Multi-Asset

PAGYX Putnam Dynamic Asset Allocation Growth Fund

Global benchmark. The fund starts with a globally diversified benchmark with more efficient exposures relative to a typical 80/20 benchmark.
Tactical flexibility. The managers have the ability to tilt overall equity and fixed income allocations +/-15% and shift exposures within each asset class.
Active implementation. Managers proactively research and determine the most efficient implementation for each asset class.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks capital appreciation. The fund starts with a globally diversified strategic allocation of 80% equity and 20% fixed income. The managers have the ability to tilt allocations within a certain range by +/-15% and to shift exposures within each asset class.

Benchmark: Russell 3000 Index
Additional Benchmark: Putnam Growth Blended Benchmark
Fund Inception Date: 02/08/1994
Dividend Frequency, if any: Annually
Distribution Rate at NAV (Updated Daily): N/A

Sales Charges, Expenses & Fees

As of 01/31/2025

Gross Expense Ratio⁴: 0.76%
Net Expense Ratio^4,5: 0.76%
Maximum Initial Charge: N/A
CDSC: N/A
12b-1 Fee: N/A

Identifiers

Ticker: PAGYX
Fund Number: 1843
CUSIP Code: 746444702

Average Annual Total Returns As of 10/31/2025

View performance section for additional info As of 10/31/2025

Class Y

With Sales Charge (POP)

Without Sales Charge (NAV)

19.09%1 Year
19.87%3 Years
13.49%5 Years
10.18%10 Years
8.67%Since Inception
02/08/1994

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Asset Allocation

View portfolio section for additional info

As of 10/31/2025 % of Total (Updated Monthly)

U.S. Large Cap Equity54.92%

International Equity16.51%

U.S. Investment-Grade Bonds10.27%

Emerging Market Equity5.50%

U.S. Small- and Mid-Cap Equity4.71%

U.S. High Yield Bonds3.81%

Cash & Cash Equivalents2.76%

Additional Fund Info

Share Class Inception Date: 07/14/1994
Investment Style: Asset Allocation
Lipper Classification: Mixed-Asset Target Allocation Growth Funds
Morningstar Category: Moderately Aggressive Allocation

Manager and Commentary

About the Team

Franklin Templeton Investment Solutions

Franklin Templeton Investment Solutions (FTIS) is a leader in multi-asset, quantitative, and hedged solutions, leveraging a global network of investment teams to offer innovative and diversified strategies. With a focus on long-term investing, we combine deep research, active management, and data-driven insights to create solutions which seek to meet the evolving needs of investors worldwide.

Commentary Highlights

September 30, 2025

Access the latest commentary, performance review and market outlook in one place.

For complete information, please see the full commentary

Franklin Templeton Investment Solutions

Managed Fund Since 2019

Managed Fund Since 2021

Managed Fund Since 2025

Latest Insights

November 7, 2025

Allocation Views: Measured conviction

October 13, 2025

Hedge Fund Strategy Outlook: Fourth quarter 2025

July 17, 2025

Hedge Fund Strategy Outlook: Third quarter 2025

July 10, 2025

The “Big Beautiful Bill:” Beauty is in the eye of the bondholder

Performance

Average Annual Total Returns

As of 10/31/2025

Month End

Quarter End

As of

Class Y - With Sales Charge (POP) (%)

Month End

As of 10/31/2025

Class Y - Without Sales Charge (NAV) (%)

Month End

As of 10/31/2025

Russell 3000 Index (%)

Month End

As of 10/31/2025

Putnam Growth Blended Benchmark (%)

Month End

As of 10/31/2025

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

The fund began offering Class Y shares on 7/14/1994. Returns for periods prior to 7/14/1994 are based on the fund's Class A performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would be higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Overall Morningstar Rating: Overall Morningstar Rating: 4 out of 5 stars
As of 10/31/2025

3 Years: 3 Years: 5 out of 5 stars
122 Funds in category

5 Years: 5 Years: 4 out of 5 stars
116 Funds in category

10 Years: 10 Years: 4 out of 5 stars
97 Funds in category

Rating Category: Moderately Aggressive Allocation

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 10/31/2025

Current Historical
			Large
			Medium
			Small
Value	Blend	Growth
Style

Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio

Assets

As of10/31/2025 (Updated Monthly)

Total Net Assets: $3.01 Billion

Positions

As of 10/31/2025 (Updated Monthly)

Number of Holdings

Fund: 2,261

Asset Allocation

As of 10/31/2025 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
U.S. Large Cap Equity	54.92%
International Equity	16.51%
U.S. Investment-Grade Bonds	10.27%
Emerging Market Equity	5.50%
U.S. Small- and Mid-Cap Equity	4.71%
U.S. High Yield Bonds	3.81%
Cash & Cash Equivalents	2.76%

Holdings
As of 09/30/2025 (Updated Monthly)

NVIDIA CORP SEDOL 2379504

TRS USD FLOAT RCXTPGDL USD FIXED 0% 2025-12-15

MICROSOFT CORP SEDOL 2588173

TRS USD FLOAT RCXTPGSS USD FIXED 0% 2025-12-15

APPLE INC SEDOL 2046251

TRS USD FLOAT BCFTDEAL USD FLOAT SOFRRATE 2026-09-17

TRS USD FLOAT BCFTDEAS USD FLOAT SOFRRATE 2026-09-17

AMAZON.COM INC SEDOL 2000019

US 2YR NOTE (CBT) DEC25 TUZ5

META PLATFORMS INC-CLASS A SEDOL B7TL820

Distributions & Tax

Federal ID Number 04-6746612

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Dec 18	1.026	0.184064	1.166	—	—	—	—	—	—
	1.026	0.184064	1.166	—	—	—	—	—	—

Dec 18

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: 0.63%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: 10.73%
Section 163(j): —
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 11/14/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 11/14/2025

Share Prices

As of 11/14/2025

NAV ¹(Net Asset Value): $22.96
NAV Change ¹: $-0.02
NAV Change (%) ¹: -0.09%
POP ⁶(Public Offering Price): $22.96

52-Week Range

Highest NAV As of 11/12/2025: $23.28
Lowest NAV As of 04/08/2025: $17.63

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Putnam Dynamic Asset Allocation Growth Fund	Download Document
Checkbox	Product Commentary - Putnam Dynamic Asset Allocation Growth Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Putnam Dynamic Asset Allocation Growth Fund - Class Y	Download Document
Checkbox	Annual Financial Statements and Other Information - Putnam Dynamic Asset Allocation Growth Fund	Download Document
Checkbox	Semi-Annual Report - Putnam Dynamic Asset Allocation Growth Fund - Class Y	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Putnam Dynamic Asset Allocation Growth Fund	Download Document
Checkbox	Prospectus - Putnam Dynamic Asset Allocation Funds	Download Document
Checkbox	Summary Prospectus - Putnam Dynamic Asset Allocation Growth Fund	Download Document
Checkbox	Statement Of Additional Information - Putnam Dynamic Asset Allocation FundsMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Putnam Dynamic Asset Allocation Growth FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Putnam Dynamic Asset Allocation Growth FundMailed hardcopies unavailable.	Download Document

Risks

All investments involve risks, including possible loss of principal. The allocation of assets among different strategies, asset classes and investments may not prove beneficial or produce the desired results. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. The investment style may become out of favor, which may have a negative impact on performance. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Active management does not ensure gains or protect against market declines. These and other risks are discussed in the fund's prospectus.

Important Information

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

The Putnam Growth Blended Benchmark is a blended benchmark comprises of 60% Russell 3000® Index, 15% MSCI EAFE Index (NR), 15% Bloomberg U.S. Aggregate Bond Index, 5% JPMorgan Developed High Yield Index, and 5% MSCI Emerging Markets Index. Source: FTSE, MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI, , Bloomberg Indices and JP Morgan.
Net Returns (NR) include income net of tax withholding when dividends are paid.

The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization.
Source: FTSE.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Putnam funds are not exchangeable for other funds distributed by Franklin Distributors, LLC.

Franklin Distributors, LLC. Member FINRA/SIPC. Putnam Investment is a Franklin Templeton company. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.

PAGYX Putnam Dynamic Asset Allocation Growth Fund

Popular Documents

Overview

Fund Facts

Fund description

Sales Charges, Expenses & Fees

Identifiers

Average Annual Total Returns As of 10/31/2025

Class Y

Top Asset Allocation

Additional Fund Info

Manager and Commentary

About the Team

Commentary Highlights

Latest Insights

Performance

Average Annual Total Returns

Ratings ³

Portfolio

Assets

Positions

Asset Allocation

Holdings
As of 09/30/2025 (Updated Monthly)

Distributions & Tax

Federal ID Number 04-6746612

Distributions per Share ($)

Supplemental Tax Information

Pricing

Pricing History

November 2025

November 2025

Daily Fund Prices

Share Prices

52-Week Range

Documents

Risks

Important Information

Footnotes

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Individual Investor

Financial Professional

Institutional Investor

PAGYX Putnam Dynamic Asset Allocation Growth Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class Y

Top Asset Allocation

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 3

Portfolio

Asset Allocation

Distributions & Tax

Federal ID Number 04-6746612

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³