39884 1/98
PUTNAM EQUITY INCOME FUND (the
"fund")
Prospectus Supplement Dated January 15, 1998
to Prospectus Dated March 30, 1997 as revised October 30,
1997
The third paragraph under the heading "How the fund is
managed" is replaced with the following:
The following officers of 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 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.
Kenneth J. Taubes 1994 Employed as an investment
Senior Vice President professional by Putnam
Management since 1991.
