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PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND Prospectus Supplement dated April 10, 1995 to Prospectus dated November 1, 1994 Triet M. Nguyen, 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 1995. Mr. Nguyen has been employed by Putnam Management since 1985.
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