PUTNAM RESEARCH ANALYSTS FUND, 497, 1994-04-07

PUTNAM RESEARCH ANALYSTS FUND
497, 1994-04-07

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                       PUTNAM RESEARCH ANALYSTS FUND

                       Supplement dated April 7, 1994
                    to Prospectus dated January 1, 1994
                                      

Richard B. England, Vice President of Putnam Investment
Management Inc. ("Putnam Management") and Vice President of the
Fund, has had primary responsibility for the day-to-day
management of the Fund's portfolio since April, 1994.  Mr.
England has been employed by Putnam Management since December,
1992.  Prior to joining Putnam Management, Mr. England was
employed by Aetna Equity Investors as an Investment Officer for
more than five years.