Prospectus Supplement 42160 4/98
dated April 6, 1998 to:
_________________________________________________________________
Putnam New York Tax Exempt Income Fund
Putnam New York Tax Exempt Opportunities Fund
Putnam New York Tax Exempt Money Market Fund
Prospectus dated January 30, 1998
In the section entitled "How the funds are managed," the third
paragraph is replaced in its entirety with the following:
The following officer of Putnam Investment Management, Inc.
("Putnam Management") has had primary responsibility for the
day-to-day management of the indicated funds' portfolios since
the year stated below:
Business experience
Officer Year (at least 5 years)
- ------------------- ---- -------------------
Putnam New York Tax
Exempt Income Fund and
Putnam New York Tax
Exempt Opportunities Fund
Jerome J. Jacobs 1998 Employed as an investment
Managing Director professional by Putnam
Management since 1996. Prior
to October, 1996, Mr. Jacobs
was Principal at The Vanguard
Group.
