PUTNAM AMERICAN RENAISSANCE FUND
PUTNAM RESEARCH FUND
PUTNAM BALANCED FUND
PUTNAM REAL ESTATE OPPORTUNITIES FUND
Prospectus Supplement dated July 15, 1996 to
Prospectus dated May 1, 1996
The fifth paragraph under the heading "How the funds are managed"
and the section of the chart that follows regarding Putnam
American Renaissance Fund on page 23 is replaced with the
following:
The following officers of Putnam Investment Management, Inc., the
Trust's investment manager ("Putnam Management"), have had
primary responsibility for the day-to-day management of the
indicated funds' portfolios since the years stated below:
Business experience
Year (at least 5 years)
------ -------------------------
American Renaissance Fund
- -------------------------
Carol C. McMullen 1995 Employed as an investment
Managing Director professional by Putnam
Management since 1995.
Prior to June, 1995, Ms.
McMullen was Senior Vice
President and Senior
Portfolio Manager of Baring
Asset Management.
Jeffrey R. Lindsey 1996 Employed as an investment
Senior Vice President professional by Putnam
Management since 1994.
Prior to April, 1994, Mr.
Lindsey was Vice President
at Strategic Portfolio
Management Inc.
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