PROSPECTUS SUPPLEMENT DATED FEBRUARY 1, 1994 TO:

                PUTNAM ADJUSTABLE RATE U.S. GOVERNMENT FUND
       Prospectus dated March 1, 1993, as revised September 1, 1993

                   PUTNAM ARIZONA TAX EXEMPT INCOME FUND
                     Prospectus dated January 1, 1994

                      PUTNAM BALANCED GOVERNMENT FUND
                     Prospectus dated October 1, 1993

                  PUTNAM CONVERTIBLE INCOME-GROWTH TRUST
         Prospectus dated March 1, 1993, as revised July 15, 1993

                        PUTNAM DIVIDEND GROWTH FUND
                       Prospectus dated July 1, 1993

                       PUTNAM ENERGY-RESOURCES TRUST
                     Prospectus dated January 1, 1994

                         PUTNAM EQUITY INCOME FUND
       Prospectus dated April 1, 1993, as revised September 13, 1993

                   PUTNAM FLORIDA TAX EXEMPT INCOME FUND
                     Prospectus dated November 1, 1993

                     THE GEORGE PUTNAM FUND OF BOSTON
      Prospectus dated December 1, 1993, as revised February 1, 1994

                         PUTNAM GLOBAL GROWTH FUND
       Prospectus dated March 1, 1993, as revised September 1, 1993

                   THE PUTNAM FUND FOR GROWTH AND INCOME
       Prospectus dated March 1, 1993, as revised September 1, 1993

                       PUTNAM HEALTH SCIENCES TRUST
                     Prospectus dated January 1, 1994

                          PUTNAM HIGH YIELD TRUST
                     Prospectus dated January 1, 1994

                            PUTNAM INCOME FUND
       Prospectus dated March 1, 1993, as revised September 1, 1993

                           PUTNAM INVESTORS FUND
                     Prospectus dated December 1, 1993

                       PUTNAM MUNICIPAL INCOME FUND
                      Prospectus dated August 1, 1993

                 PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND
                     Prospectus dated November 1, 1993

                       PUTNAM NEW OPPORTUNITIES FUND
                     Prospectus dated November 1, 1993

                  PUTNAM NEW YORK TAX EXEMPT INCOME FUND
                      Prospectus dated April 1, 1993

                      PUTNAM OTC EMERGING GROWTH FUND
                     Prospectus dated December 1, 1993

                PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND
                       Prospectus dated July 1, 1993

                      PUTNAM TAX-FREE HIGH YIELD FUND
                     Prospectus dated December 1, 1993

                       PUTNAM TAX-FREE INSURED FUND
                     Prospectus dated December 1, 1993

                  PUTNAM UTILITIES GROWTH AND INCOME FUND
         Prospectus dated March 1, 1993, as revised June 17, 1993

                             PUTNAM VISTA FUND
                     Prospectus dated December 1, 1993

                            PUTNAM VOYAGER FUND
                     Prospectus dated December 1, 1993

The first paragraph of the section "How to Buy shares -- General"
is replaced by the following:

The Fund may sell Class A and Class B shares at net asset value
without an initial sales charge or a CDSC to the Fund's current
and retired Trustees (and their families), current and retired
employees (and their families) of Putnam Management and
affiliates, registered representatives and other employees (and
their families) of broker-dealers having sales agreements with
Putnam Mutual Funds, employees (and their families) of financial
institutions having sales agreements with Putnam Mutual Funds (or
otherwise having an arrangement with a broker-dealer or financial
institution with respect to sales of Fund shares), financial
institution trust departments investing an aggregate of $1
million or more in Putnam funds, clients of certain
administrators of tax-qualified plans, employee benefit plans of
companies with more than 750 employees, tax-qualified plans when
proceeds from repayments of loans to participants are invested
(or reinvested) in Putnam funds, "wrap accounts" for the benefit
of clients of broker-dealers, financial institutions or financial
planners adhering to certain standards established by Putnam 
Mutual Funds, and investors meeting certain requirements who sold
shares of certain Putnam closed-end funds pursuant to a tender
offer by the closed-end fund.  In addition, the Fund may sell
shares at net asset value without an initial sales charge or a
CDSC in connection with the acquisition by the Fund of assets of
an investment company or personal holding company, and the CDSC
will be waived on redemptions of shares arising out of death or
disability or in connection with certain withdrawals from IRA or
other retirement plans.  Up to 12% of the value of Class B shares
subject to a Systematic Withdrawal Plan may also be redeemed each
year without a CDSC.  See the Statement of Additional
Information.


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