497 1 ie1.txt PUTNAM INTERNATIONAL EQUITY FUND Prospectus Supplement 217939 09/04 dated September 2, 2004 to: ----------------------------------------------------------------------------- PUTNAM INTERNATIONAL EQUITY FUND Prospectuses dated October 30, 2003, as supplemented Effective August 31, 2004, the seventh paragraph and table under the heading "Who manages the fund?" are replaced with the following: The following team members coordinate the teams management of the funds 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 ----------------------------------------------------------------------------- Mark D. Pollard 2004 2004 - Present Putnam Management Prior to Aug. 2004 Jura Capital LLP Prior to Oct. 2002 Lazard Asset Management Prior to June 2000 Putnam Management ----------------------------------------------------------------------------- George W. Stairs 2002 1994 - Present Putnam Management -----------------------------------------------------------------------------