497 1 nof1.txt PUTNAM NEW OPPORTUNITIES FUND Prospectus Supplement 86684 9/02 dated September 30, 2002 to: PUTNAM NEW OPPORTUNITIES FUND Prospectuses dated October 31, 2001 The second paragraph under the heading "Who manages the fund?" is replaced with the following: Putnam Management's investment professionals are organized into investment management teams, with a particular team dedicated to each specific asset class. The members of the Large Cap Growth and Specialty Growth Teams are responsible for the day-to-day management of the fund. The names of all team members can be found at www.putnaminvestments.com. The following team members coordinate the team's management of the fund's portfolio. Their experience as investment professionals over at least the last five years is shown. ------------------------------------------------------------------------------ Portfolio leader Since Experience ------------------------------------------------------------------------------ Daniel L. Miller 1990 1983 - Present Putnam Management ------------------------------------------------------------------------------ Portfolio members Since Experience ------------------------------------------------------------------------------ Kenneth J. Doerr 2002 2000 - Present Putnam Management Prior to 2000 Equinox Capital Management Brian P. O'Toole 2002 June 2002 - Present Putnam Management ------------------------------------------------------------------------------ Prior to June 2002 Citigroup Asset Management ------------------------------------------------------------------------------