SUPPLEMENT DATED APRIL 1, 1994 TO
PROSPECTUSES DATED JULY 1, 1993 OF PUTNAM DIVIDEND GROWTH FUND
and PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND
Prospectus dated August 1, 1993 of PUTNAM MUNICIPAL INCOME FUND
Prospectuses dated November 1, 1993 of PUTNAM EUROPE GROWTH FUND,
PUTNAM FLORIDA TAX EXEMPT INCOME FUND and PUTNAM NEW JERSEY TAX
EXEMPT INCOME FUND
Prospectuses dated December 1, 1993 of PUTNAM INVESTORS FUND,
PUTNAM OTC EMERGING GROWTH FUND, PUTNAM TAX-FREE HIGH YIELD FUND,
PUTNAM TAX-FREE INSURED FUND and PUTNAM VISTA FUND
Prospectuses dated December 1, 1993, as revised February 1, 1994,
of THE GEORGE PUTNAM FUND OF BOSTON and PUTNAM VOYAGER FUND
Prospectuses dated January 1, 1994 of PUTNAM ARIZONA TAX EXEMPT
INCOME FUND, PUTNAM ENERGY-RESOURCES TRUST, PUTNAM HEALTH
SCIENCES TRUST and PUTNAM HIGH YIELD TRUST
Prospectus dated January 10, 1994 of PUTNAM ASSET ALLOCATION
FUNDS
Prospectuses dated February 1, 1994 of PUTNAM AMERICAN GOVERNMENT
INCOME FUND, PUTNAM ASIA PACIFIC GROWTH FUND, PUTNAM CALIFORNIA
TAX EXEMPT INCOME FUND, PUTNAM DIVERSIFIED INCOME TRUST, PUTNAM
GLOBAL GOVERNMENTAL INCOME TRUST, PUTNAM MANAGED INCOME TRUST,
PUTNAM NEW YORK TAX EXEMPT OPPORTUNITIES FUND, PUTNAM TAX EXEMPT
INCOME FUND and PUTNAM U.S. GOVERNMENT INCOME TRUST
Prospectuses dated March 1, 1994 of PUTNAM ADJUSTABLE RATE U.S.
GOVERNMENT FUND, PUTNAM CONVERTIBLE INCOME-GROWTH TRUST, PUTNAM
FEDERAL INCOME TRUST, PUTNAM GLOBAL GROWTH FUND, THE PUTNAM FUND
FOR GROWTH AND INCOME, PUTNAM INCOME FUND and PUTNAM UTILITIES
GROWTH AND INCOME FUND
The schedule of contingent deferred sales charges and payments by
Putnam Mutual Funds Corp. to investment dealers with respect to
Class A shares purchased at net asset value is revised effective
April 1, 1994. Accordingly, the Prospectus is revised as
follows:
The second paragraph under "How to buy shares--Class A shares" is
replaced by the following text:
There is no initial sales charge on purchases of Class A
shares of $1 million or more. However, a contingent deferred
sales charge ("CDSC") of 1.00% or 0.50%, respectively, is
imposed on redemptions of such shares within the first or
second year after purchase, based on the lower of the
shares' cost and current net asset value. Any shares
acquired by reinvestment of distributions will be redeemed
without a CDSC. Shares purchased by participant-directed
qualified retirement plans sponsored by employers with more
than 750 employees or investing $1 million or more are not
subject to the CDSC. In addition, shares purchased by
certain investors investing $1 million or more that have
made arrangements with Putnam Mutual Funds and whose dealer
of record waived the commission described in the next
paragraph are not subject to the CDSC. In determining
whether a CDSC is payable, the Fund will first redeem shares
not subject to any charge. Putnam Mutual Funds receives the
entire amount of any CDSC you pay. See the Statement of
Additional Information for more information about the CDSC.
Except as stated below, Putnam Mutual Funds pays investment
dealers of record commissions on sales of Class A shares of
$1 million or more based on an investor's cumulative
purchases during consecutive one-year periods beginning with
the date of the initial purchase at net asset value. Such
commissions are paid at the rates of 1.00% of the amount
under $3 million, 0.50% of the next $47 million and 0.25%
thereafter. On sales at net asset value to a participant-
directed qualified retirement plan initially investing less
than $20 million in Putnam funds and other investments
managed by Putnam Management or its affiliates (including a
plan sponsored by an employer with more than 750 employees),
Putnam Mutual Funds pays commissions on cumulative purchases
during the life of the account at the rates of 1.00% of the
amount under $3 million and 0.50% thereafter. On sales at
net asset value to all other participant-directed qualified
retirement plans, Putnam Mutual Funds pays commissions on
the initial investment and on subsequent net quarterly sales
at the rate of 0.15%.
The second paragraph under "Distribution Plans--Class A
Distribution Plan" is revised by
(1) adding the following text after the first sentence:
This calculation excludes until one year after purchase
shares purchased at net asset value after March 31, 1994 by
shareholders investing $1 million or more and by
participant-directed qualified retirement plans sponsored by
employers with more than 750 employees ("NAV Shares"),
except for shares owned by certain investors investing $1
million or more that have made arrangements with Putnam
Mutual Funds and whose dealer of record waived the sales
commission.
(2) adding the following text after the last sentence:
However, for participant-directed qualified retirement plans
initially investing less than $20 million in Putnam funds
and other investments managed by Putnam Management or its
affiliates, Putnam Mutual Funds' payments to qualifying
dealers on NAV Shares are 100% of the rate stated above if
average plan assets in Putnam funds (excluding money market
funds) during the quarter are less than $20 million, 60% of
the stated rate if average plan assets are at least $20
million but less than $30 million, and 40% of the stated
rate if average plan assets are $30 million or more. For
all other participant-directed qualified retirement plans
purchasing NAV Shares, Putnam Mutual Funds makes quarterly
payments to qualifying dealers at the annual rate of 0.10%
of the average net asset value of such shares.
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