Prospectus Supplement dated August 1, 1996 to:
PUTNAM CAPITAL APPRECIATION FUND
Prospectus dated October 1, 1995
PUTNAM DIVERSIFIED EQUITY TRUST
Prospectus dated June 30, 1996
PUTNAM DIVERSIFIED INCOME TRUST II
Prospectus dated May 17, 1996
PUTNAM EQUITY INCOME FUND
Prospectus dated April 1, 1996
PUTNAM EUROPE GROWTH FUND
Prospectus dated November 1, 1995
PUTNAM FEDERAL INCOME TRUST
Prospectus dated March 1, 1996
THE PUTNAM FUND FOR GROWTH AND INCOME
Prospectus dated March 1, 1996
PUTNAM GLOBAL GOVERNMENTAL INCOME TRUST
Prospectus dated March 1, 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 INTERMEDIATE U.S. GOVERNMENT INCOME FUND
Prospectus dated April 1, 1996
PUTNAM INTERNATIONAL NEW OPPORTUNITIES FUND
Prospectus dated January 1, 1996
PUTNAM NEW OPPORTUNITIES FUND
Prospectus dated November 1, 1995
PUTNAM NEW VALUE FUND
Prospectus dated January 1,1996
as revised May 30, 1996
PUTNAM OTC EMERGING GROWTH FUND
Prospectus dated December 1, 1995
PUTNAM PREFERRED INCOME FUND
Prospectus dated April 1, 1996
PUTNAM UTILITIES GROWTH AND INCOME FUND
Prospectus dated March 1, 1996
PUTNAM VOYAGER FUND
Prospectus dated December 1, 1995
PUTNAM VOYAGER FUND II
Prospectus dated May 1, 1996
The following text replaces the second and third paragraphs under
the heading "How to buy shares -- Class A shares."
There is no initial sales charge on purchases of class A
shares of $1 million or more. However, a CDSC of 1.00% or
0.50%, respectively, will be imposed on redemptions (other
than redemptions by certain participant-directed qualified
retirement plans, which are subject to a two-year CDSC of
1.00%, as described below) within the first or second year
after purchase.
There are also no initial sales charges on class A shares
purchased by participant-directed qualified retirement plans
with at least 200 eligible employees. A CDSC of 1.00% will,
however, be imposed upon the redemption of shares purchased
after July 31, 1996 at net asset value by a participant-
directed qualified retirement plan (including a plan with at
least 200 eligible employees) that initially invested less
than $20 million in Putnam funds and other investments
managed by Putnam Management or its affiliates and that
sells 90% or more of the amount initially invested within
two years after its initial purchase.
Any CDSC will be based on the lower of the shares' cost and
current net asset value. Any shares acquired by
reinvestment of distributions will be redeemed without a
CDSC.
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