60966 4/00
Prospectus Supplement
dated April 10, 2000 to:
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PUTNAM EQUITY INCOME FUND
Prospectuses dated March 30, 2000
The second paragraph under the heading "Who manages the fund?" is replaced
with the following:
The following officers and the Core Fixed Income Team of Putnam Management
have primary responsibility for the day-to-day management of the fund's
portfolio. Mr. King's, Ms. Mockard's and Mr. Prusko's length of service to
the fund and their experience as portfolio managers or investment analysts
over at least the last five years are shown.
Manager Since Experience
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David L. King 2000 1983 - Present Putnam Management
Managing Director
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Jeanne L. Mockard 2000 1990 - Present Putnam Management
Senior Vice President
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James M. Prusko 1998 1992 - Present Putnam Management
Senior Vice President
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