PUTNAM DIVIDEND GROWTH FUND
PROSPECTUS SUPPLEMENT DATED APRIL 10, 1995 TO
PROSPECTUS DATED JULY 1, 1994
The first paragraph under the section "How the Fund is managed"
on page 11 is replaced by the following:
THE TRUSTEES OF THE FUND ARE RESPONSIBLE FOR GENERALLY OVERSEEING
THE CONDUCT OF THE FUND'S BUSINESS. Subject to such policies as
the Trustees may determine, Putnam Management furnishes a
continuing investment program for the Fund and makes investment
decisions on its behalf. Subject to the control of the Trustees,
Putnam Management also manages the Fund's other affairs and
business. Anthony I. Kreisel, Managing Director of Putnam
Management and Vice President of the Fund, has had primary
responsibility for the day-to-day management of the Fund's
portfolio since 1995. Mr. Mach has been employed by Putnam
Management since 1986.
