Equity Income Fund Annual Report - Putnam Investments

The Putnam family of fundsThe following is a list of Putnam’s open-end mutual funds offered to the public. Investorsshould carefully consider the investment objective, risks, charges, and expenses of a fundbefore investing. For a prospectus, or a summary prospectus if available, containing this andother information for any Putnam fund or product, call your financial advisor at 1-800-225-1581and ask for a prospectus. Please read the prospectus carefully before investing.GrowthGrowth Opportunities FundInternational Growth FundMulti-Cap Growth FundSmall Cap Growth FundVoyager FundBlendAsia Pacific Equity FundCapital Opportunities FundCapital Spectrum FundEmerging Markets Equity FundEquity Spectrum FundEurope Equity FundGlobal Equity FundInternational Capital Opportunities FundInternational Equity FundInvestors FundLow Volatility Equity FundMulti-Cap Core FundResearch FundStrategic Volatility Equity FundValueConvertible Securities FundEquity Income FundGeorge Putnam Balanced FundGlobal Dividend FundThe Putnam Fund for Growth and IncomeInternational Value FundMulti-Cap Value FundSmall Cap Value FundIncomeAmerican Government Income FundDiversified Income TrustEmerging Markets Income FundFloating Rate Income FundGlobal Income TrustHigh Yield Advantage FundHigh Yield TrustIncome FundMoney Market Fund*Short Duration Income FundU.S. Government Income TrustTax-free incomeAMT-Free Municipal FundIntermediate-Term Municipal Income FundShort-Term Municipal Income FundTax Exempt Income FundTax Exempt Money Market Fund*Tax-Free High Yield FundState tax-free income funds:Arizona, California, Massachusetts, Michigan,Minnesota, New Jersey, New York, Ohio,and Pennsylvania.* An investment in a money market fund is not insured or guaranteed by the Federal DepositInsurance Corporation or any other government agency. Although the fund seeks to preservethe value of your investment at $1.00 per share, it is possible to lose money by investing inthe fund.Equity Income Fund 51