42316 4/98
Prospectus Supplement
dated April 6, 1998 to:
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PUTNAM EQUITY INCOME FUND (the "fund")
to Prospectus Dated March 30, 1998
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)
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David L. Waldman 1998 Employed as an investment
Managing Director professional by Putnam
Management since June, 1997.
Prior to June, 1997, Mr.
Waldman was a Senior Portfolio
Manager at Lazard Freres, and
prior to April, 1995, held
various titles at Goldman
Sachs including Analyst,
Associate, Portfolio Manager
and Vice President.
Edward P. Bousa 1993 Employed as an investment
Senior Vice President professional by Putnam
Management since
1992.
Jeffrey J. Kobylarz 1998 Employed as an investment
Senior Vice President professional by Putnam
Management since 1993.
Prior to May, 1993, Mr.
Kobylarz was an Assistant Vice
President and analyst at Dean
Witter Intercapital from July,
1989 to May, 1993.
James Prusko 1998 Employed as an investment
Senior Vice President professional by Putnam
Management since 1992.
