Prospectus Supplement                                              219016 10/04
dated October 6, 2004 to:
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PUTNAM GLOBAL EQUITY FUND
Prospectuses dated February 29, 2004

The following paragraphs are inserted after the first paragraph under
the heading "Who manages the fund?":

Putnam Management has retained its affiliate, Putnam Investments Limited
("PIL"), to manage a separate portion of the assets of the fund as determined
by Putnam Management from time to time. Subject to the supervision of Putnam
Management, PIL is responsible for making investment decisions for the
portion of the assets of the fund that it manages.

PIL provides a full range of international investment advisory services
to institutional and retail clients.

Putnam Management (and not the fund) pays a quarterly sub-management fee
to PIL for its services at the annual rate of 0.35% of the average
aggregate net asset value of the portion of the assets of the fund that
may be managed by PIL from time to time. PIL's address is Cassini
House, 57-59 St James's Street, London, England, SW1A 1LD.

The first sentence of the second paragraph under the heading "Who
manages the fund?" is revised as follows:

Putnam Management's and PIL's investment professionals are organized
into investment management teams, with a particular team dedicated to a
specific asset class.


Statement of Additional Information Supplement                     219016 10/04

dated October 6, 2004 to:
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PUTNAM GLOBAL EQUITY FUND
Statement of Additional Information dated February 29, 2004, as revised
May 7, 2004

The following is added to the section entitled "Charges and Expenses" in
the fund's Statement of Additional Information:

Pursuant to the terms of a sub-management agreement between Putnam
Management and Putnam Investments Limited ("PIL"), Putnam Management
(and not the fund) pays a quarterly sub-management fee to PIL for its
services at the annual rate of 0.35% of the average aggregate net asset
value of the portion of the fund, if any, managed by PIL from time to time.

The following is added to the section entitled "Management" in the
fund's Statement of Additional Information:

The sub-manager

PIL, a wholly-owned subsidiary of The Putnam Advisory Company, LLC and
an affiliate of Putnam Management, has been retained as the sub-manager
for a portion of the assets of the fund as determined by Putnam Management
from time to time.  PIL may serve as sub-manager pursuant to the terms
of a sub-management agreement between Putnam Management and PIL.

Under the terms of the sub-management contract, PIL at its own expense
furnishes continuously an investment program for that portion of the
fund that is allocated to PIL from time to time by Putnam Management and
makes investment decisions on behalf of such portion of the fund,
subject to the supervision of Putnam Management. Putnam Management may
also, at its discretion, request PIL to provide assistance with
purchasing and selling securities for the fund, including placement of
orders with certain broker-dealers. PIL, at its expense, furnishes all
necessary investment and management facilities, including salaries of
personnel, required for it to execute its duties.

The sub-management contract provides that PIL shall not be subject to
any liability to Putnam Management, the fund or any shareholder of the
fund for any act or omission in the course of or connected with
rendering services to the fund in the absence of willful misfeasance,
bad faith, gross negligence or reckless disregard of its obligations and
duties on the part of PIL.

The sub-management contract may be terminated without penalty by vote of
the Trustees or the shareholders of the fund, or by PIL or Putnam
Management, on 30 days' written notice.  The sub-management contract
also terminates without payment of any penalty in the event of its
assignment.  Subject to applicable law, it may be amended by a majority
of the Trustees who are not "interested persons" of Putnam Management or
the fund. The sub-management contract provides that it will continue in
effect only so long as such continuance is approved at least annually by
vote of either the Trustees or the shareholders, and, in either case, by
a majority of the Trustees who are not "interested persons" of Putnam
Management or the fund.  In each of the foregoing cases, the vote of the
shareholders is the affirmative vote of a "majority of the outstanding
voting securities" as defined in the Investment Company Act of 1940.