497 1 ie1.txt PUTNAM INTERNATIONAL EQUITY FUND Prospectus Supplement 211106 1/04 dated January 23, 2004 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 leaders Since Experience ------------------------------------------------------------------------------- Joshua L. Byrne 2003 1992 - Present Putnam Management ------------------------------------------------------------------------------- Simon Davis 2003 2000 - Present Putnam Management Prior to Sept. 2000 Deutsche Asset Management ------------------------------------------------------------------------------- Portfolio members Since Experience ------------------------------------------------------------------------------- Stephen S. Oler 2000 1997 - Present Putnam Management ------------------------------------------------------------------------------- George W. Stairs 2002 1994 - Present Putnam Management -------------------------------------------------------------------------------