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.