Prospectus Supplement dated July 21, 1997 to:
PUTNAM DIVERSIFIED EQUITY TRUST
Prospectus dated June 30, 1997
THE GEORGE PUTNAM FUND OF BOSTON
Prospectus dated November 30, 1996, as revised May 30, 1997
Effective April 15, 1997, the prospectus is modified as follows:
"How to buy shares--Class A shares" is revised by replacing the
two paragraphs following the sales charge table with the
following:
No initial sales charge applies to purchases of class A
shares of $1 million or more, or to purchases by employer-
sponsored retirement plans that have at least 200 eligible
employees. However, a CDSC of 1.00% or 0.50%, respectively,
is imposed within the first or second year after purchase on
redemptions of these shares, unless the dealer of record
waived its commission with Putnam Mutual Funds' approval, or
unless the purchaser is a class A qualified benefit plan (a
retirement plan for which Putnam Fiduciary Trust Company or
its affiliates provide recordkeeping or other services in
connection with purchases of class A shares).
Class A qualified benefit plans may also purchase class A
shares with no initial sales charge. However, except as
stated below, a CDSC of 0.75% of the total amount redeemed
(1.00% in the case of plans for which Putnam Mutual Funds
and its affiliates do not act as trustee or recordkeeper)
is imposed on redemptions of these shares if, within two
years of a plan's initial purchase of class A shares, it
redeems 90% or more of its cumulative purchases.
Thereafter, such a plan is no longer liable for any CDSC.
The two-year CDSC applicable to class A qualified benefit
plans for which Putnam Mutual Funds or its affiliates serve
as trustee or recordkeeper ("full service plans") is 0.50%
of the total amount redeemed for full service plans that
initially invest at least $5 million but less than $10
million in Putnam funds and other investments managed by
Putnam Management or its affiliates ("Putnam Assets"), and
is 0.25% of the total amount redeemed for full service plans
that initially invest at least $10 million but less than $20
million in Putnam Assets. Class A qualified benefit plans
that initially invest at least $20 million in Putnam Assets,
or whose dealer of record has, with Putnam Mutual Funds'
approval, waived its commission or agreed to refund its
commission to Putnam Mutual Funds in the event a CDSC would
otherwise be applicable, are not subject to any CDSC.
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