PUTNAM EUROPE GROWTH FUND
Prospectus Supplement dated November 1, 1994 to
Prospectus dated November 1, 1994
The Prospectus is revised as follows:
The first two paragraphs of the section "How to buy shares --
Class B shares" are replaced with the following:
CLASS B SHARES
Class B shares are sold without an initial sales charge, although
a CDSC will be imposed if you redeem shares within six years of
purchase. The following types of shares may be redeemed without
charge at any time: (i) shares acquired by reinvestment of
distributions and (ii) shares otherwise exempt from the CDSC, as
described in "How to buy shares -- General" below. For other
shares, the amount of the charge is determined as a percentage of
the lesser of the current market value or the cost of the shares
being redeemed. The amount of the CDSC will depend on the number
of years since you invested and the dollar amount being redeemed,
according to the following table:
CONTINGENT DEFERRED
SALES CHARGE
YEARS SINCE AS A PERCENTAGE OF
PURCHASEDOLLAR AMOUNT
PAYMENT MADE SUBJECT TO CHARGE
- ------------ -----------------
0-1. . 5.0%
1-2. . 4.0%
2-3 . 3.0%
3-4 . 3.0%
4-5 . 2.0%
5-6. . 1.0%
6 and thereafter . . . . . . . .NONE
In determining whether a CDSC is payable on any redemption, the
Fund will first redeem shares not subject to any charge, and then
shares held longest during the six-year period. For this
purpose, the amount of any increase in a share's value above its
initial purchase price is not regarded as a share exempt from the
CDSC. Thus, when a share that has appreciated in value is
redeemed during the six-year period, a CDSC is assessed on its
initial purchase price. For information on how sales charges are
calculated if you exchange your shares, see "How to exchange
shares." Putnam Mutual Funds receives the entire amount of any
CDSC you pay.
