PUTNAM ARIZONA TAX EXEMPT INCOME FUND
497, 1995-04-13
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                   PUTNAM ARIZONA TAX EXEMPT INCOME FUND

               Prospectus Supplement dated April 10, 1995 to
                     Prospectus dated January 1, 1995

Howard K. Manning, 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 1993, except for the
period from January, 1995 to April, 1995.  Mr. Manning has been
employed by Putnam Management since 1986.



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