PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND
PUTNAM CALIFORNIA INTERMEDIATE TAX EXEMPT FUND
Prospectus Supplement dated April 10, 1995
to Prospectus dated February 1, 1995
The first paragraph under "How the Funds are managed" on page 24
is replaced by the following:
THE TRUSTEES OF THE TRUST AND THE MONEY MARKET FUND 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 its
behalf. Subject to the control of the Trustees, Putnam
Management also manages the Funds' other affairs and business.
William H. Reeves, Vice President of Putnam Management and Vice
President of the Trust, has had primary responsibility for the
day-to-day management of the portfolios of the Income Fund and
Intermediate Fund since 1986 and 1995, respectively. Mr. Reeves
has been employed by Putnam Management since 1986.
