46351 9/98
Prospectus Supplement
dated September 14, 1998 to:
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PUTNAM EUROPE GROWTH FUND
Prospectus dated October 30 , 1997
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
Officer Year (at least 5 years)
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Omid Kamshad 1996 Employed as an investment
Managing Director professional by
Putnam Management since 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.
Justin M. Scott
Managing Director 1990 Employed as an investment
professional by Putnam
Management since 1988.
Mark D. Pollard
Senior Vice President 1995 Employed as an investment
professional by Putnam
Management since 1990.
Nigel P. Hart 1998 Employed as an investment
Vice President professional by Putnam
Management since 1997. Prior
to November, 1997, Mr. Hart
was a Vice President and
Portfolio Manager at IAI
International.
Putnam Log o
