44538 7/98
Prospectus Supplement
dated July 13, 1998 to:
- -----------------------------------------------------------------
Putnam Utilities Growth and Income Fund
Prospectus dated February 28, 1998
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)
----- -------------------------
Jeanne L. Mockard 1998 Employed as an investment
Senior Vice President professional by Putnam
Management since 1990.
Christopher A. Ray 1993 Employed as an investment
Senior Vice President professional by Putnam
Management since 1992.
