PUTNAM OTC EMERGING GROWTH FUND
497, 1996-06-10
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                      PUTNAM OTC EMERGING GROWTH FUND
                 Prospectus Supplement dated June 10, 1996
                  to Prospectuses dated December 1, 1995




                                   Business experience
                          Year     (at least 5 years)
                          -----------------------
Steven L. Kirson         1996      Employed as an investment 
Senior Vice President              professional by Putnam
                                   Management since 1989.

Michael J. Mufson        1996      Employed as an investment
Vice President                     professional by Putnam
                                   Management since June, 1993.
                                   Prior to June, 1993, Mr.
                                   Mufson was Senior Equity
                                   Analyst at Stein Roe &
                                   Farnham.




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