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PUTNAM CALIFORNIA INVESTMENT GRADE MUNICIPAL TRUST COMMENCES TRADING OF THE AMERICAN STOCK EXCHANGE IN INITIAL PUBLIC OFFERING

 NEW YORK, Nov. 20 ~PRNewswire~ -- The American Stock Exchange today announced that it has commenced trading the common shares of Putnam California Investment Grade Municipal Trust, traded under the ticker symbol "PCA." PCA opened at 9:30 a.m. with a price of 15(bid) to 15-1~8 (ask). The fund, managed by Boston-based Putnam Management Company, Inc. has selected J. Streicher & Co. as its specialist firm.
 Putnam California Investment Grade Municipal Trust is a newly organized, non-diversified, closed-end fund with an investment objective to seek as high a level of current income exempt from federal income tax and California personal income tax as Putnam believes is consistent with preservation of capital. The fund will invest in a portfolio of investment grade California 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 California tax exempt securities which, at the time of investment, have been determined by the investment manager to be of investment grade quality, and may invest up to 20 percent of its assets in California tax exempt securities subject to the federal alternative minimum tax.
 PCA's initial public offering consists of 4 million shares of common stock. PaineWebber Incorporated is the lead manger of this offering which was declared effective on Nov. 19, 1992. The fund has been registered under the Investment Fund 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 American Stock Exchange, 212-306-1635~
 (PCA)


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

TS-LR -- NY035 -- 3438 11~20~92 14:25 EST
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Publication:PR Newswire
Date:Nov 20, 1992
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