SCHEDULE 14A INFORMATION

PROXY STATEMENT PURSUANT TO SECTION 14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. )
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Filed by the Registrant/ X /
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Filed by a Party other than the Registrant/   /
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Check the appropriate box:
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/ X /	Preliminary Proxy Statement 
- ----
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/   /	Preliminary Additional Materials
- ---- 
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/   /	Definitive Proxy Statement
- ----  
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/   /	Definitive Additional Materials
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/   /	Soliciting Material Pursuant to Sec. 240.14a-11(e) or
- ---- 	Sec. 240.14a-12

PUTNAM NEW YORK INVESTMENT GRADE MUNICIPAL TRUST
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement)

Payment of Filing Fee (Check the appropriate box):
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/ x /	$125 per Exchange Act Rules 0-11(c)(1)(ii),
- ----		 14a-6(i)(1), or 14a-6(i)(2).
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/   /	$500 per each party to the controversy pursuant
- ----		to Exchange Act Rule 14a-6(i)(3).
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/   /	Fee computed on table below per Exchange Act Rules
- ----		14a-6(i)(4) and 0-11.

		(1)Title of each class of securities to which 
transaction applies: 

	(2)Aggregate number of securities to which 
transaction applies:

	(3)Per unit price or other underlying value of 
transaction computed pursuant to Exchange Act Rule 
0-11:

	(4)Proposed maximum aggregate value of transaction:

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/   /	Check box if any part of the fee is offset as provided 
- ----		by Exchange Act Rule 0-11(a)(2) and identify the filing
for which the offsetting fee was paid previously. 
Identify the previous filing by registration statement 
number, or the Form or Schedule and the date of its 
filing.

	(1)	Amount Previously Paid:

(2)Form, Schedule or Registration Statement No.:

(3)	Filing Party: 

	(4)Date Filed:
IMPORTANT INFORMATION 
FOR SHAREHOLDERS IN 
PUTNAM NEW YORK INVESTMENT GRADE MUNICIPAL TRUST

The document you hold in your hands contains your proxy statement 
and proxy card.  A proxy card is, in essence, a ballot.  When you 
vote your proxy, it tells us how to vote on your behalf on 
important issues relating to your fund.  If you complete and sign 
the proxy, we'll vote it exactly as you tell us.  If you simply 
sign the proxy, we'll vote it in accordance with the Trustees' 
recommendations on pages   and    .

We urge you to spend a couple of minutes with the proxy 
statement, fill out your proxy card, and return it to us.  When 
shareholders don't return their proxies in sufficient numbers, we 
have to incur the expense of follow-up solicitations, which can 
cost your fund money.  

We want to know how you would like to vote and welcome your 
comments.  Please take a few moments with these materials and 
return your proxy to us. 

(PUTNAM LOGO APPEARS HERE)
BOSTON * LONDON * TOKYO
Table of contents

A Message from the Chairman1 

Notice of Shareholder Meeting[2]

Trustees' Recommendations[5]


Proxy card enclosed























If you have any questions, please contact us at the special toll-
free number we have set up for you (1-800-225-1581) or call your 
financial adviser.
A Message from the Chairman

(Photograph of George Putnam appears here)

Dear Shareholder:

I am writing to you to ask for your vote on important questions 
that affect your investment in your fund.  While you are, of 
course, welcome to join us at your fund's meeting, most 
shareholders cast their vote by filling out and signing the 
enclosed proxy.  We are asking for your vote on the following 
matters:

1. Fixing the number of Trustees and electing Trustees to 
oversee your fund; 

2.Ratifying the selection by the Trustees of the independent 
auditors of your fund for its current fiscal year; 

3.Approving amendments to certain of your fund's fundamental 
investment restrictions; and

4.Approving the elimination of certain of your fund's 
fundamental investment restrictions.

Although we would like very much to have each shareholder attend 
their fund's meeting, we realize this is not possible.  Whether 
or not you plan to be present, we need your vote.  We urge you to 
complete, sign, and return the enclosed proxy card promptly.  A 
postage-paid envelope is enclosed.

I'm sure that you, like most people, lead a busy life and are 
tempted to put this proxy aside for another day.  Please don't. 
When shareholders do not return their proxies, their fund may 
have to incur the expense of follow-up solicitations.  All 
shareholders benefit from the speedy return of proxies.

Your vote is important to us.  We appreciate the time and 
consideration that I am sure you will give this important matter. 
If you have questions about the proposals, contact your financial 
adviser or call a Putnam customer service representative at 
1-800-225-1581.

						Sincerely yours,

						(signature of George Putnam)
						George Putnam, Chairman

PUTNAM NEW YORK INVESTMENT GRADE MUNICIPAL TRUST
Notice of a Meeting of Shareholders


This is the formal agenda for your fund's shareholder meeting. 
It tells you what matters will be voted on and the time and place 
of the meeting, if you can attend in person.

To the Shareholders of Putnam New York Investment Grade Municipal 
Trust:

A Meeting of Shareholders of your fund will be held on 
October 31, 1996 at 2:00 p.m., Boston time, on the eighth floor 
of One Post Office Square, Boston, Massachusetts, to consider the 
following:

1.Fixing the number of Trustees and electing Trustees. See 
page   . 

2.Ratifying the selection by the Trustees of the independent 
auditors of your fund for its current fiscal year.  See 
page   .

3.A.Approving an amendment to the fund's fundamental investment 
restriction with respect to diversification.  See page   .

3.B.Approving an amendment to the fund's fundamental investment 
restriction with respect to investments in the voting 
securities of a single issuer.  See page   .

3.C.Approving an amendment to the fund's fundamental investment 
restriction with respect to making loans.  See page   .

3.D.Approving an amendment to the fund's fundamental investment 
restriction with respect to concentration of its assets. 
See page   .

3.E.Approving an amendment to the fund's fundamental investment 
restriction with respect to investments in commodities.  See 
page    . 

4.A.Approving the elimination of the fund's fundamental 
investment restriction with respect to investments in 
securities of issuers in which management of the fund or 
Putnam Investment Management owns securities.  See page   .

4.B.Approving the elimination of the fund's fundamental 
investment restriction with respect to margin transactions. 
See page   . 

4.C.Approving the elimination of the fund's fundamental 
investment restriction with respect to short sales.  See 
page   . 

4.D.Approving the elimination of the fund's fundamental 
investment restriction with respect to pledging assets.  See 
page   . 

4.E.Approving the elimination of the fund's fundamental 
investment restriction with respect to investments in 
certain oil, gas and mineral interests.  See page   . 

4.F.Approving the elimination of the fund's fundamental 
investment restriction with respect to investing to gain 
control of a company's management.  See page   . 

4.G.Approving the elimination of the fund's fundamental 
investment restriction with respect to investments in other 
investment companies.  See page   . 

5.Transacting other business as may properly come before the 
meeting.

By the Trustees

George Putnam, Chairman 
William F. Pounds, Vice Chairman 

Jameson A. Baxter 	Robert E. Patterson
Hans H. Estin 	Donald S. Perkins
John A. Hill 		George Putnam, III
Ronald J. Jackson 	Eli Shapiro
Elizabeth T. Kennan	A.J.C. Smith
Lawrence J. Lasser	W. Nicholas Thorndike

WE URGE YOU TO MARK, SIGN, DATE, AND MAIL THE ENCLOSED PROXY IN 
THE POSTAGE-PAID ENVELOPE PROVIDED SO YOU WILL BE REPRESENTED AT 
THE MEETING.

September --, 1996
Proxy Statement

This document will give you the information you need to vote on 
the matters listed on the previous pages.  Much of the 
information in the proxy statement is required under rules of the 
Securities and Exchange Commission ("SEC"); some of it is 
technical.  If there is anything you don't understand, please 
contact us at our special toll-free number, 1-800-225-1581, or 
call your financial adviser.

Who is asking for my vote?

The enclosed proxy is solicited by the Trustees of Putnam New 
York Investment Grade Municipal Trust for use at the Meeting of 
Shareholders of the fund to be held on October 31, 1996, and, if 
your fund's meeting is adjourned, at any later meetings, for the 
purposes stated in the Notice of Meeting (see previous pages).

How do your fund's Trustees recommend that shareholders vote on 
these proposals?

The Trustees recommend that you vote 

1. 	For fixing the number of Trustees as proposed and the 
election of all nominees;   

2.For selecting Price Waterhouse, LLP as the independent 
auditors of your fund; 

3.A.For amending the fund's fundamental investment restriction 
with respect to diversification;

3.B.For amending the fund's fundamental investment restriction 
with respect to investments in the voting securities of a 
single issuer;

3.C.For amending the fund's fundamental investment restriction 
with respect to making loans;

3.D.For amending the fund's fundamental investment restriction 
with respect to concentration of its assets;

3.E.For amending the fund's fundamental investment restriction 
with respect to investments in commodities;

4.A.For eliminating the fund's fundamental investment 
restriction with respect to investments in securities of 
issuers in which management of the fund or Putnam Investment 
Management owns securities;

4.B.For eliminating the fund's fundamental investment 
restriction with respect to margin transactions; 

4.C.For eliminating the fund's fundamental investment 
restriction with respect to short sales;

4.D.For eliminating the fund's fundamental investment 
restriction with respect to pledging assets; 

4.E.For eliminating the fund's fundamental investment 
restriction with respect to investments in certain oil, gas 
and mineral interests;

4.F.For eliminating the fund's fundamental investment 
restriction with respect to investing to gain control of a 
company's management; and

4.G.Approving the elimination of the fund's fundamental 
investment restriction with respect to investments in other 
investment companies. 

5.Transacting other business as may properly come before the 
meeting.

Who is eligible to vote?

Shareholders of record at the close of business on August 2, 
1996, are entitled to be present and to vote at the meeting or 
any adjourned meeting.  The Notice of Meeting, the proxy, and the 
Proxy Statement have been mailed to shareholders of record on or 
about September --, 1996.  

Each share is entitled to one vote.  Unless otherwise noted, the 
holders of your fund's Preferred Shares ("Preferred Shares") and 
holders of your fund's common shares ("Common Shares") will vote 
together as a single class.  Shares represented by duly executed 
proxies will be voted in accordance with shareholders' 
instructions.  If you sign the proxy, but don't fill in a vote, 
your shares will be voted in accordance with the Trustees' 
recommendations.  If any other business is brought before the 
meeting, your shares will be voted at the Trustees' discretion.

The Proposals

1.ELECTION OF TRUSTEES

Who are the nominees for Trustees?

The Nominating Committee of the Trustees recommends that the 
number of Trustees be fixed at fourteen and that you vote for the 
election of the nominees described below.  Each nominee is 
currently a Trustee of your fund and of the other Putnam funds.

Pursuant to the bylaws of your fund, and the Investment Company 
Act of 1940, holders of the Preferred Shares of the fund are
entitled to elect two Trustees.  The remaining Trustees for your 
fund will be elected by the holders of its Preferred Shares and 
Common Shares voting together as a single class.  Therefore, 
Messrs. Hill and Patterson have been nominated as Trustees to be 
elected by the holders of its Preferred Shares, while the other 
12 Trustees have been nominated to be elected by the holders of 
its Preferred Shares and Common Shares voting together as a 
single class.

The Nominating Committee of the Trustees consists solely of
Trustees who are not "interested persons" (as defined in the 
Investment Company Act of 1940) of your fund or of Putnam 
Investment Management, Inc., your fund's investment manager 
("Putnam Management").  


Jameson Adkins Baxter
[Insert Picture]
	
Ms. Baxter, age 53, is the President of Baxter Associates, Inc., 
a management and financial consulting firm which she founded in 
1986.  During that time, she was also a Vice President and 
Principal of the Regency Group, Inc., and a Consultant to First 
Boston Corporation, both of which are investment banking firms. 
From 1965 to 1986, Ms. Baxter held various positions in 
investment banking and corporate finance at First Boston.   

Ms. Baxter currently also serves as a Director of Banta 
Corporation, Avondale Federal Savings Bank, and ASHTA Chemicals, 
Inc.  She is also the Chairman Emeritus of the Board of Trustees 
of Mount Holyoke College, having previously served as Chairman 
for five years and as a Board member for thirteen years; an 
Honorary Trustee and past President of the Board of Trustees of 
the Emma Willard School; and Chair of the Board of Governors of 
Good Shepherd Hospital.  Ms. Baxter is a graduate of Mount 
Holyoke College. 


Hans H. Estin
[Insert Picture]

Mr. Estin, age 68, is a Chartered Financial Analyst and the Vice 
Chairman of North American Management Corp., a registered 
investment adviser serving individual clients and their families. 
Mr. Estin currently also serves as a Director of The Boston 
Company, Inc., a registered investment adviser which provides 
administrative and investment management services to mutual funds 
and other institutional investors, and Boston Safe Deposit and 
Trust Company; a Corporation Member of Massachusetts General 
Hospital; and a Trustee of New England Aquarium.  He previously 
served as the Chairman of the Board of Trustees of Boston 
University and is currently active in various other civic
associations, including the Boys & Girls Clubs of Boston, Inc. 
Mr. Estin is a graduate of Harvard College and holds honorary 
doctorates from Merrimack College and Boston University.  


John A. Hill
[Insert Picture]

Mr. Hill, age 54, is the Chairman and Managing Director of First 
Reserve Corporation, a registered investment adviser investing in 
companies in the world-wide energy industry on behalf of 
institutional investors.  

Prior to acquiring First Reserve in 1983, Mr. Hill held executive 
positions with several investment advisory firms and held various 
positions with the Federal government, including Associate 
Director of the Office of Management and Budget and Deputy 
Administrator of the Federal Energy Administration.

Mr. Hill currently also serves as a Director of Snyder Oil 
Corporation, an exploration and production company which he 
founded, Maverick Tube Corporation, a manufacturer of structural 
steel, pipe and well casings, PetroCorp Incorporated, an 
exploration and production company, Weatherford Enterra, Inc., an 
oil field service company, various private companies controlled 
by First Reserve Corporation, and various First Reserve Funds. 
He is also a Member of the Board of Advisors of Fund Directions. 
He is currently active in various business associations, 
including the Economic Club of New York, and lectures on energy 
issues in the United States and Europe.  Mr. Hill is a graduate 
of Southern Methodist University. 


Ronald J. Jackson
[Insert Picture]

Mr. Jackson, age 52, was Chairman of the Board, President and 
Chief Executive Officer of Fisher-Price, Inc., a major toy 
manufacturer, from 1990 to 1993.  He previously served as 
President and Chief Executive Officer of Stride-Rite, Inc., a 
manufacturer and distributor of footwear, from 1989 to 1990, and 
as President and Chief Executive Officer of Kenner Parker Toys, 
Inc., a major toy and game manufacturer, from 1985 to 1987. 
Prior to that, he held various financial and marketing positions 
at General Mills, Inc. from 1966 to 1985, including Vice 
President, Controller and Vice President of Marketing for Parker 
Brothers, a toy and game company, and President of Talbots, a 
retailer and direct marketer of women's apparel.

Mr. Jackson currently serves as a Trustee of Salem Hospital and 
an Overseer of the Peabody Essex Museum.  He previously served as 
a Director of a number of public companies including Fisher-
Price, Inc., Kenner Parker Toys, Inc., Stride-Rite, Inc., and 
Mattel, Inc., a major toy manufacturer.  Mr. Jackson is a 
graduate of Michigan State University Business School. 


Elizabeth T. Kennan
[Insert Picture]

Ms. Kennan, age 58, is President Emeritus and Professor of Mount 
Holyoke College.  From 1978 through June 1995, she was President 
of Mount Holyoke College.  From 1966 to 1978, she was on the 
faculty of Catholic University, where she taught history and 
published numerous articles.  

Ms. Kennan currently also serves as a Director of NYNEX 
Corporation, a telecommunications company, Northeast Utilities, 
the Kentucky Home Life Insurance Companies, and Talbots.  She 
also serves as a Member of The Folger Shakespeare Library 
Committee.  She is currently active in various educational and 
civic associations, including the Committee on Economic 
Development and the Council on Foreign Relations.  Ms. Kennan is 
a graduate of Mount Holyoke College, the University of Washington 
and St. Hilda College at Oxford University and holds several 
honorary doctorates.


Lawrence J. Lasser*
[Insert Picture]

Mr. Lasser, age 53, is the Vice President of your fund and the 
other Putnam funds.  He has been the President, Chief Executive 
Officer and a Director of Putnam Investments, Inc. and Putnam 
Management since 1985, having begun his career there in 1969. 

Mr. Lasser currently also serves as a Director of Marsh & 
McLennan Companies, Inc., the parent company of Putnam 
Management, and INROADS/Central New England, Inc., a job market 
internship program for minority high school and college students. 
He is a Member of the Board of Overseers of the Museum of 
Science, the Museum of Fine Arts and the Isabella Stewart Gardner 
Museum in Boston.  He is also a Trustee of the Beth Israel 
Hospital and Buckingham, Browne and Nichols School.  Mr. Lasser 
is a graduate of Antioch College and Harvard Business School.


Robert E. Patterson 
[Insert Picture]

Mr. Patterson, age 51, is the Executive Vice President and 
Director of Acquisitions of Cabot Partners Limited Partnership, a 
registered investment adviser which manages real estate 
investments for institutional investors.  Prior to 1990, he was 
the Executive Vice President of Cabot, Cabot & Forbes Realty 
Advisors, Inc., the predecessor company of Cabot Partners.  Prior 
to that, he was a Senior Vice President of the Beal Companies, a 
real estate management, investment and development company.  He 
has also worked as an attorney and held various positions in 
state government, including the founding Executive Director of 
the Massachusetts Industrial Finance Agency.  

Mr. Patterson currently also serves as Chairman of the Joslin 
Diabetes Center and as a Director of Brandywine Trust Company. 
Mr. Patterson is a graduate of Harvard College and Harvard Law 
School.


Donald S. Perkins*
[Insert Picture]

Mr. Perkins, age 69, is the retired Chairman of the Board of 
Jewel Companies, Inc., a diversified retailer, where among other 
roles he served as President, Chief Executive Officer and 
Chairman of the Board from 1965 to 1980.  He currently also 
serves as a Director of various other public corporations, 
including AON Corp., an insurance company, Cummins Engine 
Company, Inc., an engine and power generator equipment 
manufacturer and assembler, Current Assets L.L.C., a corporation 
providing financial staffing services, Illinova and Illinois 
Power Co., Inland Steel Industries, Inc., LaSalle Street Fund, 
Inc., a real estate investment trust, Lucent Technologies Inc., 
Springs Industries, Inc., a textile manufacturer, and Time 
Warner, Inc., one of the nation's largest media conglomerates.  
He previously served as a Director of several other major public 
corporations, including Corning Glass Works, Eastman Kodak 
Company, Firestone Tire & Rubber Company and Kmart Corporation.

Mr. Perkins currently also serves as a Trustee and Vice Chairman 
of Northwestern University and as a Trustee of the Hospital 
Research and Education Trust.  He is currently active in various 
civic and business associations, including the Business Council 
and the Civic Committee of the Commercial Club of Chicago, of 
which he is the founding Chairman.  Mr. Perkins is a graduate of 
Yale University and Harvard Business School and holds an honorary 
doctorate from Loyola University of Chicago.
  

William F. Pounds
[Insert Picture]

Dr. Pounds, age 68, is the Vice Chairman of your fund and of the 
other Putnam funds.  He has been a Professor of Management at the 
Alfred P. Sloan School of Management at the Massachusetts 
Institute of Technology since 1961 and served as Dean of that 
School from 1966 to 1980.  He previously served as Senior Advisor 
to the Rockefeller Family and Associates and was a past Chairman 
of Rockefeller & Co., Inc., a registered investment adviser which 
manages Rockefeller family assets, and Rockefeller Trust Company. 

Dr. Pounds currently also serves as a Director of IDEXX 
Laboratories, Inc., EG&G, Inc., Perseptive Biosystems, Inc., 
Management Sciences For Health, Inc. and Sun Company, Inc.  He is 
also a Trustee of the Museum of Fine Arts in Boston; an Overseer 
of WGBH Educational Foundation, and a Fellow of The American 
Academy of Arts and Sciences.  He previously served as a Director 
of Fisher-Price, Inc. and General Mills, Inc.  Dr. Pounds is a 
graduate of Carnegie-Mellon University.

George Putnam*
[Insert Picture]

Mr. Putnam, age 70, is the Chairman and President of your fund 
and of the other Putnam funds.  He is the Chairman and a Director 
of Putnam Management and Putnam Mutual Funds Corp. and a Director 
of Marsh & McLennan, their parent company.  Mr. Putnam is the son 
of the founder of the Putnam funds and Putnam Management and has 
been employed in various capacities by Putnam Management since 
1951, including Chief Executive Officer from 1961 to 1973.  He is 
a former Overseer and Treasurer of Harvard University; a past 
Chairman of the Harvard Management Company; and a Trustee 
Emeritus of Wellesley College and Bradford College.
    
Mr. Putnam currently also serves as a Director of The Boston 
Company, Inc., Boston Safe Deposit and Trust Company, Freeport-
McMoRan, Inc., Freeport Copper and Gold, Inc., McMoRan Oil and 
Gas, Inc., mining and natural resources companies, General Mills, 
Inc., Houghton Mifflin Company, a major publishing company, and 
Rockefeller Group, Inc., a real estate manager.  He is also a 
Trustee of Massachusetts General Hospital, McLean Hospital, 
Vincent Memorial Hospital, WGBH Educational Foundation and the 
Museum of Fine Arts and the Museum of Science in Boston; the New 
England Aquarium; an Overseer of Northeastern University; and a 
Fellow of The American Academy of Arts and Sciences.  Mr. Putnam 
is a graduate of Harvard College and Harvard Business School and 
holds honorary doctorates from Bates College and Harvard 
University.

George Putnam, III*
[Insert Picture]

Mr. Putnam, age 45, is the President of New Generation Research, 
Inc., a publisher of financial advisory and other research 
services relating to bankrupt and distressed companies, and New 
Generation Advisers, Inc., a registered investment adviser which 
provides advice to private funds specializing in investments in 
such companies.  Prior to founding New Generation in 1985, Mr. 
Putnam was an attorney with the Philadelphia law firm Dechert 
Price & Rhoads.  

Mr. Putnam currently also serves as a Director of the 
Massachusetts Audubon Society.  He is also a Trustee of the Sea 
Education Association and St. Mark's School and an Overseer of 
the New England Medical Center.  Mr. Putnam is a graduate of 
Harvard College, Harvard Business School and Harvard Law School.


Eli Shapiro
[Insert Picture]  

Dr. Shapiro, age 80, is the Alfred P. Sloan Professor of 
Management, Emeritus at the Alfred P. Sloan School of Management 
at the Massachusetts Institute of Technology, having served on 
the faculty of the Sloan School for eighteen years.  He 
previously was also on the faculty of Harvard Business School, 
The University of Chicago School of Business and Brooklyn 
College.  During his academic career, Dr. Shapiro authored 
numerous publications concerning finance and related topics.  He 
previously served as the President and Chief Executive Officer of 
the National Bureau of Economic Research and also provided 
economic and financial consulting services to various clients.  

Dr. Shapiro is a past Director of many companies, including 
Nomura Dividend Income Fund, Inc., a privately held registered 
investment company managed by Putnam Management, Reece 
Corporation, a sewing machine manufacturer, Commonwealth 
Mortgage, Dexter Corporation, a manufacturer of plastics and 
related products, Avis Corporation, a car rental company, 
Connecticut Bank and Trust Company, Connecticut National Gas 
Corporation, the Federal Home Loan Bank of Boston, where he 
served as Chairman from 1977 to 1989, Travelers' Corporation, an 
insurance company, and Norlin Corporation, a musical instrument 
manufacturer; and a past Trustee of Mount Holyoke College and the 
Putnam funds (from 1984 to 1989).  

Dr. Shapiro is a Fellow of The American Academy of Arts and 
Sciences and is active in various professional and civic 
associations, including the American Economic Association, the 
American Finance Association and the Council on Foreign
Relations.  Dr. Shapiro is a graduate of Brooklyn College and 
Columbia University.


A.J.C. Smith*
[Insert Picture]

Mr. Smith, age 62, is the Chairman and Chief Executive Officer of 
Marsh & McLennan Companies, Inc.  He has been employed by Marsh & 
McLennan and related companies in various capacities since 1961. 
Mr. Smith is a Director of the Trident Corp., and he also serves 
as a Trustee of the Carnegie Hall Society, the Central Park 
Conservancy, The American Institute for Chartered Property 
Underwriters, and is a Founder of the Museum of Scotland Society. 
He was educated in Scotland and is a Fellow of the Faculty of 
Actuaries in Edinburgh, a Fellow of the Canadian Institute of 
Actuaries, a Fellow of the Conference of Actuaries in Public 
Practice, an Associate of the Society of Actuaries, a Member of 
the American Academy of Actuaries, the International Actuarial 
Association and the International Association of Consulting 
Actuaries.


W. Nicholas Thorndike**
[Insert Picture]

Mr. Thorndike, age 63, serves as a Director of various 
corporations and charitable organizations, including Data General 
Corporation, a computer and high technology company, Bradley Real 
Estate, Inc., a real estate investment firm, Providence Journal 
Co., a newspaper publisher and owner of television stations, and 
Courier Corporation, a book binding and printing company.  He is 
also a Trustee of Eastern Utilities Associates, Massachusetts 
General Hospital, where he previously served as chairman and 
president, and Northeastern University.

Prior to December 1988, he was the Chairman of the Board and 
Managing Partner of Wellington Management Company/Thorndike, 
Doran, Paine & Lewis, a registered investment adviser which 
manages mutual funds and institutional assets.  He also 
previously served as a Trustee of the Wellington Group of Funds 
(now The Vanguard Group) and was the Chairman and a Director of 
Ivest Fund, Inc.  Mr. Thorndike is a graduate of Harvard College.
- ----------------------------

*Nominees who are or may be deemed to be "interested persons" 
(as defined in the Investment Company Act of 1940) of your 
fund, Putnam Management and Putnam Mutual Funds Corp. 
("Putnam Mutual Funds"), the principal underwriter for all 
the open-end Putnam funds and an affiliate of Putnam 
Management.  Messrs. Putnam, Lasser, and Smith are deemed 
"interested persons" by virtue of their positions as
officers or shareholders of your fund, or directors of 
Putnam Management, Putnam Mutual Funds Corp. or Marsh & 
McLennan Companies, Inc., the parent company of Putnam 
Management and Putnam Mutual Funds.  Mr. George Putnam, III, 
Mr. Putnam's son, is also an "interested person" of your 
fund, Putnam Management and Putnam Mutual Funds.  Mr. 
Perkins may be deemed to be an "interested person" of your 
fund because of his service as a director of a certain 
publicly held company that includes registered broker-dealer 
firms among its subsidiaries.  Neither your fund nor any of 
the other Putnam funds currently engages in any transactions 
with such firms except that certain of such firms act as 
dealers in the retail sale of shares of certain Putnam funds 
in the ordinary course of their business.  The balance of 
the nominees are not "interested persons." 

**In February 1994 Mr. Thorndike accepted appointment as a 
successor trustee of certain private trusts in which he has 
no beneficial interest.  At that time he also became 
Chairman of the Board of two privately owned corporations 
controlled by such trusts, serving in that capacity until 
October 1994.  These corporations filed voluntary petitions 
for relief under Chapter 11 of the U.S. Bankruptcy Code in 
August 1994.

Except as indicated above, the principal occupations and business 
experience of the nominees for the last five years have been with 
the employers indicated, although in some cases they have held 
different positions with those employers.  Except for Mr. 
Jackson, all the nominees were elected by the shareholders in 
October 1995.  Mr. Jackson was elected by the other Trustees in 
May 1996.  As indicated above, Dr. Shapiro also previously served 
as a Trustee of the Putnam funds from 1984 to 1989.  As stated 
earlier, Messrs. Hill and Patterson have been nominated as 
Trustees to be elected by the holders of Preferred Shares.  The 
remaining 12 nominees for election as Trustees who receive the 
greatest number of votes of the Preferred Shares and the Common 
Shares voting together as a single class will be elected as 
Trustees of your fund.  The Trustees serve until their successors 
are elected and qualified.  Each of the nominees has agreed to 
serve as a Trustee if elected.  If any of the nominees is 
unavailable for election at the time of the meeting, which is not 
anticipated, the Trustees may vote for other nominees at their 
discretion, or the Trustees may recommend that the shareholders 
fix the number of Trustees at less than 14 for your fund.  
 
What are the Trustees' responsibilities?

Your fund's Trustees are responsible for the general oversight of 
your fund's business and for assuring that your fund is managed 
in the best interests of its shareholders.  The Trustees 
periodically review your fund's investment performance as well as
the quality of other services provided to your fund and its 
shareholders by Putnam Management and its affiliates, including 
administration, custody and investor servicing.  At least 
annually, the Trustees review the fees paid to Putnam Management 
and its affiliates for these services and the overall level of 
your fund's operating expenses.  In carrying out these 
responsibilities, the Trustees are assisted by an independent 
administrative staff and by your fund's auditors and legal 
counsel, which are selected by the Trustees and are independent 
of Putnam Management and its affiliates.

Do the Trustees have a stake in your fund?

The Trustees believe it is important that each Trustee have a 
significant investment in the Putnam funds.  The Trustees 
allocate their investments among the more than 99 Putnam funds 
based on their own investment needs.  The Trustees' aggregate 
investments in the Putnam funds total over $46 million.  The 
table below lists each Trustee's current investments in the fund 
and in the Putnam funds as a group.
SHARE OWNERSHIP BY TRUSTEES

Trustees
Year first elected 
as Trustee of the 
Putnam funds
Number of shares of 
the fund owned as of 
June 28, 1996*
Number of shares of 
all Putnam funds 
owned as of 
June 28, 1996**
- ---------------------
- --------------------
- --------------------
- --------------------
Jameson A. Baxter
Hans H. Estin
        1994
        1972
  100
  113
 24,102
 26,270
John A. Hill
        1985
2,100
123,624
Ronald J. Jackson
        1996
  200
 12,209
Elizabeth T. Kennan
        1992
  216
 27,475
Lawrence J. Lasser
        1992
  100
451,608
Robert E. Patterson
        1984
  100
 60,322
Donald S. Perkins
        1982
  206
160,110
William F. Pounds
        1971
  335
348,913
George Putnam
        1957
  818
1,516,577
George Putnam, III
        1984
  500
287,830
Eli Shapiro
        1995***
  ---
 80,677
A.J.C. Smith
        1986
  200
 35,339
W. Nicholas Thorndike
        1992
  120
 79,113---------------------------------------------------------

*[Except as noted below], [Each/each] Trustee has sole investment power and 
sole 
voting power with respect to his or her shares of the fund.  

**These holdings do not include shares of Putnam money market funds.

***Dr. Shapiro previously served as a Trustee of the Putnam funds from 1984 to
   1989.

As of June 28, 1996, the Trustees and officers of the fund owned a total of 
5,108 Common 
Shares of the fund, comprising less than 1% of its outstanding Common Shares on 
that date. 
None of the Trustees own any of the fund's Preferred Shares.

What are some of the ways in which the Trustees represent 
shareholder interests?

The Trustees believe that, as substantial investors in the Putnam 
funds, their interests are closely aligned with those of 
individual shareholders.  Among other ways, the Trustees seek to 
represent shareholder interests:

- - by carefully reviewing your fund's investment performance 
on an individual basis with your fund's managers;

- -by also carefully reviewing the quality of the various 
other services provided to the funds and their 
shareholders by Putnam Management and its affiliates;

- - by discussing with senior management of Putnam Management 
steps being taken to address any performance 
deficiencies;

- - by reviewing the fees paid to Putnam Management to ensure 
that such fees remain reasonable and competitive with 
those of other mutual funds, while at the same time 
providing Putnam Management sufficient resources to 
continue to provide high quality services in the future;

- - by monitoring potential conflicts between the funds and 
Putnam Management and its affiliates to ensure that the 
funds continue to be managed in the best interests of 
their shareholders;

- - by also monitoring potential conflicts among funds to 
ensure that shareholders continue to realize the benefits 
of participation in a large and diverse family of funds.


How often do the Trustees meet?

The Trustees meet each month (except August) over a two-day 
period to review the operations of your fund and of the other 
Putnam funds.  A portion of these meetings is devoted to meetings 
of various Committees of the board which focus on particular 
matters.  These include:  the Contract Committee, which reviews 
all contractual arrangements with Putnam Management and its 
affiliates; the Communication and Service Committee, which 
reviews the quality of services provided by your fund's investor 
servicing agent and custodian; the Pricing, Brokerage and Special 
Investments Committee, which reviews matters relating to 
valuation of securities, best execution, brokerage costs and 
allocations and new investment techniques; the Audit Committee, 
which reviews accounting policies and the adequacy of internal 
controls and supervises the engagement of the funds' auditors; 
the Compensation, Administration and Legal Affairs Committee, 
which reviews the compensation of the Trustees and their 
administrative staff and supervises the engagement of the funds'
 independent counsel; and the Nominating Committee, which is 
responsible for selecting nominees for election as Trustees.

Each Trustee generally attends at least two formal committee 
meetings during such monthly meeting of the Trustees.  During 
1995, the average Trustee participated in approximately 40 
committee and board meetings.  In addition, the Trustees meet in 
small groups with Chief Investment Officers and Portfolio 
Managers to review recent performance and the current investment 
climate for selected funds.  These meetings ensure that each 
fund's performance is reviewed in detail at least twice a year.  
The Contract Committee typically meets on several additional 
occasions during the year to carry out its responsibilities. 
Other Committees, including an Executive Committee, may also meet 
on special occasions as the need arises.

What are the Trustees paid for their services?

Your fund pays each Trustee a fee for his or her services.  Each 
Trustee also receives fees for serving as Trustee of the other 
Putnam funds.  The Trustees periodically review their fees to 
assure that such fees continue to be appropriate in light of 
their responsibilities as well as in relation to fees paid to 
trustees of other mutual fund complexes.  The fees paid to each 
Trustee by your fund and by all of the Putnam funds are shown 
below:
Compensation Table_


Trustees
Aggregate 
compensation from 
the fund*
Total compensation 
from all Putnam 
funds**
- --------------------
Jameson A. Baxter
- -----------------
$ 586
- -------------------
$150,854
Hans H. Estin
583
150,854
John A. Hill***
577
149,854
Elizabeth T. Kennan
583
148,854
Lawrence J. Lasser
579
150,854
Robert E. Patterson
589
152,854
Donald S. Perkins
580
150,854
William F. Pounds
579
149,854
George Putnam
583
150,854
George Putnam, III
583
150,854
Eli Shapiro****
586
95,372
A.J.C. Smith
577
149,854
W. Nicholas Thorndike
587
152,854
_Ronald J. Jackson became a Trustee of the fund effective May 3, 
1996 and has received no compensation from the fund or the 
other Putnam funds in 1995.

*Includes an annual retainer and an attendance fee for each 
meeting attended. 

**Reflects total payments received from all Putnam funds in the 
most recent calendar year.  As of December 31, 1995, there were 
99 funds in the Putnam family.

***Includes compensation deferred pursuant to a Trustee 
Compensation Deferral Plan.  The total amount of deferred 
compensation payable to Mr. Hill by all Putnam funds as of 
December 31, 1995 was $51,141, including income earned on such 
amounts.

****Elected as a Trustee in April 1995.

Your fund's Trustees have approved Retirement Guidelines for 
Trustees of the Putnam funds.  These guidelines provide generally 
that a Trustee who retires after reaching age 72 and who has at 
least 10 years of continuous service will be eligible to receive a 
retirement benefit from each Putnam fund for which he or she served 
as a Trustee.  The amount and form of such benefit is subject to 
determination annually by the Trustees and, unless otherwise 
determined by the Trustees, will be an annual cash benefit payable 
for life equal to one-half of the Trustee retainer fees paid by each 
fund at the time of retirement.  Several retired Trustees are 
currently receiving benefits pursuant to the Guidelines and it is 
anticipated that the current Trustees will receive similar benefits 
upon their retirement.  A Trustee who retired in calendar 1995 and 
was eligible to receive benefits under these Guidelines would have 
received an annual benefit of $66,749, based upon the aggregate
retainer fees paid by the Putnam funds for such year.  The Trustees 
reserve the right to amend or terminate such Guidelines and the 
related payments at any time, and may modify or waive the foregoing 
eligibility requirements when deemed appropriate.

For additional information about your fund, including further 
information about its Trustees and officers, please see "Further 
Information About Your Fund," on page   . 

Putnam Investments

Putnam Investment Management, Inc. and its affiliate, Putnam 
Fiduciary Trust Company, your fund's investor servicing agent and 
custodian, are wholly owned by Putnam Investments, Inc., One Post 
Office Square, Boston, Massachusetts 02109, a holding company that 
is in turn wholly owned by Marsh & McLennan Companies, Inc., which 
has executive offices at 1166 Avenue of the Americas, New York, New 
York 10036.  Marsh & McLennan Companies, Inc. and its operating 
subsidiaries are professional services firms with insurance and 
reinsurance brokering, consulting, and investment management 
businesses.  

2.  SELECTION OF INDEPENDENT AUDITORS 

Price Waterhouse LLP, 160 Federal St., Boston, Massachusetts, 
independent accountants, has been selected by the Trustees as the 
auditor of your fund for the current fiscal year.  Among the 
country's preeminent accounting firms, this firm also serves as the 
auditor for approximately half of the other funds in the Putnam 
family.  It was selected primarily on the basis of its expertise as 
auditors of investment companies, the quality of its audit services, 
and the competitiveness of the fees charged for these services.  

A majority of the votes on the matter is necessary to ratify the 
selection of auditors.  A representative of the independent auditors 
is expected to be present at the meeting to make statements and to 
respond to appropriate questions.

PROPOSALS 3 AND 4  

As described in the following proposals, the Trustees are 
recommending that shareholders approve a number of changes to your 
fund's fundamental investment restrictions, including the 
elimination of certain of these restrictions.  The purpose of these 
changes is to standardize the investment restrictions of all of the 
Putnam funds, including your fund where appropriate, and in certain 
cases to increase the fund's investment flexibility.  By having 
standard investment restrictions for all Putnam funds, Putnam 
Management will be able to more easily monitor each fund's 
compliance with its investment policies.  Most of these changes will 
have little practical effect on the way the fund is managed given 
the fund's current investment objective and policies.

Several of these changes expand the fund's opportunities to invest 
in securities that generate taxable income.  In any case, the fund
will continue to meet the asset composition requirements under the 
Internal Revenue Code for passing through tax-exempt income as 
exempt-interest dividends to its shareholders.

The adoption of any of these proposals is not contingent on the 
adoption of any other proposal.

The holders of Common Shares and Preferred Shares on the record date 
will each vote as a separate class with respect to the proposals set 
forth below.

3.A.	AMENDING THE FUND'S FUNDAMENTAL INVESTMENT RESTRICTION 
	WITH RESPECT TO DIVERSIFICATION

The Trustees are recommending that the fund's fundamental investment 
restriction with respect to the diversification of its investments 
be revised to reflect the standard restriction expected to be used 
by other Putnam funds and to clarify that the diversification 
restriction does not apply to securities guaranteed by the U.S. 
government or its agencies or instrumentalities.  

The fund's current restriction states that the fund may not:

"With respect to 50% of its total assets, invest in securities 
of any issuer if, immediately after such investment, more than 
5% of the total assets of the fund (taken at current value) 
would be invested in the securities of such issuer; provided 
that this limitation does not apply to securities of the U.S. 
government or its agencies or instrumentalities."

The proposed amended fundamental investment restriction is set forth 
below.

	"The fund may not . . .

With respect to 50% of its total assets, invest in the 
securities of any issuer if, immediately after such investment, 
more than 5% of the total assets of the fund (taken at current 
value) would be invested in the securities of such issuer; 
provided that this limitation does not apply to obligations 
issued or guaranteed as to interest or principal by the U.S. 
government or its agencies or instrumentalities."

The amended restriction clarifies, consistent with Investment 
Company Act of 1940 (the "1940 Act"), that U.S. government 
securities include obligations issued or guaranteed as to interest 
or principal by the U.S. governmment or its agencies or 
instrumentalities.

Required Vote.    Approval of this proposal requires the affirmative 
vote of the lesser of (1) more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares of the fund, each voting 
as a separate class, or (2) 67% or more of the Common Shares and the 
Preferred Shares of the fund, each voting as a separate class, 
present at the meeting if more than 50% of the outstanding Common
Shares and the outstanding Preferred Shares, respectively, are 
present at the meeting in person or by proxy.

3.B.AMENDING THE FUND'S FUNDAMENTAL INVESTMENT RESTRICTION WITH 
RESPECT TO INVESTMENTS IN THE VOTING SECURITIES OF A SINGLE 
ISSUER

The Trustees are recommending that the fund's fundamental investment 
restriction with respect to investments in the voting securities of 
a single issuer be revised to reflect the standard restriction 
expected to be used by other Putnam funds and to grant the fund the 
maximum flexibility permitted under the Internal Revenue Code of 
1986, as amended (the "Code").  Under the Code, a non-diversified 
fund such as the fund may not invest, with respect to 50% of its 
total assets, in the voting securities of an issuer if as a result 
it would own more than 10% of the outstanding voting securities of 
that issuer.  The remaining 50% of the fund's total assets is not 
subject to this limitation.  The fund's current investment 
restriction, which is more restrictive than applicable tax rules, 
states that the fund may not:

	"Acquire more than 10% of the voting securities of any issuer."

The proposed amended fundamental investment restriction is set forth 
below.  

"The fund may not ...

With respect to 50% of its total assets, acquire more than 
10% of the outstanding voting securities of any issuer."

The amendment enables the fund to purchase more than 10% of the 
voting securities of an issuer with respect to 50% of the fund's 
total assets.  Since the fund invests primarily in tax-exempt bonds, 
which are not voting securities, this proposal will have little 
practical effect on the fund.  Nevertheless, Putnam Management 
believes it would be in the best interest of the fund to conform the 
policy to provide the fund with maximum flexibility should 
circumstances change.

To the extent the fund individually or with other funds and accounts 
managed by Putnam Management or its affiliates were to own all or a 
major portion of the outstanding voting securities of a particular 
issuer, under adverse market or economic conditions or in the event 
of adverse changes in the financial condition of the issuer the fund 
could find it more difficult to sell these voting securities when 
Putnam Management believes it advisable to do so, or may be able to 
sell the securities only at prices significantly lower than if they 
were more widely held.  Under such circumstances, it may also be 
more difficult to determine the fair value of such securities for 
purposes of computing the fund's net asset value.  

Required vote.  Approval of this proposal requires the affirmative 
vote of the lesser of (1) more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares of the fund, each voting
as a separate class, or (2) 67% or more of the Common Shares and 
Preferred Shares of the fund, each voting as a separate class, 
present at the meeting if more than 50% of the outstanding Common 
Shares and Preferred Shares, respectively, are present at the 
meeting in person or by proxy.


3.C.AMENDING THE FUND'S FUNDAMENTAL INVESTMENT RESTRICTION WITH 
RESPECT TO MAKING LOANS 

The Trustees are recommending that the fund's fundamental investment 
restriction with respect to making loans be revised to reflect the 
standard restriction expected to be used by other Putnam funds, to 
remove any asset limitations on the fund's ability to enter into 
repurchase agreements and to permit the fund to enter into 
securities loans.  The current restriction states that the fund may 
not:

	"Make loans, except by purchase of debt obligations in which 
the fund may invest consistent with its investment policies, 
and by entering into repurchase agreements with respect to not 
more than 25% of its total assets (taken at current value)."

The proposed amended fundamental investment restriction is set forth 
below.  

"The fund may not ...

Make loans, except by purchase of debt obligations in 
which the fund may invest consistent with its investment 
policies, by entering into repurchase agreements, or by 
lending its portfolio securities."

Following the amendment, the fund may, consistent with its 
investment objective and policies and applicable law, enter into 
repurchase agreements and securities loans without limit.

Given the fund's investment policies and the fact that securities 
loans and repurchase agreements give rise to taxable income, Putnam 
Management does not presently intend to engage in securities loans 
or repurchase agreements on behalf of the fund to any significant 
extent.  Nevertheless, Putnam Management believes it would be in the 
best interest of the fund to conform the policy to provide the fund 
with maximum flexibility should circumstances change.

When the fund enters into a repurchase agreement, it typically 
purchases a security for a relatively short period (usually not more 
than one week), which the seller agrees to repurchase at a fixed 
time and price, representing the fund's cost plus interest.  When 
the fund enters into a securities loan, it lends certain of its 
portfolio securities to broker-dealers or other parties and 
typically receives an interest payment in return.  These 
transactions must be fully collateralized at all times, but involve 
some risk to the fund if the other party should default on its 
obligation.  If the other party in these transactions should become
involved in bankruptcy or insolvency proceedings, it is possible 
that the fund may be treated as an unsecured creditor and be 
required to return the underlying collateral to the other party's 
estate.

Required vote.  Approval of this proposal requires the affirmative 
vote of the lesser of (1) more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares of the fund, each voting 
as a separate class, or (2) 67% or more of the Common Shares and 
Preferred Shares of the fund, each voting as a separate class, 
present at the meeting if more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares, respectively, are 
present at the meeting in person or by proxy.

3.D.AMENDING THE FUND'S FUNDAMENTAL INVESTMENT RESTRICTION WITH 
RESPECT TO CONCENTRATION OF ITS ASSETS

The Trustees are recommending that the fund's fundamental investment 
restriction regarding concentration be revised to reflect the 
standard restriction expected to be used by other Putnam funds.  The 
current restriction states that the fund may not:

"Invest more than 25% of the value of its total assets in 
securities of issuers in any one industry.  (Securities of the 
U.S. Government, its agencies, or instrumentalities, and 
securities backed by the credit of a governmental entity are 
not considered to represent industries.)"

The proposed amended fundamental restriction is set forth below. 

	"The fund may not ...

Purchase securities (other than securities of the U.S. 
government, its agencies or instrumentalities or tax-
exempt securities, except tax-exempt securities backed 
only by the assets and revenues of non-governmental 
issuers) if, as a result of such purchase, more than 25% 
of the fund's total assets would be invested in any one 
industry."

The proposed amendment merely conforms the fund's restriction and 
would have no effect on the fund's investments.

Required vote.  Approval of this proposal requires the affirmative 
vote of the lesser of (1) more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares of the fund, each voting 
as a separate class, or (2) 67% or more of the Common Shares and 
Preferred Shares of the fund, each voting as a separate class, 
present at the meeting if more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares, respectively, are 
present at the meeting in person or by proxy.

3.E.AMENDING THE FUND'S FUNDAMENTAL INVESTMENT RESTRICTION WITH 
RESPECT TO INVESTMENTS IN COMMODITIES

The Trustees are recommending that the fund's fundamental investment 
restriction with respect to investments in commodities be revised to 
reflect the standard restriction expected to be used by other Putnam 
funds.  The current restriction states that the fund may not:  

"Purchase or sell commodities or commodity contracts, except 
that it may purchase or sell financial futures contracts or 
options."

The proposed amended fundamental restriction is set forth below.

	"The fund may not ...

Purchase or sell commodities or commodity contracts, 
except that the fund may purchase and sell financial 
futures contracts and options and may enter into foreign 
exchange contracts and other financial transactions not 
involving physical commodities."

Under the revised restriction, the fund will continue to be able to 
engage in a variety of transactions involving the use of financial 
futures and options, as well as various other financial transactions 
to the extent consistent with its investment objectives and 
policies.  Although the fund may already engage in many of these 
activities, Putnam Management believes that the revised language 
more clearly sets forth the fund's policy.  The addition of 
financial transactions not involving the direct purchase or sale of 
physical commodities is intended to give the fund maximum 
flexibility to invest in a variety of financial instruments that 
could technically be considered commodities, but which do not 
involve the direct purchase or sale of physical commodities, which 
is the intended focus of the restriction.

Foreign exchange transactions are subject to many of the risks 
associated with futures and options.  However, given the fund's 
investment policies and the fact that foreign currency exchange 
transactions give rise to taxable income, Putnam Management 
currently has no intention of engaging in such transactions.

Required vote.  Approval of this proposal requires the affirmative 
vote of the lesser of (1) more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares of the fund, each voting 
as a separate class, or (2) 67% or more of the Common Shares and 
Preferred Shares of the fund, each voting as a separate class, 
present at the meeting if more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares, respectively, are 
present at the meeting in person or by proxy.   


4.A.ELIMINATING THE FUND'S FUNDAMENTAL INVESTMENT RESTRICTION WITH 
RESPECT TO INVESTMENTS IN SECURITIES OF ISSUERS IN WHICH 
MANAGEMENT OF THE FUND OR PUTNAM INVESTMENT MANAGEMENT OWNS 
SECURITIES

The Trustees are recommending eliminating the fund's fundamental 
investment restriction which prevents the fund from investing in the 
securities of issuers in which management of the fund or Putnam 
Management owns a certain percentage of securities because it is 
unnecessary in light of current regulatory requirements.  The 
current restriction states that the fund may not:

	"Invest in securities of any issuer, if, to the knowledge of 
the fund, officers and Trustees of the fund and officers and 
directors of Putnam who beneficially own more than 0.5% of the 
securities of that issuer together own more than 5% of such 
securities."

By eliminating the restriction, the fund would be able to invest in 
the securities of any issuer without regard to ownership in such 
issuer by management of the fund or Putnam Management, except to the 
extent prohibited by the fund's investment policies or the 1940 Act.

Required vote.  Approval of this proposal requires the affirmative 
vote of the lesser of (1) more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares of the fund, each voting 
as a separate class, or (2) 67% or more of the Common Shares and 
Preferred Shares of the fund, each voting as a separate class, 
present at the meeting if more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares, respectively, are 
present at the meeting in person or by proxy.

4.B.ELIMINATING THE FUND'S FUNDAMENTAL INVESTMENT RESTRICTION WITH 
RESPECT TO MARGIN TRANSACTIONS

The Trustees are recommending that the fund's fundamental investment 
restriction with respect to margin transactions be eliminated. 
"Margin transactions" involve the purchase of securities with money 
borrowed from a broker, with cash or eligible securities being used 
as collateral against the loan.  The current restriction states that 
the fund may not:

"Purchase securities on margin, except such short-term credits 
as may be necessary for the clearance of purchases and sales of 
securities, and except that it may make margin payments in 
connection with transactions in futures contracts, options, and 
other financial instruments."

Putnam Management recommended that this restriction be eliminated 
because it is unnecessary in light of current regulatory 
requirements; the 1940 Act does not require the fund to have such a 
restriction.  If the restriction were removed, the fund would be 
able to engage in margin transactions to the extent consistent with 
its investment policies and the 1940 Act.

The fund's potential use of margin transactions beyond transactions 
in financial futures and options and for the clearance of purchases 
and sales of securities, including the use of margin in ordinary 
securities transactions, is currently limited by SEC guidelines 
which prohibit margin transactions because they create senior 
securities.  The fund's ability to engage in margin transactions is 
also limited by its investment policies, which generally permit the 
fund to borrow money only in limited circumstances.

Required vote.  Approval of this proposal requires the affirmative 
vote of the lesser of (1) more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares of the fund, each voting 
as a separate class, or (2) 67% or more of the Common Shares and 
Preferred Shares of the fund, each voting as a separate class, 
present at the meeting if more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares, respectively, are 
present at the meeting in person or by proxy.

4.C.ELIMINATING THE FUND'S FUNDAMENTAL INVESTMENT RESTRICTION WITH 
RESPECT TO SHORT SALES

The Trustees are recommending that the fund's fundamental investment 
restriction with respect to short sales be eliminated.  The current 
restriction states that the fund may not:

"Make short sales of securities or maintain a short position 
for the account of the fund unless at all times when a short 
position is open it owns an equal amount of such securities or 
owns securities which, without payment of any further 
consideration, are convertible into or exchangeable for 
securities of the same issue as, and in equal amount to, the 
securities sold short."

Putnam Management recommended that this restriction be eliminated 
because it is unnecessary in light of current regulatory 
requirements; the 1940 Act does not require the fund to have such a 
restriction.  

Given the fund's investment policies and the fact that short sales 
give rise to taxable income, Putnam Management does not currently 
intend to engage in short sales on behalf of the fund. 
Nevertheless, Putnam Management believes it is in the best interest 
of the fund to provide the fund with maximum flexibility should 
circumstances change.

Required vote.  Approval of this proposal requires the affirmative 
vote of the lesser of (1) more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares of the fund, each voting 
as a separate class, or (2) 67% or more of the Common Shares and 
Preferred Shares of the fund, each voting as a separate class, 
present at the meeting if more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares, respectively, are 
present at the meeting in person or by proxy.


4.D.ELIMINATING THE FUND'S FUNDAMENTAL INVESTMENT RESTRICTION WITH 
RESPECT TO PLEDGING ASSETS

The Trustees are recommending that the fund's fundamental investment 
restriction which limits the fund's ability to pledge its assets be 
eliminated.  The current restriction states that the fund may not:

"Pledge, hypothecate, mortgage, or otherwise encumber its 
assets in excess of 15% of its total assets (taken at the lower 
of cost and current value) in connection with borrowings 
permitted by restriction 2 above."  [Restriction 2 referred to 
in this restriction allows the fund to borrow money in amounts 
up to 10% of the value of its total assets for certain limited 
purposes.]

Putnam Management recommended that this restriction be eliminated 
because it is unnecessary in light of current regulatory 
requirements; the 1940 Act does not require the fund to have such a 
restriction.  

This proposal would remove all restrictions on the fund's ability to 
pledge assets.  Putnam Management believes that this enhanced 
flexibility could assist the fund in achieving its investment 
objective. Further, Putnam Management believes that the fund's 
current limits on pledging may conflict with the fund's ability to 
borrow money for extraordinary or emergency purposes.  This conflict 
arises because banks may require borrowers such as the fund to 
pledge assets in order to collateralize the amount borrowed.  These 
collateral requirements are typically for amounts at least equal to, 
and often larger than, the principal amount of the loan.  If the 
fund needed to borrow the maximum amount permitted by its policies 
(currently 10% of its total assets), it might be possible that a 
bank would require collateral in excess of 15% of the fund's total 
assets.  Thus, the current restriction could have the effect of 
reducing the amount that the fund may borrow in these situations.

Pledging assets does entail certain risks.  To the extent that the 
fund pledges its assets, the fund may have less flexibility in 
liquidating its assets.  If a large portion of the fund's assets 
were involved, the fund's ability to meet its obligations could be 
delayed.

Required vote.  Approval of this proposal requires the affirmative 
vote of the lesser of (1) more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares of the fund, each voting 
as a separate class, or (2) 67% or more of the Common Shares and 
Preferred Shares of the fund, each voting as a separate class, 
present at the meeting if more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares, respectively, are 
present at the meeting in person or by proxy.

4.E.ELIMINATING THE FUND'S FUNDAMENTAL INVESTMENT RESTRICTION WITH 
RESPECT TO CERTAIN OIL, GAS AND MINERAL INTERESTS

The Trustees are recommending that the fund's fundamental investment 
restriction with respect to investments in oil, gas and mineral 
leases, rights or royalty contracts be eliminated.  The current 
restriction states that the fund may not:

"Buy or sell oil, gas, or other mineral leases, rights, or 
royalty contracts, although it may purchase securities of 
issuers which deal in, represent interests in, or are secured 
by interests in such leases, rights, or contracts, and it may 
acquire or dispose of such leases, rights, or contracts 
acquired through the exercise of its rights as a holder of debt 
obligations secured thereby."

Putnam Management recommended that this restriction be eliminated 
because it is unnecessary in light of current regulatory 
requirements; the 1940 Act does not require the fund to have such a 
restriction.  However, given the fund's investment policies, Putnam 
Management has no current intention of causing the fund to invest in 
such securities.

Required vote.  Approval of this proposal requires the affirmative 
vote of the lesser of (1) more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares of the fund, each voting 
as a separate class, or (2) 67% or more of the Common Shares and 
Preferred Shares of the fund, each voting as a separate class, 
present at the meeting if more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares, respectively, are 
present at the meeting in person or by proxy.

4.F.ELIMINATING THE FUND'S FUNDAMENTAL INVESTMENT RESTRICTION WITH 
RESPECT TO INVESTING TO GAIN CONTROL OF A COMPANY'S MANAGEMENT

The Trustees are recommending that the fund's fundamental investment 
restriction which states that the fund may not "make investments for 
the purpose of gaining control of a company's management" be 
eliminated.  Eliminating the restriction would make it clear that 
the fund can freely exercise its rights as a shareholder of the 
various companies in which it may invest.  These rights may include 
the right to actively oppose or support the management of such 
companies.  Since the fund invests primarily in fixed-income 
securities, this proposal will not affect the majority of the fund's 
investments.  Nevertheless, Putnam Management believes it would be 
in the best interest of the fund to eliminate the restriction.

Putnam Management believes that eliminating this restriction will 
allow the fund maximum flexibility to protect the value of its 
investments through influencing management of companies in which it 
may invest.  Although Putnam Management believes that the fund 
currently may engage in such activities without necessarily 
violating this restriction, it believes that eliminating the 
restriction will eliminate any potential obstacle to the fund in 
protecting its interests.

This area of corporate activity is highly prone to litigation, and 
whether or not the restriction is eliminated, the fund could be 
drawn into lawsuits related to these activities.  The fund will 
direct its efforts toward those instances where Putnam Management 
believes the potential for benefit to the fund outweighs potential 
litigation risks.

Required vote.  Approval of this proposal requires the affirmative 
vote of the lesser of (1) more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares of the fund, each voting 
as a separate class, or (2) 67% or more of the Common Shares and 
Preferred Shares of the fund, each voting as a separate class, 
present at the meeting if more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares, respectively, are 
present at the meeting in person or by proxy.

4.G.ELIMINATING THE FUND'S FUNDAMENTAL INVESTMENT RESTRICTION WITH 
RESPECT TO INVESTMENTS IN OTHER INVESTMENT COMPANIES

The Trustees are recommending that the fund's fundamental investment 
restriction with respect to investments in other investment 
companies be eliminated.  The current restriction states that the 
fund may not:

"Invest in the securities of registered open-end investment 
companies, except as they may be acquired as part of a merger 
or consolidation or acquisition of assets."

Putnam Management recommended that this restriction be eliminated 
because it is unnecessary in light of current regulatory 
requirements; the 1940 Act does not require the fund to have such a 
restriction.  By eliminating the restriction, the fund would have 
the ability to invest in investment vehicles (including registered 
open-end investment companies) to the extent consistent with 
applicable law and the fund's investment policies.  Such entities 
may involve duplication of some fees and expenses, but may also 
provide attractive investment opportunities.   Of course, any such 
investment by the fund would be subject to the restrictions imposed 
under the 1940 Act in effect from time to time.  Putnam Management 
believes that this enhanced flexibility could assist the fund in 
meeting its objective.  

Required vote.  Approval of this proposal requires the affirmative 
vote of the lesser of (1) more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares of the fund, each voting 
as a separate class, or (2) 67% or more of the Common Shares and 
Preferred Shares of the fund, each voting as a separate class, 
present at the meeting if more than 50% of the outstanding Common 
Shares and the outstanding Preferred Shares, respectively, are 
present at the meeting in person or by proxy.

Further Information About Voting and the Shareholder Meeting

Quorum and Methods of Tabulation.  A majority of the shares entitled 
to vote -- present in person or represented by proxy -- constitutes
a quorum for the transaction of business with respect to any 
proposal at the meeting (unless otherwise noted in the proxy 
statement), except that where the Preferred Shares or Common Shares 
shall vote as a separate class, then a majority of the aggregate 
number of shares of that class shall be necessary to constitute a 
quorum for the transaction of business by that class.  Shares 
represented by proxies that reflect abstentions and "broker non-
votes" (i.e., shares held by brokers or nominees as to which (i) 
instructions have not been received from the beneficial owners or 
the persons entitled to vote and (ii) the broker or nominee does not 
have the discretionary voting power on a particular matter) will be 
counted as shares that are present and entitled to vote on the 
matter for purposes of determining the presence of a quorum.  Votes 
cast by proxy or in person at the meeting will be counted by persons 
appointed by your fund as tellers for the meeting.  

The tellers will count the total number of votes cast "for" approval 
of the proposals for purposes of determining whether sufficient 
affirmative votes have been cast.  With respect to the election of 
Trustees and selection of auditors, neither abstentions nor broker 
non-votes have any effect on the outcome of the proposal.  With 
respect to any other proposals, abstentions and broker non-votes 
have the effect of a negative vote on the proposal.

Other business.  The Trustees know of no other business to be 
brought before the meeting.  However, if any other matters properly 
come before the meeting, it is their intention that proxies that do 
not contain specific restrictions to the contrary will be voted on 
such matters in accordance with the judgment of the persons named as 
proxies in the enclosed form of proxy.

Simultaneous meetings.  The meeting of shareholders of your fund is 
called to be held at the same time as the meetings of shareholders 
of certain of the other Putnam funds.  It is anticipated that all 
meetings will be held simultaneously.  If any shareholder at the 
meeting objects to the holding of a simultaneous meeting and moves 
for an adjournment of the meeting to a time promptly after the 
simultaneous meetings, the persons named as proxies will vote in 
favor of such adjournment.

Solicitation of proxies.  In addition to soliciting proxies by mail, 
Trustees of your fund and employees of Putnam Management, Putnam 
Fiduciary Trust Company, and Putnam Mutual Funds may solicit proxies 
in person or by telephone.  Your fund may also arrange to have votes 
recorded by telephone.  The telephone voting procedure is designed 
to authenticate shareholders' identities, to allow shareholders to 
authorize the voting of their shares in accordance with their 
instructions and to confirm that their instructions have been 
properly recorded.  Your fund has been advised by counsel that these 
procedures are consistent with the requirements of applicable law. 
If these procedures were subject to a successful legal challenge, 
such votes would not be counted at the meeting.  Your fund is 
unaware of any such challenge at this time.  Shareholders would be 
called at the phone number Putnam Investments has in its records for 
their accounts, and would be asked for their Social Security number
or other identifying information.  The shareholders would then be 
given an opportunity to authorize proxies to vote their shares at 
the meeting in accordance with their instructions.  To ensure that 
the shareholders' instructions have been recorded correctly, they 
will also receive a confirmation of their instructions in the mail. 
A special toll-free number will be available in case the information 
contained in the confirmation is incorrect.  

Your fund's Trustees have adopted a general policy of maintaining 
confidentiality in the voting of proxies.  Consistent with this 
policy, your fund may solicit proxies from shareholders who have not 
voted their shares or who have abstained from voting.

Persons holding shares as nominees will upon request be reimbursed 
for their reasonable expenses in soliciting instructions from their 
principals.  Your fund has retained at its expense Tritech Services, 
Four Corporate Place, Corporate Park 287, Piscataway, New Jersey 
08854, to aid in the solicitation of beneficial accounts for a fee 
not to exceed $6,500 plus reasonable out-of-pocket expenses for 
mailing and phone costs.  Your fund has also retained D. F. King & 
Co., Inc., 77 Water Street, New York, New York 10005, to aid in the 
solicitation of beneficial and registered accounts for a fee not to 
exceed $2,500 plus reasonable out-of-pocket expenses.

Revocation of proxies.  Proxies, including proxies given by 
telephone, may be revoked at any time before they are voted by a 
written revocation received by the Clerk of your fund, by properly 
executing a later-dated proxy or by attending the meeting and voting 
in person.

Date for receipt of shareholders' proposals for the next annual 
meeting.  It is anticipated that your fund's next annual meeting of 
shareholders will be held in October 1997.  Shareholder proposals to 
be included in your fund's proxy statement for the next annual 
meeting must be received by your fund before [-------------], 1997.

Adjournment.  If sufficient votes in favor of any of the proposals 
set forth in the Notice of the Meeting are not received by the time 
scheduled for the meeting, the persons named as proxies may propose 
adjournments of the meeting for a period or periods of not more than 
60 days in the aggregate to permit further solicitation of proxies 
with respect to any of such proposals.  Any adjournment will require 
the affirmative vote of a majority of the votes cast on the question 
in person or by proxy at the session of the meeting to be adjourned. 
The persons named as proxies will vote in favor of such adjournment 
those proxies which they are entitled to vote in favor of such 
proposals.  They will vote against such adjournment those proxies 
required to be voted against such proposals.  Your fund pays the 
costs of any additional solicitation and of any adjourned session. 
Any proposals for which sufficient favorable votes have been 
received by the time of the meeting may be acted upon and considered 
final regardless of whether the meeting is adjourned to permit 
additional solicitation with respect to any other proposal.  

Financial information.  Your fund will furnish, without charge, to 
you upon request a copy of the fund's annual report for its most
recent fiscal year, and a copy of its semiannual report for any 
subsequent semiannual period.  Such requests may be directed to 
Putnam Investor Services, P.O. Box 41203, Providence, RI  02940-1203 
or 1-800-225-1581.

Further Information About Your Fund

Limitation of Trustee liability.  The Agreement and Declaration of 
Trust of your fund provides that the fund will indemnify its 
Trustees and officers against liabilities and expenses incurred in 
connection with litigation in which they may be involved because of 
their offices with the fund, except if it is determined in the 
manner specified in the Agreement and Declaration of Trust that they 
have not acted in good faith in the reasonable belief that their 
actions were in the best interests of the fund or that such 
indemnification would relieve any officer or Trustee of any 
liability to the fund or its shareholders arising by reason of 
willful misfeasance, bad faith, gross negligence or reckless 
disregard of his or her duties.  Your fund, at its expense, provides 
liability insurance for the benefit of its Trustees and officers.

Audit and Nominating Committees.  The voting members of the Audit 
Committee of your fund include only Trustees who are not "interested 
persons" of the fund by reason of any affiliation with Putnam 
Investments and its affiliates.  The Audit Committee currently 
consists of Messrs. Estin (Chairman), Perkins (without vote), 
Putnam, III (without vote), Shapiro, Smith (without vote), and Ms. 
Kennan.  The Nominating Committee consists only of Trustees who are 
not "interested persons" of your fund or Putnam Management.  The 
Nominating Committee currently consists of Dr. Pounds and Ms. Kennan 
(Co-chairpersons), Ms. Baxter, and Messrs. Estin, Hill, Jackson, 
Patterson, Shapiro, and Thorndike.
Officers and other information.  In addition to George Putnam and 
Lawrence J. Lasser, the officers of your fund are as follows:

Name (age)
Office
Year first 
elected to 
office
- ------------------------------
Charles E. Porter (58)
- ----------------------------
Executive Vice President
- -------------
1992
Patricia C. Flaherty (49)
Senior Vice President
1993
John D. Hughes (61)
Senior Vice President
  & Treasurer
1992
Gordon H. Silver (49)
Vice President
1992
Gary N. Coburn (50)
Vice President
1992
James E. Erickson (60)
Vice President
1992
David J. Eurkus* (50)
Vice President
1992
William N. Shiebler** (54)
Vice President
1992
John R. Verani (57)
Vice President
1992
Paul M. O'Neil (43)
Vice President
1993
Beverly Marcus (52)
Clerk
1992--------------------------------------------------------------------

*  The fund's portfolio manager
** President of Putnam Mutual Funds

All of the officers of your fund are employees of Putnam Management 
or its affiliates.  Because of their positions with Putnam 
Management or its affiliates or their ownership of stock of Marsh & 
McLennan Companies, Inc., the parent corporation of Putnam 
Management, Messrs. Putnam, George Putnam, III, Lasser and Smith 
(nominees for Trustees of your fund), as well as the officers of 
your fund, will benefit from the management fees, custodian fees, 
and investor servicing fees paid or allowed by the fund. 


Assets and shares outstanding of your fund 
as of July 26, 1996

Net assets  $38,394,189
	
Common Shares outstanding 
and authorized to vote 2,847,092 shares

Preferred Shares outstanding 
and authorized to vote 200 shares

5% beneficial ownership of your fund as of July 31, 1996

Persons beneficially owning more than 5% 
of the fund's Common Shares:

	(1)	Merrill Lynch
		4 Corporate Place
		Corporate Park 287
		Piscataway, New Jersey 08855
		190,877 shares of 6.70%

	(2)	Paine Webber
		1000 Harbor Blvd.
		Weehauken, New Jersey 07087
		417,647 shares or 14.67%

	(3)	Prudential Securities
		111 8th Avenue
		4th Floor
		New York, New York 10011
		686,160 shares or 24.10%

	(4)	Smith Barney
		333 W. 34th Street
		New York, New York 10001
		374,452 shares or 13.15%

Persons beneficially owning more than 5% 
of the fund's Preferred Shares:

	(1)	Merrill Lynch
		4 Corporate Place
		Corporate Park 287
		Piscataway, New Jersey 08855
		75 shares or 37.50%

	(2)	Smith Barney
		333 W. 34th Street
		New York, New York 10001
		125 shares or 62.50%

PUTNAMINVESTMENTS
The Putnam Funds

One Post Office Square
Boston, Massachusetts 02109
Toll-free 1-800-225-1581

PUTNAMINVESTMENTS

This is your PROXY CARD. 

Please vote this proxy, sign it below, and return it promptly in the 
envelope provided.  Your vote is important.

HAS YOUR ADDRESS CHANGED?
Please use this form to notify us of any change in address or 
telephone number or to provide us with your comments.  Detach this 
form from the proxy ballot and return it with your signed proxy in 
the enclosed envelope.

Street
- --------------------------------------------------------------------

City		State           Zip     
- --------------------------------------------------------------------

Telephone
- --------------------------------------------------------------------

DO YOU HAVE ANY COMMENTS?

- --------------------------------------------------------------------

- --------------------------------------------------------------------

- --------------------------------------------------------------------

DEAR SHAREHOLDER:

Your vote is important.  Please help us to eliminate the expense of 
follow-up mailings by signing and returning this proxy as soon as 
possible.  A postage-paid envelope is enclosed for your convenience.

THANK YOU!
- --------------------------------------------------------------------
Please fold at perforation before detaching.

Proxy for a meeting of shareholders to be held on October 31, 1996 
for Putnam New York Investment Grade Municipal Trust.  (Preferred 
Shares)

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

The undersigned shareholder hereby appoints George Putnam, Hans H. 
Estin, and Robert E. Patterson, and each of them separately, 
Proxies, with power of substitution, and hereby authorizes them to 
represent and to vote, as designated below, at the meeting of 
shareholders of Putnam New York Investment Grade Municipal Trust on 
October 31, 1996, at 2:00 p.m., Boston time, and at any adjournments 
thereof, all of the shares of the fund that the undersigned 
shareholder would be entitled to vote if personally present.

If you complete and sign the proxy, we'll vote it exactly as you 
tell us.  If you simply sign the proxy, it will be voted FOR fixing 
the number of Trustees and electing Trustees as set forth in 
Proposal 1 and FOR Proposals 2, 3.A.-3.E. and 4.A.-4.G.  In their 
discretion, the Proxies will also be authorized to vote upon such 
other matters that may properly come before the meeting. 

Note:	If you have questions on any of the proposals, please call
 	1-800-225-1581.

PLEASE BE SURE TO SIGN AND DATE THIS PROXY.

Please sign your name exactly as it appears on this card.  If you 
are a joint owner, each owner should sign.  When signing as 
executor, administrator, attorney, trustee, or guardian, or as 
custodian for a minor, please give your full title as such.  If you 
are signing for a corporation, please sign the full corporate name 
and indicate the signer's office.  If you are a partner, sign in the 
partnership name.

- --------------------------------------------------------------------
Shareholder sign here Date

- --------------------------------------------------------------------
Co-owner sign hereDate

THE TRUSTEES RECOMMEND A VOTE FOR FIXING THE NUMBER OF TRUSTEES AND 
ELECTING ALL OF THE NOMINEES FOR TRUSTEES AND FOR THE OTHER 
PROPOSALS LISTED BELOW. 

Please mark your choices / X / in blue or black ink.

1. 	Proposal to fix the number of and elect Trustees 
The nominees for Trustees are: J.A. Baxter, H.H. Estin, J.A. 
Hill, R.J. Jackson, E.T. Kennan, L.J. Lasser, R.E. Patterson, 
D.S. Perkins, W.F. Pounds, G. Putnam, G. Putnam, III, E. 
Shapiro, A.J.C. Smith and W.N. Thorndike.

/  / FOR fixing the number of Trustees and electing all the nominees
	(except as indicated to the contrary below)

/  / WITHHOLD authority to vote for all nominees

To withhold authority to vote for one or more of the nominees, write 
those nominees' names below:

- -------------------------------------------------------------

PROPOSAL TO:

2. 	Ratify the selection	FOR	AGAINST	ABSTAIN
	of Price Waterhouse LLP
as the independent
auditors of your fund.	/  /	/  /	/  /
	
3.Amend the fund's fundamental
investment restriction
with respect to:

  A.	Diversification.	/  /	/  /	/  /

  B.Investments in the 	/  /	/  /	/  /
voting securities
of a single issuer.

  C.Making loans.	/  /	/  /	/  /

  D.Concentration of 	/  /	/  /	/  /
its assets.

  E.Investments in commodities.	/  /	/  /	/  /

4.Eliminate the fund's 	
fundamental investment 
restriction with respect 
to:

  A.Investments in securities	/  /	/  /	/  /
	of issuers in which 
management of the fund 
or Putnam Investment
Management owns securities.

  B.Margin transactions.	/  /	/  /	/  /

  C.Short sales.	/  /	/  /	/  /

  D.Pledging assets.	/  /	/  /	/  /

  E.Investments in certain
	oil, gas and
mineral interests.	/  /	/  /	/  /

  F.Investing to gain control
of a company's management.	/  /	/  /	/  /

  G.Investments in other
investment companies.	/  /	/  /	/  /




PUTNAMINVESTMENTS

This is your PROXY CARD. 

Please vote this proxy, sign it below, and return it promptly in the 
envelope provided.  Your vote is important.

HAS YOUR ADDRESS CHANGED?
Please use this form to notify us of any change in address or 
telephone number or to provide us with your comments.  Detach this 
form from the proxy ballot and return it with your signed proxy in 
the enclosed envelope.

Street
- --------------------------------------------------------------------

City		State           Zip     
- --------------------------------------------------------------------

Telephone
- --------------------------------------------------------------------

DO YOU HAVE ANY COMMENTS?

- --------------------------------------------------------------------

- --------------------------------------------------------------------

- --------------------------------------------------------------------

DEAR SHAREHOLDER:

Your vote is important.  Please help us to eliminate the expense of 
follow-up mailings by signing and returning this proxy as soon as 
possible.  A postage-paid envelope is enclosed for your convenience.

THANK YOU!
- --------------------------------------------------------------------
Please fold at perforation before detaching.

Proxy for a meeting of shareholders to be held on October 31, 1996 
for Putnam New York Investment Grade Municipal Trust.  (Common 
Shares)

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

The undersigned shareholder hereby appoints George Putnam, Hans H. 
Estin, and Robert E. Patterson, and each of them separately, 
Proxies, with power of substitution, and hereby authorizes them to 
represent and to vote, as designated below, at the meeting of 
shareholders of Putnam New York Investment Grade Municipal Trust on 
October 31, 1996, at 2:00 p.m., Boston time, and at any adjournments 
thereof, all of the shares of the fund that the undersigned 
shareholder would be entitled to vote if personally present.

If you complete and sign the proxy, we'll vote it exactly as you 
tell us.  If you simply sign the proxy, it will be voted FOR fixing 
the number of Trustees and electing Trustees as set forth in 
Proposal 1 and FOR Proposals 2, 3.A.-3.E. and 4.A.-4.G.  In their 
discretion, the Proxies will also be authorized to vote upon such 
other matters that may properly come before the meeting. 

Note:	If you have questions on any of the proposals, please call
 	1-800-225-1581.

PLEASE BE SURE TO SIGN AND DATE THIS PROXY.

Please sign your name exactly as it appears on this card.  If you 
are a joint owner, each owner should sign.  When signing as 
executor, administrator, attorney, trustee, or guardian, or as 
custodian for a minor, please give your full title as such.  If you 
are signing for a corporation, please sign the full corporate name 
and indicate the signer's office.  If you are a partner, sign in the 
partnership name.

- --------------------------------------------------------------------
Shareholder sign here Date

- --------------------------------------------------------------------
Co-owner sign hereDate

THE TRUSTEES RECOMMEND A VOTE FOR FIXING THE NUMBER OF TRUSTEES AND 
ELECTING ALL OF THE NOMINEES FOR TRUSTEES AND FOR THE OTHER 
PROPOSALS LISTED BELOW. 

Please mark your choices / X / in blue or black ink.

1. 	Proposal to fix the number of and elect Trustees 
The nominees for Trustees are: J.A. Baxter, H.H. Estin, R.J. 
Jackson, E.T. Kennan, L.J. Lasser, D.S. Perkins, W.F. Pounds, 
G. Putnam, G. Putnam, III, E. Shapiro, A.J.C. Smith and W.N. 
Thorndike.

/  / FOR fixing the number of Trustees and electing all the nominees
	(except as indicated to the contrary below)

/  / WITHHOLD authority to vote for all nominees

To withhold authority to vote for one or more of the nominees, write 
those nominees' names below:

- -------------------------------------------------------------
- -------------------------------------------------------------

PROPOSAL TO:

2. 	Ratify the selection	FOR	AGAINST	ABSTAIN
	of Price Waterhouse LLP
as the independent
auditors of your fund.	/  /	/  /	/  /
	
3.Amend the fund's fundamental
investment restriction
with respect to:

  A.	Diversification.	/  /	/  /	/  /

  B.Investments in the 	/  /	/  /	/  /
voting securities
of a single issuer.

  C.Making loans.	/  /	/  /	/  /

  D.Concentration of 	/  /	/  /	/  /
its assets. 

  E.Investments in commodities.	/  /	/  /	/  /

4.Eliminate the fund's 	
fundamental investment 
restriction with respect 
to:

  A.Investments in securities	/  /	/  /	/  /
	of issuers in which 
management of the fund 
or Putnam Investment
Management owns securities.

  B.Margin transactions.	/  /	/  /	/  /

  C.Short sales.	/  /	/  /	/  /

  D.Pledging assets.	/  /	/  /	/  /

  E.Investments in certain
	oil, gas and
mineral interests.	/  /	/  /	/  /

  F.Investing to gain control
of a company's management.	/  /	/  /	/  /

  G.Investments in other
investment companies.	/  /	/  /	/  /
lipsett/106290.111/proxys/nyingr4.wpf