63273 7/00
Prospectus Supplement
dated July 10, 2000 to:
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PUTNAM EQUITY INCOME FUND
Prospectus dated March 30, 2000
The information under "Fund Summary - Fees and Expenses" is replaced with
the following:
FEES AND EXPENSES
This table summarizes the fees and expenses you may pay if you invest in
the fund. Expenses are based on the fund's last fiscal year.
Shareholder Fees (fees paid directly from your investment)
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Class A Class B Class C Class M
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Maximum Sales Charge (Load)
Imposed on Purchases (as a
percentage of the offering
price) 5.75% NONE NONE 3.50%
Maximum Deferred Sales Charge
(Load) (as a percentage of the
original purchase price or
redemption proceeds, whichever
is lower) NONE* 5.00% 1.00% NONE
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Annual Fund Operating Expenses
(expenses that are deducted from fund assets)
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Total
Annual Fund
Management Distribution Other Operating
Fees (12b-1) Fees Expenses Expenses
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Class A 0.54% 0.25% 0.15% 0.94%
Class B 0.54% 1.00% 0.15% 1.69%
Class C 0.54% 1.00% 0.15% 1.69%
Class M 0.54% 0.75% 0.15% 1.44%
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* A deferred sales charge of up to 1% may be imposed on certain redemptions
of class A shares bought without an initial sales charge.
