55284 9/99
Prospectus Supplement
dated September 13, 1999 to:
- -------------------------------------------------------------------------
Putnam Capital Opportunities Fund (the "fund")
Prospectus dated August 30, 1999
In the section entitled "Who manages the fund?" the second
paragraph is replaced with the following:
The following officers of Putnam Management have had primary
responsibility for the day-to-day management of the fund's
portfolio since the years shown below. Their experience as
portfolio managers or investment analysts over at least the last
five years is also shown.
MANAGER SINCE EXPERIENCE
Joseph P. Joseph 1999 Employed by Putnam Management since 1994.
Managing Director Prior to October, 1994, Mr. Joseph was
employed by Vert Independent Capital
Research, Inc.
Edward R. Finch III 1998 Employed by Putnam Management since 1997.
Senior Vice President Prior to December, 1997, Mr. Finch was
employed by M.A. Weatherbie & Company.
Prior to April, 1996, Mr. Finch was employed
by State Street Research & Management.
Sandeep Mehta 1996 Employed by Putnam Management since 1996.
Senior Vice President Prior to May, 1996, Mr. Mehta was employed
by Wellington Management.
Gerald S. Zukowski 1998 Employed by Putnam Management since 1989.
Senior Vice President
