68164 12/00
Prospectus Supplement
dated December 11, 2000 to:
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Putnam Equity Income Fund (the "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. Their length of service to the fund and their
experience as portfolio managers or investment analysts over at least
the last five years are shown.
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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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Bartlett Geer 2000 2000 - Present Putnam Management
Vice President Prior to Dec. 2000 State Street Research &
Management
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