PUTNAM CAPITAL APPRECIATION FUND, 497J, 1994-02-02

PUTNAM CAPITAL APPRECIATION FUND
497J, 1994-02-02

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VIA EDGAR

                                   February 2, 1994

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC  20549

Re:  Putnam Capital Appreciation Fund
     (Reg. No. 33-49583) (811-7061) (the "Fund") 

Ladies and Gentlemen:

     Pursuant to Rule 497(j) under the Securities Act of 1933, as
amended, the undersigned hereby certifies on behalf of the Fund
that the form of prospectus and Statement of Additional
Information that would have been filed on behalf of the Fund
pursuant to Rule 497(c) upon the effectiveness of Post-Effective
Amendment No. 1 to the Fund's Registration Statement on Form
N-1A (the "Amendment") would not have differed from that
contained in the Amendment, which is the most recent amendment to
such Registration Statement and was filed electronically on
February 1, 1994.

      Comments or questions concerning this certificate may be
directed to Karen Kay at 1-800-225-2465, ext. 1105.

                              Very truly yours,

                              Putnam Capital Appreciation Fund


                              By:  Gordon H. Silver
                              Vice President 


cc:  Mark Goshko, Esq.