# EDGAR Filing Document

**Accession Number:** 0000914209
**File Stem:** 0001193125-26-030886
**Filing Date:** 2026-1
**Character Count:** 3490
**Document Hash:** bf5bf2abf6c7c87661ab3cbc16dd1f70
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-030886.hdr.sgml**: 20260130

**ACCESSION NUMBER**: 0001193125-26-030886

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20260130

**DATE AS OF CHANGE**: 20260130

**EFFECTIVENESS DATE**: 20260130

**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:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-51017
- **FILM NUMBER:** 26581128

**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 Multi-Asset Income Fund (Series ID: S000067964)

---

|  |  |  |
|:---|:---|:---|
| Class Name      | Ticker Symbol | Class ID   |
| Class P Shares  | nan           | C000217944 |
| Class Y Shares  | PMIYX         | C000236748 |
| Class R6 Shares | PMIVX         | C000236749 |
| Class A Shares  | PMIAX         | C000236750 |
| Class R Shares  | PMIRX         | C000236751 |
| Class C Shares  | PMICX         | C000236752 |
| Class R5 Shares | nan           | C000236753 |

---

## Series and Classes Contracts Data

### Putnam Multi-Asset Income Fund (Series ID: S000067964)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000217944 | Class P Shares  |  |
| C000236748 | Class Y Shares  | PMIYX           |
| C000236749 | Class R6 Shares | PMIVX           |
| C000236750 | Class A Shares  | PMIAX           |
| C000236751 | Class R Shares  | PMIRX           |
| C000236752 | Class C Shares  | PMICX           |
| C000236753 | Class R5 Shares |  |

?xml version='1.0' encoding='ASCII'? Putnam Multi-Asset Income Fund

------

39362-P1 01/26

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g34900g01d01.jpg)  | ![LOGO](g34900g02p01.jpg) |

---

#### PUTNAM ASSET ALLOCATION FUNDS

#### SUPPLEMENT DATED JANUARY 30, 2026

#### TO THE SUMMARY PROSPECTUS AND PROSPECTUS

#### DATED JANUARY 1, 2026 OF

#### PUTNAM MULTI-ASSET INCOME FUND (THE "FUND")
**The following paragraph supplements and supersedes the information regarding the Putnam Multi-Asset Income Blended Benchmark contained in the section of the Fund's Summary Prospectus and Prospectus titled "Performance":** 

Effective February 1, 2026, the composition of the Putnam Multi-Asset Income Blended Benchmark will change from 55% Bloomberg U.S. Aggregate Bond Index, 22.5% Russell 3000<sup>®</sup> Index, 18% JPMorgan Developed High Yield Index and 4.5% MSCI EAFE Index-NR to 43.5% Bloomberg U.S. Aggregate Bond Index, 21.5% Russell 3000<sup>®</sup> Index, 18.5% Bloomberg U.S. Corporate High Yield Index, 11% Bloomberg Global Aggregate ex-USD Index Hedged USD, and 5.5% MSCI All Country World Ex-U.S. Index-NR (the "New Composition). The Fund's investment manager believes the New Composition better reflects the Fund's current portfolio.

The Fund will continue to compare its performance to the Bloomberg U.S. Aggregate Index, a broad-based securities market index.

#### Please retain this supplement for future reference.