497 1 mf1.txt PUTNAM MULTIFUND Prospectus Supplement 215593 6/04 dated June 11, 2004 to: ----------------------------------------------------------------------------- PUTNAM MUNICIPAL INCOME FUND Prospectus dated July 30, 2003 PUTNAM TAX EXEMPT INCOME FUNDS (Putnam Arizona 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 and Putnam Pennsylvania Tax Exempt Income Fund) Prospectus dated September 30, 2003 PUTNAM TAX-FREE HIGH YIELD FUND PUTNAM TAX-FREE INSURED FUND Prospectuses dated November 30, 2003 PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND PUTNAM TAX EXEMPT INCOME FUND Prospectuses dated January 30, 2004 PUTNAM NEW YORK TAX EXEMPT INCOME FUND Prospectus dated March 30, 2004 The third paragraph and table under the heading "Who manages the fund?" are replaced with the following: The following team members coordinate the team's management of the fund's portfolio. Their experience as investment professionals over at least the last five years is shown. ----------------------------------------------------------------------------- Portfolio leader Since Experience ----------------------------------------------------------------------------- David E. Hamlin 2003* 1998 - Present Putnam Management ----------------------------------------------------------------------------- Portfolio members Since Experience ----------------------------------------------------------------------------- Paul M. Drury 2002 1989 - Present Putnam Management ----------------------------------------------------------------------------- Susan A. McCormack 2002** 1994 - Present Putnam Management ----------------------------------------------------------------------------- James D. St. John 2002 1987 - Present Putnam Management ----------------------------------------------------------------------------- * Portfolio leader or member of Putnam Tax Exempt Income Fund, Putnam California Tax Exempt Income Fund and Putnam Florida Tax Exempt Income Fund since 1998, 1999 and 2002, respectively. ** Portfolio leader or member of Putnam Arizona Tax Exempt Income Fund, Putnam California 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 and Putnam Pennsylvania Tax Exempt Income Fund since 1999.