497 1 pir1.txt PUTNAM MULTI FUND INVESTMENT RESTRICTIONS Statement of Additional Information Supplement 216629 7/04 dated July 28, 2004 to Statements of Additional Information of the various Putnam Funds: ------------------------------------------------------------------------------- The Trustees have approved amendments to certain fundamental investment restrictions of certain Putnam funds. Subject to approval by the shareholders of the respective funds at shareholder meetings currently expected to be held within the next six months, the following changes will be made to the section "Investment Restrictions" with regard to the funds indicated: ------------------------------------------------------------------------------- Putnam Capital Opportunities Fund Putnam New Value Fund ------------------------------------------------------------------------------- Putnam Classic Equity Fund Putnam New York Tax Exempt Income Fund ------------------------------------------------------------------------------- Putnam Global Natural Resources Fund Putnam Research Fund ------------------------------------------------------------------------------- Putnam Growth Opportunities Fund Putnam Small Cap Growth Fund ------------------------------------------------------------------------------- Putnam International Capital Opportunities Fund Putnam Small Cap Value Fund ------------------------------------------------------------------------------- Putnam International New Opportunities Fund Putnam Tax Smart Equity Fund ------------------------------------------------------------------------------- The text of each fund's investment restriction with respect to senior securities will be replaced by the following: "The fund may not...[i]ssue any class of securities which is senior to the fund's shares of beneficial interest, except for permitted borrowings." ------------------------------------------------------------------------------- PUTNAM INVESTMENTS [SCALE LOGO OMITTED]
--------------------------------------------------------------------------------------------- Putnam American Government Income Fund Putnam International New Opportunities Fund --------------------------------------------------------------------------------------------- Putnam Asset Allocation: Balanced Portfolio Putnam Investors Fund --------------------------------------------------------------------------------------------- Putnam Asset Allocation: Conservative Portfolio Putnam Massachusetts Tax Exempt Income Fund --------------------------------------------------------------------------------------------- Putnam Asset Allocation: Growth Portfolio Putnam Michigan Tax Exempt Income Fund --------------------------------------------------------------------------------------------- Putnam California Tax Exempt Income Fund Putnam Mid Cap Value Fund --------------------------------------------------------------------------------------------- Putnam Capital Appreciation Fund Putnam Minnesota Tax Exempt Income Fund --------------------------------------------------------------------------------------------- Putnam Capital Opportunities Fund Putnam Money Market Fund --------------------------------------------------------------------------------------------- Putnam Classic Equity Fund Putnam Municipal Income Fund --------------------------------------------------------------------------------------------- Putnam Convertible Income-Growth Trust Putnam New Opportunities Fund --------------------------------------------------------------------------------------------- Putnam Discovery Growth Fund Putnam New York Tax Exempt Income Fund --------------------------------------------------------------------------------------------- Putnam Diversified Income Trust Putnam New Value Fund --------------------------------------------------------------------------------------------- Putnam Equity Income Fund Putnam Ohio Tax Exempt Income Fund --------------------------------------------------------------------------------------------- Putnam Europe Equity Fund Putnam OTC & Emerging Growth Fund --------------------------------------------------------------------------------------------- The George Putnam Fund of Boston Putnam Pennsylvania Tax Exempt Income Fund --------------------------------------------------------------------------------------------- Putnam Global Equity Fund Putnam Prime Money Market Fund --------------------------------------------------------------------------------------------- Putnam Global Natural Resources Fund Putnam Research Fund --------------------------------------------------------------------------------------------- The Putnam Fund for Growth and Income Putnam Small Cap Growth Fund --------------------------------------------------------------------------------------------- Putnam Growth Opportunities Fund Putnam Small Cap Value Fund --------------------------------------------------------------------------------------------- Putnam High Yield Advantage Fund Putnam Tax Exempt Income Fund --------------------------------------------------------------------------------------------- Putnam High Yield Trust Putnam Tax Exempt Money Market Fund --------------------------------------------------------------------------------------------- Putnam Income Fund Putnam Tax Smart Equity Fund --------------------------------------------------------------------------------------------- Putnam Intermediate U.S. Government Income Fund Putnam U.S. Government Income Trust --------------------------------------------------------------------------------------------- Putnam International Capital Opportunities Fund Putnam Utilities Growth and Income Fund --------------------------------------------------------------------------------------------- Putnam International Equity Fund Putnam Vista Fund --------------------------------------------------------------------------------------------- Putnam International Growth and Income Fund Putnam Voyager Fund ---------------------------------------------------------------------------------------------
The text of each fund's investment restriction with respect to diversification of investments will be replaced by the following: "The fund may not...[w]ith respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies." ---------------------------------------------------------------------------- Putnam Arizona Tax Exempt Income Fund Putnam Health Sciences Trust ---------------------------------------------------------------------------- Putnam Florida Tax Exempt Income Fund Putnam New Jersey Tax Exempt Income Fund ---------------------------------------------------------------------------- Putnam Global Income Trust ---------------------------------------------------------------------------- The text of each fund's investment restriction with respect to diversification will be replaced by the following: "The fund may not...[w]ith respect to 50% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies." ---------------------------------------------------------------------------- Putnam Tax-Free High Yield Fund Putnam Tax-Free Insured Fund ---------------------------------------------------------------------------- The text of each fund's investment restriction with respect to diversification will be replaced by the following: "The fund may not...[w]ith respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest and principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies, and that insurers of tax-exempt securities are not considered issuers of securities for this purpose.
---------------------------------------------------------------------------------------------------- Putnam Arizona Tax Exempt Income Fund Putnam International Growth and Income Fund ---------------------------------------------------------------------------------------------------- Putnam Asset Allocation Fund: Balanced Portfolio Putnam International New Opportunities Fund ---------------------------------------------------------------------------------------------------- Putnam Asset Allocation Fund: Conservative Portfolio Putnam Investors Fund ---------------------------------------------------------------------------------------------------- Putnam Asset Allocation Fund: Growth Portfolio Putnam Massachusetts Tax Exempt Income Fund ---------------------------------------------------------------------------------------------------- Putnam California Tax Exempt Income Fund Putnam Michigan Tax Exempt Income Fund ---------------------------------------------------------------------------------------------------- Putnam Capital Appreciation Fund Putnam Minnesota Tax Exempt Income Fund ---------------------------------------------------------------------------------------------------- Putnam Classic Equity Fund Putnam Money Market Fund ---------------------------------------------------------------------------------------------------- Putnam Convertible Income-Growth Trust Putnam Municipal Income Fund ---------------------------------------------------------------------------------------------------- Putnam Discovery Growth Fund Putnam New Jersey Tax Exempt Income Fund ---------------------------------------------------------------------------------------------------- Putnam Diversified Income Trust Putnam New Opportunities Fund ---------------------------------------------------------------------------------------------------- Putnam Equity Income Fund Putnam New Value Fund ---------------------------------------------------------------------------------------------------- Putnam Europe Equity Fund Putnam New York Tax Exempt Income Fund ---------------------------------------------------------------------------------------------------- Putnam Florida Tax Exempt Income Fund Putnam Ohio Tax Exempt Income Fund ---------------------------------------------------------------------------------------------------- The George Putnam Fund of Boston Putnam OTC & Emerging Growth Fund ---------------------------------------------------------------------------------------------------- Putnam Global Equity Fund Putnam Pennsylvania Tax Exempt Income Fund ---------------------------------------------------------------------------------------------------- Putnam Global Income Trust Putnam Research Fund ---------------------------------------------------------------------------------------------------- Putnam Global Natural Resources Fund Putnam Tax Exempt Income Fund ---------------------------------------------------------------------------------------------------- The Putnam Fund for Growth and Income Putnam Tax Exempt Money Market Fund ---------------------------------------------------------------------------------------------------- Putnam Growth Opportunities Fund Putnam Tax-Free High Yield Fund ---------------------------------------------------------------------------------------------------- Putnam Health Sciences Trust Putnam Tax-Free Insured Fund ---------------------------------------------------------------------------------------------------- Putnam High Yield Advantage Fund Putnam Utilities Growth and Income Fund ---------------------------------------------------------------------------------------------------- Putnam High Yield Trust Putnam Vista Fund ---------------------------------------------------------------------------------------------------- Putnam Income Fund Putnam Voyager Fund ---------------------------------------------------------------------------------------------------- Putnam Intermediate U.S. Government Income Fund ---------------------------------------------------------------------------------------------------- Putnam International Capital Opportunities Fund ---------------------------------------------------------------------------------------------------- Putnam International Equity Fund ----------------------------------------------------------------------------------------------------
The text of each fund's investment restriction with respect to making loans will be replaced by the following: "The fund may not...[m]ake loans, except by purchase of debt obligations in which the fund may invest consistent with its investment policies (including without limitation debt obligations issued by other Putnam Funds), by entering into repurchase agreements, or by lending its portfolio securities."
---------------------------------------------------------------------------------------------------- Putnam Arizona Tax Exempt Income Fund Putnam International Growth and Income Fund ---------------------------------------------------------------------------------------------------- Putnam Asset Allocation Fund: Balanced Portfolio Putnam International New Opportunities Fund ---------------------------------------------------------------------------------------------------- Putnam Asset Allocation Fund: Conservative Portfolio Putnam Investors Fund ---------------------------------------------------------------------------------------------------- Putnam Asset Allocation Fund: Growth Portfolio Putnam Massachusetts Tax Exempt Income Fund ---------------------------------------------------------------------------------------------------- Putnam California Tax Exempt Income Fund Putnam Michigan Tax Exempt Income Fund ---------------------------------------------------------------------------------------------------- Putnam Capital Appreciation Fund Putnam Minnesota Tax Exempt Income Fund ---------------------------------------------------------------------------------------------------- Putnam Classic Equity Fund Putnam Money Market Fund ---------------------------------------------------------------------------------------------------- Putnam Convertible Income-Growth Trust Putnam Municipal Income Fund ---------------------------------------------------------------------------------------------------- Putnam Discovery Growth Fund Putnam New Jersey Tax Exempt Income Fund ---------------------------------------------------------------------------------------------------- Putnam Diversified Income Trust Putnam New Opportunities Fund ---------------------------------------------------------------------------------------------------- Putnam Equity Income Fund Putnam New Value Fund ---------------------------------------------------------------------------------------------------- Putnam Europe Equity Fund Putnam New York Tax Exempt Income Fund ---------------------------------------------------------------------------------------------------- Putnam Florida Tax Exempt Income Fund Putnam Ohio Tax Exempt Income Fund ---------------------------------------------------------------------------------------------------- The George Putnam Fund of Boston Putnam OTC & Emerging Growth Fund ---------------------------------------------------------------------------------------------------- Putnam Global Equity Fund Putnam Pennsylvania Tax Exempt Income Fund ---------------------------------------------------------------------------------------------------- Putnam Global Income Trust Putnam Research Fund ---------------------------------------------------------------------------------------------------- Putnam Global Natural Resources Fund Putnam Tax Exempt Income Fund ---------------------------------------------------------------------------------------------------- The Putnam Fund for Growth and Income Putnam Tax Exempt Money Market Fund ---------------------------------------------------------------------------------------------------- Putnam Growth Opportunities Fund Putnam Tax-Free High Yield Fund ---------------------------------------------------------------------------------------------------- Putnam Health Sciences Trust Putnam Tax-Free Insured Fund ---------------------------------------------------------------------------------------------------- Putnam High Yield Advantage Fund Putnam Utilities Growth and Income Fund ---------------------------------------------------------------------------------------------------- Putnam High Yield Trust Putnam Vista Fund ---------------------------------------------------------------------------------------------------- Putnam Income Fund Putnam Voyager Fund ---------------------------------------------------------------------------------------------------- Putnam Intermediate U.S. Government Income Fund ---------------------------------------------------------------------------------------------------- Putnam International Capital Opportunities Fund ---------------------------------------------------------------------------------------------------- Putnam International Equity Fund ----------------------------------------------------------------------------------------------------
The text of each fund's investment restriction with respect to borrowing will be replaced by the following: "The fund may not...[b]orrow money in excess of 33 1/3% of the value of its total assets (not including the amount borrowed) at the time the borrowing is made." ------------------------------------------------------------------------------ Putnam U.S. Government Income trust The fund's investment restriction with respect to options, puts, calls, straddles, spreads or combinations will be eliminated. The text of the fund's investment restriction with respect to investments in commodities will be replaced by the following: "The fund may not...[p]urchase or sell commodities or commodity contracts, except that the fund may purchase and sell financial futures contracts and options and may enter into foreign exchange contracts and other financial transactions not involving physical commodities."