Prospectus Supplement dated July 21, 1997 to:
PUTNAM VOYAGER FUND II
Prospectus dated April 30, 1997
Effective April 15, 1997, the prospectus is modified as follows:
1. "How to buy shares--Class A shares" is revised by replacing
the six paragraphs following the sales charge table with the
following:
No initial sales charge applies to purchases of class A
shares of $1 million or more, or to purchases by employer-
sponsored retirement plans that have at least 200 eligible
employees. However, a CDSC of 1.00% or 0.50%, respectively,
is imposed within the first or second year after purchase on
redemptions of these shares, unless the dealer of record
waived its commission with Putnam Mutual Funds' approval, or
unless the purchaser is a class A qualified benefit plan (a
retirement plan for which Putnam Fiduciary Trust Company or
its affiliates provide recordkeeping or other services in
connection with purchases of class A shares).
Class A qualified benefit plans may also purchase class A
shares with no initial sales charge. However, except as
stated below, a CDSC of 0.75% of the total amount redeemed
(1.00% in the case of plans for which Putnam Mutual Funds
and its affiliates do not act as trustee or recordkeeper)
is imposed on redemptions of these shares if, within two
years of a plan's initial purchase of class A shares, it
redeems 90% or more of its cumulative purchases.
Thereafter, such a plan is no longer liable for any CDSC.
The two-year CDSC applicable to class A qualified benefit
plans for which Putnam Mutual Funds or its affiliates serve
as trustee or recordkeeper ("full service plans") is 0.50%
of the total amount redeemed for full service plans that
initially invest at least $5 million but less than $10
million in Putnam funds and other investments managed by
Putnam Management or its affiliates ("Putnam Assets"), and
is 0.25% of the total amount redeemed for full service plans
that initially invest at least $10 million but less than $20
million in Putnam Assets. Class A qualified benefit plans
that initially invest at least $20 million in Putnam Assets,
or whose dealer of record has, with Putnam Mutual Funds'
approval, waived its commission or agreed to refund its
commission to Putnam Mutual Funds in the event a CDSC would
otherwise be applicable, are not subject to any CDSC.
In determining whether a CDSC is payable, the fund will
first redeem shares not subject to any charge. Any CDSC
will be calculated based on the lower of the shares' cost
and current net asset value and any shares acquired by
reinvestment of distributions will be redeemed without a
CDSC. Putnam Mutual Funds receives the entire amount of any
CDSC you pay. See the SAI for more information about the
CDSC.
A class A qualified benefit plan participating in a "multi-
fund" program approved by Putnam Mutual Funds may include
amounts invested in other mutual funds participating in such
program for purposes of determining whether the plan may
purchase class A shares at net asset value. These
investments will also be included for purposes of the
discount privileges and programs described elsewhere in this
prospectus and in the SAI.
As described in the SAI, Putnam Mutual Funds pays the dealer
of record a commission of up to 1% on sales to class A
qualified benefit plans. Putnam Mutual Funds pays
investment dealers of record commissions on sales of class A
shares of $1 million or more and sales of class A shares to
employer-sponsored retirement plans that have at least 200
eligible employees and that are not class A qualified
benefit plans based on an investor's cumulative purchases
during the one-year period beginning with the date of the
initial purchase at net asset value. Each subsequent one-
year measuring period for these purposes will begin with the
first net asset value purchase following the end of the
prior period. Such commissions are paid at the rate of
1.00% of the amount under $3 million, 0.50% of the next $47
million and 0.25% thereafter.
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