50487 2/99
Prospectus Supplement
dated February 8, 1999 to:
- -----------------------------------------------------------------
PUTNAM RESEARCH FUND
Prospectus dated November 30, 1998
The third paragraph under the heading "How the fund is managed"
is replaced with the following:
Putnam Management's Global Equity Research Team has primary
responsibility for the day-to-day management of the fund's
portfolio.
50549 2/99
Prospectus Supplement
dated February 8, 1999 to:
- -----------------------------------------------------------------
PUTNAM CAPITAL OPPORTUNITIES FUND
Prospectus dated June 1, 1998, as revised June 29, 1998
The fourth paragraph under the heading "How the fund is managed"
is replaced with the following:
The following officers of Putnam Investment Management, Inc.
("Putnam Management") have had primary responsibility for the day-
to-day management of the fund's portfolio since the years stated
below:
Business experience
Officer Year (at least 5 years)
- ----------------------------- ------------------------------
Joseph P. Joseph 1999 Employed as an investment professional
Managing Director by Putnam Management
since 1994. Prior to October,
1994, Mr. Joseph was a
Managing Director at Vert
Independent Capital Research,
Inc.
Edward R. Finch III 1998 Employed as an investment professional
Senior Vice President by Putnam Management since 1997.
Prior to December, 1997,
Mr. Finch was employed by M.S.
Weatherbie & Company as an
Assistant Portfolio Manager.
Prior to 1996, Mr. Finch was
employed by State Street
Research & Management as a
Portfolio Manager.
William H. Miller 1998 Employed as an investment professional
Senior Vice President by Putnam Management since 1997.
Prior to November, 1997, Mr.
Miller was a Vice President
and Portfolio Manager with
Delaware Management Holdings,
Inc. Prior to 1995, Mr. Miller
was a Vice President and
research analyst with Janney
Montgomery Scott. Prior to
1994, Mr. Miller was a Vice
President and research analyst
at Rutherford, Brown &
Catherwood Inc.
Gerald S. Zukowski 1998 Employed as an investment professional
Senior Vice President by Putnam Management since 1989.
