PUTNAM NEW YORK TAX EXEMPT OPPORTUNITIES FUND, 497, 1994-07-13

PUTNAM NEW YORK TAX EXEMPT OPPORTUNITIES FUND
497, 1994-07-13

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               PUTNAM NEW YORK TAX EXEMPT OPPORTUNITIES FUND

                       Supplement dated July 11, 1994
                   to Prospectus dated February 1, 1994
                                      

Michael Bouscaren, Senior Vice President of Putnam Investment
Management Inc. ("Putnam Management") and Vice President of the
Fund, has had primary responsibility for the day-to-day
management of the Fund's portfolio since July, 1994.  Mr.
Bouscaren has been employed by Putnam Management since May, 1994. 
Prior to joining Putnam Management, Mr. Bouscaren was President
and Chairman of the Board of Directors at Salomon Brothers Asset
Management for more than five years.