PUTNAM VOYAGER FUND

               Prospectus Supplement dated February 7, 1994
                  to Prospectuses dated December 1, 1993,
                        as revised February 1, 1994


Matthew A. Weatherbie, Managing Director of Putnam Investment
Management, Inc. ("Putnam Management"), Douglas S. Foreman,
Senior Vice President of 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 the Fund's inception
in February, 1988, and Messrs. Foreman and Swanberg have had this
responsibility since February, 1994.  Messrs. Weatherbie, Foreman
and Swanberg have been employed by Putnam Management for the past
five years.