60670 4/00
Prospectus Supplement
dated April 10, 2000 to:
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PUTNAM BALANCED FUND
Prospectuses dated January 30, 2000 as revised March 30, 2000
The second paragraph under the heading "Who manages the fund?" is replaced
with the following:
The following officers of Putnam Management have had primary responsibility
for the day-to-day management of the 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
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Kevin Cronin 2000 1997-present Putnam Management
Managing Director prior to 1997 MFS Investment Management
David Santos 1999 1986 - present Putnam Management
Senior Vice President
Manuel Weiss 1998 1987 - present Putnam Management
Senior Vice President
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