49684 1/99
PROSPECTUS SUPPLEMENT
dated January 11, 1999 to:
- ------------------------------------------------------------
- ------------------------------------------------------------
- --------
PUTNAM EQUITY INCOME FUND (THE "FUND")
Prospectuses dated March 30, 1998 and March 30, 1998, as
revised August 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
Officer Year (at least 5 years)
- ------- ----- ----------
- ---------------
Krishna K. Memani 1999 Employed as an investment
Managing Director professional by Putnam
Management since September,
1998. Prior to September, 1998,
Mr. Memani was a Principal at
Morgan, Stanley & Co.
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 &
Co., and prior to April, 1995,
held various titles at
Goldman, Sachs & Co. 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.
James M. Prusko 1998 Employed as aninvestment
Senior Vice President professional by
Putnam Management
since 1992.
