PUTNAM VOYAGER FUND

                        Supplement dated May 1, 1994
                  to Prospectuses dated December 1, 1993,
                        as revised February 1, 1994


Matthew A. Weatherbie, Managing Director of Putnam Investment
Management, Inc. ("Putnam Management"), and Charles H. Swanberg,
Senior Vice President of Putnam Management, each of whom is a
Vice President of the Fund, are primarily responsible for the
day-to-day management of the Fund's portfolio.  Mr. Weatherbie
has had this responsibility since October, 1983, and Mr. Swanberg
has had this responsibility since February, 1994.  Messrs.
Weatherbie and Swanberg have been employed by Putnam Management
for the past five years.