497 1 pie1.txt PUTNAM INTERNATIONAL EQUITY FUND Prospectus Supplement 208613 10/03 dated October 30, 2003 to: ------------------------------------------------------------------------ PUTNAM INTERNATIONAL EQUITY FUND Prospectuses 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 ------------------------------------------------------------------------ Simon Davis 2000 2000 - Present Putnam Management Prior to Sept. 2000 Deutsche Asset Management ------------------------------------------------------------------------ Stephen S. Oler 2000 1997 - Present Putnam Management ------------------------------------------------------------------------ George W. Stairs 2002 1994 - Present Putnam Management ------------------------------------------------------------------------