Multi-Asset

PCCEX Putnam Dynamic Asset Allocation Conservative Fund

Global benchmark. The fund starts with a globally diversified benchmark with more efficient exposures relative to a typical 30/70 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 total return consistent with preservation of capital. The fund starts with a globally diversified strategic allocation of 30% equity and 70% 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: Bloomberg U.S. Aggregate Index
Additional Benchmark⁴: Putnam Conservative Blended Benchmark
Dividend Frequency, if any: Quarterly
Distribution Rate at NAV⁵As of 03/13/2026 (Updated Daily): 11.45%
30-Day SEC Yield—With Waiver^6,7,8As of 02/28/2026 (Updated Monthly): 1.74%
30-Day SEC Yield—Without Waiver^7,8As of 02/28/2026 (Updated Monthly): 1.74%
Fund Inception Date: 02/07/1994

Sales Charges, Expenses & Fees

As of 02/01/2026

Gross Expense Ratio⁹: 0.64%
Net Expense Ratio^9,10: 0.64%
Maximum Initial Charge: —
CDSC: N/A
12b-1 Fee: N/A

Identifiers

Fund Number: 8842
Ticker: PCCEX
CUSIP Code: 746444744

Average Annual Total Returns As of 02/28/2026

View performance section for additional info As of 02/28/2026

Class R6

With Sales Charge (POP)

Without Sales Charge (NAV)

10.71%1 Year
11.01%3 Years
4.90%5 Years
5.83%10 Years
5.97%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.

Additional Fund Info

Share Class Inception Date: 07/02/2012
Investment Style: Asset Allocation
Morningstar Category¹¹: Conservative Allocation
Lipper Classification: Mixed-Asset Target Allocation Conservative Funds

Manager and Commentary

About the Team

Putnam Investments

Putnam Investments has been serving clients and shareholders for over 85 years. We manage a range of equity portfolios with a focus on stock-specific opportunities. Our approach — stock-driven rather than style-driven — is designed to offer consistent outperformance, regardless of the market environment. Our portfolios are fueled by a variety of independent views and perspectives, enhanced by fundamental research and ongoing dialogue and debate. We combine this with portfolio construction that aims to reduce broader macro exposures and manage downside risk.

Commentary Highlights

December 31, 2025

Markets: Global equities finished the fourth quarter of 2025 modestly higher as investors weighed easing inflation trends and expectations for lower policy rates in 2026 against slowing growth and persistent geopolitical risks. US stocks advanced into year-end, while other regions were more mixed—benefiting from pockets of technology- and artificial intelligence-led strength but constrained by currency moves, uneven domestic demand and sector-specific headwinds.
The US Treasury yield curve steepened, and the yield on the benchmark 10-year US Treasury note moved two basis points higher to 4.17%.
Contributors: Security selection strengthened relative returns, notably the fundamental US large-cap value equity strategy. A tactical equity overweight also allocation helped relative performance. A tactical equity overweight to allocation also helped relative performance, as did long tactical positioning in commodities.
Detractors : The quantitative US large-capitalization equity and fundamental US large-cap value equity strategies detracted from relative results, although both strategies posted positive absolute returns.
Outlook: Positive earnings revisions and guidance support equity market momentum, outweighing valuation concerns, in our view.

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

February 19, 2026

Strong fundamentals and AI create exciting opportunities for US equities in 2026

January 8, 2026

Quick Thoughts: Venezuela—oil and gas optionality is large, but the rebuild is capital-intensive

December 10, 2025

US Equities in 2026: What could go right?

August 14, 2025

US equities: Earnings growth is key for sustained market gains

Performance

Calendar Year Returns

As of 02/28/2026

Month End

Quarter End

Class R6 - Without Sales Charge (NAV) (%)

Bloomberg U.S. Aggregate Index (%)

Putnam Conservative Blended Benchmark (%)

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 R6 shares on 7/2/2012. Returns for periods prior to 7/2/2012 are based on the fund's Class Y 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 02/28/2026

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

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

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

Rating Category: Conservative 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 02/28/2026

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 of02/28/2026 (Updated Monthly)

Total Net Assets: $816.58 Million

Positions

As of 02/28/2026 (Updated Monthly)

Number of Holdings

Fund: 2,080

Asset Allocation

As of 02/28/2026 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
U.S. Investment-Grade Bonds	46.88%
U.S. Large Cap Equity	22.06%
International Bonds	10.50%
U.S. Money Markets	5.86%
U.S. High Yield Bonds	5.33%
International Equity	5.05%
U.S. Small- and Mid-Cap Equity	2.41%
Emerging Market Equity	1.90%

Holdings
As of 02/28/2026 (Updated Monthly)

US 2YR NOTE (CBT) JUN26 TUM6

US 5YR NOTE (CBT) JUN26 FVM6

Cash and Equivalents

US LONG BOND(CBT) JUN26 USM6

NVIDIA CORP SEDOL 2379504

FNMA FN30 TBA UMBS 02.5000 03/01/2056

APPLE INC SEDOL 2046251

FNMA FN30 TBA UMBS 05.0000 03/01/2056

US ULTRA BOND CBT JUN26 WNM6

FNMA FN30 TBA UMBS 05.5000 03/01/2056

Distributions & Tax

Federal ID Number 04-6746611

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
Jan 16	0.025	0.001885	—	—	—	—	—	—	—
Feb 18	0.025	0.001885	—	—	—	—	—	—	—
Mar 20	0.079	0.005957	—	—	—	—	—	—	—
Apr 21	0.025	0.001885	—	—	—	—	—	—	—
Jul 21	0.1021	0.007699	—	—	—	—	—	—	—
Oct 20	0.1288	0.009712	—	—	—	—	—	—	—
Dec 22	0.2328	0.017553	—	—	—	—	—	—	—
	0.6177	0.046576	—	—	—	—	—	—	—

Jan 16

Feb 18

Mar 20

Apr 21

Jul 21

Oct 20

Dec 22

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.: 2.30%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): 30.98%
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 03/13/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 03/13/2026

Share Prices

As of 03/13/2026

NAV ¹(Net Asset Value): $11.18
NAV Change ¹: $-0.03
NAV Change (%) ¹: -0.27%
POP ¹²(Public Offering Price): $11.18

52-Week Range

Highest NAV As of 02/26/2026: $11.49
Lowest NAV As of 04/08/2025: $10.17

Documents

Fund Literature

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

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Putnam Dynamic Asset Allocation Conservative Fund - Class R6	Download Document
Checkbox	Annual Financial Statements and Other Information - Putnam Dynamic Asset Allocation Conservative Fund	Download Document
Checkbox	Semi-Annual Report - Putnam Dynamic Asset Allocation Conservative Fund - Class R6	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Putnam Dynamic Asset Allocation Conservative Fund	Download Document
Checkbox	Prospectus - Putnam Dynamic Asset Allocation Funds	Download Document
Checkbox	Summary Prospectus - Putnam Dynamic Asset Allocation Conservative Fund	Download Document
Checkbox	Statement Of Additional Information - Putnam Dynamic Asset Allocation FundsMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Putnam Asset Allocation Fund	Download Document
Checkbox	Fiscal Q3 Holdings - Putnam Dynamic Asset Allocation Conservative 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

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

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.

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.

The Putnam Conservative Blended Benchmark reflects the performance of 65% Bloomberg U.S. Aggregate Bond Index, 25% Russell 3000 Index, 5% MSCI EAFE Index-NR and 5% JPMorgan Developed High Yield Index from fund inception through 1/31/2026 and 56% Bloomberg U.S. Aggregate Index, 24% Russell 3000 Index, 10.5% Bloomberg Global Aggregate ex-USD Index Hedged USD NR, 6% MSCI ACWI ex USA Index-NR, 3.5% Bloomberg US Corporate High Yield Index thereafter.
Source: Bloomberg Indices. Source: 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.
Source: JP Morgan.
Source: FTSE.
Net Returns (NR) include income net of tax withholding when dividends are paid.

The Bloomberg US Aggregate Index is comprised of investment-grade, U.S. dollar-denominated government, corporate, and mortgage- and asset-backed issues having at least one year to maturity.
Source: Bloomberg Indices.

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.
Effective 2/1/2026, the fund changed the Putnam Conservative Blended Benchmark component index allocations to include more foreign exposure and less high yield exposure.
Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the NAV as of the date indicated. The Distribution Rate calculation includes income, may include capital gains and excludes special distributions. The Distribution Rate is subject to change and is not guaranteed nor a quotation of fund performance.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.
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.
©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.
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.

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