37040 9/97
PUTNAM INVESTMENT FUNDS
Putnam Global Growth and Income Fund (the "fund")
Prospectus Supplement dated September 8, 1997
to Prospectus dated December 31, 1996
The information relating to the fund contained in the second
paragraph under the heading "How the funds are managed" is
replaced with the following:
The following officers of Putnam Management have had primary
responsibility for the day - to - day management of the
indicated funds' portfolios since the years stated below:
Year Business experience
(at least 5 years)
------ -------------------------
Putnam Global Growth
and Income Fund
Justin M. Scott 1995 Employed as an
investment
Managing Director professional by Putnam
Management since 1988.
Deborah F. Kuenstner 1997 Employed as an
investment
Senior Vice President professional by
Putnam
Management since March, 1997.
Prior to March, 1997, Ms.
Kuenstner
was the Senior Portfolio
Manager at
Dupont Pension Fund
Investment.
Hugh H. Mullin 1995 Employed as an investment
Senior Vice President professional by
Putnam
Management since 1986
George W. Stairs 1997 Employed as an
investment
Senior Vice President professional by
Putnam
Management since July, 1994.
Prior to July, 1994, Mr.
Stairs was
an Associate at ValueQuest
Ltd.
