<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>hicbinvplcychg061.txt
<TEXT>
Changed investment policy- Putnam High Income Bond (formerly
Putnam High Income Convertible & Bond Fund

The Fund will invest, under normal circumstances, at least 80%
of its net assets in fixed income securities (including debt
instruments and convertible securities) rated below investment
grade (eg. below BBB/Baa) by at least one nationally recognized
agency (or nonrated securities Putnam believes are of equivalent
credit quality).


</TEXT>
</DOCUMENT>
