Prospectus Supplement                                    211482 1/04

dated January 28, 2004 to the Class Y prospectuses of: Putnam Global
Equity Fund, Putnam International Capital Opportunities Fund, Putnam
International Equity Fund, Putnam International Growth and Income Fund
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Fund expenses. Effective January 28, 2004, the following information is
added as a footnote to the table of Annual Fund Operating Expenses in
the section "Fund summary--Performance information" for the funds listed
below:

Putnam Management has agreed to waive fees and reimburse expenses of the
following Putnam funds through December 31, 2004, to the extent
necessary to limit each fund's total fund operating expenses as a
percentage of average net assets to the annual rates below, which
represent expenses on September 30, 2003 as a percentage of net assets
on that date:

Fund                                                  Class Y
- ----                                                  -------
Putnam Global Equity Fund                              0.99%
Putnam International Capital Opportunities Fund        1.35
Putnam International Equity Fund                       0.96
Putnam International Growth and Income Fund            1.13

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Redemption fees.  Effective April 19, 2004, disclosure of redemption
fees in the "Shareholder Fees" table and related footnotes in the
section entitled "FEES AND EXPENSES" is revised to disclose that, for
shares purchased on or after April 19, 2004, a 2.00% redemption fee may
apply to any shares that are redeemed (either by selling or exchanging
into another fund) within 5 days of purchase and a 1.00% redemption fee
may apply to any shares that are redeemed within 6 to 90 days of
purchase.

In addition, effective April 19, 2004, the first two sentences of the
second paragraph in the section entitled "How do I sell fund shares?"
are replaced with the following:

The fund imposes a redemption fee of 2.00% of the total redemption
amount (calculated at market value) if you sell or exchange your shares
after holding them for 5 days or less. A redemption fee of 1.00% of the
total redemption amount (calculated at market value) will apply to any
shares sold or exchanged within 6 to 90 days of purchase (including
purchases by exchange).  In the case of defined contribution plans
administered by Putnam, the 1.00% fee applies to exchanges of shares
purchased by exchange that occur within 6 to 90 days of purchase and the
2.00% fee applies to exchanges of shares purchased by exchange that are
held in a plan participant's account for 5 days or less.  For any shares
purchased before April 19, 2004, a 1.00% redemption fee will apply to
any shares sold or exchanged within 90 days.

Also, effective April 19, 2004, the first five sentences of the second
paragraph in the section entitled "How do I exchange fund shares?" are
replaced with the following:

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 2.00% of the
total exchange amount (calculated at market value) on exchanges of
shares held 5 days or less.  A redemption fee of 1.00% of the total
exchange amount (calculated at market value) will apply to any shares
that are exchanged within 6 to 90 days of purchase (including purchases
by exchange).  In the case of defined contribution plans administered by
Putnam, the 1.00% fee applies to exchanges of shares purchased by
exchange that occur within 6 to 90 days of purchase and the 2.00% fee
applies to exchanges of shares purchased by exchange that are held in a
plan participant's account for 5 days or less. For any shares purchased
before April 19, 2004, a 1.00% redemption fee will apply to any shares
exchanged within 90 days.  Administrators, trustees or sponsors of
retirement plans may also impose redemption fees.