Prospectus Supplement dated July 21, 1997 to Class A share
                               Prospectus:

                         PUTNAM EQUITY INCOME FUND
         Prospectus dated March 30, 1997, as revised May 30, 1997

                     THE GEORGE PUTNAM FUND OF BOSTON
        Prospectus dated November 30, 1996, as revised May 30, 1997

                           PUTNAM NEW VALUE FUND
        Prospectus dated December 31, 1996, as revised May 30, 1997

                          PUTNAM VOYAGER FUND II
                      Prospectus dated April 30, 1997
                                     
     Effective April 15, 1997, the prospectus is modified as
follows:

     The section of the prospectus entitled "How to buy shares"
     is replaced by the following:

     
     All
      orders to purchase shares must be made through your
     employer's retirement plan.  For more information about
     how to purchase shares of the fund through your
     employer's plan or limitations on the amount that may
     be purchased, please consult your employer.  Shares are
     sold to eligible employer-sponsored retirement plans at
     the net asset value per share next determined after
     receipt of an order by Putnam Mutual Funds.  Orders
     must be received by Putnam Mutual Funds before the
     close of regular trading on the New York Stock Exchange
     in order to receive that day's net asset value.  A
     class A qualified benefit plan (an employer-sponsored
     retirement plan for which Putnam Fiduciary Trust
     Company or its affiliates provide recordkeeping or
     other services in connection with the purchase of class
     A shares) is eligible to purchase fund shares at net
     asset value if it initially invests at least $20
     million in Putnam funds and other investments managed
     by Putnam Management or its affiliates or if its 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 the plan
     redeems 90% or more of its cumulative purchases within
     two years of its initial purchase.  An
      employer-
     sponsored retirement plan, other than a class A
     qualified benefit plan, is eligible to purchase fund
     shares at net asset value if its investment in class A
     shares is at least $1 million, or it has at least 200
     eligible employees, and the dealer of record waives its
     commission with the consent of Putnam Mutual Funds. 
     Employer-sponsored retirement plans 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.  Employer-sponsored plans
     may make additional investments of any amount at any
     time.  To eliminate the need for safekeeping, the fund
     will not issue certificates for your shares.

     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
     will from time to time, at its expense, provide
     additional promotional incentives or payments to
     dealers that sell shares of the Putnam funds.  These
     incentives or payments may include payments for travel
     expenses, including lodging, incurred in connection
     with trips taken by invited registered representatives
     and their guests to locations within and outside the
     United States for meetings or seminars of a business
     nature.  In some instances, these incentives or
     payments may be offered only to certain dealers who
     sold or may sell significant amounts of shares. 
     Certain dealers may not sell all classes of shares.




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