Prospectus Supplement                                   202099  04/03
dated April 30, 2003 to:

PUTNAM INTERNATIONAL GROWTH FUND
Class A and Class Y prospectuses dated October 30, 2002

Effective April 30, 2003, the fund will be changing its name to Putnam
International Equity Fund.

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The following paragraph is added to the end of "Who manages the fund?":

Consistent with the Conduct Rules of the National Association of
Securities Dealers, Inc., and subject to seeking the most favorable
price and execution available and such other policies as the Trustees
may determine, Putnam Management may consider sales of shares of the
fund (and, if permitted by law, of the other Putnam funds) as a factor
in the selection of broker-dealers to execute portfolio transactions for
the fund.

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The following paragraph is added to the end of "How do I buy fund shares?":

* Payments to dealers. As disclosed in the SAI, Putnam Retail Management
  pays commissions, sales charge reallowances, and ongoing shareholder
  servicing and distribution (12b-1) payments to dealers who sell shares
  of the fund. In addition, Putnam Retail Management may, at its expense,
  pay concessions to dealers that satisfy certain criteria established
  from time to time by Putnam Retail Management relating to increasing net
  sales of shares of the Putnam funds over prior periods, and certain
  other factors.