PUTNAM VOYAGER FUND
Prospectus Supplement dated December 8, 1997
to Prospectuses dated November 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
Year (at least 5 years)
------- -------------------------
Robert R. Beck 1995 Employed as an investment
Senior Vice President professional by Putnam
Management since 1989.
Roland W. Gillis 1995 Employed as an investment
Senior Vice President professional by Putnam
Management since 1995.
Prior to 1995, Mr. Gillis
was a Senior Vice President of
Keystone Custodian Funds,
Inc.
Michael P. Stack 1997 Employed as an investment
Senior Vice President professional by Putnam
Management since November,
1997. Prior to November,
1997, Mr. Stack was
employed as a Senior Vice
President and Portfolio
Manager by Independence
Investment Associates, Inc.
Charles H. Swanberg 1994 Employed as an investment
Senior Vice President professional by Putnam
Management since 1984.
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