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.