PUTNAM INVESTMENTS                 [GRAPHIC OMITTED:  PUTNAM
SCALES LOGO]

PUTNAM NEW OPPORTUNITIES FUND
Supplment to Semiannual Report dated December 31, 1995

The following information has been prepared to provide class Y
shareholders with a performance overview specific to their
holdings.  Class Y shares are offered exclusively to defined
contribution plans investing $250 million or more in one or more
of Putnam's funds or private accounts.  Performance of class Y
shares, which incur niether a front-end load, distribution fee,
nor contingent deferred sales charge, will differ from
performance of class A, B and M shares, which are discussed more
extensively in the semiannual report.

SEMIANNUAL RESULTS AT A GLANCE

TOTAL RETURN                          NAV

Six months ended 12/31/95           25.05%
One year ended 12/31/95             46.60
Life of class (since 7/19/94)       65.60
Annual average                      41.60

SHARE VALUE                           NAV

6/30/95                            $29.66
12/31/95                            37.09

DISTRIBUTIONS: NO.       INCOME         CAPITAL GAINS  TOTAL
               0         --                  --        --

Please note that past performance does not indicate future
results.  Investment return and principal value will fluctuate so
that your shares, when redeemed, may be worth more or less than
their original cost.  See full semiannual report for information
on comparative benchmarks.  If you have questions, please consult
your fund prospectus or call Putnam toll free at 1-800-752-9894.