497 1 ld1.txt PUTNAM LIMITED DURATION GOVERNMENT INCOME FUND Prospectus Supplement 223544 3/05 dated March 14, 2005 to: PUTNAM LIMITED DURATION GOVERNMENT INCOME FUND (formerly known as PUTNAM INTERMEDIATE U.S. GOVERNMENT INCOME FUND) Prospectuses 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 ------------------------------------------------------------------------------- Kevin M. Cronin 1998 1997 - Present Putnam Management ------------------------------------------------------------------------------- Portfolio member Since Experience ------------------------------------------------------------------------------- Rob A. Bloemker 2002 1999 - Present Putnam Management Prior to Sept. 1999 Lehman Brothers ------------------------------------------------------------------------------- Daniel S. Choquette 2005 2002 - Present Putnam Management Prior to Sept. 2002 Lehman Brothers -------------------------------------------------------------------------------