PUTNAM INTERMEDIATE TAX EXEMPT FUND
Prospectus Supplement dated April 10, 1995
to Prospectus dated February 1, 1995
Michael F. Bouscaren, 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. Mr. Bouscaren has been
employed by Putnam Management since 1994. Prior to 1994, Mr.
Bouscaren was President and Chairman of the Board of Directors at
Salomon Brothers Series Funds, Inc. and a Director of Salomon
Brothers Asset Management, Inc.
