Fund Facts and Performance Putnam
Mutual Funds

Putnam Investments

Why Putnam Investments?
Fund Facts and Performance:
Daily Fund Prices (NAV):
 International New Opportunities Fund Daily Fund Prices (NAV) Aggressive
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Investment Objective
Fund Description
Fund Returns
Expense Ratio
Lipper Rankings
Top 10 Holdings
Industry Sectors
Country Allocation
Portfolio Composition
Portfolio Characteristics
Fund Facts
Investment Management
Prospectus

Investment Objective
The fund seeks long-term capital appreciation.

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Fund Description
The fund invests mainly in non-U.S. companies that are experiencing rapid earnings, sales, and business unit growth. The fund targets companies with the potential for positive earnings surprises and superior competitive positions within their industries. This fund may invest in companies of any size.

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Fund Returns
As of Quarter End June 30, 2007All returns in percentages
Class Last
Quarter
Year
to Date
1
Year
3
Year
5
Year
10 Years Life of
Fund
A NAV 7.34% 13.60% 28.89% 23.51% 17.30% 7.40% 10.18%
  POP 1.69% 7.64% 22.15% 21.32% 16.03% 6.82% 9.71%
  Inception date: January 3, 1995
B NAV 7.17% 13.19% 27.87% 22.58% 16.40% 6.60% 9.37%
  CDSC 2.17% 8.19% 22.87% 21.91% 16.18% 6.60% 9.37%
  Inception date: July 21, 1995
C NAV 7.14% 13.18% 27.84% 22.60% 16.42% 6.61% 9.36%
  POP 6.14% 12.18% 26.84% 22.60% 16.42% 6.61% 9.36%
  Inception date: February 1, 1999
M NAV 7.21% 13.27% 28.15% 22.88% 16.69% 6.87% 9.64%
  POP 3.71% 9.57% 24.01% 21.52% 15.92% 6.52% 9.35%
  Inception date: July 21, 1995
Citigroup World Ex US Growth PMI Index
  NAV 8.00% 11.55% 24.41% 21.90% 17.07% 7.33%  

Fund Returns
As of Month End July 31, 2007All returns in percentages
Class Last
Quarter
Year
to Date
1
Year
3
Year
5
Year
10 Years Life of
Fund
A NAV --- 11.89% 25.95% 24.46% 19.03% 6.90% 9.97%
  POP --- 6.02% 19.34% 22.23% 17.77% 6.32% 9.50%
  Inception date: January 3, 1995
B NAV --- 11.42% 24.98% 23.55% 18.14% 6.10% 9.16%
  CDSC --- 6.42% 19.98% 22.89% 17.94% 6.10% 9.16%
  Inception date: July 21, 1995
C NAV --- 11.40% 24.97% 23.52% 18.15% 6.11% 9.16%
  POP --- 10.40% 23.97% 23.52% 18.15% 6.11% 9.16%
  Inception date: February 1, 1999
M NAV --- 11.55% 25.33% 23.83% 18.43% 6.37% 9.44%
  POP --- 7.90% 21.23% 22.46% 17.64% 6.02% 9.15%
  Inception date: July 21, 1995

Data is historical. Past performance is no guarantee of future results. More recent returns may be worth more or less than those shown. Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. For the most recent month-end performance, visit www.putnaminvestments.com.



Performance assumes reinvestment of distributions and does not account for taxes. Returns at public offering price (POP) for class A and class M shares reflect the current maximum initial sales charges of 5.25% and 3.25% for equity funds, and 3.75% and 3.25% for income funds (3.25% and 2.00% for Putnam Limited Duration Government Income Fund and Putnam Floating Rate Income Fund), respectively. POP performance of income funds' class A shares (other than Putnam Limited Duration Government Income Fund and Putnam Floating Rate Income Fund) and equity funds' class M shares reflects a reduction in maximum sales charge that took effect April 1, 2005. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declines to 1% in the sixth year, and is eliminated thereafter (except for Putnam Limited Duration Government Income Fund and Putnam Floating Rate Income Fund, which is 3% in the first year, declines to 1% in the fourth year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, R, T, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Insured Municipal Fund, which are based on the historical performance of class B shares). Class A, M, and T shares of Putnam money market funds have no initial sales charge. For a portion of the period some funds may have limited expenses or been sold on a limited basis with limited assets and expenses, without which returns would be lower. A short-term trading fee of up to 1% may apply.

The S&P/Citigroup World Ex-U.S. Growth Primary Market Index (PMI) is an unmanaged index of mostly large and some small-cap stocks from developed countries, excluding the United States, chosen for their growth orientation. Indexes assume reinvestment of all distributions and do not account for fees. Securities in the fund do not match those in the indexes and performance of the fund will differ. It is not possible to invest directly in an index.

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks may be associated with emerging market securities, including illiquidity and volatility. The fund invests all or a portion of its assets in small to midsize companies. Such investments increase the risk of greater price fluctuations.



Growth investing targets companies with above-average earnings that may be subject to price volatility if earnings expectations are not met.

You can lose money by investing in a fund. Any given fund may not achieve its goal, and is not intended as a complete investment program. All funds have risk. The value and/or returns of a portfolio will fluctuate with market conditions. You may have more or less than the original amount invested when you redeem your shares.

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Expense Ratio

Class Fund's total expense ratio What you pay*
A 1.73% 1.64%
B 2.48% 2.39%
C 2.48% 2.39%
M 2.23% 2.14%

*International New Opportunities Fund reflects Putnam Management’s decision to contractually limit expenses through 09/30/2007.

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Lipper Rankings 
As of July 31, 2007 
Class 1 Year 3 Years 5 Years 10 Years
Lipper Category: International Multi-Cap Growth
A 42% (88/209) 38% (56/148) 63% (83/131) 60% (31/51)
B 55% (114/209) 45% (67/148) 72% (94/131) 74% (38/51)
C 55% (115/209) 47% (70/148) 71% (93/131) ---
M 51% (106/209) 42% (62/148) 68% (89/131) 64% (33/51)

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effect of sales charges. Each fund is ranked within a universe of funds similar in investment objective. Past performance is no guarantee of future results.

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Top 10 HoldingsHoldings will vary over time
As of July 31, 2007Holdings represent 20.22% of portfolio
Rank Fund Percentage of Portfolio
1. Total Sa Sedol B15c557 3.54%
2. Zurich Finl Svcs Sedol 5983816 2.40%
3. Reckitt Benckise Sedol 0727871 2.26%
4. Nestle Sa-Registered Sedol 7123870 1.97%
5. Salzgitter Ag Sedol 5465358 1.85%
6. Glaxosmithkline Sedol 0925288 1.69%
7. Daito Trust Cons Sedol 6250508 1.65%
8. Nobel Biocare Holding Ag Sedol 7385722 1.65%
9. Macquarie Bank Sedol 6551353 1.64%
10. Saipem Sedol 4768768 1.57%

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Industry Sectors 
As of July 31, 2007Sectors will vary over time
Rank Sector Percentage of Portfolio
1. Financial 17.53%
2. Consumer Cyclical 13.54%
3. Capital Goods 12.73%
4. Technology 11.05%
5. Healthcare 10.45%
6. Consumer Staples 10.06%
7. Energy 8.87%
8. Other 8.13%
9. Basic Materials 7.49%
10. Cash 0.15%

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Country Allocation 
As of July 31, 2007Allocations will vary over time
Rank Country Percentage of Portfolio
1. Japan 17.15%
2. United Kingdom 14.31%
3. Germany 11.67%
4. France 10.63%
5. Switzerland 9.24%
6. Australia 4.94%
7. Canada 4.55%
8. Norway 3.10%
9. Italy 3.08%
10. South Korea 2.68%
11. Sweden 2.19%
12. Ireland 2.15%
13. Singapore 2.02%
14. Spain 1.86%
15. Netherlands 1.83%
16. Finland 1.52%
17. China 1.48%
18. Austria 1.08%
19. Belgium 1.06%
20. Hong Kong 0.91%
21. Portugal 0.77%
22. Cyprus 0.64%
23. Mexico 0.62%
24. Greece 0.52%

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Portfolio Composition 
As of July 31, 2007Composition will vary over time
Allocation Percentage
Common Stock 99.85%
Cash 0.15%

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Portfolio Characteristics 
As of July 31, 2007Portfolio characteristics will vary over time
Risk
Beta1.07%
Standard Deviation10.15%
Distribution
Class Record/Ex
Dividend Date
Payable
Date
Income ST Cap Gain LT Cap Gain
A 12/19/2006 12/28/2006 $0.075000    
B          
C          
M          

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Fund Facts 
As of July 31, 2007 
Fiscal Year EndSeptember
Fund StatusOpen to new investors
Dividend FrequencyAnnually
Number of Issues219
Turnover (as of fiscal year end)78.99%

Class Inception Symbol CUSIP Number of
Accounts
Outstanding
Shares
Net Assets
A January 3, 1995 PINOX 746802206 64,591 35,297,140 671,034,110
B July 21, 1995 PINWX 746802602 19,320 6,572,535 116,076,892
C February 1, 1999 PIOCX 746802636 2,194 1,046,338 19,015,956
M July 21, 1995 PINMX 746802701 1,857 1,104,106 20,052,899
Totals       87,962 44,020,119 826,179,858

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Investment Management

Investment Management Team  
     International Growth
Portfolio Leader  
     Stephen P. Dexter
Portfolio Members  
     Denise Selden
     H. David Shea

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Prospectus
You agree to receive this
prospectus electronically and to read and agree to its terms before investing or sending money. It contains detailed information about the fund's investment policies, risks, charges and expenses. You can read and print the prospectus while you are online, using a supported browser and Adobe Acrobat Reader™ software. If you would like a preprinted copy of the prospectus, please contact your Edward Jones financial advisor.

This prospectus is not an offer to sell, or a solicitation of an offer to buy shares in the fund nor shall any such shares be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.

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Copyright 2007, Putnam Retail Management


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