accounting and financial reporting principles and policies; and (3) the
maintenance of internal control over financial reporting and other procedures
designed to assure compliance with accounting standards and related laws and
regulations. The independent auditors are responsible for planning and carrying
out an audit consistent with applicable legal and professional standards and the
terms of their engagement letter. Nothing in this Charter shall be construed to
reduce the responsibilities or liabilities of a Fund&#146;s service providers,
including the independent auditors.</FONT></P>
<P align=left><FONT face=serif size=2>The review of a Fund&#146;s financial
statements by the Committee is not an audit, nor does the Committee&#146;s review
substitute for the responsibilities of the Funds&#146; management for preparing, or
the independent auditors for auditing, the financial statements. Members of the
Committee are not full-time employees of the Funds and, in serving on the
Committee, are not, and do not hold themselves out to be, acting as accountants
or auditors. As such, it is not the duty or responsibility of the Committee or
its members to conduct &#147;field work&#148; or other types of auditing or accounting
reviews or procedures.</FONT></P>
<P align=left><FONT face=serif size=2>In discharging their duties, the members
of the Committee are entitled to rely on information, opinions, reports or
statements, including finan-cial statements and other financial data, if
prepared or presented by: (1) one or more officers of the Funds whom the
Committee member reasonably believes to be reliable and competent in the matters
presented; (2) legal counsel, public accountants or other persons as to matters
the Committee member reasonably believes are within the person&#146;s professional or
expert competence; or (3) a Board committee of which the Committee member is not
a member.</FONT></P>
<P align=left><FONT face=sans-serif size=1>104</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_107></A>
<P align=left><B><FONT face=sans-serif size=2>EXHIBIT B</FONT></B></P>
<P align=left><FONT face=serif size=5>Litigation</FONT></P>
<P align=left><B><FONT face=serif size=2>1. Multi-District
Litigation</FONT></B></P>
<P align=left><FONT face=serif size=2>From November 2003 through March 2004,
several lawsuits were filed in different states alleging that the Putnam
Trustees and other Putnam-related defendants permitted, failed to disclose
and/or failed to prevent market timing, short-term trading and/or late trading
in the Putnam Funds. The Plaintiffs in the various cases asserted different
combinations of the following claims: violations of &#167; 36 of the 1940 Act; &#167; 206
of the Investment Advisers Act of 1940; &#167; 10(b) of the 1934 Act and Rule 10b-5;
&#167; 20(a) of the 1934 Act; breach of fiduciary duty; aiding and abetting breach of
fiduciary duty; civil conspiracy; abuse of control; gross mismanagement; waste
of corporate assets; and unjust enrichment. The plaintiffs generally sought
injunctive relief including removal of the current Trustees and fund managers,
disgorgement of profits, monetary damages, punitive damages, and attorneys&#146; fees
and costs.</FONT></P>
<P align=left><FONT face=serif size=2>The actions described above were
transferred to the United States District Court for the District of Maryland and
consolidated for pre-trial proceedings in the Special Multi-District Litigation
(&#147;MDL&#148;) Proceeding (In re: Mutual Funds Litigation, 04-MD-15863) created for
actions involving market timing issues against mutual fund complexes. Two
consolidated amended derivative complaints have been filed in the Putnam
Subtrack of the MDL, and the complaint involving the Putnam Trustees and the
Putnam Funds is described as follows: </FONT></P>
<P align=left><FONT face=serif size=2>The lead plaintiff named below alleged
that the defendants engaged in, permitted, and/or failed to prevent market
timing and late trading in the Putnam Funds. The plaintiffs claimed violations
of &#167;&#167; 36, 47 and 48 of the 1940 Act, violations of &#167;&#167; 206 and 215 of the
Investment Advisers Act of 1940, breach of fiduciary duty, breach of contract,
aiding and abetting breach of fiduciary duty, unjust enrichment, interference
with contract and civil conspiracy. The plaintiffs sought, among other things,
injunctive relief including removal of the current Trustees, removal of the
adviser and distributor defendants, rescission of the management and</FONT></P>
<P align=left><FONT face=sans-serif size=1>105</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_108></A>
<P align=left><FONT face=serif size=2>other contracts, disgorgement of profits,
monetary damages, punitive damages and attorneys&#146; fees and costs. In 2006, the
Court dismissed all of the plaintiffs&#146; claims except the claim asserted under
&#167;36 of the 1940 Act. Furthermore, the plaintiffs&#146; claims against the Trustees of
the Putnam Funds have been dismissed.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"
   >&nbsp; </TD>
    <TD noWrap align=left width="33%"
   >&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Consolidated</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"
   >&nbsp; </TD>
    <TD noWrap align=left width="33%"
   >&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Amended</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"
   >&nbsp; </TD>
    <TD noWrap align=left width="33%"
   >&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Derivative</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"
   >&nbsp; </TD>
    <TD noWrap align=left width="33%"
   >&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Complaint</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >Case Name</FONT>&nbsp; </TD>
    <TD noWrap align=left width="33%"
   ><FONT face=sans-serif size=1
     >Defendants</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=1
     >Court</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >Filing Date</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4
     ><FONT face=Arial size=1>
      <HR noShade SIZE=1>
      </FONT><FONT face="Times New Roman" size=3>&nbsp;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"
   ><I><FONT face=sans-serif size=1
     >In re: Mutual
      Funds</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"
   ><FONT face=sans-serif size=1
     >Putnam Trustees</FONT><SUP><FONT
      face=sans-serif size=1
     >1</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=1
     >United States</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >September 29,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"
   ><I><FONT face=sans-serif size=1
     >Investment
      Litigation</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"
   ><FONT face=sans-serif size=1
     >Putnam Management</FONT><SUP><FONT
      face=sans-serif size=1
     >2</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=1
     >District Court for</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   ><FONT face=sans-serif size=1
     >2004</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"
   >&nbsp; </TD>
    <TD noWrap align=left width="33%"
   ><FONT face=sans-serif size=1
     >Putnam Retail</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=1
     >the District of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"
   ><I><FONT face=sans-serif size=1
     >Lead
      Case:</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"
   ><FONT face=sans-serif size=1
     >Management, LP</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   ><FONT face=sans-serif size=1
     >Maryland</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"
   ><I><FONT face=sans-serif size=1
     >Zuber </FONT></I><FONT
      face=sans-serif size=1>(derivatively
      on</FONT>&nbsp; </TD>
    <TD noWrap align=left width="33%"
   ><FONT face=sans-serif size=1
     >Putnam Retail</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >behalf of the Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="33%"
   ><FONT face=sans-serif size=1
     >Management, GP, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"
   ><FONT face=sans-serif size=1
     >Family of Funds) v.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="53%" colSpan=2
   ><FONT face=sans-serif size=1
     >Putnam Fiduciary Trust Co.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"
   ><I><FONT face=sans-serif size=1
     >Putnam
      Investment</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"
   ><FONT face=sans-serif size=1
     >Charles E. Porter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"
   ><I><FONT face=sans-serif size=1
     >Management
      LLC</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="33%"
   ><FONT face=sans-serif size=1
     >Patricia C. Flaherty</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"
   >&nbsp; </TD>
    <TD noWrap align=left width="33%"
   ><FONT face=sans-serif size=1
     >William H. Woolverton</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"
   >&nbsp; </TD>
    <TD noWrap align=left width="33%"
   ><FONT face=sans-serif size=1
     >Justin M. Scott</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"
   >&nbsp; </TD>
    <TD noWrap align=left width="33%"
   ><FONT face=sans-serif size=1
     >Omid Kamshad</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"
   >&nbsp; </TD>
    <TD noWrap align=left width="33%"
   ><FONT face=sans-serif size=1
     >Geirluv Lode</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"
   >&nbsp; </TD>
    <TD noWrap align=left width="33%"
   ><FONT face=sans-serif size=1
     >Carmel Peters</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"
   >&nbsp; </TD>
    <TD noWrap align=left width="33%"
   ><FONT face=sans-serif size=1
     >Putnam Funds</FONT><SUP><FONT
      face=sans-serif size=1>3
      </FONT></SUP><FONT face=sans-serif size=1
     >(nominal)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"
   >&nbsp; </TD>
    <TD noWrap align=left width="18%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=4
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman"
size=3>&nbsp;</FONT></FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>106</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_109></A>
<P align=left><B><FONT face=serif size=2>2. State Court Case</FONT></B></P>
<P align=left><FONT face=serif size=2>The plaintiff named below alleges that
defendants failed to prevent the disclosure of confidential information
concerning the identity of securities, the practice of late trading by selected
investors, time-trading by selected investors and insider trading by Company
Directors, officers and or employees. The plaintiff claims breach of fiduciary
duty.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=1
     >Case Name</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><FONT face=sans-serif size=1
     >Defendants</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><FONT face=sans-serif size=1
     >Court</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><FONT face=sans-serif size=1
     >Date Instituted</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=4
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><I><FONT face=sans-serif size=2
     >Stern </FONT></I><FONT
      face=sans-serif size=2>(derivative
      on</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><FONT face=sans-serif size=2
     >Putnam Funds</FONT><SUP><FONT
      face=sans-serif size=2
     >3</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><FONT face=sans-serif size=2
     >Supreme Court</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><FONT face=sans-serif size=2
     >December 17,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >behalf of Marsh &amp;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><FONT face=sans-serif size=2
     >Putnam Management</FONT><SUP><FONT
      face=sans-serif size=2
     >2</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><FONT face=sans-serif size=2
     >of the State of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   ><FONT face=sans-serif size=2
     >2003</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >McLennan) v.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><FONT face=sans-serif size=2
     >Jeffrey Greenberg</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><FONT face=sans-serif size=2
     >New York</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   ><I><FONT face=sans-serif size=2
     >Greenberg, et.
      al,</FONT></I>&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><FONT face=sans-serif size=2
     >Mathis Cabaillavetta</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   >&nbsp; </TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   >&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><FONT face=sans-serif size=2
     >Marsh Directors</FONT><SUP><FONT
      face=sans-serif size=2
     >4</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   >&nbsp; </TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"
   >&nbsp; </TD>
    <TD noWrap align=left width="32%"
   ><FONT face=sans-serif size=2
     >Lawrence Lasser</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   >&nbsp; </TD>
    <TD noWrap align=left width="19%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=4
   ><FONT face=sans-serif size=1
     >
      <HR noShade SIZE=1>
      <FONT face="Times New Roman"
size=3>&nbsp;</FONT></FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>1 The &#147;Putnam Trustees&#148; include
current Trustees Jameson Adkins Baxter, Charles B. Curtis, John A Hill, Paul L.
Joskow, Elizabeth T. Kennan, John H. Mullin, III, Robert E. Patterson, George
Putnam, III and W. Thomas Stephens, and former Trustees Ronald J. Jackson,
Lawrence J. Lasser, W. Nicholas Thorndike and A.J.C. Smith.</FONT></P>
<P align=left><FONT face=sans-serif size=1>2 &#147;Putnam Management&#148; includes Putnam
Investment Trust, Putnam Investment Management, LLC, Putnam, LLC, and/or Marsh
&amp; McLennan Companies, Inc.</FONT></P>
<P align=left><FONT face=sans-serif size=1>3 &#147;Putnam Funds&#148; includes any and/or
all registered investment companies managed by Putnam Management.</FONT></P>
<P align=left><FONT face=sans-serif size=1>4 The &#147;Marsh Directors&#148; are Charles
Davis, Lewis Bernard, Peter Coster, Robert Ebruru, Oscar Fanjul, Ray Groves,
Stephen Hardis, Gwendolyn King, Lord Lang of Monkton, David Olsen, Morton
Shapiro, Adele Simmons and A.J.C. Smith.</FONT></P>
<P align=left><FONT face=sans-serif size=1>107</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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<A name="page_110"></A>

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<FONT size=2 face="serif">This page intentionally left blank</FONT></P>
<P align="left">
<FONT size=1 face="sans-serif">108</FONT></P>

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<HR noshade align="center" width="100%" size=2>



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<A name="page_112"></A>

<IMG src="proxystatxyx112x1.jpg" border=0>
<BR>
<P align="left">
<B><FONT size=1 face="serif">The Putnam funds</FONT></B><BR>
<I><FONT size=1 face="serif">One Post Office Square</FONT></I><BR>
<I><FONT size=1 face="serif">Boston, Massachusetts 02109</FONT></I><BR>
<I><FONT size=1 face="serif">Toll-free 1-800-225-1581</FONT></I><BR>
</P>
<P align="left">
<FONT size=1 face="sans-serif">237348 8/06</FONT></P>

<HR noshade align="center" width="100%" size=2>

















































<A name=page_1></A>
<P align=left><IMG src="calinx1x1.jpg" border=0></P><BR>
<P align=left><FONT face=sans-serif size=1>Putnam California Investment Grade
Municipal Trust</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><STRONG><FONT face=Arial size=1>To vote
      by mail</FONT></STRONG>&nbsp;</TD>
    <TD noWrap align=left width="33%" background=""><STRONG><FONT face=Arial size=1>To vote by&nbsp;telephone</FONT></STRONG>&nbsp;</TD>
    <TD noWrap align=left width="34%" background=""><STRONG><FONT face=Arial size=1>To vote on the web</FONT></STRONG></TD></TR>
  <TR>
    <TD width="33%">&nbsp;</TD>
    <TD width="33%" background=""></TD>
    <TD width="34%" background=""></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>Read the proxy
    statement.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="33%" background=""><FONT face=Arial size=1>Read the proxy statement and have the proxy</FONT>&nbsp;</TD>
    <TD noWrap align=left width="34%" background=""><FONT face=Arial size=1>Read the proxy statement and have the</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>Check the appropriate
    box</FONT>&nbsp;</TD>
    <TD noWrap align=left width="33%" background=""><FONT face=Arial size=1>statement and have the proxyballot at hand.</FONT></TD>
    <TD noWrap align=left width="34%" background=""><FONT face=Arial size=1>proxy ballot at hand.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>on the reverse side.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="33%" background=""><FONT face=Arial size=1>Call 1-800-221-0697.</FONT></TD>
    <TD noWrap align=left width="34%" background=""></TD></TR>
  <TR>
    <TD width="33%">&nbsp;</TD>
    <TD width="33%" background=""></TD>
    <TD width="34%" background=""><FONT face=Arial size=1>Go to
      https://<U>www.proxyweb.com/putnam</U></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>Sign and date the proxy
    ballot.</FONT>&nbsp;</TD>
    <TD vAlign=center noWrap align=left width="33%" background=""><FONT size=1>Follow the automated telephone</FONT></TD>
    <TD noWrap align=left width="34%" background=""></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>Return the proxy ballot in
    the</FONT>&nbsp;</TD>
    <TD vAlign=center noWrap align=left width="33%" background=""><FONT size=1>directions. There is no need for</FONT></TD>
    <TD noWrap align=left width="34%" background=""><FONT face=Arial size=1>Follow the instructions on the site. There is</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>envelope provided.</FONT>&nbsp;</TD>
    <TD vAlign=center noWrap align=left width="33%" background=""><FONT size=1>to return your proxy ballot.</FONT></TD>
    <TD noWrap align=left width="34%" background=""><FONT face=Arial size=1>no
      need for you to return your proxy ballot.</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>By signing below, you as a Putnam
fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each
of them separately, with power of substitution to each, to be your proxies. You
are empowering them to vote your Putnam fund shares on your behalf at the
meeting of the shareholders of Putnam California Investment Grade Municipal
Trust. The meeting will take place on October 30, 2006 at 11:00 a.m., Boston
time, and may be adjourned to later times or dates. Your vote is being solicited
on behalf of the Trustees. When you complete and sign the proxy ballot, the
Trustees will vote exactly as you have indicated on the other side of this card.
If you simply sign the proxy ballot, or don</FONT><B><FONT face=serif size=2>&#146;</FONT></B><FONT face=sans-serif size=2>t vote on a specific proposal,
your shares will be automatically voted as the Trustees recommend. The Trustees
are also authorized to vote at their discretion on any other matter that arises
at the meeting or any adjournment of the meeting.</FONT></P>
<P align=left><IMG src="calinx1x2.jpg" border=0></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=1>Sign your name exactly as it
      appears on this card. If you own shares jointly, each</FONT> <BR><FONT face=sans-serif size=1>owner should sign. When signing as executor,
      administrator, attorney, trustee,</FONT> <BR><FONT face=sans-serif size=1>guardian, or as custodian for a minor, please give your full title
      as such. If you</FONT> <BR><FONT face=sans-serif size=1>are signing for a
      corporation, please sign the full corporate name and indicate</FONT>
      <BR><FONT face=sans-serif size=1>the signer</FONT><FONT face=serif size=1>&#146;</FONT><FONT face=sans-serif size=1>s office. If you are a
      partner, sign in the partnership name.</FONT><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="60%" colSpan=5><FONT face=sans-serif size=1>Please place an X in the appropriate box using black
      or blue ink or</FONT>&nbsp;<FONT face=Arial size=1>number 2 pencil.</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face=sans-serif size=2>Proposals</FONT>&nbsp; </TD>
    <TD noWrap align=left width="52%" colSpan=4><FONT face=sans-serif size=1>Please do not use a fine point pen.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" colSpan=3><FONT face=sans-serif size=1>To vote on all Proposals, as the Trustees recommend,
      mark this box. (No other vote is necessary.)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face=sans-serif size=1>THE TRUSTEES RECOMMEND A VOTE FOR ALL
      NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face=sans-serif size=1>1 . Proposal to elect All Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>F O R</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%" colSpan=2><FONT face=sans-serif size=1>WITHHOLD FOR ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>The nominees for Trustees are: </FONT></TD>
    <TD noWrap align=left width="20%" background=""><FONT face=Arial size=1>01&nbsp; J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%" background=""><FONT face=Arial size=1>07</FONT>&nbsp;<FONT face=sans-serif size=1>G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="20%" background=""><FONT face=Arial size=1>02&nbsp; C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%" background=""><FONT face=Arial size=1>08</FONT>&nbsp; <FONT face=sans-serif size=1>W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="20%" background=""><FONT face=Arial size=1>03&nbsp; M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%" background=""><FONT face=Arial size=1>09</FONT>&nbsp; <FONT face=sans-serif size=1>R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="20%" background=""><FONT face=Arial size=1>04&nbsp; C.E. Haldeman, Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%" background=""></TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif>0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="20%" background=""><FONT face=Arial size=1>05&nbsp; P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%" background="">&nbsp;</TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="20%" background=""><FONT face=Arial size=1>06&nbsp; E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" colSpan=3><FONT face=sans-serif size=1>To withhold authority to vote for one or more of the
      nominees, check the </FONT><FONT face=serif size=1>&#147;</FONT><FONT face=sans-serif size=1>For All Except</FONT><FONT face=serif size=1>&#148; </FONT><FONT face=sans-serif size=1>box and write</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face=sans-serif size=1>the name(s) or number(s) of the nominee(s)
      below:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="62%" colSpan=3>
      <HR noShade SIZE=1>
    </TD>
    <TD width="10%" background=""></TD>
    <TD width="27%" colSpan=3></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face=sans-serif size=1>THE TRUSTEES RECOMMEND A VOTE AGAINST PROPOSAL
      3.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="11%"><B><FONT face=sans-serif size=1>FOR</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>AGAINST</FONT></B>&nbsp;
    </TD>
    <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>ABSTAIN</FONT></B>&nbsp;
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" colSpan=3><FONT face=sans-serif size=1>3. Shareholder proposal requesting the Trustees to
      merge the fund into Putnam California Tax Exempt Income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif>0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" colSpan=3><FONT face=sans-serif size=1>Fund, an open-end fund, or otherwise permit
      shareholders to realize the net asset value of their shares.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face=sans-serif size=1>If you have questions on the proposals, please call
      1-800-225-1581.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="27%" colSpan=3><FONT face=sans-serif size=1>Please sign and date the other side of this
      card.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>










































<!--$$/page=--><A name=page_1></A><IMG src="canvesprex1x1.jpg" border=0> <BR>
<P align=left><FONT face=sans-serif size=1>Putnam California Investment Grade
Municipal Trust</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=1>To vote by
      mail</FONT></B><BR><FONT face=sans-serif size=1><BR>Read the proxy
      statement. </FONT><BR><FONT face=sans-serif size=1>Check the appropriate
      box </FONT><BR><FONT face=sans-serif size=1>on the reverse
      side.</FONT><BR><FONT face=sans-serif size=1><BR>Sign and date the proxy
      ballot. </FONT><BR><FONT face=sans-serif size=1>Return the proxy ballot in
      the </FONT><BR><FONT face=sans-serif size=1>envelope
    provided.</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2>By signing below, you as a Putnam
fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each
of them separately, with power of substitution to each, to be your proxies. You
are empowering them to vote your Putnam fund shares on your behalf at the
meeting of the shareholders of Putnam California Investment Grade Municipal
Trust. The meeting will take place on October 30, 2006 at 11:00 a.m., Boston
time, and may be adjourned to later times or dates. Your vote is being solicited
on behalf of the Trustees. When you complete and sign the proxy ballot, the
Trustees will vote exactly as you have indicated on the other side of this card.
If you simply sign the proxy ballot, or don</FONT><B><FONT face=serif size=2>&#146;</FONT></B><FONT face=sans-serif size=2>t vote on a specific proposal,
your shares will be automatically voted as the Trustees recommend. The Trustees
are also authorized to vote at their discretion on any other matter that arises
at the meeting or any adjournment of the meeting.</FONT></P>
<P align=left><IMG src="canvesprex1x2.jpg" border=0> </P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=1>Sign your name exactly as it
      appears on this card. If you own shares jointly, each </FONT><BR><FONT face=sans-serif size=1>owner should sign. When signing as executor,
      administrator, attorney, trustee, </FONT><BR><FONT face=sans-serif size=1>guardian, or as custodian for a minor, please give your full title
      as such. If you </FONT><BR><FONT face=sans-serif size=1>are signing for a
      corporation, please sign the full corporate name and indicate
      </FONT><BR><FONT face=sans-serif size=1>the signer</FONT><FONT face=serif size=1>&#146;</FONT><FONT face=sans-serif size=1>s office. If you are a
      partner, sign in the partnership name.</FONT><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="59%" colSpan=5><FONT face=sans-serif size=1>Please place an
      X in the appropriate box using black or blue ink or number 2
      pencil.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face=sans-serif size=2>Proposals</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="50%" colSpan=4><FONT face=sans-serif size=1>number 2 pencil.
      Please do not use a fine point pen.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" colSpan=4><FONT face=sans-serif size=1>To vote on all
      Proposals, as the Trustees recommend, mark this box. (No other vote is
      necessary.)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face=sans-serif size=1>THE TRUSTEES
      RECOMMEND A VOTE FOR ALL NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face=sans-serif size=1>1 . Proposal to
      elect All Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>F O R</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%" colSpan=2><FONT face=sans-serif size=1>WITHHOLD FOR
      ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>The nominees for Trustees are:
      </FONT></TD>
    <TD noWrap align=left width="19%" background=""><FONT face=Arial size=1>01&nbsp; J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif size=1>07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="19%" background=""><FONT face=Arial size=1>02&nbsp; C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif size=1>08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="19%" background=""><FONT face=Arial size=1>03&nbsp; M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif size=1>09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="19%" background=""><FONT face=Arial size=1>04&nbsp; C.E. Haldeman, Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif size=1>10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>J.A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif>0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="19%" background=""><FONT face=Arial size=1>05&nbsp; P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif size=1>11</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>R.E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="19%" background=""><FONT face=Arial size=1>06&nbsp; E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" colSpan=4><FONT face=sans-serif size=1>To withhold
      authority to vote for one or more of the nominees, check the </FONT><FONT face=serif size=1>&#147;</FONT><FONT face=sans-serif size=1>For All
      Except</FONT><FONT face=serif size=1>&#148;
      </FONT><FONT face=sans-serif size=1>box
      and write</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face=sans-serif size=1>the name(s) or
      number(s) of the nominee(s) below:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="63%" colSpan=4>
      <HR noShade SIZE=1>
    </TD>
    <TD width="10%" background=""></TD>
    <TD width="27%" colSpan=3></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face=sans-serif size=1>THE TRUSTEES
      RECOMMEND A VOTE AGAINST PROPOSAL 3.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><B><FONT face=sans-serif size=1>FOR</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>AGAINST</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif size=1>ABSTAIN</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" colSpan=4><FONT face=sans-serif size=1>3. Shareholder
      proposal requesting the Trustees to merge the fund into Putnam California
      Tax Exempt Income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif>0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" colSpan=4><FONT face=sans-serif size=1>Fund, an
      open-end fund, or otherwise permit shareholders to realize the net asset
      value of their shares.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face=sans-serif size=1>If you have
      questions on the proposals, please call 1-800-225-1581.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="27%" colSpan=3><FONT face=sans-serif size=1>Please sign and
      date the other side of this card.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>




















































<A name=page_1></A><IMG src="hycox1x1.jpg" border=0> <BR>
<P align=left><FONT face=sans-serif size=1>Putnam High Yield Municipal
Trust</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><B><FONT face=sans-serif size=1>To vote by
    mail</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="33%"><B><FONT face=sans-serif size=1>To vote by
      telephone</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="36%"><B><FONT face=sans-serif size=1>To vote on the
      web</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%">&nbsp;</TD>
    <TD noWrap align=left width="33%"></TD>
    <TD noWrap align=left width="36%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=sans-serif size=1>Read the proxy
    statement.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="33%"><FONT face=Arial size=1>Read the proxy
      statement and</FONT>&nbsp;</TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Read the proxy statement and
      have</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=Arial size=1>Check the
      appropriate box</FONT>&nbsp;</TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>have the proxy ballot at
    hand.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="36%"><FONT face=Arial size=1>the proxy ballot
      at hand.</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=Arial size=1>on the reverse
      side.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="33%"><FONT face=Arial size=1>Call
      1-888-221-0697.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="36%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%">&nbsp;</TD>
    <TD noWrap align=left width="33%"></TD>
    <TD noWrap align=left width="36%"><FONT face=Arial size=1>Go to
      https://<U>www.proxyweb.com/</U></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=Arial size=1>Sign and date the
      proxy ballot.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>Follow the automated</FONT>&nbsp;</TD>
    <TD noWrap align=left width="36%"><FONT size=1><FONT face=Arial><U>putnam</U>.</FONT></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=Arial size=1>Return the proxy
      ballot in the</FONT>&nbsp;</TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>telephone directions.
    There</FONT>&nbsp;</TD>
    <TD noWrap align=left width="36%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=Arial size=1>envelope
      provided.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>is no need for you to
    return</FONT>&nbsp;</TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Follow the instructions on the
      site.</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"></TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>your proxy ballot.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>There is no need for you to
      return</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%">&nbsp;</TD>
    <TD noWrap align=left width="33%">&nbsp;</TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>your proxy
  ballot.</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>By signing below, you as a Putnam
fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each
of them separately, with power of substitution to each, to be your proxies. You
are empowering them to vote your Putnam fund shares on your behalf at the
meeting of the shareholders of Putnam High Yield Municipal Trust. The meeting
will take place on October 30, 2006 at 11:00 a.m., Boston time, and may be
adjourned to later times or dates. Your vote is being solicited on behalf of the
Trustees. When you complete and sign the proxy ballot, the Trustees will vote
exactly as you have indicated on the other side of this card. If you simply sign
the proxy ballot, or don</FONT><B><FONT face=serif size=2>&#146;</FONT></B><FONT face=sans-serif size=2>t vote on a specific proposal, your shares will be
automatically voted as the Trustees recommend. The Trustees are also authorized
to vote at their discretion on any other matter that arises at the meeting or
any adjournment of the meeting.</FONT></P>
<P align=left><IMG src="hycox1x2.jpg" border=0></P>
<P align=left><FONT face=sans-serif size=1>Sign your name exactly as it appears
on this card. If you own shares jointly, each owner should sign. When signing as
executor, administrator, attorney, trustee, guardian, or as custodian for a
minor, please give your full title as such. If you are signing for a
corporation, please sign the full corporate name and indicate the
signer</FONT><FONT face=serif size=1>&#146;</FONT><FONT face=sans-serif size=1>s
office. If you are a partner, sign in the partnership name.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="59%" colSpan=5><FONT face=sans-serif size=1>Please place an
      X in the appropriate box using black or blue ink or</FONT>&nbsp;<FONT face=Arial size=1>number 2 pencil.&nbsp;</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Proposals</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="50%" colSpan=4><FONT face=sans-serif size=1>Please do not
      use a fine point pen.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" colSpan=3><FONT face=sans-serif size=1>To vote on all
      Proposals, as the Trustees recommend, mark this box. (No other vote is
      necessary.)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" colSpan=2><FONT face=sans-serif size=1>THE TRUSTEES
      RECOMMEND A VOTE </FONT><U><FONT face=sans-serif size=1>FOR </FONT></U><FONT face=sans-serif size=1>ALL
      NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>1 . Proposal to elect All
      Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>F O R</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%" colSpan=2><FONT face=sans-serif size=1>WITHHOLD FOR
      ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>The nominees for Trustees are:
      </FONT></TD>
    <TD noWrap align=left width="19%" background=""><FONT face=Arial size=1>01&nbsp; J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" background=""><FONT face=Arial size=1>06</FONT>&nbsp; <FONT face=sans-serif size=1>E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"></TD>
    <TD noWrap align=left width="19%" background=""><FONT face=Arial size=1>02</FONT>&nbsp; <FONT face=sans-serif size=1>C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" background=""><FONT face=Arial size=1>07</FONT>&nbsp; <FONT face=sans-serif size=1>G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"></TD>
    <TD noWrap align=left width="19%" background=""><FONT face=Arial size=1>03</FONT>&nbsp; <FONT face=sans-serif size=1>M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" background=""><FONT face=Arial size=1>08</FONT>&nbsp; <FONT face=sans-serif size=1>W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"></TD>
    <TD noWrap align=left width="19%" background=""><FONT face=Arial size=1>04&nbsp;&nbsp; C.E. Haldeman, Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" background=""><FONT face=Arial size=1>09</FONT>&nbsp; <FONT face=sans-serif size=1>R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=serif>0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"></TD>
    <TD noWrap align=left width="19%" background=""><FONT face=Arial size=1>05</FONT>&nbsp; <FONT face=sans-serif size=1>P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" colSpan=3><FONT face=sans-serif size=1>To withhold
      authority to vote for one or more of the nominees, check the </FONT><FONT face=serif size=1>&#147;</FONT><FONT face=sans-serif size=1>For All
      Except</FONT><FONT face=serif size=1>&#148;
      </FONT><FONT face=sans-serif size=1>box
      and write</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" colSpan=2><FONT face=sans-serif size=1>the name(s) or
      number(s) of the nominee(s) below:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="62%" colSpan=3>
      <HR noShade SIZE=1>
    </TD>
    <TD width="10%" background=""></TD>
    <TD width="27%" colSpan=3></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>F O R</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>AGAINST</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>ABSTAIN</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" colSpan=2><FONT face=sans-serif size=1>THE TRUSTEES
      RECOMMEND A VOTE AGAINST PROPOSAL 2.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=serif>0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" colSpan=2><FONT face=sans-serif size=1>2. Proposal to
      convert the fund to an open-end investment company.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" colSpan=2><FONT face=sans-serif size=1>If you have
      questions on the proposals, please call 1-800-225-1581.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="27%" colSpan=3><FONT face=sans-serif size=1>Please sign and
      date the other side of this card.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>


















































<!--$$/page=--><A name=page_1></A>
<P align=left><IMG src="hymunx1x1.jpg" border=0></P> <BR>
<P align=left><FONT face=sans-serif size=2>Putnam High Yield Municipal
Trust</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=1>To vote by
      mail</FONT></B><BR><FONT face=sans-serif size=1><BR>Read the proxy
      statement. </FONT><BR><FONT face=sans-serif size=1>Check the appropriate
      box </FONT><BR><FONT face=sans-serif size=1>on the reverse
      side.</FONT><BR><FONT face=sans-serif size=1><BR>Sign and date the proxy
      ballot. </FONT><BR><FONT face=sans-serif size=1>Return the proxy ballot in
      the </FONT><BR><FONT face=sans-serif size=1>envelope
    provided.</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2>By signing below, you as a Putnam
fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each
of them separately, with power of substitution to each, to be your proxies. You
are empowering them to vote your Putnam fund shares on your behalf at the
meeting of the shareholders of Putnam High Yield Municipal Trust. The meeting
will take place on October 30, 2006 at 11:00 a.m., Boston time, and may be
adjourned to later times or dates. Your vote is being solicited on behalf of the
Trustees. When you complete and sign the proxy ballot, the Trustees will vote
exactly as you have indicated on the other side of this card. If you simply sign
the proxy ballot, or don</FONT><B><FONT face=serif size=2>&#146;</FONT></B><FONT face=sans-serif size=2>t vote on a specific proposal, your shares will be
automatically voted as the Trustees recommend. The Trustees are also authorized
to vote at their discretion on any other matter that arises at the meeting or
any adjournment of the meeting.</FONT></P>
<P align=left><IMG src="hymunx1x2.jpg" border=0> </P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=1>Sign your name exactly as it
      appears on this card. If you own shares jointly, each </FONT><BR><FONT face=sans-serif size=1>owner should sign. When signing as executor,
      administrator, attorney, trustee, </FONT><BR><FONT face=sans-serif size=1>guardian, or as custodian for a minor, please give your full title
      as such. If you </FONT><BR><FONT face=sans-serif size=1>are signing for a
      corporation, please sign the full corporate name and indicate
      </FONT><BR><FONT face=sans-serif size=1>the signer</FONT><FONT face=serif size=1>&#146;</FONT><FONT face=sans-serif size=1>s office. If you are a
      partner, sign in the partnership name.</FONT><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="60%" colSpan=6><FONT face=sans-serif size=1>Please place an X in the appropriate box using black
      or blue ink or</FONT>&nbsp;<FONT face=Arial size=1>number 2 pencil.</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" colSpan=2><FONT face=sans-serif size=2>Proposals</FONT>&nbsp; </TD>
    <TD noWrap align=left width="51%" colSpan=5><FONT face=sans-serif size=1>Please do not use a fine point pen.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" colSpan=3><FONT face=sans-serif size=1>To vote on all Proposals, as the Trustees recommend,
      mark this box. (No other vote is necessary.)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" colSpan=2><FONT face=sans-serif size=1>THE TRUSTEES RECOMMEND A VOTE </FONT><U><FONT face=sans-serif size=1>FOR </FONT></U><FONT face=sans-serif size=1>ALL NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" colSpan=2><FONT face=sans-serif size=1>1 . Proposal to elect All Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>F O R</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%" colSpan=3><FONT face=sans-serif size=1>WITHHOLD FOR ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>The nominees for Trustees are: </FONT></TD>
    <TD noWrap align=left width="20%" background=""><FONT face=Arial size=1>01&nbsp; J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>07&nbsp; G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=Arial size=1>ALL</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="20%" background=""><FONT face=Arial size=1>02&nbsp; C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>08&nbsp; W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="20%" background=""><FONT face=Arial size=1>03&nbsp; M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>09&nbsp; R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="20%" background=""><FONT face=Arial size=1>04&nbsp; C.E. Haldeman, Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>10&nbsp; J.A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif>0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="20%" background=""><FONT face=Arial size=1>05&nbsp; P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>11&nbsp; R.E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="20%" background=""><FONT face=Arial size=1>06&nbsp; E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" colSpan=3><FONT face=sans-serif size=1>To withhold authority to vote for one or more of the
      nominees, check the </FONT><FONT face=serif size=1>&#147;</FONT><FONT face=sans-serif size=1>For All Except</FONT><FONT face=serif size=1>&#148; </FONT><FONT face=sans-serif size=1>box and write</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" colSpan=2><FONT face=sans-serif size=1>the name(s) or number(s) of the nominee(s)
      below:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="63%" colSpan=3>
      <HR noShade SIZE=1>
    </TD>
    <TD width="10%" background=""></TD>
    <TD width="27%" colSpan=4></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" colSpan=2><FONT face=sans-serif size=1>THE TRUSTEES RECOMMEND A VOTE AGAINST PROPOSAL
      2.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><B><FONT face=sans-serif size=1>FOR</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="8%" colSpan=2><B><FONT face=sans-serif size=1>AGAINST</FONT></B>&nbsp;
    </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif size=1>ABSTAIN</FONT></B>&nbsp;
    </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" colSpan=2><FONT face=sans-serif size=1>2. Proposal to convert the fund to an open-end
      investment company.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=Arial>0</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" colSpan=2><FONT face=sans-serif size=1>If you have questions on the proposals, please call
      1-800-225-1581.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="27%" colSpan=4><FONT face=sans-serif size=1>Please sign and date the other side of this
      card.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>












































<!--$$/page=--><A name=page_1></A><IMG src="munibcox1x1.jpg" border=0> <BR>
<P align=left><FONT face=sans-serif size=1>Putnam Municipal Bond Fund</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><B><FONT face=sans-serif size=1>To vote by
      mail</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>To vote by
      telephone</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="35%"><B><FONT face=sans-serif size=1>To vote on the
      web</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=sans-serif size=1>Read the proxy statement.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Read the proxy statement
      and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif size=1>Read the proxy statement and
      have</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=sans-serif size=1>Check the appropriate box</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>have the proxy ballot at
      hand.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif size=1>the proxy ballot at hand.</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=Arial size=1>on the reverse
      side.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Call 1-888-221-0697.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"></TD>
    <TD noWrap align=left width="34%">&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif size=1>Go to </FONT><U><FONT face=sans-serif size=1>https://www.proxyweb.com/</FONT></U>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=Arial size=1>Sign and date the
      proxy ballot.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Follow the automated</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT size=1><FONT face=Arial><U>putnam</U><FONT>.</FONT></FONT></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=Arial size=1>Return the proxy
      ballot in the</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>telephone directions.
      There</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=Arial size=1>envelope
      provided.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>is no need for you to
      return</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif size=1>Follow the instructions on the
      site.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"></TD>
    <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>your proxy ballot.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif size=1>There is no need for you to
      return</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%">&nbsp; </TD>
    <TD noWrap align=left width="34%">&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=sans-serif size=1>your proxy ballot.</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>By signing below, you as a Putnam
fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each
of them separately, with power of substitution to each, to be your proxies. You
are empowering them to vote your Putnam fund shares on your behalf at the
meeting of the shareholders of Putnam Municipal Bond Fund. The meeting will take
place on October 30, 2006 at 11:00 a.m., Boston time, and may be adjourned to
later times or dates. Your vote is being solicited on behalf of the Trustees.
When you complete and sign the proxy ballot, the Trustees will vote exactly as
you have indicated on the other side of this card. If you simply sign the proxy
ballot, or don</FONT><B><FONT face=serif size=2>&#146;</FONT></B><FONT face=sans-serif size=2>t vote on a specific proposal, your shares will be
automatically voted as the Trustees recommend. The Trustees are also authorized
to vote at their discretion on any other matter that arises at the meeting or
any adjournment of the meeting.</FONT></P>
<P align=left><IMG src="munibcox1x2.jpg" border=0> </P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=1>Sign your name exactly as it
      appears on this card. If you own shares jointly, each </FONT><BR><FONT face=sans-serif size=1>owner should sign. When signing as executor,
      administrator, attorney, trustee, </FONT><BR><FONT face=sans-serif size=1>guardian, or as custodian for a minor, please give your full title
      as such. If you </FONT><BR><FONT face=sans-serif size=1>are signing for a
      corporation, please sign the full corporate name and indicate
      </FONT><BR><FONT face=sans-serif size=1>the signer</FONT><FONT face=serif size=1>&#146;</FONT><FONT face=sans-serif size=1>s office. If you are a
      partner, sign in the partnership name.</FONT><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="56%" colSpan=4><FONT face=sans-serif size=1>Please place an
      X in the appropriate box using black or blue ink or</FONT>&nbsp;<FONT face=Arial size=1>number 2 pencil.</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Proposal</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="46%" colSpan=3><FONT face=sans-serif size=1>Please do not
      use a fine point pen.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" colSpan=3><FONT face=sans-serif size=1>To vote on the
      Proposal, as the Trustees recommend, mark this box. (No other vote is
      necessary.)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" colSpan=2><FONT face=sans-serif size=1>THE TRUSTEES
      RECOMMEND A VOTE </FONT><U><FONT face=sans-serif size=1>FOR </FONT></U><FONT face=sans-serif size=1>ALL
      NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"><FONT face=sans-serif size=1>1 . Proposal to elect All
      Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>F O R</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%" colSpan=2><FONT face=sans-serif size=1>WITHHOLD FOR
      ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"><FONT face=sans-serif size=1>The nominees for Trustees are:
      </FONT></TD>
    <TD noWrap align=left width="19%" background=""><FONT face=Arial size=1>01 J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif size=1>06 E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>02 C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif size=1>07 G. Putnam, III</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>03 M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif size=1>08 W.T. Stephens</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"></TD>
    <TD noWrap align=left width="19%" background=""><FONT face=Arial size=1>04 C.E. Haldeman, Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif size=1>09 R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=serif>0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%">&nbsp;</TD>
    <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>05<FONT face="Times New Roman" size=3>&nbsp;</FONT>P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%" colSpan=3><FONT face=sans-serif size=1>To withhold
      authority to vote for one or more of the nominees, check the </FONT><FONT face=serif size=1>&#147;</FONT><FONT face=sans-serif size=1>For All
      Except</FONT><FONT face=serif size=1>&#148;
      </FONT><FONT face=sans-serif size=1>box
      and write</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" colSpan=2><FONT face=sans-serif size=1>the name(s) or
      number(s) of the nominee(s) below:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR>
    <TD width="69%" colSpan=3>
      <HR noShade SIZE=1>
    </TD>
    <TD width="31%" colSpan=3></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="44%" colSpan=2><FONT face=sans-serif size=1>If you have
      questions on the proposal, please call 1-800-225-1581.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="31%" colSpan=3><FONT face=sans-serif size=1>Please sign and
      date the other side of this card.</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>



































<!--$$/page=--><A name=page_1></A><IMG src="munbondprx1x1.jpg" border=0> <BR>
<P align=left><FONT face=sans-serif size=2>Putnam Municipal Bond Fund</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=1>To vote by
      mail</FONT></B><BR><FONT face=sans-serif size=1><BR>Read the proxy
      statement. </FONT><BR><FONT face=sans-serif size=1>Check the appropriate
      box </FONT><BR><FONT face=sans-serif size=1>on the reverse
      side.</FONT><BR><FONT face=sans-serif size=1><BR>Sign and date the proxy
      ballot. </FONT><BR><FONT face=sans-serif size=1>Return the proxy ballot in
      the </FONT><BR><FONT face=sans-serif size=1>envelope
    provided.</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2>By signing below, you as a Putnam
fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each
of them separately, with power of substitution to each, to be your proxies. You
are empowering them to vote your Putnam fund shares on your behalf at the
meeting of the shareholders of Putnam Municipal Bond Fund. The meeting will take
place on October 30, 2006 at 11:00 a.m., Boston time, and may be adjourned to
later times or dates. Your vote is being solicited on behalf of the Trustees.
When you complete and sign the proxy ballot, the Trustees will vote exactly as
you have indicated on the other side of this card. If you simply sign the proxy
ballot, or don</FONT><B><FONT face=serif size=2>&#146;</FONT></B><FONT face=sans-serif size=2>t vote on a specific proposal, your shares will be
automatically voted as the Trustees recommend. The Trustees are also authorized
to vote at their discretion on any other matter that arises at the meeting or
any adjournment of the meeting.</FONT></P>
<P align=left><IMG src="munbondprx1x2.jpg" border=0> </P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=1>Sign your name exactly as it
      appears on this card. If you own shares jointly, each </FONT><BR><FONT face=sans-serif size=1>owner should sign. When signing as executor,
      administrator, attorney, trustee, </FONT><BR><FONT face=sans-serif size=1>guardian, or as custodian for a minor, please give your full title
      as such. If you </FONT><BR><FONT face=sans-serif size=1>are signing for a
      corporation, please sign the full corporate name and indicate
      </FONT><BR><FONT face=sans-serif size=1>the signer</FONT><FONT face=serif size=1>&#146;</FONT><FONT face=sans-serif size=1>s office. If you are a
      partner, sign in the partnership name.</FONT><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="37%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="63%" colSpan=5><FONT face=sans-serif size=1>Please place an
      X in the appropriate box using black or blue ink or</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%" colSpan=2><FONT face=sans-serif size=2>Proposal</FONT>&nbsp; </TD>
    <TD noWrap align=left width="54%" colSpan=4><FONT face=sans-serif size=1>number 2 pencil.
      Please do not use a fine point pen.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" colSpan=3><FONT face=sans-serif size=1>To vote on the
      Proposal, as the Trustees recommend, mark this box. (No other vote is
      necessary.)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%" colSpan=2><FONT face=sans-serif size=1>THE TRUSTEES
      RECOMMEND A VOTE </FONT><U><FONT face=sans-serif size=1>FOR </FONT></U><FONT face=sans-serif size=1>ALL
      NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%" colSpan=2><FONT face=sans-serif size=1>1 . Proposal to
      elect All Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>F O R</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%" colSpan=2><FONT face=sans-serif size=1>WITHHOLD FOR
      ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>The nominees for Trustees are:
      </FONT></TD>
    <TD noWrap align=left width="18%" background=""><FONT face=Arial size=1>01&nbsp;&nbsp; J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif size=1>07&nbsp;&nbsp; G. Putnam,
      III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="18%" background=""><FONT face=Arial size=1>02&nbsp;&nbsp; C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif size=1>08&nbsp;&nbsp; W.T.
      Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="18%" background=""><FONT face=Arial size=1>03&nbsp;&nbsp; M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif size=1>09&nbsp;&nbsp; R.B.
      Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="18%" background=""><FONT face=Arial size=1>04&nbsp;&nbsp; C.E. Haldeman, Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif size=1>10&nbsp;&nbsp; J.A.
      Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=serif>0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="18%" background=""><FONT face=Arial size=1>05&nbsp;&nbsp; P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif size=1>11&nbsp;&nbsp; R.E.
      Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="18%" background=""><FONT face=Arial size=1>06&nbsp;&nbsp; E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" colSpan=3><FONT face=sans-serif size=1>To withhold
      authority to vote for one or more of the nominees, check the </FONT><FONT face=serif size=1>&#147;</FONT><FONT face=sans-serif size=1>For All
      Except</FONT><FONT face=serif size=1>&#148;
      </FONT><FONT face=sans-serif size=1>box
      and write</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%" colSpan=2><FONT face=sans-serif size=1>the name(s) or
      number(s) of the nominee(s) below:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="62%" colSpan=3>
      <HR noShade SIZE=1>
    </TD>
    <TD width="10%" background=""></TD>
    <TD width="28%" colSpan=3></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%" colSpan=2><FONT face=sans-serif size=1>If you have
      questions on the proposal, please call 1-800-225-1581.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="28%" colSpan=3><FONT face=sans-serif size=1>Please sign and
      date the other side of this card.</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>









































<A name=page_1></A><IMG src="muniopptsx1x1.jpg" border=0>
<BR>
<P align=left><FONT face=sans-serif size=1>Putnam Municipal Opportunities
Trust</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><B><FONT face=sans-serif size=1>To vote by
    mail</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="33%"><B><FONT face=sans-serif size=1>To vote by
      telephone</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="36%"><B><FONT face=sans-serif size=1>To vote on the
      web</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%">&nbsp;</TD>
    <TD noWrap align=left width="33%"></TD>
    <TD noWrap align=left width="36%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=sans-serif size=1>Read the proxy statement.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="33%"><FONT face=Arial size=1>Read the proxy
      statement and</FONT>&nbsp;</TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Read the proxy statement and have</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=Arial size=1>Check the
      appropriate box</FONT>&nbsp;</TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>have the proxy ballot at hand.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="36%"><FONT face=Arial size=1>the proxy ballot at
      hand.</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=Arial size=1>on the reverse
      side.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="33%"><FONT face=Arial size=1>Call
      1-888-221-0697.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="36%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"></TD>
    <TD noWrap align=left width="33%"></TD>
    <TD noWrap align=left width="36%"><FONT face=Arial size=1>Go to
      https://<U>www.proxyweb.com/</U></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=Arial size=1>Sign and date the
      proxy ballot.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>Follow the automated</FONT>&nbsp;</TD>
    <TD noWrap align=left width="36%"><FONT size=1><FONT face=Arial><U>putnam</U>.</FONT></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=Arial size=1>Return the proxy
      ballot in the</FONT>&nbsp;</TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>telephone directions. There</FONT>&nbsp;</TD>
    <TD noWrap align=left width="36%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=Arial size=1>envelope
      provided.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>is no need for you to return</FONT>&nbsp;</TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Follow the instructions on the
  site.</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"></TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>your proxy ballot.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>There is no need for you to
return</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%">&nbsp;</TD>
    <TD noWrap align=left width="33%">&nbsp;</TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>your proxy
ballot.</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>By signing below, you as a Putnam
fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each
of them separately, with power of substitution to each, to be your proxies. You
are empowering them to vote your Putnam fund shares on your behalf at the
meeting of the shareholders of Putnam Municipal Opportunities Trust. The meeting
will take place on October 30, 2006 at 11:00 a.m., Boston time, and may be
adjourned to later times or dates. Your vote is being solicited on behalf of the
Trustees. When you complete and sign the proxy ballot, the Trustees will vote
exactly as you have indicated on the other side of this card. If you simply sign
the proxy ballot, or don</FONT><B><FONT face=serif size=2>&#146;</FONT></B><FONT face=sans-serif size=2>t vote on a specific proposal, your shares will be
automatically voted as the Trustees recommend. The Trustees are also authorized
to vote at their discretion on any other matter that arises at the meeting or
any adjournment of the meeting.</FONT></P>
<P align=left><IMG src="muniopptsx1x2.jpg" border=0></P>
<P align=left><FONT face=sans-serif size=1>Sign your name exactly as it appears
on this card. If you own shares jointly, each owner should sign. When signing as
executor, administrator, attorney, trustee, guardian, or as custodian for a
minor, please give your full title as such. If you are signing for a
corporation, please sign the full corporate name and indicate the
signer</FONT><FONT face=serif size=1>&#146;</FONT><FONT face=sans-serif size=1>s
office. If you are a partner, sign in the partnership name.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="59%" colSpan=5><FONT face=sans-serif size=1>Please place an
      X in the appropriate box using black or blue ink or</FONT>&nbsp;<FONT face=Arial size=1>number 2 pencil.</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Proposal</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="50%" colSpan=4><FONT face=sans-serif size=1>Please do not
      use a fine point pen.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" colSpan=4><FONT face=sans-serif size=1>To vote on the
      Proposal, as the Trustees recommend, mark this box. (No other vote is
      necessary.)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" colSpan=2><FONT face=sans-serif size=1>THE TRUSTEES
      RECOMMEND A VOTE </FONT><U><FONT face=sans-serif size=1>FOR </FONT></U><FONT face=sans-serif size=1>ALL
      NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>1 . Proposal to elect All
      Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>F O R</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%" colSpan=2><FONT face=sans-serif size=1>WITHHOLD FOR
      ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>The nominees for Trustees are:
      </FONT></TD>
    <TD noWrap align=left width="17%" background=""><FONT face=Arial size=1>01&nbsp; J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>06&nbsp; E.T.
      Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>02&nbsp; C.B.
      Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>07&nbsp; G. Putnam,
      III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>03 &nbsp;M.R.
      Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>08 <FONT face="Times New Roman" size=3>&nbsp;</FONT>W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%">&nbsp;</TD>
    <TD noWrap align=left width="17%" background=""><FONT face=Arial size=1>04&nbsp; C.E. Haldeman, Jr.</FONT>&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>09&nbsp; R.B.
      Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=serif>0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>05&nbsp; P.L.
      Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" colSpan=4><FONT face=sans-serif size=1>To withhold
      authority to vote for one or more of the nominees, check the </FONT><FONT face=serif size=1>&#147;</FONT><FONT face=sans-serif size=1>For All
      Except</FONT><FONT face=serif size=1>&#148;
      </FONT><FONT face=sans-serif size=1>box
      and write</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" colSpan=2><FONT face=sans-serif size=1>the name(s) or
      number(s) of the nominee(s) below:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="63%" colSpan=4>
      <HR noShade SIZE=1>
    </TD>
    <TD width="10%" background=""></TD>
    <TD width="27%" colSpan=3></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" colSpan=2><FONT face=sans-serif size=1>If you have
      questions on the proposal, please call 1-800-225-1581.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="27%" colSpan=3><FONT face=sans-serif size=1>Please sign and
      date the other side of this card.</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>









































<!--$$/page=--><A name=page_1></A>
<P align=left><IMG src="munioppprex1x1.jpg" border=0></P> <BR>
<P align=left><FONT face=sans-serif size=2>Putnam Municipal Opportunities
Trust</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=1>To vote by
      mail</FONT></B><BR><FONT face=sans-serif size=1><BR>Read the proxy
      statement. </FONT><BR><FONT face=sans-serif size=1>Check the appropriate
      box </FONT><BR><FONT face=sans-serif size=1>on the reverse
      side.</FONT><BR><FONT face=sans-serif size=1><BR>Sign and date the proxy
      ballot. </FONT><BR><FONT face=sans-serif size=1>Return the proxy ballot in
      the </FONT><BR><FONT face=sans-serif size=1>envelope
    provided.</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2>By signing below, you as a Putnam
fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each
of them separately, with power of substitution to each, to be your proxies. You
are empowering them to vote your Putnam fund shares on your behalf at the
meeting of the shareholders of Putnam Municipal Opportunities Trust. The meeting
will take place on October 30, 2006 at 11:00 a.m., Boston time, and may be
adjourned to later times or dates. Your vote is being solicited on behalf of the
Trustees. When you complete and sign the proxy ballot, the Trustees will vote
exactly as you have indicated on the other side of this card. If you simply sign
the proxy ballot, or don</FONT><B><FONT face=serif size=2>&#146;</FONT></B><FONT face=sans-serif size=2>t vote on a specific proposal, your shares will be
automatically voted as the Trustees recommend. The Trustees are also authorized
to vote at their discretion on any other matter that arises at the meeting or
any adjournment of the meeting.</FONT></P>
<P align=left><IMG src="munioppprex1x2.jpg" border=0> </P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=1>Sign your name exactly as it
      appears on this card. If you own shares jointly, each </FONT><BR><FONT face=sans-serif size=1>owner should sign. When signing as executor,
      administrator, attorney, trustee, </FONT><BR><FONT face=sans-serif size=1>guardian, or as custodian for a minor, please give your full title
      as such. If you </FONT><BR><FONT face=sans-serif size=1>are signing for a
      corporation, please sign the full corporate name and indicate
      </FONT><BR><FONT face=sans-serif size=1>the signer</FONT><FONT face=serif size=1>&#146;</FONT><FONT face=sans-serif size=1>s office. If you are a
      partner, sign in the partnership name.</FONT><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="60%" colSpan=5><FONT face=sans-serif size=1>Please place an
      X in the appropriate box using black or blue ink or number 2
      pencil.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face=sans-serif size=2>Proposal</FONT>&nbsp; </TD>
    <TD noWrap align=left width="52%" colSpan=4><FONT face=sans-serif size=1>Please do not
      use a fine point pen.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" colSpan=3><FONT face=sans-serif size=1>To vote on the
      Proposal, as the Trustees recommend, mark this box. (No other vote is
      necessary.)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%" background=""></TD>
    <TD noWrap align=left width="11%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face=sans-serif size=1>THE TRUSTEES
      RECOMMEND A VOTE </FONT><U><FONT face=sans-serif size=1>FOR </FONT></U><FONT face=sans-serif size=1>ALL
      NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="11%" background=""></TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face=sans-serif size=1>1 . Proposal to
      elect All Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="11%" background=""></TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="11%" background=""></TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>F O R</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%" colSpan=2><FONT face=sans-serif size=1>WITHHOLD FOR
      ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>The nominees for Trustees are:
      </FONT></TD>
    <TD noWrap align=left width="20%" background=""><FONT face=Arial size=1>01&nbsp; J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" background=""><FONT face=Arial size=1>07</FONT>&nbsp; <FONT face=sans-serif size=1>G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%" background=""></TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="20%" background=""><FONT face=Arial size=1>02&nbsp; C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" background=""><FONT face=Arial size=1>08</FONT>&nbsp; <FONT face=sans-serif size=1>W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%" background=""></TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="20%" background=""><FONT face=Arial size=1>03&nbsp; M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" background=""><FONT face=Arial size=1>09</FONT>&nbsp; <FONT face=sans-serif size=1>R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%" background=""></TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="20%" background=""><FONT face=Arial size=1>04&nbsp; C.E. Haldeman, Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" background=""><FONT face=Arial size=1>10</FONT>&nbsp; <FONT face=sans-serif size=1>J.A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%" background=""></TD>
    <TD noWrap align=left width="11%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=serif>0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="20%" background=""><FONT face=Arial size=1>05&nbsp; P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" background=""><FONT face=Arial size=1>11</FONT>&nbsp; <FONT face=sans-serif size=1>R.E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%" background=""></TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="20%" background=""><FONT face=Arial size=1>06&nbsp; E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="11%" background=""></TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%" colSpan=3><FONT face=sans-serif size=1>To withhold
      authority to vote for one or more of the nominees, check the </FONT><FONT face=serif size=1>&#147;</FONT><FONT face=sans-serif size=1>For All
      Except</FONT><FONT face=serif size=1>&#148;
      </FONT><FONT face=sans-serif size=1>box
      and write</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%" background=""></TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face=sans-serif size=1>the name(s) or
      number(s) of the nominee(s) below:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="11%" background=""></TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="61%" colSpan=3>
      <HR noShade SIZE=1>
    </TD>
    <TD width="11%" background=""></TD>
    <TD width="27%" colSpan=3></TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face=sans-serif size=1>If you have
      questions on the proposal, please call 1-800-225-1581.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="11%" background=""></TD>
    <TD noWrap align=left width="27%" colSpan=3><FONT face=sans-serif size=1>Please sign and
      date the other side of this card.</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>














































<!--$$/page=--><A name=page_1></A><IMG src="nyinvcox1x1.jpg" border=0> <BR>
<P align=left><FONT face=sans-serif size=1>Putnam New York Investment Grade
Municipal Trust</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><B><FONT face=sans-serif size=1>To vote by
      mail</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="33%"><B><FONT face=sans-serif size=1>To vote by
      telephone</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="36%"><B><FONT face=sans-serif size=1>To vote on the
      web</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=sans-serif size=1>Read the proxy statement.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>Read the proxy statement
      and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Read the proxy statement and
      have</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=sans-serif size=1>Check the appropriate box</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>have the proxy ballot at
      hand.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>the proxy ballot at hand.</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=Arial size=1>on the reverse
      side.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>Call 1-888-221-0697.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"></TD>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Go to </FONT><U><FONT face=sans-serif size=1>https://www.proxyweb.com/</FONT></U>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=Arial size=1>Sign and date the
      proxy ballot.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>Follow the automated</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT size=1><FONT face=Arial><U>putnam</U><FONT>.</FONT></FONT></FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=Arial size=1>Return the proxy
      ballot in the</FONT>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>telephone directions.
      There</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=Arial size=1>envelope
      provided.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>is no need for you to
      return</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Follow the instructions on the
      site.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"></TD>
    <TD noWrap align=left width="33%"><FONT face=sans-serif size=1>your proxy ballot.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>There is no need for you to
      return</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%">&nbsp; </TD>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>your proxy ballot.</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>By signing below, you as a Putnam
fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each
of them separately, with power of substitution to each, to be your proxies. You
are empowering them to vote your Putnam fund shares on your behalf at the
meeting of the shareholders of Putnam New York Investment Grade Municipal Trust.
The meeting will take place on October 30, 2006 at 11:00 a.m., Boston time, and
may be adjourned to later times or dates. Your vote is being solicited on behalf
of the Trustees. When you complete and sign the proxy ballot, the Trustees will
vote exactly as you have indicated on the other side of this card. If you simply
sign the proxy ballot, or don</FONT><B><FONT face=serif size=2>&#146;
</FONT></B><FONT face=sans-serif size=2>t vote on a specific proposal, your
shares will be automatically voted as the Trustees recommend. The Trustees are
also authorized to vote at their discretion on any other matter that arises at
the meeting or any adjournment of the meeting.</FONT></P>
<P align=left><IMG src="nyinvcox1x2.jpg" border=0> </P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=1>Sign your name exactly as it
      appears on this card. If you own shares jointly, each </FONT><BR><FONT face=sans-serif size=1>owner should sign. When signing as executor,
      administrator, attorney, trustee, </FONT><BR><FONT face=sans-serif size=1>guardian, or as custodian for a minor, please give your full title
      as such. If you </FONT><BR><FONT face=sans-serif size=1>are signing for a
      corporation, please sign the full corporate name and indicate
      </FONT><BR><FONT face=sans-serif size=1>the signer</FONT><FONT face=serif size=1>&#146;</FONT><FONT face=sans-serif size=1>s office. If you are a
      partner, sign in the partnership name.</FONT><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="60%" colSpan=5><FONT face=sans-serif size=1>Please place an
      X in the appropriate box using black or blue ink or</FONT>&nbsp;<FONT face=Arial size=1>number 2 pencil.&nbsp;</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Proposals</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%" colSpan=4><FONT face=sans-serif size=1>Please do not
      use a fine point pen.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" colSpan=4><FONT face=sans-serif size=1>To vote on all
      Proposals, as the Trustees recommend, mark this box. (No other vote is
      necessary.)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" colSpan=2><FONT face=sans-serif size=1>THE TRUSTEES
      RECOMMEND A VOTE </FONT><U><FONT face=sans-serif size=1>FOR </FONT></U><FONT face=sans-serif size=1>ALL
      NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>1 . Proposal to elect All
      Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>F O R</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%" colSpan=2><FONT face=sans-serif size=1>WITHHOLD FOR
      ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>The nominees for Trustees are:
      </FONT></TD>
    <TD noWrap align=left width="17%" background=""><FONT face=Arial size=1>01 J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif size=1>06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>02 C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif size=1>07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%">&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>03 M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif size=1>08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"></TD>
    <TD noWrap align=left width="17%" background=""><FONT face=Arial size=1>04 C.E. Haldeman, Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif size=1>09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif>0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%">&nbsp;</TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>05<FONT face="Times New Roman" size=3>&nbsp;</FONT>P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" colSpan=4><FONT face=sans-serif size=1>To withhold
      authority to vote for one or more of the nominees, check the </FONT><FONT face=serif size=1>&#147;</FONT><FONT face=sans-serif size=1>For All
      Except</FONT><FONT face=serif size=1>&#148;
      </FONT><FONT face=sans-serif size=1>box
      and write</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" colSpan=2><FONT face=sans-serif size=1>the name(s) or
      number(s) of the nominee(s) below:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="62%" colSpan=4>
      <HR noShade SIZE=1>
    </TD>
    <TD width="10%" background=""></TD>
    <TD width="28%" colSpan=3></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" colSpan=2><FONT face=sans-serif size=1>THE TRUSTEES
      RECOMMEND A VOTE </FONT><U><FONT face=sans-serif size=1>AGAINST
      </FONT></U><FONT face=sans-serif size=1>PROPOSAL 4.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><B><FONT face=sans-serif size=1>FOR</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif size=1>AGAINST</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif size=1>ABSTAIN</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" colSpan=4><FONT face=sans-serif size=1>4 . Shareholder
      proposal requesting the Trustees to merge the fund into Putnam New York
      Tax Exempt Income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif>0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" colSpan=4><FONT face=sans-serif size=1>Fund, an
      open-end fund, or otherwise permit shareholders to realize the net asset
      value of their shares.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" colSpan=2><FONT face=sans-serif size=1>If you have
      questions on the proposals, please call 1-800-225-1581.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="28%" colSpan=3><FONT face=sans-serif size=1>Please sign and
      date the other side of this card.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>






































<!--$$/page=--><A name=page_1></A>
<P align=left><IMG src="nyinvprx1x1.jpg" border=0></P> <BR>
<P align=left><FONT face=sans-serif size=1>Putnam New York Investment Grade
Municipal Trust</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=1>To vote by
      mail</FONT></B><BR><FONT face=sans-serif size=1><BR>Read the proxy
      statement. </FONT><BR><FONT face=sans-serif size=1>Check the appropriate
      box </FONT><BR><FONT face=sans-serif size=1>on the reverse
      side.</FONT><BR><FONT face=sans-serif size=1><BR>Sign and date the proxy
      ballot. </FONT><BR><FONT face=sans-serif size=1>Return the proxy ballot in
      the </FONT><BR><FONT face=sans-serif size=1>envelope
    provided.</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2>By signing below, you as a Putnam
fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each
of them separately, with power of substitution to each, to be your proxies. You
are empowering them to vote your Putnam fund shares on your behalf at the
meeting of the shareholders of Putnam New York Investment Grade Municipal Trust.
The meeting will take place on October 30, 2006 at 11:00 a.m., Boston time, and
may be adjourned to later times or dates. Your vote is being solicited on behalf
of the Trustees. When you complete and sign the proxy ballot, the Trustees will
vote exactly as you have indicated on the other side of this card. If you simply
sign the proxy ballot, or don</FONT><B><FONT face=serif size=2>&#146;</FONT></B><FONT face=sans-serif size=2>t vote on a specific proposal, your shares will be
automatically voted as the Trustees recommend. The Trustees are also authorized
to vote at their discretion on any other matter that arises at the meeting or
any adjournment of the meeting.</FONT></P>
<P align=left><IMG src="nyinvprx1x2.jpg" border=0> </P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=1>Sign your name exactly as it
      appears on this card. If you own shares jointly, each </FONT><BR><FONT face=sans-serif size=1>owner should sign. When signing as executor,
      administrator, attorney, trustee, </FONT><BR><FONT face=sans-serif size=1>guardian, or as custodian for a minor, please give your full title
      as such. If you </FONT><BR><FONT face=sans-serif size=1>are signing for a
      corporation, please sign the full corporate name and indicate
      </FONT><BR><FONT face=sans-serif size=1>the signer</FONT><FONT face=serif size=1>&#146;</FONT><FONT face=sans-serif size=1>s office. If you are a
      partner, sign in the partnership name.</FONT><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="60%" colSpan=5><FONT face=sans-serif size=1>Please place an
      X in the appropriate box using black or blue ink or</FONT>&nbsp;<FONT face=Arial size=1>number 2 pencil.&nbsp;</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" colSpan=2><FONT face=sans-serif size=2>Proposals</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="51%" colSpan=4><FONT face=sans-serif size=1>Please do not
      use a fine point pen.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" colSpan=4><FONT face=sans-serif size=1>To vote on all
      Proposals, as the Trustees recommend, mark this box. (No other vote is
      necessary.)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" colSpan=2><FONT face=sans-serif size=1>THE TRUSTEES
      RECOMMEND A VOTE FOR ALL NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" colSpan=2><FONT face=sans-serif size=1>1 . Proposal to
      elect All Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>F O R</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%" colSpan=2><FONT face=sans-serif size=1>WITHHOLD FOR
      ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>The nominees for Trustees are:
      </FONT></TD>
    <TD noWrap align=left width="19%" background=""><FONT face=Arial size=1>01&nbsp; J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif size=1>07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="19%" background=""><FONT face=Arial size=1>02&nbsp; C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif size=1>08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="19%" background=""><FONT face=Arial size=1>03&nbsp; M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif size=1>09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="19%" background=""><FONT face=Arial size=1>04&nbsp; C.E. Haldeman, Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif size=1>10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>J.A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=serif>0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="19%" background=""><FONT face=Arial size=1>05&nbsp; P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif size=1>11</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=sans-serif size=1>R.E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="19%" background=""><FONT face=Arial size=1>06&nbsp; E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" colSpan=4><FONT face=sans-serif size=1>To withhold
      authority to vote for one or more of the nominees, check the </FONT><FONT face=serif size=1>&#147;</FONT><FONT face=sans-serif size=1>For All
      Except</FONT><FONT face=serif size=1>&#148;
      </FONT><FONT face=sans-serif size=1>box
      and write</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" colSpan=2><FONT face=sans-serif size=1>the name(s) or
      number(s) of the nominee(s) below:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="62%" colSpan=4>
      <HR noShade SIZE=1>
    </TD>
    <TD width="10%" background=""></TD>
    <TD width="28%" colSpan=3></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" colSpan=2><FONT face=sans-serif size=1>THE TRUSTEES
      RECOMMEND A VOTE AGAINST PROPOSAL 4.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><B><FONT face=sans-serif size=1>FOR</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif size=1>AGAINST</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif size=1>ABSTAIN</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" colSpan=4><FONT face=sans-serif size=1>4 . Shareholder
      proposal requesting the Trustees to merge the fund into Putnam New York
      Tax Exempt Income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=serif>0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=serif>0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" colSpan=4><FONT face=sans-serif size=1>Fund, an
      open-end fund, or otherwise permit shareholders to realize the net asset
      value of their shares.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" colSpan=2><FONT face=sans-serif size=1>If you have
      questions on the proposals, please call 1-800-225-1581.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD>
    <TD noWrap align=left width="10%" background=""></TD>
    <TD noWrap align=left width="28%" colSpan=3><FONT face=sans-serif size=1>Please sign and
      date the other side of this card.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>







































































































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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>26
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<DOCUMENT>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
