Statement of Additional Information ("SAI") Supplement dated
December 9, 1996 to:
PUTNAM AMERICAN GOVERNMENT INCOME FUND
SAI dated February 1, 1996, as revised August 1, 1996
PUTNAM AMERICAN RENAISSANCE FUND
SAI dated May 1, 1996
PUTNAM ARIZONA TAX EXEMPT INCOME FUND
SAI dated September 30, 1996
PUTNAM ASIA PACIFIC GROWTH FUND
SAI dated February 1, 1996, as revised August 1, 1996
PUTNAM ASSET ALLOCATION FUNDS
SAI dated February 1, 1996, as revised August 1, 1996
PUTNAM BALANCED FUND
SAI dated May 1, 1996
PUTNAM BALANCED RETIREMENT FUND
SAI dated March 1, 1996, as revised September 1, 1996
PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND
SAI dated February 1, 1996, as revised August 1, 1996
PUTNAM CALIFORNIA TAX EXEMPT MONEY MARKET FUND
SAI dated February 1, 1996, as revised August 1, 1996
PUTNAM CAPITAL APPRECIATION FUND
SAI dated September 30, 1996
PUTNAM DIVERSIFIED EQUITY TRUST
SAI dated June 30, 1996
PUTNAM DIVERSIFIED INCOME TRUST
SAI dated February 1, 1996, as revised August 1, 1996
PUTNAM DIVERSIFIED INCOME TRUST II
SAI dated May 17, 1996
PUTNAM EMERGING MARKETS FUND
October 30, 1996
PUTNAM EQUITY INCOME FUND
SAI dated April 1, 1996, as revised July 11, 1996
PUTNAM EUROPE GROWTH FUND
SAI dated October 30, 1996
PUTNAM FEDERAL INCOME TRUST
SAI dated March 1, 1996, as revised August 30, 1996
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PUTNAM FLORIDA TAX EXEMPT INCOME FUND
SAI dated September 30, 1996
THE PUTNAM FUND FOR GROWTH AND INCOME
SAI dated March 1, 1996, as revised September 1, 1996
PUTNAM GLOBAL GOVERNMENTAL INCOME TRUST
SAI dated March 1, 1996, as revised September 1, 1996
PUTNAM GLOBAL GROWTH FUND
SAI dated March 1, 1996, as revised July 31, 1996
PUTNAM GLOBAL GROWTH AND INCOME FUND
SAI dated June 28, 1996
PUTNAM GLOBAL NATURAL RESOURCES FUND
SAI dated January 1, 1996, as revised August 12, 1996
PUTNAM GROWTH AND INCOME FUND II
SAI dated April 1, 1996
PUTNAM HEALTH SCIENCES TRUST
SAI dated January 1, 1996, as revised November 8, 1996
PUTNAM HIGH YIELD ADVANTAGE FUND
SAI dated April 1, 1996, as revised October 1, 1996
PUTNAM HIGH YIELD TRUST
SAI dated January 1, 1996
PUTNAM INCOME FUND
SAI dated March 1, 1996, as revised August 1, 1996
PUTNAM INTERMEDIATE U.S. GOVERNMENT INCOME FUND
SAI dated April 1, 1996, as revised August 6, 1996
PUTNAM INTERNATIONAL FUND
SAI dated June 28, 1996
PUTNAM INTERNATIONAL GROWTH FUND
SAI dated October 30, 1996
PUTNAM INTERNATIONAL GROWTH AND INCOME FUND
SAI dated August 1, 1996
PUTNAM INTERNATIONAL NEW OPPORTUNITIES FUND
SAI dated January 1, 1996
PUTNAM INTERNATIONAL VOYAGER FUND
SAI dated October 30, 1996
PUTNAM JAPAN FUND
SAI dated June 28, 1996
PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND
SAI dated September 30, 1996
PUTNAM MICHIGAN TAX EXEMPT INCOME FUND
SAI dated September 30, 1996
PUTNAM MINNESOTA TAX EXEMPT INCOME FUND
SAI dated September 30, 1996
PUTNAM MUNICIPAL INCOME FUND
SAI dated July 30, 1996, as revised November 1, 1996
PUTNAM MONEY MARKET FUND
SAI dated February 1, 1996, as revised August 1, 1996
PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND
SAI dated September 30, 1996
PUTNAM NEW OPPORTUNITIES FUND
SAI dated October 30, 1996
PUTNAM NEW VALUE FUND
SAI dated January 1, 1996
as revised May 30, 1996
PUTNAM NEW YORK TAX EXEMPT INCOME FUND
SAI dated February 1, 1996, as revised August 2, 1996
PUTNAM NEW YORK TAX MONEY MARKET FUND
SAI dated February 1, 1996, as revised August 2, 1996
PUTNAM NEW YORK TAX EXEMPT OPPORTUNITIES FUND
SAI dated February 1, 1996, as revised August 2, 1996
PUTNAM OHIO TAX EXEMPT INCOME FUND
SAI dated September 30, 1996
PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND
SAI dated September 30, 1996
PUTNAM PREFERRED INCOME FUND
SAI dated April 1, 1996, as revised October 1, 1996
PUTNAM REAL ESTATE OPPORTUNITIES FUND
SAI dated May 1, 1996
PUTNAM RESEARCH FUND
SAI dated May 1, 1996
PUTNAM TAX EXEMPT INCOME FUND
SAI dated February 1, 1996, as revised August 1, 1996
PUTNAM TAX EXEMPT MONEY MARKET FUND
SAI dated February 1, 1996, as revised August 1, 1996
PUTNAM UTILITIES GROWTH AND INCOME FUND
SAI dated March 1, 1996, as revised August 29, 1996
On December 6, 1996, the Trustees of the Putnam funds approved
the elimination of all of the non-fundamental investment
restrictions of the above-named funds, including those listed in
the section of the SAI entitled "Investment Restrictions" (and,
if applicable, "Proposed Restrictions") except for the following
policy, which prohibits a fund from investing more than:
15% of its net assets in any combination of securities that
are not readily marketable, in securities restricted to
resale (excluding securities determined by the Trustees (or
the person designated by them to make such determinations))
or in repurchase agreements maturing in more than seven
days. (Under current rules, a money market fund may not
invest more than 10% of its net assets in such securities.)
Job code 29920
