46710 10/98
PROSPECTUS SUPPLEMENT
dated October 5, 1998 to:
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PUTNAM HIGH QUALITY BOND FUND (THE "FUND")
Prospectuses dated February 28, 1998
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
Year (at least 5 years)
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Kevin M. Cronin 1998 Employed as an investment
Managing Director professional by Putnam
Management since 1997.
Prior to February 1997, Mr.
Cronin was a Vice President and
Fund Manager at MFS Investment
Management.
Krishna K. Memani 1998 Employed as an investment
Managing Director professional by Putnam
Management since 1998.
Prior to September 1998, Ms.
Memani was a Principal at
Morgan Stanley & Co.
James M. Prusko 1998 Employed as an investment
Senior Vice President professional by Putnam
Management since 1992.
