George Putnam
                                                   Chairman of the Trustees

Dear Shareholder:

Enclosed please find a proxy statement soliciting your vote as a
shareholder in the Putnam Money Market Fund on a number of
important proposals.  Please take a few moments to review this
material to determine how you wish to vote.  Below is a brief
explanation of the proposals that are being recommended:

Proposal one -- recommends that shareholders of the fund adopt
the slate of Trustees for the fund.

Proposal two -- recommends the selection of Coopers & Lybrand as
the independent auditor of the fund for the current fiscal year.

Proposal three -- seeks to allow your fund to invest in certain
so-called "restricted securities."  Putnam Management believes
restricted securities can provide attractive investment
opportunities for your fund.  Restricted securities have
restrictions on how they can be sold.  They often trade in
smaller markets and may be considered less "liquid" when it comes
time to sell them.  Restricted securities are often not sold to
the general public and are frequently purchased by large
institutional investors who have experience trading them.

Recently, the SEC has changed its policy regarding the purchase
of restricted securities by mutual funds.  Up to 10% of a money
market fund's assets may now be invested in such securities and
certain restricted securities that are traded by institutional
investors in relatively liquid markets may be purchased without
limit by a fund. This proposal would bring your funds's
restriction in line with the new SEC guidelines as well as give
the fund's managers greater flexibility in achieving the fund's
investment objectives.

Proposal four -- seeks to allow your fund to invest in a greater
percentage of a single class of a company's securities.  This
would allow the fund to invest in any amount of securities issued
by a company, including certain classes of high-quality
commercial paper, as long as the fund does not own more than 10%
of the company's outstanding voting securities.  This proposal
would bring your fund's restrictions in line with SEC guidelines. 
The proposed changes would give fund manager's greater
flexibility to help the fund achieve its objective and they would
bring the fund's investment policies in line with most other
Putnam funds.

Even if you are not currently a shareholder in the Putnam Money
Market Fund, you are still eligible to vote.  Please do not
hesitate to do so.  Votes are solicited from shareholders of
record as of April 21, 1995.


In addition to providing you with this information on the
proposals, we want to let shareholders know that the fund may
also arrange to have votes recorded by telephone.  A description
of the vote-by-phone process is outlined in the enclosed proxy
statement.

As you may know, voting your proxy, and doing so promptly,
prevents the fund from having to send out additional mailings. 
If you have any questions about the proposals under
consideration, please do not hesitate to call 1-800-225-1581.

Sincerely,

George Putnam



a0agram

                                                        William N. Shiebler
                                                  Senior Mangaging Director
                                                        Putnam Mutual Funds

Dear Investment Colleague:

Enclosed, please find a proxy package and sample shareholder
letter that will soon be mailed to your clients.  Shareholders
will be asked to vote on issues that are outlined in the attached
letter and proxy.

Please discuss these issues with your clients and encourage them
to vote.  There is a chance that shareholder votes may be
recorded by telephone.  A description of the vote by phone
process is outlined in the attached proxy statement.

Should you have any questions, please call Broker Operations toll
free at 1-800-354-2228.

Sincerely,

William N. Shiebler



a0agram

VOTE BY PHONE CONFIRMATION LETTER
 (WRITTEN)

VOTE CONFIRMATION 

(Shareholder name & address)

PUTNAM MONEY MARKET FUND 
Meeting of Shareholders July 13, 1995 
Account: 
Shares:

Voted Received:  (list proposals as on proxy card)

                         (FOR) (AGAINST) (ABSTAIN)

Dear Shareholder:

In connection with the above-referenced Meeting of Shareholders,
this notice will confirm that your shares have been voted as
indicated above in accordance with your telephone instructions.  If
any of the information is incorrect, please call 1-800-xxx-xxxx
immediately, and in any event no later than 5:00 P.M. Eastern
Daylight Time, on July 12, 1995.

Thank you for your cooperation.

Very truly yours,
(Solicitation Agent) 


a0agram
                                           George Putnam
                                                   Chairman of the Trustees

Dear Shareholder:

Enclosed please find a proxy statement soliciting your vote as a
shareholder in the Putnam New York Tax Exempt Opportunities Fund
on a number of important proposals.  Please take a few moments to
review this material to determine how you wish to vote.  Below is
a brief explanation of the proposals that are being recommended:

Proposal one -- recommends that shareholders of the fund adopt
the slate of Trustees for the fund.

Proposal two -- recommends the selection of Price Waterhouse as
the independent auditor of the fund for the current fiscal year.

Proposal three -- seeks to allow your fund to invest in "open-end
investment companies," which is a technical term for entities
that invest in a pool of other securities.  When your fund's
prospectus was written, many of these entities did not exist;
this change in the prospectus would allow the fund's management
to take advantage of what they believe are attractive investment
opportunities that are consistent with your fund's objectives and
policies.

Proposal four -- seeks to allow your fund to invest in certain
so-called "restricted securities."  Putnam Management believes
restricted securities can provide attractive investment
opportunities for your fund.  Restricted securities have
restrictions on how they can be sold.  They often trade in
smaller markets and may be considered less "liquid" when it comes
time to sell them.  Restricted securities are often not sold to
the general public and are frequently purchased by large
institutional investors who have experience trading them.

Recently, the SEC changed its policy regarding the purchase of
restricted securities by mutual funds.  Up to 15% of a fund's
assets may now be invested in such securities and certain
restricted securities that are traded by institutional investors
in relatively liquid markets may be purchased without limit by a
fund. This proposal would bring your funds's restriction in line
with the new SEC guidelines as well as give the fund's managers
greater flexibility in achieving the fund's investment
objectives.

In addition to providing you with this information on the
proposals, we want to let shareholders know that the fund may
also arrange to have votes recorded by telephone.  A description
of the vote-by-phone process is outlined in the enclosed proxy
statement.

As you may know, voting your proxy, and doing so promptly,
prevents the fund from having to send out additional mailings. 
If you have any questions about the proposals under consideration,
please do not hesitate to call 1-800-225-1581.

Sincerely,

George Putnam


a47gram

                                                        William N. Shiebler
                                                  Senior Mangaging Director
                                                        Putnam Mutual Funds

Dear Investment Colleague:

Enclosed, please find a proxy package and sample shareholder
letter that will soon be mailed to your clients.  Shareholders
will be asked to vote on issues that are outlined in the attached
letter and proxy.

Please discuss these issues with your clients and encourage them
to vote.  There is a chance that shareholder votes may be
recorded by telephone.  A description of the vote by phone
process is outlined in the attached proxy statement.

Should you have any questions, please call Broker Operations toll
free at 1-800-354-2228.

Sincerely,

William N. Shiebler



a47gram


VOTE BY PHONE CONFIRMATION LETTER
 (WRITTEN)

VOTE CONFIRMATION 

(Shareholder name & address)

PUTNAM NEW YORK TAX EXEMPT OPPORTUNITIES FUND 
Meeting of Shareholders July 13, 1995 
Account: 
Shares:

Voted Received:  (list proposals as on proxy card)

                         (FOR) (AGAINST) (ABSTAIN)

Dear Shareholder:

In connection with the above-referenced Meeting of Shareholders,
this notice will confirm that your shares have been voted as
indicated above in accordance with your telephone instructions.  If
any of the information is incorrect, please call 1-800-xxx-xxxx
immediately, and in any event no later than 5:00 P.M. Eastern
Daylight Time, on July 12, 1995.

Thank you for your cooperation.

Very truly yours,
(Solicitation Agent) 


a47gram
                                           George Putnam
                                                   Chairman of the Trustees

Dear Shareholder:

Enclosed please find a proxy statement soliciting your vote as a
shareholder in the Putnam Arizona Tax Exempt Income Fund on a
number of important proposals.  Please take a few moments to
review this material to determine how you wish to vote.  Below is
a brief explanation of the proposals that are being recommended:

Proposal one -- recommends that shareholders of the fund adopt
the slate of Trustees for the fund.

Proposal two -- recommends the selection of Coopers & Lybrand as
the independent auditor of the fund for the current fiscal year.

Proposal three -- seeks to allow your fund to invest in "open-end
investment companies," which is a technical term for entities
that invest in a pool of other securities.  When your fund's
prospectus was written, many of these entities did not exist;
this change in the prospectus would allow the fund's management
to take advantage of what they believe are attractive investment
opportunities that are consistent with your fund's objectives and
policies.

Proposal four -- seeks to allow your fund to invest in certain
so-called "restricted securities."  Putnam Management believes
restricted securities can provide attractive investment
opportunities for your fund.  Restricted securities have
restrictions on how they can be sold.  They often trade in
smaller markets and may be considered less "liquid" when it comes
time to sell them.  Restricted securities are often not sold to
the general public and are frequently purchased by large
institutional investors who have experience trading them.

Recently, the SEC changed its policy regarding the purchase of
restricted securities by mutual funds.  Up to 15% of a fund's
assets may now be invested in such securities and certain
restricted securities that are traded by institutional investors
in relatively liquid markets may be purchased without limit by a
fund. This proposal would bring your funds's restriction in line
with the new SEC guidelines as well as give the fund's managers
greater flexibility in achieving the fund's investment
objectives. 

In addition to providing you with this information on the
proposals, we want to let shareholders know that the fund may
also arrange to have votes recorded by telephone.  A description
of the vote-by-phone process is outlined in the enclosed proxy
statement.

As you may know, voting your proxy, and doing so promptly,
prevents the fund from having to send out additional mailings. 
If you have any questions about the proposals under
consideration, please do not hesitate to call 1-800-225-1581.

Sincerely,

George Putnam



a48gram
                                           William N. Shiebler
                                                  Senior Mangaging Director
                                                        Putnam Mutual Funds

Dear Investment Colleague:

Enclosed, please find a proxy package and sample shareholder
letter that will soon be mailed to your clients.  Shareholders
will be asked to vote on issues that are outlined in the attached
letter and proxy.

Please discuss these issues with your clients and encourage them
to vote.  There is a chance that shareholder votes may be
recorded by telephone.  A description of the vote by phone
process is outlined in the attached proxy statement.

Should you have any questions, please call Broker Operations toll
free at 1-800-354-2228.

Sincerely,

William N. Shiebler



a48gram

VOTE BY PHONE CONFIRMATION LETTER
(WRITTEN)

VOTE CONFIRMATION 

(Shareholder name & address)

PUTNAM ARIZONA TAX EXEMPT INCOME FUND 
Meeting of Shareholders July 13, 1995 
Account: 
Shares:

Voted Received:  (list proposals as on proxy card)

                         (FOR) (AGAINST) (ABSTAIN)

Dear Shareholder:

In connection with the above-referenced Meeting of Shareholders,
this notice will confirm that your shares have been voted as
indicated above in accordance with your telephone instructions.  If
any of the information is incorrect, please call 1-800-xxx-xxxx
immediately, and in any event no later than 5:00 P.M. Eastern
Daylight Time, on July 12, 1995.

Thank you for your cooperation.

Very truly yours,
(Solicitation Agent) 

a48gram

                                                        Alexander L. Nelson
                                          Putnam Defined Contribution Plans

Dear Plan Sponsor:

Enclosed is your plan's proxy information for the Putnam Money
Market Fund.  Below is a brief explanation of the proposals that
are being recommended:

Proposal one -- recommends that shareholders of the fund adopt
the slate of Trustees for the fund.

Proposal two -- recommends the selection of Coopers & Lybrand as
the independent auditor of the fund for the current fiscal year.

Proposal three -- seeks to allow your fund to invest in certain
so-called "restricted securities."  Putnam Management believes
restricted securities can provide attractive investment
opportunities for your fund.  Restricted securities have
restrictions on how they can be sold.  They often trade in
smaller markets and may be considered less "liquid" when it comes
time to sell them.  Restricted securities are often not sold to
the general public and are frequently purchased by large
institutional investors who have experience trading them.

The SEC has recently changed its policy regarding the purchase of
restricted securities by mutual funds.  Up to 10% of a money
market fund's assets may now be invested in such securities and
certain restricted securities that are traded by institutional
investors in relatively liquid markets may be purchased without
limit by a fund. This proposal would bring your funds's
restriction in line with the new SEC guidelines as well as give
the fund's managers greater flexibility in achieving the fund's
investment objectives.

Proposal four -- seeks to allow your fund to invest in a greater
percentage of a single class of a company's securities.  This
would allow the fund to invest in any amount of securities issued
by a company, including certain classes of high-quality
commercial paper, as long as the fund does not own more than 10%
of the company's outstanding voting securities.  This proposal
would bring your fund's restrictions in line with SEC guidelines. 
The proposed changes would give fund manager's greater
flexibility to help the fund achieve its objective and they would
bring the fund's investment policies in line with most other
Putnam funds.

It is, of course, in your interest to vote the proxies and
thereby have a voice in the fund's management.  If you have any
questions about the proposals under consideration, please do not
hesitate to call 1-800-225-1581.

Sincerely,                                                          a0aplan