Prospectus Supplement dated December 9, 1996 to:
PUTNAM AMERICAN GOVERNMENT INCOME FUND
Prospectus dated February 1, 1996
PUTNAM AMERICAN RENAISSANCE FUND
Prospectus dated May 1, 1996
PUTNAM ARIZONA TAX EXEMPT INCOME FUND
Prospectus dated September 30, 1996
PUTNAM ASIA PACIFIC GROWTH FUND
Prospectus dated February 1, 1996
PUTNAM ASSET ALLOCATION FUNDS
Prospectus dated February 1, 1996
PUTNAM BALANCED FUND
Prospectus dated May 1, 1996
PUTNAM BALANCED RETIREMENT FUND
Prospectus dated March 1, 1996
PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND
Prospectus dated February 1, 1996, as revised July 30,
1996
PUTNAM CALIFORNIA TAX EXEMPT MONEY MARKET FUND
Prospectus dated February 1, 1996, as revised July 30,
1996
PUTNAM CAPITAL APPRECIATION FUND
Prospectus dated September 30, 1996
PUTNAM DIVERSIFIED EQUITY TRUST
Prospectus dated June 30, 1996
PUTNAM DIVERSIFIED INCOME TRUST
Prospectus dated February 1, 1996
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 April 1, 1996
PUTNAM EUROPE GROWTH FUND
Prospectus dated October 30, 1996
PUTNAM FEDERAL INCOME TRUST
Prospectus dated March 1, 1996
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PUTNAM FLORIDA TAX EXEMPT INCOME FUND
Prospectus dated September 30, 1996
THE PUTNAM FUND FOR GROWTH AND INCOME
Prospectus dated March 1, 1996
PUTNAM GLOBAL GOVERNMENTAL INCOME TRUST
Prospectus dated March 1, 1996
PUTNAM GLOBAL GROWTH FUND
Prospectus dated March 1, 1996
PUTNAM GLOBAL GROWTH AND INCOME FUND
Prospectus dated June 28, 1996
PUTNAM GLOBAL NATURAL RESOURCES FUND
Prospectus dated January 1, 1996, as revised August 12,
1996
PUTNAM GROWTH AND INCOME FUND II
Prospectus dated April 1, 1996
PUTNAM HEALTH SCIENCES TRUST
Prospectus dated January 1, 1996
PUTNAM HIGH YIELD ADVANTAGE FUND
Prospectus dated April 1, 1996
PUTNAM HIGH YIELD TRUST
Prospectus dated January 1, 1996
PUTNAM INCOME FUND
Prospectus dated March 1, 1996
PUTNAM INTERNATIONAL FUND
Prospectus dated June 28, 1996
PUTNAM INTERNATIONAL GROWTH FUND
Prospectus dated October 30, 1996
PUTNAM INTERNATIONAL GROWTH AND INCOME FUND
Prospectus dated August 1, 1996
PUTNAM INTERNATIONAL NEW OPPORTUNITIES FUND
Prospectus dated January 1, 1996
PUTNAM INTERNATIONAL VOYAGER FUND
Prospectus dated October 30, 1996
PUTNAM JAPAN FUND
Prospectus dated June 28, 1996
PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND
Prospectus dated September 30, 1996
PUTNAM MICHIGAN TAX EXEMPT INCOME FUND
Prospectus dated September 30, 1996
PUTNAM MINNESOTA TAX EXEMPT INCOME FUND
Prospectus dated September 30, 1996
PUTNAM MONEY MARKET FUND
Prospectus dated February 1, 1996
PUTNAM MUNICIPAL INCOME FUND
Prospectus dated June 30, 1996
PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND
Prospectus dated September 30, 1996
PUTNAM NEW OPPORTUNITIES FUND
Prospectus dated October 30, 1996
PUTNAM NEW VALUE FUND
Prospectus dated January 1, 1996
as revised May 30, 1996
PUTNAM NEW YORK TAX EXEMPT INCOME FUND
Prospectus dated February 1, 1996, as revised August 2,
1996
PUTNAM NEW YORK TAX MONEY MARKET FUND
Prospectus dated February 1, 1996, as revised August 2,
1996
PUTNAM NEW YORK TAX EXEMPT OPPORTUNITIES FUND
Prospectus dated February 1, 1996, as revised August 2,
1996
PUTNAM OHIO TAX EXEMPT INCOME FUND
Prospectus dated September 30, 1996
PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND
Prospectus dated September 30, 1996
PUTNAM PREFERRED INCOME FUND
Prospectus dated April 1, 1996
PUTNAM REAL ESTATE OPPORTUNITIES FUND
Prospectus dated May 1, 1996
PUTNAM RESEARCH FUND
Prospectus dated May 1, 1996
PUTNAM TAX EXEMPT INCOME FUND
Prospectus dated February 1, 1996
PUTNAM TAX EXEMPT MONEY MARKET FUND
Prospectus dated February 1, 1996
PUTNAM UTILITIES GROWTH AND INCOME FUND
Prospectus dated March 1, 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 summarized
in the section of the prospectus entitled "How the fund(s)
pursue(s) (its/their) objective(s) -- Limiting investment risk"
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 as to
resale (excluding securities determined by the Trustees (or
the person designated by them to make such determinations)
to be readily marketable) 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 29917
