Supplement dated March 16, 1999 to
Putnam Europe Growth Fund (the "fund")
Statement of Additional Information dated October 30, 1998
The 15th paragraph under the heading "Investment
Restrictions" is replaced by the following:
In connection with the offering of its shares in Japan, the
fund has undertaken to the Japanese Securities Dealers
Association that the fund will not: (1) invest more than 15%
of its net assets in securities that are not traded on an
official exchange or other regulated market, including,
without limitation, the National Association of Securities
Dealers Automated Quotation System (this restriction shall
not be applicable to bonds determined by Putnam Investment
Management, Inc. to be liquid and for which a market price
(including a dealer quotation) is generally obtainable or
determinable); (2) borrow money in excess of 10% of the
value of its total assets; (3) make short sales of
securities in excess of the fund's net asset value; and (4)
together with other mutual funds managed by Putnam
Investment Management, Inc., acquire more than 50% of the
outstanding voting securities of any issuer.
51743 3/99
