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<SEC-DOCUMENT>0000928816-06-001147.txt : 20090826
<SEC-HEADER>0000928816-06-001147.hdr.sgml : 20090826
<ACCEPTANCE-DATETIME>20060914164330
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000928816-06-001147
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20060914

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:		CORRESP

	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:		CORRESP

	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:		CORRESP

	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:		CORRESP

	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:		CORRESP

	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>
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<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<!DOCTYPE HTML PUBLIC "SEC Comment Response Letter August 2006.pdf">


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<!--$$/page=--><A name=page_1></A>
<P align=left><FONT face=serif>September 14, 2006</FONT></P>
<P align=left><B><U><FONT face=serif>BY EDGAR</FONT></U></B></P>
<P align=left><FONT face=serif>U.S. Securities and Exchange
Commission</FONT><BR><FONT face=serif>Division of Investment
Management</FONT><BR><FONT face=serif>450 Fifth Street, N.W.</FONT><BR><FONT
face=serif>Washington, DC 20549</FONT><BR><FONT face=serif>Attention: Linda
Stirling, Esquire </FONT><BR></P>
<P align=left><FONT face=serif>Re: </FONT><U><FONT face=serif>Preliminary Proxy
Statement on Schedule 14A for the following (collectively,
the</FONT></U><U><FONT face=serif>&#147;Funds&#148;)</FONT></U><FONT
face=serif>:</FONT><BR><FONT face=serif><BR>&#183; </FONT><FONT face=serif>Putnam
California Investment Grade Municipal Trust (811-07276)</FONT><BR><FONT
face=serif>&#183; </FONT><FONT face=serif>Putnam High Yield Municipal Trust
(811-05795)</FONT><BR><FONT face=serif>&#183; </FONT><FONT face=serif>Putnam
Municipal Bond Fund (811-07270)</FONT><BR><FONT face=serif>&#183; </FONT><FONT
face=serif>Putnam Municipal Opportunities Trust (811-07626)</FONT><BR><FONT
face=serif>&#183; </FONT><FONT face=serif>Putnam New York Investment Grade Municipal
Trust (811-07274)</FONT><BR></P>
<P align=left><FONT face=serif>Dear Ms. Stirling:</FONT></P>
<P align=left><FONT face=serif>This letter responds to the comments that Laura
Hatch provided telephonically to me on behalf of the Staff of the U.S.
Securities and Exchange Commission (the &#147;Commission Staff&#148;) on August 21, 2006
regarding the Funds&#146; Preliminary Proxy Statement filed on August 14,
2006.</FONT></P>
<P align=left><FONT face=serif>For convenience of reference, I have summarized
the Commission Staff&#146;s comment before the response by the Funds.</FONT></P>
<P align=left><FONT face=serif>1. </FONT><U><FONT
face=serif>Comment</FONT></U><FONT face=serif>: Please disclose in the proxy
statement any applicable rights of dissenting shareholders for an appraisal of
their shares in accordance with Item 3 of Schedule 14A.</FONT></P><FONT
face=serif>
<P align=left><U><FONT face=serif>Response</FONT></U><FONT face=serif>: The
Preliminary Proxy Statement, in the section &#147;Further Information About Voting
and the Meeting&#148; under the sub-heading &#147;Quorum and Methods of Tabulation,&#148;
discloses that shareholders of the Funds have no appraisal rights.</FONT></P>
<P align=left>2. </FONT><U><FONT face=serif>Comment</FONT></U><FONT face=serif>:
Please disclose in the proxy statement the name of the person(s) by whom the
cost of solicitation is being directly or indirectly borne in accordance with
Item 4(a)(4) of Schedule 14A.</FONT></P>
<P align=left><U><FONT face=serif>Response</FONT></U><FONT face=serif>: The
Preliminary Proxy Statement, in the section &#147;Further Information About Voting
and the Meeting&#148; under the sub-heading &#147;Solicitation of proxies,&#148; discloses that
the costs of proxy solicitation will be borne by the Funds.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<A name=page_2></A>
<P align=left><FONT face=serif>- 2 -</FONT></P>
<P align=left><FONT face=serif>September 14, 2006</FONT></P>
<P align=left><FONT face=serif>U.S. Securities and Exchange
Commission</FONT><FONT face=serif></FONT></P>
<P align=left><FONT face=serif>3.</FONT> <U><FONT
face=serif>Comment</FONT></U><FONT face=serif>: Please disclose in the proxy
statement with respect to each Fund the number of shares of each class that are
outstanding and the number of votes to which each such class is entitled in
accordance with Item 6(a) of Schedule 14A.</FONT></P>
<P align=left><U><FONT face=serif>Response</FONT></U><FONT face=serif>: We will
in the definitive proxy statement provide the number of shares of each class of
each Fund outstanding as of the record date, each share being entitled to one
vote.</FONT></P>
<P align=left><FONT face=serif>4.</FONT> <U><FONT
face=serif>Comment</FONT></U><FONT face=serif>: Please describe the effect of
approval of Proposal 2 on the outstanding preferred shares of Putnam High Yield
Municipal Trust.</FONT></P>
<P align=left><U><FONT face=serif>Response</FONT></U><FONT face=serif>: As
stated in the Preliminary Proxy Statement, if the Fund were to convert to an
open-end investment company following approval of such conversion by the Fund&#146;s
shareholders, the Fund would be required to redeem all of its outstanding
preferred shares. The Fund&#146;s Agreement and Declaration of Trust would also be
amended by action of the Fund&#146;s Trustees to prohibit the issuance of preferred
shares by the converted open-end investment company.</FONT></P>
<P align=left><FONT face=serif>I believe that this letter addresses the
Commission Staff&#146;s comments. Please also find attached as</FONT> <U><FONT
face=serif>Appendix A</FONT></U> <FONT face=serif>certain representations by an
officer of the Funds in connection with the Proxy Statement. Should you have any
further questions, please do not hesitate to call me at (617) 760-8939. Thank
you for your assistance.</FONT></P>
<P align=left><FONT face=serif>Very truly yours,</FONT><BR><FONT
face=serif><U><BR>/s/ James F. Clark</U><BR>James F. Clark</FONT><BR><FONT
face=serif>Vice President and Counsel</FONT><BR><FONT face=serif>Putnam
Investments</FONT><BR></P>
<P align=left><FONT face=serif>cc: George B. Raine, Ropes &amp; Gray
LLP</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<A name=page_3></A>
<P align=left><FONT face=serif>- 3 -</FONT></P>
<P align=left><FONT face=serif>September 14, 2006</FONT></P>
<P align=left><FONT face=serif>U.S. Securities and Exchange
Commission</FONT></P>
<P align=left><U><FONT face=serif>Appendix A</FONT></U></P>
<P align=left><FONT face=serif>Re:</FONT> <U><FONT face=serif>Preliminary Proxy
Statement on Schedule 14A for the following (collectively,
the</FONT></U><U><FONT face=serif>&#147;Funds&#148;)</FONT></U><FONT
face=serif>:</FONT><BR><FONT face=serif><BR>&#183;</FONT> <FONT face=serif>Putnam
California Investment Grade Municipal Trust (811-07276)</FONT><BR><FONT
face=serif>&#183;</FONT> <FONT face=serif>Putnam High Yield Municipal Trust
(811-05795)</FONT><BR><FONT face=serif>&#183;</FONT> <FONT face=serif>Putnam
Municipal Bond Fund (811-07270)</FONT><BR><FONT face=serif>&#183;</FONT> <FONT
face=serif>Putnam Municipal Opportunities Trust (811-07626)</FONT><BR><FONT
face=serif>&#183;</FONT> <FONT face=serif>Putnam New York Investment Grade Municipal
Trust (811-07274)</FONT><BR></P>
<P align=left><FONT face=serif>Reference is made to the Proxy Statement and to
the attached letter from an officer of Putnam Investments. As requested, we
acknowledge the following: (i) the comment of the Commission&#146;s Staff with
respect to the filing, and this response, do not foreclose the Commission or its
Staff from taking any action with respect to the filing; (ii) should the
Commission or its Staff not take any action with respect to the filing, it does
not relieve the Fund from its full responsibility for the adequacy and accuracy
of the disclosure in the filing; and (iii) should the Commission or its Staff
not take any action with respect to the filing, the Fund may not assert this as
a defense in any proceeding initiated by the Commission or any person under the
federal securities laws of the United States. As indicated in the Commission&#146;s
June 24, 2004 release regarding the public release of comment letters and
responses, you are requesting such acknowledgements from all companies whose
filings are being reviewed, and this request and these acknowledgements should
not be construed as suggesting that there is an inquiry or investigation or
other matter involving the Fund.</FONT></P>
<P align=left><FONT face=serif>Very truly yours,</FONT></P>
<P align=left><U>/s/Charles A. Ruys de Perez</U><BR><FONT face=serif>Charles A.
Ruys de Perez</FONT><BR><FONT face=serif>Vice President and Chief Compliance
Officer</FONT><BR><FONT face=serif>Putnam Tax-Free Health Care
Fund</FONT><BR></P><FONT face=serif></FONT>
<P align=left><FONT face=serif>September 14, 2006</FONT><BR></P>
<P align=left><FONT face=serif size=1>9811803.1</FONT></P>
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