PROSPECTUS SUPPLEMENT 65874 10/00
dated October 9, 2000 to:
Putnam Investors Fund (the "fund")
Prospectuses dated November 30, 1999
In the section entitled "Who manages the fund?" the second paragraph is
replaced with the following:
The following officers of Putnam Management have had primary responsibility
for the day-to-day management of the fund's portfolio since the years shown
below. Their experience as portfolio managers or investment analysts over
at least the last five years is also shown.
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Manager Since Experience
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C. Beth Cotner 1995 1995 - Present Putnam Management
Managing Director
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Manuel Weiss 1996 1987 - Present Putnam Management
Managing Director
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Richard B. England 1996 1992 - Present Putnam Management
Senior Vice President
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Anthony R. Sellitto, III 2000 2000 - Present Putnam Management
Senior Vice President Prior to Sept. 2000 Berger Associates
Prior to Jan. 1998 Crestone Capital
Management
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