54343 10/99

STATEMENT OF ADDITIONAL INFORMATION SUPPLEMENT DATED
OCTOBER 30, 1999 TO STATEMENTS OF ADDITIONAL INFORMATION
OF VARIOUS PUTNAM FUNDS:
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1)   The section entitled "Qualified benefit plans;
     Individual account plans" in the Statement of
     Additional Information is hereby deleted and replaced by the
     following:

     QUALIFIED BENEFIT PLANS; INDIVIDUAL ACCOUNT PLANS.  The
     terms "class A qualified benefit plan" and "class M
     qualified benefit plan" mean any employer-sponsored
     plan or arrangement, whether or not tax-qualified and
     whether or not Putnam Fiduciary Trust Company or its
     affiliates provide recordkeeping or other services,
     that initially invest at least $1 million or $500,000,
     respectively, in class A shares or class M shares of
     the fund and other Putnam funds.

     The fund may sell class A shares at net asset value to
     class A qualified benefit plans and may sell class M
     shares at net asset value to class M qualified benefit
     plans.

     The table of sales charges in the prospectus applies to
     sales to employer-sponsored retirement plans that
     choose not to be treated as class A qualified benefit
     plans, except that the fund may sell class A shares at
     net asset value to employee benefit plans, including
     plans with respect to which separate accounts are
     maintained for each participant, of employers or of
     affiliated (as defined in Section 2(a)(3)(C) of the
     Investment Company Act of 1940) employers which have at
     least $1 million in assets to whom such plan is made
     available, in connection with a payroll deduction
     system of plan funding (or other system acceptable to
     Putnam Investor Services) by which contributions or
     account information for plan participation are
     transmitted to Putnam Investor Services by methods
     acceptable to Putnam Investor Services.

     Additional information about qualified benefit plans is
     available from investment dealers or from Putnam Mutual
     Funds.

2)   The section entitled "Contingent Deferred Sales
     Charges; Commissions" in the Statement of
     Additional Information is hereby deleted and replaced by the
     following:

     CONTINGENT DEFERRED SALES CHARGES; COMMISSIONS

     CLASS A SHARES.  Except as described below, a CDSC of
     0.50% (0.75% in the case of plans with less than $5
     million in Putnam funds and other investments managed
     by Putnam Management or its affiliates) of the total
     amount redeemed is imposed on redemptions of shares
     purchased by class A qualified benefit plans if, within
     two years of a plan's initial purchase of class A
     shares, it redeems 90% or more of its cumulative
     purchases.  Thereafter, such plan is no longer liable
     for any CDSC. Class A qualified benefit plans whose
     dealer of record has, with Putnam Mutual Funds'
     approval, waived its commission or agreed to refund its
     commission to Putnam Mutual Funds in the event a CDSC
     would otherwise be applicable, are not subject to any
     CDSC.

     Similarly, class A shares purchased at net asset value
     by any investor other than a class A qualified benefit
     plan, including purchases pursuant to any Combined
     Purchase Privilege, Right of Accumulation or Statement
     of Intention, are subject to a CDSC of 1.00% or 0.50%,
     respectively, if redeemed within the first or second
     year after purchase, unless the dealer of record waived
     its commission with Putnam Mutual Funds' approval.  The
     class A CDSC is imposed on the lower of the cost and
     the current net asset value of the shares redeemed.

     Except as described below for sales to class A
     qualified benefit plans, Putnam Mutual Funds pays
     investment dealers of record commissions on sales of
     class A shares of $1 million or more, including
     purchases pursuant to any Combined Purchase Privilege,
     Right of Accumulation or Statement of Intention, during
     the one-year period beginning with the date of the
     initial purchase at net asset value.  Each subsequent
     one-year measuring period for these purposes will begin
     with the first net asset value purchase following the
     end of the prior period.  Such commissions are paid at
     the rate of 1.00% of the amount under $3 million, 0.50%
     of the next $47 million and 0.25% thereafter.

     On sales at net asset value to a class A qualified
     benefit plan, Putnam Mutual Funds pays commissions to
     the dealer of record at the time of the sale on net
     monthly purchases up to the following rates:  1.00% of
     the first $1 million, 0.75% of the next $1 million and
     0.50% thereafter.

     Different CDSC and commission rates may apply to shares
     purchased prior to April 15, 1997 and to shares
     purchased by investment-only plans prior to August 1,
     1999.

     ALL SHARES. Investors who set up an Automatic Cash
     Withdrawal Plan ("ACWP") for a share account (see
     "Plans available to shareholders -- Automatic Cash
     Withdrawal Plan") may withdraw through the ACWP up to
     12% of the net asset value of the account (calculated
     as set forth below) each year without incurring any
     CDSC.  Shares not subject to a CDSC (such as shares
     representing reinvestment of distributions) will be
     redeemed first and will count toward the 12%
     limitation.  If there are insufficient shares not
     subject to a CDSC, shares subject to the lowest CDSC
     liability will be redeemed next until the 12% limit is
     reached.  The 12% figure is calculated on a pro rata
     basis at the time of the first payment made pursuant to
     an ACWP and recalculated thereafter on a pro rata basis
     at the time of each ACWP payment.  Therefore,
     shareholders who have chosen an ACWP based on a
     percentage of the net asset value of their account of
     up to 12% will be able to receive ACWP payments without
     incurring a CDSC.  However, shareholders who have
     chosen a specific dollar amount (for example, $100 per
     month from a fund that pays income distributions
     monthly) for their periodic ACWP payment should be
     aware that the amount of that payment not subject to a
     CDSC may vary over time depending on the net asset
     value of their account.  For example, if the net asset
     value of the account is $10,000 at the time of payment,
     the shareholder will receive $100 free of the CDSC (12%
     of $10,000 divided by 12 monthly payments).  However,
     if at the time of the next payment the net asset value
     of the account has fallen to $9,400, the shareholder
     will receive $94 free of any CDSC (12% of $9,400
     divided by 12 monthly payments) and $6 subject to the
     lowest applicable CDSC.  This ACWP privilege may be
     revised or terminated at any time.

     No CDSC is imposed on the redemption of shares of any
     class subject to a CDSC to the extent that the shares
     redeemed (i) are no longer subject to the holding
     period therefor, (ii) resulted from reinvestment of
     distributions, or (iii) were exchanged for shares of
     another Putnam fund, provided that the shares acquired
     in such exchange or subsequent exchanges (including
     shares of a Putnam money market fund) will continue to
     remain subject to the CDSC, if applicable, until the
     applicable holding period expires.  In determining
     whether the CDSC applies to each redemption, shares not
     subject to a CDSC are redeemed first.

     The fund will waive any CDSC on redemptions, in the
     case of individual, joint or Uniform Transfers to
     Minors Act accounts, in the event of death or post-
     purchase disability of a shareholder, or for the
     purpose of paying benefits pursuant to tax-qualified
     retirement plans ("Benefit Payments"), and, in the case
     of living trust accounts, in the event of the death or
     post-purchase disability of the settlor of the trust.
     Benefit Payments currently include, without limitation,
     (1) distributions from an IRA due to death or
     disability, (2) a return of excess contributions to an
     IRA or 401(k) plan, and (3) distributions from
     retirement plans qualified under Section 401(a) of the
     Code or from a 403(b) plan due to death, disability,
     retirement or separation from service. These waivers
     may be changed at any time.  Additional waivers may
     apply to IRA accounts opened prior to February 1, 1994.
     The fund will waive a CDSC on redemptions to pay
     premiums for insurance under Putnam's insured investor
     program.

     ADDITIONAL INFORMATION ABOUT CLASS B SHARES

     Except as noted below, Putnam Mutual Funds will pay a
     4% commission on sales of class B shares of a fund only
     to those financial intermediaries who have entered into
     service agreements with Putnam Mutual Funds.  For tax-
     exempt funds, this commission includes a 0.20% pre-paid
     service fee (except for Putnam Municipal Income Fund,
     which has a 0.25% pre-paid service fee).   For Putnam
     Intermediate U.S. Government Income Fund, Putnam Mutual
     Funds will pay a 2.75% commission to financial
     intermediaries selling class B shares of the fund. For
     money market funds, class B shares may only be
     purchased as part of an exchange to class B shares of
     another Putnam fund or from class B shares of another
     Putnam fund.  Class B share purchases for money market
     funds are not subject to a separate CDSC, but if a
     shareholder exchanges class B shares from a non-money
     market fund to a money market fund and then redeems the
     class B shares of the money market fund, that
     redemption will be subject to the CDSC applicable to
     the class B shares of the non-money market fund.
     Therefore no up-front commission is paid on sales of
     class B shares for money market funds.  Putnam Mutual
     Funds will retain any contingent deferred sales charges
     imposed on redemptions of class B shares to compensate
     it for the cost of paying the up-front commissions paid
     to financial intermediaries for class B share sales.

3)   The section entitled "Distribution Plans" in Part II of
     the Statement of Additional
     Information is hereby replaced with the following:

     DISTRIBUTION PLANS

     If the fund or a class of shares of the fund has
     adopted a distribution plan, the prospectus describes
     the principal features of the plan.  This SAI contains
     additional information which may be of interest to
     investors.

     Continuance of a plan is subject to annual approval by
     a vote of the Trustees, including a majority of the
     Trustees who are not interested persons of the fund and
     who have no direct or indirect interest in the plan or
     related arrangements (the "Qualified Trustees"), cast
     in person at a meeting called for that purpose.  All
     material amendments to a plan must be likewise approved
     by the Trustees and the Qualified Trustees.  No plan
     may be amended in order to increase materially the
     costs which the fund may bear for distribution pursuant
     to such plan without also being approved by a majority
     of the outstanding voting securities of the fund or the
     relevant class of the fund, as the case may be.  A plan
     terminates automatically in the event of its assignment
     and may be terminated without penalty, at any time, by
     a vote of a majority of the Qualified Trustees or by a
     vote of a majority of the outstanding voting securities
     of the fund or the relevant class of the fund, as the
     case may be.

     Putnam Mutual Funds compensates qualifying dealers
     (including, for this purpose, certain financial
     institutions) for sales of shares and the maintenance
     of shareholder accounts.

     Putnam Mutual Funds may suspend or modify its payments
     to dealers.  The payments are also subject to the
     continuation of the relevant distribution plan, the
     terms of the service agreements between the dealers and
     Putnam Mutual Funds and any applicable limits imposed
     by the National Association of Securities Dealers, Inc.

     Financial institutions receiving payments from Putnam
     Mutual Funds as described above may be required to
     comply with various state and federal regulatory
     requirements, including among others those regulating
     the activities of securities brokers or dealers.

     Except as otherwise agreed between Putnam Mutual Funds
     and a dealer, for purposes of determining the amounts
     payable to dealers for shareholder accounts for which
     such dealers are designated as the dealer of record,
     "average net asset value" means the product of (i) the
     average daily share balance in such account(s) and (ii)
     the average daily net asset value of the relevant class
     of shares over the quarter.

     CLASS A SHARES:

     Putnam Mutual Funds makes quarterly payments to dealers
     at the annual rates set forth below (as a percentage of
     the average net asset value of class A shares for which
     such dealers are designated the dealer of record)
     except that payments to dealers for shares held by
     class A qualified benefit plans may be made at other
     rates, as described below.  No payments are made during
     the first year after purchase on shares purchased at
     net asset value by shareholders that invest at least $1
     million or that are class A qualified benefit plans,
     unless the shareholder has made arrangements with
     Putnam Mutual Funds and the dealer of record has waived
     the sales commission.

     RATE                     FUND

     0.25%                    All funds currently making payments under a
                              class A distribution plan, except for those listed
                              below

     0.50% for shares purchased on      Putnam Global Equity Fund
     or before 7/1/95; 0.25% for
     shares purchased after 7/1/95

     0.20%                    Putnam Tax-Free High Yield Fund
                              Putnam Tax-Free Insured Fund

     0.20% for shares purchased on      Putnam Balanced Retirement Fund
     or before 12/31/89; 0.25% for      Putnam Convertible Income-Growth Trust
     shares purchased after 12/31/89    The George Putnam Fund of Boston
                                        Putnam Global Growth Fund
                                        Putnam Global Natural Resources Fund
                                        Putnam Health Sciences Trust
                                        The Putnam Fund for Growth and Income
                                        Putnam Investors Fund
                                        Putnam Vista Fund
                                        Putnam Voyager Fund

     0.20% for shares purchased on      Putnam High Yield Trust
     or before 3/31/90; 0.25% for       Putnam U.S. Government Income Trust
     shares purchased after 3/31/90

     0.20% for shares purchased on      Putnam Income Fund
     or before 3/31/91; 0.25% for
     shares purchased after 3/31/91

     0.20% for shares purchased on      Putnam Municipal Income Fund
     or before 5/7/92; 0.25% for
     shares purchased after 5/7/92

     0.15% for shares purchased on      Putnam Michigan Tax Exempt Income Fund
     or before 3/9/92; 0.20% for        Putnam Minnesota Tax Exempt Income Fund
     shares purchased after 3/9/92      Putnam Ohio Tax Exempt Income Fund

     0.15% for shares purchased on   Putnam Massachusetts Tax Exempt Income Fund
     or before 5/11/92; 0.20% for
     shares purchased after 5/11/92

     0.15% for shares purchased on Putnam New York Tax Exempt Opportunities Fund
     or before 7/13/92; 0.20% for
     shares purchased after 7/13/92

     0.15% for shares purchased on      Putnam California Tax Exempt Income Fund
     or before 12/31/92; 0.20% for      Putnam New Jersey Tax Exempt Income Fund
     shares purchased after 12/31/92    Putnam New York Tax Exempt Income Fund
                                        Putnam Tax Exempt Income Fund

     0.15% for shares purchased on      Putnam Arizona Tax Exempt Income Fund
     or before 3/5/93; 0.20% for
     shares purchased after 3/5/93

     0.15% for shares purchased on    Putnam Florida Tax Exempt Income Fund
     or before 7/8/93; 0.20% for      Putnam Pennsylvania Tax Exempt Income Fund
     shares purchased after 7/8/93

     0.00%                    Putnam California Money Market Fund
                              Putnam Money Market Fund
                              Putnam New York Money Market Fund
                              Putnam Preferred Income Fund
                              Putnam Tax Exempt Money Market Fund

     Putnam Mutual Funds pays service fees to the dealer of
     record for plans at the rate of up to 0.25% of average
     net assets, depending on the level of service provided
     by Putnam Fiduciary Trust Company or its affiliates, by
     the dealer of record, and by third parties.  Service
     fees are paid quarterly to the dealer of record for
     that quarter.

     CLASS B SHARES:

     Putnam Mutual Funds makes quarterly payments to dealers
     at the annual rates set forth below (as a percentage of
     the average net asset value of class B shares for which
     such dealers are designated the dealer of record).

     RATE                     FUND

     0.25%                    All funds currently making payments under a
                              class B distribution plan, except for those listed
                              below

     0.25%, except that the first       Putnam Municipal Income Fund
     year's service fees of 0.25%
     are prepaid at time of sale

     0.25%, except that the first    Putnam Arizona Tax Exempt Income Fund
     year's service fees of 0.20%    Putnam California Tax Exempt Income Fund
     are prepaid at time of sale     Putnam Florida Tax Exempt Income Fund
                                     Putnam Massachusetts Tax Exempt Income Fund
                                     Putnam Michigan Tax Exempt Income Fund
                                     Putnam Minnesota Tax Exempt Income Fund
                                     Putnam New Jersey Tax Exempt Income Fund
                                   Putnam New York Tax Exempt Income Fund
                                   Putnam New York Tax Exempt Opportunities Fund
                                   Putnam Ohio Tax Exempt Income Fund
                                   Putnam Pennsylvania Tax Exempt Income Fund
                                   Putnam Tax Exempt Income Fund

     0.20% for shares purchased on      Putnam Tax-Free Insured Fund
     or before 3/31/90; 0.25% for       Putnam Tax-Free High Yield
     shares purchased after 3/31/90;
     first year's service fees are prepaid
     at time of sale

     0.00%                    Putnam Money Market Fund

     CLASS C SHARES:

     Putnam Mutual Funds makes quarterly payments to dealers
     at the annual rates set forth below (as a percentage of
     the average net asset value of class C shares for which
     such dealers are designated the dealer of record).

     RATE                     FUND

     1.00%                    All funds currently making payments under a
                              class C distribution plan, except the fund listed
                              below

     0.50%                         Putnam Money Market Fund

     CLASS M SHARES:

     Putnam Mutual Funds makes quarterly payments to dealers
     at the annual rates set forth below (as a percentage of
     the average net asset value of class M shares for which
     such dealers are designated the dealer of record).

     RATE                     FUND

     0.65%                    All growth and growth and
                              income funds currently making
                              payments under a class M
                              distribution plan

     0.45%                    Putnam Diversified Income Trust

     0.40%                    All income and money
                              market funds currently
                              making payments under a class M distribution
                              plan (except for Putnam Diversified Income
                              Trust, Putnam Preferred Income
                              Fund and Putnam Money Market Fund)

     0.25%                    Putnam Preferred Income Fund

     0.15%                    Putnam Money Market Fund