PUTNAM DEFINED CONTRIBUTION PLANS
SUPPLEMENT DATED APRIL 1, 1994 TO
PROSPECTUSES DATED DECEMBER 1, 1993 OF PUTNAM INVESTORS FUND,
PUTNAM OTC EMERGING GROWTH 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 10, 1994, as revised February 7, 1994,
of PUTNAM ASSET ALLOCATION: BALANCED PORTFOLIO, PUTNAM ASSET
ALLOCATION: CONSERVATIVE PORTFOLIO and PUTNAM ASSET ALLOCATION:
GROWTH PORTFOLIO
Prospectus dated February 1, 1994 of PUTNAM U.S. GOVERNMENT
INCOME TRUST
Prospectuses dated March 1, 1994 of PUTNAM FEDERAL INCOME TRUST,
PUTNAM GLOBAL GROWTH FUND, THE PUTNAM FUND FOR GROWTH AND INCOME
and PUTNAM INCOME FUND
The schedule of 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 following text is added under "How to buy shares" after the
eighth sentence:
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 rate 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 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.
