38362 11/97
PROSPECTUS SUPPLEMENT
dated November 18, 1997 to:
PUTNAM EMERGING MARKETS FUND
Prospectus dated October 30, 1997
PUTNAM GLOBAL GROWTH FUND
Prospectuses dated February 28, 1997
Effective November 10, 1997, the following text is added to the
section of the prospectus entitled "Other investment practices":
Swaps Agreement
The fund may enter into other types of "over-the-counter"
transactions with broker-dealers or other financial institutions,
in which its investment return will depend on the change in value
of a specified security or index. The Fund would typically
receive from the counterparty the amount of any increase, and pay
to the counterparty the amount of any decrease, in the value of
the underlying security or index. The contracts would thus,
absent the failure of the counterparty to complete its
obligations, provide to the fund approximately the same return as
it would have realized if it had owned the security or index
directly.
The fund's ability to realize a profit from such transactions
will depend on the ability of the financial institutions with
which it enters into the transactions to meet their obligations
to the fund. Under certain circumstances, suitable transactions
may not be available to the fund, or the fund may be unable to
close out its position under such transactions at the same times,
or at the same prices, as if it had purchased comparable publicly
traded securities.
