47064 10/98
PROSPECTUS SUPPLEMENT
dated October 5, 1998 to:
- -----------------------------------------------------------------
PUTNAM HIGH YIELD TOTAL RETURN FUND ("the fund")
Prospectus dated October 30, 1997
The third 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)
- ------- ---- ----------------------------
Jennifer E. Leichter 1998 Employed as an investment
Managing Director professional by Putnam
Management since 1987.
Jeffrey A. Kaufman 1998 Employed as an investment
Senior Vice President professional by Putnam
Management since 1998.
Prior to August, 1998, Mr.
Kaufman was a Vice President
at MFS Investment
Management. Prior to March,
1994, Mr. Kaufman was an
Emerging Markets Research
Consultant at Salomon
Brothers.
Robert M. Paine 1998 Employed as an investment
Senior Vice President professional by Putnam
Management since 1987.
Charles G. Pohl 1996 Employed as an investment
Senior Vice President professional by Putnam
Management since 1983.
