# EDGAR Filing Document

**Accession Number:** 0000914209
**File Stem:** 0001193125-26-160507
**Filing Date:** 2026-4
**Character Count:** 7775
**Document Hash:** d984c4d1bdeb3a1c90cf6fba7fa3e6dd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-160507.hdr.sgml**: 20260417

**ACCESSION NUMBER**: 0001193125-26-160507

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260417

**DATE AS OF CHANGE**: 20260417

**EFFECTIVENESS DATE**: 20260417

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM ASSET ALLOCATION FUNDS
- **CENTRAL INDEX KEY:** 0000914209

**ORGANIZATION NAME:**
- **EIN:** 046746612
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-51017
- **FILM NUMBER:** 26869904

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6177601000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM LIFE STAGES ASSET ALLOCATION TRUST
- **DATE OF NAME CHANGE:** 19931027

## Series and Classes Contracts Data

### Putnam Dynamic Asset Allocation Conservative Fund (Series ID: S000000779)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000002313 | Class A shares | PACAX           |
| C000002315 | Class C shares | PACCX           |
| C000002317 | Class R shares | PACRX           |
| C000002318 | Class Y shares | PACYX           |
| C000117947 | Class R5       |  |
| C000117948 | Class R6       |  |
| C000174662 | Class P Shares |  |

PGOF-P4 4/26

![LOGO](g93467g00j01.jpg)

**PUTNAM ASSET ALLOCATION FUNDS** 

**PUTNAM FUNDS TRUST** 

**PUTNAM TARGET DATE FUNDS** 

**SUPPLEMENT DATED APRIL 17, 2026** 

**SUMMARY PROSPECTUS (AS APPLICABLE), PROSPECTUS** 

**AND STATEMENT OF ADDITIONAL INFORMATION ("SAI")** 

**OF EACH FUND LISTED IN SCHEDULE A** 

**All changes described below are effective July 15, 2026.** 

**I. The name of each fund listed in Schedule A is changed as follows:** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Current Name** | **New Name** |
| &nbsp;&nbsp;&nbsp;Putnam Dynamic Asset Allocation Balanced Fund | Franklin Dynamic Asset Allocation Balanced Fund |
| &nbsp;&nbsp;&nbsp;Putnam Dynamic Asset Allocation Conservative Fund | Franklin Dynamic Asset Allocation Conservative Fund |
| &nbsp;&nbsp;&nbsp;Putnam Dynamic Asset Allocation Equity Fund | Franklin Dynamic Asset Allocation Equity Fund |
| &nbsp;&nbsp;&nbsp;Putnam Dynamic Asset Allocation Growth Fund | Franklin Dynamic Asset Allocation Growth Fund |
| &nbsp;&nbsp;&nbsp;Putnam Multi-Asset Income Fund | Franklin Multi-Asset Income Fund |
| &nbsp;&nbsp;&nbsp;Putnam Retirement Advantage 2030 Fund | Franklin Retirement Advantage 2030 Fund |
| &nbsp;&nbsp;&nbsp;Putnam Retirement Advantage 2035 Fund | Franklin Retirement Advantage 2035 Fund |
| &nbsp;&nbsp;&nbsp;Putnam Retirement Advantage 2040 Fund | Franklin Retirement Advantage 2040 Fund |
| &nbsp;&nbsp;&nbsp;Putnam Retirement Advantage 2045 Fund | Franklin Retirement Advantage 2045 Fund |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Current Name** | **New Name** |
| &nbsp;&nbsp;&nbsp;Putnam Retirement Advantage 2050 Fund | Franklin Retirement Advantage 2050 Fund |
| &nbsp;&nbsp;&nbsp;Putnam Retirement Advantage 2055 Fund | Franklin Retirement Advantage 2055 Fund |
| &nbsp;&nbsp;&nbsp;Putnam Retirement Advantage 2060 Fund | Franklin Retirement Advantage 2060 Fund |
| &nbsp;&nbsp;&nbsp;Putnam Retirement Advantage 2065 Fund | Franklin Retirement Advantage 2065 Fund |
| &nbsp;&nbsp;&nbsp;Putnam Retirement Advantage 2070 Fund | Franklin Retirement Advantage 2070 Fund |
| &nbsp;&nbsp;&nbsp;Putnam Retirement Advantage Maturity Fund | Franklin Retirement Advantage Maturity Fund |
| &nbsp;&nbsp;&nbsp;Putnam Retirement Advantage Plus 2030 Fund | Franklin Retirement Advantage Plus 2030 Fund |
| &nbsp;&nbsp;&nbsp;Putnam Retirement Advantage Plus 2035 Fund | Franklin Retirement Advantage Plus 2035 Fund |
| &nbsp;&nbsp;&nbsp;Putnam Retirement Advantage Plus 2040 Fund | Franklin Retirement Advantage Plus 2040 Fund |
| &nbsp;&nbsp;&nbsp;Putnam Retirement Advantage Plus 2045 Fund | Franklin Retirement Advantage Plus 2045 Fund |
| &nbsp;&nbsp;&nbsp;Putnam Retirement Advantage Plus 2050 Fund | Franklin Retirement Advantage Plus 2050 Fund |
| &nbsp;&nbsp;&nbsp;Putnam Retirement Advantage Plus 2055 Fund | Franklin Retirement Advantage Plus 2055 Fund |
| &nbsp;&nbsp;&nbsp;Putnam Retirement Advantage Plus 2060 Fund | Franklin Retirement Advantage Plus 2060 Fund |
| &nbsp;&nbsp;&nbsp;Putnam Retirement Advantage Plus 2065 Fund | Franklin Retirement Advantage Plus 2065 Fund |
| &nbsp;&nbsp;&nbsp;Putnam Retirement Advantage Plus 2070 Fund | Franklin Retirement Advantage Plus 2070 Fund |
| &nbsp;&nbsp;&nbsp;Putnam Retirement Advantage Plus Maturity Fund | Franklin Retirement Advantage Plus Maturity Fund |

---

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**II. The names of the benchmarks for the funds listed below are changed as follows:** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Current Benchmark<br>Name** | **New Benchmark<br>Name** |
| &nbsp;&nbsp;&nbsp;Putnam Dynamic Asset Allocation Balanced Fund | Putnam Balanced Blended Benchmark | Franklin Balanced Blended Benchmark |
| &nbsp;&nbsp;&nbsp;Putnam Dynamic Asset Allocation Conservative Fund | Putnam Conservative Blended Benchmark | Franklin Conservative Blended Benchmark |
| &nbsp;&nbsp;&nbsp;Putnam Dynamic Asset Allocation Equity Fund | Putnam Equity Blended Benchmark | Franklin Equity Blended Benchmark |
| &nbsp;&nbsp;&nbsp;Putnam Dynamic Asset Allocation Growth Fund | Putnam Growth Blended Benchmark | Franklin Growth Blended Benchmark |
| &nbsp;&nbsp;&nbsp;Putnam Multi-Asset Income Fund | Putnam Multi-Asset Income Blended Benchmark | Franklin Multi-Asset Income Blended Benchmark |

---

**<u>SCHEDULE A</u>**

---

| | |
|:---|:---|
|  **Fund** | **Date of Prospectus** |
|  **PUTNAM ASSET ALLOCATION FUNDS** |  |
| Putnam Dynamic Asset Allocation Balanced Fund | February 1, 2026 |
| Putnam Dynamic Asset Allocation Conservative<br> Fund | February 1, 2026 |
| Putnam Dynamic Asset Allocation Growth Fund | February 1, 2026 |
| Putnam Multi-Asset Income Fund | January 1, 2026 |
|  **PUTNAM FUNDS TRUST** |  |
|  Putnam Dynamic Asset Allocation Equity Fund | October 1, 2025 |
|  **PUTNAM TARGET DATE FUNDS** |  |
|  Putnam Retirement Advantage 2030 Fund | January 1, 2026 |
|  Putnam Retirement Advantage 2035 Fund | January 1, 2026 |
|  Putnam Retirement Advantage 2040 Fund | January 1, 2026 |
|  Putnam Retirement Advantage 2045 Fund | January 1, 2026 |
|  Putnam Retirement Advantage 2050 Fund | January 1, 2026 |
|  Putnam Retirement Advantage 2055 Fund | January 1, 2026 |
|  Putnam Retirement Advantage 2060 Fund | January 1, 2026 |
|  Putnam Retirement Advantage 2065 Fund | January 1, 2026 |

---

------

---

| | |
|:---|:---|
|  **Fund** | **Date of Prospectus** |
|  Putnam Retirement Advantage 2070 Fund | January 1, 2026 |
| Putnam Retirement Advantage Maturity Fund | January 1, 2026 |
| Putnam Retirement Advantage Plus 2030 Fund | February 27, 2026 |
| Putnam Retirement Advantage Plus 2035 Fund | February 27, 2026 |
| Putnam Retirement Advantage Plus 2040 Fund | February 27, 2026 |
| Putnam Retirement Advantage Plus 2045 Fund | February 27, 2026 |
| Putnam Retirement Advantage Plus 2050 Fund | February 27, 2026 |
| Putnam Retirement Advantage Plus 2055 Fund | February 27, 2026 |
| Putnam Retirement Advantage Plus 2060 Fund | February 27, 2026 |
| Putnam Retirement Advantage Plus 2065 Fund | February 27, 2026 |
| Putnam Retirement Advantage Plus 2070 Fund | February 27, 2026 |
| Putnam Retirement Advantage Plus Maturity Fund | February 27, 2026 |

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***Shareholders should retain this Supplement for future reference.***