497 1 vf1.txt PUTNAM VOYAGER FUND Prospectus Supplement 217938 9/04 dated September 2, 2004 to: ------------------------------------------------------------------------------- PUTNAM VOYAGER FUND Prospectuses dated November 30, 2003 The second and third paragraphs and table under the heading "Who manages the fund?" are replaced with the following: Putnam Management's investment professionals are organized into investment management teams, with a particular team dedicated to a specific asset class. The members of the Large Cap Growth Team are responsible for the day-to-day management of the fund. The names of all team members can be found at www.putnaminvestments.com. The following team members coordinate the team's management of the fund's portfolio. Their experience as investment professionals over at least the last five years is shown. ------------------------------------------------------------------------------- Portfolio leader Since Experience ------------------------------------------------------------------------------- Brian P. O'Toole 2002 2002 - Present Putnam Management Prior to June 2002 Citigroup Asset Management ------------------------------------------------------------------------------- Portfolio members Since Experience ------------------------------------------------------------------------------- Walton D. Pearson 2003 2003 - Present Putnam Management Prior to Feb. 2003 Alliance Capital Management ------------------------------------------------------------------------------- David J. Santos 2003 1986 - Present Putnam Management ------------------------------------------------------------------------------- PUTNAM INVESTMENTS [SCALE LOGO OMITTED]