PACAX Fees and Costs — Putnam Dynamic Asset Allocation Conservative Fund, CL A
Data updated: 2026-08-27
The net expense ratio is 0.96%: a 0.50% management fee, a 0.25% 12b-1 fee plus 0.21% 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 $286K in broker commissions, 0.0501% of average net assets, and portfolio turnover was 243%.
PACAX Fees and Expenses
Annual operating expenses and sales charges of PACAX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.21% |
| Gross expense ratio | 0.96% |
| Fee waiver | — |
| Net expense ratio | 0.96% |
| 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 | Yes |
| Waived fees subject to recoupment | No |
PACAX Costs Over Time
On $10,000 invested in PACAX, assuming 5% a year before costs, total costs come to $1,329 over 5 years, cutting the return by 2.28% 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 0.96%) | $95 | $296 | $514 |
| Trading costs (broker commissions) | $5 | $15 | $27 |
| Lost growth on money paid in costs | $29 | $106 | $213 |
| Total costs | $802 | $993 | $1,329 |
| Value after costs | $9,698 | $10,583 | $11,434 |
| Impact on return, per year | 8.02% | 3.09% | 2.28% |
PACAX 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): 0.0501%
- Total broker commissions: $286K
- Bought from dealers (principal trades, not a cost): $13.9B
- Portfolio turnover (prospectus): 243%
- Securities lending: none during the year
PACAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $62K | 23.30% |
| Goldman Sachs & Co. LLC | $60K | 22.56% |
| J.P. Morgan Securities LLC | $47K | 17.47% |
| BofA Securities, Inc. | $38K | 14.21% |
| UBS Securities LLC | $27K | 10.26% |
| Morgan Stanley & Co. LLC | $11K | 4.14% |
| Barclays Capital, Inc. | $11K | 4.14% |
| Raymond James & Associates, Inc. | $4K | 1.50% |
| Piper Sandler & Co. | $4K | 1.49% |
| Sanford C. Bernstein & Co., LLC | $3K | 0.94% |
PACAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $3.5B | 25.72% |
| Goldman Sachs & Co. LLC | $2.0B | 14.54% |
| Citigroup Global Markets Inc. | $1.6B | 11.87% |
| Morgan Stanley & Co. LLC | $1.5B | 11.37% |
| Wells Fargo Securities, LLC | $1.4B | 10.05% |
| BofA Securities, Inc. | $1.2B | 8.88% |
| Mizuho Securities USA LLC | $874.4M | 6.49% |
| Bank of Montreal | $755.5M | 5.61% |
| Barclays Capital, Inc. | $463.7M | 3.44% |
| HSBC Securities (USA) Inc. | $273.9M | 2.03% |
Putnam Dynamic Asset Allocation Conservative Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| C000174662 | CL P | 0.60% | none |
| C000117948 | CL R6 | 0.64% | none |
| C000117947 | CL R5 | 0.70% | none |
| PACYX | CL Y | 0.71% | none |
| PACAX | CL A | 0.96% | 5.75% |
| PACRX | CL R | 1.21% | none |
| PACCX | CL C | 1.71% | none |
| PACBX | CL B | 1.78% | 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.