Vote-By-Phone Solicitation Script for
Putnam Arizona Tax Exempt Income Fund, Putnam Money Market Fund
and Putnam New York Tax Exempt Opportunities Fund


This script provides information to the shareholder and solicits
their vote by phone, to be confirmed by written confirmation.

Good Morning/Afternoon/Evening.  May I please speak with (name of
shareholder)?  I am representing Putnam Investments in Boston.  

To verify that I am speaking with the shareholder of record, may
I confirm that you are (name of shareholder of record) and that
your address of record is (address of record)? 

(If the person is unwilling to confirm this information, thank
them for their time and terminate the call.)

We noted that we have not yet received your vote.  Do you have
any questions regarding the proposals I can clarify for you?  

(If there are questions regarding the non-routine proposals,
please refer to the Q & A attached.)

Would you like to vote by phone?  

(If not, ask the shareholder if they would like another ballot,
thank them for their time and terminate the call. If so, proceed
as follows:)

We previously sent you a letter describing our procedures for
voting your proxy ballot by telephone. 

I will now read the information on the proxy card so that you can
provide us with your voting instructions.

Putnam (Name of Fund) 

Proxy for a meeting of shareholders, July 13, 1995.  

This proxy is solicited on behalf the Trustees of the Fund.

The shareholder hereby appoints George Putnam, Hans H. Estin and
William F. Pounds, and each of them separately, proxies, with
power of substitution, and hereby authorizes them to represent
and vote, as designated hereafter, at the meeting of shareholders
of Putnam (Name of Fund), on July 13, 1995, at 2:00 p.m., Boston
time, and at any adjournments thereof, all of the shares of the
Fund which the shareholder would be entitled to vote if
personally present.

This proxy when properly authorized will be voted in the manner
directed herein by the shareholder. In their discretion, the
proxies are authorized to vote upon such other matters as may
properly come before the meeting.  The Trustees recommend a vote
FOR electing all of the nominees for Trustees and FOR the
following proposals: 

1.   (All Funds)
     Election of Trustees. 

     The nominees are: Jameson Adkins Baxter, Hans H. Estin, John
     A. Hill, Elizabeth T. Kennan, Lawrence J. Lasser, Robert E.
     Patterson, Donald S. Perkins, William F. Pounds, George
     Putnam, George Putnam III, A.J.C. Amith, and William N.
     Thorndike.

     How would you like to vote on this proposal? 

          For electing all of the nominees?
          For electing all nominees other than the following
          nominees? (specify nominees for whom voting authority
          is withheld)
          Withhold authority to vote for all nominees?
          
2.   (All Funds)
     Ratify the selection of (see below) as auditors. 

     Coopers & Lybrand L.L.P.:     Putnam Arizona Tax Exempt
Income Fund 
     Price Waterhouse LLP:         Putnam Money Market Fund
                              Putnam New York Tax Exempt
                              Opportunities Fund

     How would you like to vote on this proposal? 
          For, Against or Abstain?

3.   (Putnam Arizona Tax Exempt Income Fund and Putnam New York
     Opportunities Fund only) 

     To eliminate the Fund's fundamental investment restriction
     with respect to investments in investment companies. 

     How would you like to vote on this proposal? 
          For, Against or Abstain?

4.   (Putnam Arizona Tax Exempt Income Fund, Putnam Money Market
     Fund and Putnam New York Opportunities Fund only) 
     To amend the Fund's fundamental investment restriction with
     respect to investments in restricted securities. 

     How would you like to vote on this proposal? 
          For, Against or Abstain?

5.   (Putnam Money Market Fund only)
     To amend the Fund's fundamental investment restriction with
     respect to owning more than 10% of a class of securities of
     any one company.

     How would you like to vote on this proposal? 
          For, Against or Abstain?


Thank you.  Do you wish to send the entire message?

To repeat your instructions:  

You voted:
     On proposal 1:
     On proposal 2:
     etc.
     Is this correct?

Thank you.  We will be sending you a written confirmation of your
vote. Please call us if the information on the confirmation is
incorrect. 


scripz8
Q & A FOR PUTNAM ARIZONA TAX EXEMPT INCOME FUND, PUTNAM MONEY
MARKET FUND AND PUTNAM NEW YORK TAX EXEMPT OPPORTUNITIES FUND

On approximately May 4, 1995, a proxy statement was sent to
shareholders of the above-captioned funds. Listed below are
answers to the questions and concerns shareholders are likely to
have regarding non-routine proposals for these funds, followed by
answers and information regarding each issue.

WHAT, EXACTLY, ARE THE FUNDS PROPOSING?

     Putnam Arizona Tax Exempt Income Fund and Putnam New York
     Tax Exempt Opportunities Funds are seeking to eliminate
     their fundamental investment restrictions regarding
     investments in investment companies. The proposal would
     permit these funds to invest in certain other registered
     open-end investment companies.

     All three funds are seeking to amend their fundamental
     investment restrictions regarding investments in restricted
     securities. The proposal would expand the ability of these
     funds to invest in certain restricted securities.

     Putnam Money Market Fund is seeking to amend its
     fundamental investment restrictions regarding investments in
     a class of securities of a single issuer. 

1. INVESTMENTS IN INVESTMENT COMPANIES:

     WHAT ARE THE ISSUES REGARDING INVESTMENTS IN OPEN-END
     INVESTMENT COMPANIES?

     Your fund seeks the change to provide maximum flexibility
     for it to take advantage of securities that might be
     structured using a pass-through entity. Many of these
     securities did not exist when your fund's prospectus was
     originally written, and others may be developed in the
     future.

     WHY MIGHT THESE PASS-THROUGH ENTITIES BE CONSIDERED
     "INVESTMENT COMPANIES"?

     Because such securities represent investment in an
     underlying pool of securities, they technically fall under
     the definition of investment companies as defined by the
     Investment Company Act of 1940.  If the proposal is
     approved, the Trustees intend to adopt a more flexible
     nonfundamental investment restriction that would only
     prohibit investments in mutual funds such as the fund.  Such
     a restriction could be revised or eliminated by the Trustees
     without a shareholder vote. 

     WHAT IS AN EXAMPLE?

     Certain municipal securities such as secondary residual
     interest bonds, sometimes known as inverse floaters.  The
     credit support for these securities is a tax exempt bond
     that has been purchased by a trust or other pass-through
     entity, which in turn sells two "secondary" securities: one
     that bears a floating short-term interest rate, and the
     other that bears interest according to a formula based on a
     stated rate less that floating short-term rate.

     Even though adding these securities to a portfolio could
     involve duplication of some fees and expenses, Putnam
     Management believes they may provide attractive investment
     opportunities that would be consistent with your fund s
     objectives and policies. 

2A.  INVESTMENTS IN RESTRICTED SECURITIES (ARIZONA AND NEW YORK
     OPPORTUNITIES FUNDS ONLY):

     WHAT ARE THE ISSUES REGARDING INVESTMENTS IN RESTRICTED
     SECURITIES?

     Your fund seeks the change to permit it to invest a greater
     portion of its assets in securities that are restricted as
     to resale.  Essentially, your fund seeks to increase its
     flexibility to the extent permitted under recent Securities
     and Exchange Commission (SEC) guidelines.

     WHAT IS A "RESTRICTED SECURITY"?

     A restricted security is one that is subject to a
     restriction on its transfer. A common example of such a
     security is one that has not been registered with the SEC
     and that is not sold to the general public. Such
     unregistered securities are frequently purchased by large
     institutional investors who generally have experience
     trading restricted securities.

     WHY DOES MY FUND INVEST IN THESE SECURITIES?

     While Putnam Management believes the use of restricted
     securities can pose some risks and that their use should
     therefore be limited, Putnam Management also believes that
     restricted securities can provide many attractive investment
     opportunities for your fund, especially since the
     institutional markets for many of these securities in recent
     years have continued to increase in size and have become
     more liquid.

     WHAT ARE SOME OF THE RISKS ASSOCIATED WITH INVESTMENTS IN
     RESTRICTED SECURITIES?

     The SEC has long taken the position that mutual funds such
     as your fund should limit investments in illiquid securities
     because such securities may present problems of accurate
     valuation and because a fund owning a high percentage of
     such securities may have difficulty disposing of them in
     satisfying redemption requests in a timely fashion. 
     
     In general, illiquid securities have included restricted
     securities and those securities for which there is no
     readily available market. The SEC recently revised its
     position to permit mutual funds to invest up to 15% of their
     assets in illiquid securities. 

     In addition, the SEC has adopted a rule that facilitates the
     trading of certain restricted securities among institutional
     investors and has stated that such securities may be treated
     as liquid securities by a mutual fund if its trustees
     determine they are, in fact, liquid. 

     Putnam Management believes that the fact that a security may
     be restricted will not necessarily adversely affect its
     liquidity or the ability of the fund to determine its value. 
      As institutional markets develop, your fund would be
     constrained by its current investment restriction even
     though the institutional restricted securities markets could
     provide both readily ascertainable values for restricted
     securities and the ability to reduce an investment to cash
     in order to satisfy fund share redemption orders on a timely
     basis. 

     WHAT CHANGES ARE BEING PROPOSED AND WHY?

     There are two parts to the current proposal: 

     Part 1    The SEC recently revised its requirement, which
     previously stated that mutual funds like your fund should
     not invest more than 10% of assets in illiquid securities,
     including restricted securities. The requirement now states
     that they may invest up to 15% of net assets in these
     securities. While your fund previously limited investments
     in these securities to 5% of its net assets, the proposal
     would allow it to invest up to 15% of its net assets in
     these securities, in line with the new SEC limits.
     
     Part 2    In recognition of the increased size and
     liquidity of the institutional markets for unregistered
     securities, the SEC has also adopted a rule that states that
     restricted securities traded under the rule may be treated
     as liquid, for purposes of investment limitations, if the
     trustees of a mutual fund like your fund determine that the
     securities are, in fact, liquid or readily convertible to
     cash.

     Putnam Management believes that updating your fund's policy
     with respect to the trading of these securities so it is as
     flexible as the new SEC regulations permit will allow your
     fund to benefit from the increasing number of investment
     opportunities available in the institutional markets.

2B.  INVESTMENTS IN RESTRICTED SECURITIES (MONEY MARKET FUND
     ONLY):

     WHAT ARE THE ISSUES REGARDING INVESTMENTS IN RESTRICTED
     SECURITIES?

     Your fund seeks the change to permit it to invest a greater
     portion of its assets in securities that are restricted as
     to resale.  Essentially, your fund seeks to increase its
     flexibility to the extent permitted under recent Securities
     and Exchange Commission (SEC) guidelines.

     WHAT IS A "RESTRICTED SECURITY"?

     A restricted security is one that is subject to a
     restriction on its transfer. A common example of such a
     security is one that has not been registered with the SEC
     and that is not sold to the general public. Such
     unregistered securities are frequently purchased by large
     institutional investors who generally have experience
     trading restricted securities.

     WHY DOES MY FUND INVEST IN THESE SECURITIES?

     While Putnam Management believes the use of restricted
     securities can pose some risks and that their use should
     therefore be limited, Putnam Management also believes that
     restricted securities can provide many attractive investment
     opportunities for your fund, especially since the
     institutional markets for many of these securities in recent
     years have continued to increase in size and have become
     more liquid.

     WHAT ARE SOME OF THE RISKS ASSOCIATED WITH INVESTMENTS IN
     RESTRICTED SECURITIES?

     The SEC has long taken the position that mutual funds such
     as your fund should limit investments in illiquid securities
     because such securities may present problems of accurate
     valuation and because a fund owning a high percentage of
     such securities may have difficulty disposing of them in
     satisfying redemption requests in a timely fashion. 
     
     In general, illiquid securities have included restricted
     securities and those securities for which there is no
     readily available market. The SEC has a policy that permits
     money market mutual funds to invest up to 10% of their
     assets in illiquid securities. 

     In addition, the SEC has adopted a rule that facilitates the
     trading of certain restricted securities among institutional
     investors and has stated that such securities may be treated
     as liquid securities by a mutual fund if its trustees
     determine they are, in fact, liquid. 

     Putnam Management believes that the fact that a security may
     be restricted will not necessarily adversely affect its
     liquidity or the ability of the fund to determine its value. 
      As institutional markets develop, your fund would be
     constrained by its current investment restriction even
     though the institutional restricted securities markets could
     provide both readily ascertainable values for restricted
     securities and the ability to reduce an investment to cash
     in order to satisfy fund share redemption orders on a timely
     basis. 

     WHAT CHANGES ARE BEING PROPOSED AND WHY?

     There are two parts to the current proposal: 

     Part 1    The SEC permits money market mutual funds like
     your fund to invest up to 10% of their assets in illiquid
     securities, including restricted securities. While your fund
     previously limited investments in these securities to 5% of
     its net assets, the proposal would allow it to invest up to
     10% of its net assets in these securities, in line with
     current SEC limits.
     
     Part 2    In recognition of the increased size and
     liquidity of the institutional markets for unregistered
     securities, the SEC has also adopted a rule that states that
     restricted securities, including certain unregistered high
     quality commercial paper, traded under the rule may be
     treated as liquid, for purposes of investment limitations,
     if the trustees of a mutual fund like your fund determine
     that the securities are, in fact, liquid or readily
     convertible to cash.  

     Putnam Management believes that updating your fund's policy
     with respect to the trading of these securities so it is as
     flexible as the new SEC regulations permit will allow your
     fund to benefit from the increasing number of investment
     opportunities available in the institutional markets.

3.   POLICY ON INVESTMENTS IN SECURITIES OF A SINGLE ISSUER
     (MONEY MARKET FUND ONLY): 

     FIRST OF ALL, WHAT IS A "SINGLE ISSUER" AND WHAT IS A
     "CLASS" OF SECURITIES?

     A single issuer is an individual company that issues
     securities for public sale.  Sometimes a company will issue
     different classes of securities, such as common stock and
     preferred stock, or voting and nonvoting stock, or equity
     securities (stocks) and debt securities (bonds).

     WHAT ARE THE TRUSTEES RECOMMENDING?

     Basically, the Trustees are asking that your fund be allowed
     to invest in a greater percentage of a single class of a
     company's securities.

     The fund's fundamental investment restriction currently
     prohibits the purchase of any security if the fund would
     then own more than 10% of a company's

          - voting securities; or 

          - single class of securities. 

     The Trustees recommend that the fund amend its identical
     fundamental investment restriction so that it can invest in
     any amount of any class of securities issued by the company,
     so long as the fund does not own more than 10% of the
     company's outstanding voting securities.

     WHY ARE THEY SEEKING THE CHANGE?

     As new types of securities have been developed, Putnam
     Management has informed the Trustees that the fund's current
     restriction has become too broad and unnecessarily
     restrictive.  The proposed changes would provide flexibility
     to help the fund achieve its investment objective.

     In some instances, the current restriction could hinder
     desirable investments in desirable non-voting money market
     instruments, which often are issued as one of several
     classes of an issuer's securities).

     The proposed change would bring the fund's investment
     policies into conformity with those of most other Putnam
     funds.