50688 2/99
Prospectus Supplement
dated February 8, 1999 to:
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PUTNAM EMERGING MARKETS FUND
Prospectus dated December 30, 1998
The second paragraph under the heading "Who manages the fund?" is
replaced with the following:
The following officers of Putnam Management have had primary
responsibility for the day-to-day management of the fund's
portfolio since the years shown below. Their experience as
portfolio managers or investment analysts over at least the last
five years is also shown.
MANAGER SINCE EXPERIENCE
Thomas R. Haslett 1997 Employed by Putnam Management since
Managing Director 1996. Prior to December, 1996,
Mr. Haslett was employed
at Montgomery Asset Management Ltd.
J. Peter Grant 1995 Employed by Putnam Management since
Senior Vice President 1973.
Stephen Oler 1997 Employed by Putnam Management since
Senior Vice President 1997. Prior to June, 1997, Mr. Oler
was employed at Templeton Investments, and
prior to March, 1996, Mr. Oler was
employed at Baring Asset Management Co.
Carmel Peters 1997 Employed by Putnam Management since
Senior Vice President 1997. Prior to May, 1997, Ms. Peters
was employed at Wheelock Natwest Investment
Management, Hong Kong, and
prior to February, 1996, Ms.
Peters was employed at
Rothschild Asset Management
Asia Pacific, Hong Kong.
Paul C. Warren 1999 Employed by Putnam Management since
Senior Vice President 1997. Prior to May, 1997,
Mr. Warren was employed at IDS
Fund Management, and prior to
August, 1994, was employed at
Pilgrim Baxter Associates.
Prior to March, 1994, Mr.
Warren was employed at
Prudential Asia.
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