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 APRIL 10, 1995 TO
PROSPECTUS DATED FEBRUARY 1, 1995
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 and the Intermediate Fund's portfolio since
1995. Mr. Eurkus has been employed by Putnam Management since
1983. 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.
