497 1 pee1.txt PUTNAM EUROPE EQUITY FUND Prospectus Supplement 208612 10/03 dated October 30, 2003 to: PUTNAM EUROPE EQUITY FUND Prospectus dated October 30, 2003 The third paragraph and table under the heading "Who manages the fund?" are replaced with the following: The following team members coordinate the team's management of the fund's portfolio. Their experience as investment professionals over at least the last five years is shown. ------------------------------------------------------------------------------- Portfolio members Since Experience ------------------------------------------------------------------------------- Joshua L. Byrne 2000 1992 - Present Putnam Management ------------------------------------------------------------------------------- Melissa M. Reilly 2003 1999 - Present Putnam Management ------------------------------------------------------------------------------- Heather Arnold 2003 Sept. 2003 - Present Putnam Management Prior to May 2003 Alternum Capital Prior to June 2001 Franklin Templeton Investments -------------------------------------------------------------------------------