Putnam Further Diversifies Target Maturity Funds

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 announcement said. The new additions to the underlying fund mix 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.

Going forward, Putnam’s RetirementReady Funds will offer an additional stage of maturity beyond the funds’ target dates. 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, according to the announcement.

In addition, 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, and the funds’ allocations will then continue to change over the subsequent five years to increase emphasis on income.  When the funds’ allocations correspond to those of the new Maturity Fund, they will merge into it.

For more information, go to  www.putnam.com .