56217 10/99
Prospectus Supplement
dated October 11, 1999 to:
______________________________________________________________________________
Putnam Utilities Growth and Income Fund (the "fund")
Prospectus dated February 28, 1999
In the section entitled "Who manages the fund?" the second
paragraph is replaced with the following:
The following officers of Putnam Management have had primary
responsibility for the day-to-day management of the fund's
portfolio since the years shown below. Their experience as
portfolio managers or investment analysts over at least the last
five years is also shown.
Manager Since Experience
Krishna Memani 1999 Employed by Putnam Management since 1998. Prior to
Managing Director September, 1998 Mr. Memani was employed
at Morgan Stanley & Co.
Jeanne L. Mockard 1998 Employed by Putnam Management since 1990.
Senior Vice Presiden t
