<PAGE> PAGE 1
000 B000000 08/31/97
000 C000000 0000932101
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 PUTNAM INVESTMENT FUNDS
001 B000000 811-7237
001 C000000 6172921562
002 A000000 ONE POST OFFICE SQUARE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 10
007 C010100 1
007 C020100 PUTNAM AMERICAN RENAISSANCE FUND
007 C030100 N
007 C010200 2
007 C020200 PUTNAM RESEARCH FUND
007 C030200 N
007 C010300 3
007 C020300 PUTNAM BALANCED FUND
007 C030300 N
007 C010400 4
007 C020400 PUTNAM NEW VALUE FUND
007 C030400 N
007 C010500 5
007 C020500 PUTNAM GLOBAL GROWTH & INCOME FUND
007 C030500 N
007 C010600 6
007 C020600 PUTNAM INTERNATIONAL NEW OPPORTUNITIES FUND
007 C030600 N
007 C010700 7
007 C020700 PUTNAM EMERGING MARKETS FUND
007 C030700 N
007 C010800 8
007 C020800 PUTNAM INTERNATIONAL FUND
007 C030800 N
007 C010900 9
007 C020900 PUTNAM INTERNATIONAL VOYAGER FUND
007 C030900 N
007 C011000 10
007 C021000 PUTNAM JAPAN FUND
<PAGE> PAGE 2
007 C031000 N
008 A00AA01 PUTNAM INVESTMENT MANAGEMENT, INC
008 B00AA01 A
008 C00AA01 801-7974
008 D01AA01 BOSTON
008 D02AA01 MA
008 D03AA01 02109
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
013 A00AA02 COOPERS & LYBRAND L.L.P.
013 B01AA02 BOSTON
013 B02AA02 MA
013 B03AA02 02109
015 A00AA01 PUTNAM FIDUCIARY TRUST CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02109
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 94
019 C00AA00 PUTNAMFUND
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001 183
020 A000002 SALOMON BROTHERS INC.
020 B000002 13-3082694
020 C000002 152
020 A000003 GOLDMAN SACHS & CO.
020 B000003 13-5108880
020 C000003 142
020 A000004 EDWARDS (A.G.) & SONS INC.
020 B000004 43-0895477
020 C000004 134
020 A000005 BEQAR STEARNS & CO.
020 B000005 13-4946705
020 C000005 110
020 A000006 UBS SECURITIES INC.
020 B000006 13-2932996
020 C000006 101
020 A000007 FIRST BOSTON CO.
020 B000007 13-5659485
020 C000007 90
020 A000008 MORGAN STANLEY INC.
020 B000008 13-2655998
020 C000008 74
020 A000009 PAINE WEBBER INC.
020 B000009 13-2638166
<PAGE> PAGE 3
020 C000009 73
020 A000010 DEUTSCHE MORGAN-GRENFELL
020 B000010 13-2730828
020 C000010 67
021 000000 2607
022 A000001 UBS SECURITIES
022 B000001 13-2932996
022 C000001 1571762
022 D000001 958
022 A000002 GOLDMAN SACHS & CO.
022 B000002 13-5108880
022 C000002 1457494
022 D000002 2416
022 A000003 MORGAN (J.P.) SECURITIES INC.
022 B000003 13-3224016
022 C000003 1251033
022 D000003 3677
022 A000004 WARBURG (S.G.) & CO., INC.
022 B000004 13-3340045
022 C000004 1101434
022 D000004 527
022 A000005 MORGAN STANLEY INC.
022 B000005 13-2655998
022 C000005 410413
022 D000005 8221
022 A000006 LEHMAN BROTHERS INC.
022 B000006 13-2518466
022 C000006 414695
022 D000006 2437
022 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000007 13-5674085
022 C000007 58068
022 D000007 2104
022 A000008 KLEINWORT BENSON INC.
022 B000008 13-2647786
022 C000008 6927
022 D000008 4892
022 A000009 FIRST BOSTON CO.
022 B000009 13-5659485
022 C000009 7823
022 D000009 3537
022 A000010 HSBC SECURITIES INC.
022 B000010 13-2650272
022 C000010 4675
022 D000010 898
023 C000000 6308919
023 D000000 31090
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
<PAGE> PAGE 4
026 E000000 N
026 F000000 N
026 G010000 Y
026 G020000 Y
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 Y
078 000000 N
080 A00AA00 FEDERAL INSURANCE COMPANY
080 B00AA00 NATIONAL UNION FIRE INSURANCE COMPANY
080 C00AA00 85000
081 A00AA00 Y
081 B00AA00 93
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
011 A000101 PUTNAM MUTUAL FUNDS CORP
011 B000101 8-5088
011 C010101 BOSTON
011 C020101 MA
011 C030101 02109
012 A000101 PUTNAM INVESTOR SERVICES
012 B000101 84-40129
012 C010101 BOSTON
012 C020101 MA
012 C030101 02109
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
<PAGE> PAGE 5
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
071 A000100 6240
071 B000100 5065
071 C000100 3491
071 D000100 145
072 A000100 12
074 N000100 5518
074 T000100 5385
075 A000100 0
075 B000100 3586
037 000200 N
038 000200 0
039 000200 N
040 000200 N
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
071 A000200 11238
071 B000200 9833
071 C000200 8250
071 D000200 119
072 A000200 12
074 N000200 11565
074 T000200 11509
075 A000200 0
075 B000200 8402
<PAGE> PAGE 6
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
071 A000300 1774
071 B000300 1745
071 C000300 2233
071 D000300 78
072 A000300 6
074 N000300 2358
074 T000300 2258
075 A000300 0
075 B000300 2323
028 A010400 95017
028 A020400 -2
028 A030400 0
028 A040400 16618
028 B010400 65875
028 B020400 1
028 B030400 0
028 B040400 15963
028 C010400 45609
028 C020400 0
028 C030400 0
028 C040400 13606
028 D010400 48457
028 D020400 1
028 D030400 0
028 D040400 14947
028 E010400 49807
028 E020400 0
028 E030400 0
028 E040400 15084
028 F010400 40900
028 F020400 0
028 F030400 0
028 F040400 13421
<PAGE> PAGE 7
028 G010400 345665
028 G020400 0
028 G030400 0
028 G040400 89639
028 H000400 345665
029 000400 Y
030 A000400 2864
030 B000400 5.75
030 C000400 3.50
031 A000400 2717
031 B000400 0
032 000400 147
033 000400 0
034 000400 Y
035 000400 387
036 A000400 Y
036 B000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 Y
041 000400 Y
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.000
048 A010400 500000
048 A020400 0.700
048 B010400 500000
048 B020400 0.600
048 C010400 500000
048 C020400 0.550
048 D010400 5000000
048 D020400 0.500
048 E010400 5000000
048 E020400 0.475
048 F010400 5000000
048 F020400 0.455
048 G010400 5000000
048 G020400 0.440
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 21500000
048 K020400 0.430
062 A000400 N
062 B000400 0.0
062 C000400 0.0
<PAGE> PAGE 8
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
066 A000400 Y
066 C000400 Y
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
<PAGE> PAGE 9
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 907030
071 B000400 349180
071 C000400 534067
071 D000400 65
072 A000400 12
072 B000400 931
072 C000400 13201
072 D000400 0
072 E000400 0
072 F000400 3754
072 G000400 11
072 H000400 0
072 I000400 815
072 J000400 26
072 K000400 91
072 L000400 40
072 M000400 17
072 N000400 182
072 O000400 0
072 P000400 0
072 Q000400 16
072 R000400 12
072 S000400 3427
072 T000400 1
072 U000400 0
072 V000400 0
072 W000400 38
072 X000400 8430
072 Y000400 0
072 Z000400 5702
072AA000400 39753
072BB000400 0
072CC010400 78097
072CC020400 0
072DD010400 1337
072DD020400 812
072EE000400 4354
073 A010400 0.0910
073 A020400 0.0580
073 B000400 0.2340
073 C000400 0.2010
074 A000400 0
074 B000400 22931
074 C000400 0
074 D000400 0
<PAGE> PAGE 10
074 E000400 0
074 F000400 869943
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 4236
074 M000400 0
074 N000400 897110
074 O000400 0
074 P000400 2162
074 Q000400 12158
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 0
074 S000400 0
074 T000400 882790
074 U010400 29338
074 U020400 28070
074 V010400 14.63
074 V020400 14.49
074 W000400 0.0000
074 X000400 83427
074 Y000400 0
075 A000400 0
075 B000400 553608
076 000400 0.00
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
071 A000500 1428
071 B000500 1230
071 C000500 2071
071 D000500 63
<PAGE> PAGE 11
072 A000500 6
074 N000500 2569
074 T000500 2500
075 A000500 0
075 B000500 2279
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
071 A000600 1225544
071 B000600 806163
071 C000600 1303916
071 D000600 62
072 A000600 6
074 N000600 1647949
074 T000600 1623156
075 A000600 0
075 B000600 1385883
028 A010700 14371
028 A020700 0
028 A030700 0
028 A040700 3212
028 B010700 15578
028 B020700 0
028 B030700 0
028 B040700 4344
028 C010700 10597
028 C020700 0
028 C030700 0
028 C040700 3708
028 D010700 19630
028 D020700 0
028 D030700 0
028 D040700 9896
028 E010700 25327
028 E020700 0
028 E030700 0
<PAGE> PAGE 12
028 E040700 13979
028 F010700 16187
028 F020700 0
028 F030700 0
028 F040700 9964
028 G010700 101690
028 G020700 0
028 G030700 0
028 G040700 45103
028 H000700 101690
029 000700 Y
030 A000700 795
030 B000700 5.75
030 C000700 0.00
031 A000700 111
031 B000700 0
032 000700 684
033 000700 0
034 000700 Y
035 000700 31
036 A000700 Y
036 B000700 0
037 000700 N
038 000700 0
039 000700 N
040 000700 Y
041 000700 Y
042 A000700 0
042 B000700 0
042 C000700 100
042 D000700 0
042 E000700 0
042 F000700 0
042 G000700 0
042 H000700 0
043 000700 238
044 000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.000
048 A010700 500000
048 A020700 1.200
048 B010700 500000
048 B020700 1.100
048 C010700 500000
048 C020700 1.050
048 D010700 5000000
048 D020700 1.000
048 E010700 5000000
048 E020700 0.975
<PAGE> PAGE 13
048 F010700 5000000
048 F020700 0.955
048 G010700 5000000
048 G020700 0.940
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 21500000
048 K020700 0.930
053 A000700 Y
053 B000700 Y
053 C000700 N
054 A000700 Y
054 B000700 Y
054 C000700 Y
054 D000700 N
054 E000700 N
054 F000700 N
054 G000700 N
054 H000700 N
054 I000700 N
054 J000700 Y
054 K000700 N
054 L000700 Y
054 M000700 Y
054 N000700 N
054 O000700 Y
055 A000700 N
055 B000700 N
056 000700 N
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 Y
060 B000700 Y
061 000700 500
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
<PAGE> PAGE 14
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 0.0
066 A000700 Y
066 C000700 Y
067 000700 N
068 A000700 N
068 B000700 Y
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 N
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 132027
<PAGE> PAGE 15
071 B000700 54267
071 C000700 38268
071 D000700 142
072 A000700 12
072 B000700 264
072 C000700 488
072 D000700 0
072 E000700 0
072 F000700 512
072 G000700 4
072 H000700 0
072 I000700 86
072 J000700 152
072 K000700 5
072 L000700 22
072 M000700 4
072 N000700 47
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 29
072 S000700 6
072 T000700 238
072 U000700 0
072 V000700 0
072 W000700 1
072 X000700 1106
072 Y000700 135
072 Z000700 -219
072AA000700 1433
072BB000700 0
072CC010700 0
072CC020700 4883
072DD010700 11
072DD020700 4
072EE000700 90
073 A010700 0.0150
073 A020700 0.0130
073 B000700 0.1190
073 C000700 0.0000
074 A000700 1427
074 B000700 5205
074 C000700 0
074 D000700 2030
074 E000700 2480
074 F000700 72483
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 1286
074 K000700 90
<PAGE> PAGE 16
074 L000700 11455
074 M000700 4
074 N000700 96460
074 O000700 4015
074 P000700 497
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 280
074 S000700 0
074 T000700 91668
074 U010700 4533
074 U020700 3500
074 V010700 10.94
074 V020700 10.87
074 W000700 0.0000
074 X000700 14070
074 Y000700 0
075 A000700 0
075 B000700 42641
076 000700 0.00
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.000
048 A010800 500000
048 A020800 0.800
048 B010800 500000
048 B020800 0.700
048 C010800 500000
048 C020800 0.650
048 D010800 5000000
048 D020800 0.600
048 E010800 5000000
048 E020800 0.575
048 F010800 5000000
048 F020800 0.555
048 G010800 5000000
048 G020800 0.540
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 21500000
048 K020800 0.530
058 A000800 N
059 000800 Y
060 A000800 Y
<PAGE> PAGE 17
060 B000800 Y
061 000800 0
062 A000800 N
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
066 A000800 Y
066 C000800 Y
067 000800 N
068 A000800 N
068 B000800 Y
069 000800 N
070 A010800 Y
070 A020800 Y
070 B010800 Y
070 B020800 N
070 C010800 Y
070 C020800 N
070 D010800 Y
070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 N
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 Y
070 M010800 Y
<PAGE> PAGE 18
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 267156
071 B000800 2535
071 C000800 3332
071 D000800 76
072 A000800 12
072 B000800 1
072 C000800 69
072 D000800 0
072 E000800 0
072 F000800 28
072 G000800 0
072 H000800 0
072 I000800 4
072 J000800 -3
072 K000800 0
072 L000800 4
072 M000800 2
072 N000800 0
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 18
072 S000800 4
072 T000800 0
072 U000800 0
072 V000800 0
072 W000800 0
072 X000800 57
072 Y000800 13
072 Z000800 26
072AA000800 38
072BB000800 0
072CC010800 396
072CC020800 0
072DD010800 31
072DD020800 0
072EE000800 49
073 A010800 0.0850
073 A020800 0.0000
073 B000800 0.1310
<PAGE> PAGE 19
073 C000800 0.0000
074 A000800 0
074 B000800 111
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 3558
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 15
074 K000800 0
074 L000800 10
074 M000800 4
074 N000800 3698
074 O000800 0
074 P000800 9
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 25
074 S000800 0
074 T000800 3664
074 U010800 382
074 U020800 0
074 V010800 9.58
074 V020800 0.00
074 W000800 0.0000
074 X000800 33
074 Y000800 0
075 A000800 0
075 B000800 3460
076 000800 0.00
011 A000901 PUTNAM MUTAL FUNDS CORP
011 B000901 8-5088
011 C010901 BOSTON
011 C020901 MA
011 C030901 02109
012 A000901 PUTNAM INVESTOR SERVICES
012 B000901 84-401299
012 C010901 BOSTON
012 C020901 MA
012 C030901 02109
028 A010900 6803
028 A020900 0
028 A030900 0
028 A040900 1077
028 B010900 9455
028 B020900 0
028 B030900 0
<PAGE> PAGE 20
028 B040900 3660
028 C010900 10849
028 C020900 0
028 C030900 0
028 C040900 6887
028 D010900 12649
028 D020900 0
028 D030900 0
028 D040900 6920
028 E010900 11455
028 E020900 0
028 E030900 0
028 E040900 3640
028 F010900 14081
028 F020900 0
028 F030900 0
028 F040900 1920
028 G010900 65292
028 G020900 0
028 G030900 0
028 G040900 24104
028 H000900 65292
029 000900 Y
030 A000900 995
030 B000900 5.75
030 C000900 0.00
031 A000900 108
031 B000900 0
032 000900 887
033 000900 0
034 000900 Y
035 000900 24
036 A000900 Y
036 B000900 0
037 000900 N
038 000900 0
039 000900 N
040 000900 Y
041 000900 Y
042 A000900 0
042 B000900 0
042 C000900 100
042 D000900 0
042 E000900 0
042 F000900 0
042 G000900 0
042 H000900 0
043 000900 189
044 000900 0
045 000900 Y
046 000900 N
<PAGE> PAGE 21
047 000900 Y
048 000900 0.000
048 A010900 500000
048 A020900 1.200
048 B010900 500000
048 B020900 1.100
048 C010900 500000
048 C020900 1.050
048 D010900 5000000
048 D020900 1.000
048 E010900 5000000
048 E020900 0.975
048 F010900 5000000
048 F020900 0.955
048 G010900 5000000
048 G020900 0.940
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 21500000
048 K020900 0.930
049 000900 N
050 000900 N
051 000900 N
052 000900 N
053 A000900 Y
053 B000900 Y
053 C000900 N
054 A000900 Y
054 B000900 Y
054 C000900 Y
054 D000900 N
054 E000900 N
054 F000900 N
054 G000900 N
054 H000900 N
054 I000900 N
054 J000900 Y
054 K000900 N
054 L000900 Y
054 M000900 Y
054 N000900 N
054 O000900 Y
055 A000900 N
055 B000900 N
056 000900 N
057 000900 N
058 A000900 N
<PAGE> PAGE 22
059 000900 Y
060 A000900 Y
060 B000900 Y
061 000900 0
062 A000900 N
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 0.0
062 M000900 0.0
062 N000900 0.0
062 O000900 0.0
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
063 A000900 0
063 B000900 0.0
066 A000900 Y
066 C000900 Y
067 000900 N
068 A000900 N
068 B000900 Y
069 000900 N
070 A010900 Y
070 A020900 Y
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 N
070 J020900 N
070 K010900 Y
<PAGE> PAGE 23
070 K020900 N
070 L010900 Y
070 L020900 Y
070 M010900 Y
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 104656
071 B000900 39435
071 C000900 31151
071 D000900 127
072 A000900 12
072 B000900 542
072 C000900 181
072 D000900 0
072 E000900 0
072 F000900 400
072 G000900 4
072 H000900 0
072 I000900 61
072 J000900 88
072 K000900 5
072 L000900 19
072 M000900 4
072 N000900 43
072 O000900 0
072 P000900 0
072 Q000900 0
072 R000900 18
072 S000900 6
072 T000900 189
072 U000900 0
072 V000900 0
072 W000900 2
072 X000900 839
072 Y000900 61
072 Z000900 -55
072AA000900 5151
072BB000900 0
072CC010900 1045
072CC020900 0
072DD010900 61
072DD020900 26
<PAGE> PAGE 24
072EE000900 33
073 A010900 0.0680
073 A020900 0.0650
073 B000900 0.0380
073 C000900 0.0000
074 A000900 46
074 B000900 5195
074 C000900 0
074 D000900 0
074 E000900 928
074 F000900 72614
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 1255
074 K000900 42
074 L000900 12
074 M000900 3
074 N000900 80095
074 O000900 295
074 P000900 378
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 187
074 S000900 0
074 T000900 79235
074 U010900 3489
074 U020900 2971
074 V010900 1.66
074 V020900 11.60
074 W000900 0.0000
074 X000900 10181
074 Y000900 0
075 A000900 0
075 B000900 33348
076 000900 0.00
011 A001001 PUTNAM MUTUAL FUNDS CORP
011 B001001 8-5088
011 C011001 BOSTON
011 C021001 MA
011 C031001 02109
012 A001001 PUTNAM INVESTOR SERVICES
012 B001001 84-401299
012 C011001 BOSTON
012 C021001 MA
012 C031001 02109
024 001000 N
025 D001001 0
025 D001002 0
<PAGE> PAGE 25
025 D001003 0
025 D001004 0
025 D001005 0
025 D001006 0
025 D001007 0
025 D001008 0
028 A011000 3
028 A021000 0
028 A031000 0
028 A041000 27
028 B011000 52
028 B021000 0
028 B031000 0
028 B041000 31
028 C011000 194
028 C021000 0
028 C031000 0
028 C041000 193
028 D011000 428
028 D021000 0
028 D031000 0
028 D041000 34
028 E011000 38
028 E021000 0
028 E031000 0
028 E041000 19
028 F011000 140
028 F021000 0
028 F031000 0
028 F041000 49
028 G011000 855
028 G021000 0
028 G031000 0
028 G041000 353
028 H001000 855
029 001000 Y
030 A001000 0
030 B001000 5.75
030 C001000 0.00
031 A001000 0
031 B001000 0
032 001000 0
033 001000 0
034 001000 N
035 001000 0
036 B001000 0
037 001000 N
038 001000 0
039 001000 N
040 001000 Y
041 001000 N
<PAGE> PAGE 26
042 A001000 0
042 B001000 0
042 C001000 0
042 D001000 0
042 E001000 0
042 F001000 0
042 G001000 0
042 H001000 0
043 001000 0
044 001000 0
045 001000 Y
046 001000 N
047 001000 Y
048 001000 0.000
048 A011000 500000
048 A021000 0.800
048 B011000 500000
048 B021000 0.700
048 C011000 500000
048 C021000 0.650
048 D011000 5000000
048 D021000 0.600
048 E011000 5000000
048 E021000 0.575
048 F011000 5000000
048 F021000 0.555
048 G011000 5000000
048 G021000 0.540
048 H011000 0
048 H021000 0.000
048 I011000 0
048 I021000 0.000
048 J011000 0
048 J021000 0.000
048 K011000 21500000
048 K021000 0.530
049 001000 Y
050 001000 N
051 001000 N
052 001000 N
053 A001000 Y
053 B001000 Y
053 C001000 N
054 A001000 Y
054 B001000 Y
054 C001000 Y
054 D001000 N
054 E001000 N
054 F001000 N
054 G001000 N
054 H001000 N
<PAGE> PAGE 27
054 I001000 N
054 J001000 Y
054 K001000 N
054 L001000 Y
054 M001000 Y
054 N001000 N
054 O001000 Y
055 A001000 N
055 B001000 N
056 001000 N
057 001000 N
058 A001000 N
059 001000 Y
060 A001000 Y
060 B001000 Y
061 001000 0
062 A001000 N
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 0.0
062 N001000 0.0
062 O001000 0.0
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
063 A001000 0
063 B001000 0.0
066 A001000 Y
066 C001000 Y
067 001000 N
068 A001000 N
068 B001000 Y
069 001000 N
070 A011000 Y
070 A021000 Y
070 B011000 Y
070 B021000 N
070 C011000 Y
070 C021000 N
070 D011000 Y
070 D021000 N
070 E011000 Y
<PAGE> PAGE 28
070 E021000 N
070 F011000 Y
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 Y
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 N
070 J021000 N
070 K011000 Y
070 K021000 N
070 L011000 Y
070 L021000 Y
070 M011000 Y
070 M021000 N
070 N011000 Y
070 N021000 N
070 O011000 Y
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
071 A001000 3301
071 B001000 2739
071 C001000 2722
071 D001000 101
072 A001000 12
072 B001000 0
072 C001000 24
072 D001000 0
072 E001000 0
072 F001000 23
072 G001000 0
072 H001000 0
072 I001000 3
072 J001000 1
072 K001000 0
072 L001000 5
072 M001000 2
072 N001000 0
072 O001000 0
072 P001000 0
072 Q001000 0
072 R001000 26
072 S001000 5
072 T001000 0
<PAGE> PAGE 29
072 U001000 0
072 V001000 0
072 W001000 0
072 X001000 64
072 Y001000 25
072 Z001000 -15
072AA001000 0
072BB001000 325
072CC011000 0
072CC021000 126
072DD011000 29
072DD021000 0
072EE001000 72
073 A011000 0.0800
073 A021000 0.0000
073 B001000 0.0190
073 C001000 0.0000
074 A001000 0
074 B001000 139
074 C001000 0
074 D001000 0
074 E001000 0
074 F001000 2935
074 G001000 0
074 H001000 0
074 I001000 0
074 J001000 0
074 K001000 0
074 L001000 0
074 M001000 3
074 N001000 3077
074 O001000 0
074 P001000 3
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 29
074 S001000 0
074 T001000 3045
074 U011000 457507
074 U021000 0
074 V011000 6.65
074 V021000 0.00
074 W001000 0.0000
074 X001000 68
074 Y001000 0
075 A001000 0
075 B001000 2881
076 001000 0.00
<PAGE> PAGE 30
SIGNATURE PAUL BUCUVALAS
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Japan Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 3,502,670
<INVESTMENTS-AT-VALUE> 3,072,642
<RECEIVABLES> 750
<ASSETS-OTHER> 3,511
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,076,903
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,332
<TOTAL-LIABILITIES> 32,332
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,809,251
<SHARES-COMMON-STOCK> 3,044,571
<SHARES-COMMON-PRIOR> 378,808
<ACCUMULATED-NII-CURRENT> 57,227
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (391,870)
<ACCUM-APPREC-OR-DEPREC> (430,037)
<NET-ASSETS> 3,044,571
<DIVIDEND-INCOME> 23,886
<INTEREST-INCOME> 357
<OTHER-INCOME> 0
<EXPENSES-NET> 38,745
<NET-INVESTMENT-INCOME> (14,502)
<REALIZED-GAINS-CURRENT> (324,719)
<APPREC-INCREASE-CURRENT> (126,020)
<NET-CHANGE-FROM-OPS> (465,241)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (29,097)
<DISTRIBUTIONS-OF-GAINS> (72,178)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 342,830
<NUMBER-OF-SHARES-REDEEMED> (278,306)
<SHARES-REINVESTED> 14,169
<NET-CHANGE-IN-ASSETS> 24,828
<ACCUMULATED-NII-PRIOR> 34,205
<ACCUMULATED-GAINS-PRIOR> 71,409
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23,046
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 42,018
<AVERAGE-NET-ASSETS> 2,880,804
<PER-SHARE-NAV-BEGIN> 7.97
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> (1.02)
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> (.19)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.65
<EXPENSE-RATIO> 1.46
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam International Fund
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 3,321,052
<INVESTMENTS-AT-VALUE> 3,669,097
<RECEIVABLES> 25,426
<ASSETS-OTHER> 3,575
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,698,098
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 34,446
<TOTAL-LIABILITIES> 34,446
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,526,801
<SHARES-COMMON-STOCK> 382,457
<SHARES-COMMON-PRIOR> 366,451
<ACCUMULATED-NII-CURRENT> 23,923
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 34,986
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 347,942
<NET-ASSETS> 3,663,652
<DIVIDEND-INCOME> 69,427
<INTEREST-INCOME> 467
<OTHER-INCOME> 0
<EXPENSES-NET> 44,172
<NET-INVESTMENT-INCOME> 25,722
<REALIZED-GAINS-CURRENT> 36,743
<APPREC-INCREASE-CURRENT> 396,071
<NET-CHANGE-FROM-OPS> 458,536
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (31,476)
<DISTRIBUTIONS-OF-GAINS> (48,509)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,856
<NUMBER-OF-SHARES-REDEEMED> (2,035)
<SHARES-REINVESTED> 9,185
<NET-CHANGE-IN-ASSETS> 519,576
<ACCUMULATED-NII-PRIOR> 30,424
<ACCUMULATED-GAINS-PRIOR> 45,974
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 27,676
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 50,285
<AVERAGE-NET-ASSETS> 3,459,561
<PER-SHARE-NAV-BEGIN> 8.58
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> 1.15
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> (.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.58
<EXPENSE-RATIO> 1.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam New Value Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 811,328,027
<INVESTMENTS-AT-VALUE> 892,873,672
<RECEIVABLES> 4,231,425
<ASSETS-OTHER> 5,131
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 897,110,228
<PAYABLE-FOR-SECURITIES> 10,555,721
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,764,481
<TOTAL-LIABILITIES> 14,320,202
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 761,828,046
<SHARES-COMMON-STOCK> 29,337,885
<SHARES-COMMON-PRIOR> 8,447,628
<ACCUMULATED-NII-CURRENT> 4,408,621
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 35,890,606
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 80,662,753
<NET-ASSETS> 882,790,026
<DIVIDEND-INCOME> 13,200,500
<INTEREST-INCOME> 931,354
<OTHER-INCOME> 0
<EXPENSES-NET> 8,429,659
<NET-INVESTMENT-INCOME> 5,702,195
<REALIZED-GAINS-CURRENT> 39,752,647
<APPREC-INCREASE-CURRENT> 78,097,229
<NET-CHANGE-FROM-OPS> 123,552,071
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,337,077)
<DISTRIBUTIONS-OF-GAINS> (2,101,574)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 26,781,456
<NUMBER-OF-SHARES-REDEEMED> (6,145,683)
<SHARES-REINVESTED> 254,484
<NET-CHANGE-IN-ASSETS> 678,849,632
<ACCUMULATED-NII-PRIOR> 1,036,338
<ACCUMULATED-GAINS-PRIOR> 490,765
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,753,922
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,793,621
<AVERAGE-NET-ASSETS> 270,438,621
<PER-SHARE-NAV-BEGIN> 11.57
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> 3.10
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> (.14)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.63
<EXPENSE-RATIO> 1.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam New Value Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 811,328,027
<INVESTMENTS-AT-VALUE> 892,873,672
<RECEIVABLES> 4,231,425
<ASSETS-OTHER> 5,131
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 897,110,228
<PAYABLE-FOR-SECURITIES> 10,555,721
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,764,481
<TOTAL-LIABILITIES> 14,320,202
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 761,828,046
<SHARES-COMMON-STOCK> 28,069,951
<SHARES-COMMON-PRIOR> 8,194,659
<ACCUMULATED-NII-CURRENT> 4,408,621
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 35,890,606
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 80,662,753
<NET-ASSETS> 882,790,026
<DIVIDEND-INCOME> 13,200,500
<INTEREST-INCOME> 931,354
<OTHER-INCOME> 0
<EXPENSES-NET> 8,429,659
<NET-INVESTMENT-INCOME> 5,702,195
<REALIZED-GAINS-CURRENT> 39,752,647
<APPREC-INCREASE-CURRENT> 78,097,229
<NET-CHANGE-FROM-OPS> 123,552,071
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (812,454)
<DISTRIBUTIONS-OF-GAINS> (2,006,697)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,345,379
<NUMBER-OF-SHARES-REDEEMED> (2,667,691)
<SHARES-REINVESTED> 197,604
<NET-CHANGE-IN-ASSETS> 678,849,632
<ACCUMULATED-NII-PRIOR> 1,036,338
<ACCUMULATED-GAINS-PRIOR> 490,765
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,753,922
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,793,621
<AVERAGE-NET-ASSETS> 253,087,582
<PER-SHARE-NAV-BEGIN> 11.52
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> 3.08
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> (.14)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.49
<EXPENSE-RATIO> 1.97
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam New Value Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 811,328,027
<INVESTMENTS-AT-VALUE> 892,873,672
<RECEIVABLES> 4,231,425
<ASSETS-OTHER> 5,131
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 897,110,228
<PAYABLE-FOR-SECURITIES> 10,555,721
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,764,481
<TOTAL-LIABILITIES> 14,320,202
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 761,828,046
<SHARES-COMMON-STOCK> 3,214,763
<SHARES-COMMON-PRIOR> 1,027,152
<ACCUMULATED-NII-CURRENT> 4,408,621
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 35,890,606
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 80,662,753
<NET-ASSETS> 882,790,026
<DIVIDEND-INCOME> 13,200,500
<INTEREST-INCOME> 931,354
<OTHER-INCOME> 0
<EXPENSES-NET> 8,429,659
<NET-INVESTMENT-INCOME> 5,702,195
<REALIZED-GAINS-CURRENT> 39,752,647
<APPREC-INCREASE-CURRENT> 78,097,229
<NET-CHANGE-FROM-OPS> 123,552,071
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (117,030)
<DISTRIBUTIONS-OF-GAINS> (245,230)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,566,516
<NUMBER-OF-SHARES-REDEEMED> (406,917)
<SHARES-REINVESTED> 28,012
<NET-CHANGE-IN-ASSETS> 678,849,632
<ACCUMULATED-NII-PRIOR> 1,036,338
<ACCUMULATED-GAINS-PRIOR> 490,765
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,753,922
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,793,621
<AVERAGE-NET-ASSETS> 30,081,819
<PER-SHARE-NAV-BEGIN> 11.54
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> 3.10
<PER-SHARE-DIVIDEND> (.07)
<PER-SHARE-DISTRIBUTIONS> (.14)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.55
<EXPENSE-RATIO> 1.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam International Voyager Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 77,443,221
<INVESTMENTS-AT-VALUE> 78,737,295
<RECEIVABLES> 1,308,172
<ASSETS-OTHER> 49,434
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 80,094,901
<PAYABLE-FOR-SECURITIES> 295,236
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 564,307
<TOTAL-LIABILITIES> 859,543
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 72,996,651
<SHARES-COMMON-STOCK> 3,488,959
<SHARES-COMMON-PRIOR> 256,489
<ACCUMULATED-NII-CURRENT> 236,529
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,804,683
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,197,495
<NET-ASSETS> 79,235,358
<DIVIDEND-INCOME> 541,770
<INTEREST-INCOME> 180,909
<OTHER-INCOME> 0
<EXPENSES-NET> 777,737
<NET-INVESTMENT-INCOME> (55,058)
<REALIZED-GAINS-CURRENT> 5,150,993
<APPREC-INCREASE-CURRENT> 1,045,488
<NET-CHANGE-FROM-OPS> 6,141,423
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (61,397)
<DISTRIBUTIONS-OF-GAINS> (33,131)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,364,541
<NUMBER-OF-SHARES-REDEEMED> (2,140,948)
<SHARES-REINVESTED> 8,877
<NET-CHANGE-IN-ASSETS> 76,806,630
<ACCUMULATED-NII-PRIOR> 62,896
<ACCUMULATED-GAINS-PRIOR> 42,417
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 400,173
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 806,295
<AVERAGE-NET-ASSETS> 18,502,637
<PER-SHARE-NAV-BEGIN> 9.47
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 2.28
<PER-SHARE-DIVIDEND> (.07)
<PER-SHARE-DISTRIBUTIONS> (.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.66
<EXPENSE-RATIO> 2.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam International Voyager Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 77,443,221
<INVESTMENTS-AT-VALUE> 78,737,295
<RECEIVABLES> 1,308,172
<ASSETS-OTHER> 49,434
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 80,094,901
<PAYABLE-FOR-SECURITIES> 295,236
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 564,307
<TOTAL-LIABILITIES> 859,543
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 72,996,651
<SHARES-COMMON-STOCK> 2,970,646
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 236,529
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,804,683
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,197,495
<NET-ASSETS> 79,235,358
<DIVIDEND-INCOME> 541,770
<INTEREST-INCOME> 180,909
<OTHER-INCOME> 0
<EXPENSES-NET> 777,737
<NET-INVESTMENT-INCOME> (55,058)
<REALIZED-GAINS-CURRENT> 5,150,993
<APPREC-INCREASE-CURRENT> 1,045,488
<NET-CHANGE-FROM-OPS> 6,141,423
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (25,675)
<DISTRIBUTIONS-OF-GAINS> (14,909)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,287,600
<NUMBER-OF-SHARES-REDEEMED> (320,591)
<SHARES-REINVESTED> 3,637
<NET-CHANGE-IN-ASSETS> 76,806,630
<ACCUMULATED-NII-PRIOR> 62,896
<ACCUMULATED-GAINS-PRIOR> 42,417
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 400,173
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 806,295
<AVERAGE-NET-ASSETS> 15,648,804
<PER-SHARE-NAV-BEGIN> 9.82
<PER-SHARE-NII> (.06)
<PER-SHARE-GAIN-APPREC> 1.94
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> (.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.60
<EXPENSE-RATIO> 2.39
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam International Voyager Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 77,443,221
<INVESTMENTS-AT-VALUE> 78,737,295
<RECEIVABLES> 1,308,172
<ASSETS-OTHER> 49,434
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 80,094,901
<PAYABLE-FOR-SECURITIES> 295,236
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 564,307
<TOTAL-LIABILITIES> 859,543
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 72,996,651
<SHARES-COMMON-STOCK> 351,551
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 236,529
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,804,683
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,197,495
<NET-ASSETS> 79,235,358
<DIVIDEND-INCOME> 541,770
<INTEREST-INCOME> 180,909
<OTHER-INCOME> 0
<EXPENSES-NET> 777,737
<NET-INVESTMENT-INCOME> (55,058)
<REALIZED-GAINS-CURRENT> 5,150,993
<APPREC-INCREASE-CURRENT> 1,045,488
<NET-CHANGE-FROM-OPS> 6,141,423
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,552)
<DISTRIBUTIONS-OF-GAINS> (1,855)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 379,922
<NUMBER-OF-SHARES-REDEEMED> (28,941)
<SHARES-REINVESTED> 570
<NET-CHANGE-IN-ASSETS> 76,806,630
<ACCUMULATED-NII-PRIOR> 62,896
<ACCUMULATED-GAINS-PRIOR> 42,417
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 400,173
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 806,295
<AVERAGE-NET-ASSETS> 1,997,297
<PER-SHARE-NAV-BEGIN> 9.82
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> 1.93
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> (.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.62
<EXPENSE-RATIO> 2.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Emerging Markets Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 86,710,860
<INVESTMENTS-AT-VALUE> 82,198,034
<RECEIVABLES> 12,831,125
<ASSETS-OTHER> 588,452
<OTHER-ITEMS-ASSETS> 841,939
<TOTAL-ASSETS> 96,459,550
<PAYABLE-FOR-SECURITIES> 4,015,349
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 776,246
<TOTAL-LIABILITIES> 4,791,595
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 95,022,640
<SHARES-COMMON-STOCK> 4,532,962
<SHARES-COMMON-PRIOR> 284,487
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (104,516)
<ACCUMULATED-NET-GAINS> 1,290,758
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4,540,927)
<NET-ASSETS> 91,667,955
<DIVIDEND-INCOME> 488,285
<INTEREST-INCOME> 263,930
<OTHER-INCOME> 0
<EXPENSES-NET> 970,916
<NET-INVESTMENT-INCOME> (218,701)
<REALIZED-GAINS-CURRENT> 1,432,850
<APPREC-INCREASE-CURRENT> (4,883,449)
<NET-CHANGE-FROM-OPS> (3,669,300)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,345)
<DISTRIBUTIONS-OF-GAINS> (90,004)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,171,536
<NUMBER-OF-SHARES-REDEEMED> (3,932,795)
<SHARES-REINVESTED> 9,734
<NET-CHANGE-IN-ASSETS> 88,743,181
<ACCUMULATED-NII-PRIOR> 4,897
<ACCUMULATED-GAINS-PRIOR> 103,013
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 511,690
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,027,191
<AVERAGE-NET-ASSETS> 24,276,458
<PER-SHARE-NAV-BEGIN> 10.28
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> .81
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> (.12)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.94
<EXPENSE-RATIO> 2.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Emerging Markets Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 86,710,860
<INVESTMENTS-AT-VALUE> 82,198,034
<RECEIVABLES> 12,831,125
<ASSETS-OTHER> 588,452
<OTHER-ITEMS-ASSETS> 841,939
<TOTAL-ASSETS> 96,459,550
<PAYABLE-FOR-SECURITIES> 4,015,349
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 776,246
<TOTAL-LIABILITIES> 4,791,595
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 95,022,640
<SHARES-COMMON-STOCK> 3,499,614
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (104,516)
<ACCUMULATED-NET-GAINS> 1,290,758
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4,540,927)
<NET-ASSETS> 91,667,955
<DIVIDEND-INCOME> 488,285
<INTEREST-INCOME> 263,930
<OTHER-INCOME> 0
<EXPENSES-NET> 970,916
<NET-INVESTMENT-INCOME> (218,701)
<REALIZED-GAINS-CURRENT> 1,432,850
<APPREC-INCREASE-CURRENT> (4,883,449)
<NET-CHANGE-FROM-OPS> (3,669,300)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,758)
<DISTRIBUTIONS-OF-GAINS> (34,401)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,052,401
<NUMBER-OF-SHARES-REDEEMED> (556,084)
<SHARES-REINVESTED> 3,297
<NET-CHANGE-IN-ASSETS> 88,743,181
<ACCUMULATED-NII-PRIOR> 4,897
<ACCUMULATED-GAINS-PRIOR> 103,013
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 511,690
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,027,191
<AVERAGE-NET-ASSETS> 19,841,189
<PER-SHARE-NAV-BEGIN> 9.95
<PER-SHARE-NII> (.09)
<PER-SHARE-GAIN-APPREC> 1.14
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> (.12)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.87
<EXPENSE-RATIO> 2.39
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Emerging Markets Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 86,710,860
<INVESTMENTS-AT-VALUE> 82,198,034
<RECEIVABLES> 12,831,125
<ASSETS-OTHER> 588,452
<OTHER-ITEMS-ASSETS> 841,939
<TOTAL-ASSETS> 96,459,550
<PAYABLE-FOR-SECURITIES> 4,015,349
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 776,246
<TOTAL-LIABILITIES> 4,791,595
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 95,022,640
<SHARES-COMMON-STOCK> 371,119
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (104,516)
<ACCUMULATED-NET-GAINS> 1,290,758
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4,540,927)
<NET-ASSETS> 91,667,955
<DIVIDEND-INCOME> 488,285
<INTEREST-INCOME> 263,930
<OTHER-INCOME> 0
<EXPENSES-NET> 970,916
<NET-INVESTMENT-INCOME> (218,701)
<REALIZED-GAINS-CURRENT> 1,432,850
<APPREC-INCREASE-CURRENT> (4,883,449)
<NET-CHANGE-FROM-OPS> (3,669,300)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (372)
<DISTRIBUTIONS-OF-GAINS> (3,163)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 443,189
<NUMBER-OF-SHARES-REDEEMED> (72,367)
<SHARES-REINVESTED> 297
<NET-CHANGE-IN-ASSETS> 88,743,181
<ACCUMULATED-NII-PRIOR> 4,897
<ACCUMULATED-GAINS-PRIOR> 103,013
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 511,690
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,027,191
<AVERAGE-NET-ASSETS> 1,988,198
<PER-SHARE-NAV-BEGIN> 9.95
<PER-SHARE-NII> (.07)
<PER-SHARE-GAIN-APPREC> 1.14
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> (.12)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.89
<EXPENSE-RATIO> 2.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
