38651 11/97
PUTNAM INTERNATIONAL NEW OPPORTUNITIES FUND
Prospectus Supplement dated November 12, 1997
to Prospectuses dated December 31, 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)
------- -------------------------
J. Peter Grant 1996 Employed as an investment
Senior Vice President professional by Putnam
Management since 1973.
Robert Swift 1996 Employed as an investment
Senior Vice President professional by Putnam
Management since August, 1995.
Prior to August, 1995, Mr.
Swift was Director and Senior
Portfolio Manager at IAI
International/Hill Samuel
Investment Advisors.
Ami Danoff 1996 Employed as an investment
Vice President professional by Putnam
Management since 1993. Prior
to April, 1993, Ms. Kuan
attended the MIT Sloan School
of Management.
Deborah S. Farrell 1997 Employed as an investment
Vice President professional by Putnam
Management since May,
1997. Prior to May, 1997, Ms.
Farrell was a Portfolio
Manager at Emerging Markets
Investors Corporation, and
prior to May, 1994 was
Division Manager, Asian
Capital Markets, at
International Finance
Corporation.
<PAGE>
Stephen Oler 1997 Employed as an investment
Vice President professional by Putnam
Management since June, 1997.
Prior to June, 1997 Mr. Oler
was a Vice President at
Templeton Investments, and
prior to March, 1996, was a
Senior Vice President at
Baring Asset Management Co.
Jack P. Chang 1997 Employed as an investment
Vice President professional by Putnam
Management since July, 1997.
Prior to July, 1997, Mr. Chang
was a Vice President and
Portfolio Manager at Columbia
Management, and prior to
1993, was a Vice President
and Portfolio Manager at
Scudder, Stevens & Clark.
