Prospectus Supplement dated April 15, 1997 to Class A share
                               Prospectus:

               PUTNAM ASSET ALLOCATION:  BALANCED PORTFOLIO 
                     Prospectus dated January 30, 1997

             PUTNAM ASSET ALLOCATION:  CONSERVATIVE PORTFOLIO 
                     Prospectus dated January 30, 1997
                                     
                PUTNAM ASSET ALLOCATION:  GROWTH PORTFOLIO 
                     Prospectus dated January 30, 1997

                      PUTNAM BALANCED RETIREMENT FUND
                    Prospectus dated February 28, 1997

               PUTNAM CAPITAL APPRECIATION FUND
               Prospectus dated September 30, 1996

                  PUTNAM CONVERTIBLE INCOME-GROWTH TRUST
                    Prospectus dated February 28, 1997
               
                      PUTNAM DIVERSIFIED INCOME TRUST
                     Prospectus dated January 30, 1997
                                     
                        PUTNAM FEDERAL INCOME TRUST
                    Prospectus dated February 28, 1997

                     THE GEORGE PUTNAM FUND OF BOSTON
                    Prospectus dated November 30, 1996

                   THE PUTNAM FUND FOR GROWTH AND INCOME
                    Prospectus dated February 28, 1997

                  PUTNAM GLOBAL GOVERNMENTAL INCOME TRUST
                    Prospectus dated February 28, 1997

                         PUTNAM GLOBAL GROWTH FUND
                    Prospectus dated February 28, 1997

                     PUTNAM GROWTH AND INCOME FUND II
                      Prospectus dated March 30, 1997

                     PUTNAM HIGH YIELD ADVANTAGE FUND
                      Prospectus dated March 30, 1997

                          PUTNAM HIGH YIELD TRUST
                    Prospectus dated December 30, 1996

                            PUTNAM INCOME FUND
                    Prospectus dated February 28, 1997

              PUTNAM INTERMEDIATE U.S. GOVERNMENT INCOME FUND
                      Prospectus dated March 30, 1997

                     PUTNAM INTERNATIONAL GROWTH FUND
                     Prospectus dated October 30, 1996

                PUTNAM INTERNATIONAL NEW OPPORTUNITIES FUND
                    Prospectus dated December 31, 1996

                           PUTNAM INVESTORS FUND
                    Prospectus dated November 30, 1996

                       PUTNAM NEW OPPORTUNITIES FUND
                     Prospectus dated October 30, 1996
                                     
                     PUTNAM OTC & EMERGING GROWTH FUND
                    Prospectus dated December 16, 1996
                                     
                    PUTNAM U.S. GOVERNMENT INCOME TRUST
                     Prospectus dated January 30, 1997

                             PUTNAM VISTA FUND
                    Prospectus dated November 30, 1996

                            PUTNAM VOYAGER FUND
                    Prospectus dated November 30, 1996

                                     
     Effective April 15, 1997, the prospectus is modified as
follows:

1.   The section of the prospectus entitled "How to buy shares"
     is replaced by the following:


     
     All
      orders to purchase shares must be made through your
     employer's retirement plan.  For more information about
     how to purchase shares of the fund through your
     employer's plan or limitations on the amount that may
     be purchased, please consult your employer.  Shares are
     sold to eligible employer-sponsored retirement plans at
     the net asset value per share next determined after
     receipt of an order by Putnam Mutual Funds.  Orders
     must be received by Putnam Mutual Funds before the
     close of regular trading on the New York Stock Exchange
     in order to receive that day's net asset value.  A
     class A qualified benefit plan (an employer-sponsored
     retirement plan for which Putnam Fiduciary Trust
     Company provides recordkeeping or other services) is
     eligible to purchase fund shares at net asset value
     beginning two years after the plan's initial purchase
     of class A shares.  
     A class A qualified benefit plan
     that initially invested at least $20 million in Putnam
     funds and other investments managed by Putnam
     Management or its affiliates and that received a
     proposal from Putnam Mutual Funds on or before April
     15, 1997 may purchase fund shares at net asset value
     without regard to this two-year period.  An
      employer-
     sponsored retirement plan, other than a class A
     qualified benefit plan, is eligible to purchase fund
     shares at net asset value if its investment in class A
     shares is at least $1 million, or it has at least 200
     eligible employees, and the dealer of record waives its
     commission with the consent of Putnam Mutual Funds. 
     Employer-sponsored retirement plans participating in a
     "multi-fund" program approved by Putnam Mutual Funds
     may include amounts invested in other mutual funds
     participating in such program for purposes of
     determining whether the plan may purchase class A
     shares at net asset value.  Employer-sponsored plans
     may make additional investments of any amount at any
     time.  To eliminate the need for safekeeping, the fund
     will not issue certificates for your shares.

     On sales at net asset value to a class A qualified
     retirement plan, Putnam Mutual Funds pays commissions
     to the dealer of record on net monthly purchases at
     rates of up to 1.00%.  See the SAI for information
     about the rates at which these sales commissions are
     paid.  Putnam Mutual Funds will from time to time, at
     its expense, provide additional promotional incentives
     or payments to dealers that sell shares of the Putnam
     funds.  These incentives or payments may include
     payments for travel expenses, including lodging,
     incurred in connection with trips taken by invited
     registered representatives and their guests to
     locations within and outside the United States for
     meetings or seminars of a business nature.  In some
     instances, these incentives or payments may be offered
     only to certain dealers who sold or may sell
     significant amounts of shares.  Certain dealers may not
     sell all classes of shares.

2.   The third, fifth and sixth paragraphs under the heading
     "Distribution plan" are replaced by the following:


     
     For
      a description of the service fees paid to
     qualifying dealers by Putnam Mutual Funds with respect
     to shares purchased by eligible employer-sponsored
     retirement plans, see the 
     SAI.





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