PUTNAM INVESTORS FUND
Prospectus Supplement dated February 7, 1994
to Prospectus dated December 1, 1993
THE SECTION "EXPENSES SUMMARY" ON PAGES 3 AND 4 OF THE PROSPECTUS
IS REPLACED BY THE FOLLOWING:
ABOUT THE FUND
EXPENSES SUMMARY
Expenses are one of several factors to consider when investing in
the Fund. The following table summarizes your maximum
transaction costs from investing in the Fund and expenses
incurred by the Fund based on its most recent fiscal year. The
Examples show the cumulative expenses attributable to a
hypothetical $1,000 investment in the Fund over specified
periods.
CLASS A CLASS B
SHARES SHARES
[C] [C]
SHAREHOLDER TRANSACTION EXPENSES
Maximum Sales Charge Imposed on
Purchases (as a percentage of
offering price) 5.75% NONE*
Deferred Sales Charge 5.0% in the
(as a percentage of the lower first year,
of original purchase price or declining to
redemption proceeds) NONE** 1.0% in the
sixth year, and
eliminated
thereafter
ANNUAL FUND OPERATING EXPENSES
(as a percentage of average net assets)
Management Fees 0.62% 0.62%
12b-1 Fees 0.25% 1.00%
Other Expenses 0.13% 0.13%
Total Fund Operating Expenses 1.00% 1.75%
EXAMPLES
Your investment of $1,000 would incur the following expenses,
assuming 5% annual return and redemption at the end of each
period:
1 3 5 10
YEAR YEARS YEARS YEARS
CLASS A $67 $88 $110 $173
CLASS B $68 $85 $115 $186***
Your investment of $1,000 would incur the following expenses,
assuming 5% annual return but no redemption:
1 3 5 10
YEAR YEARS YEARS YEARS
CLASS A $67 $88 $110 $173
CLASS B $18 $55 $ 95 $186***
The table is provided to help you understand the expenses of
investing in the Fund and your share of the operating expenses
which the Fund incurs. The 12b-1 fees for Class A shares reflect
the amount to which payments are currently limited under the
Class A Distribution Plan, and the 12b-1 fees for Class B shares
reflect the maximum amount permitted under the Class B
Distribution Plan. Actual 12b-1 fees and total operating
expenses for Class A shares for fiscal 1993 were 0.15% and 0.90%,
respectively. Management fees and "Other Expenses" for Class B
shares are based on the operating expenses for Class A shares.
The Examples do not represent past or future expense levels.
Actual expenses may be greater or less than those shown. Federal
regulations require the Examples to assume a 5% annual return,
but actual annual return has varied.
* Class B shares are sold without a front-end sales charge,
but their 12b-1 fees may cause long-term shareholders to pay
more than the economic equivalent of the maximum permitted
front-end sales charges.
** A deferred sales charge of up to 1.00% is assessed on
certain redemptions of Class A shares that were purchased
without an initial sales charge as part of an investment of
$1 million or more. See "How to buy shares - Class A
shares."
*** Reflects conversion of Class B shares to Class A shares
(which pay lower ongoing expenses) approximately eight years
after purchase. See "How to buy shares - Class B shares -
Conversion of Class B shares."
<PAGE>
PUTNAM INVESTORS FUND
Prospectus Supplement dated February 7, 1994
to Defined Contribution Plans Prospectus dated December 1, 1993
THE SECTION "EXPENSES SUMMARY" ON PAGE 2 OF THE PROSPECTUS IS
REPLACED BY THE FOLLOWING:
ABOUT THE FUND
EXPENSES SUMMARY
Expenses are one of several factors to consider when investing in
the Fund. The following table summarizes your maximum
transaction costs from investing in the Fund and expenses
incurred by the Fund based on its most recent fiscal year. The
Example shows the cumulative expenses attributable to a
hypothetical $1,000 investment in the Fund over specified
periods.
ANNUAL FUND OPERATING EXPENSES
(as a percentage of average net assets)
Management Fees 0.62%
12b-1 Fees 0.25%
Other Expenses 0.13%
Total Fund Operating Expenses 1.00%
EXAMPLE
Your investment of $1,000 would incur the following expenses,
assuming (1) 5% annual return and (2) redemption at the end of
each period:
1 3 5 10
YEAR YEARS YEARS YEARS
$10 $32 $55 $122
The table is provided to help you understand the expenses of
investing in the Fund and your share of the operating expenses
which the Fund incurs. The 12b-1 fees shown in the table reflect
the amount to which payments are currenlty limited under the
Distribution Plan. Actual 12b-1 fees and total operating
expenses for fiscal 1993 were 0.15% and 0.90%, respectively. The
Example does not represent past or future expense levels. Actual
expenses may be greater or less than those shown. Federal
regulations require the Example to assume a 5% annual return, but
actual annual return has varied. The Example does not reflect any
charges or expenses related to your employer's plan.
