PUTNAM INTERNATIONAL NEW OPPORTUNITIES FUND
Prospectus Supplement dated February 10, 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)
------- -------------------------
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
and Portfolio Manager at IAI
International/Hill Samuel
Investment Advisors.
Ami T. Kuan 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.
Kelly A. Morgan 1997 Employed as an investment
Senior Vice President professional by Putnam
Management since December,
1996. Prior to December,
1996, Ms. Morgan was Senior
Vice President at Alliance
Capital Management L.P.
31718 2/97
<PAGE>
PUTNAM EMERGING MARKETS FUND
Prospectus Supplement dated February 10, 1997
to Prospectus dated October 30, 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 1995 Employed as an investment
Senior Vice President professional by Putnam
Management since 1973.
Thomas R. Haslett 1997 Employed as an investment
Managing Director professional by Putnam
Management since December,
1996. Prior to December,
1996, Mr. Haslett was
Managing Director of
Montgomery Asset Management
Ltd.
31719 2/97
