PUTNAM INVESTORS FUND
Prospectus Supplement dated July 17, 1995
to Prospectus dated December 1, 1994
Carol C. McMullen, Managing Director of Putnam Investment
Management, Inc. ("Putnam Management"), and David J. Santos and
Harlan R. Sonderling, each a Vice President of Putnam Management,
are each a Vice President of the Fund. Ms. McMullen has had
primary responsibility for the day-to-day management of the
Fund's portfolio since July, 1995, and Messrs. Santos and
Sonderling have had primary responsibility for the day-to-day
management of the Fund's portfolio since 1994. Ms. McMullen has
been employed by Putnam Management since June, 1995. Prior to
June, 1995, Ms. McMullen was Senior Vice President of Baring
Asset Management. Messrs. Santos and Sonderling have been
employed by Putnam Management since 1986 and March, 1992,
respectively. Prior to March, 1992, Mr. Sonderling was Vice
President and Equity Research Director at Mutual of America Life
Insurance Co. Prior to January, 1991, he was Vice President and
Portfolio Manager at Dalton, Greiner, Hartman, Maher and Co.
19453 7/95
