49807 1/99
PROSPECTUS SUPPLEMENT
dated January 11, 1999 to:
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PUTNAM INTERNATIONAL FUND
PUTNAM JAPAN FUND
PUTNAM BALANCED FUND
to Prospectus dated December 30, 1997
The second 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 BALANCED FUND
James M. Prusko 1998 Employed as an investment
Senior Vice President professional by Putnam
Management since 1992.
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.
