Report of Independent Accountants on Supplemental Schedules

To the Trustees of
Putnam Investment Grade Municipal Trust II

Our audits of the financial statements referred to in our report dated June 8,
2000 appearing in the April 30, 2000 annual report to shareholders of the
Investment Grade Municipal Trust II (appearing elsewhere in this Form N-14
registration statement) also included an audit of the financial statement
schedule relating to senior securities contained in this Form N-14 for the
fiscal years ending April 30, 2000, April 30, 1999, April 30, 1998, April 30,
1997 and April 30, 1996. In our opinion, this financial statement schedule
presents fairly, in all material respects, the information set forth therein
when read in conjunction with the related financial statements.

PricewaterhouseCoopers LLP



Boston, MA
June 8, 2000