PUTNAM NEW YORK TAX EXEMPT INCOME FUND
               PUTNAM NEW YORK INTERMEDIATE TAX EXEMPT FUND
               PUTNAM NEW YORK TAX EXEMPT OPPORTUNITIES FUND
               PUTNAM NEW YORK TAX EXEMPT MONEY MARKET FUND

                Prospectus Supplement dated June 5, 1995 to
                     Prospectus dated February 1, 1995

(1)  THE "EXPENSES SUMMARY" SECTION FOR PUTNAM NEW YORK TAX
EXEMPT OPPORTUNITIES FUND ("THE OPPORTUNITIES FUND") ON PAGE 4 OF
THE PROSPECTUS IS REPLACED BY THE FOLLOWING:

                            OPPORTUNITIES FUND

                          CLASS A      CLASS B      CLASS M
                           SHARES      SHARES       SHARES

SHAREHOLDER TRANSACTION EXPENSES

Maximum Sales Charge 
Imposed on Purchases 
(as a percentage of
offering price)             4.75%      NONE*        3.25%*

                              
Deferred Sales Charge             5.0% in the first
(as a percentage                   year, declining     
of the lower of                    to 1.0% in the
original purchase                 sixth year, and 
price or redemption                  eliminated
proceeds)                  NONE**    thereafter      NONE

ANNUAL FUND OPERATING EXPENSES
(as a percentage of average
net assets)

Management Fees             0.60%       0.60%        0.60%
12b-1 Fees                  0.20%       0.85%        0.50%
Other Expenses              0.13%       0.13%        0.13%
Total Fund Operating
 Expenses                   0.93%       1.58%        1.23%

(2) THE "EXAMPLES" ON PAGE 7 RELATING TO THE OPPORTUNITIES FUND
ARE REPLACED WITH THE FOLLOWING:

Your investment of $1,000 would incur the following expenses,
assuming 5% annual return and redemption at the end of each
period:
                      1        3         5        10
                    YEAR     YEARS     YEARS     YEARS

   CLASS A           $57      $76       $97      $156
   CLASS B           $66      $80      $106      $170 ***
   CLASS M           $47      $71      $100      $179

Your investment of $1,000 would incur the following expenses,
assuming 5% annual return but no redemption:

   CLASS A           $57      $76       $97      $156
   CLASS B           $16      $50       $86      $170 ***
   CLASS M           $47      $71      $100      $179

The Examples do not represent past or future expense levels. 
Actual expenses may be greater or less than those shown.  Federal
regulations require the Examples to assume a 5% annual return,
but actual annual return has varied.

              -----------------------------------------------

(3)  THE FIRST PARAGRAPH UNDER THE SECTION "HOW THE FUNDS ARE
MANAGED" ON PAGE 28 IS REPLACED BY THE FOLLOWING:

   THE TRUSTEES ARE RESPONSIBLE FOR GENERALLY OVERSEEING THE
   CONDUCT OF EACH FUND'S BUSINESS.  Subject to such policies as
   the Trustees may determine, Putnam Management furnishes a
   continuing investment program for each Fund and makes
   investment decisions on that Fund's behalf.  Subject to the
   control of the Trustees, Putnam Management also manages the
   Funds' other affairs and business.  David J. Eurkus, Senior
   Vice President of Putnam Management and Vice President of the
   Trust, has had primary responsibility for the day-to-day
   management of the Income Fund's portfolio since 1985.  Mr.
   Eurkus has been employed by Putnam Management since 1983. 
   James M. Prusko, Assistant Vice President of Putnam
   Management and Vice President of the Trust, has had primary
   responsibility for the day-to-day management of the
   Intermediate Fund's portfolio since June, 1995.  Mr. Prusko
   has been employed by Putnam Management since 1992.  Prior to
   joining Putnam Management, Mr. Prusko was a Sales and Trading
   Associate at Salomon Brothers, Inc.  Michael Bouscaren,
   Senior Vice President of Putnam Management and Vice President
   of the Opportunities Fund, has had primary responsibility for
   the day-to-day management of the Opportunities Fund's
   portfolio since 1994.  Mr. Bouscaren has been employed by
   Putnam Management since 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.  Lindsey M. Callen, Vice President of
   Putnam Management and Vice President of the Money Market
   Fund, has had primary responsibility for the day-to-day
   management of the Money Market Fund's portfolio since 1993. 
   Ms. Callen has been employed by Putnam Management since 1984.

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