PUTNAM
CALIFORNIA
INTERMEDIATE
TAX EXEMPT
FUND
[GRAPHIC OMITTED:
art work]
ANNUAL REPORT
September 30, 1995
[LOGO:
BOSTON - LONDON - TOKYO]
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PERFORMANCE HIGHLIGHTS
o "Demand for attractively priced municipal bonds is increasing as new bond
sales by states, cities, and agencies become more scarce ... New sales have
fallen 18 percent during the first nine months of 1995."
-- Bloomberg, October 13, 1995
o Performance should always be considered in light of a fund's investment
strategy. Putnam California Intermediate Tax Exempt Fund is designed for
investors seeking high current income free from federal and California income
taxes, consistent with capital preservation.
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FISCAL 1995 RESULTS AT A GLANCE
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CLASS A CLASS B
TOTAL RETURN NAV POP NAV CDSC
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12 months ended 9/30/95 5.17% 1.76% 4.66% 1.67%
(change in value during period plus reinvested distributions)
CLASS A CLASS B
SHARE VALUE NAV POP NAV
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9/30/94 $8.35 $8.63 $8.34
9/30/95 8.33 8.61 8.33
DISTRIBUTIONS: NUMBER INCOME TOTAL
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Class A 12 $0.432125 $0.432125
Class B 12 $0.382379 $0.382379
CLASS A CLASS B
CURRENT RETURN: NAV POP NAV
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(End of period)
Current dividend rate(1) 4.99% 4.83% 4.39%
Taxable equivalent(2) 9.28 8.98 8.17
Current 30-day SEC yield(3) 4.59 4.44 3.94
Without expense limitation 3.95 3.82 3.31
Taxable equivalent(3) 8.54 8.26 7.33
Without expense limitation 7.35 7.11 6.16
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Data above represent past results, reflect an expense limitation in effect
during the period, and are not indicative of future performance. Without the
expense limitation, results would have been lower. For performance over
longer periods, see pages 8 and 9. POP assumes 3.25% maximum sales charge.
CDSC assumes 3% maximum contingent deferred sales charge. For some investors,
investment income may also be subject to the federal alternative minimum tax.
Investment income may be subject to state and local taxes. (1)Income portion
of most recent distribution, annualized and divided by NAV or POP at end of
period. (2)Assumes maximum combined 46.24% federal and state tax rate.
Results for investors subject to lower tax rates would not be as
advantageous. (3)Based only on investment income, calculated using SEC
guidelines.
<PAGE>
FROM THE CHAIRMAN
[GRAPHIC OMITTED:
Photo of
George Putnam]
(c) Karsh, Ottawa
Dear Shareholder:
With plenty to be positive about, tax-exempt investors are finally putting their
summer fears behind them. A few months ago, flat-tax proposals were floated in
the pre-election wind. The mere talk of such a tax, which would end the
beneficial treatment now afforded municipal bonds, was enough to send the market
into decline.
Interest rates are still moderate, inflation remains low, and the economy seems
to have slowed to a more comfortable pace, all factors that gladden fixed-income
investors hearts. Municipal-bond investors have been further blessed with
yields virtually at the same level as those of taxable bonds and a favorable
ratio of supply to demand.
As Putnam California Intermediate Tax Exempt Funds fiscal year ended on
September 30, 1995, the municipal-bond market was showing new signs of strength,
poised for what could be another period of advance. James Prusko, who has been
with Putnam since August 1992, assumed the management of your fund this past
June. Prior to joining Putnam, Jim was a sales and trading associate at Salomon
Brothers. He reviews performance and prospects in the report that follows.
Respectfully yours,
/s/ George Putnam
George Putnam
Chairman of the Trustees
November 15, 1995
<PAGE>
REPORT FROM THE FUND MANAGER
JAMES M. PRUSKO
Fixed-income investors who stayed the course through 1994's turbulence have
been handsomely rewarded during the first nine months of calendar 1995.
During this period, municipal bonds recouped a significant amount of the
losses they incurred in 1994, but did not rally to the same extent as taxable
fixed-income investments. Nevertheless, Putnam California Intermediate Tax
Exempt Fund's performance for the fiscal year ended September 30, 1995,
certainly demonstrates the fund's ability to take advantage of market trends.
For the fiscal year, your fund's class A and class B shares had a total
return of 5.17% and 4.66%, respectively, both at net asset value.
o PROSPECT OF TAX REFORM INCREASES DEMAND FOR INTERMEDIATE MATURITIES
Since spring, the municipal market has been haunted by the specter of
flat-tax proposals in Congress. If eventually passed, these changes could
jeopardize the tax advantages currently enjoyed by municipal securities.
However, we believe investors' concerns about an overhaul of the tax system
are premature. Although further instability cannot be excluded, we do not
expect any changes until at least 1997. Interestingly, the tax reform turmoil
had an unexpected benefit for your fund, leading to a surge in demand for
municipals with maturities of 10 years or less, boosting their overall
performance.
Doubts surrounding tax-exempt investments have caused high-grade municipal
bond yields to remain very attractive versus Treasuries and other taxable
alternatives, particularly in such high-tax states as California. Your fund's
current dividend rate of 4.99% for class A shares at net asset value would
translate into a current return of 9.28% for an equivalent taxable
investment,
<PAGE>
assuming the maximum combined federal and California tax rate of 46.24%. Most
investors in lower brackets would also enjoy tax advantages, though not
necessarily to the same extent.
o CALIFORNIA BOUNCES BACK
Over the past 12 months, the California market has absorbed some difficult
events -- the $2 billion in losses from Orange County's mismanaged investment
account and resulting bankruptcy and Los Angeles County's fiscal troubles
chief among them. Prices of California bonds declined across the board when
these stories hit the market. However, your fund's broad diversification and
relatively high credit quality have helped minimize the impact these episodes
had on portfolio value.
We are pleased to report that California bonds did not suffer any lasting ill
effects from these incidents. In fact, our research currently indicates that
the Golden State economy is likely to perform better overall than the U.S.
average for 1995.
Your fund is able to take advantage of improving economic fundamentals by
participating in a variety of California's major public works financings.
Highway and toll road revenue bonds often generate very favorable cash flow
statistics and offer investors the chance to participate in infrastructure
projects close to home. One example: bonds issued by the Foothill/Eastern
Transportation Corridor Agency of California. This project, part of the
large, multimillion
[GRAPHIC OMITTED: horizontal bar chart TOP INDUSTRY SECTORS (9/30/95)* showing:
Utilities 16.33%
Health care 12.60%
Transportation 11.48%
Housing 9.84%
Solid waste 4.89%
Education 3.31%
Footnote reads:
*Based on percentage of net assets. Industry diversification will vary
over time.]
<PAGE>
dollar San Joaquin Toll Road under construction in the Anaheim/San Diego
corridor, will eventually help to ease traffic congestion in the region. This
bond has performed quite well and provides attractive income for the fund.
o CONSERVATIVE, BALANCED APPROACH ADDS VALUE
We strive to maximize the total return potential of your fund by seeking the
best balance of credit quality, income, relative price stability, and sector
diversification. This last attribute is of particular importance for a
single-state fund; while the portfolio may not be widely diversified
geographically, we do work to spread assets across different regions of the
state and, of course, different industries. Over the past six months,
limited tax and highway bonds have joined utilities and hospital bonds among
the largest industry sectors in the fund. The fund's average credit quality
remains a strong AA.
The fund's primary investment vehicle -- intermediate bonds with maturities
in the 6 to 10 year range -- have historically provided slightly lower
returns but greater relative price stability than longer-term bonds.
Consequently, with an average maturity of 8.2 years and an average duration
of 6 years as of September 30, 1995, your fund may not appreciate as
significantly as longer-term municipal-bond funds during market rallies.
However, it does offer the built-in tendency to cushion market declines
somewhat in a rising interest rate environment, as was demonstrated in 1994.
o FUNDAMENTALS, TECHNICALS FAVOR INTERMEDIATES
While fundamentals remain positive for the bond markets in general, returns
in the municipal market have recently been hampered by tax reform rhetoric in
Washington. In our opinion, the market has reacted to the perceived effects
of the flat-tax talk and not to any hard facts. We therefore believe a buying
opportunity exists with municipal bonds.
Contracting new-issue supply and the continued desire for tax relief should
buoy the municipal market going forward. For the first nine months of 1995,
overall California new-issue supply was
<PAGE>
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TOP 10 HOLDINGS (9/30/95)*
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SOUTHERN CALIFORNIA PUBLIC POWER 7.30% 7/1/08
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NORTHERN CALIFORNIA POWER AGENCY 5.60% 7/1/06
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FOOTHILL/EASTERN TRANS. CORRIDOR AGENCY 0.00% 1/1/04
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PLEASANTON, CA JOINT POWER FINANCING AUTH. 6.60% 9/2/08
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GARDEN GROVE, CA COMMUNITY DEV. 5.70% 10/1/08
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CALIFORNIA STATE G.O. 2ND FGIC 6.00% 9/1/07
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CALIFORNIA STATEWIDE COMM. DEV. UNITED WESTERN 6.50% 12/1/04
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SAN JOAQUIN HILLS TRANS. CORRIDOR AGENCY 0.00% 1/1/04
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SACRAMENTO COGEN. AUTHORITY 6.00% 7/1/03
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LOS ANGELES MULTIFAMILY MAHAL APTS. 6.25% 8/20/04
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*Top holdings represent 43.1% of the fund's net assets. Portfolio holdings
will vary over time.
down a dramatic 32.3% compared with last year's levels. As investors remain
reluctant to commit to longer maturities in the face of uncertain future tax
rates, demand for intermediate maturities is expected to stay firm. Given
California's improving economy, we anticipate investors will continue to
benefit from a high-quality, well-diversified portfolio of California
municipals.
o PROPOSED MERGER OF CALIFORNIA TAX-EXEMPT FUNDS
Putnam Management has proposed to merge Putnam California Intermediate Tax
Exempt Fund into Putnam California Tax Exempt Income Fund. Proxy materials
requesting your vote on this proposal will be sent during the month of
December. Votes will be tallied and a final decision is expected to be
announced at a shareholder meeting in March 1996.
The views expressed in this report are exclusively those of Putnam
Management and are not meant as investment advice. Although the described
holdings were viewed favorably as of 9/30/95, there is no guarantee the fund
will continue to hold these securities in the future.
<PAGE>
PERFORMANCE SUMMARY
This section provides, at a glance, information about your fund's performance.
Total return shows how the value of the fund's shares changed over time,
assuming you held the shares through the entire period and reinvested all
distributions back into the fund. We show total return in two ways: on a
cumulative long-term basis and on average how the fund might have grown each
year over varying periods.
TOTAL RETURN FOR PERIODS ENDED 9/30/95
LEHMAN BROS.
CLASS A CLASS B MUNICIPAL
NAV POP NAV CDSC BOND INDEX CPI
- --------------------------------------------------------------------------------
1 year 5.17% 1.76% 4.66% 1.67% 11.18% 2.54%
- --------------------------------------------------------------------------------
Life of fund 5.08 1.62 4.23 1.29 11.26 3.86
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Annual average 3.80 1.21 3.16 0.96 8.36 2.89
- --------------------------------------------------------------------------------
Fund performance data do not take into account any adjustment for taxes payable
on reinvested distributions. The fund began operations on 6/1/94, offering both
class A and class B shares. Performance data represent past results, reflect an
expense limitation currently in effect, and will differ for each share class.
Without the expense limitation, results would have been lower. Investment
returns and net asset value will fluctuate so an investor's shares, when sold,
may be worth more or less than their original cost.
<PAGE>
[GRAPHIC OMITTED: line chart GROWTH OF A $10,000 INVESTMENT
Legend reads:
Cumulative total return of a $10,000 investment since 6/1/94
Y-axis reads (top to bottom) $12,000 to 9,000 in $1,000 decrements
X-axis reads (left to right) 6/1/94, then 7/31/94 through 9/30/95 in
two-month increments
A solid black line represents Lehman Bros. Municipal Bond Index, ranging from
$10,000 to $11,126 (see plot points below: "Lehman Muni Bond Index")
A solid gray line represents Fund's class A shares at POP, ranging from
$9,675 to $10,162 (see plot points below: "Shares at POP")
A solid white line represents Consumer Price Index, ranging from
$10,000 to $10,386 (see plot points below: "Consumer Price Index")
Date Lehman Muni Bond Index Shares at POP Consumer Price Index
-------- ---------------------- ------------- --------------------
6/01/94 $10,000 $9,675 $10,000
6/30/94 9,942 9,559 10,034
7/31/94 10,121 9,709 10,061
8/31/94 10,156 9,724 10,102
9/30/94 10,007 9,662 10,129
10,31/94 9,830 9,471 10,136
11/30/94 9,652 9,234 10,149
12/31/94 9,864 9,302 10,149
1/31/95 10,146 9,468 10,190
2/28/95 10,441 9,620 10,231
3/31/95 10,561 9,747 10,264
4/30/95 10,574 9,730 10,298
5/31/95 10,911 9,978 10,319
6/30/95 10,816 9,900 10,339
7/31/95 10,918 9,980 10,339
8/31/95 11,057 10,096 10,366
9/30/95 11,126 10,162 10,386
Caption reads:
Past performance is no assurance of future results. A $10,000 investment in
the fund's class B shares at inception on 6/1/94 would have been valued at
$10,423 on 9/30/95 ($10,129 with a redemption at the end of the period).]
TERMS AND DEFINITIONS
CLASS A SHARES are generally subject to an initial sales charge.
CLASS B SHARES may be subject to a sales charge upon redemption.
NET ASSET VALUE (NAV) is the value of all your fund's assets, minus any
liabilities, divided by the number of outstanding shares, not including any
initial or contingent deferred sales charge.
PUBLIC OFFERING PRICE (POP) is the price of a mutual fund share plus the maximum
sales charge levied at the time of purchase. POP performance figures shown here
assume the maximum 3.25% sales charge.
CONTINGENT DEFERRED SALES CHARGE (CDSC) is a charge applied at the time of the
redemption of class B shares and assumes redemption at the end of the period.
Your fund's CDSC declines from a 3% maximum during the first year to 1% in the
fourth year. After the fourth year, the CDSC no longer applies.
COMPARATIVE BENCHMARKS
LEHMAN BROTHERS MUNICIPAL BOND INDEX is an unmanaged list of long-term
fixed-rate investment-grade tax-exempt bonds representative of the municipal
bond market. The index does not take into account brokerage commissions or other
costs, may include bonds different from those in the fund, and may pose
different risks than the fund.
CONSUMER PRICE INDEX (CPI) is a commonly used measure of inflation; it does not
represent an investment return.
<PAGE>
RELATIVE RISK/REWARD POTENTIAL OF PUTNAM FUNDS
These illustrations provide a simplified guide to the risk/reward potential for
funds within each category of the Putnam Family of Funds and are not intended as
investment advice. Your investment advisor can help you evaluate your risk
tolerance.
These rankings are relative only to Putnam funds and should not be compared to
other investments. There is no guarantee that one Putnam fund will be less
volatile than another, since each fund has its own investment risks. That's why
it is essential to read the fund's prospectus before investing.
PUTNAM GROWTH FUNDS
[GRAPHIC OMITTED: showing "Lower Risk/Lower Reward Potential" to
"Higher Risk/Higher Reward Potential" of the following:
Investors; Diversified Equity(1); Global Growth(1); Vista; Natural Resources;
Health Sciences; Voyager & Voyager II; Overseas Growth(1); Europe Growth(1);
New Opportunities(2); OTC Emerging Growth(2) & Int'l New Opportunities(1,2);
Asia Pacific Growth(1)]
PUTNAM GROWTH AND INCOME FUNDS
[GRAPHIC OMITTED: showing "Lower Risk/Lower Reward Potential" to
"Higher Risk/Higher Reward Potential" of the following:
Balanced Retirement; Utilities Growth and Income; George Putnam; Convertible
Income-Growth; Equity Income; Fund for Growth and Income; Putnam Growth and
Income Fund II]
PUTNAM INCOME FUNDS
[Graphic Omitted: showing "Lower Risk/Lower Reward Potential" to
"Higher Risk/Higher Reward Potential" of the following:
Money Market(4); Adjustable Rate U.S. Gov't.(3); Intermediate U.S. Gov't.(3);
U.S. Gov't. Income(3); American Gov't. Income(3); Federal Income(3);
Diversified Income(1,3,5); Income; Preferred Income; Global Gov't.(1,5);
High Yield(5); High Yield Advantage(5)]
PUTNAM TAX-FREE FUNDS(6)
[Graphic Omitted: showing "Lower Risk/Lower Reward Potential to
"Higher Risk/Higher Reward Potential" of the following:
Tax Exempt Money Market(4); Intermediate Tax Exempt; Tax-Free Insured(7);
Tax Exempt Income; Single-state tax-free funds*; Municipal Income;
Tax-Free High Yield(5)]
<PAGE>
LIFESTAGE(SM) FUNDS
Putnam Asset Allocation Funds -- three investment portfolios that spread your
money across a variety of stocks, bonds, and money market investments. The three
portfolios are:
o PUTNAM ASSET ALLOCATION: BALANCED PORTFOLIO
o PUTNAM ASSET ALLOCATION: CONSERVATIVE PORTFOLIO
o PUTNAM ASSET ALLOCATION: GROWTH PORTFOLIO
Please call your financial advisor -- or Putnam at 1-800-225-1581 -- to
obtain a prospectus for any Putnam fund. The prospectus contains more
complete information, including risk considerations, charges, and expenses.
Read it carefully before you invest or send money.
(1) Foreign investments are subject to certain risks, such as currency
fluctuations and political developments, that are not present with domestic
investments.
(2) This fund invests all or a portion of its assets in small to medium-sized
companies, which increases the risk of price fluctuations.
(3) While U.S. government backing of individual securities does not insure your
principal, which will fluctuate, it does guarantee that the fund's
government-backed holdings will make timely payments of interest and
principal.
(4) The fund is managed to maintain a steady price of $1.00 per share, although
there is no assurance this price can be maintained in the future.
(5) The lower credit ratings of high-yield corporate and municipal bonds reflect
a greater possibility that adverse changes in the economy or their issuers
may affect their ability to pay principal and interest on the bonds.
(6) Income may be subject to state and local taxes. Capital gains, if any, are
taxable for federal and, in most cases, state purposes.
(7) Bond insurance does not guarantee principal or protect against changes in
market price.
* State tax-free funds available for Arizona, California, Florida,
Massachusetts, Michigan, Minnesota, New Jersey, New York, Ohio, and
Pennsylvania. Not available in all states.
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
for the Fiscal Year ended September 30, 1995
To the Trustees and Shareholders of
Putnam California Intermediate Tax Exempt Fund
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments owned (except for bond ratings), and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
Putnam California Intermediate Tax Exempt Fund (the "fund") at September 30,
1995, and the results of its operations, the changes in its net assets and the
financial highlights for the periods indicated, in conformity with generally
accepted accounting principles. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of investments owned at September 30, 1995
by correspondence with the custodian, provide a reasonable basis for the opinion
expressed above.
Price Waterhouse LLP
Boston, Massachusetts
November 9, 1995
<PAGE>
PORTFOLIO OF INVESTMENTS OWNED
September 30, 1995
KEY TO ABBREVIATIONS
AMBAC -- AMBAC Indemnity Corporation
COP -- Certificate of Participation
FGIC -- Federal Guaranty Insurance Company
FHA Coll. -- Federal Housing Authority Collateral
FNMA Coll. -- Federal National Mortgage Association Collateral
GNMA Coll. -- Government National Mortgage Association Collateral
G.O. Bonds -- General Obligation Bonds
MBIA -- Municipal Bond Investors Assurance Corporation
VRDN -- Variable Rate Demand Notes
MUNICIPAL BONDS AND NOTES (98.3%)*
PRINCIPAL AMOUNT RATINGS** VALUE
CALIFORNIA (98.3%)
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$300,000 CA Hsg. Fin. Agcy. Rev. Bonds
Ser K, AMBAC 5.55s, 2/1/21 AAA $ 297,372
300,000 CA Poll. Control Fing. Auth. VRDN
(Southern California Edison Project),
Ser. B, 2.3s, 2/28/08 VMIG1 300,000
300,000 (Shell Oil Company Project),
Ser. A, 4.3s, 10/1/10 VMIG1 300,000
400,000 CA State G. O. Bonds FGIC, 6s, 9/1/07 AAA 428,500
305,000 CA State Public Wks. Brd. Rev. Bonds
(Dept. of Corr., Calipatria State Prison),
Ser. A, 6 1/4s, 9/1/05 A 322,156
300,000 CA Statewide Cmntys. Dev. Auth. VRDN
(Sutter Hlth. Obligation Group),
AMBAC, 3.4s, 7/1/15 VMIG1 300,000
CA Statewide Cmntys. Dev. Auth., COP
240,000 6 3/4s, 12/1/04 A 261,600
400,000 (United Western Med. Ctrs.) 6 1/2s, 12/1/04 A 426,500
Central Valley Fing. Auth. Rev. Bonds
200,000 (Carson Ice-Cogeneration Project),
5.8s, 7/1/04 BBB 202,000
100,000 5.7s, 7/1/03 BBB 101,250
850,000 Foothill/Eastern Trans. Corridor Agy. Rev. Bonds
(California Toll Road), Ser. A, zero %, 1/1/04 Baa 500,438
320,000 Fresno Unified Sch. Dist. COP 7 1/4s, 3/1/07 A 347,200
450,000 Garden Grove Cmnty. Dev. Tax Allocation Rev.
Bonds (Garden Grove Cmnty. Project),
5.7s, 10/1/08 A 433,688
250,000 Kings Cnty., Waste Mgmt. Auth. Solid Waste
Rev. Bonds 6.6s, 10/1/04 BBB 262,500
350,000 Loma Linda Hosp. Rev. Bonds
(Loma Linda U. Med. Center),
Ser. C, MBIA, 5s, 12/1/08 AAA 334,250
390,000 Los Angeles, Multi-Fam. Rev. Bonds
(Mahal Apts.), Ser. A, FHA/GNMA Coll.,
6 1/4s, 8/20/04 AAA 408,038
<PAGE>
MUNICIPAL BONDS AND NOTES
PRINCIPAL AMOUNT RATINGS** VALUE
CALIFORNIA (continued)
- --------------------------------------------------------------------------------
$500,000 Northn. CA Pwr. Agcy. Pub. Pwr. Rev. Bonds
(Geothermal Project No. 3),
Ser. A 5.6s, 7/1/06 A $ 511,875
250,000 Orange Cnty. Dev. Agcy. Tax Allocation Rev. Bonds
(Santa Ana Heights Project), 5.8s, 9/1/03 BBB 242,500
300,000 Orange Cnty. G.O. Bonds Ser. A, MBIA 5.6s,
6/1/07 AAA 301,500
300,000 Oro Loma San. Dist. Swr. Rev. Bonds
Ser. A, AMBAC, 8.55s, 10/1/06 AAA 363,375
455,000 Pleasanton, Jt. Pwr. Fin. Auth. Rev. Bonds
Ser. B, 6.6s, 9/2/08 BBB/P 450,450
400,000 Sacramento Cogen. Auth. Rev. Bonds
(Procter & Gamble Cogen. Project),
6s, 7/1/03 BBB 409,000
325,000 San Diego Hsg. Auth. Multi-Fam. Hsg. Rev. Bonds
(Hillside Gardens Apts.), Ser., A, 5.7s, 11/1/05 AAA 327,031
250,000 San Francisco, City and Cnty. Rev. Bonds
(Street Impt. Project), Ser. B, 6 1/2s, 6/15/03 AA 262,188
600,000 San Joaquin Hills Trans. Corridor Agcy. Toll Rd.
Rev. Bonds zero %, 1/1/04 BB/P 419,250
300,000 Santa Clara Cnty. Fing. Auth. Lease Rev. Bonds
(VMC Facs. Replacement Proj.),
Ser. A, AMBAC, 7 1/2s, 11/15/04 AAA 358,125
250,000 Southn. CA Rapid Transit COP
(Workers Comp. Fund), MBIA 7 1/2s, 7/1/05 AAA 284,688
500,000 Southn. CA Pub. Pwr. Auth. Rev. Bonds
(Transmission Project), Ser. A 7.3s, 7/1/08 AA 538,125
235,000 Stanislaus, Solid Waste Fac. COP
(Ogden Martin Syst. Inc. Project), 7 1/2s, 1/1/05 BBB 250,863
370,000 U. of CA COP
(UCLA Ctr. Chiller/Cogen Project) 5s, 11/1/04 Aa 365,838
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $9,959,929)*** $10,310,300
- --------------------------------------------------------------------------------
*Percentages indicated are based on net assets of $10,490,841, which
correspond to a net asset value per class A and class B shares of $8.33 and
$8.33, respectively.
**The Moody's or Standard & Poor's ratings indicated are believed to be the
most recent ratings available at September 30, 1995 for the securities
listed. Ratings are generally ascribed to securities at the time of
issuance. While the agencies may from time to time revise such ratings, they
undertake no obligation to do so, and the ratings do not necessarily
represent what the agencies would ascribe to these securities at September
30, 1995. Securities rated by Putnam are indicated by "/P" and are not
publicly rated. Ratings are not covered by the Report of Independent
Accountants.
***The aggregate identified cost for federal income tax purposes is $9,959,929,
resulting in gross unrealized appreciation and depreciation of $370,457 and
$20,086, respectively, or net appreciation of $350,371.
The fund had the following insurance group concentration greater than 10% of
net assets at September 30, 1995:
AMBAC 12.6%
The fund had the following industry group concentrations greater than 10% at
September 30, 1995 (as a percentage of net assets):
Utilities 16.33%
Healthcare 12.60%
Transportation 11.48%
The rates shown on VRDNs are the current interest rates at September
30,1995, which are subject to change based on the terms of the security.
The accompanying notes are an integral part of these financial statements.
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
September 30, 1995
ASSETS
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Investments in securities, at value
(identified cost $9,959,929) (Note 1) $10,310,300
- -------------------------------------------------------------------------------
Cash 85,348
- --------------------------------------------------------------------------------
Interest receivable 143,880
- -------------------------------------------------------------------------------
Receivable for shares of the fund sold 12,441
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Unamortized organization expenses (Note 1) 11,144
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TOTAL ASSETS 10,563,113
LIABILITIES
- -------------------------------------------------------------------------------
Payable for shares of the fund repurchased 1,177
- -------------------------------------------------------------------------------
Distributions payable to shareholders 16,653
- -------------------------------------------------------------------------------
Payable for administrative services (Note 2) 25
- -------------------------------------------------------------------------------
Payable for compensation of Trustees (Note 2) 74
- -------------------------------------------------------------------------------
Payable for distribution fees (Note 2) 4,876
- -------------------------------------------------------------------------------
Payable for compensation of Manager (Note 2) 21,830
- -------------------------------------------------------------------------------
Payable to Manager for organizational expenses (Note 1) 13,079
- -------------------------------------------------------------------------------
Other accrued expenses 14,558
- -------------------------------------------------------------------------------
TOTAL LIABILITIES 72,272
- -------------------------------------------------------------------------------
NET ASSETS $10,490,841
REPRESENTED BY
- -------------------------------------------------------------------------------
Paid-in capital (Notes 1 and 2) $10,538,102
- -------------------------------------------------------------------------------
Distributions in excess of net investment income (Note 1) (12,544)
- -------------------------------------------------------------------------------
Accumulated net realized loss on investment transactions (Note 1) (385,088)
- -------------------------------------------------------------------------------
Net unrealized appreciation of investments 350,371
- -------------------------------------------------------------------------------
TOTAL -- REPRESENTING NET ASSETS APPLICABLE TO
CAPITAL SHARES OUTSTANDING $10,490,841
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE
- -------------------------------------------------------------------------------
Net asset value and redemption price of class A shares
($6,476,344 divided by 777,225 shares) $8.33
- -------------------------------------------------------------------------------
Offering price per class A share (100/96.75 of $8.33)* $8.61
- -------------------------------------------------------------------------------
Net asset value and offering price of class B shares
($4,014,497 divided by 481,783 shares)+ $8.33
- -------------------------------------------------------------------------------
*On single retail sales of less than $100,000. On sales of $100,000 or more
and on group sales the offering price is reduced.
+Redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge.
The accompanying notes are an integral part of these financial statements.
<PAGE>
STATEMENT OF OPERATIONS
For the year ended September 30, 1995
TAX EXEMPT INTEREST INCOME $474,482
- -------------------------------------------------------------------------------
EXPENSES:
- -------------------------------------------------------------------------------
Compensation of Manager (Note 2) 49,759
- -------------------------------------------------------------------------------
Investor servicing and custodian fees (Note 2) 10,716
- -------------------------------------------------------------------------------
Compensation of Trustees (Note 2) 1,513
- -------------------------------------------------------------------------------
Reports to shareholders 22,615
- -------------------------------------------------------------------------------
Auditing fees 32,150
- -------------------------------------------------------------------------------
Legal 25,044
- -------------------------------------------------------------------------------
Postage fees 851
- -------------------------------------------------------------------------------
Registration fees 1,000
- -------------------------------------------------------------------------------
Amortization of organization expenses (Note 1) 1,935
- -------------------------------------------------------------------------------
Distribution fees -- Class A (Note 2) 8,108
- -------------------------------------------------------------------------------
Distribution fees -- Class B (Note 2) 22,199
- -------------------------------------------------------------------------------
Administrative services (Note 2) 29
- -------------------------------------------------------------------------------
Other expenses 164
- -------------------------------------------------------------------------------
Fees waived and expenses absorbed by Manager (Note 2) (86,237)
- -------------------------------------------------------------------------------
TOTAL EXPENSES 89,846
- -------------------------------------------------------------------------------
FEES PAID INDIRECTLY (Note 2) (16,997)
- -------------------------------------------------------------------------------
NET EXPENSES 72,849
- -------------------------------------------------------------------------------
NET INVESTMENT INCOME 401,633
- -------------------------------------------------------------------------------
Net realized loss on investments (Notes 1 and 3) (277,880)
- -------------------------------------------------------------------------------
Net realized loss on futures contracts (Notes 1 and 3) (83,970)
- -------------------------------------------------------------------------------
Net unrealized appreciation of investments during the year 393,899
- -------------------------------------------------------------------------------
NET GAIN ON INVESTMENT TRANSACTIONS 32,049
- -------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $433,682
- -------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
FOR THE PERIOD
JUNE 1, 1994
(COMMENCEMENT OF
FOR THE YEAR ENDED OPERATIONS) TO
SEPTEMBER 30 SEPTEMBER 30
1995 1994
- -------------------------------------------------------------------------------
INCREASE IN NET ASSETS
- -------------------------------------------------------------------------------
Operations:
- -------------------------------------------------------------------------------
Net investment income $ 401,633 $ 59,992
- -------------------------------------------------------------------------------
Net realized loss on investments (361,850) (23,238)
- -------------------------------------------------------------------------------
Net unrealized appreciation (depreciation)
of investments 393,899 (43,528)
- -------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS 433,682 (6,774)
- -------------------------------------------------------------------------------
Distributions to shareholders
- -------------------------------------------------------------------------------
From net investment income
- -------------------------------------------------------------------------------
Class A (271,343) (52,147)
- -------------------------------------------------------------------------------
Class B (132,104) (8,126)
- -------------------------------------------------------------------------------
In excess of net investment income
- -------------------------------------------------------------------------------
Class A (8,248) --
- -------------------------------------------------------------------------------
Class B (4,015) --
- -------------------------------------------------------------------------------
Increase from capital share transactions (Note 4) 3,157,306 7,380,610
- -------------------------------------------------------------------------------
TOTAL INCREASE IN NET ASSETS 3,175,278 7,313,563
- -------------------------------------------------------------------------------
NET ASSETS
- -------------------------------------------------------------------------------
Beginning of year 7,315,563 2,000
- -------------------------------------------------------------------------------
END OF YEAR (including distributions in excess
of net investment income of $12,544 and $281,
respectively) $10,490,841 $7,315,563
- -------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout the period)
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
JUNE 1, 1994 JUNE 1, 1994
(COMMENCE- (COMMENCE-
MENT OF MENT OF
YEAR ENDED OPERATIONS) TO YEAR ENDED OPERATIONS) TO
SEPTEMBER 30 SEPTEMBER 30 SEPTEMBER 30 SEPTEMBER 30
- ----------------------------------------------------------------------------------------------
1995 1994 1995 1994
- ----------------------------------------------------------------------------------------------
CLASS A CLASS B
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD $8.35 $8.50 $8.34 $8.50
- ----------------------------------------------------------------------------------------------
INVESTMENT OPERATIONS
- ----------------------------------------------------------------------------------------------
Net investment income (a) .42 .14 .37 .12
- ----------------------------------------------------------------------------------------------
Net realized and unrealized
loss on investments (.01) (.15) -- (.16)
- ----------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS .41 (.01) .37 (.04)
LESS DISTRIBUTIONS:
- ----------------------------------------------------------------------------------------------
From net investment income (.42) (.14) (.37) (.12)
- ----------------------------------------------------------------------------------------------
In excess of net investment income (.01) -- (.01) --
- ----------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (.43) (.14) (.38) (.12)
- ----------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $8.33 $8.35 $8.33 $8.34
- ----------------------------------------------------------------------------------------------
TOTAL INVESTMENT RETURN AT
NET ASSET VALUE (%) (b)(c) 5.17 (.09) 4.66 (.42)
- ----------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(in thousands) $6,476 $5,797 $4,015 $1,519
- ----------------------------------------------------------------------------------------------
Ratio of expenses to average
net assets (%)(a) 0.85(d) 0.00(c) 1.45(d) 0.12(c)
- ----------------------------------------------------------------------------------------------
Ratio of net investment income to
average net assets (%)(a) 5.06 1.75(c) 4.45 1.39(c)
- ----------------------------------------------------------------------------------------------
Portfolio turnover (%) 132.62 73.18 132.62 73.18
- ----------------------------------------------------------------------------------------------
(a) Reflects an absorption of expenses incurred by the fund. As a result of this limitation,
expenses for the period ended September 30, 1994, reflect a reduction of $0.04 and $0.05
for class A and class B shares, respectively. Expenses for the year ended September 30,
1995 reflect a reduction of $0.08 and $0.10 for class A and class B shares,
respectively.
(b) Total investment return assumes dividend reinvestment and does not reflect the effect of
sales charges.
(c) Not annualized.
(d) The ratio of expenses to average net assets for the year ended September 30, 1995
includes amounts paid through brokerage service and expense offset arrangements. Prior
period ratios exclude these amounts (Note 2).
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
September 30, 1995
NOTE 1
SIGNIFICANT ACCOUNTING POLICIES
The fund is registered under the Investment Company Act of 1940, as amended, as
a non-diversified, open-end management investment company. The fund seeks as
high a level of current income exempt from federal income tax and California
personal income tax as Putnam Investment Management, Inc., ("Putnam
Management"), the fund's manager, a wholly-owned subsidiary of Putnam
Investments, Inc., believes is consistent with preservation of capital by
investing primarily in a portfolio of intermediate-term California tax exempt
securities.
The fund offers both class A and class B shares. Class A shares are sold with a
maximum front-end sales charge of 3.25%. Class B shares do not pay a front-end
sales charge, but pay a higher ongoing distribution fee than class A shares, and
may be subject to a contingent deferred sales charge if those shares are
redeemed within four years of purchase. Expenses of the fund are borne pro-rata
by the holders of both classes of shares, except that each class bears expenses
unique to that class (including the distribution fees applicable to such class).
Each votes as a class only with respect to its own distribution plan or other
matters on which a class vote is required by law or determined by the Trustees.
Shares of each class would receive their pro-rata share of the net assets of the
fund, if the fund were liquidated. In addition, the Trustees declare separate
dividends on each class of shares.
The following is a summary of significant accounting policies followed by the
fund in the preparation of its financial statements. The policies are in
conformity with generally accepted accounting principles.
A SECURITY VALUATION Tax-exempt bonds and notes are stated on the basis of
valuations provided by a pricing service, approved by the Trustees, which uses
information with respect to transactions in bonds, quotations from bond
dealers, market transactions in comparable securities and various relationships
between securities in determining value. The fair value of restricted securities
is determined by the fund Manager following procedures approved by the Trustees.
B SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME Security transactions are
accounted for on the trade date (date the order to buy or sell is executed).
Interest income is recorded on the accrual basis.
C FUTURES AND OPTIONS CONTRACTS The fund may use futures and options contracts
to hedge against changes in the values of securities the fund owns or expects to
purchase. The fund may also write options on securities it owns or in which it
may invest to increase its current returns.
The potential risk to the fund is that the change in value of futures and
options contracts may not correspond to the change in value of the hedged
instruments. In addition, losses may arise from changes in the value of the
underlying instruments or if there is an illiquid secondary market for the
contracts or if the counterparty to the contract is unable to perform.
<PAGE>
Futures contracts are valued at the quoted daily settlement prices established
by the exchange on which they trade. Exchange traded options are valued at the
last sale price, or if no sales are reported, the last bid price for purchased
options and the last ask price for written options. Options traded
over-the-counter are valued using prices supplied by the dealers.
D FEDERAL TAXES It is the policy of the fund to distribute all of its income
within the prescribed time and otherwise comply with the provisions of the
Internal Revenue Code applicable to regulated investment companies. It is also
the intention of the fund to distribute an amount sufficient to avoid imposition
of any excise tax under Section 4982 of the Internal Revenue Code of 1986.
Therefore, no provision has been made for federal taxes on income, capital gains
or unrealized appreciation of securities held and for excise tax on income and
capital gains.
At September 30, 1995, the fund had a capital loss carryover of approximately
$75,000 available to offset future net capital gain, if any, which will expire
on September 30, 2003.
E DISTRIBUTIONS TO SHAREHOLDERS Income dividends are recorded daily by the fund
and are distributed monthly. Capital gain distributions if any, are recorded on
the ex-dividend date and paid annually. The amount and character of income and
gains to be distributed are determined in accordance with income tax regulations
which may differ from generally accepted accounting principles. These
differences include treatment of capital loss carryover, post October loss
deferrals and realized gains and losses on certain future contracts.
Reclassifications are made to the fund's capital accounts to reflect income and
gains available for distribution (or available capital loss carryovers) under
income tax regulations.
For the year ended September 30, 1995, the fund reclassified $1,814 to decrease
distributions in excess of net investment income and $1,814 to decrease
paid-in-capital. The calculation of net investment income per share in the
financial highlights table excludes these adjustments.
F AMORTIZATION OF BOND PREMIUM AND DISCOUNT Any premium resulting from the
purchase of securities in excess of maturity value is amortized on a
yield-to-maturity basis. Discount on zero-coupon bonds is accreted according to
the effective yield method.
G UNAMORTIZED ORGANIZATION EXPENSES Expenses incurred by the fund in connection
with its organization, its registration with the Securities and Exchange
Commission and with various states, and the initial public offering of its
shares aggregated $13,079. These expenses are being amortized on a straight-line
basis over a five-year period. The fund will reimburse Putnam Management for the
payment of these services.
NOTE 2
MANAGEMENT FEE, ADMINISTRATIVE SERVICES, AND OTHER TRANSACTIONS
Compensation of Putnam Management for management and investment advisory
services is paid quarterly based on the average net assets of the fund for the
quarter. Such fee is based on the following annual rates: 0.6% of the first $500
million of average net assets, 0.5% of the next $500 million, 0.45% of the next
$500 million and 0.4% of any amount over $1.5 billion, subject to reduction in
any year to the extent of certain brokerage commissions and fees (less expenses)
received by affiliates of the Manager on the fund's portfolio transactions.
The Manager has voluntarily agreed to reduce its compensation (and, to the
extent necessary, absorb other expenses of the fund) to the extent that expenses
of the fund (exclusive of brokerage,
<PAGE>
interest, taxes, deferred organizational and extraordinary expenses, payments
under the fund's Distribution Plans, and credits allowed by Putnam Fiduciary
Trust Company (PFTC), a wholly owned Subsidiary of Putnam Investments, Inc.)
exceed an annual rate of 0.65% of the fund's average net assets.
The fund reimburses the Putnam Management for the compensation and related
expenses of certain officers of the fund and their staff who provide
administrative services to the fund. The aggregate amount of all such
reimbursements is determined annually by the Trustees.
Trustees of the fund receive an annual Trustees fee of $100 and an additional
fee for each Trustees' meeting attended. Trustees who are not interested persons
of Putnam Management and who serve on committees of the Trustees receive
additional fees for attendance at certain committee meetings.
During the year ended September 30, 1995, the fund adopted a Trustee Fee
Deferral Plan (the "Plan") which allows the Trustees to defer the receipt of all
or a portion of Trustees fees payable on or after July 1, 1995. The deferred
fees remain in the fund and are invested in the fund or in other Putnam funds
until distribution in accordance with the Plan.
Custodial functions for the funds' assets are provided by Putnam Fiduciary Trust
Company (PFTC), a wholly owned subsidiary of the Putnam Investments, Inc.
Investor servicing agent functions are provided by Putnam Investor Services, a
division of PFTC.
For the year ended September 30, 1995, fund expenses were reduced by $16,997
under expense offset arrangements with PFTC and brokerage service arrangements.
Investor servicing and custodian fees reported in the Statement of operations
exclude these credits. The fund could have invested a portion of the assets
utilized in connection with the offset arrangements in an income producing asset
if it had not entered into such arrangements.
The fund has adopted distribution plans (the "Plans") with respect to its class
A shares and class B shares pursuant to Rule 12b-1 under the Investment Company
Act of 1940. The purpose of the Plans is to compensate Putnam Mutual Funds
Corp., a wholly-owned subsidiary of Putnam Investments Inc., for services
provided and expenses incurred by it in distributing shares of the fund. The
Plans provide for payments by the fund to Putnam Mutual Funds Corp. at an annual
rate up to 0.35% and 1.00% of the average net assets attributable to class A and
class B shares, respectively. The Trustees have approved payment by the fund at
an annual rate of 0.15% and 0.75% of the average net assets attributable to
class A and class B shares, respectively.
For the year ended September 30, 1995, Putnam Mutual Funds Corp., acting as
underwriter received net commissions of $9,765 from the sale of class A shares
and $4,783 in contingent deferred sales charges from redemptions of class B
shares. A deferred sales charge of up to 1% is assessed on certain redemptions
of class A shares. For the year ended September 30, 1995, Putnam Mutual Funds
Corp., acting as underwriter received no monies on class A redemptions.
NOTE 3
PURCHASES AND SALES OF SECURITIES
During the year ended September 30 1995, purchases and sales of investment
securities other than short-term investments aggregated $12,328,567 and
$10,588,561 respectively. There were no purchases or sales of U.S. government
obligations during the year ended September 30, 1995. In determining the net
gain or loss on securities sold, the cost of securities has been determined on
the identified cost basis.
<PAGE>
NOTE 4
CAPITAL SHARES
At September 30, 1995 there was an unlimited number of shares of beneficial
interest authorized divided into two classes of shares, class A and class B
capital stock. Transactions in capital shares were as follows:
JUNE 1
(COMMENCEMENT OF
YEAR ENDED OPERATIONS) TO
SEPTEMBER 30 SEPTEMBER 30
- -------------------------------------------------------------------------------
1995 1994
- -------------------------------------------------------------------------------
CLASS A SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------------------------------------
Shares sold 785,161 $6,382,423 736,864 $6,206,518
- -------------------------------------------------------------------------------
Shares issued in connection
with reinvestment of
distributions 23,412 191,409 5,334 44,864
- -------------------------------------------------------------------------------
808,573 6,573,832 742,198 6,251,382
- -------------------------------------------------------------------------------
Shares repurchased (725,867) (5,844,709) (47,797) (400,117)
- -------------------------------------------------------------------------------
NET INCREASE 82,706 $729,123 694,401 $5,851,265
- -------------------------------------------------------------------------------
JUNE 1
(COMMENCEMENT OF
YEAR ENDED OPERATIONS) TO
SEPTEMBER 30 SEPTEMBER 30
- -------------------------------------------------------------------------------
1995 1994
- -------------------------------------------------------------------------------
CLASS B SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------------------------------------
Shares sold 421,227 $3,423,900 217,739 $1,830,683
- -------------------------------------------------------------------------------
Shares issued in connection
with reinvestment of
distributions 6,619 54,208 312 2,615
- -------------------------------------------------------------------------------
427,846 3,478,108 218,051 1,833,298
- -------------------------------------------------------------------------------
Shares repurchased (128,159) (1,049,925) (36,072) (303,953)
- -------------------------------------------------------------------------------
NET INCREASE 299,687 $2,428,183 181,979 $1,529,345
- -------------------------------------------------------------------------------
FEDERAL TAX INFORMATION
(Unaudited)
The fund has designated 100% of dividends paid from net investment income during
the fiscal year as tax exempt for Federal income tax purposes.
The Form 1099 you receive January 1996 will show the tax status of all
distributions paid to your account in calendar year 1995.
<PAGE>
FUND INFORMATION
INVESTMENT MANAGER OFFICERS
Putnam Investment George Putnam
Management, Inc. President
One Post Office Square
Boston, MA 02109 Charles E. Porter
Executive Vice President
MARKETING SERVICES
Putnam Mutual Funds Corp. Patricia C. Flaherty
One Post Office Square Senior Vice President
Boston, MA 02109
Lawrence J. Lasser
CUSTODIAN Vice President
Putnam Fiduciary Trust Company
Gordon H. Silver
LEGAL COUNSEL Vice President
Ropes & Gray
Gary N. Coburn
INDEPENDENT ACCOUNTANTS Vice President
Price Waterhouse LLP
James E. Erickson
TRUSTEES Vice President
George Putnam, Chairman
Blake E. Anderson
William F. Pounds, Vice Chairman Vice President
Jameson Adkins Baxter James M. Prusko
Vice President and Fund Manager
Hans H. Estin
William N. Shiebler
John A. Hill Vice President
Elizabeth T. Kennan John R. Verani
Vice President
Lawrence J. Lasser
Paul M. O'Neil
Robert E. Patterson Vice President
Donald S. Perkins John D. Hughes
Vice President and Treasurer
George Putnam, III
Beverly Marcus
Eli Shapiro Clerk and Assistant Treasurer
A.J.C. Smith
W. Nicholas Thorndike
This report is for the information of shareholders of Putnam California
Intermediate Tax Exempt Fund. It may also be used as sales literature when
preceded or accompanied by the current prospectus, which gives details of sales
charges, investment objectives, and operating policies of the fund, and the most
recent copy of Putnam's Quarterly Performance Summary. For more information, or
to request a prospectus, call toll-free: 1-800-225-1581.
SHARES OF MUTUAL FUNDS ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR
ENDORSED BY, ANY FINANCIAL INSTITUTION, ARE NOT INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION (FDIC), THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND
INVOLVE RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED.
<PAGE>
[LOGO: PUTNAM INVESTMENTS] ------------
Bulk Rate
THE PUTNAM FUNDS U.S. Postage
One Post Office Square PAID
Boston, Massachusetts 02109 Putnam
Investments
------------
20969-943/944 11/95
