55303 9/99
PROSPECTUS SUPPLEMENT
dated September 13, 1999 to:
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PUTNAM GROWTH FUND
PUTNAM U.S. CORE FUND
PUTNAM VALUE FUND
to Prospectus dated August 30, 1999
The third paragraph under the heading "Who manages the
funds?" is replaced with the following for Putnam U.S. Core
Fund:
The following officers of Putnam Management have had primary
responsibility for the day-to-day management of the
indicated fund's portfolio since the years shown below.
Their experience as portfolio managers or investment
analysts over at least the last five years is also shown.
MANAGER SINCE EXPERIENCE
PUTNAM U.S. CORE FUND
Robert R. Beck 1998 Employed by Putnam Management since 1989.
Managing Director
Paul E. Marrkand 1999 Employed by Putnam Management since 1987.
Senior Vice President
Michael P. Stack 1998 Employed by Putnam Management since 1997.
Senior Vice President Prior to November 1997, Mr. Stack was employed
at Independence Investment Associates Inc.
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