PUTNAM EQUITY INCOME FUND
PROSPECTUS SUPPLEMENT DATED JANUARY 13, 1997
TO PROSPECTUS DATED APRIL 1, 1996
The third paragraph under the heading "How the fund is managed"
is replaced with the following:
The following officers of Putnam Investment Management, Inc.
("Putnam Management") have had primary responsibility for the
day-to-day management of the fund's portfolio since the years
stated below:
Business experience
Year (at least 5 years)
----- -------------------------
Edward P. Bousa 1992 Employed as an investment
Senior Vice President professional by Putnam
Management since October,
1992. Prior to October, 1992,
Mr. Bousa was a Vice President
and Portfolio Manager at
Fidelity Investments.
Kenneth J. Taubes 1994 Employed as an investment
Senior Vice President professional by Putnam
Management since 1991.
Rosemary H. Thomsen 1995 Employed as an investment
Senior Vice President professional by Putnam
Management since 1986.
Robert M. Paine 1996 Employed as an investment
Senior Vice President professional by Putnam
Management since 1987.
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