Putnam Investments is filling out the line-up of underlying funds in its RetirementReady target date funds. The nine new funds that will be added are the Putnam Equity Income Fund, the Putnam Investors Fund, the Putnam Vista Fund, the Putnam Mid Cap Value Fund, the Putnam International New Opportunities Fund, the Putnam International Growth & Income Fund, the Putnam Diversified Income Trust and the Putnam Income Strategies Fund. In addition, Putnam is adding an additional maturity stage to the retirement funds. The new stage will give investors the option of a stage of maturity beyond the funds� �target� date that gives investors a better choice for retirement income.

Putnam Investments, a leader in retirement savings, today announced a plan to enhance the diversification of the Putnam RetirementReady� Funds by adding nine additional underlying funds. Putnam also introduces an additional stage of the funds� maturity that places a greater emphasis on income generation for retirement.

Putnam�s RetirementReady Funds, a series of ten funds with target maturity dates ranging from 2010 to 2050, will now be allocated across 15 Putnam funds. The funds are managed by the Putnam Global Asset Allocation (GAA) team. The 15-member team manages over $18 billion in assets across a number of investment strategies.

�This change provides enhanced diversification for investors and allows the GAA team to select investments from a wider range of products,� said David Tyrie, managing director, head of defined contribution for Putnam Investments. �The additional underlying funds invest in a diverse range of asset classes, including mid- and small-cap growth and value styles, international growth and value stocks, and bonds from all fixed-income sectors.�

The new additions include: Putnam Equity Income Fund, Putnam Investors Fund, Putnam Vista Fund, Putnam Mid Cap Value Fund, Putnam International New Opportunities Fund, Putnam International Growth & Income Fund, Putnam Diversified Income Trust and Putnam Income Strategies Fund.

An Additional Stage of Maturity

In the future, Putnam�s RetirementReady Funds will offer an additional stage of maturity beyond the funds� �target� date that gives investors a better choice for retirement income. The new maturity stage will provide an increased emphasis on income and, as a secondary objective, capital appreciation to offset inflation over a long-term horizon.

The current Maturity Fund will undergo a shift in allocations to emphasize funds that invest in a broader variety of income-generating securities such as investment-grade and below-investment-grade bonds, equities, and other investments selected for yield. When this shift is complete in 2010, the Maturity Fund will resume a new static allocation - Putnam Income Strategies Fund (50%), Putnam Money Market Fund (20%), Putnam Diversified Income Trust (13), Putnam Equity Income Fund (13%), and Putnam High Yield Trust (5%).

After each RetirementReady Fund reaches its �target� date, the term �Maturity� will then be added to its name (RetirementReady 2010 Fund becomes RetirementReady 2010 Maturity Fund.). The funds� allocations will then continue to change during the next five years to increase emphasis on income. When the funds� allocations correspond to those of the new Maturity Fund, they will merge into it.

�Rising everyday expenses are putting pressures on investors for additional income in retirement,� said Tyrie. �The new stage of maturity will address this need while still focusing on capital appreciation to offset the effects of inflation.�

Launched in 2004, Putnam RetirementReady� Funds are designed to provide a one-step approach to investment diversification and asset allocation.

About Putnam: Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms. As of September 30, 2007 Putnam managed $191 billion in assets, of which $117 billion is for mutual fund investors and $74 billion is for institutional accounts. Putnam has offices in Boston, London and Tokyo. For more information, go to www.putnam.com

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus containing this and other information for any Putnam fund or product, call your financial advisor or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.

Edited by: Erin Kello

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