PUTNAM GLOBAL GROWTH FUND

                                 FORM N-1A
                                  PART B

                STATEMENT OF ADDITIONAL INFORMATION ("SAI")
             February 28, 1997    as revised June 12, 1997    

This SAI is not a prospectus and is only authorized for
distribution when accompanied or preceded by the prospectus of
the fund dated February 28, 1997, as revised from time to time. 
This SAI contains information which may be useful to investors
but which is not included in the prospectus.  If the fund has
more than one form of current prospectus, each reference to the
prospectus in this SAI shall include all of the fund's
prospectuses, unless otherwise noted.  The SAI should be read
together with the applicable prospectus.  Investors may obtain a
free copy of the applicable prospectus from Putnam Investor
Services, Mailing address:  P.O. Box 41203, Providence, RI 02940-
1203.

Part I of this SAI contains specific information about the fund. 
Part II includes information about the fund and the other Putnam
funds.

                             Table of Contents

Part I

INVESTMENT RESTRICTIONS. . . . . . . . . . . . . . . . . . . . . . . . .I-3

CHARGES AND EXPENSES . . . . . . . . . . . . . . . . . . . . . . . . . .I-5

INVESTMENT PERFORMANCE . . . . . . . . . . . . . . . . . . . . . . . . I-10

ADDITIONAL OFFICERS. . . . . . . . . . . . . . . . . . . . . . . . . . I-10

INDEPENDENT ACCOUNTANTS AND FINANCIAL STATEMENTS . . . . . . . . . . . I-11

Part II

MISCELLANEOUS INVESTMENT PRACTICES . . . . . . . . . . . . . . . . . . II-1

TAXES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .II-29

MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .II-34

DETERMINATION OF NET ASSET VALUE . . . . . . . . . . . . . . . . . . .II-44

HOW TO BUY SHARES. . . . . . . . . . . . . . . . . . . . . . . . . . .II-45

DISTRIBUTION PLANS . . . . . . . . . . . . . . . . . . . . . . . . . .II-57

INVESTOR SERVICES. . . . . . . . . . . . . . . . . . . . . . . . . . .II-58

SIGNATURE GUARANTEES . . . . . . . . . . . . . . . . . . . . . . . . .II-64

SUSPENSION OF REDEMPTIONS. . . . . . . . . . . . . . . . . . . . . . .II-64

SHAREHOLDER LIABILITY. . . . . . . . . . . . . . . . . . . . . . . . .II-64

STANDARD PERFORMANCE MEASURES. . . . . . . . . . . . . . . . . . . . .II-65

COMPARISON OF PORTFOLIO PERFORMANCE. . . . . . . . . . . . . . . . . .II-66

DEFINITIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .II-71


                                    SAI
                                  PART I

INVESTMENT RESTRICTIONS

As fundamental investment restrictions, which may not be changed
without a vote of a majority of the outstanding voting
securities, the fund may not and will not:

(1) With respect to 75% of its total assets, invest in the
securities of any issuer if, immediately after such 
investment,

more than 5% of the total assets of the fund (taken at current
value) would be invested in the securities of such issuer;
provided that this limitation does not apply to obligations
issued or guaranteed as to interest or
 principal by the U.S.
government or its agencies or instrumentalities.

(2) With respect to 75% of its total assets, acquire more than
10% of the outstanding voting securities of any issuer.

(3) Borrow money in excess of 10% of its gross assets (taken at
cost) and then only as a temporary measure for extraordinary or
emergency reasons and not for investment.  (The fund may borrow
only from banks and immediately after any such borrowings there
must be an asset coverage (total assets of the fund including the
amount borrowed less liabilities other than such borrowings) of
at least 300% of the amount of all borrowings.  In the event
that, due to market decline or other reasons, such asset coverage
should at any time fall below 300%, the fund is required within
three days not including Sundays and holidays to reduce the
amount of its borrowings to the extent necessary to cause the
asset coverage of such borrowings to be at least 300%.  If this
should happen, the fund may have to sell securities at a time
when it would be disadvantageous to do so.)

(4) Make loans, except by purchase of debt obligations in which
the fund may invest consistent with its investment policies, by

entering into repurchase agreements, 
or by lending its portfolio
securities
 .

(5) Purchase or sell commodities or commodity contracts, except
that the fund may purchase and sell financial futures contracts
and options and may enter into foreign exchange contracts and
other financial transactions not involving physical commodities.

(6) Purchase or sell real estate, although it may purchase
securities of issuers which deal in real estate, securities which
are secured by interests in real estate, and securities which
represent interests in real estate, and it may acquire and
dispose of real estate or interests in real estate acquired
through the exercise of its rights as a holder of debt
obligations secured by real estate or interests therein.

(7) Underwrite securities issued by other persons except to the
extent that, in connection with the disposition of its portfolio
investments, it may be deemed to be an underwriter under certain
federal securities laws.

(8) Purchase securities (other than securities of the U.S.
government, its agencies or instrumentalities) if, as a result of
such purchase, more than 25% of the fund's total assets would be
invested in any one industry.

Although certain of the fund's fundamental investment
restrictions permit it to borrow money to a limited extent,
   the fund     does not currently intend to do so and did not do
so last year.

The Investment Company Act of 1940 provides that a "vote of a
majority of the outstanding voting securities" of the fund means
the affirmative vote of the lesser of (1) more than 50% of the
outstanding    fund     shares        , or (2) 67% or more of the
shares present at a meeting if more than 50% of the outstanding
   fund     shares are represented at the meeting in person or by
proxy.

It is contrary to the fund's present policy, which may be changed
without shareholder approval, to:

(1) Invest in (a) securities which are not readily marketable,
(b) securities restricted as to resale (excluding securities
determined by the Trustees of the fund (or the person designated
by the Trustees of the fund to make such determinations) to be
readily marketable), and (c) repurchase agreements maturing in
more than seven days, if, as a result, more than 15% of the
fund's net assets (taken at current value) would be invested in
securities described in (a), (b) and (c) above.

                         ------------------------

All percentage limitations on investments (other than pursuant to
non-fundamental restriction (1)) will apply at the time of the
making of an investment and shall not be considered violated
unless an excess or deficiency occurs or exists immediately after
and as a result of such investment.

                          ----------------------

CHARGES AND EXPENSES

Management fees

Under a Management Contract dated February 20, 1997, the fund
pays a quarterly fee to Putnam Management based on the average
net assets of the fund, as determined at the close of each
business day during the quarter, at the annual rate of 0.80% of
the first $500 million of average net assets, 0.70% of the next
$500 million, 0.65% of the next    $500 million     and 0.60% of
the next $5 billion, 0.575% of the next $5 billion, 0.555% of the
next $5 billion, 0.54% of the next $5 billion and 0.53% of any
amount thereafter.  For the past three fiscal years, pursuant to
a management contract in effect prior to February 20, 1997, under
which the management fee payable to Putnam Management was paid at
the rate of 0.80% of the first $500 million of average net
assets, 0.70% of the next $500 million, 0.65% of the next $500
million and 0.60% of any amount over $1.5 billion, the fund
incurred the following fees:

              Fiscal                 Management
              year                   fee paid

              1996                   $20,951,734
              1995                   $16,544,148
              1994                   $12,562,847


Brokerage commissions

The following table shows brokerage commissions paid during the
fiscal periods indicated:

              Fiscal                  Brokerage
              year                    commissions

              1996                    $7,574,609
              1995                    $5,565,094
              1994                         $4,798,128

The following table shows transactions placed with brokers and
dealers during the most recent fiscal year to recognize research,
statistical and quotation services received by Putnam Management
and its affiliates:

         Dollar
         value                Percent of
         of these             total                 Amount of
         transactions         transactions        commissions

         $2,729,035,788          69.83%            $5,938,635

Administrative expense reimbursement

The fund reimbursed Putnam Management in the following amount for
administrative services during fiscal 1996, including the
following amount for compensation of certain fund officers and
contributions to the Putnam Investments, Inc. Profit Sharing
Retirement Plan for their benefit:

                                    Portion of total
                                    reimbursement for
                                      compensation
            Total                          and
        reimbursement                 contributions

           $43,424                       $38,255

Trustee fees 

Each Trustee receives a fee for his or her services.  Each
Trustee also receives fees for serving as Trustee of other Putnam
funds.  The Trustees periodically review their fees to assure
that such fees continue to be appropriate in light of their
responsibilities as well as in relation to fees paid to trustees
of other mutual fund complexes.  The Trustees meet monthly over a
two-day period, except in August.  The Compensation Committee,
which consists solely of Trustees not affiliated with Putnam
Management and is responsible for recommending Trustee
compensation, estimates that Committee and Trustee meeting time
together with the appropriate preparation requires the equivalent
of at least three business days per Trustee meeting.  The
following table shows the year each Trustee was first elected a
Trustee of the Putnam funds, the fees paid to each Trustee by the
fund for fiscal 1996 and the fees paid to each Trustee by all of
the Putnam funds during calendar 1996:

COMPENSATION TABLE

                                     Pension or     Estimated          Total
                     Aggregate       retirement     annual benefits compensation
                  compensation benefits accrued      from all       from all
                      from the       as part of    Putnam funds        Putnam
Trustees/Year          fund(1)    fund expenses(2)  upon retirement(3) funds(4)
- -------------------------------------------------------------------------------

Jameson A. Baxter/1994 (5)  $5,514          $0        $85,646         $172,291
Hans H. Estin/1972            5,491          0         85,646          171,291
John A. Hill/1985 (5)         5,465          0         85,646          170,791
Ronald J. Jackson/1996 (5)(6) 2,230          0         85,646           94,807
Elizabeth T. Kennan/1992      5,491          0         85,646          171,291
Lawrence J. Lasser/1992       5,453          0         85,646          169,791
Robert E. Patterson/1984      5,862          0         85,646          182,291
Donald S. Perkins/1982        5,469          0         85,646          170,291
William F. Pounds/1971 (7)    6,130          0         98,146          197,291
George Putnam/1957            5,491          0         85,646          171,291
George Putnam, III/1984       5,491          0         85,646          171,291
A.J.C. Smith/1986             5,453          0         85,646          169,791
W. Nicholas Thorndike/1992    5,825          0         85,646          181,291

(1) Includes an annual retainer and an attendance fee for each meeting attended.
(2) The Trustees approved a Retirement Plan for Trustees of the Putnam funds 
    on October 1, 1996.  Prior to that date, voluntary retirement benefits 
    were paid to certain retired Trustees.
(3) Assumes that each Trustee retires at the normal retirement date.  
    Estimated benefits for each Trustee are based on Trustee fee rates in 
    effect during calendar 1996.
(4) As of December 31, 1996, there were 96 funds in the Putnam family.
(5) Includes compensation deferred pursuant to a Trustee Compensation 
    Deferral Plan.  The total amounts of deferred compensation payable by the 
    fund to    Ms. Baxter,     Mr. Hill   and     Mr. Jackson         as of 
    October 31, 1996 were    $4,936,     $7,938   and     $2,263        , 
    respectively, including income earned on such amounts.
(6) Elected as a Trustee in May 1996.
(7) Includes additional compensation for service as Vice Chairman of the 
    Putnam funds.


Under a Retirement Plan for Trustees of the Putnam funds (the
"Plan"), each Trustee who retires with at least five years of
service as a Trustee of the funds is entitled to receive an
annual retirement benefit equal to one-half of the average annual
compensation paid to such Trustee for the last three years of
service prior to retirement.  This retirement benefit is payable
during a Trustee's lifetime, beginning the year following
retirement, for a number of years equal to such Trustee's years
of service.  A death benefit is also available under the Plan
which assures that the Trustee and his or her beneficiaries will
receive benefit payments for the lesser of an aggregate period of
(i) ten years or (ii) such Trustee's total years of service.  

The Plan Administrator (a committee comprised of Trustees that
are not "interested persons" of the fund, as defined in the
Investment Company Act of 1940) may terminate or amend the Plan
at any time, but no termination or amendment will result in a
reduction in the amount of benefits (i) currently being paid to a
Trustee at the time of such termination or amendment, or (ii) to
which a current Trustee would have been entitled to receive had
he or she retired immediately prior to such termination or
amendment.

For additional information concerning the Trustees, see
"Management" in Part II of this SAI.

Share ownership

At January 31, 1997, the officers and Trustees of the fund as a
group owned less than 1% of the outstanding shares of each class
   of the fund    , and, except as noted below, to the knowledge
of the fund no person owned of record or beneficially 5% or more
of         any class of    shares of     the fund       : 

 Shareholder name       Percentage
Classand address           owned

  A              Great West Life & Annuity             6.20%
                   8515 East Orchard Rd.
                 Englewood, CO 80111-50002

  Y             The Thomson Holdings, Inc.            17.12%
                       Savings Plan*

  Y             Thomason Financial Networks            6.60%
                   401(k) Savings Plan*

*        The address for the name listed is:
         c/o Putnam Fiduciary Trust Company, as trustee or agent,
         859 Willard Street, Quincy, MA 02269.



Distribution fees

During fiscal 1996, the fund paid the following 12b-1 fees to
Putnam Mutual Funds:

      Class A                 Class B             Class M

    $4,902,301              $11,722,821          $104,009

Class A sales charges and contingent deferred sales charges

Putnam Mutual Funds received sales charges with respect to class
A shares in the following amounts during the periods indicated:

              Sales charges
           retained by Putnam     Contingent
       Total  Mutual Funds         deferred
     front-end    after              sales
Fiscal year   sales charges   dealer concessions      charges

1996         $ 7,319,673         $1,199,012         $20,996
1995         $ 5,851,560         $  893,503         $26,951
1994         $10,702,534         $1,359,290         $ 8,713


Class B contingent deferred sales charges

Putnam Mutual Funds received contingent deferred sales charges
upon redemptions of class B shares in the following amounts
during the periods indicated:

                         Contingent deferred
Fiscal year                 sales charges

1996                         $1,502,966
1995                         $1,720,078
1994                           $764,274

Class M sales charges

Putnam Mutual Funds received sales charges with respect to class
M shares in the following amounts during the periods indicated:

                                           Sales charges
                                      retained by Putnam
                                            Mutual Funds
                      Total                        after
Fiscal    period    sales charges     dealer concessions

1996                $213,461                     $34,883
1995                 $68,686                     $10,969

Investor servicing and custody fees and expenses

During the 1996 fiscal year, the fund incurred $10,176,556 in
fees and out-of-pocket expenses for investor servicing and
custody services provided by Putnam Fiduciary Trust Company.

INVESTMENT PERFORMANCE
Standard performance measures
(for periods ended October 31, 1996)

                    Class A    Class B    Class M      Class Y
Inception date:     9/1/67     4/27/92    3/1/95       6/15/94

Annualized
total return

1 year               9.41%      10.25%     11.46%       16.39%
5 years              9.89         --         --           --
10 years             9.76         --         --           --
Life of class         --        10.86      15.39        11.80

Data represent past performance and are not indicative of future
results.  Total return         for class A and class M shares
reflects the deduction of the maximum sales charge of 5.75% and
3.50%, respectively.  Total return for class B shares reflects
the deduction of the applicable contingent deferred sales charge
("CDSC").  The maximum class B CDSC is 5.0%.  See "Standard
performance measures" in Part II of this SAI for information on
how performance is calculated.

ADDITIONAL OFFICERS

In addition to the persons listed as fund officers in Part II of
this SAI, each of the following persons is also a Vice President
of the fund and certain of the other Putnam funds, the total
number of which is noted parenthetically.  Officers of Putnam
Management hold the same offices in Putnam Management's parent
company, Putnam Investments, Inc.

       

Ian C. Ferguson, (39)    (46     funds).  Senior Managing
Director of Putnam Management.  Prior to April, 1996, Mr.
Ferguson was Chief Executive Officer at Hong Kong Shanghai
Banking Corporation.

Brett Browchuk,    (34)     (48 funds).  Managing Director of
Putnam Management.  Prior to April, 1994, Mr. Browchuk was
Managing Director at Fidelity Investments.

Anthony W. Regan, (57) (12 funds).  Senior Managing Director of
Putnam Management.

   Thomas R. Haslett (35) (3 funds).   Managing Director of
Putnam Management.  Prior to December, 1996, Mr. Haslett was
Managing Director of Montgomery Asset Management Ltd.    

Carol C. McMullen, (41)    (7     funds).  Managing Director of
Putnam Management.  Prior to June, 1995, Ms. McMullen was Senior
Vice President at Baring Asset Management.

Robert Swift,    (37)     (6 funds).  Senior Vice President of
Putnam Management.  Prior to August, 1995, Mr. Swift was Director
and Senior Portfolio Manager at IAI International/Hill Samuel
Investment Advisors.

Ami T. Kuan, (34) (4 funds).  Vice President of Putnam
Management.  Prior to April, 1993, Ms. Kuan attended the Alfred
P. Sloan School of Management, Massachusetts Institute of
Technology.

C. Kim Goodwin,    (38)     (4 funds).  Senior Vice President of
Putnam Management.  Prior to May, 1996, Ms. Goodwin was Vice
President at Prudential Mutual Fund Investment Management, and
prior to February, 1993, Ms. Goodwin was Assistant Vice President
at Mellon Bank.

INDEPENDENT ACCOUNTANTS AND FINANCIAL STATEMENTS

Coopers & Lybrand L.L.P., One Post Office Square, Boston, MA
02109, are the fund's independent accountants, providing audit
services, tax return review and other tax consulting services and
assistance and consultation in connection with the review of
various Securities and Exchange Commission filings.  The Report
of Independent Accountants, financial highlights and financial
statements included in the fund's Annual Report for the fiscal
year ended October 31, 1996, filed electronically on December 31,
1996 (File No. 811-1403), are incorporated by reference into this
SAI.  The financial highlights included in the prospectus and
incorporated by reference into this SAI and the financial
statements incorporated by reference into the prospectus and this
SAI have been so included and incorporated in reliance upon the
report of the independent accountants, given on their authority
as experts in auditing and accounting.