PUTNAM VOYAGER FUND
                           CLASS A AND B SHARES

                       Supplement dated July 11, 1994
                   to Prospectus dated December 1, 1993,
                        as revised February 1, 1994

INVESTMENT POLICIES.  On July 7, 1994, shareholders approved
changes to the Fund's investment restrictions.  Thus, restriction
(c) in the section of the Prospectus entitled "How objective is
pursued -- Limiting investment risk" is revised to prohibit the
Fund from investing more than 15% of the value of the Fund's net
assets in securities restricted as to resale, excluding
restricted securities that have been determined by the Trustees
of the Fund (or the person designated by them to make such
determinations) to be readily marketable.  Also, the  paragraph
entitled "Options" in "How objective is pursued -- Other
investment practices" is replaced by the following text:

     The Fund may seek to increase its current return by writing
     covered call and put options on securities it owns or in
     which it may invest.  The Fund receives a premium from
     writing a call or put option, which increases the Fund's
     return if the option expires unexercised or is closed out at
     a net profit.  When the Fund writes a call option, it gives
     up the opportunity to profit from any increase in the price
     of a security above the exercise price of the option; when
     it writes a put option, the Fund takes the risk that it will
     be required to purchase a security from the option holder at
     a price above the current market price of the security.  The
     Fund may terminate an option that it has written prior to
     its expiration by entering into a closing purchase
     transaction in which it purchases an option having the same
     terms as the option written.  The Fund may also buy and sell
     put and call options for hedging purposes.  The Fund may
     also from time to time buy and sell combinations of put and
     call options on the same underlying security to earn
     additional income.  The aggregate value of the securities
     underlying the options may not exceed 25% of the Fund's
     assets.  The Fund's use of these strategies may be limited
     by applicable law.

PORTFOLIO MANAGERS.  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 since 1983 and 1984, respectively.




CLASS A SHARES. The schedule of contingent deferred sales charges
and payments by Putnam Mutual Funds Corp. to investment dealers
with respect to Class A shares purchased at net asset value has
been revised.  Accordingly, the Prospectus is revised as follows:

The second paragraph under "How to buy Class A and B shares --
Class A shares" is replaced by the following text:

     There is no initial sales charge on purchases of Class A
     shares of $1 million or more. However, a contingent deferred
     sales charge ("CDSC") of 1.00% or 0.50%, respectively, is
     imposed on redemptions of such shares within the first or
     second year  after purchase, based  on the lower of the
     shares' cost  and current net asset value .  Any shares
     acquired by reinvestment of distributions will be redeemed
     without a CDSC.  In addition, shares purchased by certain
     investors investing $1 million or more that have made
     arrangements with Putnam Mutual Funds and whose dealer of
     record waived the commission described in the next paragraph
     are not subject to the CDSC.  In determining whether a CDSC
     is payable, the Fund will first redeem shares not subject to
     any charge.  Putnam Mutual Funds receives the entire amount
     of any CDSC you pay.  See the Statement of Additional
     Information for more information about the CDSC.
       
     Except as stated below, Putnam Mutual Funds pays investment
     dealers of record commissions on sales of Class A shares of
     $1 million or more based on an investor's cumulative
     purchases during the one-year period beginning with the date
     of the initial purchase at net asset value and each
     subsequent one-year period beginning 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 participant-
     directed qualified retirement plan initially investing less
     than $20 million in Putnam funds and other investments
     managed by Putnam Management or its affiliates (including a
     plan sponsored by an employer with more than 750 employees),
     Putnam Mutual Funds pays commissions on cumulative purchases
     during the life of the account at the rate of 1.00% of the
     amount under $3 million and 0.50% thereafter.  On sales at
     net asset value to all other participant-directed qualified
     retirement plans, Putnam Mutual Funds pays commissions on
     the initial investment and on subsequent net quarterly sales
     at the rate of 0.15%.

The second paragraph under "Class A and B Distribution Plans --
Class A Distribution Plan" is revised by:

     (1)  adding the following text after the first sentence:


     This calculation excludes until one year after purchase
     shares purchased at net asset value after March 31, 1994 by
     shareholders investing $1 million or more and by
     participant-directed qualified retirement plans sponsored by
     employers with more than 750 employees ("NAV Shares"),
     except for shares owned by certain investors investing $1
     million or more that have made arrangements with Putnam
     Mutual Funds and whose dealer of record waived the sales
     commission.

     (2)  adding the following text after the last sentence:

     For participant-directed qualified retirement plans
     initially investing less than $20 million in Putnam funds
     and other investments managed by Putnam Management or its
     affiliates, Putnam Mutual Funds' payments to qualifying
     dealers on NAV Shares are 100% of the rate stated above if
     average plan assets in Putnam funds (excluding money market
     funds) during the quarter are less than $20 million, 60% of
     the stated rate if average plan assets are at least $20
     million but less than $30 million, and 40% of the stated
     rate if average plan assets are $30 million or more.  For
     all other participant-directed qualified retirement plans
     purchasing NAV Shares, Putnam Mutual Funds makes quarterly
     payments to qualifying dealers at the annual rate of 0.10%
     of the average net asset value of such shares.


                            PUTNAM VOYAGER FUND
                              CLASS A SHARES
                                     
                      Supplement dated July 11, 1994
to Prospectus            dated December, 1, 1993,
                        as revised February 1, 1994


INVESTMENT POLICIES.  On July 7, 1994, shareholders approved
changes to the Fund's investment restrictions.  Thus, restriction
(c) in the section of the Prospectus entitled "How objective is
pursued -- Limiting investment risk" is revised to prohibit the
Fund from investing more than 15% of the value of the Fund's net
assets in securities restricted as to resale, excluding
restricted securities that have been determined by the Trustees
of the Fund (or the person designated by them to make such
determinations) to be readily marketable.  Also, the  paragraph
entitled "Options" in "How objective is pursued -- Other
investment practices" is replaced by the following text:

     The Fund may seek to increase its current return by writing
     covered call and put options on securities it owns or in
     which it may invest.  The Fund receives a premium from
     writing a call or put option, which increases the Fund's
     return if the option expires unexercised or is closed out at
     a net profit.  When the Fund writes a call option, it gives
     up the opportunity to profit from any increase in the price
     of a security above the exercise price of the option; when
     it writes a put option, the Fund takes the risk that it will
     be required to purchase a security from the option holder at
     a price above the current market price of the security.  The
     Fund may terminate an option that it has written prior to
     its expiration by entering into a closing purchase
     transaction in which it purchases an option having the same
     terms as the option written.  The Fund may also buy and sell
     put and call options for hedging purposes.  The Fund may
     also from time to time buy and sell combinations of put and
     call options on the same underlying security to earn
     additional income.  The aggregate value of the securities
     underlying the options may not exceed 25% of the Fund's
     assets.  The Fund's use of these strategies may be limited
     by applicable law.

PORTFOLIO MANAGERS.  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 since 1983 and 1984, respectively.



SALES AT NET ASSET VALUE. The schedule of payments by Putnam
Mutual Funds Corp. to investment dealers with respect to Class A
shares purchased at net asset value has been revised. 
Accordingly, the Prospectus is revised as follows:

The following text is added under "How to buy shares" after the
eighth sentence:

     On sales at net asset value to a participant-directed
     qualified retirement plan initially investing less than $20
     million in Putnam funds and other investments managed by
     Putnam Management or its affiliates (including a plan
     sponsored by an employer with more than 750 employees),
     Putnam Mutual Funds pays commissions on cumulative purchases
     during the life of the account at the rate of 1.00% of the
     amount under $3 million and 0.50% thereafter.  On sales at
     net asset value to all other participant-directed qualified
     retirement plans, Putnam Mutual Funds pays commissions on
     the initial investment and on subsequent net quarterly sales
     at the rate of 0.15%. 

The second paragraph under "Distribution Plan" is revised by:

     (1)  adding the following text after the first sentence:

     This calculation excludes until one year after purchase
     shares purchased at net asset value after March 31, 1994 by
     shareholders investing $1 million or more and by
     participant-directed qualified retirement plans sponsored by
     employers with more than 750 employees ("NAV Shares"),
     except for shares owned by certain investors investing $1
     million or more that have made arrangements with Putnam
     Mutual Funds and whose dealer of record waived the sales
     commission.

     (2)  adding the following text after the last sentence:

     However, for participant-directed qualified retirement plans
     initially investing less than $20 million in Putnam funds
     and other investments managed by Putnam Management or its
     affiliates, Putnam Mutual Funds' payments to qualifying
     dealers on NAV Shares are 100% of the rate stated above if
     average plan assets in Putnam funds (excluding money market
     funds) during the quarter are less than $20 million, 60% of
     the stated rate if average plan assets are at least $20
     million but less than $30 million, and 40% of the stated
     rate if average plan assets are $30 million or more.  For
     all other participant-directed qualified retirement plans
     purchasing NAV Shares, Putnam Mutual Funds makes quarterly
     payments to qualifying dealers at the annual rate of 0.10%
     of the average net asset value of such shares.




                            PUTNAM VOYAGER FUND
                              CLASS Y SHARES

                       Supplement dated July 11, 1994
to Prospectus             dated December 1, 1993,
                        as revised February 1, 1994


INVESTMENT POLICIES.  On July 7, 1994, shareholders approved
changes to the Fund's investment restrictions.  Thus, restriction
(c) in the section of the Prospectus entitled "How objective is
pursued -- Limiting investment risk" is revised to prohibit the
Fund from investing more than 15% of the value of the Fund's net
assets in securities restricted as to resale, excluding
restricted securities that have been determined by the Trustees
of the Fund (or the person designated by them to make such
determinations) to be readily marketable.  Also, the  paragraph
entitled "Options" in "How objective is pursued -- Other
investment practices" is replaced by the following text:

     The Fund may seek to increase its current return by writing
     covered call and put options on securities it owns or in
     which it may invest.  The Fund receives a premium from
     writing a call or put option, which increases the Fund's
     return if the option expires unexercised or is closed out at
     a net profit.  When the Fund writes a call option, it gives
     up the opportunity to profit from any increase in the price
     of a security above the exercise price of the option; when
     it writes a put option, the Fund takes the risk that it will
     be required to purchase a security from the option holder at
     a price above the current market price of the security.  The
     Fund may terminate an option that it has written prior to
     its expiration by entering into a closing purchase
     transaction in which it purchases an option having the same
     terms as the option written.  The Fund may also buy and sell
     put and call options for hedging purposes.  The Fund may
     also from time to time buy and sell combinations of put and
     call options on the same underlying security to earn
     additional income.  The aggregate value of the securities
     underlying the options may not exceed 25% of the Fund's
     assets.  The Fund's use of these strategies may be limited
     by applicable law.

PORTFOLIO MANAGERS.  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 since 1983 and 1984, respectively.