Putnam Investments To Launch Suite of Multi-Cap Equity Funds

BOSTON, MA, June 14, 2010 -- Putnam Investments today announced that it will be launching a suite of three U.S. multi-cap equity funds, available in its entirety by late September 2010, to provide investors and their advisors with an approach to investing by style - value, core/blend, growth - regardless of the market capitalization of the underlying securities. The multi-cap equity funds will join a series of solutions-based product suites that have been launched or expanded by Putnam in the past 18 months, including Putnam Absolute Return Funds, Putnam Spectrum Funds and Putnam Global Sector Funds.

Drawing on both new and reconstituted products, the Putnam multi-cap suite will offer exposure to the full array of stocks within the value, core/blend, and growth universes by utilizing the firm's stock-picking and fundamental research capabilities. Each fund's portfolio manager will have the ability to own a holding as it changes in capitalization - if desired - without constraints that would require him to sell if the company were to get too large, or that would prevent him from taking advantage of an attractively priced stock.

"As the equity market continues to rapidly evolve, with its ever-changing set of dynamics, there are opportunities to be realized - and potentially losses to be avoided - through more flexible portfolio parameters," said Putnam Investments President and Chief Executive Officer Robert L. Reynolds. "Putnam's multi-cap suite will allow the funds' experienced managers to select from all companies within their style universes and essentially build a portfolio of their best ideas, whatever the market cap of the securities they choose."

"In virtually all of Putnam's new product offerings since the start of 2009, the firm has sought to address investment needs and capture opportunity through fund vehicles that enable greater portfolio construction flexibility in a market environment that has little use for rigidity and convention," Reynolds explained.

In particular, he noted the ability of Putnam Absolute Return Funds to invest in a range of securities in pursuit of a targeted return above Treasury bills, Putnam Capital Spectrum Fund to invest across a company's entire capital structure, and Putnam Global Sector Funds to provide world-wide, active investment exposure to all sectors of the MSCI World Index.

The suite of Putnam multi-cap equity funds will consist of the following:

• Putnam Multi-Cap Value Fund will seek capital appreciation by investing in value stocks of small, midsize, and large companies. Formerly Putnam Mid Cap Value Fund, the fund's name and investment strategy will change effective September 1, 2010. Its new investment strategy will give it the flexibility to invest across all capitalization levels. The fund will continue to be managed by James Polk, who has been Portfolio Manager since 2004. He joined Putnam in 1998 and is a CFA charterholder with 16 years of investment industry experience.
• Putnam Multi-Cap Core Fund is a new fund that, subject to SEC review, will be available in late September 2010, and will seek capital appreciation by investing in growth and value stocks of small, midsize, and large companies. The fund will be managed in Putnam's core/blend style by Gerard Sullivan, who currently manages Putnam Investors Fund and has 28 years of investment experience.
• Putnam Multi-Cap Growth Fund will seek capital appreciation by investing in growth stocks of small, midsize, and large companies. Formerly Putnam New Opportunities Fund, the fund's name will change effective September 1, 2010 to better reflect the fund's investment strategy. In addition, in late September 2010, subject to the approval of shareholders of Putnam Vista Fund (also a growth fund), Putnam Vista Fund will merge into Putnam Multi-Cap Growth Fund. In July, Putnam Vista Fund's shareholders will receive proxy materials requesting their vote on the merger, and Putnam Vista Fund will close to new accounts on or about July 15, 2010.

The fund will be managed by Robert Brookby, who also manages Putnam Growth Opportunities Fund and has 11 years of industry experience. Prior to joining Putnam in 2008, Robert served as Portfolio Manager of American Century Fundamental Equity Fund, a large- and mid-cap portfolio.

All changes to existing funds will also take effect for corresponding variable trust funds.

About Putnam Investments

Founded in 1937, Putnam Investments is a leading global money management firm with over 70 years of investment experience. The firm was recently ranked #1 out of 61 fund families based on its funds' performance during 2009 in a Lipper/Barron's Fund Families Survey and named "Mutual Fund Manager of the Year" by Institutional Investor. At the end of March 2010, Putnam had $118 billion in assets under management. Putnam has offices in Boston, London, Frankfurt, Amsterdam, Tokyo, Singapore, and Sydney. For more information, visit putnam.com.

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