57882 12/99
Prospectus and Statement of Additional Information Supplement
Dated December 3, 1999 to:
Putnam Growth Fund
Putnam U.S. Core Fund
Putnam Value Fund
Prospectus and Statement of Additional Information,
each dated August 30, 1999
Prospectus
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In the section entitled "Main Investment Strategies - Main Risks,"
the third bullet point is replaced with the following:
* For Putnam U.S. Core Fund, the risk of loss from investing in fewer
issuers than a fund that invests more broadly. The fund is
"non-diversified," which means that it may invest more of its assets
in the securities of fewer companies than a "diversified" fund.
This vulnerability to factors affecting a single investment can result
in greater fund losses and volatility.
Statement of Additional Information
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In the section entitled "Fund Organization and Classification," the first
sentence of the fourth paragraph is replaced with the following:
Each of Putnam Growth Fund and Putnam Value Fund is a "diversified"
investment company under the Investment Company Act of 1940.
In the section entitled "Investment Restrictions," the following is added prior
to paragraph 6:
For Putnam Growth Fund and Putnam Value Fund only:
In the section entitled "Investment Restrictions," the following restrictions
are added:
For Putnam U.S. Core Fund only:
(8) With 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
political subdivisions.
(9) With respect to 50% of its total assets, acquire more than 10% of the
voting securities of any issuer.
