SUPPLEMENT DATED APRIL 1, 1994 TO


PROSPECTUSES DATED JULY 1, 1993 OF PUTNAM DIVIDEND GROWTH FUND
and PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND

Prospectus dated August 1, 1993 of PUTNAM MUNICIPAL INCOME FUND

Prospectuses dated November 1, 1993 of PUTNAM EUROPE GROWTH FUND,
PUTNAM FLORIDA TAX EXEMPT INCOME FUND and PUTNAM NEW JERSEY TAX
EXEMPT INCOME FUND

Prospectuses dated December 1, 1993 of PUTNAM INVESTORS FUND,
PUTNAM OTC EMERGING GROWTH FUND, PUTNAM TAX-FREE HIGH YIELD FUND,
PUTNAM TAX-FREE INSURED 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 1, 1994 of PUTNAM ARIZONA TAX EXEMPT
INCOME FUND, PUTNAM ENERGY-RESOURCES TRUST, PUTNAM HEALTH
SCIENCES TRUST and PUTNAM HIGH YIELD TRUST

Prospectus dated January 10, 1994 of PUTNAM ASSET ALLOCATION
FUNDS

Prospectuses dated February 1, 1994 of PUTNAM AMERICAN GOVERNMENT
INCOME FUND, PUTNAM ASIA PACIFIC GROWTH FUND, PUTNAM CALIFORNIA
TAX EXEMPT INCOME FUND, PUTNAM DIVERSIFIED INCOME TRUST, PUTNAM
GLOBAL GOVERNMENTAL INCOME TRUST, PUTNAM MANAGED INCOME TRUST,
PUTNAM NEW YORK TAX EXEMPT OPPORTUNITIES FUND, PUTNAM TAX EXEMPT
INCOME FUND and PUTNAM U.S. GOVERNMENT INCOME TRUST

Prospectuses dated March 1, 1994 of PUTNAM ADJUSTABLE RATE U.S.
GOVERNMENT FUND, PUTNAM CONVERTIBLE INCOME-GROWTH TRUST, PUTNAM
FEDERAL INCOME TRUST, PUTNAM GLOBAL GROWTH FUND, THE PUTNAM FUND
FOR GROWTH AND INCOME, PUTNAM INCOME FUND and PUTNAM UTILITIES
GROWTH AND INCOME FUND

The schedule of contingent deferred sales charges and 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 second paragraph under "How to buy shares--Class A shares" is
replaced by the following text:

     There is no initial sales charge on purchases of Class A
     shares of $1 million or more. However, a contingent deferred
     sales charge ("CDSC") of 1.00% or 0.50%, respectively, is
     imposed on redemptions of such shares within the first or
     second year after purchase, 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.  Shares purchased by participant-directed
     qualified retirement plans sponsored by employers with more
     than 750 employees or investing $1 million or more are not
     subject to the CDSC.  In addition, shares purchased by
     certain investors investing $1 million or more that have
     made arrangements with Putnam Mutual Funds and whose dealer
     of record waived the commission described in the next
     paragraph are not subject to the CDSC.  In determining
     whether a CDSC is payable, the Fund will first redeem shares
     not subject to any charge.  Putnam Mutual Funds receives the
     entire amount of any CDSC you pay.  See the Statement of
     Additional Information for more information about the CDSC.
       
     Except as stated below, Putnam Mutual Funds pays investment
     dealers of record commissions on sales of Class A shares of
     $1 million or more based on an investor's cumulative
     purchases during consecutive one-year periods beginning with
     the date of the initial purchase at net asset value.  Such
     commissions are paid at the rates 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 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 rates 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 Plans--Class A
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.


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