497 1 no1.txt PUTNAM NEW OPPORTUNITIES FUND Prospectus Supplement 218181 9/04 dated September 14, 2004 to: PUTNAM NEW OPPORTUNITIES FUND Prospectuses dated October 30, 2003 The second and third paragraphs and table under the heading "Who manages the fund?" are replaced with the following: Investment management teams. Putnam Management's investment professionals are organized into investment management teams, with a particular team dedicated to a specific asset class. The members of the Large Cap Growth, Small and Emerging Growth and Mid Cap 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 leaders Since Experience ------------------------------------------------------------------------------- Kevin M. Divney 2004 1997 - Present Putnam Management ------------------------------------------------------------------------------- Paul E. Marrkand 2004 1987 - Present Putnam Management ------------------------------------------------------------------------------- Portfolio members Since Experience ------------------------------------------------------------------------------- Brian. P. O'Toole 2002 2002 - Present Putnam Management Prior to June 2002 Citigroup Asset Management ------------------------------------------------------------------------------- Richard B. Weed 2003 2000 - Present Putnam Management Prior to Dec. 2002 State Street Global Advisors -------------------------------------------------------------------------------