PUTNAM VOYAGER FUND II
Prospectus Supplement dated November 18, 1996
to Prospectus dated May 1, 1996
At a meeting to be held on December 5, 1996, the shareholders of
the fund are being asked to approve amendments to the fund's
fundamental investment restrictions, including the elimination of
certain restrictions. If these amendments are approved, the fund
will be able to acquire more than 10% of the voting securities of
any issuer with respect to 25% of its total assets.
The policy set forth above is fundamental and may not be changed
without shareholder approval. See the Statement of Additional
Information of the fund for the full text of this policy as well
as the fund's other fundamental policies, some of which are also
proposed to be amended at the upcoming meeting.
To the extent the fund invests a significant portion of its assets
in the securities of a particular issuer, the fund will be subject
to an increased risk of loss if the market value of such issuer's
securities declines.
If shareholders do not ultimately approve some or all of the
proposed changes, the prospectus will be revised accordingly.
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