Prospectus Supplement                                            87053 9/02
dated October 1, 2002 to:
- ---------------------------------------------------------------------------

Putnam International Growth Fund (the "fund")
Prospectuses dated October 30, 2001, as revised March 30, 2002

The section entitled "FEES AND EXPENSES" is replaced with the following:

This table summarizes the fees and expenses you may pay if you invest in
the fund. Expenses are based on the fund's last fiscal year.

Shareholder Fees (fees paid directly from your investment)

                                     Class A    Class B    Class C   Class M
Maximum Sales Charge (Load)
Imposed on Purchases (as a
percentage of the offering
price)                                5.75%      NONE       NONE      3.50%

Maximum Deferred Sales Charge (Load)
(as a percentage of the original
purchase price or redemption
proceeds, whichever is lower)         NONE*     5.00%      1.00%      NONE*

Redemption Fee**
(as a percentage of total
redemption proceeds)                  1.00%     1.00%      1.00%      1.00%


Annual Fund Operating Expenses (expenses that are deducted from fund assets)

                                                         Total Annual
           Management     Distribution     Other       Fund Operating
              Fees        (12b-1) Fees    Expenses        Expenses

Class A      0.60%           0.25%         0.28%           1.13%
Class B      0.60%           1.00%         0.28%           1.88%
Class C      0.60%           1.00%         0.28%           1.88%
Class M      0.60%           0.75%         0.28%           1.63%

* A deferred sales charge of up to 1% on class A shares and of 0.65% on
class M shares may be imposed on certain redemptions of shares bought
without an initial sales charge.

**The redemption fee may apply to any shares purchased after October 1,
2002 that are redeemed (either by selling or exchanging into another
fund) within 90 days of purchase.

************************************************************************

In the section entitled "How do I sell fund shares", the following
paragraph is inserted after the first paragraph:

Effective October 1, 2002, the fund will impose a redemption fee of
1.00% of the total redemption amount (calculated at market value) if you
sell or exchange your shares after holding them for less than 90 days.
The redemption fee is paid directly to the fund, and is designed to
offset brokerage commissions, market impact, and other costs associated
with short-term trading. For purposes of determining whether the
redemption fee applies, the shares that were held the longest will be
redeemed first. The redemption fee will only apply to shares purchased
after October 1, 2002. The redemption fee may not apply in certain
circumstances, such as redemptions on certain omnibus accounts,
including 401(k) plans, and in the event of shareholder death or
disability. Please see the Statement of Additional Information for
details.

************************************************************************

Also, in the section entitled "How do I exchange fund shares?", the
following paragraph replaces the third paragraph:

The exchange privilege is not intended as a vehicle for short-term
trading. Excessive exchange activity may interfere with portfolio
management and have an adverse effect on all shareholders. In order to
limit excessive exchange activity and otherwise to promote the best
interests of the fund, the fund imposes a redemption fee of 1.00% of the
total exchange amount (calculated at market value) on exchanges of
shares held less than 90 days.  The fund also reserves the right to
revise or terminate the exchange privilege, limit the amount or number
of exchanges or reject any exchange. The fund into which you would like
to exchange may also reject your exchange. These actions may apply to
all shareholders or only to those shareholders whose exchanges Putnam
Management determines are likely to have a negative effect on the fund
or other Putnam funds. Consult Putnam Investor Services before
requesting an exchange.



Prospectus Supplement                                             87054 9/02
dated October 1, 2002 to:
- ----------------------------------------------------------------------------

Putnam International Growth Fund (the "fund")
Class A Prospectus dated October 30, 2001

The section entitled "FEES AND EXPENSES" is replaced with the following:

This table summarizes the fees and expenses you may pay if you invest in
the class A shares of the fund. Expenses are based on the fund's last
fiscal year.

Shareholder Fees (fees paid directly from your investment)

                                                  Class A

Maximum Sales Charge (Load)                        NONE

Maximum Deferred Sales Charge (Load)              0.75%*

Redemption Fee**
(as a percentage of total redemption
proceeds)                                         1.00%

Annual Fund Operating Expenses (expenses that are deducted from fund assets)

                                                       Total Annual
            Management     Distribution     Other     Fund Operating
               Fees        (12b-1) Fees   Expenses       Expenses

Class A       0.60%           0.25%        0.28%          1.13%

*The deferred sales charge is applicable only to a plan that redeems 90%
or more of its cumulative purchases within two years.

**The redemption fee may apply to any shares purchased after October 1,
2002 that are redeemed (either by selling or exchanging into another
fund) within 90 days of purchase.

************************************************************************

In the section entitled "How do I sell fund shares", the following
paragraph is inserted after the first paragraph:

Effective October 1, 2002, the fund will impose a redemption fee of
1.00% of the total redemption amount (calculated at market value) if you
sell or exchange your shares after holding them for less than 90 days.
The redemption fee is paid directly to the fund, and is designed to
offset brokerage commissions, market impact, and other costs associated
with short-term trading. For purposes of determining whether the
redemption fee applies, the shares that were held the longest will be
redeemed first. The redemption fee will only apply to shares purchased
after October 1, 2002. The redemption fee may not apply in certain
circumstances, such as redemptions on certain omnibus accounts,
including 401(k) plans, and in the event of shareholder death or
disability. Please see the Statement of Additional Information for
details.

************************************************************************

Also, in the section entitled "How do exchange fund shares?", the
following paragraph is added:

The exchange privilege is not intended as a vehicle for short-term
trading. Excessive exchange activity may interfere with portfolio
management and have an adverse effect on all shareholders. In order to
limit excessive exchange activity and otherwise to promote the best
interests of the fund, the fund imposes a redemption fee of 1.00% of the
total exchange amount (calculated at market value) on exchanges of
shares held less than 90 days.  The fund also reserves the right to
revise or terminate the exchange privilege, limit the amount or number
of exchanges or reject any exchange. The fund into which you would like
to exchange may also reject your exchange. These actions may apply to
all shareholders or only to those shareholders whose exchanges Putnam
Management determines are likely to have a negative effect on the fund
or other Putnam funds. Consult Putnam Investor Services before
requesting an exchange.



Prospectus Supplement                                          87055 9/02
dated October 1, 2002 to:
- -------------------------------------------------------------------------

Putnam International Growth Fund (the "fund")
Class Y Prospectus dated October 30, 2001

The section entitled "FEES AND EXPENSES" is replaced with the following:

This table summarizes the fees and expenses you may pay if you invest in
the class Y shares of the fund. Expenses are based on the fund's last
fiscal year.

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (Load)                         NONE

Maximum Deferred Sales Charge (Load)                NONE

Redemption Fee*
(as a percentage of total redemption
proceeds)                                          1.00%

Annual Fund Operating Expenses (expenses that are deducted from fund assets)

                                             Total Annual
           Management          Other        Fund Operating
              Fees           Expenses         Expenses

Class Y      0.60%            0.28%             0.88%

*The redemption fee may apply to any shares purchased after October 1,
2002 that are redeemed (either by selling or exchanging into another
fund) within 90 days of purchase.

************************************************************************

In the section entitled "How do I sell fund shares", the following
paragraph is inserted after the third paragraph:

Effective October 1, 2002, the fund will impose a redemption fee of
1.00% of the total redemption amount (calculated at market value) if you
sell or exchange your shares after holding them for less than 90 days.
The redemption fee is paid directly to the fund, and is designed to
offset brokerage commissions, market impact, and other costs associated
with short-term trading. For purposes of determining whether the
redemption fee applies, the shares that were held the longest will be
redeemed first. The redemption fee will only apply to shares purchased
after October 1, 2002. The redemption fee may not apply in certain
circumstances, such as redemptions on certain omnibus accounts,
including 401(k) plans, and in the event of shareholder death or
disability. Please see the Statement of Additional Information for
details.

************************************************************************

Also, in the section entitled "How do exchange fund shares?", the
following replaces the last paragraph:

The exchange privilege is not intended as a vehicle for short-term
trading. Excessive exchange activity may interfere with portfolio
management and have an adverse effect on all shareholders. In order to
limit excessive exchange activity and otherwise to promote the best
interests of the fund, the fund imposes a redemption fee of 1.00% of the
total exchange amount (calculated at market value) on exchanges of
shares held less than 90 days.  The fund also reserves the right to
revise or terminate the exchange privilege, limit the amount or number
of exchanges or reject any exchange. The fund into which you would like
to exchange may also reject your exchange. These actions may apply to
all shareholders or only to those shareholders whose exchanges Putnam
Management determines are likely to have a negative effect on the fund
or other Putnam funds.