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Putnam Investments receives Lipper awards for four mutual funds

Funds Honored for Strong Long-Term Performance

BOSTON, March 25, 2014 — Putnam Investments today announced that four of its mutual funds received 2014 Lipper Fund Awards to honor their consistent, strong risk-adjusted performance relative to peers for periods of three years or more.

Putnam has been recognized for solid, long-term investment results for four mutual funds, including:

"We are honored to receive these awards from Lipper, which has long helped to identify the gold standards in our industry," said Robert L. Reynolds, President and Chief Executive Officer, Putnam Investments. "In our ongoing effort to provide the marketplace with strong performance over time, we are pleased to have a number of our mutual funds recognized for being the top performers in their categories."

Putnam Capital Spectrum Fund Y (PVSYX) was the top performing fund in the Flexible Portfolio Funds category for the three-year period out of a universe of 48 funds. Managed by David L. Glancy, the Fund seeks total return opportunities of leveraged companies, targeting the investment potential of companies that use a significant amount of debt in their capital structure to achieve their business goals.

Putnam International Value Fund Y (PNGYX), managed by Darren A. Jaroch, and Karan S. Sodhi, received a 3-year award within the International Large-Cap Value Fund category as the top performer out of 22 funds. Putnam International Value Fund pursues its goal of capital growth by seeking to benefit from undervalued international companies poised to experience positive change. The Fund invests in international large and midsize companies to benefit from business opportunities outside the United States.

Putnam Y (PATYX) was honored for its performance over a five-year period in General U.S. Government Funds category as the number one fund out of 24 contenders. The fund, which seeks high current income and capital preservation with a range of government bonds, is managed by Michael Salm.

Putnam Dynamic Asset Allocation Balanced Fund Y (PABYX) was honored for its performance over a five-year period in Mixed-Asset Target Allocation Moderate Funds category as the number one fund out of 114 contenders. The fund, which seeks total return, holds a variety of investments in all market conditions to be positioned to benefit from a wide range of opportunities and maintain a consistent risk profile. It is managed by James Fetch, Robert Kea, Robert J. Schoen, Jason R. Vaillancourt, and Joshua B. Kutin.

About the Lipper Fund Awards
The Lipper Fund Awards are part of the Thomson Reuters Awards for Excellence, a global family of awards that celebrate exceptional performance throughout the professional investment community. The Thomson Reuters Awards for Excellence recognize the world's top funds, fund management firms, sellside firms, research analysts, and investor relations teams. The Thomson Reuters Awards for Excellence also include the Extel Survey Awards, the StarMine Analyst Awards, and the StarMine Broker Rankings. For more information, please contact markets.awards@thomsonreuters.com or visit excellence.thomsonreuters.com

About Putnam Investments
Founded in 1937, Putnam Investments is a leading global money management firm with over 75 years of investment experience. In February 2014, for the third time in five years, the firm was named one of the top two mutual fund families by Lipper/Barron's based on the firm's performance across asset classes in the previous year. In 2014, Putnam also was ranked #2 out of 55 fund families for its performance over the past five years. At the end of December 2013, Putnam had $150 billion in assets under management. Putnam has offices in Boston, London, Frankfurt, Beijing, Amsterdam, Tokyo, Singapore and Sydney. For more information, visit http://www.putnam.com.

Putnam Investments Media Contacts:
Jon Goldstein — 617-760-1127 (office), 516-946-5598 (cell), jon_goldstein@putnam.com
Laura McNamara — 617-760-1108 (office), 978-505-0524 (cell), laura_mcnamara@putnam.com



Lipper Rankings (as of 2/28/14)

  1 year 3 years 5 years 10 years
Putnam Capital Spectrum Fund Y (PVSYX) 2% (3/221) 1% (1/132)
Putnam International Value Fund Y (PNGYX) 19% (14/74) 3% (2/71) 19% (12/64) 54% (14/25)
Putnam American Government Income Fund Y (PATYX) 2% (2/112) 16% (17/108) 7% (7/100) 8% (6/78)
Putnam Dynamic Asset Allocation Balanced Fund Y (PABYX) 9% (43/522) 10% (42/447) 3% (10/387) 19% (46/250)

Lipper rankings for class Y shares are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

How Barron's ranked the fund families:
The Barron's/Lipper Fund Family Ranking published February 8, 2014, ranked Putnam 1 out of 61 for 2009, 14 out of 57 for 2010, 57 out of 58 for 2011, 1 out of 62 for 2012, and 2 out of 64 for 2013 for the 1- year period with funds in five categories: U.S. equity, world equity, mixed asset, taxable bond, and taxexempt bond. Putnam ranked 43 out of 54 and 46 out of 48 for the 5- and 10-year periods ending 2009, 41 out of 53 and 38 out of 46 for the 5- and 10-year periods ending 2010, 49 out of 53 and 41 out of 45 for the 5- and 10-year periods ending 2011, 27 out of 53 and 36 out of 46 for the 5- and 10-year periods ending 2012, and 2 out of 55 and 32 out of 48 for the 5- and 10-year periods ending 2013, respectively. Only funds with at least one year of performance were included. Returns were calculated minus the effects of sales charges and 12b-1 fees. Rankings were asset weighted, so larger funds had a greater impact on a fund family's overall ranking, and then weighted by category, with each category assigned a percentage. Past performance is not indicative of future results. Barron's is a registered trademark of Dow Jones & Company.

For Capital Spectrum Fund, these risks apply:
Investments in small and/or midsize companies increase the risk of greater price fluctuations. Lowerrated bonds may offer higher yields in return for more risk. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Our focus on leveraged companies and the fund's "non-diversified" status can increase the fund's vulnerability to these factors. Our use of short selling may increase these risks. Mortgagebacked securities are subject to prepayment risk and the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. Stock and bond prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific issuer or industry. You can lose money by investing in the fund.

For International Value Fund, these risks apply:
International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Value stocks may fail to rebound, and the market may not favor value-style investing. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific issuer or industry. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-thecounter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. You can lose money by investing in the fund.

For American Government Income Fund, these risks apply:
Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. The use of derivatives may increase these risks by increasing investment exposure (which may be considered leverage) or, in the case of over-the-counter instruments, because of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Unlike bonds, funds that invest in bonds have fees and expenses. Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific issuer or industry. You can lose money by investing in the fund.

For Dynamic Asset Allocation Balanced Fund, these risks apply:
International investing involves currency, economic, and political risks. Emerging-market securities have illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk and the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise. Our allocation of assets among permitted asset categories may hurt performance. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Unlike bonds, funds that invest in bonds have fees and expenses. Stock and bond prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific issuer or industry. You can lose money by investing in the fund.

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