497 1 ee1.txt PUTNAM EUROPE EQUITY FUND Prospectus Supplement 222770 2/05 dated February 11, 2005 to: ----------------------------------------------------------------------------- PUTNAM EUROPE EQUITY FUND Prospectuses dated October 30, 2004 The sixth 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 the last five years is shown. The following table also shows the dollar range of shares of the fund owned by these professionals as of September 30, 2004, including investments by their immediate family members and amounts invested through retirement and deferred compensation plans.
Positions Over Past Dollar Range of Portfolio leader Since Employer Five Years Fund Shares Owned ------------------------------------------------------------------------------------------ Heather Arnold 2003 Putnam Management Director of European $0 Sept. 2003 - Present Equities Alternum Capital Portfolio Manager Prior to May 2003 Franklin Templeton Portfolio Manager Investments Prior to June 2001 ------------------------------------------------------------------------------------------ Portfolio members Since Experience ------------------------------------------------------------------------------------------ Joshua L. Byrne 2000 Putnam Management Co-Chief Investment over $100,000 1992 - Present Officer, International Core Previously, Senior Portfolio Manager; Portfolio Manager ------------------------------------------------------------------------------------------ Mark D. Pollard 2004 Putnam Management Chief Investment Officer, $0 2004 - Present European Equities Jura Capital LLP Managing Partner Prior to Aug. 2004 Lazard Asset Head of European Management Equities Prior to Oct. 2002 Putnam Management Head of European Prior to June 2000 Equities ------------------------------------------------------------------------------------------