(The following is a reformatted version of a press release
issued by Putnam Investments and received via electronic mail.
The release was confirmed by the sender.) 
Putnam GAA Veterans James Fetch, Robert Kea, Robert Schoen, and
Jason Vaillancourt Named Co-Heads 
BOSTON, February 1, 2013 -- Putnam Investments today announced a
new leadership structure for its Global Asset Allocation (GAA)
investment organization, which manages specialized multi-asset
class portfolios - for retail and institutional clients - that
seek to generate efficient, risk-adjusted returns. Effective
immediately, the team will be led by Co-Heads James Fetch,
Robert Kea, Robert Schoen, and Jason Vaillancourt. All four Co-Heads are long-time Putnam GAA veterans, who average 22 years of
overall investment experience, including a combined nearly 75
years of experience at Putnam. 
Working closely with Walter C. Donovan, Chief Investment Officer
at Putnam, the new leadership team will be responsible for
overall strategy and positioning of the GAA products, which
include asset and risk allocation, absolute return, and
retirement and college savings. GAA’s 13-person group manages
approximately $10 billion in assets for a variety of clients. 
“It is rare in the asset management business to have such a
finely tuned and exceptionally talented investment unit with a
number of key team members having worked the markets together
day-in, day-out for nearly 15 years, like Putnam’s GAA group,”
said Donovan. “Under this strong leadership team, Putnam GAA
will continue to provide a range of sophisticated, yet
practical, investment strategies to both the institutional and
retail marketplaces, designed to address some of the greatest
financial challenges of our day.” 
Consistent with the current approach, Fetch continues to lead
portfolio construction and risk, Kea drives top-down equity
efforts, Schoen oversees equity process and risk, and
Vaillancourt manages global macro efforts. As a team, they will
continue to manage the Putnam Absolute Return 500 Fund®, Putnam
Absolute Return 700 Fund ®, Putnam Dynamic Asset Allocation
Funds, Putnam Dynamic Risk Allocation Fund, Putnam Retirement
Income Lifestyle Funds, Putnam RetirementReady® Funds, Putnam’s
Total Return institutional portfolio, and portfolios within
Putnam 529 for AmericaSM. 
Jeff Knight, who previously led the group, has left the firm to
pursue other opportunities. 
Fetch, who has been in the investment industry for nearly 20
years, joined Putnam in 1994.  He has a B.S. degree from the
University of Notre Dame, and an M.B.A. from the University of
Kea, a 25-year industry veteran, joined Putnam in 1989. He has a
B.A. degree from the University of Massachusetts, Amherst, and
an M.B.A. from Bentley College. 
Schoen, who has nearly 25 years of investment industry
experience, joined Putnam in 1997. He has a B.A. degree from
Tufts University and an M.B.A. from New York University, Stern
School of Business. 
Vaillancourt, who brings 20 years of investment industry
experience, has been with Putnam since 2000. He has a B.S. from
Northeastern University and an M.B.A. from the University of
About Putnam Investments
Founded in 1937, Putnam Investments is a leading global money
management firm with over 75 years of investment experience. At
the end of December 2012, Putnam had $128 billion in assets
under management. Putnam has offices in Boston, London,
Frankfurt, Amsterdam, Beijing, Tokyo, Singapore and Sydney. For
more information, visit putnam.com. 
Putnam mutual funds are distributed by Putnam Retail Management. 
Putnam Media Contacts:
Jon Goldstein - 617-760-1127 (office), 516-946-5598 (cell),
Laura McNamara - 617-760-1108 (office), 978-505-0524 (cell),
(bjh) NY 
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