PUTNAM OTC EMERGING GROWTH FUND
497, 1995-03-06
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                      Putnam OTC Emerging Growth Fund

                      Supplement dated March 6, 1995 
                  to prospectuses dated December 1, 1994

James L. Callinan, a Senior Vice President 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 1994. 
Mr. Callinan has been employed by Putnam Management since 1987. 


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