PUTNAM NEW YORK TAX EXEMPT INCOME FUND
PUTNAM NEW YORK TAX EXEMPT OPPORTUNITIES FUND
PUTNAM NEW YORK TAX EXEMPT MONEY MARKET FUND
Prospectus Supplement dated March 14, 1997
to Prospectus dated January 30, 1997
The first and second paragraphs under the heading "Limiting
investment risk" on page 25 of the prospectus is replaced with
the following:
Limiting investment risk
Specific investment restrictions help to limit investment risks
for the funds' shareholders. These restrictions prohibit a fund
from acquiring (in the case of each of the Money Market and
Opportunities Funds, with respect to 50% of its total assets, and
in the case of the Income Fund, with respect to 75% of its total
assets) more than 10% of the voting securities of any one
issuer.* They also prohibit a fund from investing more than:
(a) (in the case of the Income Fund, with respect to 75% of its
total assets, and in the case of each of the Money Market and
Opportunities Funds, with respect to 50% of its total assets, 5%
of its total assets in the securities of any one issuer (other
than U.S. government securities);* or
-----------------------------
The first paragraph under the heading "Distribution Plans -- The
Money Market Fund" on page 37 of the prospectus is replaced with
the following:
The Money Market Fund
The purpose of the distribution plan of the Money Market Fund is
to permit the fund to compensate Putnam Mutual Funds for services
provided and expenses incurred by it in promoting the sale of
shares of the Money Market Fund, reducing redemptions, or
maintaining or improving services provided to shareholders by
Putnam Mutual Funds or dealers. The plan provides for payments
by the Money Market Fund to Putnam Mutual Funds at the annual
rate of up to 0.35% of the Money Market Fund's average net
assets. No payments under the plan are currently authorized.
Should the Money Market Fund's Trustees decide in the future to
approve payments, shareholders will be notified and this
prospectus will be revised.
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