61702 5/00
Prospectus Supplement
dated May 8, 2000 to:
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PUTNAM EQUITY FUND 98
PUTNAM INVESTMENT FUND 98
to Prospectus dated October 30, 1999
Information about the portfolio managers of Putnam Equity Fund 98 contained
in the table following the second paragraph under the heading "Who manages
the funds?" is replaced with the following:
Manager Since Experience
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Putnam Equity Fund 98
Roland W. Gillis 1997 1995 - Present Putnam Management
Managing Director
Richard M. Frucci 1997 1984 - Present Putnam Management
Senior Vice President
Craig S. Lewis 2000 1998 - Present Putnam Management
Senior Vice President Prior to Jan. 1998 Keystone Management, Inc.
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