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<SEC-DOCUMENT>0000928816-06-000894.txt : 20090826
<SEC-HEADER>0000928816-06-000894.hdr.sgml : 20090826

<ACCEPTANCE-DATETIME>20060811154832

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000928816-06-000894

CONFORMED SUBMISSION TYPE:	PRE 14A

PUBLIC DOCUMENT COUNT:		22

CONFORMED PERIOD OF REPORT:	20061030

FILED AS OF DATE:		20060811

DATE AS OF CHANGE:		20060921


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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07274

		FILM NUMBER:		061024955



	BUSINESS ADDRESS:	

		STREET 1:		ONE POST OFFICE SQUARE

		CITY:			BOSTON

		STATE:			MA

		ZIP:			02109

		BUSINESS PHONE:		6172921000




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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07276

		FILM NUMBER:		061024954



	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 HIGH YIELD MUNICIPAL TRUST

		CENTRAL INDEX KEY:			0000848077

		IRS NUMBER:				046621377

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			0930



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-05795

		FILM NUMBER:		061024958



	BUSINESS ADDRESS:	

		STREET 1:		ONE POST OFFICE SQ

		STREET 2:		MAILSTOP A 14

		CITY:			BOSTON

		STATE:			MA

		ZIP:			02109

		BUSINESS PHONE:		6177601000




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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07626

		FILM NUMBER:		061024956



	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:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07270

		FILM NUMBER:		061024957



	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



</SEC-HEADER>

<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>a_statementone.htm
<DESCRIPTION>PUTNAM MULTIFUND PROXY
<TEXT>
<!DOCTYPE HTML PUBLIC "">


<HTML>
<HEAD>
   <TITLE></TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY bgcolor="#ffffff">






























<!--$$/page=--><A name=page_1></A>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>SCHEDULE 14A
  INFORMATION</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>PROXY STATEMENT PURSUANT TO SECTION
      14(a)</FONT><BR><FONT face=serif size=2>OF THE SECURITIES EXCHANGE ACT OF
      1934</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>Filed by the Registrant / X
    /</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>Filed by a party other than the
      Registrant /&nbsp;&nbsp; /</FONT><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><B><FONT
      face=serif size=2>Check the
      appropriate box</FONT></B><FONT face=serif size=2
     >:</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" colSpan=2><FONT
      face=serif size=2><BR>/ X /</FONT>&nbsp; </TD>
    <TD noWrap align=left width="94%"><FONT face=serif size=2
     >Preliminary Proxy Statement</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD noWrap align=left width="5%" background="" colSpan=2
   ></TD>
    <TD noWrap align=left width="94%" background=""></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" colSpan=2><FONT
      face=serif size=2>/</FONT>&nbsp;&nbsp; <FONT
      face=serif size=2>/</FONT>&nbsp; </TD>
    <TD noWrap align=left width="94%"><FONT face=serif size=2
     >Confidential, for Use of the Commission Only
      (as permitted by Rule</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="94%"><FONT face=serif size=2
     >14a-6(e) (2))</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="3%" background=""></TD>
    <TD noWrap align=left width="2%" background=""></TD>
    <TD noWrap align=left width="94%" background=""></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face=serif size=2
     >/&nbsp;&nbsp;&nbsp;/</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="94%"><FONT face=serif size=2
     >Definitive Proxy Statement</FONT>&nbsp;
  </TD></TR>
  <TR>
    <TD noWrap align=left width="5%" background="" colSpan=2
   ></TD>
    <TD noWrap align=left width="94%" background=""></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" colSpan=2><FONT
      face=serif size=2>/</FONT>&nbsp; <FONT
      face=serif size=2>/</FONT>&nbsp; </TD>
    <TD noWrap align=left width="94%"><FONT face=serif size=2
     >Definitive Additional Materials</FONT>&nbsp;
    </TD></TR>
  <TR>
    <TD noWrap align=left width="5%" background="" colSpan=2
   ></TD>
    <TD noWrap align=left width="94%" background=""></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" colSpan=2><FONT
      face=serif size=2>/</FONT>&nbsp; <FONT
      face=serif size=2>/</FONT>&nbsp; </TD>
    <TD noWrap align=left width="94%"><FONT face=serif size=2
     >Soliciting Material Pursuant to Sec.
      240.14a-11(c) or Sec. 240.14a-12</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>PUTNAM CALIFORNIA INVESTMENT GRADE
      MUNICIPAL TRUST</FONT></B><BR><B><FONT face=serif size=2>PUTNAM HIGH YIELD
      MUNICIPAL TRUST</FONT></B><BR><B><FONT face=serif size=2>PUTNAM MUNICIPAL
      BOND FUND</FONT></B><BR><B><FONT face=serif size=2>PUTNAM MUNICIPAL
      OPPORTUNITIES TRUST</FONT></B><BR><B><FONT face=serif size=2>PUTNAM NEW
      YORK INVESTMENT GRADE MUNICIPAL
TRUST</FONT></B><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>(Name of Registrant as Specified In Its
      Charter)</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>(Name of Person(s) Filing Proxy
      Statement,</FONT><BR><FONT face=serif size=2>if other than
      Registrant)</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=serif size=2>I-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<P align=left><B><FONT face=serif size=2>Payment of Filing Fee (Check the
appropriate box):</FONT></B></P>
<P align=left><FONT face=serif size=2>/ X / No fee required</FONT></P>
<P align=left><FONT face=serif size=2>/&nbsp;&nbsp;&nbsp; / Fee computed on
table below per Exchange Act Rule 14a 6(i)(1) and 0-11</FONT></P>
<P align=left><FONT face=serif size=2>(1) Title of each class of securities to
which transaction applies:</FONT></P>
<P align=left><FONT face=serif size=2>(2) Aggregate number of securities to
which transaction applies:</FONT></P>
<P align=left><FONT face=serif size=2>(3) Per unit price or other underlying
value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the
amount on which the filing fee is calculated and state how it was
determined):</FONT></P>
<P align=left><FONT face=serif size=2>(4) Proposed maximum aggregate value of
transaction:</FONT></P>
<P align=left><FONT face=serif size=2>(5) Total fee paid:</FONT></P>
<P align=left><FONT face=serif size=2>/&nbsp;&nbsp; / Fee paid previously with
preliminary materials.</FONT></P>
<P align=left><FONT face=serif size=2>/&nbsp;&nbsp; / Check box if any part of
the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the
filing for which the offsetting fee was paid previously. Identify the previous
filing by registration statement number, or the Form or Schedule and the date of
its filing.</FONT></P>
<P align=left><FONT face=serif size=2>(1) Amount Previously Paid:</FONT></P>
<P align=left><FONT face=serif size=2>(2) Form, Schedule or Registration
Statement No.:</FONT></P>
<P align=left><FONT face=serif size=2>(3) Filing Party:</FONT></P>
<P align=left><FONT face=serif size=2>(4) Date Filed:</FONT></P>
<P align=left><FONT face=serif size=2>I-2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_3"></A>

<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=5 face="serif">The proxy statement</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="serif">PUTNAM CALIFORNIA INVESTMENT GRADE MUNICIPAL TRUST</FONT></B><BR>
<B><FONT size=2 face="serif">PUTNAM HIGH YIELD MUNICIPAL TRUST </FONT></B><BR>
<B><FONT size=2 face="serif">PUTNAM MUNICIPAL BOND FUND</FONT></B><BR>
<B><FONT size=2 face="serif">PUTNAM MUNICIPAL OPPORTUNITIES TRUST</FONT></B><BR>
<B><FONT size=2 face="serif">PUTNAM NEW YORK INVESTMENT GRADE MUNICIPAL TRUST</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="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[s] [ ] and [ ] of the proxy statement.</FONT></P>
<P align="left">
<FONT size=2 face="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="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="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="serif">[PUTNAM INVESTMENTS LOGO]</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="serif">I-3</FONT></P>

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

<!--$$/page=--><A name=page_4></A>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>Table of
  contents</FONT></B><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>A Message from the
      Chairman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1</FONT><BR><FONT face=serif size=2><BR>Notice of Shareholder
      Meeting&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3</FONT><BR><FONT face=serif size=2><BR>Trustees'
      Recommendations&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      [ ]</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>The
      Proposals&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [
      ]</FONT><BR><FONT face=serif size=2><BR>Proposal
      1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      [ ]</FONT><BR><FONT face=serif size=2><BR>Proposal
      2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      [ ]</FONT><BR><FONT face=serif size=2><BR>Proposal
      3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      [ ]</FONT><BR><FONT face=serif size=2><BR>Proposal
      4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      [ ]</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>Further Information About Voting and
      the Meeting&nbsp;&nbsp;&nbsp;&nbsp; [ ]</FONT><BR><FONT face=serif
      size=2><BR>Fund
      Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      [ ]</FONT><BR><FONT face=serif size=2><BR>Appendix
      A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[
      ]</FONT><BR><FONT face=serif size=2><BR>Exhibit
      A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      [ ]</FONT><BR><FONT face=serif size=2><BR>Exhibit
      B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[
      ]</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>PROXY CARDS
    ENCLOSED</FONT></B><BR></TD></TR></TABLE></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>
<P align=left><FONT face=serif size=2>I-4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_5></A>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>A Message from the
      Chairman</FONT></B><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>Dear Fellow Shareholder:
  </FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>[photo of John A.
  Hill]</FONT><BR></TD></TR></TABLE></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'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 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><I><FONT face=serif size=2>(Putnam High Yield
Municipal Trust only)</FONT></I></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. Retaining the closed-end status would furthermore allow
shareholders to continue to benefit from recent measures to improve shareholder
value, such as the authorization of a share repurchase program.</FONT></P>
<P align=left><B><FONT face=serif size=2>Shareholder proposals requesting the
Trustees to merge Putnam California Investment Grade Municipal Trust and Putnam
New York Investment Grade Municipal Trust into their respective open-end Putnam
fund counterparts (Putnam California Tax Exempt Income Fund and Putnam New York
Tax Exempt Income Fund, respectively) or otherwise permit shareholders of the
funds to realize the net asset value of their shares. </FONT></B><I><FONT
face=serif size=2>(Putnam California Investment Grade Municipal Trust and Putnam
New York Investment Grade Municipal Trust only)</FONT></I></P>
<P align=left><FONT face=serif size=2>A shareholder of your funds has submitted
shareholder proposals that call for your funds&#146; Trustees to merge Putnam
California Investment Grade Municipal Trust and Putnam New York Investment Grade
Municipal Trust into their respective Putnam open-end fund counterparts 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,
your funds&#146; Trustees believe that your funds&#146; status as closed-end funds 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, your funds have
outperformed their respective Putnam open-end fund counterparts at net asset
value. In addition, your 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 </FONT></P>
<P align=left><FONT face=serif size=2>I-5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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<A name="page_6"></A>

<P align="left">
<FONT size=2 face="serif">believe that recent discount levels are currently a sufficient justification for abandoning the advantages of the closed-end structure through mergers.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="serif">________________</FONT><BR>
</TD></TR></TABLE>
</P>
<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>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="serif">Sincerely yours,</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="serif">/s/ John A. Hill</FONT><BR>
<FONT size=2 face="serif">----------------------</FONT><BR>
<FONT size=2 face="serif">John A. Hill, Chairman</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="serif">PUTNAM CALIFORNIA INVESTMENT GRADE MUNICIPAL TRUST</FONT></B><BR>
<B><FONT size=2 face="serif">PUTNAM HIGH YIELD MUNICIPAL TRUST</FONT></B><BR>
<B><FONT size=2 face="serif">PUTNAM MUNICIPAL BOND FUND</FONT></B><BR>
<B><FONT size=2 face="serif">PUTNAM MUNICIPAL OPPORTUNITIES TRUST</FONT></B><BR>
<B><FONT size=2 face="serif">PUTNAM NEW YORK INVESTMENT GRADE MUNICIPAL TRUST</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT face="serif">Notice of Annual Meeting of Shareholders</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<B><FONT size=2 face="serif">This is the formal agenda for your fund'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 size=2 face="serif">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 size=2 face="serif">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 8</FONT><SUP><FONT size=2 face="serif">th</FONT></SUP><FONT size=2
face="serif"> floor of One Post Office Square, Boston, Massachusetts 02109, to consider the following:</FONT></P>
<P align="left">
<B><FONT size=2 face="serif"> 1. Fixing the number of Trustees at 11 and electing your fund&#146;s nominees for Trustees. See page __.</FONT></B></P>
<P align="left">
<B><FONT size=2 face="serif">2. Converting your fund to an open-end investment company </FONT></B><I><FONT size=2 face="serif">(Putnam High Yield Municipal Trust only)</FONT></I><B><FONT size=2 face="serif">. See page __.</FONT></B></P>
<P align="left">
<B><FONT size=2 face="serif">3. Shareholder proposal requesting the Trustees to merge the fund into Putnam California Tax Exempt Income Fund, an open-end fund, or otherwise permit shareholders to realize the net asset value of their shares
</FONT></B><I><FONT size=2 face="serif">(Putnam California Investment Grade Municipal Trust only)</FONT></I><B><FONT size=2 face="serif">. See page ___.</FONT></B></P>
<P align="left">
<B><FONT size=2 face="serif">4. Shareholder proposal requesting the Trustees to merge the fund into Putnam New York Tax Exempt Income Fund, an open-end fund, or otherwise permit shareholders to realize the net asset value of their shares
</FONT></B><I><FONT size=2 face="serif">(Putnam New York Investment Grade Municipal Trust only)</FONT></I><B><FONT size=2 face="serif">. See page ___.</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">I-6</FONT></P>

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



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<A name="page_7"></A>

<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="serif">By Judith Cohen, Clerk, on behalf of the Trustees:</FONT><BR>
<FONT size=2 face="serif">John A. Hill, Chairman</FONT><BR>
<FONT size=2 face="serif">Jameson A. Baxter, Vice Chairman</FONT><BR>
<FONT size=2 face="serif">George Putnam, III, President</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="serif">Charles B. Curtis</FONT><BR>
<FONT size=2 face="serif">Myra R. Drucker</FONT><BR>
<FONT size=2 face="serif">Charles E. Haldeman, Jr.</FONT><BR>
<FONT size=2 face="serif">Paul L. Joskow</FONT><BR>
<FONT size=2 face="serif">Elizabeth T. Kennan</FONT><BR>
<FONT size=2 face="serif">Robert E. Patterson</FONT><BR>
<FONT size=2 face="serif">W. Thomas Stephens</FONT><BR>
<FONT size=2 face="serif">Richard B. Worley</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<B><FONT size=2 face="serif">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">
<TABLE><TR><TD nowrap>
<FONT size=2 face="serif">September __, 2006</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT face="serif">Proxy Statement</FONT></B><BR>
</TD></TR></TABLE>
</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 ("SEC"); some of it is technical. If there is
anything you don'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">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="serif">Who is asking for your vote?</FONT></B><BR>
</TD></TR></TABLE>
</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 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's meeting is adjourned, at any later meetings, for the purposes stated in the Notice of Annual Meeting (see page ).
The Notice of Annual Meeting, the proxy and the Proxy Statement are being mailed on or about September __, 2006.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">How do your fund's Trustees recommend that shareholders vote on these proposals?</FONT></B></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="serif">The Trustees recommend that you vote</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="serif">1. </FONT><B><FONT size=2 face="serif">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="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 (Putnam High Yield Municipal Trust only)</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">I-7</FONT></P>

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

<!--$$/page=--><A name=page_8></A>
<P align=left><B><FONT face=serif size=2>3. AGAINST the shareholder proposal
requesting the Trustees to merge the fund into Putnam </FONT></B><B><FONT
face=serif size=2>California Tax Exempt Income Fund, an open-end fund, or
otherwise permit shareholders to realize the net asset value of their shares
</FONT></B><I><FONT face=serif size=2>(Putnam California Investment Grade
Municipal Trust only)</FONT></I><B><FONT face=serif size=2>.</FONT></B></P>
<P align=left><B><FONT face=serif size=2>4. AGAINST the shareholder proposal
requesting the Trustees to merge the fund into Putnam New </FONT></B></P>
<P align=left><B><FONT face=serif size=2>York Tax Exempt Income Fund, an
open-end fund, or otherwise permit shareholders to realize the net asset value
of their shares </FONT></B><I><FONT face=serif size=2>(Putnam New York
Investment Grade Municipal Trust only)</FONT></I><B><FONT face=serif
size=2>.</FONT></B></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>Who is eligible to
      vote?</FONT></B><BR></TD></TR></TABLE></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't fill in a vote, your shares will be voted in
accordance with the Trustees' recommendations. If any other business is brought
before your fund'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>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>The
  Proposals</FONT></B><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>I. </FONT><B><FONT face=serif
      size=2>ELECTION OF TRUSTEES</FONT></B><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>Who are the nominees for
      Trustees?</FONT></B><BR></TD></TR></TABLE></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 "interested persons" (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's investment manager ("Putnam
Management"). 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 as Trustees to be elected 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=serif size=2>I-8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_9></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="82%"><B><FONT face=serif
      size=2>Jameson A. Baxter
      </FONT></B><FONT face=serif size=2>(Born
      1943), Trustee since 1994 and Vice Chairman</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="82%"><FONT face=serif size=2
     >since 2005</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"><FONT face=serif size=2
     >[Photo]</FONT>&nbsp; </TD>
    <TD noWrap align=left width="82%"><FONT face=serif size=2
     >Ms. Baxter is the President of Baxter
      Associates, Inc., a private</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="82%"><FONT face=serif size=2
     >investment firm that she founded in
      1986.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>Ms. Baxter serves as a Director of ASHTA
Chemicals, Inc., Banta Corporation (a printing and digital imaging firm),
Ryerson Tull, Inc. (a steel service 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>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="83%"><B><FONT face=serif
      size=2>Charles B. Curtis
      </FONT></B><FONT face=serif size=2>(Born
      1940), Trustee since 2001</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >[Photo]</FONT>&nbsp; </TD>
    <TD noWrap align=left width="83%"><FONT face=serif size=2
     >Mr. Curtis is President and Chief Operating
      Officer of the Nuclear Threat</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="83%"><FONT face=serif size=2
     >Initiative (a private foundation dealing
      with national security issues) and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="83%"><FONT face=serif size=2
     >serves as Senior Advisor to the United
      Nations Foundation.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>Mr. Curtis is a member of the Council on
Foreign 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=serif size=2>From August 1997 to December 1999, Mr.
Curtis was a Partner at Hogan &amp; Hartson L.L.P., a&nbsp; </FONT><FONT
face=serif size=2>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>
<P align=left><FONT face=serif size=2>I-9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_10></A>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><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></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif
size=2>[Photo]</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=serif size=2>Ms. Drucker is a Vice Chair of the Board
of Trustees of Sarah Lawrence College, Vice Chair of the Board of Trustees of
Commonfund (a not-for-profit firm specializing in asset management for
educational endowments and foundations) and a member of the Investment Committee
of the Kresge Foundation (a charitable trust).</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
</FONT><FONT face=serif size=2>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 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>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="82%"><B><FONT face=serif
      size=2>John A. Hill
      </FONT></B><FONT face=serif size=2>(Born
      1942),</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="82%"><FONT face=serif size=2
     >Trustee since 1985 and Chairman since
      2000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%"><FONT face=serif size=2
     >[Photo]</FONT>&nbsp; </TD>
    <TD noWrap align=left width="82%"><FONT face=serif size=2
     >Mr. Hill is Vice Chairman of First Reserve
      Corporation, a private equity</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="82%"><FONT face=serif size=2
     >buyout firm that specializes in energy
      investments in the diversified</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="82%"><FONT face=serif size=2
     >worldwide energy industry.</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>I-10</FONT></P>
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<A name="page_11"></A>

<P align="left">
<FONT size=2 face="serif">Mr. Hill is a Director of Devon Energy Corporation, 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 size=2 face="serif">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>
<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=84% nowrap align=left>
<B><FONT size=2 face="serif">Paul L. Joskow </FONT></B><FONT size=2 face="serif">(Born 1947), Trustee since 1997</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=15% nowrap align=left>
<FONT size=2 face="serif">[Photo]</FONT>&nbsp;
	</TD>
	<TD width=84% nowrap align=left>
<FONT size=2 face="serif">Dr. Joskow is the Elizabeth and James Killian Professor of Economics</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=84% nowrap align=left>
<FONT size=2 face="serif">and Management, and Director of the Center for Energy and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=84% nowrap align=left>
<FONT size=2 face="serif">Environmental Policy Research at the Massachusetts Institute of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=84% nowrap align=left>
<FONT size=2 face="serif">Technology.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">Dr. Joskow serves as a Director of National Grid plc (a UK-based holding company with interests in electric and gas transmission 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 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 size=2 face="serif">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>
<P align="left">
<FONT size=2 face="serif">I-11</FONT></P>

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



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<A name="page_12"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=84% nowrap align=left>
<B><FONT size=2 face="serif">Elizabeth T. Kennan </FONT></B><FONT size=2 face="serif">( Born 1938), Trustee since 1992</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=15% nowrap align=left>
<FONT size=2 face="serif">[Photo]</FONT>&nbsp;
	</TD>
	<TD width=84% nowrap align=left>
<FONT size=2 face="serif">Dr. Kennan is a Partner of Cambus-Kenneth Farm (thoroughbred horse</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=84% nowrap align=left>
<FONT size=2 face="serif">and cattle breeding). She is President Emeritus of Mount Holyoke</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=15% nowrap align=left>
&nbsp;
	</TD>
	<TD width=84% nowrap align=left>
<FONT size=2 face="serif">College.</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">Dr. Kennan served as Chairman and is now Lead Director of Northeast Utilities. She has served as 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 size=2 face="serif">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>
<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=83% nowrap align=left>
<B><FONT size=2 face="serif">Robert E. Patterson </FONT></B><FONT size=2 face="serif">(Born 1945), Trustee since 1984</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">[Photo]</FONT>&nbsp;
	</TD>
	<TD width=83% nowrap align=left>
<FONT size=2 face="serif">Mr. Patterson is Senior Partner of Cabot Properties, L.P. and Chairman</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=83% nowrap align=left>
<FONT size=2 face="serif">of Cabot Properties, Inc. (a private equity firm investing in commercial</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=83% nowrap align=left>
<FONT size=2 face="serif">real estate)</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">Mr. Patterson serves as Chairman Emeritus and Trustee of the Joslin Diabetes Center and as a Director of Brandywine Trust Group, LLC. Prior to June 2003, he was a Trustee of 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 size=2 face="serif">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>
<P align="left">
<FONT size=2 face="serif">I-12</FONT></P>

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

<!--$$/page=--><A name=page_13></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="84%"><B><FONT face=serif
      size=2>W. Thomas Stephens
      </FONT></B><FONT face=serif size=2>(Born
      1942), Trustee since 1997</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=serif size=2
     >[Photo]</FONT>&nbsp; </TD>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >Mr. Stephens is Chairman and Chief Executive
      Officer of Boise Cascade,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >L.L.C. (a paper, forest products and
      timberland assets company).</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>Until 2005, Mr. Stephens was a director of
TransCanadaPipelines, Ltd. Until 2004, Mr. Stephens 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>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><BR><BR><BR>&nbsp; </TD>
    <TD noWrap align=left width="83%"><B><FONT face=serif
      size=2>Richard B. Worley
      </FONT></B><FONT face=serif size=2>(Born
      1945), Trustee since 2004</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="83%"><FONT face=serif size=2
     >Mr. Worley is Managing Partner of Permit
      Capital LLC, an investment</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >[Photo]</FONT>&nbsp; </TD>
    <TD noWrap align=left width="83%"><FONT face=serif size=2
     >management firm.</FONT>&nbsp;
</TD></TR></TABLE><BR>
<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 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>
<P align=left><FONT face=serif size=2>I-13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
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<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"><B><FONT face=serif
      size=2>Interested
      Trustees</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="74%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="74%"><B><FONT face=serif
      size=2>Charles E. Haldeman,
      Jr.* </FONT></B><FONT face=serif size=2
     >(Born 1948), Trustee since 2004</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="74%"><FONT face=serif size=2
     >Mr. Haldeman is President and Chief
      Executive Officer of Putnam, LLC</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >[Photo]</FONT>&nbsp; </TD>
    <TD noWrap align=left width="74%"><FONT face=serif size=2
     >(&#147;Putnam Investments&#148;). He is a member of
      Putnam Investments&#146;</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="74%"><FONT face=serif size=2
     >Executive Board of Directors and Advisory
      Council.</FONT>&nbsp; </TD></TR></TABLE><BR>
<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=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>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><BR><BR><BR>&nbsp; </TD>
    <TD noWrap align=left width="84%"><B><FONT face=serif
      size=2>George Putnam III*
      </FONT></B><FONT face=serif size=2>(Born
      1951), Trustee since 1984 and President</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >since 2000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face=serif size=2
     >[Photo]</FONT>&nbsp; </TD>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >Mr. Putnam is Chairman of New Generation
      Research, Inc. (a publisher</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >of financial advisory and other research
      services), and President of New</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >Generation Advisers, Inc. (a registered
      investment advisor to private</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="84%"><FONT face=serif size=2
     >funds). Mr. Putnam founded the New
      Generation companies in 1986.</FONT>&nbsp; </TD></TR></TABLE><BR>
<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><B><FONT face=serif size=2>*</FONT></B><FONT face=serif
size=2>Nominees who are or may be deemed to be "interested persons" (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 </FONT></P>
<P align=left><FONT face=serif size=2>I-14</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_15"></A>

<P align="left">
<FONT size=2 face="serif">Investments. Mr. Putnam, III is the President of your fund and each of the other Putnam funds. The balance of the nominees are not "interested persons."</FONT></P>
<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">The Trustees serve until their successors are elected and qualified. 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">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="serif">What are the Trustees' responsibilities?</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="serif">Your fund's Trustees are responsible for the general oversight of your fund's affairs and for assuring that your fund is managed in the best interests of its shareholders. The Trustees regularly review your fund'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's auditors, independent counsel and other experts as appropriate, selected by and responsible to the Trustees.</FONT></P>
<P align="left">
<FONT size=2 face="serif">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 size=2 face="serif">Board committees. </FONT></B><FONT size=2 face="serif">Your fund&#146;s Trustees have determined that the efficient 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">
<B><FONT size=2 face="serif">Audit and Compliance Committee</FONT></B><FONT size=2 face="serif">. 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' 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' independent registered public accounting firms, including their </FONT></P>
<P align="left">
<FONT size=2 face="serif">I-15</FONT></P>

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

<!--$$/page=--><A name=page_16></A>
<P align=left><FONT face=serif size=2>independence. The members of your
Committee include only Independent Trustees. Each member of the </FONT><FONT
face=serif size=2>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'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=serif size=2>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) overall Board of Trustees composition. 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 face=serif size=2>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 face=serif size=2>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 face=serif size=2>Brokerage Committee</FONT></B><FONT
face=serif size=2>. 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 their portfolio transactions on behalf of the
funds. The Committee currently consists of Dr. Joskow (Chairperson), Ms. Drucker
and Mr. Putnam, III.</FONT></P>
<P align=left><FONT face=serif size=2>I-16</FONT></P>
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<A name="page_17"></A>

<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' 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 that might be considered to address 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' 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 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 size=2 face="serif">(ex officio)</FONT></I><FONT size=2 face="serif">, Dr. Joskow and Ms. Baxter.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Investment Oversight Committees</FONT></B><FONT size=2 face="serif">. 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 (Chariperson) and Putnam, III. Investment Oversight Committee D currently consists of Messrs. Worley (Chairperson), Haldeman and Hill.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Investment Process Committee.</FONT></B><FONT size=2 face="serif"> 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 size=2 face="serif">Marketing Committee</FONT></B><FONT size=2 face="serif">. 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 size=2 face="serif">I-17</FONT></P>

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



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<A name="page_18"></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="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>
<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=25% nowrap align=left>
&nbsp;
	</TD>
	<TD width=53% nowrap colspan=2 align=left>
<FONT size=2 face="serif">Putnam California Investment Grade Municipal Trust</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=25% nowrap align=left>
<B><FONT size=2 face="serif">Name of Nominee</FONT></B>&nbsp;
	</TD>
	<TD width=33% nowrap align=left>
<B><FONT size=2 face="serif">Dollar Range of Putnam</FONT></B>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<B><FONT size=2 face="serif">Aggregate Dollar</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=25% nowrap align=left>
&nbsp;
	</TD>
	<TD width=33% nowrap align=left>
<B><FONT size=2 face="serif">California Investment</FONT></B>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<B><FONT size=2 face="serif">Beneficially</FONT></B>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<B><FONT size=2 face="serif">Range of Shares</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=25% nowrap align=left>
&nbsp;
	</TD>
	<TD width=33% nowrap align=left>
<B><FONT size=2 face="serif">Grade Municipal Trust</FONT></B>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<B><FONT size=2 face="serif">Owned</FONT></B>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<B><FONT size=2 face="serif">Held in all of the</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=25% nowrap align=left>
&nbsp;
	</TD>
	<TD width=33% nowrap align=left>
<B><FONT size=2 face="serif">Shares Owned</FONT></B>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<B><FONT size=2 face="serif">Putnam Funds</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=25% nowrap align=left>
<FONT size=2 face="serif">Jameson A. Baxter</FONT>&nbsp;
	</TD>
	<TD width=33% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">188.704</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=25% nowrap align=left>
<FONT size=2 face="serif">Charles B. Curtis</FONT>&nbsp;
	</TD>
	<TD width=33% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">116.878</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=25% nowrap align=left>
<FONT size=2 face="serif">Myra R. Drucker</FONT>&nbsp;
	</TD>
	<TD width=33% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">103.512</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=25% nowrap align=left>
<FONT size=2 face="serif">Charles E. Haldeman, Jr.</FONT>&nbsp;
	</TD>
	<TD width=33% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">243</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=25% nowrap align=left>
<FONT size=2 face="serif">John A. Hill</FONT>&nbsp;
	</TD>
	<TD width=33% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">218.319</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=25% nowrap align=left>
<FONT size=2 face="serif">Paul L. Joskow</FONT>&nbsp;
	</TD>
	<TD width=33% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">100</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=25% nowrap align=left>
<FONT size=2 face="serif">Elizabeth T. Kennan</FONT>&nbsp;
	</TD>
	<TD width=33% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">201.338</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=25% nowrap align=left>
<FONT size=2 face="serif">Robert E. Patterson</FONT>&nbsp;
	</TD>
	<TD width=33% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">100</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=25% nowrap align=left>
<FONT size=2 face="serif">George Putnam, III</FONT>&nbsp;
	</TD>
	<TD width=33% nowrap align=left>
<FONT size=2 face="serif">&#36;10,001 - &#36;50,000</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">1,100</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=25% nowrap align=left>
<FONT size=2 face="serif">W. Thomas Stephens</FONT>&nbsp;
	</TD>
	<TD width=33% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">100</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=25% nowrap align=left>
<FONT size=2 face="serif">Richard B. Worley</FONT>&nbsp;
	</TD>
	<TD width=33% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">100</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">I-18</FONT></P>

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



<!--$$/page=-->
<A name="page_19"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
&nbsp;
	</TD>
	<TD width=51% nowrap colspan=2 align=left>
<FONT size=2 face="serif">Putnam High Yield Municipal Trust</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<B><FONT size=2 face="serif">Name of Nominee</FONT></B>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<B><FONT size=2 face="serif">Dollar Range of</FONT></B>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<B><FONT size=2 face="serif">Aggregate Dollar</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<B><FONT size=2 face="serif">Putnam High Yield</FONT></B>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<B><FONT size=2 face="serif">Beneficially</FONT></B>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<B><FONT size=2 face="serif">Range of Shares</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<B><FONT size=2 face="serif">Municipal Trust</FONT></B>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<B><FONT size=2 face="serif">Owned</FONT></B>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<B><FONT size=2 face="serif">Held in all of the</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<B><FONT size=2 face="serif">Shares Owned</FONT></B>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<B><FONT size=2 face="serif">Putnam Funds</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">Jameson A. Baxter</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">203.997</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">Charles B. Curtis</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">115.108</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">Myra R. Drucker</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">102.765</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">Charles E. Haldeman, Jr.</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">500</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">John A. Hill</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">218.965</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">Paul L. Joskow</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">100</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">Elizabeth T. Kennan</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">201.315</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">Robert E. Patterson</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">300</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">George Putnam, III</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;10,001 - &#36;50,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">2100</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">W. Thomas Stephens</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">100</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">Richard B. Worley</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">100</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
&nbsp;
	</TD>
	<TD width=51% nowrap colspan=2 align=left>
<FONT size=2 face="serif">Putnam Municipal Bond Fund</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<B><FONT size=2 face="serif">Name of Nominee</FONT></B>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<B><FONT size=2 face="serif">Dollar Range of Putnam</FONT></B>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<B><FONT size=2 face="serif">Aggregate Dollar</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<B><FONT size=2 face="serif">Municipal Bond Fund</FONT></B>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<B><FONT size=2 face="serif">Beneficially</FONT></B>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<B><FONT size=2 face="serif">Range of Shares</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<B><FONT size=2 face="serif">Shares Owned</FONT></B>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<B><FONT size=2 face="serif">Owned</FONT></B>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<B><FONT size=2 face="serif">Held in all of the</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<B><FONT size=2 face="serif">Putnam Funds</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">Jameson A. Baxter</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;10,001 - &#36;50,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">3570</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">Charles B. Curtis</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">120.297</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">Myra R. Drucker</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">103.105</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">Charles E. Haldeman, Jr.</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">250</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">John A. Hill</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">318.337</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">Paul L. Joskow</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">196</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">Elizabeth T. Kennan</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">189.709</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">Robert E. Patterson</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">293</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">George Putnam, III</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;10,001 - &#36;50,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">1184</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">W. Thomas Stephens</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">196</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">Richard B. Worley</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">100</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
&nbsp;
	</TD>
	<TD width=51% nowrap colspan=2 align=left>
<FONT size=2 face="serif">Putnam Municipal Opportunities Trust</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=4>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<B><FONT size=2 face="serif">Name of Nominee</FONT></B>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<B><FONT size=2 face="serif">Dollar Range of Putnam</FONT></B>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<B><FONT size=2 face="serif">Aggregate Dollar</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<B><FONT size=2 face="serif">Municipal Opportunities</FONT></B>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<B><FONT size=2 face="serif">Beneficially</FONT></B>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<B><FONT size=2 face="serif">Range of Shares</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<B><FONT size=2 face="serif">Trust</FONT></B>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<B><FONT size=2 face="serif">Owned</FONT></B>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<B><FONT size=2 face="serif">Held in all of the</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<B><FONT size=2 face="serif">Shares Owned</FONT></B>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<B><FONT size=2 face="serif">Putnam Funds</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">Jameson A. Baxter</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">207.003</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">Charles B. Curtis</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">120.544</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="serif">Myra R. Drucker</FONT>&nbsp;
	</TD>
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">&#36;1 - &#36;10,000</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">102.890</FONT>&nbsp;
	</TD>
	<TD width=20% nowrap align=left>
<FONT size=2 face="serif">over &#36;100,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">I-19</FONT></P>

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

<!--$$/page=--><A name=page_20></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >$1 - $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >270</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=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="25%"><FONT face=serif size=2
     >John A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >$1 - $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >222.08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=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="25%"><FONT face=serif size=2
     >Paul L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >$1 - $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=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="25%"><FONT face=serif size=2
     >Elizabeth T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >$1 - $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >119.793</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=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="25%"><FONT face=serif size=2
     >Robert E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >$1 - $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=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="25%"><FONT face=serif size=2
     >George Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >$10,001 - $50,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >1300</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=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="25%"><FONT face=serif size=2
     >W. Thomas Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >$1 - $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=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="25%"><FONT face=serif size=2
     >Richard B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >$1 - $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="54%" colSpan=2><FONT
      face=serif size=2>Putnam New York Investment
      Grade Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"><B><FONT face=serif
      size=2>Name of
      Nominee</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="34%"><B><FONT face=serif
      size=2>Dollar Range of
      Putnam</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="20%"><B><FONT face=serif
      size=2>Shares</FONT></B>&nbsp;
    </TD>
    <TD noWrap align=left width="20%"><B><FONT face=serif
      size=2>Aggregate
      Dollar</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="34%"><B><FONT face=serif
      size=2>New York
      Investment</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="20%"><B><FONT face=serif
      size=2
     >Beneficially</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="20%"><B><FONT face=serif
      size=2>Range of
      Shares</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="34%"><B><FONT face=serif
      size=2>Grade Municipal
      Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="20%"><B><FONT face=serif
      size=2>Owned</FONT></B>&nbsp;
    </TD>
    <TD noWrap align=left width="20%"><B><FONT face=serif
      size=2>Held in all of
      the</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="34%"><B><FONT face=serif
      size=2>Shares
      Owned</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="20%"><B><FONT face=serif
      size=2>Putnam
      Funds</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >Jameson A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >$1 - $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >186.650</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=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="25%"><FONT face=serif size=2
     >Charles B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >$1 - $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >115.781</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=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="25%"><FONT face=serif size=2
     >Myra R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >$1 - $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >102.234</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=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="25%"><FONT face=serif size=2
     >Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >$1 - $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >280</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=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="25%"><FONT face=serif size=2
     >John A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >$100,001 - $500,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >36,316.780</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=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="25%"><FONT face=serif size=2
     >Paul L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >$1 - $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=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="25%"><FONT face=serif size=2
     >Elizabeth T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >$1 - $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >189.263</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=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="25%"><FONT face=serif size=2
     >Robert E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >$1 - $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=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="25%"><FONT face=serif size=2
     >George Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >$10,001 - $50,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >1,200</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=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="25%"><FONT face=serif size=2
     >W. Thomas Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >$1 - $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=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="25%"><FONT face=serif size=2
     >Richard B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >$1 - $10,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=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 1.40% .</FONT></P>
<P align=left><FONT face=serif size=2>None of the Trustees owns any preferred
shares of Putnam California Investment Grade Municipal Trust, Putnam High Yield
Municipal Trust, Putnam Municipal Bond Fund, Putnam Municipal Opportunities
Trust or Putnam New York Investment Grade Municipal Trust.</FONT></P>
<P align=left><B><FONT face=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>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>* </FONT><FONT face=serif
      size=2>by carefully reviewing your fund's investment performance on an
      individual basis with your fund's </FONT><BR><FONT face=serif
      size=2>investment team;</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>*&nbsp;</FONT><FONT face=serif
      size=2>by carefully reviewing the quality of the various other services
      provided to the funds and their shareholders </FONT><BR><FONT face=serif
      size=2>by Putnam Management and its
affiliates;</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>*&nbsp;</FONT><FONT face=serif
      size=2>by discussing with senior management of Putnam Management steps
      being taken to address any </FONT><BR><FONT face=serif size=2>performance
      deficiencies;</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>*&nbsp;</FONT><FONT face=serif
      size=2>by reviewing in depth the fees paid by each fund and by negotiating
      with Putnam Management to ensure </FONT><BR><FONT face=serif size=2>that
      such fees remain reasonable and competitive with those of comparable
      funds, while at the same time </FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=serif size=2>I-20</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_21></A>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>providing Putnam Management sufficient
      resources to continue to provide high quality services in the
      </FONT><BR><FONT face=serif
size=2>future;</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>*&nbsp;</FONT><FONT face=serif
      size=2>by reviewing brokerage costs and fees, allocations among brokers,
      soft dollar expenditures and similar </FONT><BR><FONT face=serif
      size=2>expenses of the fund;</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>*&nbsp;</FONT><FONT face=serif
      size=2>by monitoring potential conflicts of interest between the funds and
      Putnam Management and its affiliates to </FONT><BR><FONT face=serif
      size=2>ensure that the funds continue to be managed in the best interests
      of their shareholders; and</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>*&nbsp;</FONT><FONT face=serif
      size=2>by monitoring potential conflicts among funds managed by Putnam to
      ensure that shareholders continue to </FONT><BR><FONT face=serif
      size=2>realize the benefits of participation in a large and diverse family
      of funds.</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>How can shareholders communicate
      with the Trustees?</FONT></B><BR></TD></TR></TABLE></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>
<TABLE>

  <TR>
    <TD noWrap><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></TD></TR></TABLE></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><B><FONT face=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's performance is reviewed in detail at least
twice a year. The Contract Committee typically meets on several additional
occasions during the year to carry out its responsibilities. Other committees,
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=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="75%"><FONT face=serif size=2
     >Fiscal year ended April 30,
      2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=serif size=2
     >Audit and Compliance Committee*</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="24%"><FONT face=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="75%"><FONT face=serif size=2
     >Board Policy and Nominating
      Committee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"><FONT face=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="75%"><FONT face=serif size=2
     >Brokerage Committee**</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"><FONT face=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="75%"><FONT face=serif size=2
     >Contract Committee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"><FONT face=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="75%"><FONT face=serif size=2
     >Distributions Committee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"><FONT face=serif size=2
     >9</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>I-21</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Executive Committee</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">2</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Investment Oversight Committees</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Marketing Committee***</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">11</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Pricing Committee*</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Shareholder Communications and Relations Committee***</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">10</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Investment Process Committee****</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">4</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<B><FONT size=2 face="serif">Putnam High Yield Municipal Trust</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Fiscal year ended March 31, 2006</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Audit and Compliance Committee*</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">14</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Board Policy and Nominating Committee</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Brokerage Committee**</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">7</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Contract Committee</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">14</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Distributions Committee</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">8</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Executive Committee</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">2</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Investment Oversight Committees</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Marketing Committee***</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">12</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Pricing Committee*</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">15</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Shareholder Communications and Relations Committee***</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">10</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Investment Process Committee****</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">3</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<B><FONT size=2 face="serif">Putnam Municipal Bond Fund</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Fiscal year ended April 30, 2006</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Audit and Compliance Committee*</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Board Policy and Nominating Committee</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">12</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Brokerage Committee**</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">8</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Contract Committee</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">14</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Distributions Committee</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">9</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Executive Committee</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">2</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Investment Oversight Committees</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Marketing Committee***</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">11</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Pricing Committee*</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Shareholder Communications and Relations Committee***</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">10</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Investment Process Committee****</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">4</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<B><FONT size=2 face="serif">Putnam Municipal Opportunities Trust</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Fiscal year ended April 30, 2006</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Audit and Compliance Committee*</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Board Policy and Nominating Committee</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">12</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Brokerage Committee**</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">8</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Contract Committee</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">14</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">I-22</FONT></P>

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



<!--$$/page=-->
<A name="page_23"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Distributions Committee</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">9</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Executive Committee</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">2</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Investment Oversight Committees</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Marketing Committee***</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">11</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Pricing Committee*</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Shareholder Communications and Relations Committee***</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">10</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Investment Process Committee****</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">4</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<B><FONT size=2 face="serif">Putnam New York Investment Grade Municipal Trust</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Fiscal year ended April 30, 2006</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Audit and Compliance Committee*</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Board Policy and Nominating Committee</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">12</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Brokerage Committee**</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">8</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Contract Committee</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">14</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Distributions Committee</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">9</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Executive Committee</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">2</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Investment Oversight Committees</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Marketing Committee***</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">11</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Pricing Committee*</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Shareholder Communications and Relations Committee***</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">10</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=85% nowrap align=left>
<FONT size=2 face="serif">Investment Process Committee****</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="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="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 Audit and Pricing Committee during your fund&#146;s last fiscal year, which ended prior to the formation of the new committees. </FONT></P>
<P align="left">
<FONT size=1 face="serif">** Effective January 2006, the Brokerage and Custody Committee was renamed the Brokerage Committee. </FONT></P>
<P align="left">
<FONT size=1 face="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 Communication, Service and Marketing Committee during your fund&#146;s last fiscal year, which ended 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="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">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="serif">What are the Trustees paid for their services?</FONT></B><BR>
</TD></TR></TABLE>
</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' 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 </FONT></P>
<P align="left">
<FONT size=2 face="serif">I-23</FONT></P>

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



<!--$$/page=-->
<A name="page_24"></A>

<P align="left">
<FONT size=2 face="serif">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=2 face="serif">I-24</FONT></P>

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

<!--$$/page=--><A name=page_25></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="53%" colSpan=2><B><FONT
      face=serif size=2>Putnam
      California Investment Grade Municipal Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><BR><BR>&nbsp; </TD>
    <TD noWrap align=left width="41%" colSpan=2><B><FONT
      face=serif size=2>COMPENSATION
      TABLE</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&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="28%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><B><FONT face=serif
      size=2
     >Aggregate</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2
     >Retirement</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2>Estimated
      annual</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT face=serif
      size=2>Total
      compensation</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><B><FONT face=serif
      size=2>compensation
      from</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2>benefits
      accrued</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2>benefits from
      all</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT face=serif
      size=2>from all
      Putnam</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><B><FONT face=serif
      size=2>the
      fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2>as part of
      fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2>Putnam funds
      upon</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT face=serif
      size=2
     >funds(2)(3)</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2
     >expenses</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2
     >retirement(1)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><B><FONT face=serif
      size=2
     >Trustees/Year</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&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>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><FONT face=serif size=2
     >Jameson A. Baxter/1994(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >$1,405</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >$418</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >$110,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Charles B. Curtis/2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,310</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >778</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >113,900</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Myra R. Drucker/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,287</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Charles E. Haldeman, Jr./2004</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >John A. Hill/1985(4)(5)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >2,005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >539</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >161,700</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Ronald J. Jackson/1996(4)(6)</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >451</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Paul L. Joskow/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,342</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >443</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >113,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Elizabeth T. Kennan/1992</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,373</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >526</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >108,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >John H. Mullin, III/1997(4)(6)</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,325</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >485</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Robert E. Patterson/1984</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,323</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >291</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >106,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >George Putnam, III/1984(5)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,498</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >265</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >130,300</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >W. Thomas Stephens/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,264</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >482</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >107,100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Richard B. Worley/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,317</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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=serif size=2>I-25</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_26"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=29% nowrap align=left>
<B><FONT size=2 face="serif">Putnam High Yield Municipal Trust</FONT></B>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=29% nowrap align=left>
&nbsp;
	</TD>
	<TD width=39% nowrap colspan=2 align=left>
<B><FONT size=2 face="serif">COMPENSATION TABLE</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=29% nowrap align=left>
&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<B><FONT size=2 face="serif">Aggregate</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<B><FONT size=2 face="serif">Retirement</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<B><FONT size=2 face="serif">Estimated annual</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="serif">Total compensation</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=29% nowrap align=left>
&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<B><FONT size=2 face="serif">compensation from</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<B><FONT size=2 face="serif">benefits accrued</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<B><FONT size=2 face="serif">benefits from all</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="serif">from all Putnam</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=29% nowrap align=left>
&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<B><FONT size=2 face="serif">the fund</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<B><FONT size=2 face="serif">as part of fund</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<B><FONT size=2 face="serif">Putnam funds upon</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<B><FONT size=2 face="serif">funds(2)(3)</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=29% nowrap align=left>
&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<B><FONT size=2 face="serif">expenses</FONT></B>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<B><FONT size=2 face="serif">retirement(1)</FONT></B>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=29% nowrap align=left>
<B><FONT size=2 face="serif">Trustees/Year</FONT></B>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=29% nowrap align=left>
<FONT size=2 face="serif">Jameson A. Baxter/1994(4)</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">&#36;1,363</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">&#36;445</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">&#36;110,500</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">&#36;237,250</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=29% nowrap align=left>
<FONT size=2 face="serif">Charles B. Curtis/2001</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">1,261</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">840</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">113,900</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">231,500</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=29% nowrap align=left>
<FONT size=2 face="serif">Myra R. Drucker/2004</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">1,291</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">224,250</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=29% nowrap align=left>
<FONT size=2 face="serif">Charles E. Haldeman, Jr./2004</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=29% nowrap align=left>
<FONT size=2 face="serif">John A. Hill/1985(4)(5)</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">2,074</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">576</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">161,700</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">422,813</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=29% nowrap align=left>
<FONT size=2 face="serif">Ronald J. Jackson/1996(4)(6)</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">316</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">485</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">107,400</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">107,333</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=29% nowrap align=left>
<FONT size=2 face="serif">Paul L. Joskow/1997(4)</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">1,291</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">480</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">113,400</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">228,500</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=29% nowrap align=left>
<FONT size=2 face="serif">Elizabeth T. Kennan/1992</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">1,326</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">562</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">108,000</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">229,250</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=29% nowrap align=left>
<FONT size=2 face="serif">John H. Mullin, III/1997(4)(6)</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">1,274</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">515</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">107,400</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">220,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=29% nowrap align=left>
<FONT size=2 face="serif">Robert E. Patterson/1984</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">1,268</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">309</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">106,500</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">222,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=29% nowrap align=left>
<FONT size=2 face="serif">George Putnam, III/1984(5)</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">1,485</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">282</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">130,300</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">262,750</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=29% nowrap align=left>
<FONT size=2 face="serif">W. Thomas Stephens/1997(4)</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">1,188</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">515</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">107,100</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">211,250</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=29% nowrap align=left>
<FONT size=2 face="serif">Richard B. Worley/2004</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">1,265</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
	</TD>
	<TD width=14% nowrap align=left>
<FONT size=2 face="serif">218,750</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">I-26</FONT></P>

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

<!--$$/page=--><A name=page_27></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><B><FONT face=serif
      size=2>Putnam Municipal Bond
      Fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><BR><BR>&nbsp; </TD>
    <TD noWrap align=left width="41%" colSpan=2><B><FONT
      face=serif size=2>COMPENSATION
      TABLE</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&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="28%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><B><FONT face=serif
      size=2
     >Aggregate</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2
     >Retirement</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2>Estimated
      annual</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT face=serif
      size=2>Total
      compensation</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><B><FONT face=serif
      size=2>compensation
      from</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2>benefits
      accrued</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2>benefits from
      all</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT face=serif
      size=2>from all
      Putnam</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><B><FONT face=serif
      size=2>the
      fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2>as part of
      fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2>Putnam funds
      upon</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT face=serif
      size=2
     >funds(2)(3)</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2
     >expenses</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2
     >retirement(1)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><B><FONT face=serif
      size=2
     >Trustees/Year</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&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>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><FONT face=serif size=2
     >Jameson A. Baxter/1994(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >$1,572</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >$465</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >$110,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Charles B. Curtis/2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,466</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >867</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >113,900</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Myra R. Drucker/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,440</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Charles E. Haldeman, Jr./2004</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >John A. Hill/1985(4)(5)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >2,242</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >601</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >161,700</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Ronald J. Jackson/1996(4)(6)</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >18</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >502</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Paul L. Joskow/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,502</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >493</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >113,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Elizabeth T. Kennan/1992</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,536</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >586</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >108,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >John H. Mullin, III/1997(4)(6)</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,482</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >541</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Robert E. Patterson/1984</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,481</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >324</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >106,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >George Putnam, III/1984(5)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,676</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >296</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >130,300</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >W. Thomas Stephens/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,415</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >537</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >107,100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Richard B. Worley/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,473</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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=serif size=2>I-27</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_28></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><B><FONT face=serif
      size=2>Putnam Municipal
      Opportunities Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><BR><BR>&nbsp; </TD>
    <TD noWrap align=left width="39%" colSpan=2><B><FONT
      face=serif size=2>COMPENSATION
      TABLE</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&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="30%">&nbsp; </TD>
    <TD noWrap align=left width="23%"><B><FONT face=serif
      size=2
     >Aggregate</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2
     >Retirement</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2>Estimated
      annual</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT face=serif
      size=2>Total
      compensation</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%">&nbsp; </TD>
    <TD noWrap align=left width="23%"><B><FONT face=serif
      size=2>compensation
      from</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2>benefits
      accrued</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2>benefits from
      all</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT face=serif
      size=2>from all
      Putnam</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%">&nbsp; </TD>
    <TD noWrap align=left width="23%"><B><FONT face=serif
      size=2>the
      fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2>as part of
      fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2>Putnam funds
      upon</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT face=serif
      size=2
     >funds(2)(3)</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%">&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2
     >expenses</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2
     >retirement(1)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><B><FONT face=serif
      size=2
     >Trustees/Year</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&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>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="30%"><FONT face=serif size=2
     >Jameson A. Baxter/1994(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >$1,546</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >$458</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >$110,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="30%"><FONT face=serif size=2
     >Charles B. Curtis/2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >1,441</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >852</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >113,900</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="30%"><FONT face=serif size=2
     >Myra R. Drucker/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >1,416</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="30%"><FONT face=serif size=2
     >Charles E. Haldeman, Jr./2004</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="30%"><FONT face=serif size=2
     >John A. Hill/1985(4)(5)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >2,205</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >591</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >161,700</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="30%"><FONT face=serif size=2
     >Ronald J. Jackson/1996(4)(6)</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >18</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >494</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="30%"><FONT face=serif size=2
     >Paul L. Joskow/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >1,477</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >485</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >113,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="30%"><FONT face=serif size=2
     >Elizabeth T. Kennan/1992</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >1,511</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >576</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >108,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="30%"><FONT face=serif size=2
     >John H. Mullin, III/1997(4)(6)</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >1,458</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >532</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="30%"><FONT face=serif size=2
     >Robert E. Patterson/1984</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >1,456</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >319</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >106,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="30%"><FONT face=serif size=2
     >George Putnam, III/1984(5)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >1,648</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >291</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >130,300</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="30%"><FONT face=serif size=2
     >W. Thomas Stephens/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >1,391</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >528</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >107,100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="30%"><FONT face=serif size=2
     >Richard B. Worley/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >1,449</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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=serif size=2>I-28</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_29></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="53%" colSpan=2><B><FONT
      face=serif size=2>Putnam New
      York Investment Grade Municipal Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp;<BR><BR> </TD>
    <TD noWrap align=left width="41%" colSpan=2><B><FONT
      face=serif size=2>COMPENSATION
      TABLE</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&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="28%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><B><FONT face=serif
      size=2
     >Aggregate</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2
     >Retirement</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2>Estimated
      annual</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT face=serif
      size=2>Total
      compensation</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><B><FONT face=serif
      size=2>compensation
      from</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2>benefits
      accrued</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2>benefits from
      all</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT face=serif
      size=2>from all
      Putnam</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp; </TD>
    <TD noWrap align=left width="25%"><B><FONT face=serif
      size=2>the
      fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2>as part of
      fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2>Putnam funds
      upon</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="14%"><B><FONT face=serif
      size=2
     >funds(2)(3)</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2
     >expenses</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif
      size=2
     >retirement(1)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><B><FONT face=serif
      size=2
     >Trustees/Year</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&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>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><FONT face=serif size=2
     >Jameson A. Baxter/1994(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >$1,374</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >$407</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >$110,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Charles B. Curtis/2001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,281</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >759</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >113,900</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Myra R. Drucker/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,259</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Charles E. Haldeman, Jr./2004</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >0</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >John A. Hill/1985(4)(5)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,961</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >526</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >161,700</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Ronald J. Jackson/1996(4)(6)</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >16</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >440</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Paul L. Joskow/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,313</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >432</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >113,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Elizabeth T. Kennan/1992</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,343</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >513</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >108,000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >John H. Mullin, III/1997(4)(6)</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,296</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >474</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >107,400</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Robert E. Patterson/1984</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,294</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >284</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >106,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >George Putnam, III/1984(5)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,465</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >259</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >130,300</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >W. Thomas Stephens/1997(4)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,237</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >471</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >107,100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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="28%"><FONT face=serif size=2
     >Richard B. Worley/2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >1,288</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=serif size=2
     >N/A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=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=serif size=2>I-29</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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

<P align="left">
<FONT size=2 face="serif">(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 size=2 face="serif">(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 size=2 face="serif">(3) Includes amounts (ranging from approximately &#36;1,500 to &#36;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 size=2 face="serif">(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">
<B><FONT size=2 face="serif">Putnam California Investment Grade Municipal Trust </FONT></B><FONT size=2 face="serif">(April 30, 2006) Ms. Baxter-&#36;1,020; Ms. Drucker-&#36;41; Mr. Hill-&#36;4,371; Mr. Jackson-&#36;1,947; Dr. Joskow-&#36;1,208; Dr.
Kennan-&#36;47; Mr. Mullin-&#36;1,196; and Mr. Stephens-&#36;112.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Putnam High Yield Municipal Trust </FONT></B><FONT size=2 face="serif">(March 31, 2006) Ms. Baxter-&#36;1,261; Ms. Drucker-&#36;24; Mr. Hill-&#36;5,264; Mr. Jackson-&#36;2,409; Dr. Joskow-&#36;1,494; Dr. Kennan-&#36;27;
Mr. Mullin-&#36;1,480; and Mr. Stephens-&#36;139.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Putnam Municipal Bond Fund</FONT></B><FONT size=2 face="serif"> (April 30, 2006) Ms. Baxter-&#36;1,375; Ms. Drucker-&#36;55; Mr. Hill-&#36;5,891; Mr. Jackson-&#36;2,624; Dr. Joskow-&#36;1,629; Dr. Kennan-&#36;63; Mr.
Mullin-&#36;1,612; and Mr. Stephens-&#36;151.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Putnam Municipal Opportunities Trust</FONT></B><FONT size=2 face="serif"> (April 30, 2006) Ms. Baxter-&#36;1,365; Ms. Drucker-&#36;55; Mr. Hill-&#36;5,848; Mr. Jackson-&#36;2,605; Mr. Joskow-&#36;1.617; Dr.
Kennan-&#36;62; Mr. Mullin-&#36;1,600; and Mr. Stephens-&#36;150.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Putnam New York Investment Grade Municipal Trust </FONT></B><FONT size=2 face="serif">(April 30, 2006) Ms. Baxter-&#36;1,003; Ms. Drucker-&#36;40; Mr. Hill-&#36;4,297; Mr. Jackson-&#36;1,914; Dr. Joskow-&#36;1,188; Dr.
Kennan-&#36;46; Mr. Mullin-&#36;1,176; and Mr. Stephens-&#36;110.</FONT></P>
<P align="left">
<FONT size=2 face="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=2 face="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">I-30</FONT></P>

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



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

<P align="left">
<FONT size=2 face="serif">Under a Retirement Plan for Trustees of the Putnam funds (the "Plan"), 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'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'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=2 face="serif">I-31</FONT></P>

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

<!--$$/page=--><A name=page_32></A>
<P align=left><B><FONT face=serif size=2>2. APPROVAL OR DISAPPROVAL OF THE
CONVERSION OF YOUR FUND FROM CLOSED-END </FONT></B><B><FONT face=serif size=2>TO
OPEN-END STATUS AND CERTAIN RELATED AMENDMENTS TO YOUR FUND'S AGREEMENT AND
DECLARATION OF TRUST </FONT></B><FONT face=serif size=2>(</FONT><I><FONT
face=serif size=2>For Putnam High Yield Municipal Trust only</FONT></I><FONT
face=serif size=2>)</FONT></P>
<P align=left><B><FONT face=serif size=2>What is this proposal?</FONT></B></P>
<P align=left><FONT face=serif size=2>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 face=serif size=2>Why is this question being submitted to
shareholders?</FONT></B></P>
<P align=left><FONT face=serif size=2>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 -11.51%, requiring that this proposal be submitted to
shareholders.</FONT></P>
<P align=left><B><FONT face=serif size=2>What do the Trustees
recommend?</FONT></B></P>
<P align=left><B><FONT face=serif size=2>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><B><FONT face=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>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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
      </FONT><BR><FONT face=serif size=2>potential investment advantages not
      available to open-end fund investors. Because your fund&#146;s shares
      </FONT><BR><FONT face=serif size=2>are not redeemable, your fund is not
      required to maintain short-term, lower-yielding investments in
      </FONT><BR><FONT face=serif size=2>anticipation of possible redemptions,
      and generally can be more fully invested in higher-yielding
      </FONT><BR><FONT face=serif size=2>securities. As a closed-end fund, your
      fund does not experience the cash flows associated with sales and
      </FONT><BR><FONT face=serif size=2>redemptions of open-end fund shares,
      which create transaction costs that are borne by long-term
      </FONT><BR><FONT face=serif size=2>shareholders. Such cash flows may at
      times also require temporary investment in short-term,
      lower-</FONT><BR><FONT face=serif size=2>yielding securities, pending
      investment in longer-term, higher-yielding securities.
  </FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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
      </FONT><BR><FONT face=serif size=2>engaged in investment leverage by
      issuing preferred shares, a strategy that is not available to open-end
      </FONT><BR><FONT face=serif size=2>funds. This form of investment leverage
      offers your fund opportunities for increased investment yield. If
      </FONT><BR><FONT face=serif size=2>the fund were to convert to open-end
      status, the fund would be required to redeem its preferred
      shares.</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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
      </FONT><BR><FONT face=serif size=2>Trustees took into account the fact
      that its shares have consistently traded at a discount to net asset value
      </FONT><BR><FONT face=serif size=2>over the past few years. They reviewed
      the possible causes and effects of discounts, which are discussed
      </FONT><BR><FONT face=serif size=2>at more length below, and noted that
      discount levels for your fund have fluctuated over the years and
      </FONT><BR><FONT face=serif size=2>that, for some periods, fund shares
      have traded at substantially lower discounts or at
  premiums.</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>Both in response to recent discounts
      and as part of their general oversight responsibilities, the
      </FONT><BR><FONT face=serif size=2>Trustees have since 2005 reviewed
      various measures to increase shareholder value for each of the
      </FONT><BR><FONT face=serif size=2>Putnam closed-end funds. The Trustees
      recently authorized a share repurchase program for all of the
    </FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=serif size=2>I-32</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_33></A>
<P align=left><FONT face=serif size=2>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 average assets of the fund. 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>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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 </FONT><BR><FONT face=serif size=2>shareholders could cause your fund
      to shrink, in the near term, resulting in an increased expense ratio for
      </FONT><BR><FONT face=serif size=2>remaining shareholders. Putnam Retail
      Management has advised the Trustees that your fund may </FONT><BR><FONT
      face=serif size=2>experience significant net redemptions shortly following
      a conversion to open-end status, thereby </FONT><BR><FONT face=serif
      size=2>shrinking the fund&#146;s size and creating significant transaction
      costs. If shareholders approve a conversion </FONT><BR><FONT face=serif
      size=2>to open-end status, the Trustees would intend to instate a
      redemption fee for a period of time following </FONT><BR><FONT face=serif
      size=2>conversion, with the purpose of at least partly offsetting the
      transaction costs that may result from </FONT><BR><FONT face=serif
      size=2>significant redemptions of shares. The terms of any redemption fee
      would be determined at a later time, </FONT><BR><FONT face=serif
      size=2>but, the Trustees do not expect that the fee would exceed 2% or be
      imposed on redemptions for a period </FONT><BR><FONT face=serif size=2>of
      longer than one year following
conversion.</FONT><BR></TD></TR></TABLE></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><B><FONT face=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 &#150; such as your fund &#150; 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 </FONT><FONT face=serif size=2>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=serif size=2>I-33</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_34"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=56% nowrap colspan=2 align=left>
<B><FONT size=2 face="serif">Putnam High Yield Municipal Trust</FONT></B>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=32% nowrap align=left>
&nbsp;
	</TD>
	<TD width=24% nowrap align=left>
<B><FONT size=2 face="serif">Highest Market</FONT></B>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<B><FONT size=2 face="serif">Lowest Market</FONT></B>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<B><FONT size=2 face="serif">Average</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=32% nowrap align=left>
<B><FONT size=2 face="serif">Calendar Year</FONT></B>&nbsp;
	</TD>
	<TD width=24% nowrap align=left>
<B><FONT size=2 face="serif">Price (relative to</FONT></B>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<B><FONT size=2 face="serif">Price (relative to</FONT></B>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<B><FONT size=2 face="serif">Discount/Premi</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=32% nowrap align=left>
&nbsp;
	</TD>
	<TD width=24% nowrap align=left>
<B><FONT size=2 face="serif">NAV)</FONT></B>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<B><FONT size=2 face="serif">NAV)</FONT></B>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<B><FONT size=2 face="serif">um</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">2005</FONT>&nbsp;
	</TD>
	<TD width=24% nowrap align=left>
<FONT size=2 face="serif">-8.65%</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">-15.32%</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">-12.13%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">2004</FONT>&nbsp;
	</TD>
	<TD width=24% nowrap align=left>
<FONT size=2 face="serif">-8.42%</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">-16.29%</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">-12.64%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">2003</FONT>&nbsp;
	</TD>
	<TD width=24% nowrap align=left>
<FONT size=2 face="serif">-4.50%</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">-12.78%</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">-8.62%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">2002</FONT>&nbsp;
	</TD>
	<TD width=24% nowrap align=left>
<FONT size=2 face="serif">1.01%</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">-8.91%</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">-3.06%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">2001</FONT>&nbsp;
	</TD>
	<TD width=24% nowrap align=left>
<FONT size=2 face="serif">6.18%</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">-8.27%</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">-0.64%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">2000</FONT>&nbsp;
	</TD>
	<TD width=24% nowrap align=left>
<FONT size=2 face="serif">4.80%</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">-15.23%</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">-5.59%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">1999</FONT>&nbsp;
	</TD>
	<TD width=24% nowrap align=left>
<FONT size=2 face="serif">25.00%</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">-17.02%</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">10.80%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">1998</FONT>&nbsp;
	</TD>
	<TD width=24% nowrap align=left>
<FONT size=2 face="serif">25.95%</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">8.37%</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">17.45%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">1997</FONT>&nbsp;
	</TD>
	<TD width=24% nowrap align=left>
<FONT size=2 face="serif">18.57%</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">7.34%</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">13.99%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">1996</FONT>&nbsp;
	</TD>
	<TD width=24% nowrap align=left>
<FONT size=2 face="serif">11.78%</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">4.05%</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">7.54%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">1995</FONT>&nbsp;
	</TD>
	<TD width=24% nowrap align=left>
<FONT size=2 face="serif">11.36%</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">-1.39%</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">6.31%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">1994</FONT>&nbsp;
	</TD>
	<TD width=24% nowrap align=left>
<FONT size=2 face="serif">13.02%</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">-4.86%</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">7.14%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">1993</FONT>&nbsp;
	</TD>
	<TD width=24% nowrap align=left>
<FONT size=2 face="serif">17.75%</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">3.41%</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">10.34%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">1992</FONT>&nbsp;
	</TD>
	<TD width=24% nowrap align=left>
<FONT size=2 face="serif">14.99%</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">4.73%</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">10.24%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">1991</FONT>&nbsp;
	</TD>
	<TD width=24% nowrap align=left>
<FONT size=2 face="serif">12.36%</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">-7.82%</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">5.77%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=32% nowrap align=left>
<FONT size=2 face="serif">1990</FONT>&nbsp;
	</TD>
	<TD width=24% nowrap align=left>
<FONT size=2 face="serif">6.09%</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="serif">-9.12%</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="serif">0.18%</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<B><FONT size=2 face="serif">How do the Trustees monitor and address trading discounts?</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">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 size=2 face="serif">I-34</FONT></P>

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

<!--$$/page=--><A name=page_35></A>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>&#183; </FONT><FONT face=serif
      size=2>Communications with the marketplace regarding the benefits of
      investing in the fund in an effort to </FONT><BR><FONT face=serif
      size=2>increase investor demand for the fund&#146;s shares;</FONT><BR><FONT
      face=serif size=2><BR>&#183; </FONT><FONT face=serif size=2>Repurchases by the
      fund of its shares at prevailing market prices; and</FONT><BR><FONT
      face=serif size=2><BR>&#183; </FONT><FONT face=serif size=2>Tender offers by
      the fund to repurchase its shares at net asset value (or at a price above
      market and below </FONT><BR><FONT face=serif size=2>net asset
      value).</FONT><BR></TD></TR></TABLE></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 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 face=serif size=2>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 face=serif size=2>How has your fund
performed?</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 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>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="63%" colSpan=2><B><FONT
      face=serif size=2>Total Return
      (Annualized) for Periods Ended June 30, 2006*</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%">&nbsp; </TD>
    <TD noWrap align=left width="15%"><B><FONT face=serif
      size=2>1 year</FONT></B>&nbsp;
    </TD>
    <TD noWrap align=left width="12%"><B><FONT face=serif
      size=2>3 years</FONT></B>&nbsp;
    </TD>
    <TD noWrap align=left width="13%"><B><FONT face=serif
      size=2>5 years</FONT></B>&nbsp;
    </TD>
    <TD noWrap align=left width="11%"><B><FONT face=serif
      size=2>10
      years</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"><B><FONT face=serif
      size=2>Putnam High Yield
      Municipal Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"><FONT face=serif size=2
     >Net Asset Value</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=2
     >4.90%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=serif size=2
     >6.30%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=serif size=2
     >5.45%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=serif size=2
     >5.19%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"><FONT face=serif size=2
     >Market Price</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=2
     >0.69</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=serif size=2
     >4.03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=serif size=2
     >5.48</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=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="48%"><FONT face=serif size=2
     >Lehman Municipal Bond Index</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=2
     >0.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=serif size=2
     >3.24</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=serif size=2
     >5.05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=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="48%"><FONT face=serif size=2
     >Lipper High Yield Municipal Debt
      (Leveraged)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%"><FONT face=serif size=2
     >5.53</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=serif size=2
     >7.74</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=serif size=2
     >6.50</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=serif size=2
     >5.89</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"><FONT face=serif size=2
     >Funds Average</FONT>&nbsp; </TD>
    <TD noWrap align=left width="15%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>*Returns for periods ended June 30,
      2006 only partially reflect the impact of a reduction by 0.15% (of average
      </FONT><BR><FONT face=serif size=2>assets) in the management fees payable
      by Putnam High Yield Municipal Trust that went into effect on January 1,
      </FONT><BR><FONT face=serif size=2>2006. This fee reduction had a
      corresponding effect of reducing the fund&#146;s total expenses (measured as a
      </FONT><BR><FONT face=serif size=2>percentage of average assets) by 0.15%
      .</FONT><BR></TD></TR></TABLE></P>
<P align=left><B><FONT face=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>I-35</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_36></A>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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,
      </FONT><BR><FONT face=serif size=2>open-funds are prohibited by the 1940
      Act from investing more than 15% of their assets in securities that
      </FONT><BR><FONT face=serif size=2>are deemed illiquid. Closed-end funds
      are not subject to this restriction.</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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
      </FONT><BR><FONT face=serif size=2>Exchange to hold annual meetings of
      shareholders. Conversion of your fund to open-end status would
      </FONT><BR><FONT face=serif size=2>result in termination of the fund&#146;s
      listing on the New York Stock Exchange, with the result that your fund
      </FONT><BR><FONT face=serif size=2>would no longer be required to hold
      annual meetings. The open-end Putnam funds have committed to
      </FONT><BR><FONT face=serif size=2>holding shareholder meetings for the
      purpose of electing their Trustees at least every five years
      </FONT><BR><FONT face=serif size=2>(beginning in
  2004).</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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 </FONT><BR><FONT face=serif size=2>Dividend Reinvestment Plan,
      under which cash distributions paid by your fund are generally reinvested
      </FONT><BR><FONT face=serif size=2>through the purchase of additional fund
      shares at market prices, which currently reflect a discount from
      </FONT><BR><FONT face=serif size=2>net asset value. (At times when your
      fund&#146;s shares are trading at a premium over their net asset value,
      </FONT><BR><FONT face=serif size=2>such reinvestments are made at the
      higher of net asset value or 95% of market value.) Shareholders of
      </FONT><BR><FONT face=serif size=2>open-end Putnam funds have the option
      to reinvest their distributions in additional shares at net asset
      </FONT><BR><FONT face=serif size=2>value at all times. If the fund were to
      convert to open-end status, shareholders would no longer be able to
      </FONT><BR><FONT face=serif size=2>reinvest dividends at a price below net
      asset value per share during times when shares are trading at a
      </FONT><BR><FONT face=serif size=2>discount to net asset
    value.</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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 </FONT><BR><FONT face=serif size=2>privilege of exchanging their
      investment at net asset value and without sales charges for shares of the
      </FONT><BR><FONT face=serif size=2>same class of more than 65 open-end
      funds in the Putnam group. Shareholders of your fund do not have
      </FONT><BR><FONT face=serif size=2>that
privilege.</FONT><BR></TD></TR></TABLE></P>
<P align=left><B><FONT face=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 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=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>I-36</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_37></A>
<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=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=serif size=2>3. S</FONT><B><FONT face=serif
size=2>HAREHOLDER PROPOSAL REQUESTING THE TRUSTEES TO MERGE THE FUND INTO
</FONT></B><B><FONT face=serif size=2>PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND,
AN OPEN-END FUND, OR OTHERWISE PERMIT SHAREHOLDERS TO REALIZE THE NET ASSET
VALUE OF THEIR SHARES </FONT></B><I><FONT face=serif size=2>(PUTNAM CALIFORNIA
INVESTMENT GRADE MUNICIPAL TRUST ONLY)</FONT></I><B><FONT face=serif
size=2>.</FONT></B></P>
<P align=left><B><FONT face=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><FONT face=serif size=2>SUPPORTING STATEMENT: 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>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Like
      PTM before the merger announcement, PCA has persistently traded at a
      double digit </FONT><BR><FONT face=serif size=2>discount from NAV. As of
      the date of this proposal (April 28, 2006), PCA&#146;s discount is more
      </FONT><BR><FONT face=serif size=2>than 11%. No other California muni fund
      is saddled with such gross
under-valuation.</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>PCA
      and the Putnam California Tax Exempt Income Fund have similar investment
      objectives, </FONT><BR><FONT face=serif size=2>the same Trustees, the same
      Investment Manager, and the same individuals overseeing the bond
      </FONT><BR><FONT face=serif size=2>portfolios. But due to PCA&#146;s small
      size, its operating expense ratio (even with a recent 0.1% fee
      </FONT><BR><FONT face=serif size=2>reduction) is nearly 50% higher than
      that for the Class A shares of the much larger open-end </FONT><BR><FONT
      face=serif size=2>fund.</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>PCA is
      illiquid. Daily trading volume averages less than 5500 shares. Even a
      modest order to </FONT><BR><FONT face=serif size=2>buy or sell can move
      the market.</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=serif size=2>I-37</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_38></A>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>PCA&#146;s
      performance has lagged the Lipper average for California closed-end muni
      funds over </FONT><BR><FONT face=serif size=2>the past 1 year, 5 years and
      10 years ending 10/31/05. Its performance has lagged the Lipper
      </FONT><BR><FONT face=serif size=2>average for general leveraged muni
      funds over the past 1 year, 5 years and 10 years ending </FONT><BR><FONT
      face=serif size=2>3/31/06. Morningstar gives PCA a below-average two
      stars; the Putnam open-end California </FONT><BR><FONT face=serif
      size=2>fund gets three stars.</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>It&#146;s not a pretty
  picture.</FONT><BR></TD></TR></TABLE></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 voting in favor of the proposal.</FONT></P>
<P align=left><B><FONT face=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 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
&#150; 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=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=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>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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
      </FONT><BR><FONT face=serif size=2>those of the open-end Putnam California
      Tax Exempt Income Fund for each of the most recent 3-, 5- and
      </FONT><BR><FONT face=serif size=2>10-year periods, though 1-year
      performance has lagged somewhat. While your fund's returns at market
      </FONT><BR><FONT face=serif size=2>price have lagged the open-end fund's
      returns for most periods, the Trustees consider market-price
  </FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=serif size=2>I-38</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_39></A>
<P align=left><FONT face=serif size=2>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>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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
      </FONT><BR><FONT face=serif size=2>Fund, although currently your fund&#146;s
      30-day yield calculated in accordance with SEC guidelines is
      </FONT><BR><FONT face=serif size=2>somewhat lower than that of the
      open-end fund. More details on yields and dividend rates are provided
      </FONT><BR><FONT face=serif
size=2>below.</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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
      </FONT><BR><FONT face=serif size=2>potential investment advantages not
      available to open-end fund investors. Because your fund&#146;s shares
      </FONT><BR><FONT face=serif size=2>are not redeemable, your fund is not
      required to maintain short-term, lower-yielding investments in
      </FONT><BR><FONT face=serif size=2>anticipation of possible redemptions,
      and generally can be more fully invested in higher-yielding
      </FONT><BR><FONT face=serif size=2>securities. As a closed-end fund, your
      fund does not experience the cash flows associated with sales and
      </FONT><BR><FONT face=serif size=2>redemptions of open-end fund shares,
      which create transaction costs that are borne by long-term
      </FONT><BR><FONT face=serif size=2>shareholders. Such cash flows may at
      times also require temporary investment in short-term,
      lower-</FONT><BR><FONT face=serif size=2>yielding securities, pending
      investment in longer-term, higher-yielding securities.
  </FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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 </FONT><BR><FONT face=serif size=2>compared to the open-end fund
      are, in significant part, attributable to the fund&#146;s leveraged capital
      </FONT><BR><FONT face=serif size=2>structure, which is designed to enable
      the common shareholders to realize higher current tax-exempt
      </FONT><BR><FONT face=serif size=2>income on their shares that would be
      obtained without leverage. The Trustees recognize, however, that
      </FONT><BR><FONT face=serif size=2>the use of leverage involves greater
      risk, and may increase volatility in investment returns for common
      </FONT><BR><FONT face=serif size=2>shareholders. The potential advantages
      of using investment leverage are highly dependent on the </FONT><BR><FONT
      face=serif size=2>prevailing interest rate environment; when long-term
      interest rates are not substantially higher than the </FONT><BR><FONT
      face=serif size=2>short-term interest rates that serve as the basis for
      dividend payments to your fund&#146;s preferred </FONT><BR><FONT face=serif
      size=2>shareholders, the use of investment leverage may not be
      advantageous to common shareholders. In </FONT><BR><FONT face=serif
      size=2>particular, Putnam Management has advised the Trustees that your
      fund's recent underperformance </FONT><BR><FONT face=serif size=2>relative
      to the open-end fund is due, at least in part, to market conditions that
      make leverage currently a </FONT><BR><FONT face=serif size=2>less
      effective means of increasing returns. If your fund were to cease to be
      closed-end, it would have to </FONT><BR><FONT face=serif size=2>redeem all
      of its outstanding preferred shares. Although as an open-end fund your
      fund could leverage </FONT><BR><FONT face=serif size=2>through borrowing,
      it would likely incur higher costs in doing
so.</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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
      </FONT><BR><FONT face=serif size=2>the fact that its shares have
      consistently traded at a discount to net asset value over the past few
      years.</FONT><BR><FONT face=serif size=2>The Trustees recognized that
      shareholders would be able to redeem their shares for a greater amount
      </FONT><BR><FONT face=serif size=2>following a merger than is currently
      possible through sales on the open market. They reviewed the
      </FONT><BR><FONT face=serif size=2>possible causes and effects of
      discounts, which are discussed at more length below, and noted that
      </FONT><BR><FONT face=serif size=2>discount levels for your fund have
      fluctuated over the years and that, for some periods, fund shares have
      </FONT><BR><FONT face=serif size=2>traded at substantially lower discounts
      or at premiums. </FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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
      </FONT><BR><FONT face=serif size=2>measures to increase shareholder value
      for each of the Putnam closed-end funds. In October 2005, the
      </FONT><BR><FONT face=serif size=2>Trustees authorized a share repurchase
      program for all of the Putnam closed-end funds, which is </FONT><BR><FONT
      face=serif size=2>discussed below. Furthermore, the Trustees initiated
      changes to your fund&#146;s management contract, </FONT><BR><FONT face=serif
      size=2>which went into effect in January 2006, resulting in a reduction of
      the effective management fee rate </FONT><BR><FONT face=serif size=2>from
      0.65% to 0.55%, measured as a percentage of average total assets of the
      fund (including assets </FONT><BR><FONT face=serif size=2>attributable to
      preferred shares). The Trustees believe that these recent steps have the
      potential to </FONT><BR><FONT face=serif size=2>enhance shareholder
      returns, which in turn may support increased demand for your fund&#146;s
      shares.</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>What is Putnam California Tax Exempt
      Income Fund?</FONT></B><BR></TD></TR></TABLE></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>I-39</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_40"></A>

<P align="left">
<FONT size=2 face="serif">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 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 &#36;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 &#36;16 million)) were approximately &#36;67 million. </FONT></P>
<P align="left">
<B><FONT size=2 face="serif">How does the investment performance of the funds compare?</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 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 performance. </FONT></P>
<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=51% nowrap align=left>
<B><FONT size=2 face="serif">Annualized Total Returns as of June 30, 2006</FONT></B>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="serif">1 year</FONT></B>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<B><FONT size=2 face="serif">3 years</FONT></B>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<B><FONT size=2 face="serif">5 years</FONT></B>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<B><FONT size=2 face="serif">10 years</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=51% nowrap align=left>
<FONT size=2 face="serif">Your Fund (Net Asset Value)</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="serif">0.67%</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="serif">4.74%</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="serif">5.75%</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="serif">6.08%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=51% nowrap align=left>
<FONT size=2 face="serif">Your Fund (Market Price)</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="serif">(0.16)</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="serif">3.84</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="serif">3.84</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="serif">4.90</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=51% nowrap align=left>
<FONT size=2 face="serif">Putnam California Tax Exempt Income Fund (Open-</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="serif">1.12</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="serif">3.11</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="serif">4.48</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="serif">5.19</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=51% nowrap align=left>
<FONT size=2 face="serif">End) Class A Shares (Net Asset Value)</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=51% nowrap align=left>
<FONT size=2 face="serif">Lehman Municipal Bond Index</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="serif">0.87</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="serif">3.24</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="serif">5.05</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="serif">5.79</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=51% nowrap align=left>
<FONT size=2 face="serif">Lipper California Municipal Debt Funds (Closed-</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="serif">1.53</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="serif">5.64</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="serif">6.57</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="serif">6.41</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=51% nowrap align=left>
<FONT size=2 face="serif">End) Average</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=51% nowrap align=left>
<FONT size=2 face="serif">Lipper California Municipal Debt Funds Average</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="serif">2.18</FONT>&nbsp;
	</TD>
	<TD width=13% nowrap align=left>
<FONT size=2 face="serif">3.72</FONT>&nbsp;
	</TD>
	<TD width=12% nowrap align=left>
<FONT size=2 face="serif">4.95</FONT>&nbsp;
	</TD>
	<TD width=11% nowrap align=left>
<FONT size=2 face="serif">5.32</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">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 (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 size=2 face="serif">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 size=2 face="serif">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's relative performance in different market
conditions.</FONT></P>
<P align="left">
<FONT size=2 face="serif">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 size=2 face="serif">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 size=2 face="serif">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 </FONT></P>
<P align="left">
<FONT size=2 face="serif">I-40</FONT></P>

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

<!--$$/page=--><A name=page_41></A>
<P align=left><FONT face=serif size=2>that are willing to accept 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=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 slightly higher, at 3.58% 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=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><B><FONT face=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="32%"><B><FONT face=serif
      size=2>California
      Investment</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="34%"><B><FONT face=serif
      size=2>California Tax Exempt
      Income</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT face=serif
      size=2>Grade Municipal
      Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="34%"><B><FONT face=serif
      size=2>Fund (class A shares)
      (fiscal year</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT face=serif
      size=2>(fiscal year ended April
      30,</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="34%"><B><FONT face=serif
      size=2>ended September 30,
      2005)</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT face=serif
      size=2>2006)</FONT></B>&nbsp;
    </TD>
    <TD noWrap align=left width="34%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><B><FONT face=serif
      size=2>Management
      Fees</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2
     >0.76%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=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%"><B><FONT face=serif
      size=2>Distribution (12b-1)
      Fees</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2
     >None</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=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%"><B><FONT face=serif
      size=2>Other
      Expenses</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2
     >0.49%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=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%"><B><FONT face=serif
      size=2>Total Annual Fund
      Operating</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2
     >1.25%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >0.75%</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><B><FONT face=serif
      size=2
     >Expenses</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="32%">&nbsp; </TD>
    <TD noWrap align=left width="34%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>* 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=sans-serif size=2>*&nbsp;</FONT><FONT face=serif
size=2>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 </FONT></P>
<P align=left><FONT face=serif size=2>I-41</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_42></A>
<P align=left><FONT face=serif size=2>dividend payments on your fund's preferred
shares, your fund has experienced a reduction in the net positive effect of
leverage 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>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>*&nbsp;</FONT><FONT face=serif
      size=2>Further, the table above only partially reflects a reduction of
      0.10% in the effective management fee rate </FONT><BR><FONT face=serif
      size=2>(from 0.65% of average weekly net assets attributable to common
      shares and preferred shares, to </FONT><BR><FONT face=serif size=2>0.57%),
      negotiated by your fund&#146;s Trustees, which took effect on January 1, 2006.
      Based on current </FONT><BR><FONT face=serif size=2>asset levels, the
      change in management fee would reduce Total Annual Fund Operating Expenses
      </FONT><BR><FONT face=serif size=2>(expressed as a percentage of net
      assets attributable to common shares) by approximately 0.12% once
      </FONT><BR><FONT face=serif size=2>the new fee has been in effect for a
      full fiscal year. </FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>*&nbsp;</FONT><FONT face=serif
      size=2>The following pro forma table of annual operating expenses for your
      fund revises the numbers in the </FONT><BR><FONT face=serif
      size=2>comparative expense table above to (a) subtract out management fee
      amounts paid on leveraged assets, </FONT><BR><FONT face=serif size=2>(b)
      take fully into account the recent management fee reduction, and (c)
      subtract out costs incurred in </FONT><BR><FONT face=serif
      size=2>connection with administering your fund&#146;s preferred share program
      for investment leverage:</FONT><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><B><FONT
      face=serif size=2>California
      Investment Grade Municipal Trust (pro forma calculations, based
      on</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><B><FONT face=serif
      size=2>fiscal year ended April
      30, 2006 )</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="41%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><B><FONT face=serif
      size=2>Management
      Fee</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="41%"><FONT face=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="58%"><B><FONT face=serif
      size=2>Portion of Management
      Fee Paid on Leveraged</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="41%"><FONT face=serif size=2
     >(0.14%)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><B><FONT face=serif
      size=2>Assets</FONT></B>&nbsp;
    </TD>
    <TD noWrap align=left width="41%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><B><FONT face=serif
      size=2>Contractual Management
      Fee Reduction</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="41%"><FONT face=serif size=2
     >(0.07%)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><B><FONT face=serif
      size=2>(effective
      2006)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="41%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><B><FONT face=serif
      size=2>Distribution (12b-1)
      Fees</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="41%"><FONT face=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="58%"><B><FONT face=serif
      size=2>Other
      Expenses</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="41%"><FONT face=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="58%"><B><FONT face=serif
      size=2>Portion of Other
      Expenses Attributable to</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="41%"><FONT face=serif size=2
     >(0.13%)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><B><FONT face=serif
      size=2
     >Leverage</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="41%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><B><FONT face=serif
      size=2>Pro Forma Total Annual
      Fund Operating</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="41%"><FONT face=serif size=2
     >0.91%</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><B><FONT face=serif
      size=2
     >Expenses</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="41%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>*&nbsp;</FONT><FONT face=serif
      size=2>The performance figures provided in the discussion above of how the
      investment performance of your </FONT><BR><FONT face=serif size=2>fund and
      Putnam California Tax Exempt Income Fund compare, which show that your
      fund has </FONT><BR><FONT face=serif size=2>outperformed the open-end fund
      over a number of periods, are calculated net of expenses. Thus, any
      </FONT><BR><FONT face=serif size=2>effect that higher expenses may have on
      reducing your fund&#146;s performance is already taken into account
      </FONT><BR><FONT face=serif size=2>in calculating its favorable
      comparative performance data over longer periods.
</FONT><BR></TD></TR></TABLE></P>
<P align=left><B><FONT face=serif size=2>How do the investment goals, policies
and restrictions of the two funds to compare?</FONT></B></P>
<P align=left><FONT face=serif size=2>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 face=serif size=2>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 face=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>I-42</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<A name=page_43></A>
<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 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 face=serif size=2>Putnam Management has advised the Trustees
that discount levels for closed-end funds investing primarily in fixed-income
securities &#150; such as your fund &#150; 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 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 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</FONT> <FONT face=serif size=2>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>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"
   >&nbsp;</TD>
    <TD noWrap align=left width="27%"
   >&nbsp;</TD>
    <TD noWrap align=left width="27%"
   >&nbsp;</TD>
    <TD noWrap align=left width="24%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"
   >&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><STRONG><FONT size=2><FONT face=serif
      size=2><STRONG>Highest Market</STRONG></FONT></FONT></STRONG>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><STRONG><FONT size=2><FONT face=serif
      size=2><STRONG>Lowest Market</STRONG>&nbsp;</FONT></FONT></STRONG></TD>
    <TD noWrap align=left width="24%"
   ><STRONG><FONT size=2><FONT face=serif
      size=2><STRONG>Average</STRONG></FONT></FONT></STRONG>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"
   ><B><FONT face=serif size=2
     >Calendar
    Year</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><STRONG><FONT size=2><FONT face=serif
      size=2><STRONG>Price (relative to</STRONG></FONT></FONT></STRONG>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><STRONG><FONT size=2><FONT face=serif
      size=2><STRONG>Price (relative to</STRONG></FONT></FONT></STRONG>&nbsp;</TD>
    <TD noWrap align=left width="24%"
   ><B><FONT face=serif size=2

   >Discount/Premium</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"
   >&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><B><FONT face=serif size=2
     >NAV)</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><B><FONT face=serif size=2
     >NAV)</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="24%"
   >&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"
   ><FONT face=serif size=2
     >2005</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=serif size=2
     >-8.76%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=serif size=2
     >-14.46%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="24%"
   ><FONT face=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="21%"
   ><FONT face=serif size=2
     >2004</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=serif size=2
     >-5.59%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=serif size=2
     >-13.87%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="24%"
   ><FONT face=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="21%"
   ><FONT face=serif size=2
     >2003</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=serif size=2
     >-5.74%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=serif size=2
     >-12.86%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="24%"
   ><FONT face=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="21%"
   ><FONT face=serif size=2
     >2002</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=serif size=2
     >-1.75%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=serif size=2
     >-9.08%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="24%"
   ><FONT face=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="21%"
   ><FONT face=serif size=2
     >2001</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=serif size=2
     >4.24%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=serif size=2
     >-7.55%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="24%"
   ><FONT face=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="21%"
   ><FONT face=serif size=2
     >2000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=serif size=2
     >4.38%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=serif size=2
     >-12.44%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="24%"
   ><FONT face=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="21%"
   ><FONT face=serif size=2
     >1999</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=serif size=2
     >5.44%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=serif size=2
     >-13.87%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="24%"
   ><FONT face=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="21%"
   ><FONT face=serif size=2
     >1998</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=serif size=2
     >5.42%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=serif size=2
     >-2.47%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="24%"
   ><FONT face=serif size=2
     >1.40%</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>I-43</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_44></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="14%"><FONT face=serif size=2
     >1997</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"><FONT face=serif size=2
     >5.67%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2
     >-1.82%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=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="14%"><FONT face=serif size=2
     >1996</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"><FONT face=serif size=2
     >1.12%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2
     >-7.17%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=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="14%"><FONT face=serif size=2
     >1995</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"><FONT face=serif size=2
     >-2.09%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2
     >-10.92%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=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="14%"><FONT face=serif size=2
     >1994</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"><FONT face=serif size=2
     >0.35%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2
     >-13.27%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=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="14%"><FONT face=serif size=2
     >1993</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"><FONT face=serif size=2
     >2.20%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2
     >-8.32%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=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="14%"><FONT face=serif size=2
     >1992</FONT>&nbsp; </TD>
    <TD noWrap align=left width="28%"><FONT face=serif size=2
     >6.99%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="35%"><FONT face=serif size=2
     >3.09%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=serif size=2
     >5.04%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=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>&#183; </FONT><FONT face=serif
size=2>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;<BR><BR></FONT><FONT face=serif size=2>&#183; </FONT><FONT face=serif
size=2>Repurchases by the fund of its shares at prevailing market prices;
and<BR><BR></FONT><FONT face=serif size=2>&#183; </FONT><FONT face=serif
size=2>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 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 face=serif size=2>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 face=serif size=2>What purpose does investment leverage
serve for your fund?</FONT></B></P>
<P align=left><FONT face=serif size=2>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 </FONT></P>
<P align=left><FONT face=serif size=2>I-44</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_45></A>
<P align=left><FONT face=serif size=2>your fund were outstanding with an
aggregate liquidation preference of $16 million, which represents leverage of
approximately 24% in comparison to your fund&#146;s net assets (net of leverage) of
approximately $67 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 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=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>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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,
      </FONT><BR><FONT face=serif size=2>open-funds are prohibited by the 1940
      Act from investing more than 15% of their assets in securities that
      </FONT><BR><FONT face=serif size=2>are deemed illiquid. Closed-end funds
      are not subject to this restriction.</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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
      </FONT><BR><FONT face=serif size=2>Exchange to hold annual meetings of
      shareholders. Conversion of your fund to open-end status would
      </FONT><BR><FONT face=serif size=2>result in termination of the fund&#146;s
      listing on the American Stock Exchange, with the result that your fund
      </FONT><BR><FONT face=serif size=2>would no longer be required to hold
      annual meetings. The open-end Putnam funds have committed to
      </FONT><BR><FONT face=serif size=2>holding shareholder meetings for the
      purpose of electing their Trustees at least every five years
      </FONT><BR><FONT face=serif size=2>(beginning in
  2004).</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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 </FONT><BR><FONT face=serif size=2>Dividend Reinvestment Plan,
      under which cash distributions paid by your fund are generally reinvested
      </FONT><BR><FONT face=serif size=2>through the purchase of additional fund
      shares at market prices, which currently reflect a discount from
      </FONT><BR><FONT face=serif size=2>net asset value. (At times when your
      fund&#146;s shares are trading at a premium over their net asset value,
      </FONT><BR><FONT face=serif size=2>such reinvestments are made at the
      higher of net asset value or 95% of market value.) Shareholders of
      </FONT><BR><FONT face=serif size=2>open-end Putnam funds have the option
      to reinvest their distributions in additional shares at net asset
      </FONT><BR><FONT face=serif size=2>value at all times. If the fund were to
      convert to open-end status, shareholders would no longer be able to
      </FONT><BR><FONT face=serif size=2>reinvest dividends at a price below net
      asset value per share during times when shares are trading at a
      </FONT><BR><FONT face=serif size=2>discount to net asset
    value.</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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 </FONT><BR><FONT face=serif size=2>privilege of exchanging their
      investment at net asset value and without sales charges for shares of the
      </FONT><BR><FONT face=serif size=2>same class of more than 65 open-end
      funds in the Putnam group. Shareholders of your fund do not have
      </FONT><BR><FONT face=serif size=2>that
privilege.</FONT><BR></TD></TR></TABLE></P>
<P align=left><B><FONT face=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 </FONT></P>
<P align=left><FONT face=serif size=2>I-45</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_46"></A>

<P align="left">
<FONT size=2 face="serif">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 size=2 face="serif">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 size=2 face="serif">I-46</FONT></P>

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

<!--$$/page=--><A name=page_47></A>
<P align=left><B><FONT face=serif size=2>4. SHAREHOLDER PROPOSAL REQUESTING THE
TRUSTEES TO MERGE THE FUND INTO </FONT></B><B><FONT face=serif size=2>PUTNAM NEW
YORK TAX EXEMPT INCOME FUND, AN OPEN-END FUND, OR OTHERWISE PERMIT SHAREHOLDERS
TO REALIZE THE NET ASSET VALUE OF THEIR SHARES </FONT></B><I><FONT face=serif
size=2>(PUTNAM NEW YORK INVESTMENT GRADE MUNICIPAL TRUST
ONLY)</FONT></I><B><FONT face=serif size=2>.</FONT></B></P>
<P align=left><B><FONT face=serif size=2>SHAREHOLDER PROPOSAL REGARDING MERGER
INTO AN OPEN-END INVESTMENT COMPANY (</FONT></B><B><I><FONT face=serif
size=2>Putnam New York Investment Grade Municipal Trust
only</FONT></I></B><B><FONT face=serif size=2>)</FONT></B></P>
<P align=left><B><FONT face=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><FONT face=serif size=2>SUPPORTING STATEMENT: 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 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>&#183; </FONT><FONT face=serif size=2>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=serif size=2>&#183; </FONT><FONT face=serif size=2>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>&#183; </FONT><FONT face=serif size=2>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>&#183; </FONT><FONT face=serif size=2>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>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>It&#146;s not a pretty
  picture.</FONT><BR></TD></TR></TABLE></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><FONT face=serif size=2>I-47</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_48></A>
<P align=left><B><FONT face=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 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
&#150; 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>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>What do the Trustees
      recommend?</FONT></B><BR></TD></TR></TABLE></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=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>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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
      </FONT><BR><FONT face=serif size=2>those of the open-end Putnam New York
      Tax Exempt Income Fund for each of the most recent 3-, 5-</FONT><BR><FONT
      face=serif size=2>and 10-year periods, though 1-year performance has
      lagged somewhat. While your fund&#146;s returns at </FONT><BR><FONT face=serif
      size=2>market price have lagged the open-end fund&#146;s returns, the Trustees
      consider market-price returns to be </FONT><BR><FONT face=serif
      size=2>less indicative of long-term investment opportunity than results at
      NAV. More details on performance </FONT><BR><FONT face=serif size=2>are
      provided below.</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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
      </FONT><BR><FONT face=serif size=2>Income Fund, although currently your
      fund&#146;s yield at net asset value is somewhat lower than that of the
      </FONT><BR><FONT face=serif size=2>open-end fund. More details on yields
      and dividend rates are provided below.</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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
      </FONT><BR><FONT face=serif size=2>potential investment advantages not
      available to open-end fund investors. Because your fund&#146;s shares
      </FONT><BR><FONT face=serif size=2>are not redeemable, your fund is not
      required to maintain short-term, lower-yielding investments in
      </FONT><BR><FONT face=serif size=2>anticipation of possible redemptions,
      and generally can be more fully invested in higher-yielding
      </FONT><BR><FONT face=serif size=2>securities. As a closed-end fund, your
      fund does not experience the cash flows associated with sales and
      </FONT><BR><FONT face=serif size=2>redemptions of open-end fund shares,
      which create transaction costs that are borne by long-term
      </FONT><BR><FONT face=serif size=2>shareholders. Such cash flows may at
      times also require temporary investment in short-term,
      lower-</FONT><BR><FONT face=serif size=2>yielding securities, pending
      investment in longer-term, higher-yielding securities.
  </FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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 </FONT><BR><FONT face=serif size=2>compared to the open-end fund
      are, in significant part, attributable to the fund&#146;s leveraged capital
      </FONT><BR><FONT face=serif size=2>structure, which is designed to enable
      the common shareholders to realize higher current tax-exempt
      </FONT><BR><FONT face=serif size=2>income on their shares that would be
      obtained without leverage. The Trustees recognize, however, that
      </FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=serif size=2>I-48</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_49></A>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>the use of leverage involves greater
      risk, and may increase volatility in investment returns for common
      </FONT><BR><FONT face=serif size=2>shareholders. The potential advantages
      of using investment leverage are highly dependent on the </FONT><BR><FONT
      face=serif size=2>prevailing interest rate environment; when long-term
      interest rates are not substantially higher than the </FONT><BR><FONT
      face=serif size=2>short-term interest rates that serve as the basis for
      dividend payments to your fund&#146;s preferred </FONT><BR><FONT face=serif
      size=2>shareholders, the use of investment leverage may not be
      advantageous to common shareholders. In </FONT><BR><FONT face=serif
      size=2>particular, Putnam Management has advised the Trustees that your
      fund&#146;s recent underperformance </FONT><BR><FONT face=serif size=2>relative
      to the open-end fund is due, at least in part, to market conditions that
      make leverage currently a </FONT><BR><FONT face=serif size=2>less
      effective means of increasing returns. If your fund were to cease to be
      closed-end, it would have to </FONT><BR><FONT face=serif size=2>redeem all
      of its outstanding preferred shares. Although as an open-end fund your
      fund could leverage </FONT><BR><FONT face=serif size=2>through borrowing,
      it would likely incur higher costs in doing so.
</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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
      </FONT><BR><FONT face=serif size=2>fact that its shares have consistently
      traded at a discount to net asset value over the past few years. The
      </FONT><BR><FONT face=serif size=2>Trustees recognized that shareholders
      would be able to redeem their shares for a greater amount </FONT><BR><FONT
      face=serif size=2>following a merger than is currently possible through
      sales on the open market. They reviewed the </FONT><BR><FONT face=serif
      size=2>possible causes and effects of discounts, which are discussed at
      more length below, and noted that </FONT><BR><FONT face=serif
      size=2>discount levels for your fund have fluctuated over the years and
      that, for some periods, fund shares have </FONT><BR><FONT face=serif
      size=2>traded at substantially lower discounts or at
    premiums.</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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
      </FONT><BR><FONT face=serif size=2>measures to increase shareholder value
      for each of the Putnam closed-end funds. In October 2005, the
      </FONT><BR><FONT face=serif size=2>Trustees authorized a share repurchase
      program for all of the Putnam closed-end funds, which is </FONT><BR><FONT
      face=serif size=2>discussed below. Furthermore, the Trustees initiated
      changes to your fund&#146;s management contract, </FONT><BR><FONT face=serif
      size=2>which went into effect in January 2006, resulting in a reduction of
      the effective management fee rate </FONT><BR><FONT face=serif size=2>from
      0.65% to 0.55%, measured as a percentage of average total assets of the
      fund (including assets </FONT><BR><FONT face=serif size=2>attributable to
      preferred shares). The Trustees believe that these recent steps have the
      potential to </FONT><BR><FONT face=serif size=2>enhance shareholder
      returns, which in turn may support increased demand for your fund&#146;s
      shares.</FONT><BR></TD></TR></TABLE></P>
<P align=left><B><FONT face=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 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><B><FONT face=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 performance. </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"><B><FONT face=serif
      size=2>Annualized Total Returns
      as of June 30, 2006</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="12%"><B><FONT face=serif
      size=2>1 year</FONT></B>&nbsp;
    </TD>
    <TD noWrap align=left width="13%"><B><FONT face=serif
      size=2>3 years</FONT></B>&nbsp;
    </TD>
    <TD noWrap align=left width="12%"><B><FONT face=serif
      size=2>5 years</FONT></B>&nbsp;
    </TD>
    <TD noWrap align=left width="11%"><B><FONT face=serif
      size=2>10
      years</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >Your Fund (Net Asset Value)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=serif size=2
     >0.30%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=serif size=2
     >4.40%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=serif size=2
     >5.20%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=serif size=2
     >5.76%</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >Your Fund (Market Price)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=serif size=2
     >(2.30)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=serif size=2
     >1.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=serif size=2
     >3.44</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=serif size=2
     >4.45</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >Putnam New York Tax Exempt Income
      Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=serif size=2
     >0.72</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=serif size=2
     >2.79</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=serif size=2
     >4.33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=serif size=2
     >5.13</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >(Open-End) Class A Shares (Net Asset
      Value)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >Lehman Municipal Bond Index</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=serif size=2
     >0.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=serif size=2
     >3.24</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=serif size=2
     >5.05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=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="51%"><FONT face=serif size=2
     >Lipper New York Municipal Debt Funds
      (Closed-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=serif size=2
     >1.67</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=serif size=2
     >5.39</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=serif size=2
     >6.11</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=serif size=2
     >6.18</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>I-49</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_50></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"><FONT face=serif size=2
     >End) Average</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="53%"><FONT face=serif size=2
     >Lipper New York Municipal Debt Funds
      Average</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=serif size=2
     >1.86</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=serif size=2
     >3.36</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=serif size=2
     >4.67</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=serif size=2
     >5.10</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 (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
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 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 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=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
</FONT><FONT face=serif size=2>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 slightly higher, at 3.58% 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 </FONT></P>
<P align=left><FONT face=serif size=2>I-50</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_51></A>
<P align=left><FONT face=serif size=2>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=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>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>Annual Fund Operating
      Expenses</FONT></B><BR></TD></TR></TABLE></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="32%"><B><FONT face=serif
      size=2>New York
      Investment</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="34%"><B><FONT face=serif
      size=2>New York Tax Exempt
      Income</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT face=serif
      size=2>Grade Municipal
      Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="34%"><B><FONT face=serif
      size=2>Fund (class A shares)
      (fiscal year</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT face=serif
      size=2>(fiscal year ended April
      30,</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="34%"><B><FONT face=serif
      size=2>ended November 30,
      2005)</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><FONT face=serif
      size=2>2006)</FONT></B>&nbsp;
    </TD>
    <TD noWrap align=left width="34%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><B><FONT face=serif
      size=2>Management
      Fees</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2
     >0.78%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=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%"><B><FONT face=serif
      size=2>Distribution (12b-1)
      Fees</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2
     >None</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=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%"><B><FONT face=serif
      size=2>Other
      Expenses</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2
     >0.69%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=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%"><B><FONT face=serif
      size=2>Total Annual Fund
      Operating</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2
     >1.47%</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=serif size=2
     >0.79%</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><B><FONT face=serif
      size=2
     >Expenses</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="32%">&nbsp; </TD>
    <TD noWrap align=left width="34%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>* 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>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>*&nbsp;</FONT><FONT face=serif
      size=2>This difference in operating expenses is not due solely to the
      smaller size of your fund, as the proponent </FONT><BR><FONT face=serif
      size=2>asserts. Rather, the principal reason for your fund&#146;s higher
      operating expenses is that they include </FONT><BR><FONT face=serif
      size=2>additional management fees, custody fees and other expenses
      associated with maintaining the fund&#146;s </FONT><BR><FONT face=serif
      size=2>investment leverage, which historically have been more than offset
      by the additional investment income </FONT><BR><FONT face=serif
      size=2>earned through the use of leverage. Under recent market conditions,
      which have included a closing of </FONT><BR><FONT face=serif size=2>the
      difference between long-term interest rates and the short-term interest
      rates that serve as a basis for </FONT><BR><FONT face=serif
      size=2>dividend payments on your fund&#146;s preferred shares, your fund has
      experienced a reduction in the net </FONT><BR><FONT face=serif
      size=2>positive effect of leverage on returns. In light of the factors
      involved in this analysis, a simple </FONT><BR><FONT face=serif
      size=2>comparison of operating expenses of a leveraged closed-end fund and
      an unleveraged open-end fund </FONT><BR><FONT face=serif size=2>does not
      provide a meaningful analysis.</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>*&nbsp;</FONT><FONT face=serif
      size=2>Further, the table above only partially reflects a reduction of
      0.10% in the effective management fee rate </FONT><BR><FONT face=serif
      size=2>(from 0.65% of average weekly assets attributable to common shares
      and preferred shares, to 0.55%), </FONT><BR><FONT face=serif
      size=2>negotiated by your fund&#146;s Trustees, which took effect on January 1,
      2006. Based on current asset levels, </FONT><BR><FONT face=serif
      size=2>the change in management fee would reduce Total Annual Fund
      Operating Expenses (expressed as a </FONT><BR><FONT face=serif
      size=2>percentage of net assets attributable to common shares) by
      approximately 0.12% once the new fee has </FONT><BR><FONT face=serif
      size=2>been in effect for a full fiscal year.
</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>*&nbsp;</FONT><FONT face=serif
      size=2>The following pro forma table of annual operating expenses for your
      fund revises the numbers in the </FONT><BR><FONT face=serif
      size=2>comparative expense table above to (a) subtract out management fee
      amounts paid on leveraged assets, </FONT><BR><FONT face=serif size=2>(b)
      take fully into account the recent management fee reduction, and (c)
      subtract out costs incurred in </FONT><BR><FONT face=serif
      size=2>connection with administering your fund&#146;s preferred share program
      for investment leverage:</FONT><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><B><FONT
      face=serif size=2>New York
      Investment Grade Municipal Trust (pro forma calculations, based
      on</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><B><FONT face=serif
      size=2>fiscal year ended April
      30, 2006 )</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="41%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><B><FONT face=serif
      size=2>Management
      Fee</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="41%"><FONT face=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="58%"><B><FONT face=serif
      size=2>Portion of Management
      Fee Paid on Leveraged</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="41%"><FONT face=serif size=2
     >(0.16%)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%"><B><FONT face=serif
      size=2>Assets</FONT></B>&nbsp;
    </TD>
    <TD noWrap align=left width="41%">&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>I-51</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_52></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><B><FONT face=serif
      size=2>Contractual Management
      Fee Reduction</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >(0.07%)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><B><FONT face=serif
      size=2>(effective
      2006)</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><B><FONT face=serif
      size=2>Distribution (12b-1)
      Fees</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=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="79%"><B><FONT face=serif
      size=2>Other
      Expenses</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=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="79%"><B><FONT face=serif
      size=2>Portion of Other
      Expenses Attributable to</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >(0.19%)</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><B><FONT face=serif
      size=2
     >Leverage</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><B><FONT face=serif
      size=2>Pro Forma Total Annual
      Fund Operating</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >1.05%</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><B><FONT face=serif
      size=2
     >Expenses</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-serif size=2>*&nbsp;</FONT><FONT face=serif
      size=2>The performance figures provided in the discussion above of how the
      investment performance of your </FONT><BR><FONT face=serif size=2>fund and
      Putnam New York Tax Exempt Income Fund compare, which show that your fund
      has </FONT><BR><FONT face=serif size=2>outperformed the open-end fund at
      net asset value over a number of periods, are calculated net of
      </FONT><BR><FONT face=serif size=2>expenses. Thus, any effect that higher
      expenses may have on reducing your fund&#146;s performance is </FONT><BR><FONT
      face=serif size=2>already taken into account in calculating its favorable
      comparative performance data over longer </FONT><BR><FONT face=serif
      size=2>periods. </FONT><BR></TD></TR></TABLE></P>
<P align=left><B><FONT face=serif size=2>How do the investment goals, policies
and restrictions of the two funds to compare?</FONT></B></P>
<P align=left><FONT face=serif size=2>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 face=serif size=2>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 face=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 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 face=serif size=2>Putnam Management has advised the Trustees
that discount levels for closed-end funds investing primarily in fixed-income
securities &#150; such as your fund &#150; 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 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 </FONT></P>
<P align=left><FONT face=serif size=2>I-52</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<A name=page_53></A>
<P align=left><FONT face=serif size=2>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</FONT></P>
<P align=left><FONT face=serif size=2>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>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"
   >&nbsp;</TD>
    <TD noWrap align=left width="27%"
   >&nbsp;</TD>
    <TD noWrap align=left width="27%"
   >&nbsp;</TD>
    <TD noWrap align=left width="24%"
   >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"
   >&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><STRONG><FONT size=2><FONT face=serif
      size=2><STRONG>Highest Market</STRONG>&nbsp;</FONT></FONT></STRONG></TD>
    <TD noWrap align=left width="27%"
   ><STRONG><FONT size=2><FONT face=serif
      size=2><STRONG>Lowest Market</STRONG></FONT></FONT></STRONG>&nbsp;</TD>
    <TD noWrap align=left width="24%"
   ><STRONG><FONT size=2><FONT face=serif
      size=2><STRONG>Average</STRONG></FONT></FONT></STRONG>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"
   ><B><FONT face=serif size=2
     >Calendar
    Year</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><STRONG><FONT size=2><FONT face=serif
      size=2><STRONG>Price (relative to</STRONG></FONT></FONT></STRONG>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><STRONG><FONT size=2><FONT face=serif
      size=2><STRONG>Price (relative to</STRONG></FONT></FONT></STRONG>&nbsp;</TD>
    <TD noWrap align=left width="24%"
   ><B><FONT face=serif size=2

   >Discount/Premium</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"
   >&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><B><FONT face=serif size=2
     >NAV)</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><B><FONT face=serif size=2
     >NAV)</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="24%"
   >&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=4>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"
   ><FONT face=serif size=2
     >2005</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >-9.53%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><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="21%"
   ><FONT face=serif size=2
     >2004</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >-6.69%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><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="21%"
   ><FONT face=serif size=2
     >2003</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >-7.13%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><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="21%"
   ><FONT face=serif size=2
     >2002</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >-3.33%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><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="21%"
   ><FONT face=serif size=2
     >2001</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >0.88%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><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="21%"
   ><FONT face=serif size=2
     >2000</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >0.08%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><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="21%"
   ><FONT face=serif size=2
     >1999</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >2.77%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><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="21%"
   ><FONT face=serif size=2
     >1998</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >4.83%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><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="21%"
   ><FONT face=serif size=2
     >1997</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >5.06%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><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="21%"
   ><FONT face=serif size=2
     >1996</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >0.22%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><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="21%"
   ><FONT face=serif size=2
     >1995</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >2.10%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><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="21%"
   ><FONT face=serif size=2
     >1994</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >3.94%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><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="21%"
   ><FONT face=serif size=2
     >1993</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >5.26%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><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="21%"
   ><FONT face=serif size=2
     >1992</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><FONT face=sans-serif size=2
     >7.22%</FONT>&nbsp;</TD>
    <TD noWrap align=left width="27%"
   ><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></TABLE><BR>
<P align=left><B><FONT face=serif size=2>How do the Trustees monitor and address
trading discounts?</FONT></B></P>
<P align=left><FONT face=serif size=2>I-53</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_54></A>
<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>&#183; </FONT><FONT face=serif
size=2>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;<BR><BR></FONT><FONT face=serif size=2>&#183; </FONT><FONT face=serif
size=2>Repurchases by the fund of its shares at prevailing market prices;
and<BR><BR></FONT><FONT face=serif size=2>&#183; </FONT><FONT face=serif
size=2>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 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 face=serif size=2>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 face=serif size=2>What purpose does investment leverage
serve for your fund?</FONT></B></P>
<P align=left><FONT face=serif size=2>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 $10 million, which represents leverage of
approximately 21% in comparison to your fund&#146;s net assets (net of leverage) of
approximately $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 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>I-54</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_55></A>
<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=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>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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,
      </FONT><BR><FONT face=serif size=2>open-funds are prohibited by the 1940
      Act from investing more than 15% of their assets in securities that
      </FONT><BR><FONT face=serif size=2>are deemed illiquid. Closed-end funds
      are not subject to this restriction.</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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
      </FONT><BR><FONT face=serif size=2>Exchange to hold annual meetings of
      shareholders. Conversion of your fund to open-end status would
      </FONT><BR><FONT face=serif size=2>result in termination of the fund&#146;s
      listing on the American Stock Exchange, with the result that your fund
      </FONT><BR><FONT face=serif size=2>would no longer be required to hold
      annual meetings. The open-end Putnam funds have committed to
      </FONT><BR><FONT face=serif size=2>holding shareholder meetings for the
      purpose of electing their Trustees at least every five years
      </FONT><BR><FONT face=serif size=2>(beginning in
  2004).</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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 </FONT><BR><FONT face=serif size=2>Dividend Reinvestment Plan,
      under which cash distributions paid by your fund are generally reinvested
      </FONT><BR><FONT face=serif size=2>through the purchase of additional fund
      shares at market prices, which currently reflect a discount from
      </FONT><BR><FONT face=serif size=2>net asset value. (At times when your
      fund&#146;s shares are trading at a premium over their net asset value,
      </FONT><BR><FONT face=serif size=2>such reinvestments are made at the
      higher of net asset value or 95% of market value.) Shareholders of
      </FONT><BR><FONT face=serif size=2>open-end Putnam funds have the option
      to reinvest their distributions in additional shares at net asset
      </FONT><BR><FONT face=serif size=2>value at all times. If the fund were to
      convert to open-end status, shareholders would no longer be able to
      </FONT><BR><FONT face=serif size=2>reinvest dividends at a price below net
      asset value per share during times when shares are trading at a
      </FONT><BR><FONT face=serif size=2>discount to net asset
    value.</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=sans-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 </FONT><BR><FONT face=serif size=2>privilege of exchanging their
      investment at net asset value and without sales charges for shares of the
      </FONT><BR><FONT face=serif size=2>same class of more than 65 open-end
      funds in the Putnam group. Shareholders of your fund do not have
      </FONT><BR><FONT face=serif size=2>that
privilege.</FONT><BR></TD></TR></TABLE></P>
<P align=left><B><FONT face=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=serif size=2>I-55</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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

<P align="left">
<B><FONT face="serif">Further Information About Voting and the Meeting</FONT></B></P>
<P align="left">
<B><FONT size=2 face="serif">Quorum and Methods of Tabulation.</FONT></B><FONT size=2 face="serif"> 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 "for" approval of a proposal for purposes of determining whether sufficient affirmative votes have been cast. Shares represented by proxies that reflect abstentions and
"broker non-votes" (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 size=2 face="serif">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 size=2 face="serif">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 size=2 face="serif">Special Rule for Proportional Voting. </FONT></B><FONT size=2 face="serif">For funds listed on the New York Stock 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' 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 </FONT></P>
<P align="left">
<FONT size=2 face="serif">I-56</FONT></P>

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

<!--$$/page=--><A name=page_57></A>
<P align=left><FONT face=serif size=2>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
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' 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' 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's Trustees have adopted a
general policy of maintaining confidentiality 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 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 face=serif size=2>Date for receipt of shareholders'
proposals for the next annual meeting</FONT></B><FONT face=serif size=2>. It is
currently anticipated that your fund's next annual meeting of shareholders will
be held in October 2007.</FONT></P>
<P align=left><FONT face=serif size=2>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 _______, 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--other than one that will be included in the fund's proxy
materials--should notify the fund no later than ________, 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 later than ________, 2007.
</FONT></P>
<P align=left><B><FONT face=serif size=2>Adjournment</FONT></B><FONT face=serif
size=2>. 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</FONT></P>
<P align=left><FONT face=serif size=2>I-57</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_58></A>
<P align=left><FONT face=serif size=2>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><B><FONT face=serif size=2>Duplicate mailings. </FONT></B><FONT
face=serif size=2>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 face=serif size=2>Financial information</FONT></B><FONT
face=serif size=2>.</FONT><B><FONT face=serif size=2> Your fund&#146;s Clerk will
furnish to you, upon request and without charge, a copy of the fund's Annual
Report for its most recent fiscal year, and a copy of its semiannual 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><FONT face=serif size=2>.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif>Fund
  Information</FONT></B><BR></TD></TR></TABLE></P>
<P align=left><B><FONT face=serif size=2>Putnam Investments. </FONT></B><FONT
face=serif size=2>Putnam Investment Management, LLC, your fund'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 face=serif size=2>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. </FONT><FONT face=serif size=2>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 face=serif size=2>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, 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 such 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 face=serif size=2>Putnam Fiduciary Trust Company.
</FONT></B><FONT face=serif size=2>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 face=serif size=2>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 cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><B><FONT face=serif
      size=2>Fund/Fiscal
      Year-End</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><FONT face=serif
      size=2>Fee</FONT></B>&nbsp;
  </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face=serif size=2
     >Putnam California Investment Grade Municipal
      Trust (April 30, 2006)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=serif size=2
     >$ 75,867</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>I-58</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_59></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2
     >Putnam High Yield Municipal Trust (March 31,
      2006)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=serif size=2
     >190,819</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2
     >Putnam Municipal Bond Fund (April 30,
      2006)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=serif size=2
     >244,294</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2
     >Putnam Municipal Opportunities Trust (April
      30, 2006)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=serif size=2
     >222,710</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face=serif size=2
     >Putnam New York Investment Grade Municipal
      Trust (April 30, 2006)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=serif size=2
     >45,836</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=serif size=2>Litigation. </FONT></B><FONT face=serif
size=2>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 face=serif size=2>Limitation of Trustee
liability.</FONT></B><FONT face=serif size=2> 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
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. 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="21%"><B><U><FONT face=serif
      size=2>Fiscal
      year ended</FONT></U></B>&nbsp; </TD>
    <TD noWrap align=left width="20%"><B><U><FONT face=serif
      size=2>Audit
      Fees</FONT></U></B>&nbsp; </TD>
    <TD noWrap align=left width="23%"><B><U><FONT face=serif
      size=2
     >Audit-Related Fees</FONT></U></B>&nbsp; </TD>
    <TD noWrap align=left width="17%"><B><U><FONT face=serif
      size=2>Tax
      Fees</FONT></U></B>&nbsp; </TD>
    <TD noWrap align=left width="18%"><B><U><FONT face=serif
      size=2>All
      Other Fees</FONT></U></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" colSpan=3><B><FONT
      face=serif size=2>Putnam
      California Investment Grade Municipal Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" colSpan=2><FONT
      face=serif size=2>(PricewaterhouseCoopers
      LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face=serif size=2
     >April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >$46,594</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >$28,050</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=serif size=2
     >$5,086</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=serif size=2
     >$5</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face=serif size=2
     >April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >38,142</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >26,478</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=serif size=2
     >5,101</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=serif size=2
     >-</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" colSpan=2><B><FONT
      face=serif size=2>Putnam High
      Yield Municipal Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face=serif size=2
     >(KPMG LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face=serif size=2
     >March 31, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >$34,592</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >$22,100</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=serif size=2
     >$4,192</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=serif size=2
     >$ -</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face=serif size=2
     >March 31, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >34,550</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >20,900</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=serif size=2
     >4,150</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=serif size=2
     >-</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" colSpan=2><B><FONT
      face=serif size=2>Putnam
      Municipal Bond Fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" colSpan=2><FONT
      face=serif size=2>(PricewaterhouseCoopers
      LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face=serif size=2
     >April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >$49,180</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >$9,367</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=serif size=2
     >$4,676</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=serif size=2
     >$16</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face=serif size=2
     >April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >42,498</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >8,921</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=serif size=2
     >4,380</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=serif size=2
     >-</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" colSpan=2><B><FONT
      face=serif size=2>Putnam
      Municipal Opportunities Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" colSpan=2><FONT
      face=serif size=2>(PricewaterhouseCoopers
      LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face=serif size=2
     >April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >$43,383</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >$22,525</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=serif size=2
     >$4,916</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=serif size=2
     >$14</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="21%"><FONT face=serif size=2
     >April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >37,859</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >21,263</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=serif size=2
     >4,318</FONT>&nbsp; </TD>
    <TD noWrap align=left width="18%"><FONT face=serif size=2
     >-</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" colSpan=3><B><FONT
      face=serif size=2
     ><BR><BR>Putnam New York Investment Grade Municipal
      Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" colSpan=2><FONT
      face=serif size=2>(PricewaterhouseCoopers
      LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="18%">&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>I-59</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_60></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=serif size=2
     >April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=serif size=2
     >$45,815</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >$28,050</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >$5,324</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=serif size=2
     >$3</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="22%"><FONT face=serif size=2
     >April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face=serif size=2
     >39,378</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >26,478</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >5,074</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=serif size=2
     >-</FONT>&nbsp; </TD></TR></TABLE><BR>
<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 Fees </FONT></I></B><FONT
face=serif size=2>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 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>
<TABLE>

  <TR>
    <TD noWrap><B><U><FONT face=serif size=2>Fiscal year
      ended</FONT></U></B><BR></TD></TR></TABLE></P>
<P align=left><B><FONT face=serif size=2>Putnam California Investment Grade
Municipal Trust</FONT></B></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>(PricewaterhouseCoopers
    LLP)</FONT><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=serif size=2
     >April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"><FONT face=serif size=2
     >$291,414</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=serif size=2
     >April 20, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"><FONT face=serif size=2
     >216,283</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>Putnam High Yield Municipal
      Trust</FONT></B><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=serif size=2
     >(KPMG LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="38%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=serif size=2
     >March 31, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=2
     >$26,292</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="61%"><FONT face=serif size=2
     >March 31, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=2
     >25,050</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>Putnam Municipal Bond
      Fund</FONT></B><BR><FONT face=serif size=2><BR>(PricewaterhouseCoopers
      LLP)</FONT><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=serif size=2
     >April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"><FONT face=serif size=2
     >$272,333</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=serif size=2
     >April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"><FONT face=serif size=2
     >197,005</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>Putnam Municipal Opportunities
      Trust</FONT></B><BR><FONT face=serif size=2><BR>(PricewaterhouseCoopers
      LLP)</FONT><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=serif size=2
     >April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"><FONT face=serif size=2
     >$285,729</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=serif size=2
     >April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"><FONT face=serif size=2
     >209,285</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><B><FONT face=serif size=2>Putnam New York Investment Grade
Municipal Trust</FONT></B></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif size=2>(PricewaterhouseCoopers
    LLP)</FONT><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=serif size=2
     >April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"><FONT face=serif size=2
     >$291,650</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="57%"><FONT face=serif size=2
     >April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="42%"><FONT face=serif size=2
     >215,155</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><B><I><FONT face=serif size=2>Pre-Approval Policies of the Audit
and Compliance Committee</FONT></I></B><I><FONT face=serif size=2>.
</FONT></I><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-</FONT></P>
<P align=left><FONT face=serif size=2>I-60</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_61></A>
<P align=left><FONT face=serif size=2>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="26%"><B><U><FONT face=serif
      size=2>Fiscal
      year ended</FONT></U></B>&nbsp; </TD>
    <TD noWrap align=left width="32%"><B><U><FONT face=serif
      size=2
     >Audit-Related Fees</FONT></U></B>&nbsp; </TD>
    <TD noWrap align=left width="19%"><B><U><FONT face=serif
      size=2>Tax
      Fees</FONT></U></B>&nbsp; </TD>
    <TD noWrap align=left width="22%"><B><U><FONT face=serif
      size=2>All
      Other Fees</FONT></U></B>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" colSpan=3><B><FONT
      face=serif size=2>Putnam
      California Investment Grade Municipal Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" colSpan=2><FONT
      face=serif size=2>(PricewaterhouseCoopers
      LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=serif size=2
     >April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2
     >$ -</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=serif size=2
     >$98,160</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=serif size=2
     >$ -</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=serif size=2
     >April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2
     >-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=serif size=2
     >-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=serif size=2
     >-</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" colSpan=3><B><FONT
      face=serif size=2>Putnam New
      York Investment Grade Municipal Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" colSpan=2><FONT
      face=serif size=2>(PricewaterhouseCoopers
      LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=serif size=2
     >April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2
     >$ -</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=serif size=2
     >$98,160</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=serif size=2
     >$ -</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=serif size=2
     >April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2
     >-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=serif size=2
     >-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=serif size=2
     >-</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" colSpan=2><B><FONT
      face=serif size=2>Putnam
      Municipal Bond Fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" colSpan=2><FONT
      face=serif size=2
     ><BR>(PricewaterhouseCoopers LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=serif size=2
     >April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2
     >$ -</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=serif size=2
     >$98,160</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=serif size=2
     >$ -</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=serif size=2
     >April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2
     >-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=serif size=2
     >-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=serif size=2
     >-</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" colSpan=2><B><FONT
      face=serif size=2>Putnam
      Municipal Opportunities Trust</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="58%" colSpan=2><FONT
      face=serif size=2>(PricewaterhouseCoopers
      LLP)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=serif size=2
     >April 30, 2006</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2
     >$ -</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=serif size=2
     >$98,160</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=serif size=2
     >$ -</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face=serif size=2
     >April 30, 2005</FONT>&nbsp; </TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2
     >-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="19%"><FONT face=serif size=2
     >-</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=serif size=2
     >-</FONT>&nbsp; </TD></TR></TABLE><BR>
<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'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>I-61</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_62"></A>

<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="serif">Robert E. Patterson (Chairperson)</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="serif">John A. Hill</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="serif">W. Thomas Stephens </FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<B><FONT size=2 face="serif">Officers and other information.</FONT></B><FONT size=2 face="serif"> 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 border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=2 face="serif">Year first</FONT>&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=2 face="serif">elected to</FONT>&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
<FONT size=2 face="serif">Business experience</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">Name (year of birth), Age</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=2 face="serif">office</FONT>&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
<FONT size=2 face="serif">during past 5 years</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">Office with the fund</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">Charles E. Porter (Born 1938)*</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=2 face="serif">1989</FONT>&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
<FONT size=2 face="serif">Executive Vice President, Associate Treasurer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">Executive Vice President,</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
<FONT size=2 face="serif">and Principal Executive Officer, The Putnam</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">Associate Treasurer and Principal</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
<FONT size=2 face="serif">Funds</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">Executive Officer</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">Jonathan S. Horwitz (Born 1955)*</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=2 face="serif">2004</FONT>&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
<FONT size=2 face="serif">Senior Vice President and Treasurer, The Putnam</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">Senior Vice President and Treasurer</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
<FONT size=2 face="serif">Funds. Prior to 2004, Mr. Horwitz was a Managing</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
<FONT size=2 face="serif">Director at Putnam Investments</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">Steven D. Krichmar (Born 1958)</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=2 face="serif">2002</FONT>&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
<FONT size=2 face="serif">Senior Managing Director, Putnam Investments. Vice</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">President and Principal Financial Officer</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
<FONT size=2 face="serif">Prior to 2001, Mr. Krichmar was a Partner at</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
<FONT size=2 face="serif">PricewaterhouseCoopers, LLP</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">Michael T. Healy (Born 1958)</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=2 face="serif">2000</FONT>&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
<FONT size=2 face="serif">Managing Director, Putnam Investments</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">Assistant Treasurer and</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">Principal Accounting Officer</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">Janet C. Smith (Born 1965)</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=2 face="serif">2006</FONT>&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
<FONT size=2 face="serif">Managing Director, Putnam Investments</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">Assistant Treasurer</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">Beth Mazor (Born 1958)</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=2 face="serif">2002</FONT>&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
<FONT size=2 face="serif">Managing Director, Putnam Investments</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">Vice President</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">Mark C. Trenchard (Born 1962)</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=2 face="serif">2002</FONT>&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
<FONT size=2 face="serif">Managing Director, Putnam Investments</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">Vice President and</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">BSA Compliance officer</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">Francis J. McNamara, III (Born 1955)</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
<FONT size=2 face="serif">2004</FONT>&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
<FONT size=2 face="serif">Senior Managing Director, Putnam Investments,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="serif">Vice President and Chief Legal Officer</FONT>&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
<FONT size=2 face="serif">Putnam Management and Putnam Retail</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
<FONT size=2 face="serif">Management. Prior to 2004, Mr. McNamara was</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
&nbsp;
	</TD>
	<TD width=10% nowrap align=left>
&nbsp;
	</TD>
	<TD width=50% nowrap align=left>
<FONT size=2 face="serif">General Counsel of State Street Research &amp;</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">I-62</FONT></P>

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

<!--$$/page=--><A name=page_63></A>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="41%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >Management.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"><FONT face=serif size=2
     >Charles A. Ruys de Perez (Born
      1957)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=serif size=2
     >2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >Managing Director, Putnam
      Investments</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"><FONT face=serif size=2
     >Vice President and Chief Compliance
      Officer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="51%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"><FONT face=serif size=2
     >James P. Pappas (Born 1953)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=serif size=2
     >2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >Managing Director, Putnam
      Investments</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"><FONT face=serif size=2
     >Vice President</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >and Putnam Management. During 2002,
      Mr.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >Pappas was Chief Operating Officer of
      Atalanta/Sosnoff</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >Management Corporation.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >Prior to 2001 he was President and Chief
      Executive</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >Officer of UAM Investment Services,
      Inc.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"><FONT face=serif size=2
     >Richard S. Robie III (Born
      1960)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=serif size=2
     >2004</FONT>&nbsp; </TD>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >Senior Managing Director, Putnam
      Investments,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"><FONT face=serif size=2
     >Vice President</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >Putnam Management and Putnam
      Retail</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >Management. Prior to 2003, Mr. Robie
      was</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >Senior Vice President of</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >United Asset Management
      Corporation.</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"><FONT face=serif size=2
     >Judith Cohen (Born 1945)*</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=serif size=2
     >1993</FONT>&nbsp; </TD>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >Vice President, Clerk and Assistant
      Treasurer.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"><FONT face=serif size=2
     >Vice President, Clerk and Assistant
      Treasurer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="51%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"><FONT face=serif size=2
     >Wanda M. McManus (Born 1947)*</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="7%"><FONT face=serif size=2
     >1993</FONT>&nbsp; </TD>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >Vice President, Senior Associate Treasurer
      and</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"><FONT face=serif size=2
     >Vice President, Senior Associate Treasurer
      and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >Assistant Clerk.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"><FONT face=serif size=2
     >Assistant Clerk</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="51%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"><FONT face=serif size=2
     >Nancy E. Florek (Born 1957)*</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="7%"><FONT face=serif size=2
     >2000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >Vice President, Assistant Clerk,
      Assistant</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%" colSpan=2><FONT
      face=serif size=2>Vice President, Assistant
      Clerk, Assistant Treasurer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="51%"><FONT face=serif size=2
     >Treasurer and Proxy Manager.</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"><FONT face=serif size=2
     >and Proxy Manager.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="51%">&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>* Officers of each fund who are members of
the Trustees&#146; independent administrative staff.</FONT></P>
<P align=left><FONT face=serif size=2>Compensation for these individuals is
fixed by the Trustees and reimbursed to Putnam Management.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><B><FONT face=serif
      size=2>Net assets of your fund
      as of June 30, 2006*</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=2

     >---------------------------------------------------------------------</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=2
     ><BR>Putnam California Investment Grade
      Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >$66,370,410</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=2
     ><BR>Putnam High Yield Municipal
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >168,952,663</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=2
     ><BR>Putnam Municipal Bond Fund</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >225,137,410</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=2
     ><BR>Putnam Municipal Opportunities
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >199,926,506</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face=serif size=2
     ><BR>Putnam New York Investment Grade
      Municipal Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=serif size=2
     >37,131,218</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>*Excludes the amount of the aggregate
liquidation preference of outstanding preferred shares of each fund.</FONT></P>
<P align=left><B><FONT face=serif size=2>Shares outstanding of your fund as of
June 30, 2006*<BR></FONT></B><FONT face=serif
size=2>---------------------------------------------------------------------</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><B><FONT face=serif
      size=2>Common
      shares</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face=serif size=2
     >Putnam California Investment Grade Municipal
      Trust</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=2
     >4,518,749.199</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>I-63</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_64"></A>

<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=74% nowrap align=left>
<FONT size=2 face="serif">Putnam High Yield Municipal Trust</FONT>&nbsp;
	</TD>
	<TD width=25% nowrap align=left>
<FONT size=2 face="serif">21,635,928.145</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=74% nowrap align=left>
<FONT size=2 face="serif">Putnam Municipal Bond Fund</FONT>&nbsp;
	</TD>
	<TD width=25% nowrap align=left>
<FONT size=2 face="serif">16,942,451.408</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=74% nowrap align=left>
<FONT size=2 face="serif">Putnam Municipal Opportunities Trust</FONT>&nbsp;
	</TD>
	<TD width=25% nowrap align=left>
<FONT size=2 face="serif">15,681,487.199</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=74% nowrap align=left>
<FONT size=2 face="serif">Putnam New York Investment Grade Municipal Trust</FONT>&nbsp;
	</TD>
	<TD width=25% nowrap align=left>
<FONT size=2 face="serif">2,780,987.199</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">* Includes shares repurchased by the fund in trades that had not settled as of June 30, 2006.</FONT></P>
<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=71% nowrap align=left>
<B><FONT size=2 face="serif">Preferred shares</FONT></B>&nbsp;
	</TD>
	<TD width=28% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=71% nowrap align=left>
<FONT size=2 face="serif">Putnam California Investment Grade Municipal Trust</FONT>&nbsp;
	</TD>
	<TD width=28% nowrap align=left>
<FONT size=2 face="serif">320</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=71% nowrap align=left>
<FONT size=2 face="serif">Putnam High Yield Municipal Trust</FONT>&nbsp;
	</TD>
	<TD width=28% nowrap align=left>
<FONT size=2 face="serif">900</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=71% nowrap align=left>
<FONT size=2 face="serif">Putnam Municipal Bond Fund</FONT>&nbsp;
	</TD>
	<TD width=28% nowrap align=left>
<FONT size=2 face="serif">2,920 (Class A)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=71% nowrap align=left>
&nbsp;
	</TD>
	<TD width=28% nowrap align=left>
<FONT size=2 face="serif">2,400 (Class B)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=71% nowrap align=left>
<FONT size=2 face="serif">Putnam Municipal Opportunities Trust</FONT>&nbsp;
	</TD>
	<TD width=28% nowrap align=left>
<FONT size=2 face="serif">800 (Class A)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=71% nowrap align=left>
&nbsp;
	</TD>
	<TD width=28% nowrap align=left>
<FONT size=2 face="serif">1,620 (Class B)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=71% nowrap align=left>
&nbsp;
	</TD>
	<TD width=28% nowrap align=left>
<FONT size=2 face="serif">1,620 (Class C)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=71% nowrap align=left>
<FONT size=2 face="serif">Putnam New York Investment Grade Municipal Trust</FONT>&nbsp;
	</TD>
	<TD width=28% nowrap align=left>
<FONT size=2 face="serif">200</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="serif">5% beneficial ownership:</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">As of July 31, 2005, 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>
<P align="left">
<B><FONT size=2 face="serif">Putnam California Investment Grade Municipal Trust</FONT></B></P>
<TABLE border=0 width=85% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="sans-serif">Cede &amp; Company*</FONT>&nbsp;
	</TD>
	<TD width=61% nowrap align=left>
<FONT size=2 face="serif">4,276,949 common shares (94.60% of outstanding common shares)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="sans-serif">20 Bowling Green</FONT>&nbsp;
	</TD>
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="sans-serif">New York, NY 10004-1408</FONT>&nbsp;
	</TD>
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<B><FONT size=2 face="serif">Putnam High Yield Municipal Trust</FONT></B>&nbsp;
	</TD>
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="sans-serif">Cede &amp; Company*</FONT>&nbsp;
	</TD>
	<TD width=61% nowrap align=left>
<FONT size=2 face="serif">19,474,221 common shares (90.00% of outstanding common shares)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="sans-serif">20 Bowling Green</FONT>&nbsp;
	</TD>
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="sans-serif">New York, NY 10004-1408</FONT>&nbsp;
	</TD>
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<B><FONT size=2 face="serif">Putnam Municipal Bond Fund</FONT></B>&nbsp;
	</TD>
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="sans-serif">Cede &amp; Company*</FONT>&nbsp;
	</TD>
	<TD width=61% nowrap align=left>
<FONT size=2 face="serif">15,899,054 common shares (93.80% of outstanding common shares)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="sans-serif">20 Bowling Green</FONT>&nbsp;
	</TD>
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="sans-serif">New York, NY 10004-1408</FONT>&nbsp;
	</TD>
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<B><FONT size=2 face="serif">Putnam Municipal Opportunities Trust</FONT></B>&nbsp;
	</TD>
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="sans-serif">Cede &amp; Company*</FONT>&nbsp;
	</TD>
	<TD width=61% nowrap align=left>
<FONT size=2 face="serif">14,977,023 common shares (94.70% of outstanding common shares)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="sans-serif">20 Bowling Green</FONT>&nbsp;
	</TD>
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=38% nowrap align=left>
<FONT size=2 face="sans-serif">New York, NY 10004-1408</FONT>&nbsp;
	</TD>
	<TD width=61% nowrap align=left>
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="serif">I-64</FONT></P>

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



<!--$$/page=-->
<A name="page_65"></A>

<P align="left">
<B><FONT size=2 face="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=36% nowrap align=left>
<FONT size=2 face="sans-serif">Cede &amp; Company*</FONT>&nbsp;
	</TD>
	<TD width=63% nowrap align=left>
<FONT size=2 face="serif">2,601,018 common shares (93.50% of outstanding common shares)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=36% nowrap align=left>
<FONT size=2 face="sans-serif">20 Bowling Green</FONT>&nbsp;
	</TD>
	<TD width=63% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=36% nowrap align=left>
<FONT size=2 face="sans-serif">New York, NY 10004-1408</FONT>&nbsp;
	</TD>
	<TD width=63% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=36% nowrap align=left>
<FONT size=2 face="sans-serif">Karpus Investment Management**</FONT>&nbsp;
	</TD>
	<TD width=63% nowrap align=left>
<FONT size=2 face="serif">142,540 common shares (5.01% of outstanding common shares)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=36% nowrap align=left>
<FONT size=2 face="sans-serif">183 Sullys Trail</FONT>&nbsp;
	</TD>
	<TD width=63% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=36% nowrap align=left>
<FONT size=2 face="sans-serif">Pittsford, New York 14534</FONT>&nbsp;
	</TD>
	<TD width=63% nowrap align=left>
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="sans-serif">* Believed to hold shares only as a nominee.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">**Ownership reported as of March 9, 2005, as denoted on a report on Schedule 13D/A filed with the SEC on March 9, 2006.</FONT></P>
<P align="left">
<FONT size=2 face="serif">I-65</FONT></P>

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

<!--$$/page=--><A name=page_66></A>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif>Appendix
A</FONT></B><BR></TD></TR></TABLE></P>

<P align=left><FONT face=serif>Financial Highlights of </FONT><FONT
face=serif>Putnam California Investment Grade Municipal Trust (April 30, 2006)</FONT></P>

<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="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" 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="13%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>Year ended</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%">&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="13%"><FONT face=sans-serif size=1>4/30/04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>4/30/03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>4/30/02</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=6><HR noShade SIZE=1>
      &nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif size=1>Net asset value, 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="13%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif size=1>(common shares)</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="12%"><FONT face=sans-serif size=1>$14.48</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>$14.92</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>$14.74</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><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="37%"><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="13%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><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>.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="13%"><FONT face=sans-serif size=1>.80</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><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="37%"><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="13%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><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>(.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="13%"><FONT face=sans-serif size=1>(.47)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>.28</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><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="37%"><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>.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="13%"><FONT face=sans-serif size=1>.33</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="12%"><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="37%"><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="12%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><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>(.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="13%"><FONT face=sans-serif size=1>(.03)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>(.04)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><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="37%"><FONT face=sans-serif size=1>From net realized
      gain</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&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="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif size=1>on investments</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><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="13%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>(.01)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><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="37%"><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="13%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif size=1>(applicable to common
      shares)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><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="13%"><FONT face=sans-serif size=1>.30</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>1.07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><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="37%"><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="12%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><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>(.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="13%"><FONT face=sans-serif size=1>(.74)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>(.82)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><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="37%"><FONT face=sans-serif size=1>From net realized</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="12%">&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="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif size=1>gain on investments</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="12%"><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="13%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>(.07)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><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="37%"><FONT face=sans-serif size=1>Total distributions</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="12%"><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="13%"><FONT face=sans-serif size=1>(.74)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>(.89)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><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="37%"><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>.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="13%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>&#151;</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=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><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="13%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif size=1>(common shares)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><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="13%"><FONT face=sans-serif size=1>$14.48</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>$14.92</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><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="37%"><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="13%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><FONT face=sans-serif size=1>(common shares)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><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="13%"><FONT face=sans-serif size=1>$12.82</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>$13.44</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><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="37%"><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="13%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><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>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="13%"><FONT face=sans-serif size=1>0.81</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>3.73</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>5.51</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6></TD></TR>
  <TR>
    <TD width="99%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><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="12%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=6><HR noShade SIZE=1>
      &nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><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="13%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><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="12%"><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="13%"><FONT face=sans-serif size=1>$68,715</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><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="37%"><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="13%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><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="12%"><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="13%"><FONT face=sans-serif size=1>1.20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><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="37%"><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="13%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="37%"><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="12%"><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="13%"><FONT face=sans-serif size=1>5.41</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><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="37%"><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="12%"><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="13%"><FONT face=sans-serif size=1>22.00</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%"><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.
<BR><BR></FONT></I><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><I><FONT face=sans-serif size=1>The accompanying notes are an
integral part of these financial statements.</FONT></I></P>


<P align=left></P>
<P align=left></P>
<BR><BR>
<BR><BR>

<P align=left><FONT face=serif>Financial Highlights of </FONT><FONT
face=serif>Putnam California Tax Exempt Income Fund (March 31, 2006)</FONT></P>





<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="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="19%" colSpan=3><FONT face=sans-serif size=1>INVESTMENT
      OPERATIONS:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="13%" colSpan=2><FONT face=sans-serif size=1>LESS
      DISTRIBUTIONS:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="19%" colSpan=3><FONT face=sans-serif size=1>RATIOS AND
      SUPPLEMENTAL DATA:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=16>
      <HR noShade SIZE=1>
      &nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>Net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>Total</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>Ratio of net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="5%" background="">&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>Net asset</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>realized and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>Total</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>From</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>From</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>Net asset</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>return</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>Net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>Ratio of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>investment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>value,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>Net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>unrealized</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>from</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>net realized</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>value,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>at net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>assets, </FONT></TD>
    <TD noWrap align=left width="6%" background=""><FONT face=Arial size=1>expenses to</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>income (loss)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>Portfolio</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>beginning</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>investment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>gain (loss) on</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>investment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>investment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>gain on</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>Total</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>Redemption</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>end</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>asset</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>end of period </FONT></TD>
    <TD noWrap align=left width="6%" background=""><FONT face=Arial size=1>average net</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>to average</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>turnover</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>Period ended</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>of period</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>income (loss)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>investments</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>operations</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>investments</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>distributions</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>fees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>of period</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>value (%)</FONT><SUP><FONT face=sans-serif size=1>(a)&nbsp;</FONT></SUP> </TD>
    <TD noWrap align=left width="7%" background=""><FONT face=Arial size=1>(in thousands)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="6%"><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="6%" background=""><FONT face=Arial size=1>net assets (%)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>(%)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=16>
      <HR noShade SIZE=1>
      &nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif>CLASS A</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><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="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>$8.43</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.10)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.17)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.19)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>(.36)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="6%"><FONT face=sans-serif size=1>$8.14</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>.86</FONT><SUP><FONT face=sans-serif size=1>*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>$1,966,490</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.37</FONT><SUP><FONT face=sans-serif size=1>*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="4%"><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="9%"><FONT face=sans-serif size=1>September 30, 2005</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>8.57</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.36</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.02)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.34</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.38)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.10)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>(.48)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="6%"><FONT face=sans-serif size=1>8.43</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>4.08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>2,057,513</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.75</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>4.20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>21.15</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>September 30, 2004</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>8.62</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.38</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>.01</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.39</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.40)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.04)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>(.44)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>8.57</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>4.60</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>2,144,817</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.79</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>4.49</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>13.01</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>September 30, 2003</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>8.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.39</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.17)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.22</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.39)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.05)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>(.44)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>8.62</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>2.64</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>2,540,224</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.76</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>4.52</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>22.39</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>September 30, 2002</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>8.71</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.41</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>.15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.56</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.41)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.02)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>(.43)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>8.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>6.69</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>2,739,618</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.75</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>4.82</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>6.50</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>September 30, 2001</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>8.35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.42</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>.36</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.78</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.42)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><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="9%"><FONT face=sans-serif size=1>(.42)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>8.71</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>9.57</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>2,631,430</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.75</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>4.91</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>9.53</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=16>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif>CLASS B</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><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="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>$8.42</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.14</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.08)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.15)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.19)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>(.34)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="6%"><FONT face=sans-serif size=1>$8.14</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>.67</FONT><SUP><FONT face=sans-serif size=1>*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>$147,551</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.69</FONT><SUP><FONT face=sans-serif size=1>*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="4%"><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="9%"><FONT face=sans-serif size=1>September 30, 2005</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>8.56</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.30</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.02)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.28</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.32)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.10)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>(.42)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="6%"><FONT face=sans-serif size=1>8.42</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>3.40</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>178,443</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>1.40</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>3.55</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>21.15</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>September 30, 2004</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>8.62</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.01)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.34)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.04)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>(.38)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>8.56</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>3.81</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>241,841</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>1.44</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>3.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>13.01</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>September 30, 2003</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>8.83</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.16)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.33)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.05)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>(.38)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>8.62</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>2.09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>352,861</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>1.41</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>3.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>22.39</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>September 30, 2002</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>8.70</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.36</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>.15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.51</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.36)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.02)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>(.38)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>8.83</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>6.00</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>420,977</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>1.40</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>4.17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>6.50</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>September 30, 2001</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>8.34</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.36</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>.37</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.73</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.37)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><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="9%"><FONT face=sans-serif size=1>(.37)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>8.70</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>8.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>497,335</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>1.40</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>4.25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>9.53</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=16>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif>CLASS C</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><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="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>$8.46</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.14</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.10)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.14)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.19)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>(.33)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="6%"><FONT face=sans-serif size=1>$8.17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>.44</FONT><SUP><FONT face=sans-serif size=1>*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>$24,131</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.77</FONT><SUP><FONT face=sans-serif size=1>*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="4%"><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="9%"><FONT face=sans-serif size=1>September 30, 2005</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>8.60</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.29</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.02)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.27</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.31)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.10)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>(.41)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="6%"><FONT face=sans-serif size=1>8.46</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>3.21</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>24,333</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>1.55</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>3.40</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>21.15</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>September 30, 2004</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>8.65</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.34</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.02)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.33)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.04)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>(.37)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>8.60</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>3.83</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>24,313</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>1.59</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>3.69</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>13.01</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>September 30, 2003</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>8.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.17)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.32)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.05)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>(.37)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>8.65</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>1.83</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>32,171</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>1.56</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>3.72</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>22.39</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>September 30, 2002</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>8.74</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>.15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.50</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.35)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.02)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>(.37)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>8.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>5.83</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>30,974</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>1.55</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>4.00</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>6.50</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>September 30, 2001</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>8.37</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>.37</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.72</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.35)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><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="9%"><FONT face=sans-serif size=1>(.35)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>8.74</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>8.81</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>14,913</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>1.55</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>4.16</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>9.53</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=16>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="99%" colSpan=16>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><B><FONT face=sans-serif>CLASS M</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><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="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>$8.41</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.16</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.10)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.16)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.19)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>(.35)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="6%"><FONT face=sans-serif size=1>$8.12</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>.70</FONT><SUP><FONT face=sans-serif size=1>*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>$5,847</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.52</FONT><SUP><FONT face=sans-serif size=1>*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="4%"><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="9%"><FONT face=sans-serif size=1>September 30, 2005</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>8.55</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.02)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.31</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.35)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.10)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>(.45)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="6%"><FONT face=sans-serif size=1>8.41</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>3.76</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>6,279</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>1.05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>3.90</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>21.15</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>September 30, 2004</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>8.61</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><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="6%"><FONT face=sans-serif size=1>.35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.37)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.04)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>(.41)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>8.55</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>4.17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>6,774</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>1.09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>4.19</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>13.01</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>September 30, 2003</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>8.82</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.36</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.16)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.36)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.05)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>(.41)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>8.61</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>2.45</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>9,009</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>1.06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>4.21</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>22.39</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>September 30, 2002</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>8.69</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.39</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>.15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.54</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.39)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>(.02)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>(.41)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>8.82</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>6.38</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>15,668</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>1.05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>4.51</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>6.50</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>September 30, 2001</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%" background=""></TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>8.33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.39</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>.37</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>.76</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>(.40)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><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="9%"><FONT face=sans-serif size=1>(.40)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>8.69</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>9.25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>13,069</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>1.05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>4.60</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>9.53</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=16>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1>* </FONT><I><FONT face=sans-serif size=1>Not annualized.</FONT></I></P>
<P align=left><FONT face=serif size=1>** </FONT><I><FONT face=sans-serif size=1>Unaudited.</FONT></I></P>
<P align=left><FONT face=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=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=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><I><FONT face=sans-serif size=1>The accompanying notes are an
integral part of these financial statements.</FONT></I></P>

















<P align=left><FONT face=serif size=2>I-66</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_67></A>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif>Appendix
B</FONT></B><BR></TD></TR></TABLE></P>




<P align=left><FONT face=serif>Financial Highlights of </FONT><FONT
face=serif>Putnam New York Investment Grade Municipal Trust (April 30, 2006)</FONT></P>



<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="51%" colSpan=2><FONT
      face=sans-serif size=1>PER-SHARE
      OPERATING PERFORMANCE</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=6>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%">&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=1>Year ended</FONT>&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%">&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="11%"><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="13%"><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
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><FONT face=sans-serif
      size=1>Net asset value, beginning of
      period</FONT>&nbsp; </TD>
    <TD noWrap align=left width="12%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><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="11%"><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="13%"><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="39%"><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="11%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><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="11%"><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="13%"><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="39%"><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="11%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><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="11%"><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="13%"><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="39%"><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="11%"><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="13%"><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="39%"><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="11%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><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="11%"><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="13%"><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="39%"><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="11%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><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="11%"><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="13%"><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="39%"><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="11%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><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="11%"><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="13%"><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="39%"><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="11%"><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="13%"><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="39%"><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="11%"><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="13%"><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="39%"><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="11%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><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="11%"><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="13%"><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="39%"><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="11%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><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="11%"><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="13%"><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="39%"><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="11%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><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="11%"><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="13%"><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></TD></TR>
  <TR>
    <TD width="99%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><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="11%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="99%" background="" colSpan=6
     ><HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><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="11%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><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>$37,452</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><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="13%"><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="39%"><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="11%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><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="11%"><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="13%"><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="39%"><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="11%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="13%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%"><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="11%"><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="13%"><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="39%"><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="11%"><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="13%"><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><I><FONT face=sans-serif size=1>The accompanying notes are an
integral part of these financial statements.</FONT></I></P>



<P align=left></P>
<P align=left></P>
<BR><BR>
<BR><BR>
<P align=left><FONT face=serif>Financial Highlights of </FONT><FONT
face=serif>Putnam New York Tax Exempt Income Fund (May 31, 2006)</FONT></P>











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

  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" colSpan=2><B><FONT
      face=sans-serif size=4
     >Financial highlights</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="35%" colSpan=5><FONT
      face=sans-serif size=2>(For a common
      share outstanding throughout the period)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=15>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="100%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" colSpan=2><FONT
      face=sans-serif size=1>INVESTMENT
      OPERATIONS:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="15%" colSpan=2><FONT
      face=sans-serif size=1>LESS
      DISTRIBUTIONS:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="19%" colSpan=3><FONT
      face=sans-serif size=1>RATIOS AND
      SUPPLEMENTAL DATA:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=15>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>Net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>Total</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>Ratio of net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>Net asset</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>realized and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>Total</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>From</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>From</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>Net asset</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>return</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>Net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>Ratio of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>investment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>value,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>Net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>unrealized</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>from</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>net realized</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>value,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>at net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>assets, </FONT></TD>
    <TD noWrap align=left width="6%" background=""><FONT
      size=1>expenses to</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>income (loss)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>Portfolio</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>beginning</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>investment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>gain (loss) on</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>investment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>investment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>gain on</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>Total</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>Redemption</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>end</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>asset</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>end of period </FONT></TD>
    <TD noWrap align=left width="6%" background=""><FONT
      size=1>average net</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>to average</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>turnover</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>Period ended</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>of period</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>income (loss)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>investments</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>operations</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>income</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>investments</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>distributions</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>fees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>of period</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>value (%)</FONT><SUP><FONT
      face=sans-serif size=1>(a)</FONT></SUP>
    </TD>
    <TD noWrap align=left width="7%" background=""><FONT
      size=1><SUP>&nbsp;</SUP><FONT face=sans-serif
     >(in thousands)</FONT></FONT>&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="6%"><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="6%" background=""><FONT
      size=1>net assets (%)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>(%)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=15>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><B><FONT
      face=sans-serif>CLASS
      A</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><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="5%"><FONT face=sans-serif
      size=1>$8.70</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>.18</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>(.05)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.13</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.18)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.09)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.27)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="5%"><FONT face=sans-serif
      size=1>$8.56</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="7%"><FONT face=sans-serif
      size=1>$1,102,905</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>.40</FONT><SUP><FONT
      face=sans-serif size=1
     >*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="5%"><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="10%"><FONT face=sans-serif
      size=1>November 30, 2005</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>.35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>(.05)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.30</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.35)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.09)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.44)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="5%"><FONT face=sans-serif
      size=1>8.70</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>3.36</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>1,148,135</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>.79</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>3.98</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>12.91</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>November 30, 2004</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.93</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><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="7%"><FONT face=sans-serif
      size=1>(.10)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.27</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.36)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.36)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="5%"><FONT face=sans-serif
      size=1>8.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>3.08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>1,222,953</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="6%"><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="5%"><FONT face=sans-serif
      size=1>22.57</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>November 30, 2003</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>.38</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>.16</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.54</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.39)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.09)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.48)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.93</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>6.25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>1,336,936</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>.82</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>4.23</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><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="10%"><FONT face=sans-serif
      size=1>November 30, 2002</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.79</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>.40</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>.07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.47</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.39)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.39)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>5.44</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>1,322,541</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>.82</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>4.50</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>17.90</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>November 30, 2001</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.52</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>.42</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>.27</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.69</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.42)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.42)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.79</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>8.24</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>1,362,488</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>.81</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>4.80</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>18.63</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=15>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="100%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><B><FONT
      face=sans-serif>CLASS
      B</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><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="5%"><FONT face=sans-serif
      size=1>$8.69</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>.15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>(.05)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.15)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.09)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.24)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="5%"><FONT face=sans-serif
      size=1>$8.55</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="7%"><FONT face=sans-serif
      size=1>$70,377</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>.72</FONT><SUP><FONT
      face=sans-serif size=1
     >*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="5%"><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="10%"><FONT face=sans-serif
      size=1>November 30, 2005</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.83</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>.31</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>(.06)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.30)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.09)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.39)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="5%"><FONT face=sans-serif
      size=1>8.69</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>2.85</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>83,500</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>1.44</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>3.33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>12.91</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>November 30, 2004</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.91</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><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="7%"><FONT face=sans-serif
      size=1>(.09)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.22</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.30)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.30)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="5%"><FONT face=sans-serif
      size=1>8.83</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>2.50</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>110,813</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="6%"><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="5%"><FONT face=sans-serif
      size=1>22.57</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>November 30, 2003</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.85</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>.32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>.17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.49</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.34)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.09)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.43)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.91</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>5.57</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>158,081</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>1.47</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>3.59</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><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="10%"><FONT face=sans-serif
      size=1>November 30, 2002</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.77</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>.34</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>.07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.41</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.33)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.33)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.85</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>4.75</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>119,251</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>1.47</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>3.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>17.90</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>November 30, 2001</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.51</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>.37</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>.25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.62</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.36)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.36)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.77</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>7.41</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>117,722</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>1.46</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>4.18</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>18.63</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=15>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="100%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><B><FONT
      face=sans-serif>CLASS
      C</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><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="5%"><FONT face=sans-serif
      size=1>$8.70</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>.15</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>(.05)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.15)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.09)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.24)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="5%"><FONT face=sans-serif
      size=1>$8.56</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="7%"><FONT face=sans-serif
      size=1>$10,536</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>.79</FONT><SUP><FONT
      face=sans-serif size=1
     >*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="5%"><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="10%"><FONT face=sans-serif
      size=1>November 30, 2005</FONT>&nbsp;
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    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>.28</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>(.06)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.22</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.27)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.09)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.36)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="5%"><FONT face=sans-serif
      size=1>8.70</FONT>&nbsp; </TD>
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      size=1>2.54</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>10,472</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>1.59</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>3.18</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>12.91</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>November 30, 2004</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.93</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><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="7%"><FONT face=sans-serif
      size=1>(.10)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.29)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.29)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="5%"><FONT face=sans-serif
      size=1>8.84</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>2.27</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>10,411</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="6%"><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="5%"><FONT face=sans-serif
      size=1>22.57</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>November 30, 2003</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.86</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>.31</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>.17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.48</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.32)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.09)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.41)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.93</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>5.54</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>10,909</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>1.62</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>3.43</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><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="10%"><FONT face=sans-serif
      size=1>November 30, 2002</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.79</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>.33</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>.06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.39</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.32)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.32)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.86</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>4.48</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>5,885</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>1.62</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>3.69</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>17.90</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>November 30, 2001</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.53</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>.35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>.26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.61</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.35)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.35)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.79</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>7.25</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>5,145</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>1.61</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>3.93</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>18.63</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=15>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="100%" colSpan=15>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><B><FONT
      face=sans-serif>CLASS
      M</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="9%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><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="5%"><FONT face=sans-serif
      size=1>$8.71</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>.17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>(.05)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.12</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.17)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.09)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.26)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="5%"><FONT face=sans-serif
      size=1>$8.57</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="7%"><FONT face=sans-serif
      size=1>$2,620</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>.54</FONT><SUP><FONT
      face=sans-serif size=1
     >*</FONT></SUP>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="5%"><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="10%"><FONT face=sans-serif
      size=1>November 30, 2005</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.85</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>.32</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>(.05)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.27</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.32)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.09)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.41)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="5%"><FONT face=sans-serif
      size=1>8.71</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>3.06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>2,780</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>1.09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>3.68</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>12.91</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>November 30, 2004</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.94</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><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="7%"><FONT face=sans-serif
      size=1>(.10)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.24</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.33)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.33)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="5%"><FONT face=sans-serif
      size=1>8.85</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>2.77</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>3,318</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><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="6%"><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="5%"><FONT face=sans-serif
      size=1>22.57</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>November 30, 2003</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>.35</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>.18</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.53</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.37)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.09)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.46)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.94</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>6.06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>3,876</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>1.12</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>3.94</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><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="10%"><FONT face=sans-serif
      size=1>November 30, 2002</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.79</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>.37</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>.07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.44</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.36)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.36)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.87</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>5.12</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>2,343</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>1.12</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>4.17</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>17.90</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=1>November 30, 2001</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.53</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=1>.40</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>.26</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>.66</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>(.40)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="9%"><FONT face=sans-serif
      size=1>(.40)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>&#151;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>8.79</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>7.78</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=1>1,793</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>1.11</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=1>4.51</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=1>18.63</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=15>
      <HR noShade SIZE=1>
    </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=1>* </FONT><I><FONT face=sans-serif
size=1>Not annualized.</FONT></I></P>
<P align=left><FONT face=serif size=1>** </FONT><I><FONT face=sans-serif
size=1>Unaudited.</FONT></I></P>
<P align=left><FONT face=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=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=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=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=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=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=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=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=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><I><FONT face=sans-serif size=1>The accompanying notes are an
integral part of these financial statements.</FONT></I></P>


































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<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="serif">EXHIBIT A</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT face="serif">THE PUTNAM FUNDS</FONT></B><BR>
<B><FONT face="serif">AUDIT AND COMPLIANCE COMMITTEE CHARTER</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<U><FONT face="serif">JANUARY 2006</FONT></U><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<U><FONT size=2 face="serif">Purpose</FONT></U><FONT size=2 face="serif">. </FONT><B><FONT size=2 face="serif">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></B></P>
<P align="left">
<B><FONT size=2 face="serif">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></B></P>
<P align="left">
<U><FONT size=2 face="serif">Composition</FONT></U><FONT size=2 face="serif">. </FONT><B><FONT size=2 face="serif">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 financial 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></B></P>
<P align="left">
<U><FONT size=2 face="serif">Assistance</FONT></U><FONT size=2 face="serif">. </FONT><B><FONT size=2 face="serif">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></B></P>
<P align="left">
<U><FONT size=2 face="serif">Funding</FONT></U><FONT size=2 face="serif">. </FONT><B><FONT size=2 face="serif">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></B></P>
<P align="left">
<U><FONT size=2 face="serif">Specific Duties of Committee</FONT></U><FONT size=2 face="serif">. </FONT><B><FONT size=2 face="serif">The duties of the Committee include:</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><B><FONT size=2 face="serif">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></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><B><FONT size=2 face="serif">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></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><B><FONT size=2 face="serif">Reviewing the arrangements for and scope of the annual audit and any special audits;</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><B><FONT size=2 face="serif">Conducting meetings at least quarterly;</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">I-68</FONT></P>

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<P align="left">
<FONT size=2 face="serif">&middot; </FONT><B><FONT size=2 face="serif">Evaluating Committee performance at least annually;</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><B><FONT size=2 face="serif">For Funds whose shares are traded on an Exchange, discussing the annual audited financial statements and semiannual or any other periodic financial statements with Fund
management and the independent auditors, including the Funds&#146; disclosures under management&#146;s discussion of Fund performance;</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><B><FONT size=2 face="serif">Discussing with management, guidelines and policies with respect to risk assessment and risk management;</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><B><FONT size=2 face="serif">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></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><B><FONT size=2 face="serif">Reviewing with the independent auditors any audit problems or difficulties and management&#146;s response to such issues, and to resolve any disagreements between management and
the independent auditors;</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><B><FONT size=2 face="serif">Setting clear hiring policies by the Funds for employees or former employees of the independent auditors;</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><B><FONT size=2 face="serif">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></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><B><FONT size=2 face="serif">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></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><B><FONT size=2 face="serif">Reviewing scope and adequacy of audits;</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><B><FONT size=2 face="serif">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></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><B><FONT size=2 face="serif">Pre-approving any work performed by the Funds&#146; auditors, as required by applicable law or the rules of any Exchange;</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><B><FONT size=2 face="serif">Reviewing matters relating to the Funds&#146; Code of Ethics and Putnam Investments&#146; Code of Ethics;</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><B><FONT size=2 face="serif">Reviewing compliance matters identified to the Committee;</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><B><FONT size=2 face="serif">Reassessing annually the adequacy of this Charter and recommending any proposed changes to the full Board of Trustees; and</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><B><FONT size=2 face="serif">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></B></P>
<P align="left">
<FONT size=2 face="serif">I-69</FONT></P>

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<!--$$/page=-->
<A name="page_70"></A>

<P align="left">
<U><FONT size=2 face="serif">Role and Responsibilities of the Committee</FONT></U><FONT size=2 face="serif">. </FONT><B><FONT size=2 face="serif">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></B></P>
<P align="left">
<B><FONT size=2 face="serif">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></B></P>
<P align="left">
<B><FONT size=2 face="serif">In discharging their duties, the members of the Committee are entitled to rely on information, opinions, reports or statements, including financial 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></B></P>
<P align="left">
<FONT size=2 face="serif">I-70</FONT></P>

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<!--$$/page=--><A name=page_71></A>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>EXHIBIT
  B</FONT></B><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif
  size=4>Litigation</FONT></B><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=2>1. Multi-District Litigation
      </FONT></B><BR></TD></TR></TABLE></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 other
contracts, disgorgement of profits, monetary damages, punitive damages and
attorneys&#146; fees and costs. On March 1, 2006, the Court dismissed all of the
plaintiffs&#146; claims except the claim asserted under &#167;36 of the 1940 Act, and the
related claim under Section 48(a) of the 1940 Act. </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"
   >&nbsp; </TD>
    <TD noWrap align=left width="29%"
   >&nbsp; </TD>
    <TD noWrap align=left width="24%"
   >&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><FONT face=serif size=2
     >Consolidated</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"
   >&nbsp; </TD>
    <TD noWrap align=left width="29%"
   >&nbsp; </TD>
    <TD noWrap align=left width="24%"
   >&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><FONT face=serif size=2
     >Amended</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"
   >&nbsp; </TD>
    <TD noWrap align=left width="29%"
   >&nbsp; </TD>
    <TD noWrap align=left width="24%"
   >&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><FONT face=serif size=2
     >Derivative</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"
   >&nbsp; </TD>
    <TD noWrap align=left width="29%"
   >&nbsp; </TD>
    <TD noWrap align=left width="24%"
   >&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><FONT face=serif size=2
     >Complaint</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"
   ><FONT face=serif size=2
     >Case Name</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=serif size=2
     >Defendants</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=serif size=2
     >Court</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><FONT face=serif size=2
     >Filing Date</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=4
   ><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;&#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;&nbsp;</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"
   ><FONT face=serif size=2
     >In re: Mutual Funds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=serif size=2
     >Putnam Trustees1</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=serif size=2
     >United States</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><FONT face=serif size=2
     >September 29,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"
   ><FONT face=serif size=2
     >Investment Litigation</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=serif size=2
     >Putnam Management2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=serif size=2
     >District Court for</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   ><FONT face=serif size=2
     >2004</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"
   >&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=serif size=2
     >Putnam Retail</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=serif size=2
     >the District of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"
   ><FONT face=serif size=2
     >Lead Case:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=serif size=2
     >Management, LP</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   ><FONT face=serif size=2
     >Maryland</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"
   ><FONT face=serif size=2
     >Zuber (derivatively on</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=serif size=2
     >Putnam Retail</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   >&nbsp; </TD>
    <TD noWrap align=left width="21%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"
   ><FONT face=serif size=2
     >behalf of the Putnam</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=serif size=2
     >Management, GP, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   >&nbsp; </TD>
    <TD noWrap align=left width="21%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"
   ><FONT face=serif size=2
     >Family of Funds) v.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="53%" colSpan=2
   ><FONT face=serif size=2
     >Putnam Fiduciary Trust Co.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="21%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"
   ><FONT face=serif size=2
     >Putnam Investment</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=serif size=2
     >Charles E. Porter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   >&nbsp; </TD>
    <TD noWrap align=left width="21%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"
   ><FONT face=serif size=2
     >Management LLC</FONT>&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=serif size=2
     >Patricia C. Flaherty</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   >&nbsp; </TD>
    <TD noWrap align=left width="21%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"
   >&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=serif size=2
     >William H. Woolverton</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   >&nbsp; </TD>
    <TD noWrap align=left width="21%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"
   >&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=serif size=2
     >Justin M. Scott</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   >&nbsp; </TD>
    <TD noWrap align=left width="21%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="25%"
   >&nbsp; </TD>
    <TD noWrap align=left width="29%"
   ><FONT face=serif size=2
     >Omid Kamshad</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"
   >&nbsp; </TD>
    <TD noWrap align=left width="21%"
   >&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>I-71</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_72></A>
<P align=left><FONT face=serif size=2>Geirluv Lode <BR>Carmel
Peters<BR></FONT><FONT face=serif size=2>Putnam Funds3 (nominal)</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;&#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></P>
<P align=left><FONT face=serif size=2>2. State Court Case</FONT></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="24%"><FONT face=serif size=2
     >Case Name</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=serif size=2
     >Defendants</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >Court</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=serif size=2
     >Date Instituted</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=4><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;&#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>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%"><FONT face=serif size=2
     >Stern (derivative on</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=serif size=2
     >Putnam Funds3</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >Supreme Court</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=serif size=2
     >December 17,</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%"><FONT face=serif size=2
     >behalf of Marsh &amp;</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=serif size=2
     >Putnam Management2</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >of the State of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face=serif size=2
     >2003</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%"><FONT face=serif size=2
     >McLennan) v.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=serif size=2
     >Jeffrey Greenberg</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%"><FONT face=serif size=2
     >New York</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%"><FONT face=serif size=2
     >Greenberg, et. al,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=serif size=2
     >Mathis Cabaillavetta</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%">&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=serif size=2
     >Marsh Directors4</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="24%">&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=serif size=2
     >Lawrence Lasser</FONT>&nbsp; </TD>
    <TD noWrap align=left width="23%">&nbsp; </TD>
    <TD noWrap align=left width="22%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=4><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;&#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>&nbsp;
    </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>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=serif size=2>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=serif size=2>3 &#147;Putnam Funds&#148; includes any and/or all
registered investment companies managed by Putnam Management.</FONT></P>
<P align=left><FONT face=serif size=2>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=serif size=2>I-72</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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<A name="page_73"></A>

<P align="left">
<FONT size=2 face="serif">I-73</FONT></P>

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



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<A name="page_74"></A>

<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT face="serif">P U T N A M INVESTMENTS </FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=2 face="serif">The Putnam Funds</FONT></B><BR>
<FONT size=2 face="serif">One Post Office Square</FONT><BR>
<FONT size=2 face="serif">Boston, Massachusetts 02109</FONT><BR>
<FONT size=2 face="serif">Toll-free 1-800-225-1581</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="serif">xxxxx x/xx</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="serif">I-74</FONT></P>

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











































<!--$$/page=--><A name=page_1></A><IMG
src="communibondx1x1.jpg" border=0> <BR>
<P align=left><B><FONT face=serif size=4>The proxy ballot</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><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="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="29%"><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="36%"><FONT face=sans-serif
      size=1>Read the proxy statement and
      have the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=1>Check the appropriate
      boxes</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="36%"><FONT face=sans-serif
      size=1>proxy ballot at
      hand.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=1>on the reverse
      side.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=sans-serif
      size=1>Call
      1-866-241-6192.</FONT>&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:/vote.proxy-direct.com</FONT></U><FONT
      face=sans-serif size=1>.</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&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="36%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=1>Sign and date the proxy
      ballot.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>telephone
      directions.</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="29%">&nbsp; </TD>
    <TD noWrap align=left width="34%">&nbsp; </TD>
    <TD noWrap align=left width="36%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=1>Return the proxy ballot in
      the</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%">&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=1>There is no need for you to
      return your</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"><FONT face=sans-serif
      size=1>envelope provided.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="34%"><FONT face=sans-serif
      size=1>There is no need for you
      to</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"><FONT face=sans-serif
      size=1>proxy ballot.</FONT>&nbsp;
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%">&nbsp; </TD>
    <TD noWrap align=left width="34%"><FONT face=sans-serif
      size=1>return your proxy
      ballot.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%">&nbsp;
</TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>PUTNAM MUNICIPAL BOND
FUND</FONT></B></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. </FONT><B><FONT face=sans-serif size=2>Your vote is being
solicited on behalf of the Trustees. </FONT></B><FONT face=sans-serif
size=2>When you complete and sign the proxy ballot, your proxies will vote
exactly as you have indicated on the other side of this card. </FONT><B><FONT
face=sans-serif size=2>If you simply sign the proxy ballot, or don&#146;t vote on a
specific proposal, your shares will be automatically voted as the Trustees
recommend. </FONT></B><FONT face=sans-serif size=2>Your proxies 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="communibondx1x2.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&#146;s
office. If you are a partner, sign in the partnership name.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=1>PUT_[
  ]</FONT></B><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=2>Proposals <BR>Please vote by
      filling in the appropriate boxes
below.</FONT></B><BR></TD></TR></TABLE></P>
<P align=left><FONT face=sans-serif size=2>Please vote by filling in the
appropriate box below. If you do not mark one or more proposals, your Proxy will
be voted as the Trustees recommend. <BR>PLEASE MARK VOTES AS IN THIS EXAMPLE:
<FONT size=3>&#9632;</P></FONT><FONT size=3>
<P>&nbsp;</P></FONT></FONT><FONT face=sans-serif><FONT size=3>
<P>&#9633;</FONT>&nbsp; To vote on all Proposals, </FONT><B><FONT face=sans-serif>as
the Trustees recommend</FONT></B><FONT face=sans-serif>, mark this box. (No
other vote is necessary.)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >FOR
      </FONT></U></B><FONT face=sans-serif size=2
     >ALL NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>WITHHOLD</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=2>FOR ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=2>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>1.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT
      face=sans-serif size=2>Proposal to
      elect All Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="65%" colSpan=6></TD>
    <TD width="16%"><FONT size=3>&#9633;</FONT></TD>
    <TD width="11%"><FONT size=3>
      <P>&#9633;</P></FONT></TD>
    <TD width="7%" background=""><FONT size=3>
      <P>&#9633;</P></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>01</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>02</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=2>03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>C.E. Haldeman, Jr.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=2>06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=2>09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>To withhold authority to vote for one
or more of the nominees, check the &#147;For All Except&#148; box and write the name(s) or
number(s) of the nominee(s) below:</FONT></P>
<P align=left><FONT face=sans-serif size=2>If you have any questions on the
proposals, please call 1-800-225-1581.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Please sign and date the other side
of this card.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>PUT_[ ]</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>















































<!--$$/page=--><A name=page_1></A><IMG
src="comcamunix1x1.jpg" border=0> <BR>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=4>The proxy
  ballot</FONT></B><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><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="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="29%"
   ><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="36%"
   ><FONT face=sans-serif size=1
     >Read the proxy statement and have
      the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Check the appropriate
      boxes</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="36%"
   ><FONT face=sans-serif size=1
     >proxy ballot at hand.</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >on the reverse side.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >Call 1-866-241-6192.</FONT>&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:/vote.proxy-direct.com</FONT></U><FONT
      face=sans-serif size=1>.</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   >&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="36%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Sign and date the proxy
      ballot.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1>telephone
      directions.</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="29%"
   >&nbsp; </TD>
    <TD noWrap align=left width="34%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Return the proxy ballot in
      the</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=1
     >There is no need for you to return
      your</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >envelope provided.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >There is no need for you
      to</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=1
     >proxy ballot.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   >&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >return your proxy ballot.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="36%"
   >&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>PUTNAM CALIFORNIA INVESTMENT GRADE
MUNICIPAL TRUST</FONT></B></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
MunicipalTrust. 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. </FONT><B><FONT
face=sans-serif size=2>Your vote is being solicited on behalf of the Trustees.
</FONT></B><FONT face=sans-serif size=2>When you complete and sign the proxy
ballot, your proxies will vote exactly as you have indicated on the other side
of this card. </FONT><B><FONT face=sans-serif size=2>If you simply sign the
proxy ballot, or don&#146;t vote on a specific proposal, your shares will be
automatically voted as the Trustees recommend. </FONT></B><FONT face=sans-serif
size=2>Your proxies 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="comcamunix1x2.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&#146;s
office. If you are a partner, sign in the partnership name.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=1>PUT_[
  ]</FONT></B><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<P align=left><B><FONT face=sans-serif size=2>Proposals <BR>Please vote by
filling in the appropriate boxes below.</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Please vote by filling in the
appropriate box below. If you do not mark one or more proposals, your Proxy will
be voted as the Trustees recommend. PLEASE MARK VOTES AS IN THIS EXAMPLE: <FONT
size=3>&#9600;</P></FONT></FONT><FONT face=sans-serif><FONT size=3>
<P>&#9633;</FONT> To vote on all Proposals, </FONT><B><FONT face=sans-serif>as the
Trustees recommend</FONT></B><FONT face=sans-serif>, mark this box. (No other
vote is necessary.)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >FOR
      </FONT></U></B><FONT face=sans-serif size=2
     >ALL NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>WITHHOLD</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>FOR ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>1.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT
      face=sans-serif size=2>Proposal to
      elect All Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="71%" colSpan=6></TD>
    <TD width="10%"><FONT size=3>&#9633;</FONT></TD>
    <TD width="11%"><FONT size=3>
      <P>&#9633;</P></FONT></TD>
    <TD width="8%" background="">&nbsp;<FONT size=3>&#9633;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>01</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>02</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>C.E. Haldeman, Jr.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" colSpan=6><FONT
      face=sans-serif size=2>To withhold
      authority to vote for one or more of the nominees, check the &#147;For All
      Except&#148; box and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=2>write 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="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>AGAINST</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>ABSTAIN</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >AGAINST
      </FONT></U></B><FONT face=sans-serif size=2
     >PROPOSAL 3.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="71%" colSpan=6></TD>
    <TD width="10%"><FONT size=3>&#9633;</FONT></TD>
    <TD width="11%"><FONT size=3>
      <P>&#9633;</P></FONT></TD>
    <TD width="8%" background=""><FONT size=3>
      <P>&#9633;</FONT>&nbsp;</P></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>3. Shareholder proposal requesting
the Trustees to merge the fund into Putnam California Tax Exempt Income Fund,
and open-end fund, or otherwise permit shareholders to realize the net asset
value of their shares.</FONT></P>
<P align=left><FONT face=sans-serif size=2>If you have any questions on the
proposals, please call 1-800-225-1581.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Please sign and date the other side
of this card.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>PUT_[ ]</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>










































<!--$$/page=--><A name=page_1></A><IMG
src="comhymunix1x1.jpg" border=0> <BR>
<P align=left><B><FONT face=serif size=4>The proxy ballot</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><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="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="29%"
   ><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="36%"
   ><FONT face=sans-serif size=1
     >Read the proxy statement and have
      the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Check the appropriate
      boxes</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="36%"
   ><FONT face=sans-serif size=1
     >proxy ballot at hand.</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >on the reverse side.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >Call 1-866-241-6192.</FONT>&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:/vote.proxy-direct.com</FONT></U><FONT
      face=sans-serif size=1>.</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   >&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="36%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Sign and date the proxy
      ballot.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1>telephone directions.</FONT>
    </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="29%"
   >&nbsp; </TD>
    <TD noWrap align=left width="34%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Return the proxy ballot in
      the</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=1
     >There is no need for you to return
      your</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >envelope provided.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >There is no need for you
      to</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=1
     >proxy ballot.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   >&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >return your proxy ballot.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="36%"
   >&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>PUTNAM HIGH YIELD MUNICIPAL
TRUST</FONT></B></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 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. </FONT><B><FONT face=sans-serif size=2>Your
vote is being solicited behalf of the Trustees. </FONT></B><FONT face=sans-serif
size=2>When you complete and sign the proxy ballot, your proxies will vote
exactly as you have indicated on the other side of this card. </FONT><B><FONT
face=sans-serif size=2>If you simply sign the proxy ballot, or don&#146;t vote on a
specific proposal, your shares will be automatically voted as the Trustees
recommend. </FONT></B><FONT face=sans-serif size=2>Your proxies 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="comhymunix1x2.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&#146;s
office. If you are a partner, sign in the partnership name.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=1>PUT_[
  ]</FONT></B><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<P align=left><B><FONT face=sans-serif size=2>Proposals <BR>Please vote by
filling in the appropriate boxes below.</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Please vote by filling in the
appropriate box below. If you do not mark one or more proposals, your Proxy will
be voted as the Trustees recommend. PLEASE MARK VOTES AS IN THIS EXAMPLE: <FONT
size=3>&#9600;</P></FONT></FONT><FONT face=sans-serif><FONT size=3>
<P>&#9633; </FONT>To vote on all Proposals, </FONT><B><FONT face=sans-serif>as the
Trustees recommend</FONT></B><FONT face=sans-serif>, mark this box. (No other
vote is necessary.)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >FOR
      </FONT></U></B><FONT face=sans-serif size=2
     >ALL NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>WITHHOLD</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>FOR ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>1.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT
      face=sans-serif size=2>Proposal to
      elect All Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="71%" colSpan=6></TD>
    <TD width="10%"><FONT size=3>&#9633;</FONT></TD>
    <TD width="11%"><FONT size=3>
      <P>&#9633;</P></FONT></TD>
    <TD width="8%" background=""><FONT size=3>
      <P>&#9633;</FONT>&nbsp;</P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>01</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>02</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>C.E. Haldeman, Jr.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" colSpan=6><FONT
      face=sans-serif size=2>To withhold
      authority to vote for one or more of the nominees, check the &#147;For All
      Except&#148; box and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=2>write 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="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>AGAINST</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>ABSTAIN</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >AGAINST
      </FONT></U></B><FONT face=sans-serif size=2
     >PROPOSAL 2.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="71%" colSpan=6></TD>
    <TD width="10%"><FONT size=3>&#9633;</FONT></TD>
    <TD width="11%"><FONT size=3>
      <P>&#9633;</P></FONT></TD>
    <TD width="8%" background=""><FONT size=3>
      <P>&#9633;</FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>2.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="66%" colSpan=5><FONT
      face=sans-serif size=2>Proposal to
      convert the fund to an open-end investment company.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>If you have any questions on the
proposals, please call 1-800-225-1581.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Please sign and date the other side
of this card.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=2>PUT_[
  ]</FONT></B><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>










































<!--$$/page=--><A name=page_1></A><IMG
src="communioppsx1x1.jpg" border=0> <BR>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=4>The proxy
  ballot</FONT></B><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><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="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="29%"
   ><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="36%"
   ><FONT face=sans-serif size=1
     >Read the proxy statement and have
      the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Check the appropriate
      boxes</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="36%"
   ><FONT face=sans-serif size=1
     >proxy ballot at hand.</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >on the reverse side.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >Call 1-866-241-6192.</FONT>&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:/vote.proxy-direct.com</FONT></U><FONT
      face=sans-serif size=1>.</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   >&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="36%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Sign and date the proxy
      ballot.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1>telephone directions.</FONT>
    </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="29%"
   >&nbsp; </TD>
    <TD noWrap align=left width="34%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Return the proxy ballot in
      the</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=1
     >There is no need for you to return
      your</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >envelope provided.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >There is no need for you
      to</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=1
     >proxy ballot.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   >&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >return your proxy ballot.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="36%"
   >&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>PUTNAM MUNICIPAL OPPORTUNITIES
TRUST</FONT></B></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 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. </FONT><B><FONT face=sans-serif size=2>Your vote is being
solicited on behalf of the Trustees. </FONT></B><FONT face=sans-serif
size=2>When you complete and sign the proxy ballot, your proxies will vote
exactly as you have indicated on the other side of this card. </FONT><B><FONT
face=sans-serif size=2>If you simply sign the proxy ballot, or don&#146;t vote on a
specific proposal, your shares will be automatically voted as the Trustees
recommend. </FONT></B><FONT face=sans-serif size=2>Your proxies 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="communioppsx1x2.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&#146;s
office. If you are a partner, sign in the partnership name.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=1>PUT_[
  ]</FONT></B><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<P align=left><B><FONT face=sans-serif size=2>Proposals <BR>Please vote by
filling in the appropriate boxes below.</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Please vote by filling in the
appropriate box below. If you do not mark one or more proposals, your Proxy will
be voted as the Trustees recommend. PLEASE MARK VOTES AS IN THIS EXAMPLE: <FONT
size=3>&#9600;</P></FONT></FONT><FONT face=sans-serif><FONT size=3>
<P>&#9633; </FONT>To vote on all Proposals, </FONT><B><FONT face=sans-serif>as the
Trustees recommend</FONT></B><FONT face=sans-serif>, mark this box. (No other
vote is necessary.)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >FOR
      </FONT></U></B><FONT face=sans-serif size=2
     >ALL NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>WITHHOLD</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=2>FOR ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=2>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>1.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT
      face=sans-serif size=2>Proposal to
      elect All Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR>
    <TD width="65%" colSpan=6></TD>
    <TD width="16%"><FONT size=3>&#9633;</FONT></TD>
    <TD width="11%"><FONT size=3>
      <P>&#9633;</P></FONT></TD>
    <TD width="7%" background=""><FONT size=3>
      <P>&#9633;</FONT>&nbsp;</P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>01</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>02</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=2>03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>C.E. Haldeman, Jr.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=2>06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=2>09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>To withhold authority to vote for one
or more of the nominees, check the &#147;For All Except&#148; box and write the name(s) or
number(s) of the nominee(s) below:</FONT></P>
<P align=left><FONT face=sans-serif size=2>If you have any questions on the
proposals, please call 1-800-225-1581.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Please sign and date the other side
of this card.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=2>PUT_[
  ]</FONT></B><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>










































<!--$$/page=--><A name=page_1></A><IMG
src="comnymunix1x1.jpg" border=0> <BR>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=4>The proxy
  ballot</FONT></B><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><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="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="29%"
   ><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="36%"
   ><FONT face=sans-serif size=1
     >Read the proxy statement and have
      the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Check the appropriate
      boxes</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="36%"
   ><FONT face=sans-serif size=1
     >proxy ballot at hand.</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >on the reverse side.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >Call 1-866-241-6192.</FONT>&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:/vote.proxy-direct.com</FONT></U><FONT
      face=sans-serif size=1>.</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   >&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="36%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Sign and date the proxy
      ballot.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1>telephone directions.</FONT>
    </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="29%"
   >&nbsp; </TD>
    <TD noWrap align=left width="34%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >Return the proxy ballot in
      the</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   >&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=1
     >There is no need for you to return
      your</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   ><FONT face=sans-serif size=1
     >envelope provided.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >There is no need for you
      to</FONT>&nbsp; </TD>
    <TD noWrap align=left width="36%"
   ><FONT face=sans-serif size=1
     >proxy ballot.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="29%"
   >&nbsp; </TD>
    <TD noWrap align=left width="34%"
   ><FONT face=sans-serif size=1
     >return your proxy ballot.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="36%"
   >&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>PUTNAM NEW YORK INVESTMENT GRADE
MUNICIPAL TRUST</FONT></B></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. </FONT><B><FONT face=sans-serif
size=2>Your vote is being solicited on behalf of the Trustees. </FONT></B><FONT
face=sans-serif size=2>When you complete and sign the proxy ballot, your proxies
will vote exactly as you have indicated on the other side of this card.
</FONT><B><FONT face=sans-serif size=2>If you simply sign the proxy ballot, or
don&#146;t vote on a specific proposal, your shares will be automatically voted as
the Trustees recommend. </FONT></B><FONT face=sans-serif size=2>Your proxies 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="comnymunix1x2.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&#146;s
office. If you are a partner, sign in the partnership name.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=1>PUT_[
  ]</FONT></B><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<P align=left><B><FONT face=sans-serif size=2>Proposals <BR>Please vote by
filling in the appropriate boxes below.</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Please vote by filling in the
appropriate box below. If you do not mark one or more proposals, your Proxy will
be voted as the Trustees recommend. PLEASE MARK VOTES AS IN THIS EXAMPLE: <FONT
size=3>&#9632;</P></FONT></FONT><FONT face=sans-serif><FONT size=3>
<P>&#9633; </FONT>To vote on all Proposals, </FONT><B><FONT face=sans-serif>as the
Trustees recommend</FONT></B><FONT face=sans-serif>, mark this box. (No other
vote is necessary.)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >FOR
      </FONT></U></B><FONT face=sans-serif size=2
     >ALL NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>WITHHOLD</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>FOR ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>1.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT
      face=sans-serif size=2>Proposal to
      elect All Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="71%" colSpan=6></TD>
    <TD width="10%"><FONT size=3>&#9633;</FONT></TD>
    <TD width="11%"><FONT size=3>
      <P>&#9633;</P></FONT></TD>
    <TD width="8%" background=""><FONT size=3>
      <P>&#9633;</FONT>&nbsp;</P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>01</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>02</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>C.E. Haldeman, Jr.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" colSpan=6><FONT
      face=sans-serif size=2>To withhold
      authority to vote for one or more of the nominees, check the &#147;For All
      Except&#148; box and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=2>write 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="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="71%" colSpan=6>
      <HR noShade SIZE=1>
    </TD>
    <TD width="29%" colSpan=3></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>AGAINST</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>ABSTAIN</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >AGAINST
      </FONT></U></B><FONT face=sans-serif size=2
     >PROPOSAL 4.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="71%" colSpan=6></TD>
    <TD width="10%"><FONT size=3>&#9633;</FONT></TD>
    <TD width="11%"><FONT size=3>
      <P>&#9633;</P></FONT></TD>
    <TD width="8%" background=""><FONT size=3>
      <P>&#9633;</FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>4.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="66%" colSpan=5><FONT
      face=sans-serif size=2>Shareholder
      proposal requesting the Trustees to merge the fund into Putnam New
      York</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="66%" colSpan=5><FONT
      face=sans-serif size=2>Tax Exempt
      Income Fund, and open-end fund, or otherwise permit shareholders
      to</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="38%" colSpan=3><FONT
      face=sans-serif size=2>realize the net
      asset value of their shares.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>If you have any questions on the
proposals, please call 1-800-225-1581.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Please sign and date the other side
of this card.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=2>PUT_[
  ]</FONT></B><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>










































<!--$$/page=--><A name=page_1></A><IMG
src="prefcamunix1x1.jpg" border=0> <BR>
<P align=left><B><FONT face=serif size=4>The proxy ballot</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><B><FONT
      face=sans-serif size=1>To
      vote by mail</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>Read the proxy
      statement.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>Check the appropriate
      boxes</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>on the reverse
      side.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>Sign and date the proxy
      ballot.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>Return the proxy ballot in
      the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>envelope provided.</FONT>&nbsp;
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>PUTNAM CALIFORNIA INVESTMENT GRADE
MUNICIPAL TRUST</FONT></B></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. </FONT><B><FONT
face=sans-serif size=2>Your vote is being solicited on behalf of the Trustees.
</FONT></B><FONT face=sans-serif size=2>When you complete and sign the proxy
ballot, the Trustees will vote exactly as you have indicated on the other side
of this card. </FONT><B><FONT face=sans-serif size=2>If you simply sign the
proxy ballot, or don&#146;t vote on a specific proposal, your shares will be
automatically voted as the Trustees recommend. </FONT></B><FONT face=sans-serif
size=2>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="prefcamunix1x2.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&#146;s
office. If you are a partner, sign in the partnership name.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=1>PUT_[
  ]</FONT></B><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<P align=left><B><FONT face=sans-serif size=2>Proposals <BR>Please vote by
filling in the appropriate boxes below.</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Please vote by filling in the
appropriate box below. If you do not mark one or more proposals, your Proxy will
be voted as the Trustees recommend. PLEASE MARK VOTES AS IN THIS EXAMPLE: <FONT
size=3>&#9600;</P></FONT></FONT><FONT face=sans-serif><FONT size=3>
<P>&#9633; </FONT>To vote on all Proposals, </FONT><B><FONT face=sans-serif>as the
Trustees recommend</FONT></B><FONT face=sans-serif>, mark this box. (No other
vote is necessary.)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >FOR
      </FONT></U></B><FONT face=sans-serif size=2
     >ALL NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>WITHHOLD</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>FOR ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>1.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT
      face=sans-serif size=2>Proposal to
      elect All Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="71%" colSpan=6></TD>
    <TD width="10%"><FONT size=3>&#9633;</FONT></TD>
    <TD width="11%" background="">&nbsp;<FONT size=3>&#9633;</FONT></TD>
    <TD width="8%"><FONT size=3>
      <P>&#9633;</P></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>01</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif
      size=2>02</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>C.E. Haldeman, Jr.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif
      size=2>05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif
      size=2>08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>J.A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif
      size=2>11</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>R.E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" colSpan=6><FONT
      face=sans-serif size=2>To withhold
      authority to vote for one or more of the nominees, check the &#147;For All
      Except&#148; box and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=2>write 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="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >AGAINST
      </FONT></U></B><FONT face=sans-serif size=2
     >PROPOSAL 3.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>AGAINST</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>ABSTAIN</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="71%" colSpan=6></TD>
    <TD width="10%"><FONT size=3>&#9633;</FONT></TD>
    <TD width="11%"><FONT size=3>
      <P>&#9633;</P></FONT></TD>
    <TD width="8%" background=""><FONT size=3>&#9633;</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>3.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="66%" colSpan=5><FONT
      face=sans-serif size=2>Shareholder
      proposal requesting the Trustees to merge the fund into Putnam
      California</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="66%" colSpan=5><FONT
      face=sans-serif size=2>Tax Exempt Income Fund,
      and open-end fund, or otherwise permit shareholders to realize the
      net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>asset value of their
      shares.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>Please sign and date the other side
of this card</FONT></P>
<P align=left><FONT face=sans-serif size=2>If you have any questions on the
proposals, please call 1-800-225-1581.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=2>PUT_[
  ]</FONT></B><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>










































<!--$$/page=--><A name=page_1></A><IMG
src="prefhymunix1x1.jpg" border=0> <BR>
<P align=left><B><FONT face=serif size=4>The proxy ballot</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><B><FONT
      face=sans-serif size=1>To
      vote by mail</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>Read the proxy
      statement.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>Check the appropriate
      boxes</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>on the reverse
      side.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>Sign and date the proxy
      ballot.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>Return the proxy ballot in
      the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>envelope provided.</FONT>&nbsp;
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>PUTNAM HIGH YIELD MUNICIPAL
TRUST</FONT></B></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. </FONT><B><FONT face=sans-serif size=2>Your
vote is being solicited on behalf of the Trustees. </FONT></B><FONT
face=sans-serif size=2>When you complete and sign the proxy ballot, the Trustees
will vote exactly as you have indicated on the other side of this card.
</FONT><B><FONT face=sans-serif size=2>If you simply sign the proxy ballot, or
don&#146;t vote on a specific proposal, your shares will be automatically voted as
the Trustees recommend. </FONT></B><FONT face=sans-serif size=2>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="prefhymunix1x2.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&#146;s
office. If you are a partner, sign in the partnership name.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=1>PUT_[
  ]</FONT></B><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<P align=left><B><FONT face=sans-serif size=2>Proposals <BR>Please vote by
filling in the appropriate boxes below.</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Please vote by filling in the
appropriate box below. If you do not mark one or more proposals, your Proxy will
be voted as the Trustees recommend. PLEASE MARK VOTES AS IN THIS EXAMPLE: <FONT
size=3>&#9600;</P></FONT></FONT><FONT face=sans-serif><FONT size=3>
<P>&#9633; </FONT>To vote on all Proposals, </FONT><B><FONT face=sans-serif>as the
Trustees recommend</FONT></B><FONT face=sans-serif>, mark this box. (No other
vote is necessary.)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >FOR
      </FONT></U></B><FONT face=sans-serif size=2
     >ALL NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="17%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>WITHHOLD</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>FOR ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>1.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT
      face=sans-serif size=2>Proposal to
      elect All Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="71%" colSpan=6></TD>
    <TD width="10%"><FONT size=3>&#9633;</FONT></TD>
    <TD width="11%" background=""><FONT size=3>
      <P>&#9633;</FONT>&nbsp;</P></TD>
    <TD width="8%"><FONT size=3>
      <P>&#9633;</P></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>01</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>02</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>C.E. Haldeman, Jr.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="17%"><FONT face=sans-serif
      size=2>J.A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>11</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>R.E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" colSpan=6><FONT
      face=sans-serif size=2>To withhold
      authority to vote for one or more of the nominees, check the &#147;For All
      Except&#148; box and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=2>write 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="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="71%" colSpan=6>
      <HR noShade SIZE=1>
    </TD>
    <TD width="29%" colSpan=3></TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >AGAINST
      </FONT></U></B><FONT face=sans-serif size=2
     >PROPOSAL 2.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>AGAINST</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>ABSTAIN</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="71%" colSpan=6></TD>
    <TD width="10%"><FONT size=3>&#9633;</FONT></TD>
    <TD width="11%"><FONT size=3>
      <P>&#9633;</P></FONT></TD>
    <TD width="8%" background=""><FONT size=3>
      <P>&#9633;</FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>2.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="66%" colSpan=5><FONT
      face=sans-serif size=2>Proposal to
      convert the fund to an open-end investment company.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>Please sign and date the other side
of this card</FONT></P>
<P align=left><FONT face=sans-serif size=2>If you have any questions on the
proposals, please call 1-800-225-1581.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>PUT_[ ]</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>










































<!--$$/page=--><A name=page_1></A><IMG
src="prefmunibondx1x1.jpg" border=0> <BR>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=4>The proxy
  ballot</FONT></B><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><B><FONT
      face=sans-serif size=1>To
      vote by mail</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>Read the proxy
      statement.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>Check the appropriate
      boxes</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>on the reverse
      side.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>Sign and date the proxy
      ballot.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>Return the proxy ballot in
      the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>envelope provided.</FONT>&nbsp;
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>PUTNAM MUNICIPAL BOND
FUND</FONT></B></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. </FONT><B><FONT face=sans-serif size=2>Your vote is being
solicited on behalf of the Trustees. </FONT></B><FONT face=sans-serif
size=2>When you complete and sign the proxy ballot, the Trustees will vote
exactly as you have indicated on the other side of this card. </FONT><B><FONT
face=sans-serif size=2>If you simply sign the proxy ballot, or don&#146;t vote on a
specific proposal, your shares will be automatically voted as the Trustees
recommend. </FONT></B><FONT face=sans-serif size=2>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="prefmunibondx1x2.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&#146;s
office. If you are a partner, sign in the partnership name.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=1>PUT_[
  ]</FONT></B><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<P align=left><B><FONT face=sans-serif size=2>Proposals Please vote by filling
in the appropriate boxes below.</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Please vote by filling in the
appropriate box below. If you do not mark one or more proposals, your Proxy will
be voted as the Trustees recommend. PLEASE MARK VOTES AS IN THIS EXAMPLE: <FONT
size=3>&#9600;</P></FONT></FONT><FONT face=sans-serif><FONT size=3>
<P>&#9633; </FONT>To vote on all Proposals, </FONT><B><FONT face=sans-serif>as the
Trustees recommend</FONT></B><FONT face=sans-serif>, mark this box. (No other
vote is necessary.)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >FOR
      </FONT></U></B><FONT face=sans-serif size=2
     >ALL NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>WITHHOLD</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=2>FOR ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>1.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT
      face=sans-serif size=2>Proposal to
      elect All Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=2>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="65%" colSpan=6></TD>
    <TD width="16%"><FONT size=3>&#9633;</FONT></TD>
    <TD width="11%" background=""><FONT size=3>
      <P>&#9633;</P></FONT></TD>
    <TD width="7%"><FONT size=3>
      <P>&#9633;</P></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>01</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>02</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=2>03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>C.E. Haldeman, Jr.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=2>06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=2>09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>J.A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>11</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>R.E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>To withhold authority to vote for one
or more of the nominees, check the &#147;For All Except&#148; box and write the name(s) or
number(s) of the nominee(s) below:</FONT></P>
<P align=left><FONT face=sans-serif size=2>If you have any questions on the
proposals, please call 1-800-225-1581.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Please sign and date the other side
of this card.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=2>PUT_[
  ]</FONT></B><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_3"></A>












































<!--$$/page=--><A name=page_1></A><IMG
src="prefmunioppsx1x1.jpg" border=0> <BR>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=4>The proxy
  ballot</FONT></B><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><B><FONT
      face=sans-serif size=1>To
      vote by mail</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>Read the proxy
      statement.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>Check the appropriate
      boxes</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>on the reverse
      side.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>Sign and date the proxy
      ballot.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>Return the proxy ballot in
      the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>envelope provided.</FONT>&nbsp;
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>PUTNAM MUNICIPAL OPPORTUNITIES
TRUST</FONT></B></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. </FONT><B><FONT face=sans-serif size=2>Your
vote is being solicited on behalf of the Trustees. </FONT></B><FONT
face=sans-serif size=2>When you complete and sign the proxy ballot, the Trustees
will vote exactly as you have indicated on the other side of this card.
</FONT><B><FONT face=sans-serif size=2>If you simply sign the proxy ballot, or
don&#146;t vote on a specific proposal, your shares will be automatically voted as
the Trustees recommend. </FONT></B><FONT face=sans-serif size=2>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="prefmunioppsx1x2.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&#146;s
office. If you are a partner, sign in the partnership name.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=1>PUT_[
  ]</FONT></B><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<P align=left><B><FONT face=sans-serif size=2>Proposals <BR>Please vote by
filling in the appropriate boxes below.</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Please vote by filling in the
appropriate box below. If you do not mark one or more proposals, your Proxy will
be voted as the Trustees recommend. PLEASE MARK VOTES AS IN THIS EXAMPLE: <FONT
size=3>&#9600;</P></FONT></FONT><FONT face=sans-serif><FONT size=3>
<P>&#9633; </FONT>To vote on all Proposals, </FONT><B><FONT face=sans-serif>as the
Trustees recommend</FONT></B><FONT face=sans-serif>, mark this box. (No other
vote is necessary.)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >FOR
      </FONT></U></B><FONT face=sans-serif size=2
     >ALL NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>WITHHOLD</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=2>FOR ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>1.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT
      face=sans-serif size=2>Proposal to
      elect All Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%">&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="7%"><FONT face=sans-serif
      size=2>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="65%" colSpan=6></TD>
    <TD width="16%"><FONT size=3>&#9633;</FONT></TD>
    <TD width="11%" background=""><FONT size=3>
      <P>&#9633;</FONT>&nbsp;</P></TD>
    <TD width="7%"><FONT size=3>
      <P>&#9633;</P></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>01</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>02</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=2>03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>C.E. Haldeman, Jr.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=2>06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%"><FONT face=sans-serif
      size=2>09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>J.A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>11</FONT>&nbsp; </TD>
    <TD noWrap align=left width="14%"><FONT face=sans-serif
      size=2>R.E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="4%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="7%">&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>To withhold authority to vote for one
or more of the nominees, check the &#147;For All Except&#148; box and write the name(s) or
number(s) of the nominee(s) below:</FONT></P>
<P align=left><FONT face=sans-serif size=2>If you have any questions on the
proposals, please call 1-800-225-1581.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Please sign and date the other side
of this card</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=2>PUT_[
  ]</FONT></B><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>










































<!--$$/page=--><A name=page_1></A><IMG
src="prefnymunix1x1.jpg" border=0> <BR>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=4>The proxy
  ballot</FONT></B><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><B><FONT
      face=sans-serif size=1>To
      vote by mail</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>Read the proxy
      statement.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>Check the appropriate
      boxes</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>on the reverse
      side.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>Sign and date the proxy
      ballot.</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>Return the proxy ballot in
      the</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=sans-serif
      size=1>envelope provided.</FONT>&nbsp;
    </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>PUTNAM NEW YORK INVESTMENT GRADE
MUNICIPAL TRUST</FONT></B></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. </FONT><B><FONT face=sans-serif
size=2>Your vote is being solicited on behalf of the Trustees. </FONT></B><FONT
face=sans-serif size=2>When you complete and sign the proxy ballot, the Trustees
will vote exactly as you have indicated on the other side of this card.
</FONT><B><FONT face=sans-serif size=2>If you simply sign the proxy ballot, or
don&#146;t vote on a specific proposal, your shares will be automatically voted as
the Trustees recommend. </FONT></B><FONT face=sans-serif size=2>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="prefnymunix1x2.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&#146;s
office. If you are a partner, sign in the partnership name.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=1>PUT_[
  ]</FONT></B><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>
<!--$$/page=--><A name=page_2></A>
<P align=left><B><FONT face=sans-serif size=2>Proposals <BR>Please vote by
filling in the appropriate boxes below.</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Please vote by filling in the
appropriate box below. If you do not mark one or more proposals, your Proxy will
be voted as the Trustees recommend. PLEASE MARK VOTES AS IN THIS
EXAMPLE:&nbsp;<FONT size=3>&#9600;</P></FONT></FONT><FONT face=sans-serif><FONT
size=3>
<P>&#9633; </FONT>To vote on all Proposals, </FONT><B><FONT face=sans-serif>as the
Trustees recommend</FONT></B><FONT face=sans-serif>, mark this box. (No other
vote is necessary.)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >FOR
      </FONT></U></B><FONT face=sans-serif size=2
     >ALL NOMINEES.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>WITHHOLD</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>FOR ALL</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>1.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="22%" colSpan=2><FONT
      face=sans-serif size=2>Proposal to
      elect All Nominees:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>ALL</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>EXCEPT</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="71%" colSpan=6></TD>
    <TD width="10%"><FONT size=3>&#9633;</FONT></TD>
    <TD width="11%" background=""><FONT size=3>&#9633;</FONT></TD>
    <TD width="8%"><FONT size=3>
      <P>&#9633;</P></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>01</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>J.A. Baxter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif
      size=2>02</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>C.B. Curtis</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>03</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>M.R. Drucker</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>04</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>C.E. Haldeman, Jr.</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif
      size=2>05</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>P.L. Joskow</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>06</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>E.T. Kennan</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>07</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>G. Putnam, III</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif
      size=2>08</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>W.T. Stephens</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%"><FONT face=sans-serif
      size=2>09</FONT>&nbsp; </TD>
    <TD noWrap align=left width="25%"><FONT face=sans-serif
      size=2>R.B. Worley</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>10</FONT>&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>J.A. Hill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"><FONT face=sans-serif
      size=2>11</FONT>&nbsp; </TD>
    <TD noWrap align=left width="16%"><FONT face=sans-serif
      size=2>R.E. Patterson</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" colSpan=6><FONT
      face=sans-serif size=2>To withhold
      authority to vote for one or more of the nominees, check the &#147;For All
      Except&#148; box and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=2>write 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="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR>
    <TD width="71%" colSpan=6>
      <HR noShade SIZE=1>
    </TD>
    <TD width="29%" colSpan=3></TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="43%" colSpan=4><FONT
      face=sans-serif size=2>THE TRUSTEES
      RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2
     >AGAINST
      </FONT></U></B><FONT face=sans-serif size=2
     >PROPOSAL 4.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%"><FONT face=sans-serif
      size=2>FOR</FONT>&nbsp; </TD>
    <TD noWrap align=left width="11%"><FONT face=sans-serif
      size=2>AGAINST</FONT>&nbsp; </TD>
    <TD noWrap align=left width="8%"><FONT face=sans-serif
      size=2>ABSTAIN</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="71%" colSpan=6></TD>
    <TD width="10%"><FONT size=3>&#9633;</FONT></TD>
    <TD width="11%"><FONT size=3>
      <P>&#9633;</P></FONT></TD>
    <TD width="8%" background=""><FONT size=3>&#9633;</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=9>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face=sans-serif
      size=2>4.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="66%" colSpan=5><FONT
      face=sans-serif size=2>Shareholder
      proposal requesting the Trustees to merge the fund into Putnam New
      York</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="66%" colSpan=5><FONT
      face=sans-serif size=2>Tax Exempt Income Fund,
      and open-end fund, or otherwise permit shareholders to realize the
      net</FONT>&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="20%"><FONT face=sans-serif
      size=2>asset value of their
      shares.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp; </TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="25%">&nbsp; </TD>
    <TD noWrap align=left width="10%">&nbsp; </TD>
    <TD noWrap align=left width="11%">&nbsp; </TD>
    <TD noWrap align=left width="8%">&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>Please sign and date the other side
of this card</FONT></P>
<P align=left><FONT face=sans-serif size=2>If you have any questions on the
proposals, please call 1-800-225-1581.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=sans-serif size=2>PUT_[
  ]</FONT></B><BR></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>




























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    <TD noWrap><FONT face=serif>August 11,
2006</FONT><BR></TD></TR></TABLE></P>
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<TABLE>

  <TR>
    <TD noWrap><FONT face=serif>Securities and Exchange
      Commission</FONT><BR><FONT face=serif>450 Fifth Street,
      N.W.</FONT><BR><FONT face=serif>Washington, DC
  20549-1004</FONT><BR></TD></TR></TABLE></P>
<P align=left><FONT face=serif>Re: Proxy Materials for <BR><BR></FONT><FONT
face=serif>Putnam California Investment Grade Municipal Trust (Securities Act
Registration no. 33-53106; Investment Company Act File no. 811-07276)</FONT></P>
<P align=left><FONT face=serif>Putnam High Yield Municipal Trust (Securities Act
Registration no. 33-27889; Investment Company Act File no. 811-05795)
<BR><BR>Putnam Municipal Bond Fund (Securities Act Registration no. 33-53076;
Investment Company Act File no. 811-07270) <BR><BR>Putnam Municipal
Opportunities Trust (Securities Act Registration no. 33-60790; Investment
Company Act File no. 811-07626) <BR><BR>Putnam New York Investment Grade
Municipal Trust (Securities Act Registration no. 33-53104; Investment Company
Act File no. 811-07274)</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif>Ladies and
Gentlemen:</FONT></TD></TR></TABLE></P>
<P align=left><FONT face=serif>Pursuant to Rule 14a-6(b) under the Securities
Exchange Act of 1934, we are transmitting for filing via the EDGAR system
preliminary proxy materials in connection with a regular meeting of shareholders
of the registrants identified above to be held on October 30, 2006.</FONT></P>
<P align=left><FONT face=serif>Definitive materials are expected to be mailed to
shareholders on or about September 5, 2006.</FONT></P>
<P align=left><FONT face=serif>Comments on the above-referenced filing can be
directed to James Clark of this office at (617) 760-8939.</FONT></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif>Very truly
yours,</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif>/s/ Karen Ferguson</FONT><BR><FONT
      face=serif>Karen Ferguson</FONT><BR><FONT face=serif>Legal Product
      Specialist</FONT><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><FONT face=serif>cc: James F. Clark, Esq. </FONT><BR><FONT
      face=serif>George B. Raine, Esq. </FONT><BR><FONT face=serif>Laurie
      Grossman</FONT><BR><FONT face=serif>J
Scott-Harris</FONT><BR></TD></TR></TABLE></P>
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