| Statement of Additional Information Supplement | September 4, 2019 |
| Putnam International Value Fund | |
| Statement of Additional Information dated October 30, 2018 |
The sub-sections Other accounts managed and Ownership of securities in the PORTFOLIO MANAGERS section are supplemented to reflect that the fund’s portfolio managers are now Darren Jaroch and Lauren DeMore. These sub-sections are also supplemented solely with regard to Ms. DeMore as follows:
Other accounts managed
The following table shows the number and approximate assets of other investment accounts (or portions of investment accounts) that the fund’s portfolio manager managed as of July 31, 2019. The other accounts may include accounts for which this individual was not designated as a portfolio manager. Unless noted, none of the other accounts pays a fee based on the account's performance.
| Other accounts (including | ||||||
| separate accounts, managed | ||||||
| Other accounts that pool | account programs and | |||||
| Portfolio | Other SEC-registered open- | assets from more than one | single-sponsor defined | |||
| manager | end and closed-end funds | client | contribution plan offerings) | |||
| Number | Number | Number | ||||
| of | of | of | ||||
| accounts | Assets | accounts | Assets | accounts | Assets | |
| Lauren DeMore | 0 | $0 | 0 | $0 | 1 | $1,200,000 |
Ownership of securities
The dollar range of shares of the fund owned by Ms. DeMore as of July 31, 2019, including investments by immediate family members and amounts invested through retirement and deferred compensation plans, was $0.
| SAI supp 9/19 |