PROSPECTUS SUPPLEMENT 46484 9/98
dated September 14, 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:
OFFICER YEAR BUSINESS EXPERIENCE
(AT LEAST 5 YEARS)
PUTNAM NEW YORK TAX
EXEMPT INCOME FUND AND
PUTNAM NEW YORK TAX
EXEMPT OPPORTUNITIES
FUND
David E. Hamlin 1998 Employed as an investment
Senior Vice President professional by Putnam
Management since August, 1998.
Prior to August, 1998, Mr.
Hamlin was a Principal at
The Vanguard Group.
