9/98 46495
Prospectus Supplement
dated September 14, 1998 to:
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PUTNAM NEW OPPORTUNITIES FUND
Prospectuses dated October 30 , 1997
The third paragraph under the heading "How the fund is managed"
is replaced with the following:
The following officers of Putnam Investment Management, Inc.
("Putnam Management") have had primary responsibility for the day-
to-day management of the fund's portfolio since the years stated
below:
Business experience
Year (at least 5 years)
----- -------------------------
Daniel L. Miller 1990 Employed as an investment
Managing Director professional by Putnam Management
since 1983.
Jeffrey R. Lindsey 1998 Employed as an investment
Senior Vice President professional by Putnam Management
since 1994. Prior to April,
1994, Mr. Lindsey was Vice
President at Strategic
Portfolio Management,
Inc .
