Putnam Capital Appreciation Fund
Prospectus Supplement dated January 8, 1996
to Prospectus dated October 1, 1995
The following officers of Putnam Management, Inc. ("Putnam Management")
have had primary responsibility for the day-to-day management of the Fund's
portfolio since the year stated below:
Business experience
Year (at least 5 years)
-------------------------------------------
Gerald S. Zukowski 1993 Employed as an investment
Senior Vice President professional by Putnam
Management since 1989.
Anthony C. Santosus 1996 Employed as an investment
Vice President professional by Putnam
Management since 1985.
