497 1 no1.txt PUTNAM NEW OPPORTUNITIES FUND Prospectus Supplement 211070 1/04 dated January 23, 2004 to: PUTNAM NEW OPPORTUNITIES FUND Prospectuses dated October 30, 2003 The third paragraph and table under the heading "Who manages the fund?" are replaced with the following: 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 ------------------------------------------------------------------------------- Richard B. Weed 2003 2000 - Present Putnam Management Prior to 2000 State Street Global Advisors Brian P. O'Toole 2002 June 2002 - Present Putnam Management Prior to June 2002 Citigroup Asset Management -------------------------------------------------------------------------------