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Putnam Global Equity Fund, as of April 30, 2012, semiannual
shareholder

New accounting pronouncements

In May 2011, the Financial Accounting Standards Board FASB issued
Accounting Standards Update ASU 2011 04 Fair Value Measurements
and Disclosures Topic 820 Amendments to Achieve Common Fair Value
Measurement and Disclosure Requirements in U.S. GAAP and IFRS.
ASU 2011 04 amends FASB Topic 820 Fair Value Measurement and
seeks to develop common requirements for measuring fair value and
for disclosing information about fair value measurements in
accordance with GAAP. ASU 2011 04 is effective for fiscal years
and interim periods beginning after December 15, 2011. The
application of ASU 2011 04 will not have a material impact on the
funds financial statements.

In December 2011, the FASB issued ASU No. 2011 11 Disclosures
about Off setting Assets and Liabilities. The update creates new
disclosure requirements requiring entities to disclose both gross
and net information for derivatives and other financial
instruments that are either off set in the Statement of assets
and liabilities or subject to an enforceable master netting
arrangement or similar agreement. The disclosure requirements are
effective for annual reporting periods beginning on or after
January 1, 2013 and interim periods within those annual periods.
Putnam Management is currently evaluating the application of ASU
2011 11 and its impact, if any, on the funds financial
statements.