54190
7/99
Prospectus Supplement
dated July 19, 1999 to:
- ---------------------------------------------------------------
PUTNAM NEW OPPORTUNITIES FUND
Prospectuses dated October 30, 1998
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 dayto-day management of
the fund's portfolio since the years stated below:
BUSINESS EXPERIENCE
OFFICER 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 professional
Senior Vice President by Putnam Management since 1994.
Kenneth Lang 1999 Employed as an investment professional
Vice President by Putnam Management since 1997. Prior to
April, 1997, Mr. Lang was Vice
President at Montgomery Securities.
