497 1 ief1.txt PUTNAM INTERNATIONAL EQUITY FUND Prospectus Supplement 225379-5/05 dated May 20, 2005 to: ------------------------------------------------------------------------------- PUTNAM INTERNATIONAL EQUITY FUND Prospectuses dated October 30, 2004 and October 30, 2004 as revised April 30, 2005 In the section "Who manages the fund", the information beginning with the second paragraph under the sub-heading "Investment management teams" is 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.
Joined Positions Over Dollar Range of Portfolio Leaders Fund Employer Past Five Years Fund Shares Owned ---------------------------------------------------------------------------------------------------- Joshua L. Byrne 2000 Putnam Management Co-Chief Investment Officer, Over $100,000 1992-Present International Core Team; Previously, Senior Portfolio Manager; Portfolio Manager ---------------------------------------------------------------------------------------------------- Simon Davis 2000 Putnam Management Co-Chief Investment Officer, $10,001-$50,000 2000-Present International Core Team; Previously, Director, International Equity Team; Senior Portfolio Manager; Portfolio Manager Deutsche Asset Management Portfolio Manager Prior to Sept. 2000 ---------------------------------------------------------------------------------------------------- Joined Positions Over Dollar Range of Portfolio Member Fund Employer Past Five Years Fund Shares Owned ---------------------------------------------------------------------------------------------------- Mark D. Pollard 2004 Putnam Investments Limited Chief Investment 2004-Present Officer, European Equities $0 Jura Capital LLP Managing Partner Prior to Aug. 2004 Lazard Asset Management Head of European Equities prior to Feb. 2002 Putnam Management Head of European Equities Prior to June 2000 ----------------------------------------------------------------------------------------------------