Putnam Arizona Tax Exempt Income Fund
(the "Arizona fund")
Putnam Florida Tax Exempt Income Fund
(the "Florida fund")
Putnam Massachusetts Tax Exempt Income Fund
(the "Massachusetts fund")
Putnam Michigan Tax Exempt Income Fund
(the "Michigan fund")
Putnam Minnesota Tax Exempt Income Fund
(the "Minnesota fund")
Putnam New Jersey Tax Exempt Income Fund
(the "New Jersey fund")
Putnam Ohio Tax Exempt Income Fund
(the "Ohio fund")
Putnam Pennsylvania Tax Exempt Income Fund
(the "Pennsylvania fund")
Prospectus Supplement dated June 18, 1997
to Prospectus dated September 30, 1996,
as revised April 30, 1997
The following table is included in the section of the
prospectus entitled "Financial highlights."
<PAGE>
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR)
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE PERIOD
MAY 1, 1995 FOR THE JANUARY 4, 1993
(COMMENCEMENT ELEVEN MONTHS (COMMENCEMENT
YEAR ENDED OF OPERATIONS) TO YEAR ENDED ENDED YEAR ENDED OF OPERATIONS) TO
MAY 31 MAY 31 MAY 31 MAY 31 JUNE 30 JUNE 30
1996 1995 1996 1995* 1994 1993
CLASS M CLASS B
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $8.98 $8.74 $8.97 $8.75 $9.46 $9.02
Investment operations:
Net investment income .45 .04 .42 .41 .45 .21
Net realized and
unrealized gain (loss)
on investments (.21) .28 (.22) .22 (.58) .43
Total from investment
operations .24 .32 .20 .63 (.13) .64
Less distributions:
From net investment income (.46) (.08) (.42) (.41) (.45) (.20)
Net realized gain on
investments -- -- -- -- (.02) --
In excess of net realized gain on
investments -- -- -- -- (.11) --
Total distributions (.46) (.08) (.42) (.41) (.58) (.20)
Net asset value,
end of period $8.76 $8.98 $8.75 $8.97 $8.75 $9.46
Total investment return at
net asset value (%) (a) 2.65 3.21(b) 2.25 7.51(b) (1.59) 7.21(b)
Net assets, end of period
(in thousands) $355 $ 1 $72,083 $58,591 $44,916 $15,113
Ratio of expenses to average
net assets (%)(d) 1.24 .09(b) 1.61 1.46(b) 1.59 .77(b)
Ratio of net investment
income to average net
assets (%) 4.92 .42(b) 4.69 4.72(b) 4.77 2.42(b)
Portfolio turnover (%)52.82 51.86(b) 52.82 51.86(b) 51.74 44.58(b)
FOR THE PERIOD
FOR THE FEBRUARY 20,
ELEVEN 1990
MONTHS (COMMENCEMENT
YEAR ENDED ENDED OF OPERATIONS)
MAY 31 MAY 31 YEAR ENDED JUNE 30 TO JUNE 30
1996 1995+ 1994 1993 1992 1991 1990
CLASS A
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $8.98 $ 8.75 $ 9.46 $ 8.97 $ 8.64 $ 8.50 $ 8.50
Investment operations
Net investment income .48 .46 .51 .54 .59(c) .62(c) .22(c)
Net realized and unrealized
gain (loss) on investments (.22) .23 (.58) .58 .38 .13 .01
Total from investment
operations .26 .69 (.07) 1.12 .97 .75 .23
Less distributions:
From net investment income (.48) (.46) (.51) (.55) (.60) (.61) (.23)
Net realized gain on
investments -- -- (.08) (.08) (.04) -- --
In excess of realized gain
on investments -- -- (.05) -- -- -- --
Total distributions (.48) (.46) (.64) (.63) (.64) (.61) (.23)
Net asset value, end of
period $8.76 $8.98 $ 8.75 $9.46 $ 8.97 $ 8.64 $8.50
Total investment return at
net asset value (%) (a) 2.92 8.25(b) (.94) 13.02 11.52 9.17 2.71(b)
Net assets, end of period
(in thousands) $227,940 $242,569 $246,336 $235,243 $159,658 $99,978 $34,588
Ratio of expenses to average
net assets (%) .96 .87(b) .95 .92 .75(c) .66(c) .26(b)(c)
Ratio of net investment
income to average net
assets (%) 5.36 5.36(b) 5.43 5.90 6.69(c) 7.09(c) 3.06(b)(c)
Portfolio turnover (%) 52.82 51.86(b) 51.74 44.58 80.21 101.21 `7.58(b)
<PAGE>
* The fiscal year has been changed from June 30 to May 31.
(a) Total Investment return assumes dividend reinvestment and does not reflect the effect of sales charges.
(b) Not annualized.
(c) Reflects an expense limitation. As a result of the limitation, expenses
of the fund for the years ended June 30, 1992 and 1991 and for the period
ended June 30, 1990 reflect a reduction of $0.01, $0.03 and $0.02 per
share, respectively.
</TABLE> 34849 6/97
