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Managed Fund Since 2019
Multi-Asset
PABYX Putnam Dynamic Asset Allocation Balanced Fund
- Global benchmark. The fund starts with a globally diversified benchmark with more efficient exposures relative to a typical 60/40 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.
Popular Documents
Total Net Assets
$2.36B
As of 10/31/2025 (Updated Monthly)
Overview
Fund Facts
Fund description
The fund seeks total return, pursuing a balance of growth and income. The fund starts with a globally diversified strategic allocation of 60% equity and 40% 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 Balanced Blended Benchmark
- Dividend Frequency, if any
- Quarterly
- Distribution Rate at NAV
4 As of 11/13/2025 (Updated Daily) - 1.66%
- Fund Inception Date
- 02/07/1994
Identifiers
- Fund Number
- 1841
- Ticker
- PABYX
- CUSIP Code
- 746444884
Average Annual Total Returns As of 10/31/2025
Class Y
- 15.38%1 Year
- 16.55%3 Years
- 10.74%5 Years
- 8.41%10 Years
- 7.69%Since Inception
02/07/1994
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
As of 10/31/2025 % of Total (Updated Monthly)
Additional Fund Info
- Share Class Inception Date
- 07/05/1994
- Investment Style
- Asset Allocation
- Lipper Classification
- Mixed-Asset Target Allocation Moderate Funds
- Morningstar Category
- Moderate 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, 2025Access the latest commentary, performance review and market outlook in one place.
Franklin Templeton Investment Solutions
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Managed Fund Since 2021
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Managed Fund Since 2025
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Managed Fund Since 2025
Latest Insights
November 7, 2025
October 13, 2025
July 17, 2025
Performance
Average Annual Total Returns
As of 10/31/2025
Selected Month October 2025
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 Balanced 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.
The fund began offering Class Y shares on 7/5/1994. Returns for periods prior to 7/5/1994 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.
Ratings 3
©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
- $2.36 Billion
Positions
As of 10/31/2025 (Updated Monthly)
Number of Holdings
- Fund
- 2,177
Asset Allocation
As of 10/31/2025 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
U.S. Large Cap Equity | 45.29% |
U.S. Investment-Grade Bonds | 30.09% |
International Equity | 12.12% |
U.S. Small- and Mid-Cap Equity | 4.28% |
U.S. High Yield Bonds | 4.20% |
Cash & Cash Equivalents | 2.49% |
Holdings
As of 09/30/2025 (Updated Monthly)
US 2YR NOTE (CBT) DEC25 TUZ5
NVIDIA CORP SEDOL 2379504
MICROSOFT CORP SEDOL 2588173
TRS USD FLOAT RCXTPGDL USD FIXED 0% 2025-12-15
APPLE INC SEDOL 2046251
US 5YR NOTE (CBT) DEC25 FVZ5
TRS USD FLOAT RCXTPGSS USD FIXED 0% 2025-12-15
TRS USD FLOAT BCFTDEAL USD FLOAT SOFRRATE 2026-09-17
TRS USD FLOAT BCFTDEAS USD FLOAT SOFRRATE 2026-09-17
US LONG BOND(CBT) DEC25 USZ5
Distributions & Tax
- Distribution Frequency
- QuarterlyThis fund is an ex-Dividend fund
- Capital Gain Distributions
- December
Rates and Yields
Distribution Rate
At Net Asset Value (NAV) 1.66%
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
12/22/2025
10/20/2025
07/21/2025
03/20/2025
Pricing
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Putnam Dynamic Asset Allocation Balanced Fund | |||
| Product Commentary - Putnam Dynamic Asset Allocation Balanced Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Putnam Dynamic Asset Allocation Balanced Fund - Class Y | |||
| Annual Financial Statements and Other Information - Putnam Dynamic Asset Allocation Balanced Fund | |||
| Semi-Annual Report - Putnam Dynamic Asset Allocation Balanced Fund - Class Y | |||
| Semi-Annual Financial Statements and Other Information - Putnam Dynamic Asset Allocation Balanced Fund | |||
| Prospectus - Putnam Dynamic Asset Allocation Funds | |||
| Summary Prospectus - Putnam Dynamic Asset Allocation Balanced Fund | |||
| Statement Of Additional Information - Putnam Dynamic Asset Allocation Funds | |||
| Fiscal Q1 Holdings - Putnam Dynamic Asset Allocation Balanced Fund | |||
| Fiscal Q3 Holdings - Putnam Dynamic Asset Allocation Balanced Fund |
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 Balanced Blended Benchmark is a blended benchmark comprises of 50% Russell 3000® Index, 35% Bloomberg U.S. Aggregate Bond Index, 10% MSCI EAFE Index (NR), and 5% JPMorgan Developed High Yield Index. Source: FTSE, Bloomberg Indices, 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 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.