PUTNAM INTERMEDIATE TAX EXEMPT FUND
Prospectus Supplement dated June 5, 1995
to Prospectus dated February 1, 1995
James M. Prusko, Assistant 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 June, 1995. Mr. Prusko
has been employed by Putnam Management since August, 1992. Prior
to August, 1992, Mr. Prusko was a Sales and Trading Associate at
Salomon Brothers, Inc.
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