497 1 mf1.txt MULTIFUND-SAI Statement of Additional Information Supplement dated March 28, 2005 to 223690 3/05 ------------------------------------------------------------------------------ PUTNAM GROWTH FUNDS Putnam Discovery Growth Fund Putnam Growth Opportunities Fund Putnam Health Sciences Trust Putnam International New Opportunities Fund Putnam New Opportunities Fund Putnam OTC & Emerging Growth Fund Putnam Small Cap Growth Fund Putnam Vista Fund Putnam Voyager Fund PUTNAM BLEND FUNDS Putnam Capital Appreciation Fund Putnam Capital Opportunities Fund Putnam Europe Equity Fund Putnam Global Equity Fund Putnam Global Natural Resources Fund Putnam International Capital Opportunities Fund Putnam International Equity Fund Putnam Investors Fund Putnam Research Fund Putnam Tax Smart Equity Fund [REGISTRATION MARK] Putnam Utilities Growth and Income Fund PUTNAM VALUE FUNDS Putnam Convertible Income-Growth Trust The George Putnam Fund of Boston The Putnam Fund for Growth and Income Putnam International Growth and Income Fund Putnam Mid Cap Value Fund Putnam New Value Fund Putnam Small Cap Value Fund PUTNAM TAXABLE INCOME FUNDS Putnam American Government Income Fund Putnam Diversified Income Trust Putnam Floating Rate Income Fund Putnam Global Income Trust Putnam High Yield Trust Putnam Income Fund Putnam U.S. Government Income Trust PUTNAM TAX-FREE INCOME FUNDS Putnam AMT-Free Insured Municipal Fund Putnam Tax Exempt Income Fund Putnam Tax-Free High Yield Fund Putnam State Tax-Free Income Funds: Putnam Arizona Tax Exempt Income Fund Putnam California Tax Exempt Income Fund Putnam Florida Tax Exempt Income Fund Putnam Massachusetts Tax Exempt Income Fund Putnam Michigan Tax Exempt Income Fund Putnam Minnesota Tax Exempt Income Fund Putnam New Jersey Tax Exempt Income Fund Putnam Ohio Tax Exempt Income Fund Putnam Pennsylvania Tax Exempt Income Fund PUTNAM ASSET ALLOCATION FUNDS Putnam Asset Allocation: Balanced Portfolio Putnam Asset Allocation: Conservative Portfolio Putnam Asset Allocation: Growth Portfolio PUTNAM RETIREMENTREADY [REGISTRATION MARK] FUNDS Putnam RetirementReady 2045 Fund Putnam RetirementReady 2040 Fund Putnam RetirementReady 2035 Fund Putnam RetirementReady 2030 Fund Putnam RetirementReady 2025 Fund Putnam RetirementReady 2020 Fund Putnam RetirementReady 2015 Fund Putnam RetirementReady 2010 Fund Putnam RetirementReady Maturity Fund The Statement of Additional Information of the funds listed above is supplemented as follows: Effective April 1, 2005, the maximum sales charge for class A shares of the Putnam taxable income funds and tax-free income funds listed above (other than Putnam Floating Rate Income Fund) is reduced to 3.75% (from 4.50%). Also effective April 1, 2005, the maximum sales charge for class M shares of the Putnam equity funds listed above is reduced to 3.25% (from 3.50%), and the sales charges on class M shares of Putnam equity and fixed-income funds at different investment levels are adjusted as shown below. The sales charge tables for class A and M shares appearing in the subsection "Additional Information About Class A and Class M Shares" accordingly are revised as follows:
--------------------------------------------------------------------------------------------------------- For Growth Funds, Blend Funds, Value Funds, Asset Allocation Funds and RetirementReady Funds only: --------------------------------------------------------------------------------------------------------- CLASS A CLASS M --------------------------------------------------------------------------------------------------------- Sales Amount of sales Sales Amount of sales charge as a charge reallowed to charge as a charge reallowed to percentage dealers as a percentage dealers as a Amount of transaction at of offering percentage of offering of offering percentage of offering offering price ($) price price price price --------------------------------------------------------------------------------------------------------- Under 50,000 5.25% 5.00% 3.25% 3.00% 50,000 but under 100,000 4.00 3.75 2.25 2.00 100,000 but under 250,000 3.00 2.75 1.25 1.00 250,000 but under 500,000 2.25 2.00 1.00 1.00 500,000 but under 1,000,000 2.00 1.75 1.00 1.00 1,000,000 and above NONE NONE NONE NONE ---------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------- For Taxable Income Funds and Tax-Free Funds only (except for money market funds, Putnam Floating Rate Income Fund and Putnam Limited Duration Government Income Fund): --------------------------------------------------------------------------------------------------------- CLASS A CLASS M --------------------------------------------------------------------------------------------------------- Sales Amount of sales Sales Amount of sales charge as a charge reallowed to charge as a charge reallowed to percentage dealers as a percentage dealers as a Amount of transaction at of offering percentage of offering of offering percentage of offering offering price ($) price price price price --------------------------------------------------------------------------------------------------------- Under 50,000 3.75% 3.50% 3.25% 3.00% 50,000 but under 100,000 3.75 3.50 2.25 2.00 100,000 but under 250,000 3.00 2.75 1.25 1.00 250,000 but under 500,000 2.25 2.00 1.00 1.00 500,000 but under 1,000,000 2.00 1.75 1.00 1.00 1,000,000 and above NONE NONE NONE NONE ---------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------- For Putnam Floating Rate Income Fund and Putnam Limited Duration Government Income Fund only: --------------------------------------------------------------------------------------------------------- CLASS A CLASS M --------------------------------------------------------------------------------------------------------- Sales Amount of sales Sales Amount of sales charge as a charge reallowed to charge as a charge reallowed to percentage dealers as a percentage dealers as a Amount of transaction at of offering percentage of offering of offering percentage of offering offering price ($) price price price price --------------------------------------------------------------------------------------------------------- Under 100,000 3.25% 3.00% 2.00% 1.80% 100,000 but under 250,000 2.50 2.25 1.25 1.00 250,000 but under 500,000 2.00 1.75 1.00 1.00 500,000 but under 1,000,000 1.50 1.25 1.00 1.00 1,000,000 and above NONE NONE NONE NONE ---------------------------------------------------------------------------------------------------------
In addition, the table showing payments to dealers with respect to class A shares in the section "Distribution Plans" and the paragraph immediately preceding the table are revised as follows: Putnam Retail Management makes quarterly (or in certain cases monthly) payments to dealers at up to the annual rates set forth below (as a percentage of the average net asset value of class A shares for which such dealers are designated the dealer of record) except as described below. No payments are made during the first year after purchase on shares purchased at net asset value by shareholders that invest at least $1 million, unless the dealer of record has waived the sales commission, or, in the case of dealers of record for a qualified benefit plan investing at least $1 million, where such dealer has agreed to a reduced sales commission.
--------------------------------------------------------------------------------------------------------- Rate* Fund --------------------------------------------------------------------------------------------------------- 0.25% All funds currently making payments under a class A distribution plan, except for those listed below --------------------------------------------------------------------------------------------------------- 0.20% for shares purchased before 3/21/05; Putnam Tax-Free High Yield Fund 0.25% for shares purchased on or after 3/21/05** --------------------------------------------------------------------------------------------------------- 0.20% for shares purchased before 4/1/05; Putnam AMT-Free Insured Municipal Fund 0.25% for shares purchased on or after 4/1/05 --------------------------------------------------------------------------------------------------------- 0.20% for shares purchased on or before 12/31/89; Putnam Convertible Income-Growth Trust 0.25% for shares purchased after 12/31/89 The George Putnam Fund of Boston Putnam Global Equity Fund Putnam Global Natural Resources Fund Putnam Health Sciences Trust The Putnam Fund for Growth and Income Putnam Investors Fund Putnam Vista Fund Putnam Voyager Fund --------------------------------------------------------------------------------------------------------- 0.20% for shares purchased on or before 3/31/90; Putnam High Yield Trust 0.25% for shares purchased after 3/31/90 Putnam U.S. Government Income Trust --------------------------------------------------------------------------------------------------------- 0.20% for shares purchased on or before 1/1/90; Putnam Equity Income Fund 0.25% for shares purchased after 1/1/90 --------------------------------------------------------------------------------------------------------- 0.20% for shares purchased on or before 3/31/91; Putnam Income Fund 0.25% for shares purchased after 3/31/91; --------------------------------------------------------------------------------------------------------- 0.15% for shares purchased on or before 3/6/92; Putnam Michigan Tax Exempt Income Fund 0.20% for shares purchased after 3/6/92 Putnam Minnesota Tax Exempt Income Fund but before 4/1/05; Putnam Ohio Tax Exempt Income Fund 0.25% for shares purchased on or after 4/1/05 --------------------------------------------------------------------------------------------------------- 0.15% for shares purchased on or before 5/11/92; Putnam Massachusetts Tax Exempt Income Fund 0.20% for shares purchased after 5/11/92 but before 4/1/05; 0.25% for shares purchased on or after 4/1/05 --------------------------------------------------------------------------------------------------------- 0.15% for shares purchased on or before 12/31/92; Putnam California Tax Exempt Income Fund 0.20% for shares purchased after 12/31/92 Putnam New Jersey Tax Exempt Income Fund but before 4/1/05; Putnam New York Tax Exempt Income Fund 0.25% for shares purchased on or after 4/1/05 Putnam Tax Exempt Income Fund --------------------------------------------------------------------------------------------------------- 0.15% for shares purchased on or before 3/5/93; Putnam Arizona Tax Exempt Income Fund 0.20% for shares purchased after 3/5/93 but before 4/1/05; 0.25% for shares purchased on or after 4/1/05 --------------------------------------------------------------------------------------------------------- 0.15% for shares purchased on or before 7/8/93; Putnam Florida Tax Exempt Income Fund 0.20% for shares purchased after 7/8/93 Putnam Pennsylvania Tax Exempt Income Fund but before 4/1/05; 0.25% for shares purchased on or after 4/1/05 --------------------------------------------------------------------------------------------------------- 0.00% Putnam Money Market Fund Putnam Tax Exempt Money Market Fund ---------------------------------------------------------------------------------------------------------
* Shares are deemed to be purchased on date of settlement (i.e., once purchased and paid for). Shares issued in connection with dividend reinvestments are considered to be purchased on the date of their issuance, not the issuance of the original shares. ** Shares of Putnam Tax-Free High Yield Fund issued in connection with the merger of Putnam Municipal Income Fund into that fund pay a commission at the annual rate of 0.20% or 0.25%, based on the date of the original purchase of the shareholder's corresponding shares of Putnam Municipal Income Fund, as set forth below: 0.20% for shares purchased on or before 5/7/92; 0.25% for shares purchased after 5/7/92.