PUTNAM EQUITY INCOME FUND
Prospectus Supplement dated February 7, 1994
to Prospectus dated April 1, 1993,
as revised September 13, 1993
Edward Bousa, Senior Vice President of Putnam Investment
Management, Inc. ("Putnam Management") and Vice President of the
Fund, and Kenneth J. Taubes, Senior Vice President of Putnam
Management and Vice President of the Fund, are primarily
responsible for the day-to-day management of the Fund's
portfolio. Mr. Bousa has had this responsibility since December,
1992, and Mr. Taubes has had this responsibility since February,
1994. Messrs. Bousa and Taubes have been employed by Putnam
Management since October, 1992 and June, 1991, respectively.
Prior to October, 1992, Mr. Bousa was Vice President and
Portfolio Manager at Fidelity Investments. Prior to June, 1991,
Mr. Taubes was Senior Vice President of the Finance Division of
U.S. Trust Company.
