PUTNAM INVESTMENTS [GRAPHIC OMITTED: PUTNAM
SCALES LOGO]
PUTNAM VOYAGER FUND
Supplement to the Semiannual Report dated 1/31/96
The following information has been prepared to provide class Y
shareholders with a performance overview specific to their
holdings. Class Y shares are offered exclusively to defined
contribution plans investing $250 million or more in one or more
of Putnam's funds or private accounts. Performance of class Y
shares, which incur neither a front-end load, distribution fee,
nor contingent deferred sales charge, will differ from
performance of class A, B and M shares, which are discussed more
extensively in the semiannual report.
SEMIANNUAL RESULTS AT A GLANCE
TOTAL RETURN NAV
Six months ended 1/31/96 13.29%
One year ended 1/31/96 41.54
Life of class (since 4/4/94) 52.56
Annual average 25.96
SHARE VALUE NAV
7/31/95 $14.48
1/31/96 15.50
SHORT-TERM LONG-TERM
DISTRIBUTIONS: NO. CAPITAL GAINS CAPITAL GAINS TOTAL
1 $0.22 $0.64 $0.86
Please note that past performance does not indicate future
results. Investment return and net asset value will fluctuate so
that your shares, when redeemed, may be worth more or less than
their original cost. See full report for information on
comparative benchmarks. If you have questions, please consult
your fund prospectus or call Putnam toll free at 1-800-752-9894.
