852 Putnam New Opportunities Fund attachment
12/31/07 Semi-annual

New accounting pronouncements

In June 2006, the Financial Accounting Standards Board (FASB)
issued Interpretation No. 48, Accounting for Uncertainty in
Income Taxes (the Interpretation). The Interpretation prescribes
a minimum threshold for financial statement recognition of the
benefit of a tax position taken or expected to be taken by a
filer in the filers tax return. Upon adoption, the Interpretation
did not have a material effect on the funds financial statements.
However, the conclusions regarding the Interpretation may be
subject to review and adjustment at a later date based on factors
including, but not limited to, further implementation guidance
expected from the FASB, and on-going analysis of tax laws,
regulations and interpretations thereof.

In September 2006, the FASB issued Statement of Financial
Accounting Standards No. 157, Fair Value Measurements (the
Standard). The Standard defines fair value, sets out a framework
for measuring fair value and requires additional disclosures
about fair value measurements. The Standard applies to fair value
measurements already required or permitted by existing standards.
The Standard is effective for financial statements issued for
fiscal years beginning after November 15, 2007 and interim
periods within those fiscal years. Putnam Management is currently
evaluating what impact the adoption of the Standard will have on
the funds financial statements.