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 Series
Funds, Inc., and a Director of Salomon Brothers Asset Management
Inc. for more than five years.
