PUTNAM EUROPE GROWTH FUND (the "fund")
Prospectus Supplement dated August 18, 1997
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)
---- -------------------------
Justin M. Scott 1990 Employed as an investment
Managing Director professional by Putnam
Management since 1988.
Omid Kamshad 1996 Employed as an investment
Senior Vice President professional by Putnam
Management since 1996.
Prior to January, 1996,
Mr.
Kamshad was Director of
Investments at Lombard
Odier International and
prior to April, 1995,
he
was Director at Baring
Asset Management
Company.
Mark D. Pollard 1995 Employed as an investment
Senior Vice President professional by Putnam
Management since 1990.
8/97 36272
s:\funds\suppleme\A44sup
