Prospectus Supplement                                        212765 3/04
dated March 12, 2004 to:
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PUTNAM HEALTH SCIENCES TRUST
Prospectus dated December 30, 2003

The second and third paragraphs and table under the heading "Who manages
the fund?" are replaced with the following:

Putnam Management's investment professionals are organized into
investment management teams, with a particular team dedicated to a
specific asset class. The members of the Global Equity Research team are
responsible for the day-to-day management of the fund. Joshua H. Brooks and
Kelly A. Morgan are Co-Chief Investment Officers heading the team. The names
of all team members can be found at www.putnaminvestments.com.