When the former George Putnam Fund of Boston was founded in 1937, could anyone have foreseen that it would grow to be one of the oldest mutual funds and perhaps the first balanced portfolio?

Five years ago, lead manager Jeanne Mockard took over the $5.3 billion fund, which is one of Putnam Investments most conservative accounts. Her team includes equity and bond specialists who have created a portfolio of high-quality fixed-income securities and large-cap value stocks that yield favorable returns in a bull market and minimize losses in a down market, a report from BusinessWeek online indicates.

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