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Putnam Investments to launch suite of multi-cap equity funds

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Putnam Investments will be launching a suite of three US multi-cap equity funds by late September 2010.

The funds will provide investors and their advisers with an approach to investing by style – value, core/blend and growth – regardless of the market capitalisation of the underlying securities.

The 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.

The multi-cap suite will offer exposure to the full array of stocks within the value, core/blend, and growth universes by using 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 capitalisation – 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 realised – and potentially losses to be avoided – through more flexible portfolio parameters," says 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."

The Putnam Multi-Cap Value Fund will seek capital appreciation by investing in value stocks of small, midsize, and large companies. Currently Putnam Mid Cap Value Fund, the fund’s name and investment strategy will change effective 1 September 2010. Its new investment strategy will give it the flexibility to invest across all capitalisation levels. The fund will continue to be managed by James Polk, who has been portfolio manager since 2004.

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. Currently Putnam New Opportunities Fund, the fund’s name will change effective 1 September 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 15 July 2010.

The fund will be managed by Robert Brookby, who also manages Putnam Growth Opportunities Fund and has 11 years of industry experience.

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