Prospectus Supplement dated April 15, 1997 to:
PUTNAM AMERICAN GOVERNMENT INCOME FUND
Prospectus dated January 30, 1997
PUTNAM ASIA PACIFIC GROWTH FUND
Prospectus dated January 30, 1997
PUTNAM ASSET ALLOCATION FUNDS
Prospectus dated January 30, 1997
PUTNAM BALANCED RETIREMENT FUND
Prospectus dated February 28, 1997
PUTNAM CAPITAL APPRECIATION FUND
Prospectus dated September 30, 1996
PUTNAM CONVERTIBLE INCOME-GROWTH TRUST
Prospectus dated February 28, 1997
PUTNAM DIVERSIFIED EQUITY TRUST
Prospectus dated June 30, 1996
PUTNAM DIVERSIFIED INCOME TRUST
Prospectus dated January 30, 1997
PUTNAM DIVERSIFIED INCOME TRUST II
Prospectus dated May 17, 1996
PUTNAM EMERGING MARKETS FUND
Prospectus dated October 30, 1996
PUTNAM EQUITY INCOME FUND
Prospectus dated March 30, 1997
PUTNAM EUROPE GROWTH FUND
Prospectus dated October 30, 1996
PUTNAM FEDERAL INCOME TRUST
Prospectus dated February 28, 1997
THE GEORGE PUTNAM FUND OF BOSTON
Prospectus dated November 30, 1996
THE PUTNAM FUND FOR GROWTH AND INCOME
Prospectus dated February 28, 1997
PUTNAM GLOBAL GOVERNMENTAL INCOME TRUST
Prospectus dated February 28, 1997
PUTNAM GLOBAL GROWTH FUND
Prospectus dated February 28, 1997
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PUTNAM GLOBAL NATURAL RESOURCES FUND
Prospectus dated December 30, 1996
PUTNAM GROWTH AND INCOME FUND II
Prospectus dated March 30, 1997
PUTNAM HEALTH SCIENCES TRUST
Prospectus dated December 30, 1996
PUTNAM HIGH YIELD ADVANTAGE FUND
Prospectus dated March 30, 1997
PUTNAM HIGH YIELD TOTAL RETURN FUND
Prospectus dated January 1, 1997
PUTNAM HIGH YIELD TRUST
Prospectus dated December 30, 1996
PUTNAM INCOME FUND
Prospectus dated February 28, 1997
PUTNAM INTERMEDIATE U.S. GOVERNMENT INCOME FUND
Prospectus dated March 30, 1997
PUTNAM INTERNATIONAL GROWTH FUND
Prospectus dated October 30, 1996
PUTNAM INTERNATIONAL GROWTH AND INCOME FUND
Prospectus dated April 1, 1997
PUTNAM INTERNATIONAL NEW OPPORTUNITIES FUND
Prospectus dated December 31, 1996
PUTNAM INTERNATIONAL VOYAGER FUND
Prospectus dated October 30, 1996
PUTNAM INVESTORS FUND
Prospectus dated November 30, 1996
PUTNAM NEW OPPORTUNITIES FUND
Prospectus dated October 30, 1996
PUTNAM NEW VALUE FUND
Prospectus dated December 31, 1996
PUTNAM OTC & EMERGING GROWTH FUND
Prospectus dated December 16, 1996
PUTNAM U.S. GOVERNMENT INCOME TRUST
Prospectus dated January 30, 1997
PUTNAM UTILITIES GROWTH AND INCOME FUND
Prospectus dated February 28, 1997
PUTNAM VISTA FUND
Prospectus dated November 30, 1996
PUTNAM VOYAGER FUND
Prospectus dated November 30, 1996
PUTNAM VOYAGER FUND II
Prospectus dated May 1, 1996
Effective April 15, 1997, the prospectus is modified as follows:
1. "How to buy shares--Class A shares" is revised by replacing
the three paragraphs following the sales charge table with the
following:
No initial sales charge applies to purchases of $1 million
or more, or to purchases by employer-sponsored retirement
plans with at least 200 eligible employees. However, a CDSC
of 1.00% or 0.50%, respectively, is imposed within the first
or second year after purchase on redemptions of these
shares, unless the dealer of record waived its commission
with Putnam Mutual Funds' approval, or unless the owner is a
class A qualified benefit plan (a retirement plan for which
Putnam Fiduciary Trust Company provides recordkeeping or
other services in connection with purchases of class A
shares).
Class A qualified benefit plans may purchase class A shares
with no initial sales charge. However, a CDSC of 1.00% is
imposed on redemptions of these shares if, within two years
of the plan's initial purchase of class A shares, it redeems
90% or more of its cumulative purchases. Thereafter, such a
plan is no longer liable for any CDSC. Class A qualified
benefit plans that initially invested at least $20 million
in Putnam funds and other investments managed by Putnam
Management and its affiliates and that received a proposal
from Putnam Mutual Funds on or before April 15, 1997 are not
subject to any CDSC.
In determining whether a CDSC is payable, the fund will
first redeem shares not subject to any charge. Any CDSC
will be calculated based on the lower of the shares' cost
and current net asset value and any shares acquired by
reinvestment of distributions will be redeemed without a
CDSC. Putnam Mutual Funds receives the entire amount of any
CDSC you pay. See the SAI for more information about the
CDSC.
2. The descriptions of Putnam Mutual Funds initial commissions
and ongoing payments to dealers for class A shares sold at net
asset value to qualified benefit plans are replaced with the
following:
Putnam Mutual Funds pays the dealer of record for sales of
class A shares at net asset value to qualified benefit plans
commissions of up to 1% and ongoing service fees of up to
0.25% annually on eligible average assets. See the SAI for
information about the rates at which these sales commissions
and service fees are paid.
3. Each remaining reference in the prospectus to a participant-
directed qualified retirement plan is changed to refer to a
qualified benefit plan.
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