PUTNAM NEW YORK TAX EXEMPT INCOME FUND
PUTNAM NEW YORK INTERMEDIATE TAX EXEMPT FUND
PUTNAM NEW YORK TAX EXEMPT OPPORTUNITIES FUND
PUTNAM NEW YORK TAX EXEMPT MONEY MARKET FUND
Prospectus Supplement dated July 17, 1995 to
Prospectus dated February 1, 1995
(1) THE "EXPENSES SUMMARY" SECTION FOR PUTNAM NEW YORK TAX
EXEMPT OPPORTUNITIES FUND ("THE OPPORTUNITIES FUND") ON PAGE 4 OF
THE PROSPECTUS IS REPLACED BY THE FOLLOWING:
OPPORTUNITIES FUND
CLASS A CLASS B CLASS M
SHARES SHARES SHARES
SHAREHOLDER TRANSACTION EXPENSES
Maximum Sales Charge
Imposed on Purchases
(as a percentage of
offering price) 4.75% NONE* 3.25%*
Deferred Sales Charge 5.0% in the first
(as a percentage year, declining
of the lower of to 1.0% in the
original purchase sixth year, and
price or redemption eliminated
proceeds) NONE** thereafter NONE
ANNUAL FUND OPERATING EXPENSES
(as a percentage of average
net assets)
Management Fees 0.60% 0.60% 0.60%
12b-1 Fees 0.20% 0.85% 0.50%
Other Expenses 0.13% 0.13% 0.13%
Total Fund Operating
Expenses 0.93% 1.58% 1.23%
(2) THE "EXAMPLES" ON PAGE 7 RELATING TO THE OPPORTUNITIES FUND
ARE REPLACED WITH THE FOLLOWING:
Your investment of $1,000 would incur the following expenses,
assuming 5% annual return and redemption at the end of each
period:
1 3 5 10
YEAR YEARS YEARS YEARS
CLASS A $57 $76 $97 $156
CLASS B $66 $80 $106 $170 ***
CLASS M $47 $71 $100 $179
Your investment of $1,000 would incur the following expenses,
assuming 5% annual return but no redemption:
CLASS A $57 $76 $97 $156
CLASS B $16 $50 $86 $170 ***
CLASS M $47 $71 $100 $179
The Examples do not represent past or future expense levels.
Actual expenses may be greater or less than those shown. Federal
regulations require the Examples to assume a 5% annual return,
but actual annual return has varied.
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(3) THE FIRST PARAGRAPH UNDER THE SECTION "HOW THE FUNDS ARE
MANAGED" ON PAGE 28 IS REPLACED BY THE FOLLOWING:
THE TRUSTEES ARE RESPONSIBLE FOR GENERALLY OVERSEEING THE CONDUCT
OF EACH FUND'S BUSINESS. Subject to such policies as the
Trustees may determine, Putnam Management furnishes a continuing
investment program for each Fund and makes investment decisions
on that Fund's behalf. Subject to the control of the Trustees,
Putnam Management also manages the Funds' other affairs and
business. David J. Eurkus, Senior Vice President of Putnam
Management and Vice President of the Trust, has had primary
responsibility for the day-to-day management of the Income Fund's
portfolio since 1985. Mr. Eurkus has been employed by Putnam
Management since 1983. James M. Prusko, Assistant Vice President
of Putnam Management and Vice President of the Trust, has had
primary responsibility for the day-to-day management of the
Intermediate Fund's portfolio since June, 1995. Mr. Prusko has
been employed by Putnam Management since 1992. Prior to joining
Putnam Management, Mr. Prusko was a Sales and Trading Associate
at Salomon Brothers, Inc. Michael Bouscaren, Senior Vice
President of Putnam Management and Vice President of the
Opportunities Fund, has had primary responsibility for the day-
to-day management of the Opportunities Fund's portfolio since
1994. Mr. Bouscaren has been employed by Putnam Management since
1994. Prior to joining Putnam Management, Mr. Bouscaren was
President and Chairman of the Board of Directors at Salomon
Brothers Series Funds, Inc., and a Director of Salomon Brothers
Asset Management, Inc. for more than five years. Lindsey M.
Callen, Vice President of Putnam Management and Vice President of
the Money Market Fund, has had primary responsibility for the
day-to-day management of the Money Market Fund's portfolio since
1993. Ms. Callen has been employed by Putnam Management since
1984.
(4) THE FIRST PARAGRAPH UNDER THE HEADING "LIMITING INVESTMENT
RISK" ON PAGE 26 IS REPLACED BY THE FOLLOWING:
SPECIFIC INVESTMENT RESTRICTIONS HELP THE FUNDS LIMIT INVESTMENT
RISKS FOR THEIR SHAREHOLDERS. THESE RESTRICTIONS PROHIBIT A FUND
FROM: investing more than: (a) (for the Income Fund, Money
Market Fund and, with respect to 50% of its total assets, the
Opportunities Fund only) 5% of its total assets in securities of
any one issuer (other than securities issued or guaranteed by the
U.S. government or its agencies or instrumentalities or New York
Tax Exempt Securities);* (b) (for the Income, Opportunities and
Money Market Funds only) 5% of its net assets in securities of
any issuer if the party responsible for payment, together with
any predecessors, has been in operation for less than three years
(except U.S. government and agency obligations and obligations
backed by the faith, credit and taxing power of any person
authorized to issue New York Tax Exempt Securities); (c) (for all
Funds) 15% of its net assets in securities restricted as to
resale (excluding restricted securities that have been determined
by the Trustees (or the person designated by them to make such
determinations) to be readily marketable)*; (d) (for the Income,
Opportunities and Money Market Funds only) acquiring more than
10% of the voting securities of any one issuer;* or (e) (for all
Funds) 15% of its net assets in any combination of securities
that are not readily marketable, in securities restricted as to
resale (excluding restricted securities that have been determined
by the Trustees (or the person designated by them to make such
determinations) to be readily marketable) and in repurchase
agreements maturing in more than seven days.
