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PUTNAM INVESTMENTS UNVEILS NEW PUTNAM BALANCED GOVERNMENT FUND

 BOSTON, Feb. 17 /PRNewswire/ -- Putnam Investments today unveiled its new Putnam Balanced Government Fund, the only open-end mutual fund designed primarily to specifically allocate investments between fixed- rate and adjustable-rate (ARM) mortgage-backed securities.
 The Putnam Balanced Government Fund is available to individual shareholders through Putnam's network of broker, investment advisors, financial planners and registered representatives.
 According to Stephen Gibson, national marketing director, the Putnam Balanced Government Fund is designed to provide a high level of current income while limiting fluctuations in net asset value. The fund will seek to achieve this objective through a balanced portfolio of adjustable-rate and fixed-rate mortgage-backed securities issued or guaranteed by the U.S. government, its agencies or instrumentalities.
 Mr. Gibson said that internal research indicated this new product should be widely accepted -- particularly in the bank marketplace.
 "Historically, banks were somewhat slow to offer adjustable-rate products to their customers, despite the appeal of lower volatility to a more conservative client base," Mr. Gibson said. "We think the Putnam Balanced Government Fund may prove especially attractive because we believe it will offer higher income than a traditional ARM fund."
 According to Gary Coburn, Putnam chief of fixed income investments, "We think the investment approach makes great sense entering a period of uncertainty concerning the direction of administrative policies, economic growth and interest rates.
 "The Putnam Balanced Government Fund offers investors a real chance for diversification in the fixed-income market," Mr. Coburn said. "With our years of mortgage securities investment management expertise, Putnam is uniquely positioned to launch this fund."
 The Putnam Balanced Government Fund will initially be offered to investors in two classes of shares.
 Putnam currently manages $10.8 billion (as of 2/17/93), in four additional government funds. These funds include Putnam Adjustable Rate U.S. Government Fund ($394 million); Putnam U.S. Government Income Trust ($5.8 billion); Putnam American Government Income Fund ($3.9 billion); and Putnam Federal Income Trust ($655 million).
 Putnam Investments has 55 years of experience in equity and fixed- income mutual fund investing and a 23-year record managing institutional funds. Currently, Putnam manages more than $67 billion in equity and fixed-income investments, including over $47 billion in U.S. mutual funds and closed-end funds, domestically and internationally for two million individuals and over 200 institutional clients worldwide. Headquartered in Boston, the firm also has offices in London and Tokyo.
 -0- 2/17/93
 /NOTE TO EDITORS: For more complete information on the Putnam Balanced Government Fund, including charges and expenses, call Putnam Investor Services toll-free at 800-225-1581 for a prospectus. Any investor should read the prospectus carefully before he/she invests or sends money./
 /CONTACT: Nancy Fisher of Putnam Investments, 617-292-1608; or Surya Shah of Edelman Public Relations, 212-704-8172, for Putnam Investments/


CO: Putnam Investments ST: Massachusetts IN: FIN SU: PDT

GK-OS -- NY095 -- 7438 02/17/93 15:04 EST
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Date:Feb 17, 1993
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