<DOCUMENT>
<TYPE>EX-99.11 OPIN COUNSL
<SEQUENCE>3
<FILENAME>exnnel3.txt
<DESCRIPTION>EX-99.11 OPIN COUNSL
<TEXT>

EXHIBIT 2.

[Ropes & Gray LLP Letterhead]

November 23, 2004

Putnam High Income Bond Fund
One Post Office Square
Boston, Massachusetts 02109

Ladies and Gentlemen:

We have acted as counsel to Putnam High Income Bond Fund (the "Fund"),
in connection with the Registration Statement of the Fund on Form N-14
(the "Registration Statement"), under the Securities Act of 1933, as
amended (the "Act"), relating to the proposed combination of the Fund
with Putnam High Income Opportunities Trust (the "Target Trust"), and
the issuance of shares of the Fund in connection therewith (the
"Shares"), all in accordance with the terms of the Agreement and Plan of
Reorganization by and among the Fund, the Target Trust and Putnam
Investment Management, LLC (the "Agreement") dated as of November 18,
2004.

We have examined the Fund's Agreement and Declaration of Trust, as
amended, on file in the office of the Secretary of The Commonwealth of
Massachusetts and the Fund's Bylaws, as amended, and are familiar with
the actions taken by the Fund's Trustees in connection with the issuance
and sale of the Shares.  We have also examined such other documents and
records as we have deemed necessary for the purposes of this opinion.

Based upon the foregoing, we are of the opinion that:

1. The Fund is a duly organized and validly existing unincorporated
association under the laws of The Commonwealth of Massachusetts and is
authorized to issue an unlimited number of its shares of beneficial
interest.

2. The Shares have been duly authorized and, when issued in accordance
with the Agreement, will be validly issued, fully paid, and
nonassessable by the Fund.

The Fund is an entity of the type commonly known as a "Massachusetts
business trust."  Under Massachusetts law, shareholders could, under
certain circumstances, be held personally liable for the obligations of the
Fund.  However, the Agreement and Declaration of Trust, as amended,
disclaims shareholder liability for acts or obligations of the Fund and
requires that notice of such disclaimer be given in each note, bond,
contract, instrument, certificate, or undertaking entered into or executed
by the Fund or its Trustees.  The Agreement and Declaration of Trust, as
amended, provides for indemnification out of the property of the Fund for
all loss and expense of any shareholder of the Fund held personally liable
solely by reason of his being or having been a shareholder.  Thus, the risk
of a shareholder's incurring financial loss on account of being a
shareholder is limited to circumstances in which the Fund itself would be
unable to meet its obligations.

We understand that this opinion is to be used in connection with the
registration of the Shares for offering and sale pursuant to the Act.
We consent to the filing of this opinion with and as part of the
Registration Statement and to the references to our firm in the related
prospectus/proxy statement under the caption "Information about the
Proposed Merger - Federal Income Tax Consequences."

                                       Very truly yours,

                                       /s/ Ropes & Gray LLP
                                       ----------------------
                                       Ropes & Gray LLP

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