PUTNAM INVESTORS FUND
Prospectus Supplement dated July 15, 1996
to Prospectuses dated December 1, 1995
The third paragraph under the heading "How the fund is managed"
is replaced with the following:
The following officers of Putnam Investment Management, Inc.
("Putnam Management") have had primary responsibility for the
day-to-day management of the fund's portfolio since the years
stated below:
Business experience
Year (at least 5 years)
----- -----------------------------
C. Beth Cotner 1995 Employed as an investment
Senior Vice President professional by Putnam
Management since 1995. Prior
to 1995, Ms. Cotner was
Executive Vice President at
Kemper Financial Services.
Manuel H. Weiss 1996 Employed as an investment
Senior Vice President professional by Putnam
Management since 1987.
David J. Santos 1994 Employed as an investment
Vice President professional by Putnam
Management since 1986.
26432 7/96
