George Putnam
Chairman of the Trustees
THE PUTNAM FUNDS
One Post Office Square
Boston, Massachusetts 02109
Dear Shareholder:
You recently received a proxy statement requesting your vote on
an important proposal relating to Putnam New York Intermediate
Tax Exempt Fund. Our records show that you have not yet voted.
Your vote is important. PLEASE CAST YOUR BALLOT.
In the next several days, representatives of the fund may try to
contact you by telephone to obtain your voting instructions.
Should you decide to vote by mail, we have included another copy
of the proxy ballot and a business reply envelope for your
convenience.
The Trustees are recommending the merger of your fund, Putnam New
York Intermediate Tax Exempt Fund into Putnam New York Tax Exempt
Income Fund. The merger would be accomplished by, among other
things, transferring your fund's assets, at net asset value, to
Putnam New York Tax Exempt Income Fund in exchange for shares of
that fund.
Putnam Management recommended this merger to the Trustees because
it believes that the merger offers shareholders of Putnam New
York Intermediate Tax Exempt Fund an opportunity to pursue
similar investment objectives with greater economies of scale,
which may lower expenses over the long term.
PUTNAM MANAGEMENT AND THE TRUSTEES BELIEVE THAT THE MERGER WOULD
BE IN THE BEST INTEREST OF SHAREHOLDERS.
In closing, we ask you to consider this proposal carefully.
Should you have any questions, please consult your financial
advisor or contact a Putnam customer service representative at
1-800-225-1581.
Sincerely,
/s/ George Putnam
George Putnam
<PAGE>
PUTNAM NEW YORK INTERMEDIATE TAX EXEMPT FUND
Endeavor to Contact Letter
(D.F. King & Co., Inc. Letterhead)
Dear Putnam New York Intermediate Tax Exempt Fund Shareholder:
The Special Meeting of Shareholders of Putnam New York
Intermediate Tax Exempt Fund (the "Fund") is scheduled to be held
at 2:00 p.m. on Thursday, March 7, 1996. D.F. King & Co., Inc.
has been retained by the Fund to contact its shareholders by
telephone to verify that proxy materials have been received and
answer any questions regarding the proposal to merge the Fund
into Putnam New York Tax Exempt Income Fund. To date, we have
been unable to reach you.
Since we have been unsuccessful in reaching you, please feel
free to contact us collect at
(212)493-6924 in order to learn more about the proposed merger
and/or to order replacement proxy material. Our business hours
any weekdays from 9:30 a.m. to 4:00 p.m. (Eastern Standard Time).
In addition, if you have received your proxy material and do not
have any questions, we would appreciate it if you would sign,
date, and mail your proxy in the postage paid return envelope
that was provided with your proxy material.
Thank you for your interest as a shareholder of Putnam New
York Intermediate Tax Exempt Fund. We appreciate your
cooperation.
Sincerely,
D.F. King & Co., Inc.
