PUTNAM CAPITAL GROWTH & INCOME FUND, 497, 1994-11-10

PUTNAM CAPITAL GROWTH & INCOME FUND
497, 1994-11-10

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                   PUTNAM CAPITAL GROWTH AND INCOME FUND

                     Supplement dated November 7, 1994
                    to Prospectus dated October 1, 1994

James F. Giblin, Senior Vice President of Putnam Investment
Management, Inc. ("Putnam Management") and David J. Santos, Vice
President of Putnam Management, each of whom is also a Vice
President of the Fund, are primarily responsible for the day-to-
day management of the Fund's portfolio.   Mr. Giblin has had this
responsibility since commencement of the Fund's operations in
July, 1993.  Mr. Santos has had this responsibility since
November, 1994.  Prior to joining Putnam Management, Mr. Giblin
was employed by CIGNA Investment, Inc. for more than five years
as Managing Director-Head of Equity Investments.  Mr. Santos has
been employed by Putnam Management since October, 1986.