SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934
Filed by the Registrant / X /
Filed by a party other than the Registrant / /
Check the appropriate box:
/ / Preliminary Proxy Statement
/ / Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e) (2))
/ / Definitive Proxy Statement
/ / Definitive Additional Materials
/ X / Soliciting Material Pursuant to Sec. 240.14a-11(c) or Sec. 240.14a-12
PUTNAM ASSET ALLOCATION FUNDS
PUTNAM CAPITAL APPRECIATION FUND
PUTNAM CLASSIC EQUITY FUND
PUTNAM CONVERTIBLE INCOME-GROWTH TRUST
PUTNAM DISCOVERY GROWTH FUND
PUTNAM EQUITY INCOME FUND
PUTNAM EUROPE EQUITY FUND
THE GEORGE PUTNAM FUND OF BOSTON
PUTNAM FUNDS TRUST
PUTNAM GLOBAL EQUITY FUND
PUTNAM GLOBAL NATURAL RESOURCES FUND
THE PUTNAM FUND FOR GROWTH AND INCOME
PUTNAM HEALTH SCIENCES TRUST
PUTNAM INTERNATIONAL EQUITY FUND
PUTNAM INVESTMENT FUNDS
PUTNAM INVESTORS FUND
PUTNAM NEW OPPORTUNITIES FUND
PUTNAM OTC & EMERGING GROWTH FUND
PUTNAM TAX SMART FUNDS TRUST
PUTNAM UTILITIES GROWTH AND INCOME FUND
PUTNAM VISTA FUND
PUTNAM VOYAGER FUND
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement,
if other than Registrant)
Payment of Filing Fee (Check the appropriate box):
/ X / No fee required
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was determined):
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statement number, or the Form or Schedule and the date of its filing.
(1) Amount Previously Paid:
(2) Form, Schedule or Registration Statement No.:
(3) Filing Party:
(4) Date Filed:
Understanding your proxy
Your vote is important. As a Putnam fund shareholder,
you have the opportunity to vote on proposals that affect
the management of your fund. This guide can help you
decide how you want to vote on the proposals affecting
your fund, which are explained in more detail in the
proxy statement. Please spend a few minutes to find out
what you need to know to vote. Your proxy ballot and
postage-paid return envelope are included in this package.
You can mail them back or vote by phone or on the Web.
Thank you for taking the time to vote. Prompt action
on your part saves the funds money.
- ----------------------------------------------------
What is a proxy?
A proxy is a person who can act on behalf of another.
In this case, your proxies are two Trustees of the Putnam
funds (or their substitutes), who are empowered to vote
for you based on the instructions you provide.
What is a proxy ballot?
The proxy ballot tells the Trustees how to vote on your
behalf. Each share is entitled to one vote, and fractional
shares vote proportionally.
PUTNAM INVESTMENTS
[SCALE LOGO OMITTED]
What is a proxy statement?
The booklet you received is a proxy statement, describing
the proposals you are being asked to vote on. The proxy
statement includes the recommendations of the funds'
Trustees, who recommend that shareholders vote in favor
of the proposals.
How do I vote my proxy?
You can vote by mailing the proxy ballot in the postage-paid
envelope provided, by phone, or by going to the
Web. See your proxy ballot for the phone number and
Web address.
What if I don't return my proxy ballot?
If we don't receive the proxy ballots back in sufficient
numbers, we have to make follow-up solicitations,
either by mail or by phone, which can cost your fund
money. All shareholders benefit when proxies are
voted in a timely fashion.
What if I just sign my ballot?
If you sign the card without providing your instructions,
your shares will be voted according to the Trustees'
recommendations.
What proposals am I being asked to vote on?
As a shareholder, you have the opportunity to vote on
four types of proposals: 1) the election of your funds'
Trustees, 2) amending or eliminating certain investment
restrictions that Putnam believes will provide greater
investment flexibility in managing the funds, 3) amending
the funds' governing documents to enhance the flexibility
and efficiency of the funds' operations, and 4) amending
one fund's investment objective.
Who are the Trustees and what is their role?
The Trustees play an important role in protecting fund
shareholders. They are responsible for approving the fees
paid to Putnam Investments and its affiliates, reviewing
investment performance, selecting the funds' auditors,
monitoring conflicts of interest, and voting proxies related
to the funds' portfolios.
Why are Trustees being elected?
Putnam funds must elect Trustees every five years. The
Putnam funds currently have 11 Trustees, nine of whom
are independent. The Trustees have nominated three
additional Trustees, two of whom would be independent.
You are asked to vote for 14 Trustees in total, 11 of whom
will be independent.
What is an independent Trustee?
Independent Trustees are not affiliated with Putnam
Investments, the funds' investment manager. They
vote separately to approve financial arrangements and
agreements regarding the investment management
of the funds. At least 75% of your funds' Trustees are
required to be independent.
Why amend or eliminate investment restrictions?
Generally, the purpose of these proposed changes is
to increase each fund's investment flexibility, simplify the
investment restrictions, and make them uniform across
the Putnam funds. These changes would also make
Putnam's compliance monitoring more efficient. As the
investment restrictions vary from fund to fund, you can
consult your proxy ballot to see which proposals apply
to your fund(s).
The materials mention a shareholder meeting.
Who attends?
Only a small number of shareholders attend the meeting
and, as a result, most choose to send in their proxies to
make their wishes known.
What if I need more information?
Please call 1-877-832-6360 or your financial advisor.
217218 8/04
Understanding your proxy
Your vote is important. As a Putnam fund shareholder,
you have the opportunity to vote on proposals that affect
the management of your fund. This guide can help you
decide how you want to vote on the proposals affecting
your fund, which are explained in more detail in the
proxy statement. Please spend a few minutes to find out
what you need to know to vote. Your proxy ballot and
postage-paid return envelope are included in this package.
You can mail them back or vote by phone or on the Web.
Thank you for taking the time to vote. Prompt action
on your part saves the funds money.
- ----------------------------------------------------
What is a proxy?
A proxy is a person who can act on behalf of another.
In this case, your proxies are two Trustees of the Putnam
funds (or their substitutes), who are empowered to vote
for you based on the instructions you provide.
What is a proxy ballot?
The proxy ballot tells the Trustees how to vote on your
behalf. Each share is entitled to one vote, and fractional
shares vote proportionally.
PUTNAM INVESTMENTS
[SCALE LOGO OMITTED]
What is a proxy statement?
The booklet you received is a proxy statement, describing
the proposals you are being asked to vote on. The proxy
statement includes the recommendations of the funds'
Trustees, who recommend that shareholders vote in favor
of the proposals.
How do I vote my proxy?
You can vote by mailing the proxy ballot in the postage-paid
envelope provided, by phone, or by going to the
Web. See your proxy ballot for the phone number and
Web address.
What if I don't return my proxy ballot?
If we don't receive the proxy ballots back in sufficient
numbers, we have to make follow-up solicitations,
either by mail or by phone, which can cost your fund
money. All shareholders benefit when proxies are
voted in a timely fashion.
What if I just sign my ballot?
If you sign the card without providing your instructions,
your shares will be voted according to the Trustees'
recommendations.
What proposals am I being asked to vote on?
As a shareholder, you have the opportunity to vote on
four types of proposals: 1) the election of your funds'
Trustees, 2) amending or eliminating certain investment
restrictions that Putnam believes will provide greater
investment flexibility in managing the funds, 3) amending
the funds' governing documents to enhance the flexibility
and efficiency of the funds' operations, and 4) amending
one fund's investment objective.
Who are the Trustees and what is their role?
The Trustees play an important role in protecting fund
shareholders. They are responsible for approving the fees
paid to Putnam Investments and its affiliates, reviewing
investment performance, selecting the funds' auditors,
monitoring conflicts of interest, and voting proxies related
to the funds' portfolios.
Why are Trustees being elected?
Putnam funds must elect Trustees every five years. The
Putnam funds currently have 11 Trustees, nine of whom
are independent. The Trustees have nominated three
additional Trustees, two of whom would be independent.
You are asked to vote for 14 Trustees in total, 11 of whom
will be independent.
What is an independent Trustee?
Independent Trustees are not affiliated with Putnam
Investments, the funds' investment manager. They
vote separately to approve financial arrangements and
agreements regarding the investment management
of the funds. At least 75% of your funds' Trustees are
required to be independent.
Why amend or eliminate investment restrictions?
Generally, the purpose of these proposed changes is
to increase each fund's investment flexibility, simplify the
investment restrictions, and make them uniform across
the Putnam funds. These changes would also make
Putnam's compliance monitoring more efficient. As the
investment restrictions vary from fund to fund, you can
consult your proxy ballot to see which proposals apply
to your fund(s).
The materials mention a shareholder meeting.
Who attends?
Only a small number of shareholders attend the meeting
and, as a result, most choose to send in their proxies to
make their wishes known.
What if I need more information?
Please call 1-800-225-1581 or your financial advisor.
217218 8/04