PUTNAM HIGH YIELD TOTAL RETURN FUND
Prospectus Supplement dated April 7, 1997
to Prospectus dated January 1, 1997
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
Year (at least 5 years)
------- -------------------------
Gayle S. Attridge 1997 Employed as an investment
Vice President professional by Putnam
Management since 1993. Prior
to November, 1993, Ms.
Attridge was an Analyst at
Keystone Custody
International.
Jin W. Ho 1996 Employed as an investment
Managing Director professional by Putnam
Management since 1983.
Charles G. Pohl 1996 Employed as an investment
Vice President professional by Putnam
Management since 1983.
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