PUTNAM CAPITAL MANAGER TRUST

                 Prospectus Supplement dated March 6, 1995
                     to Prospectuses dated May 1, 1994

Jennifer E. Leichter, Senior Vice President of Putnam Investment
Management, Inc. ("Putnam Management"), Mark Turner, Managing
Director of Putnam Management, D. William Kohli, Senior Vice
President of Putnam Management, Neil J. Powers, Vice President of
Putnam Management, and Mark J. Siegel, Vice President of Putnam
Management, each a Vice President of the Trust, have had primary
responsibility for the day-to-day management of PCM Diversified
Income Fund's portfolio since September, 1993, July, 1994,
September, 1994, September, 1994, and November, 1994,
respectively.  Ms. Leichter and Mr. Powers have been employed by
Putnam Management since 1987 and 1986, respectively.  Mr. Turner
has been employed by Putnam Management since November, 1992. 
Prior to November, 1992, Mr. Turner was Managing Director of
Scudder, Stevens & Clark, Inc.  Mr. Kohli has been employed by
Putnam Management since September, 1994.  Prior to September,
1994, Mr. Kohli was Executive Vice President and Co-Director of
Global Bond Management and, prior to October, 1993, Senior
Portfolio Manager, at Franklin Advisors/Templeton Investment
Counsel.  Mr. Siegel has been employed by Putnam Management since
June, 1993.  Prior to June, 1993, Mr. Siegel was Vice President
of Salomon Brothers International Ltd.

Sheldon N. Simon, Senior Vice President of Putnam Management and
Christopher A. Ray, Vice President of Putnam Management, each a
Vice President of the Trust, have had primary responsibility for
the day-to-day management of PCM Utilities Growth and Income
Fund's portfolio since May, 1992 and March, 1995, respectively. 
Mr. Simon has been employed by Putnam Managment since 1984.  Mr.
Ray has been employed by Putnam Management since December, 1992. 
Prior to December, 1992, Mr. Ray was Vice President and Portfolio
Manager at Scudder, Stevens & Clark, Inc., and from February,
1986 to March, 1992, Mr. Ray was Vice President of Putnam
Management.

Effective April, 1995, Roland W. Gillis, Robert R. Beck and
Charles H. Swanberg, each a Senior Vice President of Putnam
Management and Vice President of the Trust, will have primary
responsibility for the day-to-day management of PCM Voyager
Fund's portfolio.  Mr. Gillis, who will assume this
responsibility in April, was employed by Putnam Management in
1995 and was previously Vice President of Keystone Custodian
Funds, Inc.  Mr. Beck, who assumed this reponsibility earlier in
1995, and Mr. Swanberg, who assumed this responsibility in 1994,
have been employed by Putnam Management since 1989 and 1984,
respectively.