1
Statement of Additional Information ("SAI") Supplement dated
July 7, 1997 to:
PUTNAM AMERICAN GOVERNMENT INCOME FUND
SAI dated January 30, 1997
PUTNAM ARIZONA TAX EXEMPT INCOME FUND
SAI dated September 30, 1996
PUTNAM ASIA PACIFIC GROWTH FUND
SAI dated January 30, 1997
PUTNAM ASSET ALLOCATION FUND: BALANCED PORTFOLIO
SAI dated January 30, 1997
PUTNAM ASSET ALLOCATION FUND: CONSERVATIVE PORTFOLIO
SAI dated January 30, 1997
PUTNAM ASSET ALLOCATION FUND: GROWTH PORTFOLIO
SAI dated January 30, 1997
PUTNAM BALANCED RETIREMENT FUND
SAI dated February 28, 1997
PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND
SAI dated January 30, 1997
PUTNAM CAPITAL APPRECIATION FUND
SAI dated September 30, 1996
PUTNAM CONVERTIBLE INCOME-GROWTH TRUST
SAI dated February 28, 1997
PUTNAM DIVERSIFIED EQUITY TRUST
SAI dated June 30, 1997
PUTNAM DIVERSIFIED INCOME TRUST
SAI dated January 30, 1997
PUTNAM EMERGING MARKETS FUND
SAI dated October 30, 1996
PUTNAM EQUITY INCOME FUND
SAI dated March 30, 1997
PUTNAM EUROPE GROWTH FUND
SAI dated October 30, 1996
PUTNAM FLORIDA TAX EXEMPT INCOME FUND
SAI dated September 30, 1996
PUTNAM FEDERAL INCOME TRUST
SAI dated February 28, 1997
THE GEORGE PUTNAM FUND OF BOSTON
SAI dated November 30, 1996
PUTNAM GLOBAL GOVERNMENTAL INCOME TRUST
SAI dated February 28, 1997
PUTNAM GLOBAL GROWTH FUND
SAI dated February 28, 1997, as revised June 12, 1997
PUTNAM GLOBAL NATURAL RESOURCES FUND
SAI dated December 30, 1996
THE PUTNAM FUND FOR GROWTH AND INCOME
SAI dated February 28, 1997
PUTNAM GROWTH AND INCOME FUND II
SAI dated March 30, 1997
PUTNAM HIGH YIELD ADVANTAGE FUND
SAI dated March 30, 1997
PUTNAM HIGH YIELD TRUST
SAI dated December 30, 1996
PUTNAM HEALTH SCIENCES TRUST
SAI dated December 30, 1996
PUTNAM INCOME FUND
SAI dated February 28, 1997
PUTNAM INTERMEDIATE U.S. GOVERNMENT INCOME FUND
SAI dated March 30, 1997
PUTNAM INTERNATIONAL GROWTH FUND
SAI dated October 30, 1996
PUTNAM INTERNATIONAL NEW OPPORTUNITIES FUND
SAI dated December 31, 1996
PUTNAM INTERNATIONAL VOYAGER FUND
SAI dated October 30, 1996
PUTNAM INVESTORS FUND
SAI dated November 30, 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 MONEY MARKET FUND
SAI dated January 30, 1997
PUTNAM MUNICIPAL INCOME FUND
SAI dated July 30, 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 December 31, 1996
PUTNAM NEW YORK TAX EXEMPT INCOME FUND
SAI dated January 30, 1997
PUTNAM NEW YORK TAX EXEMPT OPPORTUNITIES FUND
SAI dated January 30, 1997
PUTNAM OHIO TAX EXEMPT INCOME FUND
SAI dated September 30, 1996
PUTNAM OTC & EMERGING GROWTH FUND
SAI dated December 16, 1996
PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND
SAI dated September 30, 1996
PUTNAM PREFERRED INCOME FUND
SAI dated March 30, 1997
PUTNAM TAX EXEMPT INCOME FUND
SAI dated January 30, 1997
PUTNAM TAX-FREE HIGH YIELD FUND
SAI dated November 30, 1996
PUTNAM TAX-FREE INSURED FUND
SAI dated November 30, 1996
PUTNAM U.S. GOVERNMENT INCOME TRUST
SAI dated January 30, 1997
PUTNAM UTILITIES GROWTH AND INCOME FUND
SAI dated February 28, 1997
PUTNAM VISTA FUND
SAI dated November 30, 1996
PUTNAM VOYAGER FUND
SAI dated November 30, 1996
PUTNAM VOYAGER FUND II
SAI dated April 30, 1997
The section entitled "Investment Performance" is supplemented by
the following:
INVESTMENT PERFORMANCE
Standard performance measures
Putnam American Government Income Fund
Class A Class B Class M
Inception date: 3/1/85 5/20/94 2/14/95
Annualized total return:
(for periods ended
5/31/97)
1 year 2.60% 1.99% 4.12%
5 years 4.74 4.60 4.78
10 years 6.31 5.91 6.13
Yield
(period ended 5/31/97)
30-day Yield 5.29% 4.81% 5.14%
Putnam Arizona Tax Exempt Income Fund
Class A Class B Class M
Inception date: 1/30/91 7/15/93 7/3/95
Annualized total return:
(for periods ended
5/31/97)
1 year 2.28% 1.82% 3.55%
5 years 5.25 5.16 5.26
Life of fund 6.29 6.29 6.17
Yield
(period ended 5/31/97)
30-day Yield 4.50% 4.08% 4.28%
Tax-equivalent yield** 7.86% 7.12% 7.47%
Putnam Asia Pacific Growth Fund
Class A Class B Class M
Inception date: 2/20/91 6/1/93 2/1/95
Annualized total return:
(for periods ended
5/31/97)
1 year -1.20% -0.82% 0.80%
5 years 11.46 11.74 11.42
Life of fund 9.19 9.38 8.99
Putnam Asset Allocation Funds: Balanced Portfolio
Class A Class B Class C Class M
Class Y
Inception date: 2/7/94 2/11/94 9/1/94 2/6/95
7/5/94
Annualized total return:
(for periods ended
5/31/97)
1 year 9.92% 10.73% 14.68% 11.90%
16.82%
Life of fund 12.00 12.48 12.99 12.34
14.25
Yield
(period ended 5/31/97)
30-day Yield 2.28% 1.65% 1.63% 1.83%
2.64%
Putnam Asset Allocation Funds: Conservative Portfolio
Class A Class B Class C Class M
Class Y
Inception date: 2/7/94 2/18/94 9/1/94 2/7/95
7/14/94
Annualized total return:
(for periods ended
5/31/97)
1 year 6.42% 7.04% 11.17% 8.47%
13.15%
Life of fund 8.06 8.45 9.11 8.32
10.26
Yield
(period ended 5/31/97)
30-day Yield 3.03% 2.47% 2.46% 2.62%
3.45%
Putnam Asset Allocation Funds: Growth Portfolio
Class A Class B Class C Class M
Class Y
Inception date: 2/8/94 2/16/94 9/1/94 2/3/95
7/14/94
Annualized total return:
(for periods ended
5/31/97)
1 year 9.93% 10.78% 14.79% 12.00%
16.94%
Life of fund 13.25 13.84 14.31 13.47
15.62
Yield
(period ended 5/31/97)
30-day Yield 1.25% 0.60% 0.60% 0.82%
1.58%
Putnam Balanced Retirement Fund
Class A Class B Class M
Inception date: 4/19/85 2/1/94 3/17/95
Annualized total return:
(for periods ended
5/31/97)
1 year 11.22% 12.09% 13.29%
5 years 11.50 11.73 11.47
10 years 10.10 9.84 9.74
Yield
(period ended 5/31/97)
30-day Yield 3.18% 2.62% 2.83%
Putnam California Tax Exempt Income Fund
Class A Class B Class M
Inception date: 4/29/83 1/4/93 2/14/95
Annualized total return:
(for periods ended
5/31/97)
1 year 3.07% 2.59% 4.43%
5 years 5.92 5.84 5.89
10 years 7.70 7.36 7.41
Yield
(period ended 5/31/97)
30-day Yield 4.80% 4.39% 4.61%
Tax-equivalent yield** 8.76% 8.01% 8.42%
Putnam Capital Appreciation Fund
Class A Class B Class M
Inception date: 8/5/93 11/2/94 1/22/96
Annualized total return:
(for periods ended
5/31/97)
1 year 15.88% 17.02% 18.07%
Life of fund 25.09 25.68 25.21
Putnam Convertible Income-Growth Trust
Class A Class B Class M
Inception date: 6/29/72 7/15/93 3/13/95
Annualized total return:
(for periods ended
5/31/97)
1 year 9.55% 10.35% 11.66%
5 years 13.33 13.57 13.26
10 years 10.40 10.14 10.01
Yield
(period ended 5/31/97)
30-day Yield 4.04% 3.55% 3.65%
Putnam Diversified Equity Trust
Class A Class B Class M
Inception date: 7/1/94 7/1/94 7/3/95
Annualized total return:
(for periods ended
5/31/97)
1 year 8.47% 9.41% 10.74%
Life of fund 17.35 18.41 17.98
Putnam Diversified Income Trust
Class A Class B Class M Class Y
Inception date: 10/3/88 3/1/93 12/1/94 7/1/96
Annualized total return:
(for periods ended
5/31/97)
1 year 3.97% 3.28% 5.33% 9.39%
5 years 7.96 7.91 8.00 9.07
Life of fund 9.14 8.89 8.99 9.78
Yield
(period ended 5/31/97)
30-day Yield 6.40% 5.91% 6.28% 7.01%
Putnam Emerging Markets Fund
Class A Class B Class M
Inception date: 12/28/95 10/30/96 10/30/96
Annualized total return:
(for periods ended
5/31/97)
1 year 3.65% 4.19% 5.62%
Life of fund 20.05 21.68 21.44
Putnam Equity Income Fund
Class A Class B Class M
Inception date: 6/15/77 9/13/93 12/2/94
Annualized total return:
(for periods ended
5/31/97)
1 year 17.27% 18.45% 19.43%
5 years 16.15 16.44 16.06
10 years 10.80 10.54 10.41
Yield
(period ended 5/31/97)
30-day Yield 1.80% 1.18% 1.38%
Putnam Europe Growth Fund
Class A Class B Class M
Inception date: 9/7/90 2/1/94 12/1/94
Annualized total return:
(for periods ended
5/31/97)
1 year 15.96% 17.20% 18.27%
5 years 14.35 14.65 14.43
Life of Fund 14.22 14.37 14.10
Putnam Florida Tax Exempt Income Fund
Class A Class B Class M
Inception date: 8/24/90 1/4/93 5/1/95
Annualized total return:
(for periods ended
5/31/97)
1 year 2.88% 2.28% 4.14%
5 years 5.46 5.38 5.48
Life of fund 6.79 6.74 6.64
Yield
(period ended 5/31/97)
30-day Yield 4.76% 4.35% 4.54%
Tax-equivalent yield** 7.88% 7.20% 7.52%
Putnam Federal Income Trust
Class A Class B Class M
Inception date: 6/2/86 6/6/94 4/12/95
Annualized total return:
(for periods ended
5/31/97)
1 year 3.06% 2.38% 4.56%
5 years 4.77 4.66 4.82
10 years 6.96 6.56 6.77
Yield
(period ended 5/31/97)
30-day Yield 5.90% 5.44% 5.77%
The George Putnam Fund of Boston
Class A Class B Class M Class Y
Inception date: 11/5/37 4/27/92 12/1/94 4/1/94
Annualized total return:
(for periods ended
5/31/97)
1 year 13.22% 14.21% 15.37% 20.47%
5 years 12.55 12.81 12.50 14.10
10 years 11.29 11.03 10.88 12.05
Yield
(period ended 5/31/97)
30-day Yield 3.11% 2.57% 2.63% 3.53%
Putnam Global Governmental Income Trust
Class A Class B Class M
Inception date: 6/1/87 2/1/94 3/17/95
Annualized total return:
(for periods ended
5/31/97)
1 year 1.69% 1.04% 3.10%
5 years 5.60 5.54 5.62
Life of fund 9.40 9.04 9.21
Yield
(period ended 5/31/97)
30-day Yield 6.29% 5.87% 6.05%
Putnam Global Growth Fund
Class A Class B Class M Class Y
Inception date: 9/1/67 4/27/92 3/1/95 6/15/94
Annualized total return:
(for periods ended
5/31/97)
1 year 12.05% 12.89% 14.04% 19.18%
5 years 11.84 12.06 11.80 13.54
10 years 9.11% 8.84% 8.74% 9.92%
Putnam Global Natural Resources Fund
Class A Class B Class M
Inception date: 7/24/80 2/1/94 7/3/95
Annualized total return:
(for periods ended
5/31/97)
1 year 12.64% 13.69% 14.73%
5 years 10.69 10.93 10.68
10 years 9.95 9.69 9.57
The Putnam Fund For Growth and Income
Class A Class B Class M Class Y
Inception date: 11/16/57 4/27/92 5/1/95 6/15/94
Annualized total return:
(for periods ended
5/31/97)
1 year 17.53% 18.77% 19.73% 25.02%
5 years 16.04 16.31 15.99 17.60
10 years 13.46 13.18 13.06 14.22
Yield
(period ended 5/31/97)
30-day Yield 1.90% 1.28% 1.46% 2.23%
Putnam Growth and Income Fund II
Class A Class B Class M
Inception date: 1/5/95 1/5/95 1/5/95
Annualized total return:
(for periods ended
5/31/97)
1 year 16.81% 18.10% 19.09%
Life of fund 25.16 26.41 25.77
Yield
(period ended 5/31/97)
30-day Yield 1.51% 0.87% 1.07%
Putnam Health Sciences Trust
Class A Class B Class M
Inception date: 5/28/82 3/1/93 7/3/95
Annualized total return:
(for periods ended
5/31/97)
1 year 12.19% 13.14% 14.28%
5 years 15.85 16.10 15.80
10 years 15.21% 14.93% 14.82%
Putnam High Yield Advantage Fund
Class A Class B Class M
Inception date: 3/25/86 5/16/94 12/1/94
Annualized total return:
(for periods ended
5/31/97)
1 year 5.74% 5.18% 7.12%
5 years 9.30 9.08 9.35
10 years 10.30 9.82 10.10
Yield
(period ended 5/31/97)
30-day Yield 7.92% 7.57% 7.81%
Putnam High Yield Trust
Class A Class B Class M
Inception date: 2/14/78 3/1/93 7/3/95
Annualized total return:
(for periods ended
5/31/97)
1 year 7.39% 6.90% 8.77%
5 years 9.51 9.45 9.57
10 years 9.97 9.59 9.80
Yield
(period ended 5/31/97)
30-day Yield 7.75% 7.38% 7.44%
Putnam Income Fund
Class A Class B Class M Class Y
Inception date: 11/1/54 3/1/93 12/1/94 6/16/94
Annualized total return:
(for periods ended
5/31/97)
1 year 4.16% 3.63% 5.62% 9.75%
5 years 6.73 6.65 6.75 7.92
10 years 8.59 8.20 8.38 9.21
Yield
(period ended 5/31/97)
30-day Yield 5.68% 5.20% 5.49% 6.21%
Putnam Intermediate U.S. Government Income Fund
Class A Class B Class M
Inception date: 2/16/93 2/16/93 4/4/95
Annualized total return:
(for periods ended
5/31/97)
1 year 3.64% 3.47% 4.75%
Life of fund 4.28 4.46 4.43
Yield
(period ended 5/31/97)
30-day Yield 5.20% 4.76% 5.12%
Putnam International Growth Fund
Class A Class B Class M Class Y
Inception date: 2/28/91 6/1/94 12/1/94 7/12/96
Annualized total return:
(for periods ended
5/31/97)
1 year 13.80% 14.69% 15.78% 21.02%
5 years 13.44 13.63 13.43 14.85
Life of fund 11.71 11.84 11.53 12.83
Putnam International New Opportunities Fund
Class A Class B Class M
Inception date: 1/3/95 7/21/95 7/21/95
Annualized total return:
(for periods ended
5/31/97)
1 year 7.89% 8.56% 9.82%
Life of fund 18.27 19.37 18.89
Putnam International Voyager Fund
Class A Class B Class M
Inception date: 12/28/95 10/30/96 10/30/96
Annualized total return:
(for periods ended
5/31/97)
1 year 12.77% 13.81% 14.83%
Life of fund 17.86% 19.45% 19.20%
Putnam Investors Fund
Class A Class B Class M Class Y
Inception date: 12/1/25 3/1/93 12/2/94 11/30/96
Annualized total return:
(for periods ended
5/31/97)
1 year 17.09% 18.38% 19.28% 24.22%
5 years 17.33 17.59 17.27 18.72
10 years 12.99% 12.68% 12.59% 13.67%
Putnam Massachusetts Tax Exempt Income Fund
Class A Class B Class M
Inception date: 10/23/89 7/15/93 5/12/95
Annualized total return:
(for periods ended
5/31/97)
1 year 2.83% 2.35% 4.17%
5 years 6.08 6.04 6.03
Life of fund 7.44 7.30 7.24
Yield
(period ended 5/31/97)
30-day Yield 4.98% 4.57% 4.77%
Tax-equivalent yield** 9.37% 8.60% 8.97%
Putnam Michigan Tax Exempt Income Fund
Class A Class B Class M
Inception date: 10/23/89 7/15/93 4/17/95
Annualized total return:
(for periods ended
5/31/97)
1 year 3.24% 2.73% 4.54%
5 years 5.70 5.70 5.68
Life of fund 6.58 6.47 6.39
Yield
(period ended 5/31/97)
30-day yield 4.93% 4.53% 4.73%
Tax-equivalent yield** 8.54% 7.85% 8.19%
Putnam Minnesota Tax Exempt Income Fund
Class A Class B Class M
Inception date: 10/23/89 7/15/93 4/3/95
Annualized total return:
(for periods ended
5/31/97)
1 year 2.34% 1.83% 3.63%
5 years 5.21 5.12 5.17
Life of fund 6.18 6.02 5.97
Yield
(period ended 5/31/97)
30-day Yield 4.91% 4.55% 4.74%
Tax-equivalent yield** 8.88% 8.23% 8.58%
Putnam Money Market Fund
Class A Class B Class M
Inception date: 10/1/76 4/27/92 12/8/94
Annualized total return:
(for periods ended
5/31/97)
1 year 5.07% -0.45% 4.91%
5 years 4.13 3.28 3.98
10 years 5.52 5.01 5.36
Yield
(period ended 5/31/97)
7-day yield 5.39% 4.89% 5.24%
Effective yield 5.54% 5.01% 5.38%
Putnam Municipal Income Fund
Class A Class B Class M
Inception date: 5/22/89 1/4/93 12/1/94
Annualized total return:
(for periods ended
5/31/97)
1 year 3.32% 2.87% 4.77%
5 years 6.02 6.01 6.04
Yield
(period ended 5/31/97)
30-day Yield 5.37% 5.04% 5.22%
Tax-equivalent yield* 8.89% 8.34% 8.64%
Putnam New Jersey Tax Exempt Income Fund
Class A Class B Class M
Inception date: 2/20/90 1/4/93 5/1/95
Annualized total return:
(for periods ended
5/31/97)
1 year 3.23% 2.74% 4.65%
5 years 5.57 5.47 5.57
Yield
(period ended 5/31/97)
30-day Yield 4.72% 4.32% 4.52%
Tax-equivalent yield** 8.35% 7.64% 7.99%
Putnam New Opportunities Fund
Class A Class B Class M Class Y
Inception date: 8/31/90 3/1/93 12/1/94 7/19/94
Annualized total return:
(for periods ended
5/31/97)
1 year -9.89% -9.80% -8.18% -4.15%
5 years 23.12 23.52 23.08 24.78
Life of fund 27.30 27.43 27.05 28.56
Putnam New Value Fund
Class A Class B Class M
Inception date: 1/3/95 2/26/96 2/26/96
Annualized total return:
(for periods ended
5/31/97)
1 year 14.94% 16.02% 17.11%
Life of fund 25.11 26.36 25.69
Yield
(period ended 5/31/97)
30-day Yield 1.32% 0.68% 0.89%
Putnam New York Tax Exempt Income Fund
Class A Class B Class M
Inception date: 9/2/83 1/4/93 4/10/95
Annualized total return:
(for periods ended
5/31/97)
1 year 3.19% 2.55% 4.51%
5 years 5.48 5.39 5.43
10 years 7.48 7.12 7.17
Yield
(period ended 5/31/97)
30-day Yield 4.73% 4.29% 4.53%
Tax-equivalent yield*** 8.77% 7.96% 8.40%
Putnam New York Tax Exempt Opportunities Fund
Class A Class B Class M
Inception date: 11/7/90 2/1/94 2/10/95
Annualized total return:
(for periods ended
5/31/97)
1 year 2.79% 2.18% 4.08%
5 years 5.66 5.62 5.58
Yield
(period ended 5/31/97)
30-day Yield 4.98% 4.53% 4.72%
Tax-equivalent yield*** 9.24% 8.40% 8.75%
Putnam Ohio Tax Exempt Income Fund
Class A Class B Class M
Inception date: 10/23/89 7/15/93 4/3/95
Annualized total return:
(for periods ended
5/31/97)
1 year 2.72% 2.10% 4.12%
5 years 5.51 5.44 5.50
Life of fund 6.48 6.33 6.29
Yield
(period ended 5/31/97)
30-day Yield 4.80% 4.39% 4.58%
Tax-equivalent yield** 8.55% 7.82% 8.15%
Putnam OTC & Emerging Growth Fund
Class A Class B Class M Class Y
Inception date: 11/1/82 7/15/93 12/2/94 7/12/96
Annualized total return:
(for periods ended
5/31/97)
1 year -21.65% -21.26% -20.14% -16.57%
5 years 19.48 19.80 19.45 20.98
10 years 13.57 13.30 13.18 14.29
Putnam Pennsylvania Tax Exempt Income Fund
Class A Class B Class M
Inception date: 7/21/89 7/15/93 7/3/95
Annualized total return:
(for periods ended
5/31/97)
1 year 2.77% 2.17% 3.99%
5 years 6.02 5.93 6.03
Life of fund 7.02 6.82 6.81
Yield
(period ended 5/31/97)
30-day Yield 5.05% 4.65% 4.84%
Tax-equivalent yield** 8.60% 7.92% 8.24%
Putnam Preferred Income Fund
Class A Class M
Inception date: 1/4/84 4/20/95
Annualized total return:
(for periods ended
5/31/97)
1 year 7.56% 8.69%
5 years 7.47 7.37
10 years 7.63 7.44
Yield
(period ended 5/31/97)
30-day Yield 6.46% 6.28%
Putnam Tax Exempt Income Fund
Class A Class B Class M
Inception date: 12/31/76 1/4/93 2/16/95
Annualized total return:
(for periods ended
5/31/97)
1 year 3.66% 3.12% 4.97%
5 years 5.80 5.76 5.79
10 years 7.77 7.45 7.49
Yield
(period ended 5/31/97)
30-day Yield 4.97% 4.57% 4.76%
Tax-equivalent yield* 8.23% 7.57% 7.88%
Putnam U.S. Government Income Trust
Class A Class B Class M Class Y
Inception date: 2/8/84 4/27/92 2/6/95 4/11/94
Annualized total return:
(for periods ended
5/31/97)
1 year 3.41% 2.80% 4.90% 8.81%
5 years 4.93 4.85 5.02 6.13
10 years 7.24 6.88 7.07 7.85
Yield
(period ended 5/31/97)
30-day Yield 6.30% 5.86% 6.17% 6.87%
Putnam Utilities Growth and Income Fund
Class A Class B Class M
Inception date: 11/19/90 4/27/92 3/1/95
Annualized total return:
(for periods ended
5/31/97)
1 year 10.48% 11.35% 12.74%
5 years 11.48 11.73 11.50
Life of fund 11.07 11.26 10.93
Yield
(period ended 5/31/97)
30-day Yield 3.23% 2.69% 2.81%
Putnam Vista Fund
Class A Class B Class M Class Y
Inception date: 6/3/68 3/1/93 12/1/94 3/28/95
Annualized total return:
(for periods ended
5/31/97)
1 year 3.70% 4.15% 5.67% 10.29%
5 years 17.35 17.64 17.31 18.91
10 years 14.04 13.76 13.65 14.79
Putnam Voyager Fund
Class A Class B Class M Class Y
Inception date: 4/1/69 4/27/92 12/1/94 4/1/94
Annualized total return:
(for periods ended
5/31/97)
1 year -0.80% -0.46% 0.99% 5.50%
5 years 17.11 17.37 17.07 18.72
10 years 15.10 14.82 14.72 15.90
Putnam Voyager Fund II
Class A Class B Class M
Inception date: 4/14/93 10/2/95 10/2/95
Annualized total return:
(for periods ended
5/31/97)
1 year -8.42% -8.32% -6.68%
Life of fund 17.76 18.29 17.86
* Assumes the combined maximum federal tax rates when applicable.
Results for investors subject to lower tax rates would not be as
advantageous.
** Assumes the combined maximum federal and state tax rates when
applicable. Results for investors subject to lower tax rates
would not be as advantageous.
*** Assumes the combined maximum federal, state and city tax
rates when applicable. Results for investors subject to lower
tax rates would not be as advantageous.
Returns for class A and class M shares reflect the deduction of
the current maximum initial sales charges of 5.75% (4.75% for
Putnam Diversified Income Trust, Putnam Income Fund and Putnam
U.S. Government Income Trust and zero for Putnam Money Market
Fund) for class A shares and 3.50% (3.25% for Putnam Diversified
Income Trust, Putnam Income Fund and Putnam U.S. Government
Income Trust and zero for Putnam Money Market Fund) for class M
shares.
Returns for class B shares reflect the deduction of the
applicable contingent deferred sales charge ("CDSC"), which is 5%
(3% for Putnam Intermediate U.S. Government Income Fund) in the
first year, declining to 1% in the sixth year (fourth year for
Putnam Intermediate U.S. Government Income Fund), and is
eliminated thereafter. Class Y shares are offered without an
initial sales charge or CDSC.
Returns shown for class B, class M and class Y shares for periods
prior to their inception are derived from the historical
performance of class A shares, adjusted to reflect both the
deduction of the initial sales charge or CDSC, if any, currently
applicable to each class and, in the case of class B and class M
shares, the higher operating expenses applicable to such shares.
For class C shares of the Asset Allocation Funds, returns shown
for periods prior to their inception are derived from the
historical performance of class A shares, adjusted to reflect
both the deduction of the CDSC currently applicable to class C
shares, which is 1% for the first year and is eliminated
thereafter, and the higher operating expenses applicable to class
C shares.
Returns shown for class A shares have not been adjusted to
reflect payments under the class A distribution plan prior to its
implementation. All returns assume reinvestment of distributions
at net asset value and represent past performance; they do not
guarantee future results. Investment return and principal value
will fluctuate so that an investor's shares, when redeemed, may
be worth more or less than their original cost.
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