51748 3/99
STATEMENT OF ADDITIONAL INFORMATION SUPPLEMENT DATED
MARCH 31, 1999 TO STATEMENTS OF ADDITIONAL INFORMATION
OF VARIOUS PUTNAM FUNDS:
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The third paragraph under the heading "Distribution Plans"
in Part II of the Statement of Additional Information is
hereby deleted and the following inserted in its place:
Putnam Mutual Funds compensates qualifying dealers
(including, for this purpose, certain financial
institutions) for sales of shares and the maintenance of
shareholder accounts.
CLASS A SHARES:
Putnam Mutual Funds makes quarterly payments to dealers at
the annual rates set forth below (as a percentage of the
average net asset value of class A shares for which such
dealers are designated the dealer of record) except that
payments to dealers for shares held by class A qualified
benefit plans are made at other rates, as described below.
No payments are made during the first year after purchase on
shares purchased at net asset value by shareholders
investing at least $1 million or by employer-sponsored
retirement plans that have at least 200 eligible employees
or that are class A qualified benefit plans, unless the
shareholder has made arrangements with Putnam Mutual Funds
and the dealer of record has waived the sales commission.
RATE FUND
0.25% All funds except for those listed below
0.20% for shares purchased on Putnam High Yield Trust
or before 3/31/90; 0.25% for Putnam U.S. Government Income Trust
shares purchased after 3/31/90
0.20% for shares purchased on Putnam Municipal Income Fund
or before 5/7/92; 0.25% for
shares purchased after 5/7/92
0.20% for shares purchased on Putnam Income Fund
or before 3/31/91; 0.25% for
shares purchased after 3/31/91
0.15% for shares purchased on Putnam Tax Exempt Income Fund
or before 12/31/92; 0.20% for Putnam California Tax Exempt Income Fund
shares purchased after 12/31/92 Putnam New Jersey Tax Exempt Income Fund
Putnam New York Tax Exempt Income Fund
0.20% Putnam Tax-Free High Yield Fund
Putnam Tax-Free Insured Fund
0.15% for shares purchased on Putnam Arizona Tax Exempt Income Fund
or before 3/5/93; 0.20% for Putnam Florida Tax Exempt Income Fund
shares purchased after 3/5/93 Putnam Pennsylvania Tax Exempt Income Fund
0.15% for shares purchased on
or before 7/8/93; 0.20% for
shares purchased after 7/8/93
0.15% for shares purchased on Putnam Massachusetts Tax Exempt Income Fund
or before 5/11/92; 0.20% for
shares purchased after 5/11/92
0.15% for shares purchased on Putnam Michigan Tax Exempt Income Fund
or before 3/6/92; 0.20% for Putnam Minnesota Tax Exempt Income Fund
shares purchased after 3/6/92 Putnam Ohio Tax Exempt Income Fund
0.15% for shares purchased on Putnam New York Tax Exempt Opportunities Fund
or before 7/12/92; 0.20% for
shares purchased after 7/12/92
0.20% for shares purchased on Putnam Balanced Retirement Fund
or before 12/31/89; 0.25% for Putnam Convertible Income-Growth Trust
shares purchased after 12/31/89 The George Putnam Fund of Boston
The Putnam Fund for Growth and Income
Putnam Investors Fund
Putnam Vista Fund
Putnam Voyager Fund
Putnam Global Growth Fund
Putnam Global Natural Resources Fund
0.50% for shares purchased on Putnam Diversified Equity Trust
or before 7/1/95; 0.25% for
shares purchased after 7/1/95
Putnam Mutual Funds pays service fees to the dealer of
record for plans for which Putnam Fiduciary Trust or its
affiliates serve as trustee and recordkeeper at the
following annual rates (expressed as a percentage of the
average net asset value of the plan's class A shares):
0.25% of the first $5 million, 0.20% of the next $5 million,
0.15% of the next $10 million, 0.10% of the next $30
million, and 0.05% thereafter. For class A qualified
benefit plans for which Putnam Fiduciary Trust Company or
its affiliates provide some services but do not act as
trustee and recordkeeper, Putnam Mutual Funds will pay
service fees to the dealer of record of up to 0.25% of
average net assets, depending on the level of service
provided by Putnam Fiduciary Trust Company or its
affiliates, by the dealer of record, and by third parties.
Service fees are paid quarterly to the dealer of record for
that quarter.
CLASS B SHARES:
Putnam Mutual Funds makes quarterly payments to dealers at
the annual rates set forth below (as a percentage of the
average net asset value of class B shares for which such
dealers are designated the dealer of record).
RATE FUND
0.25% All funds except for those listed below
0.20% for shares purchased on Putnam Tax-Free Insured Fund
or before 3/31/90; 0.25% for Putnam Tax-Free High Yield
shares purchased after 3/31/90
0.20% but prepaid in first year Putnam Arizona Tax Exempt Income Fund
Putnam California Tax Exempt Income Fund
Putnam Florida Tax Exempt Income Fund
Putnam Massachusetts Tax Exempt Income Fund
Putnam Michigan Tax Exempt Income Fund
Putnam Minnesota Tax Exempt Income Fund
Putnam New Jersey Tax Exempt Income Fund
Putnam New York Tax Exempt Income Fund
Putnam New York Tax Exempt Opportunities Fund
Putnam Ohio Tax Exempt Income Fund
Putnam Pennsylvania Tax Exempt Income Fund
CLASS C SHARES:
Putnam Mutual Funds makes quarterly payments to dealers at
the annual rates set forth below (as a percentage of the
average net asset value of class C shares for which such
dealers are designated the dealer of record).
RATE FUND
1.00% For all funds (except for Putnam Money Market Fund)
0.50% For Putnam Money Market Fund
CLASS M SHARES:
Putnam Mutual Funds makes quarterly payments to dealers at
the annual rates set forth below (as a percentage of the
average net asset value of class M shares for which such
dealers are designated the dealer of record).
RATE FUND
0.15% Putnam Money Market Fund
0.40% All income and money
market funds (except for Putnam
Money Market Fund)
0.65% All growth, growth and
income and international and global
funds
Putnam Mutual Funds may suspend or modify its payments to
dealers. The payments are also subject to the continuation
of the relevant distribution plan, the terms of the service
agreements between the dealers and Putnam Mutual Funds and
any applicable limits imposed by the National Association of
Securities Dealers, Inc.
