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PUTNAM PREFERRED INCOME FUND Supplement dated April 10, 1995 to Prospectus dated March 1, 1995 Jeanne L. Mockard, Senior Vice President of Putnam Management and Vice President of the Fund, has had primary responsibility for the day-to-day management of the Fund's portfolio since 1995. Ms. Mockard has been employed by Putnam Management since 1990.
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