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SIGNATURE PAUL G. BUCUVALAS
TITLE MANAGING DIRECTOR
Page
The Board of Trustees
Putnam Investors Fund
In planning and performing our audit of the financial
statements of Putnam Investors Fund for the year ended July
31, 1999, we considered its internal control, including
control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of Putnam Investor Fund is responsible for
establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also,
projection of any evaluation of internal control to future
periods is subject to the risks that it may become inadequate
because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or
operation of one or more of the internal control components
does not reduce to a relatively low level the risk that errors
or irregularities in amounts that would be material in
relation to the financial statements being audited may occur
and not be detected within a timely period by employees in the
normal course of performing their assigned functions.
However, we noted no matters involving internal control and
its operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above.
This report is intended solely for the information and use of
management, the Board of Trustees of Putnam Investor Fund, and
the Securities and Exchange Commission and is not intended to
be and should not be used by anyone other than these specified
parties.
Boston, Massachusetts
September 8, 1999
/s/ KPMG LLP
July 16, 1999
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Dear Sirs:
We have read the statements made by John D. Hughes,
Treasurer of The Putnam Funds (copy attached), which we
understand will be filed in response to Sub-Item 77k of Form
N-SAR and agree with the statements concerning our firm
contained therein.
Very truly yours,
/s/ PricewaterhouseCoopers
July 12, 1999
Mr. B. Robert Rubin, Partner
PricewaterhouseCoopers LLP
One Post Office Square
Boston, Massachusetts 02109
Dear Mr. Rubin:
On June 3, 1999, the Audit and Pricing Committee of the
Putnam funds listed on the attached Exhibit 1 voted to
recommend to the Trustees not to retain
PricewaterhouseCoopers LLP as the independent accountants
for such funds. The Trustees are expected to consider this
recommendation at their upcoming meeting in July.
In accordance with the requirements of Item 304 of
Regulation S-K, please provide us with a letter from your
firm addressed to the Securities and Exchange Commission
stating your agreement with the following:
1. On June 3, 1999, the Audit and Pricing Committee
of the Putnam funds specified on Exhibit 1 voted
not to retain PricewaterhouseCoopers LLP as the
funds' independent accountants. The Trustees are
expected to consider this recommendation at their
upcoming meeting in July.
2. PricewaterhouseCoopers LLP's reports on the funds'
financial statements for fiscal years ended in
1997 and 1998 did not contain an adverse opinion
or a disclaimer of opinion, nor were such reports
qualified or modified as to uncertainty, audit
scope or accounting principles.
3. During the funds' fiscal years ended in 1997 and
1998, and through the date hereof, (i) there were
no disagreements with PricewaterhouseCoopers LLP
on any matter of accounting principles or
practices, financial statement disclosure, or
auditing scope or procedure, which disagreements,
July 12, 1999
-2-
Mr. B. Robert Rubin, Partner
if not resolved to the satisfaction of
PricewaterhouseCoopers LLP, would have caused it
to make reference to the subject matter of the
disagreement in its report on the financial
statements for such years and (ii) there were no
"reportable events" as defined in paragraph (a)
(l) (v) of item 304 of Regulation S-K.
A copy of your letter will be filed with the Securities
and Exchange Commission along with this letter as an exhibit
to each fund's next form N-SAR (in accordance with Sub-Item
77k of form N-SAR).
Sincerely,
/s/ John D. Hughes
Treasurer of The Putnam
Funds
Exhibit 1
Trust/Fund 1940 Act 1933 Act
SEC File No: Sec File
No:
Putnam Growth Opportunities Fund 811-7237 33-56339
Putnam Investors Fund 811-159 2-10783
Putnam Premier Income Trust 811-5452 33-19648
Putnam Research Fund 811-7237 33-56339
Putnam California Tax Exempt Income Fund 811-3630
2-81011
Putnam California Tax Exempt Money Market 811-5333
33-17211
Fund
Putnam Asia Pacific Growth Fund 811-6202 33-37528
Putnam Tax Exempt Income Fund 811-2675 2-57165
Putnam Convertible Income-Growth Trust 811-2280
2-43384
Putnam Global Growth Fund 811-1403 2-25258
Putnam Income Fund 811-653 2-11147
Putnam Managed Municipal Income Trust 811-5740
33-26292
Putnam Master Income Trust 811-5375 33-18169
Putnam Equity Income Fund 811-2742 2-58869
Putnam Growth & Income Fund II 811-7223 33-55979
Putnam High Yield Advantage Fund 811-4616 33-2710
Putnam Intermediate U.S. Government Income 811-6257
33-37991
Fund
Putnam Investment Grade Municipal Trust 811-5901
33-30934
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
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Putnam Investors Fund
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<SERIES>
<NUMBER> 5
<NAME> CLASS Y
<S> <C>
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[AVG-DEBT-OUTSTANDING] 0
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