39837 11/97
PUTNAM HIGH YIELD TOTAL RETURN FUND (the "fund")
Prospectus Supplement dated January 9, 1998
to Prospectus dated October 30, 1997
The information relating to the fund contained in the third
paragraph under the heading "How the fund is managed" 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 stated below:
Business experience
Year (at least 5 years)
------- -------------------------
Gail S. Attridge 1997 Employed as an investment
Senior Vice President professional by Putnam
Management since November,
1993. Prior to November, 1993,
Ms. Attridge was an Analyst
at Keystone Custody
International.
Jennifer E. Leichter 1997 Employed as an investment
Senior Vice President professional by Putnam
Management since 1987.
Charles G. Pohl 1997 Employed as an investment
Senior Vice President professional by Putnam
Management since 1983.
