Multi-Asset

PMIAX Putnam Multi-Asset Income Fund

Diversified income sources. Invests across global markets, including U.S. and international stocks and investment-grade, mortgage-backed, high-yield, and emerging market bonds.
Tactical flexibility. Employs dynamic asset allocation and active security selection in pursuit of stable monthly income.
Experienced team. Managed by Putnam's tenured Global Asset Allocation team, which has experience leading asset allocation strategies since 1994 and multi-asset income strategies since 2008.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks total return consistent with conservation of capital. Within the fund's total return orientation, the fund seeks to provide current income, along with long-term capital appreciation. It invests across global markets, including U.S. and international stocks and investment-grade, mortgage-backed, high-yield, and emerging market bonds.

Benchmark: Putnam Multi-Asset Income Blended Benchmark
Dividend Frequency, if any: Monthly
Distribution Rate at NAV ⁴As of 10/31/2025 (Updated Daily): 3.50%
Fund Inception Date: 12/31/2019

Sales Charges, Expenses & Fees

As of 12/30/2024

Gross Expense Ratio⁵: 1.09%
Net Expense Ratio^5,6: 0.83%
Maximum Initial Charge: 4.00%
CDSC: 1.00%
12b-1 Fee: 0.25%

Identifiers

Fund Number: 091
Ticker: PMIAX
CUSIP Code: 746444678

Average Annual Total Returns As of 09/30/2025

View performance section for additional info As of 09/30/2025

Class A

With Sales Charge (POP)

Without Sales Charge (NAV)

2.80%1 Year
9.28%3 Years
3.48%5 Years
—10 Years
3.47%Since Inception
12/31/2019

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.

Top Asset Allocation

View portfolio section for additional info

As of 09/30/2025 % of Total (Updated Monthly)

U.S. Investment-Grade Bonds47.80%

U.S. Large Cap Equity20.87%

Global High-Yield Bonds12.83%

International Equity5.10%

Emerging Market Bonds4.85%

Cash & Cash Equivalents4.33%

U.S. Small- and Mid-Cap Equity2.70%

Additional Fund Info

Share Class Inception Date: 02/10/2023
Investment Style: Multi-Asset Income
Morningstar Category: Conservative Allocation
Lipper Classification: Mixed-Asset Target Allocation Conservative Funds

Manager and Commentary

About the Team

Franklin Templeton Investment Solutions

Franklin Templeton Investment Solutions (FTIS) is a leader in multi-asset, quantitative, and hedged solutions, leveraging a global network of investment teams to offer innovative and diversified strategies. With a focus on long-term investing, we combine deep research, active management, and data-driven insights to create solutions which seek to meet the evolving needs of investors worldwide.

Franklin Templeton Investment Solutions

Managed Fund Since 2021

Managed Fund Since 2019

Managed Fund Since 2025

Latest Insights

October 31, 2025

The missing link: Connecting goals-based wealth management to investing

October 31, 2025

Inside the Goals Optimization Engine (GOE®)

October 13, 2025

Hedge Fund Strategy Outlook: Fourth quarter 2025

October 10, 2025

Allocation Views: Responsibly bullish

Performance

Calendar Year Returns

As of 09/30/2025

Month End

Quarter End

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

Putnam Multi-Asset Income 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 A shares on 2/10/2023. Returns for periods prior to 2/10/2023 reflect a restated figure based on the fund's Class P performance. The restated performance for Class A was adjusted to take into account differences in class-specific operating expenses and maximum sales charges. 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
The Morningstar Rating™ for this share class is based on Morningstar's extended performance calculation. This means that, for a share class that doesn't have a 1-, 3-, 5-, or 10-year performance history, the rating shown is a hypothetical Morningstar Rating based first on the oldest active surviving share class of the fund and then any dormant or liquidated share classes. If more than one share class has the earliest inception date, Morningstar selects the share class that is freely available to investors, that is not currency-hedged, and has the lowest fee.
As of 09/30/2025

3 Years: 3 Years: 4 out of 5 stars
The Morningstar Rating™ for this share class is based on Morningstar's extended performance calculation. This means that, for a share class that doesn't have a 1-, 3-, 5-, or 10-year performance history, the rating shown is a hypothetical Morningstar Rating based first on the oldest active surviving share class of the fund and then any dormant or liquidated share classes. If more than one share class has the earliest inception date, Morningstar selects the share class that is freely available to investors, that is not currency-hedged, and has the lowest fee.
83 Funds in category

5 Years: 5 Years: 4 out of 5 stars
The Morningstar Rating™ for this share class is based on Morningstar's extended performance calculation. This means that, for a share class that doesn't have a 1-, 3-, 5-, or 10-year performance history, the rating shown is a hypothetical Morningstar Rating based first on the oldest active surviving share class of the fund and then any dormant or liquidated share classes. If more than one share class has the earliest inception date, Morningstar selects the share class that is freely available to investors, that is not currency-hedged, and has the lowest fee.
79 Funds in category

10 Years: —

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 09/30/2025

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 of09/30/2025 (Updated Monthly)

Total Net Assets: $225.43 Million

Positions

As of 09/30/2025 (Updated Monthly)

Number of Holdings

Fund: 1,703

Asset Allocation

As of 09/30/2025 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
U.S. Investment-Grade Bonds	47.80%
U.S. Large Cap Equity	20.87%
Global High-Yield Bonds	12.83%
International Equity	5.10%
Emerging Market Bonds	4.85%
Cash & Cash Equivalents	4.33%
U.S. Small- and Mid-Cap Equity	2.70%

Holdings
As of 09/30/2025 (Updated Monthly)

NVIDIA CORP SEDOL 2379504

US TREASURY N/B 02.7500 08/15/2042

APPLE INC SEDOL 2046251

US 5YR NOTE (CBT) DEC25 FVZ5

US 2YR NOTE (CBT) DEC25 TUZ5

US TREASURY N/B 03.0000 02/15/2049

US 10YR NOTE (CBT)DEC25 TYZ5

US ULTRA BOND CBT DEC25 WNZ5

ALPHABET INC-CL A SEDOL BYVY8G0

US TREASURY N/B 03.3750 05/15/2033

Distributions & Tax

Distribution Frequency
Ex-Dividend Fund: This type of fund declares periodic dividends, which are paid to shareholders who own the fund as of a certain date - known as the "record date". After the record date, the fund is said to be trading "ex-dividend"(literally, without the dividend). An investor who buys shares during the interval between the record date and the payment of the dividend does not receive the dividend. A fund that's in the ex-dividend period is marked with an "x" in newspaper listings.

Daily Accrual Fund: This type of fund typically declares income dividends each day that its net asset value is calculated. These dividends remain in the fund until the designated reinvestment or payment date and are distributed to the shareholders, generally once a month, as additional shares or cash, respectively.: MonthlyThis fund is an ex-Dividend fund
Capital Gain Distributions: December

Rates and Yields Read important information about results and other investment disclosures

Distribution Rate ⁴

As of 10/31/2025 (Updated Daily)

At Net Asset Value (NAV) 3.50%

30-Day SEC Yield ^7,8,9

As of 09/30/2025 (Updated Monthly)

w/ Waiver 3.40%

w/o Waiver 3.22%

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share
Distribution amounts may be estimates

10/28/2025

09/25/2025

08/26/2025

07/28/2025

06/25/2025

05/27/2025

04/25/2025

03/25/2025

02/21/2025

01/23/2025

Pricing

Pricing History

As of 10/31/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 10/31/2025

Share Prices

As of 10/31/2025

NAV ¹(Net Asset Value): $11.28
NAV Change ¹: $0.00
NAV Change (%) ¹: 0.00%
POP ¹⁰(Public Offering Price): $11.75

52-Week Range

Highest NAV As of 10/27/2025: $11.37
Lowest NAV As of 04/08/2025: $10.09

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Putnam Multi-Asset Income Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Prospectus - Putnam Multi-Asset Income Fund	Download Document
Checkbox	Summary Prospectus - Putnam Multi-Asset Income Fund	Download Document
Checkbox	Annual Report - Putnam Multi-Asset Income Fund - Class A	Download Document
Checkbox	Annual Financial Statements and Other Information - Putnam Multi-Asset Income Fund	Download Document
Checkbox	Semi-Annual Report - Putnam Multi-Asset Income Fund - Class A	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Putnam Multi-Asset Income Fund	Download Document
Checkbox	Statement Of Additional Information - Putnam Multi-Asset Income FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Putnam Multi-Asset Income FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Putnam Multi-Asset Income 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. 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. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. 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. 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

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.

The Putnam Multi-Asset Income Blended Benchmark is an unmanaged index comprises of 55% Bloomberg U.S. Aggregate Bond Index, 22.5% Russell 3000® Index, 18% JPMorgan Developed High Yield Index, and 4.5% MSCI EAFE Index (NR) Source: Bloomberg Indices, FTSE, JP Morgan and 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.

Net Returns (NR) include income net of tax withholding when dividends are paid.

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.

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.

FINANCIAL ADVISORS: Please note that not all share classes may be available for sale at your firm. Please call Franklin Templeton at (800) DIAL BEN/342-5236 for more information.

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.
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 and return of capital, and excludes special distributions. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance.
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.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
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.
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.

PMIAX Putnam Multi-Asset Income Fund

Popular Documents

Overview

Fund Facts

Fund description

Sales Charges, Expenses & Fees

Identifiers

Average Annual Total Returns As of 09/30/2025

Class A

Top Asset Allocation

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Calendar Year Returns

Ratings ³

Portfolio

Assets

Positions

Asset Allocation

Holdings
As of 09/30/2025 (Updated Monthly)

Distributions & Tax

Rates and Yields Read important information about results and other investment disclosures

Distributions Per Share
Distribution amounts may be estimates

Pricing

Pricing History

November 2025

November 2025

Daily Fund Prices

Share Prices

52-Week Range

Documents

Risks

Important Information

Footnotes

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Individual Investor

Financial Professional

Institutional Investor

PMIAX Putnam Multi-Asset Income Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class A

Top Asset Allocation

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Calendar Year Returns

Ratings 3

Portfolio

Asset Allocation

Distributions & Tax

Rates and Yields Read important information about results and other investment disclosures

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³