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PUTNAM NEW YORK INVESTMENT GRADE MUNICIPAL TRUST LISTS ON THE AMERICAN STOCK EXCHANGE

 NEW YORK, Nov. 20 ~PRNewswire~ -- The American Stock exchange today announced that it has commenced trading the common shares of Putnam New York Investment Grade Municipal Trust, traded under the ticker symbol, "PMN". The opening stock price for PMN was 15 (bid) to 15-1~8 (ask) at 9:30 a.m. The fund, managed by Boston-based Putnam Management Company, Inc has selected J. Streicher & Co. as its specialist firm.
 Putnam New York Investment Grade Municipal Trust is a newly organized, closed-end, non-diversified, management investment company. The fund's investment objective is to seek as high a level of current income exempt from federal income tax and New York State and City personal income taxes as Putnam believes is consistent with the preservation of capital. The fund will invest in a portfolio of investment grade New York tax exempt securities which Putnam believes does not involve undue risk to income or principal. The fund may also invest up to 20 percent of its assets in non-rated New York tax exempt securities determined by Putnam to be of comparable quality, and may invest up to 20 percent of its assets in New York tax exempt securities subject to the federal alternative minimum tax.
 PMN's initial public offering consists of 2.6 million shares of common stock. PaineWebber Incorporated is the lead manager of this offering which was declared effective on Nov. 19, 1992. The fund has been registered under the Investment Company Act of 1940.
 The American Stock Exchange is committed to becoming the recognized premier marketplace for growth companies and derivative securities. By responding to listed company needs and initiating quality services, the AMEX finds innovative ways to add value to the expanding community of companies and investors it serves.
 -0- 11~20~92
 ~CONTACT: Melissa Grand, manager - equities communications of The American Stock Exchange, 212-306-1635~
 (PMN)


CO: Putnam New York Investment Grade Municipal Trust ST: Massachusetts, New York IN: FIN SU:

LR-AH -- NY036 -- 3441 11~20~92 14:31 EST
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Publication:PR Newswire
Date:Nov 20, 1992
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