In this paper, an analytical solution is found for the Reynolds equations describing a simple turbulent shear flow carrying small, wake-less particles. An algebraic stress model is used as the basis of the model, the particles leading to source terms in the equations for the turbulent stresses in the flow. The sources are proportional to the mass loading of the particles and depend on the temporal correlations of the fluid velocities seen by particles, $Rijτ.$ The resulting set of equations is a system of nonlinear algebraic equations for the Reynolds stresses and the dissipation. The system is solved exactly and the influence of the particles can be quantified. The predictions are compared with DNS results and are shown to predict trends quite well. Different scenarios are investigated, including the effects of isotropic, anisotropic and non-equilibrium time scales and negative loops in $Rijτ.$ The general trend is to increase anisotropy and attenuate turbulence with higher mass loadings. The occurrence of turbulence enhancement is investigated and shown to be theoretically possible, but physically unlikely.

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