49806 1/99
PROSPECTUS SUPPLEMENT
dated January 11, 1999 to:
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PUTNAM GROWTH FUND
PUTNAM U.S. CORE FUND
PUTNAM VALUE FUND
to Prospectus dated May 1, 1998
The fourth paragraph under the heading "How the funds are
managed" is replaced with the following:
The following officers of Putnam Investment Management, Inc.
("Putnam Management") have had primary responsibility for
the day-to-day management of the indicated fund's portfolio
since the years stated below:
Business
experience
Year (at least 5 years)
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PUTNAM GROWTH FUND
Jeffrey R. Lindsey 1998 Employed as an investment
Senior Vice President professional by Putnam
Management since April, 1994.
Prior to April, 1994, Mr.
Lindsey was a Vice President
at Strategic Portfolio
Management, Inc.
David J. Santos 1999 Employed as an investment
Senior Vice President professional by Putnam
Management since 1986.
Manuel Weiss 1998 Employed as an investment
Senior Vice President professional by Putnam
Management since 1987.
