50143 2/99
PROSPECTUS SUPPLEMENT
dated February 8, 1999 to:
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PUTNAM DIVERSIFIED EQUITY TRUST
Prospectus dated June 30, 1998
The third paragraph under the heading "How the fund is
managed" is replaced with the following:
The following officers of Putnam Investment Management, Inc.
("Putnam Management") have had primary responsibility for
the day-to-day management of the fund's portfolio since the
years stated below:
Business
experience
Officer Year (at least 5 years)
- ---------------- ----- ----------
Robert R. Beck 1998 Employed as an investment
Managing Director professional by Putnam
Management since 1989.
Omid Kamshad 1998 Employed as an investment
Managing Director professional by Putnam
Management since January, 1996.
Prior to January, 1996,
Mr. Kamshad was Director of
Investments at Lombard Odier
International and prior to
April, 1995, he was a Director at
Baring Asset Management Company.
Justin M. Scott 1998 Employed as an investment
Managing Director professional by Putnam
Management since 1988.
Michael K. Arends 1999 Employed as an investment professional
Senior Vice President by Putnam Management since 1997. Prior
to November, 1997, Mr. Arends
was Managing Director, Equities,
at Phoenix Duff & Phelps and prior to
August, 1994, he as a Portfolio
Manager with Kemper Financial Services.
Michael P. Stack 1998 Employed as an investment
Senior Vice President professional by Putnam
Management since 1997. Prior
to November, 1997, Mr. Stack was
a Senior Vice President and
Portfolio Manager at
Independence Investment
Associates Inc.
Paul C. Warren 1998 Employed as an investment
Senior Vice President professional by Putnam
Management since 1997.
Prior to May, 1997, Mr. Warren was a
Director at IDS Fund Management, and
prior to August, 1994, he was a
Director at Pilgrim Baxter
Associates. Prior to March, 1994, he
was a Director at Prudential Asia.
Michael E. Nance 1998 Employed as an investment
Vice President professional by Putnam
Management since 1994. Prior
to June, 1994, Mr. Nance attended
the University of Chicago Graduate
School of Business.
