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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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