SCHEDULE 14A INFORMATION

           PROXY STATEMENT PURSUANT TO SECTION 14(A)
             OF THE SECURITIES EXCHANGE ACT OF 1934
                        (Amendment No. )
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                    Filed by the Registrant                 / X /
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           Filed by a party other than the Registrant       /   /
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CHECK THE APPROPRIATE BOX:
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/   /     Preliminary Proxy Statement
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/   /     Confidential, for Use of the Commission Only (as
- ----      permitted by Rule 14a-6(e) (2))

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/   /     Definitive Proxy Statement
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/ X /     Definitive Additional Materials
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/   /     Soliciting Material Pursuant to Sec. 240.14a-11(c) or
- ----      Sec. 240.14a-12

                 PUTNAM HIGH QUALITY BOND FUND
        (Name of Registrant as Specified In Its Charter)

           (Name of Person(s) Filing Proxy Statement,
                   if other than Registrant)

PAYMENT OF FILING FEE (CHECK THE APPROPRIATE BOX):

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/ X /     No fee required
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/   /     Fee computed on table below per Exchange Act Rule 14a
- ----      6(i)(1) and 0-11

          (1) Title of each class of securities to which
          transaction applies:

          (2) Aggregate number of securities to which transaction
          applies:

          (3) Per unit price or other underlying value of
          transaction computed pursuant to Exchange Act Rule 0-11
          (set forth the amount on which the filing fee is
          calculated and state how it was determined):

          (4) Proposed maximum aggregate value of transaction:

          (5) Total fee paid:

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/   /     Fee paid previously with preliminary materials.
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/   /     Check box if any part of the fee is offset as provided
- ----           by Exchange Act Rule 0-11(a)(2) and identify the
          filing for which the offsetting fee was paid
          previously.  Identify the previous filing by
          registration statement number, or the Form or Schedule
          and the date of its filing.

          (1) Amount Previously Paid:

          (2) Form, Schedule or Registration Statement No.:

          (3) Filing Party:

          (4) Date Filed:


                                   George Putnam
                                   Chairman of the Trustees
                                   The Putnam Funds
                                   One Post Office Square
                                   Boston, Massachusetts  02109
(Standard Putnam letterhead)

Dear Shareholder:

Enclosed  please  find  several  documents,  including  a   proxy
statement  soliciting your proxy as a shareholder of Putnam  High
Quality  Bond  Fund.  Please take a few moments  to  review  this
important  material regarding the proposed merger  of  your  fund
into Putnam American Government Income Fund.

THE  TRUSTEES ARE RECOMMENDING APPROVAL OF THE MERGER  OF  PUTNAM
HIGH  QUALITY  BOND  FUND INTO PUTNAM AMERICAN GOVERNMENT  INCOME
FUND.  THE  MERGER WOULD RESULT IN AN EXCHANGE  OF  YOUR  CURRENT
SHARES,  AT  NET  ASSET  VALUE, FOR  SHARES  OF  PUTNAM  AMERICAN
GOVERNMENT INCOME FUND.

Larger  funds  typically  have lower expense  ratios.  Therefore,
Putnam Management and the Trustees believe merging the relatively
small  Putnam High Quality Bond Fund into a larger  fund  with  a
similar strategy and objective will be more cost-efficient and in
the best interests of shareholders.

The  enclosed  proxy  statement explains  the  proposal  and  the
reasons  for  the  merger in greater detail and also  includes  a
prospectus  and the most recent annual report of Putnam  American
Government Income Fund.

TO  MAKE GIVING YOUR PROXY FASTER AND MORE CONVENIENT FOR YOU, WE
HAVE  ARRANGED  FOR  A  METHOD FOR  YOU  TO  RECORD  YOUR  VOTING
INSTRUCTIONS  VIA  THE  INTERNET. IF YOU CHOOSE  TO  RECORD  YOUR
VOTING INSTRUCTIONS BY THIS METHOD DO NOT MAIL THE ENCLOSED PROXY
CARD. PLEASE SEE THE ENCLOSED MATERIAL FOR INSTRUCTIONS ON HOW TO
VOTE IN THIS WAY.

Completing your proxy promptly will  prevent the fund from having
to  send out additional mailings. If you have any questions about
the  proposal under consideration, please do not hesitate to call
1-800-225-1581.

Sincerely,

/s/George Putnam
George Putnam
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