PUTNAM EUROPE GROWTH FUND
Prospectus Supplement dated November 4, 1996
to Prospectus dated October 30, 1996
The third paragraph under the heading "How the fund is 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 fund's portfolio since the years
stated below:
Business experience
Year (at least 5 years)
------- -------------------------
Omid Kamshad 1996 Employed as an
Senior Vice President investment professional by
Putnam Management since
January, 1996. Prior to
January, 1996, Mr. Kamshad was
Director of Investments at
Lombard Odier International.
Prior to April, 1995, Mr.
Kamshad was Director at Baring
Asset Management Company.
Prior to December, 1991, Mr.
Kamshad was Senior Portfolio
Manager at Enskilda Asset
Management.
Mark D. Pollard 1995 Employed as an
Senior Vice President investment professional
by Putnam Management
since
1990.
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