BOSTON, MA--(Marketwire - December 18, 2012) -  The Trustees of The Putnam Funds declared the following distributions.

		RECORD		PAYMENT
FUND NAME AND DISTRIBUTIONS		DATE		DATE
Putnam American Government Income Fund - Class B Shares (PAMBX)
$0.0070 per share investment income		12/18/2012		12/20/2012
Putnam American Government Income Fund - Class C Shares (PAMIX)
$0.0070 per share investment income		12/18/2012		12/20/2012
Putnam American Government Income Fund - Class M Shares (PAMMX)
$0.0110 per share investment income		12/18/2012		12/20/2012
Putnam American Government Income Fund - Class R Shares (PAMRX)
$0.0110 per share investment income		12/18/2012		12/20/2012
Putnam American Government Income Fund - Class Y Shares (PATYX)
$0.0150 per share investment income		12/18/2012		12/20/2012
Putnam American Government Income Fund - Class R5 Shares (PAMDX)
$0.0150 per share investment income		12/18/2012		12/20/2012
Putnam American Government Income Fund - Class R6 Shares (PAMEX)
$0.0160 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Balanced Fund - Class B Shares (PABBX)
$0.0250 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Balanced Fund - Class C Shares (AABCX)
$0.0260 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Balanced Fund - Class M Shares (PABMX)
$0.0330 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Balanced Fund - Class R Shares (PAARX)
$0.0410 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Balanced Fund - Class Y Shares (PABYX)
$0.0550 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Balanced Fund - Class R6 Shares (PAADX)
$0.0560 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Balanced Fund - Class R6 Shares (PAAEX)
$0.0590 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Conservative Fund - Class B Shares (PACBX)
$0.0070 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Conservative Fund - Class C Shares (PACCX)
$0.0070 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Conservative Fund - Class M Shares (PACMX)
$0.0090 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Conservative Fund - Class R Shares (PACRX)
$0.0110 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Conservative Fund - Class Y Shares (PACYX)
$0.0150 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Conservative Fund - Class R5 Shares (PACDX)
$0.0160 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Conservative Fund - Class R6 Shares (PCCEX)
$0.0160 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Equity Fund - Class Y Shares (a)
$0.1310 per share investment income		12/18/2012		12/20/2012
$0.0540 per share short-term capital gain
$0.8770 per share long-term capital gain
$1.0620 per share total
Putnam Dynamic Asset Allocation Growth Fund - Class B Shares (PAEBX)
$0.0500 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Growth Fund - Class C Shares (PAECX)
$0.0630 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Growth Fund - Class M Shares (PAGMX)
$0.0890 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Growth Fund - Class R Shares (PASRX)
$0.1280 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Growth Fund - Class Y Shares (PAGYX)
$0.1940 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Growth Fund - Class R5 Shares (PADEX)
$0.1710 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Asset Allocation Growth Fund - Class R6 Shares (PAEEX)
$0.1770 per share investment income		12/18/2012		12/20/2012
Putnam Dynamic Risk Allocation Fund - Class B Shares (PDRBX)
$0.1770 per share investment income		12/18/2012		12/20/2012
$0.1940 per share short-term capital gain
$0.0380 per share long-term capital gain
$0.4090 per share total
Putnam Dynamic Risk Allocation Fund - Class C Shares (PDRFX)
$0.1820 per share investment income		12/18/2012		12/20/2012
$0.1940 per share short-term capital gain
$0.0380 per share long-term capital gain
$0.4140 per share total
Putnam Dynamic Risk Allocation Fund - Class M Shares (PDRTX)
$0.0870 per share investment income		12/18/2012		12/20/2012
$0.1940 per share short-term capital gain
$0.0380 per share long-term capital gain
$0.3190 per share total
Putnam Dynamic Risk Allocation Fund - Class R Shares (PDRRX)
$0.1970 per share investment income		12/18/2012		12/20/2012
$0.1940 per share short-term capital gain
$0.0380 per share long-term capital gain
$0.4290 per share total
Putnam Dynamic Risk Allocation Fund - Class Y Shares (PDRYX)
$0.2210 per share investment income		12/18/2012		12/20/2012
$0.1940 per share short-term capital gain
$0.0380 per share long-term capital gain
$0.4530 per share total
Putnam Dynamic Risk Allocation Fund - Class R5 Shares (PDRLX)
$0.2040 per share investment income		12/18/2012		12/20/2012
$0.1940 per share short-term capital gain
$0.0380 per share long-term capital gain
$0.4360 per share total
Putnam Dynamic Risk Allocation Fund - Class R6 Shares (PDRGX)
$0.2090 per share investment income		12/18/2012		12/20/2012
$0.1940 per share short-term capital gain
$0.0380 per share long-term capital gain
$0.4410 per share total

(a) Quotron symbol pending

Shareholders Contact:
1-800-225-1581