PUTNAM EQUITY INCOME FUND
Prospectus Supplement dated March 6, 1995 to
Prospectus dated April 1, 1994, as revised November 30,
1994
Edward P. Bousa, Kenneth J. Taubes and Rosemary H. Thomsen, each
a Senior Vice President of Putnam Investment Management, Inc.
("Putnam Management") and Vice President of the Fund, have had
primary responsibility for the day-to-day management of the
Fund's portfolio since 1992, 1994 and 1995, respectively. Mr.
Bousa has been employed by Putnam Management since 1992. Prior
to 1992, Mr. Bousa was a Vice President and Portfolio Manager at
Fidelity Investments. Mr. Taubes has been employed by Putnam
Management since 1991. Prior to 1991, Mr. Taubes was Senior Vice
President of the Finance Division of U.S. Trust Company. Ms.
Thomsen has been employed by Putnam Management since 1986.
