Statement of Additional Information ("SAI") Supplement 
dated July 21,                   1997 to: 
                                     
                      PUTNAM DIVERSIFIED EQUITY TRUST
                          SAI dated June 30, 1997

                         PUTNAM GLOBAL GROWTH FUND
           SAI dated February 28, 1997, as revised June 12, 1997

                          PUTNAM VOYAGER FUND II
                         SAI dated April 30, 1997


1.  The section of each SAI entitled "How to buy shares --
Additional information about class A and class M shares --
Employee benefit plans; individual account plans" is replaced
with the following:

Additional Information About Class A and Class M Shares

Qualified benefit plans; Individual account plans.  The terms
"class A qualified benefit plan" and "class M qualified benefit
plan" mean any employer-sponsored plan or arrangement, whether or
not tax-qualified, for which Putnam Fiduciary Trust Company
("PFTC") or its affiliates provide recordkeeping or other
services in connection with the purchase of class A shares or
class M shares, respectively.  The term "affiliated employer"
means employers who are affiliated with each other within the
meaning of Section 2(a)(3)(C) of the Investment Company Act of
1940.  The term "individual account plan" means any employee
benefit plan whereby (i) class A shares are purchased through
payroll deductions or otherwise by a fiduciary or other person
for the account of participants who are employees (or their
spouses) of an employer, or of affiliated employers, and (ii) a
separate investing account is maintained in the name of such
fiduciary or other person for the account of each participant in
the plan.

The table of sales charges in the prospectus applies to sales to
employer-sponsored retirement plans that are not class A
qualified benefit plans, except that the fund may sell class A
shares at net asset value to employee benefit plans, including
individual account plans, of employers or of affiliated employers
which have at least 750 employees to whom such plan is made
available, in connection with a payroll deduction system of plan
funding (or other system acceptable to Putnam Investor Services)
by which contributions or account information for plan
participation are transmitted to Putnam Investor Services by
methods acceptable to Putnam Investor Services.  

The fund may also sell class A shares at net asset value to
employer-sponsored retirement plans that initially invest at
least $1 million in the fund, or that have at least 200
employees. In addition, 
the fund may sell class M shares at net asset value to class M qualified 
benefit plans.

An employer-sponsored retirement plan participating in a "multi-
fund" program approved by Putnam Mutual Funds may include amounts
invested in the other mutual funds participating in such program
for purposes of determining whether the plan may purchase class A
shares at net asset value based on the size of the purchase as
described in the prospectus.  These investments will also be
included for purposes of the discount privileges and programs
described above.

Additional information about qualified benefit plans and
individual account plans is available from investment dealers or
from Putnam Mutual Funds.

2.  The section of each SAI entitled "How to buy shares --
Contingent deferred sales charges -- Class A shares" is replaced
with the following:

Contingent Deferred Sales Charges; Commissions

Class A shares.  Except as described below, a CDSC of 0.75% 
(1.00% in the case of plans for which Putnam Mutual Funds and its
affiliates do not act as trustee or recordkeeper) ("full service
plans") of the total amount redeemed is imposed on redemptions of
shares purchased by class A qualified benefit plans 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
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
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.

Similarly, class A shares purchased at net asset value by any
investor other than a class A qualified benefit plan, including
purchases pursuant to any Combined Purchase Privilege, Right of
Accumulation or Statement of Intention, are subject to a CDSC of
1.00% or 0.50%, respectively, if redeemed within the first or
second year after purchase, unless the dealer of record waived
its commission with Putnam Mutual Funds' approval.  The class A
CDSC is imposed on the lower of the cost and the current net
asset value of the shares redeemed.  

Except as described below with respect to 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 to employer-sponsored benefit plans
that have at least 200 eligible employees based on cumulative
purchases of such shares, including purchases pursuant to any
Combined Purchase Privilege, Right of Accumulation or Statement
of Intention, 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.

On sales at net asset value to a class A qualified benefit plan,
Putnam Mutual Funds pays commissions to the dealer of record at
the time of the sale on net monthly purchases at the following
rates: 1.00% of the first $1 million, 0.75% of the next $1
million, 0.50% of the next $3 million, 0.20% of the next $5
million, 0.15% of the next $10 million, 0.10% of the next $ 10
million and 0.05% thereafter, except that commissions on sales to
class A qualified benefit plans receiving proposals from Putnam
Mutual Funds on or before April 15, 1997 and initially investing
less than $20 million in Putnam Funds and other investments
managed by Putnam Management or its affiliates are based on
cumulative purchases over a one-year measuring period at the rate
of 1.00% of the first $2 million, 0.80% of the next $1 million,
and 0.50% thereafter.  On sales at net asset value to all other
class A qualified benefit plans receiving proposals from Putnam
Mutual Funds on or before April 15, 1997, Putnam Mutual Funds
pays commissions on the initial investment and on subsequent net
quarterly sales (gross sales minus gross redemptions during the
quarter) at the rate of 0.15%.  Money market fund shares are
excluded from all commission calculations, except for determining
the amount initially invested by a qualified benefit plan. 
Commissions on sales at net asset value to such plans are subject
to Putnam Mutual Funds' right to reclaim such commissions if the
shares are redeemed within two years.

Different CDSC and commission rates may apply to shares purchased
prior to December 1, 1995.

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