EX-99

August 11, 2003


To the Trustees and Shareholders of Putnam New Opportunities
Fund:

In planning and performing our audit of the financial statements
of Putnam New Opportunities Fund for the year ended June 30,
2003, we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.

The management of Putnam New Opportunities Fund is responsible
for establishing and maintaining internal control.  In fulfilling
this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls.  Generally, controls that are relevant to an audit
pertain to the entitys objective of preparing financial
statements for external purposes that are fairly presented in
conformity with accounting principles generally accepted in the
United States of America.  Those controls include the
safeguarding of assets against unauthorized acquisition, use or
disposition.

Because of inherent limitations in internal control, errors or
fraud may occur and may not be detected.  Also, projection of any
evaluation of internal control to future periods is subject to
the risk that controls may become inadequate because of changes
in conditions or that the effectiveness of the design and
operation may deteriorate.

Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants.  A material weakness is a
condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions.  However, we noted no matters involving
internal control and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of June 30, 2003.

This report is intended solely for the information and use of
management and the Board of Trustees and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.


/s/ PricewaterhouseCoopers LLP

EX-99

Exhibit 77 I

Creation of additional class of shares


Putnam New Opportunities Fund added Class R shares effective
January 21, 2003.

Class R shares were not added by Post-Effective Amendment.

EX-99

852 Putnam New Opportunities Fund attachment
6/30/03 Annual

Because the electronic format for filing Form N-SAR does not
provide adequate space for responding to certain items correctly,
the correct answers are as follows:


74U1	(000s omitted)

Class A	190,970
Class B	61,765
Class C	2,014

74U2	(000s omitted)

Class M	5,510
Class R	--
Class Y	27,626

74V1

Class A	32.79
Class B	29.96
Class C	31.79

74V2

Class M	31.15
Class R	32.76
Class Y	33.70