PUTNAM ARIZONA TAX EXEMPT INCOME FUND
Prospectus Supplement dated January 9, 1995 to
Prospectus dated January 1, 1995
Thomas C. Goggins, 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. Goggins has
been employed by Putnam Management since June, 1993. Prior to
June, 1993, Mr. Goggins was a Portfolio Manager at Transamerica
Investments Services, Inc.
