852 New opportunities Fund attachment
6/30/04 Annual

77D

Subject to shareholder approval at a shareholder meeting
currently expected to be held within the next six months, the
Trustees approved on June 10, 2004 the following revised
versions of fundamental restrictions (1), (5) and (6):

(1)	The fund may not [b]orrow money in excess of 33 1/3% of the
value of its total assets (not including the amount borrowed) at
the time the borrowing is made.

(5)	The fund may not m]ake loans, except by purchase of debt
obligation in which the fund may invest consistent with its
investment policies (including without limitation debt
obligations issued by other Putnam funds), by entering into
repurchase agreements or by lending its portfolio securities.

(6)	The fund may not[w]ith respect to 75% of its total assets,
invest in securities of any issuer if, immediately after such
investment, more than 5% of the total assets of the fund (taken
at current value) would be invested in the securities of such
issuer; provided that this limitation does not apply to
obligations issued or guaranteed as to interest or principal by
the U.S. government or its agencies or instrumentalities or to
securities issued by other investment companies.