PUTNAM INTERNATIONAL GROWTH FUND (the "fund")
Prospectus Supplement dated August 15, 1997
to Prospectuses 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 1991 Employed as an investment
Managing Director professional by Putnam
Management since 1988.
Omid Kamshad 1997 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.
David K. Thomas 1997 Employed as an investment
Senior Vice President professional by Putnam
Management since 1987.
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