# EDGAR Filing Document

**Accession Number:** 0000914209
**File Stem:** 0000928816-23-000121
**Filing Date:** 2023-1
**Character Count:** 20447
**Document Hash:** 849268236ed94a46df3108edf5165d19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000928816-23-000121.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0000928816-23-000121

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**EFFECTIVENESS DATE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM ASSET ALLOCATION FUNDS
- **CENTRAL INDEX KEY:** 0000914209
- **IRS NUMBER:** 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:** 23558521

**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           |
| C000002314 | Class B shares | PACBX           |
| 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 |  |

![coverlogo.jpg](coverlogo.jpg)

![worldofinvesting.jpg](worldofinvesting.jpg)

<br>Putnam Dynamic <br> Asset Allocation <br> Conservative Fund <br>

Summary prospectus

1 \| 30 \| 23 <br>

 **Before you invest, you may wish to review the fund's prospectus, which contains more information about the fund and its risks. You may obtain the prospectus and other information about the fund, including the statement of additional information (SAI) and most recent reports to shareholders, at no cost by visiting putnam.com/funddocuments, calling 1-800-225-1581, or e-mailing Putnam at funddocuments@putnam.com.** <br>

 **The fund's prospectus and SAI, both dated 1/30/23, are incorporated by reference into this summary prospectus.**<br>

<u>FUND SYMBOLS </u> <u>CLASS A </u> <u>CLASS B </u> <u>CLASS C </u> <u>CLASS P </u> <u>CLASS R </u> <u>CLASS R5 </u> <u>CLASS R6 </u> <u>CLASS Y </u> <br> PACAX PACBX PACCX — PACRX PACDX PCCEX PACYX

<br>Putnam Dynamic Asset Allocation Conservative Fund

 **Goal**

Putnam Dynamic Asset Allocation Conservative Fund seeks total return consistent with preservation of capital. Total return is composed of capital appreciation and income.

 **Fees and expenses**

The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in *How do I buy fund shares?* beginning on page 31 of the fund's prospectus, in the Appendix to the fund's prospectus, and in *How to buy shares* beginning on page II-1 of the fund's statement of additional information (SAI).

 **Shareholder fees** *(fees paid directly from your investment)*

---

| | | |
|:---|:---|:---|
| **Share class** | **Maximum sales charge (load) imposed on purchases (as a percentage of offering price)** | **Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower)** |
| Class A | 5.75% | 1.00%\* |
| Class B |  | 5.00%\*\* |
| Class C |  | 1.00%\*\*\* |
| Class P |  |  |
| Class R |  |  |
| Class R5 |  |  |
| Class R6 |  |  |
| Class Y |  |  |

---

 **Annual fund operating expenses** <br> *(expenses you pay each year as a percentage of the value of your investment)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | **Management fees** | **Distribution and service (12b-1) fees** | **Other <br> expenses** | **Total annual fund operating <br> expenses** |
| Class A | 0.52% | 0.25% | 0.21% | 0.98% |
| Class B | 0.52% | 1.00% | 0.21% | 1.73% |
| Class C | 0.52% | 1.00% | 0.21% | 1.73% |
| Class P | 0.52% | N/A | 0.08% | 0.60% |
| Class R | 0.52% | 0.50% | 0.21% | 1.23% |
| Class R5 | 0.52% | N/A | 0.19% | 0.71% |
| Class R6 | 0.52% | N/A | 0.12% | 0.64% |
| Class Y | 0.52% | N/A | 0.21% | 0.73% |

---

\* Applies only to certain redemptions of shares bought with no initial sales charge.

\*\* This charge is phased out over six years.

\*\*\* This charge is eliminated after one year.

 **Example**

The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund's operating expenses remain the same. Your actual costs may be higher or lower.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share class** | **1 year** | **3 years** | **5 years** | **10 years** |
| Class A | $669 | $869 | $1086 | $1707 |
| Class B | $676 | $845 | $1139 | $1842 |
| Class B (no redemption) | $176 | $545 | $939 | $1842 |
| Class C | $276 | $545 | $939 | $1842 |
| Class C (no redemption) | $176 | $545 | $939 | $1842 |
| Class P | $61 | $192 | $335 | $750 |
| Class R | $125 | $390 | $676 | $1489 |
| Class R5 | $73 | $227 | $395 | $883 |
| Class R6 | $65 | $205 | $357 | $798 |
| Class Y | $75 | $233 | $406 | $906 |

---

 **Portfolio turnover**

The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund's shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund's turnover rate in the most recent fiscal year was 361%.

 **Investments, risks, and performance**

 **Investments**

The fund is one of three Putnam Dynamic Asset Allocation Funds, each of which has a unique strategic, or typical, allocation between equity and fixed-income investments. Using qualitative analysis and quantitative techniques, we adjust portfolio allocations from time to time within a certain range for each fund to try to optimize a fund's performance consistent with its goal. The strategic allocation and the range of allowable allocation for the fund are shown below.

---

| | | |
|:---|:---|:---|
| **Class** | **Strategic Allocation** | **Range** |
| Equity | 30% | 15-45% |
| Fixed Income | 70% | 55-85% |

---

We invest mainly in fixed-income investments, including U.S. and foreign government obligations, corporate obligations and securitized debt instruments (such as mortgage-backed investments). We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell fixed-income investments. We also invest, to a lesser extent, in equity securities (growth or value stocks or both) of U.S. and foreign companies of any size. We may consider, among other factors, a company's valuation, financial strength,

growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell equity investments. We may also select other investments that do not fall within these asset classes. We typically use to a significant extent derivatives, such as futures, options, certain foreign currency transactions, warrants and swap contracts, for both hedging and non-hedging purposes.

 **Risks**

It is important to understand that you can lose money by investing in the fund.

Our allocation of assets among asset classes may hurt performance, and our efforts to diversify risk through the use of leverage and allocation decisions may not be successful. If the quantitative models or data that are used in managing the fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the fund may realize losses.

The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings, may negatively impact the fund's performance, and may exacerbate other risks to which the fund is subject. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. These risks are generally greater for small and midsize companies.

Bond investments are subject to interest rate risk, which is the risk that the value of the fund's bond investments is likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuer of the bond may default on payment of interest or principal. Bond investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (sometimes referred to as "junk bonds"), which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. We may have to invest the proceeds from prepaid investments, including mortgage- and asset-backed investments, in other investments with less attractive terms and yields.

The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid.

Our use of derivatives may increase the risks of investing in the fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the fund has significant investment exposure to that counterparty. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the fund's returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures), and legal risk (e.g., insufficient legal documentation or contract enforceability issues).

There is no guarantee that the investment techniques, analyses, or judgments that we apply in making investment decisions for the fund will produce the intended outcome or that the investments we select for the fund will perform as well as other securities that were not selected for the fund. We, or the fund's other service providers, may experience disruptions or operating errors that could negatively impact the fund.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

 **Performance**

The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund's performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com.

 **Annual total returns for class A shares before sales charges**

![p5264sumreturnschart.jpg](p5264sumreturnschart.jpg)

---

| | |
|:---|:---|
| Best calendar quarter <br> **Q2 2020** | 7.90% |
| Worst calendar quarter <br> **Q2 2022** | –8.97% |

---

 **Average annual total returns after sales charges** *(for periods ended 12/31/22)*

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **1 year** | **5 years** | **10 years** |
| Class A before taxes | –19.56% | –0.09% | 3.11% |
| Class A after taxes on distributions | –20.80% | –1.34% | 1.78% |
| Class A after taxes on distributions and sale of fund shares | –10.90% | –0.30% | 2.09% |
| Class B before taxes | –19.38% | –0.01% | 3.10% |
| Class C before taxes | –16.08% | 0.34% | 3.10% |
| Class P before taxes\* | –14.44% | 1.49% | 4.06% |
| Class R before taxes | –14.91% | 0.86% | 3.46% |
| Class R5 before taxes\* | –14.51% | 1.37% | 4.02% |
| Class R6 before taxes\* | –14.37% | 1.46% | 4.10% |
| Class Y before taxes | –14.46% | 1.35% | 3.98% |
| Bloomberg U.S. Aggregate Bond Index (no deduction for fees, expenses or taxes) | –13.01% | 0.02% | 1.06% |
| Putnam Conservative Blended Benchmark (no deduction for fees, expenses or taxes, other than withholding taxes on reinvested dividends in the case of the MSCI EAFE Index (ND)) | –14.27% | 2.68% | 4.30% |

---

\* Performance for class R5 and class R6 shares prior to their inception (7/2/12) and for class P shares prior to their inception (8/31/16) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R5, class R6 and class P shares; had it, returns would have been higher.

The Putnam Conservative Blended Benchmark is an unmanaged index administered by Putnam Management, 65% of which is the Bloomberg U.S. Aggregate Bond Index, 25% of which is the Russell 3000® Index, 5% of which is the JPMorgan Developed High Yield Index and 5% of which is the MSCI EAFE Index (ND).

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

All Bloomberg indices provided by Bloomberg Index Services Limited.

BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors, own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approve or endorse this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom, and to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.

Class B and C share performance reflects conversion to class A shares after eight years.

 **Your fund's management**

 **Investment advisor**

Putnam Investment Management, LLC

 **Portfolio managers**

**Robert Schoen** <br> Co-Chief Investment Officer, Global<br> Asset Allocation, portfolio manager of <br> the fund since 2002

 **Brett Goldstein** <br> Co-Chief Investment Officer, Global<br> Asset Allocation, portfolio manager of <br> the fund since 2019

 **Adrian Chan** <br> Portfolio Manager, portfolio manager of <br> the fund since 2021

 **James Fetch** <br> Head of Portfolio Construction, portfolio <br> manager of the fund since 2008

 **Sub-advisors**

Putnam Investments Limited <br> The Putnam Advisory Company, LLC\*

\* Though the investment advisor has retained the services of The Putnam Advisory Company, LLC (PAC), PAC does not currently manage any assets of the fund.

 **Purchase and sale of fund shares**

You can open an account, purchase and/or sell fund shares, or exchange them for shares of another Putnam fund by contacting your financial professional or by calling Putnam Investor Services at 1-800-225-1581. Purchases of class B shares are closed to new and existing investors except by exchange from class B shares of another Putnam fund or through dividend and/or capital gains reinvestment.

When opening an account, you must complete and mail a Putnam account application, along with a check made payable to the fund, to: Putnam Investments, P.O. Box 219697, Kansas City, MO 64121-9697. The minimum initial investment of $500 is currently waived, although Putnam reserves the right to reject initial investments under $500 at its discretion. There is no minimum for subsequent investments.

Class P shares are only available to other Putnam funds and other accounts managed by Putnam Management or its affiliates.

You can sell your shares back to the fund or exchange them for shares of another Putnam fund any day the New York Stock Exchange (NYSE) is open. Shares may be sold or exchanged by mail, by phone, or, for exchanges only, online at putnam.com. Some restrictions may apply.

 **Tax information**

The fund's distributions will be taxed as ordinary income or capital gains unless you hold the shares through a tax-advantaged arrangement, in which case you will generally be taxed only upon withdrawal of monies from the arrangement.

 **Financial intermediary compensation**

If you purchase the fund through a broker/dealer or other financial intermediary (such as a bank or financial professional), the fund and its related companies may pay that intermediary for the sale of fund shares and related services. Please bear in mind that these payments may create a conflict of interest by influencing the broker/dealer or other intermediary to recommend the fund over another investment. Ask your advisor or visit your advisor's website for more information.

 **Information about the Summary Prospectus, Prospectus, and SAI**

The summary prospectus, prospectus, and SAI for a fund provide information concerning the fund. The summary prospectus, prospectus, and SAI are updated at least annually and any information provided in a summary prospectus, prospectus, or SAI can be changed without a shareholder vote unless specifically stated otherwise. The summary prospectus, prospectus, and the SAI are not contracts between the fund and its shareholders and do not give rise to any contractual rights or obligations or any shareholder rights other than any rights conferred explicitly by federal or state securities laws that may not be waived.

 **Additional information, including current performance, is available at putnam.com/funddocuments, by calling 1-800-225-1581, or by e-mailing Putnam at funddocuments@putnam.com.**

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