PUTNAM RESEARCH ANALYSTS FUND, 497, 1994-07-11

PUTNAM RESEARCH ANALYSTS FUND
497, 1994-07-11

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                       PUTNAM RESEARCH ANALYSTS FUND

                      Supplement dated July 11, 1994
                    to Prospectus dated January 1, 1994
                                      

     Patrick O'Donnell, Managing Director 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 July, 1994.  Mr.
     O'Donnell has been employed by Putnam Management since May,
     1994.  Prior to joining Putnam Management, Mr. O'Donnell was
     the President of Exeter Research, Inc. for more than five
     years.