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 NAV⁴As of 02/09/2026 (Updated Daily): 2.16%
30-Day SEC Yield—With Waiver^5,6,7As of 01/31/2026 (Updated Monthly): 3.26%
30-Day SEC Yield—Without Waiver^6,7As of 01/31/2026 (Updated Monthly): 3.08%
Fund Inception Date: 12/31/2019

Sales Charges, Expenses & Fees

As of 01/01/2026

Gross Expense Ratio⁸: 1.07%
Net Expense Ratio^8,9: 0.85%
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 01/31/2026

View performance section for additional info As of 01/31/2026

Class A

With Sales Charge (POP)

Without Sales Charge (NAV)

6.88%1 Year
7.97%3 Years
3.46%5 Years
—10 Years
3.90%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 12/31/2025 % of Total (Updated Monthly)

Top Asset Allocation
U.S. Investment-Grade Bonds47.09%
U.S. Large Cap Equity20.43%
Global High-Yield Bonds12.70%
International Equity5.34%
Cash & Cash Equivalents5.20%
Emerging Market Bonds4.93%
U.S. Small- and Mid-Cap Equity2.72%

Additional Fund Info

Share Class Inception Date: 02/10/2023
Investment Style: Multi-Asset Income
Morningstar Category¹⁰: 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

February 6, 2026

Allocation Views: Confidence, not complacency

January 23, 2026

Hedge Fund Strategy Outlook: First quarter 2026

January 21, 2026

From cyclical recovery to structural opportunity—why emerging markets look different this time

October 13, 2025

Hedge Fund Strategy Outlook: Fourth quarter 2025

Performance

Average Annual Total Returns

As of 01/31/2026

Month End

Quarter End

As of

Class A - With Sales Charge (POP) (%)

Month End

As of 01/31/2026

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

Month End

As of 01/31/2026

Putnam Multi-Asset Income Blended Benchmark (%)

Month End

As of 01/31/2026

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 01/31/2026

3 Years: 3 Years: 5 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.
80 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.
77 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 01/31/2026

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 of12/31/2025 (Updated Monthly)

Total Net Assets: $228.92 Million

Positions

As of 12/31/2025 (Updated Monthly)

Number of Holdings

Fund: 1,690

Asset Allocation

As of 12/31/2025 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
U.S. Investment-Grade Bonds	47.09%
U.S. Large Cap Equity	20.43%
Global High-Yield Bonds	12.70%
International Equity	5.34%
Cash & Cash Equivalents	5.20%
Emerging Market Bonds	4.93%
U.S. Small- and Mid-Cap Equity	2.72%

Holdings
As of 12/31/2025 (Updated Monthly)

US 5YR NOTE (CBT) MAR26 FVH6

FNMA FN30 TBA UMBS 05.5000 01/01/2056

NVIDIA CORP SEDOL 2379504

US 2YR NOTE (CBT) MAR26 TUH6

APPLE INC SEDOL 2046251

US LONG BOND(CBT) MAR26 USH6

US TREASURY N/B 02.7500 08/15/2042

US TREASURY N/B 03.0000 02/15/2049

ALPHABET INC-CL A SEDOL BYVY8G0

FNMA FN30 TBA UMBS 06.0000 01/01/2055

Distributions & Tax

Federal ID Number 36-4954293

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jan 23	0.033	0.00496	—	—	—	—	—	—	—
Feb 21	0.033	0.00496	—	—	—	—	—	—	—
Mar 25	0.033	0.00496	—	—	—	—	—	—	—
Apr 25	0.033	0.00496	—	—	—	—	—	—	—
May 27	0.0386	0.005802	—	—	—	—	—	—	—
Jun 25	0.0331	0.004975	—	—	—	—	—	—	—
Jul 28	0.0338	0.00508	—	—	—	—	—	—	—
Aug 26	0.0363	0.005456	—	—	—	—	—	—	—
Sep 25	0.0348	0.00523	—	—	—	—	—	—	—
Oct 28	0.0329	0.004945	—	—	—	—	—	—	—
Nov 24	0.0338	0.00508	—	—	—	—	—	—	—
Dec 26	0.0616	0.009258	—	—	—	—	—	—	—
	0.4369	0.065666	—	—	—	—	—	—	—

Jan 23

Feb 21

Mar 25

Apr 25

May 27

Jun 25

Jul 28

Aug 26

Sep 25

Oct 28

Nov 24

Dec 26

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: 9.66%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: 10.08%
Section 163(j): 78.06%
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 02/10/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 02/10/2026

Share Prices

As of 02/10/2026

NAV ¹(Net Asset Value): $11.53
NAV Change ¹: $0.01
NAV Change (%) ¹: 0.09%
POP ¹¹(Public Offering Price): $12.01

52-Week Range

Highest NAV As of 02/10/2026: $11.53
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	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	Prospectus - Putnam Multi-Asset Income Fund	Download Document
Checkbox	Summary Prospectus - 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

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

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.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

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.

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.

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.

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.

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.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
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.
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.
©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.
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.

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Individual Investor

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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

Average Annual Total Returns

Ratings 3

Portfolio

Asset Allocation

Distributions & Tax

Federal ID Number 36-4954293

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³