PABAX Fees and Costs — Putnam Dynamic Asset Allocation Balanced Fund, CL A
Data updated: 2026-08-27
The net expense ratio is 0.90%: a 0.50% management fee, a 0.25% 12b-1 fee plus 0.15% other expenses. This share class carries a maximum front-end sales load of 5.75% and a deferred sales charge of up to 1.00%. In fiscal 2025 the fund paid $1.2M in broker commissions, 0.0536% of average net assets, and portfolio turnover was 158%.
PABAX Fees and Expenses
Annual operating expenses and sales charges of PABAX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.15% |
| Gross expense ratio | 0.90% |
| Fee waiver | — |
| Net expense ratio | 0.90% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 1.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
PABAX Costs Over Time
On $10,000 invested in PABAX, assuming 5% a year before costs, total costs come to $1,297 over 5 years, cutting the return by 2.23% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $673 | $575 | $575 |
| Fund expenses (net expense ratio 0.90%) | $89 | $278 | $482 |
| Trading costs (broker commissions) | $5 | $17 | $29 |
| Lost growth on money paid in costs | $29 | $105 | $210 |
| Total costs | $796 | $975 | $1,297 |
| Value after costs | $9,704 | $10,601 | $11,466 |
| Impact on return, per year | 7.96% | 3.03% | 2.23% |
PABAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0536%
- Total broker commissions: $1.2M
- Bought from dealers (principal trades, not a cost): $28.4B
- Portfolio turnover (prospectus): 158%
- Securities lending: none during the year
PABAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $248K | 22.99% |
| Citigroup Global Markets Inc. | $220K | 20.46% |
| BofA Securities, Inc. | $176K | 16.36% |
| J.P. Morgan Securities LLC | $174K | 16.18% |
| UBS Securities LLC | $97K | 8.97% |
| Barclays Capital, Inc. | $55K | 5.09% |
| Morgan Stanley & Co. LLC | $54K | 5.03% |
| Piper Sandler & Co. | $23K | 2.13% |
| Raymond James & Associates, Inc. | $20K | 1.81% |
| Sanford C. Bernstein & Co., LLC | $11K | 0.98% |
PABAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $6.7B | 24.09% |
| Goldman Sachs & Co. LLC | $4.0B | 14.58% |
| Citigroup Global Markets Inc. | $3.3B | 11.88% |
| Morgan Stanley & Co. LLC | $3.0B | 10.81% |
| Wells Fargo Securities, LLC | $2.6B | 9.44% |
| Bank of Montreal | $2.0B | 7.36% |
| BofA Securities, Inc. | $2.0B | 7.35% |
| Mizuho Securities USA LLC | $1.8B | 6.66% |
| HSBC Securities (USA) Inc. | $1.3B | 4.53% |
| Barclays Capital, Inc. | $914.7M | 3.30% |
Putnam Dynamic Asset Allocation Balanced Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| C000174661 | CL P | 0.55% | none |
| C000117946 | CL R6 | 0.59% | none |
| PABYX | CL Y | 0.65% | none |
| C000117945 | CL R5 | 0.69% | none |
| PABAX | CL A | 0.90% | 5.75% |
| PAARX | CL R | 1.15% | none |
| AABCX | CL C | 1.65% | none |
| PABBX | CL B | 1.71% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.