Consent of Independent Accountants

We hereby consent to the use in the Statement of Additional Information
constituting part of this Registration Statement on Form N-14 (the "Registration
Statement") of Putnam Investment Grade Municipal Trust III of our report dated
December 7, 2000 relating to the financial statements and financial highlights
appearing in the October 31, 2000 Annual Report to the Shareholders of Putnam
Investment Grade Municipal Trust III, which financial statements and financial
highlights are included in such Statement of Additional Information, and to the
incorporation by reference of such report into the Prospectus/Proxy Statement
which constitutes part of this Registration Statement. We also consent to the
reference to us under the heading "Independent Accountants and Financial
Statements" in such Statement of Additional Information and in Appendix A of the
Prospectus/Proxy Statement under the heading "Representations and warranties of
Trust II," item number 1, paragraph (c), "Representations and warranties of
Trust III," item number 2, paragraph (c) and under the heading "Conditions to
Trust II's obligations," item number 8 paragraphs (d) and (p). We also consent
to the incorporation of our report dated December 7, 2000 relating to the
supplemental schedule, which appears in the Registration Statement.


PricewaterhouseCoopers LLP
Boston, Massachusetts
May 1, 2001