PUTNAM OTC EMERGING GROWTH FUND

               Prospectus Supplement dated February 7, 1994
                   to Prospectus dated December 1, 1993

Daniel L. Miller, Senior Vice President of Putnam Management and
Vice President of the Fund, is primarily responsible for the day-
to-day management of the Fund's portfolio.  Mr. Miller has had
this responsibility since February, 1994.  Mr. Miller has been
employed by Putnam Management for the past five years. 

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                      PUTNAM OTC EMERGING GROWTH FUND

               Prospectus Supplement dated February 7, 1994
      to Defined Contribution Plan Prospectus dated December 1, 1993

Daniel L. Miller, Senior Vice President of Putnam Management and
Vice President of the Fund, is primarily responsible for the day-
to-day management of the Fund's portfolio.  Mr. Miller has had
this responsibility since February, 1994.  Mr. Miller has been
employed by Putnam Management for the past five years. 

  



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