Franklin Multi-Asset Income Fund 年报披露业绩、费用及投资组合

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07121

Putnam Asset Allocation Funds

(Exact name of registrant as specified in charter)

100 Federal Street, Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

Alexander Y. Kymn, Vice President

100 Federal Street,

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 292-1000

Date of fiscal year end: August 31

Date of reporting period: August 31, 2026

(a) The Report to Shareholders is filed herewith

This annual shareholder report contains important information about Franklin Multi-Asset Income Fund (previously known as Putnam Multi-Asset Income Fund) for the period September 1, 2025, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2026, Class A shares of Franklin Multi-Asset Income Fund returned 9.45%. The Fund compares its performance to the Franklin Multi-Asset Income Blended Benchmark†, which returned 7.55% for the same period.

PERFORMANCE HIGHLIGHTS

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT ($9,600 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 12/31/2019 — 8/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund incepted on 12/31/2019 and began offering Class A shares on 2/10/2023. Returns for periods before 2/10/2023 are based on the Fund’s Class P performance, 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.

Effective July 12, 2022, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^† (% of Total Net Assets)

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Multi-Asset Income Fund”.

Effective August 1, 2026 (the “Effective Date”), The Putnam Advisory Company, LLC (“PAC”), a sub-advisor to the Fund prior to the Effective Date, and an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (formerly Franklin Resources, Inc.), transferred its investment personnel and the assets and liabilities related to its Singapore branch’s investment management business to Templeton Asset Management Ltd. (“TAML”), also an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (the “Reorganization”). As of the Effective Date, PAC investment professionals in its Singapore branch became employees of TAML, and the sub-advisory agreement between Franklin Advisers, Inc. (the “Investment Manager”) and PAC with respect to the Fund was transferred to TAML pursuant to an assignment and assumption agreement (such sub-advisory agreement, as modified by the assignment and assumption agreement, the “New Sub-Advisory Contract”). In connection with the Reorganization, the Fund’s Trustees approved the New Sub-Advisory Contract between the Investment Manager and TAML, pursuant to which TAML became a sub-advisor of the Fund on the Effective Date.

The changes described above are not expected to change the Fund’s investment strategy or the way in which the Fund’s assets are managed in any material way, are not expected to materially change the nature or level of services provided to the Fund, and will not result in an increase in the fees payable by the Fund to the Investment Manager.

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or [email protected].

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

96009980107839419972211218119701310110000106851067694479334100151032910524100001060311549102841077812171130711405840.922.514.011.05.23.71.81.0

This annual shareholder report contains important information about Franklin Multi-Asset Income Fund (previously known as Putnam Multi-Asset Income Fund) for the period September 1, 2025, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2026, Class C shares of Franklin Multi-Asset Income Fund returned 8.63%. The Fund compares its performance to the Franklin Multi-Asset Income Blended Benchmark†, which returned 7.55% for the same period.

PERFORMANCE HIGHLIGHTS

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class C 12/31/2019 — 8/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund incepted on 12/31/2019 and began offering Class C shares on 2/10/2023. Returns for periods before 2/10/2023 are based on the Fund’s Class P performance, 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.

Effective July 12, 2022, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^† (% of Total Net Assets)

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Multi-Asset Income Fund”.

Effective August 1, 2026 (the “Effective Date”), The Putnam Advisory Company, LLC (“PAC”), a sub-advisor to the Fund prior to the Effective Date, and an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (formerly Franklin Resources, Inc.), transferred its investment personnel and the assets and liabilities related to its Singapore branch’s investment management business to Templeton Asset Management Ltd. (“TAML”), also an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (the “Reorganization”). As of the Effective Date, PAC investment professionals in its Singapore branch became employees of TAML, and the sub-advisory agreement between Franklin Advisers, Inc. (the “Investment Manager”) and PAC with respect to the Fund was transferred to TAML pursuant to an assignment and assumption agreement (such sub-advisory agreement, as modified by the assignment and assumption agreement, the “New Sub-Advisory Contract”). In connection with the Reorganization, the Fund’s Trustees approved the New Sub-Advisory Contract between the Investment Manager and TAML, pursuant to which TAML became a sub-advisor of the Fund on the Effective Date.

The changes described above are not expected to change the Fund’s investment strategy or the way in which the Fund’s assets are managed in any material way, are not expected to materially change the nature or level of services provided to the Fund, and will not result in an increase in the fees payable by the Fund to the Investment Manager.

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or [email protected].

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

1000010340110909606984311270119411297210000106851067694479334100151032910524100001060311549102841077812171130711405840.922.514.011.05.23.71.81.0

This annual shareholder report contains important information about Franklin Multi-Asset Income Fund (previously known as Putnam Multi-Asset Income Fund) for the period September 1, 2025, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2026, Class P shares of Franklin Multi-Asset Income Fund returned 9.78%. The Fund compares its performance to the Franklin Multi-Asset Income Blended Benchmark†, which returned 7.55% for the same period.

PERFORMANCE HIGHLIGHTS

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class P 12/31/2019 — 8/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective July 12, 2022, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^† (% of Total Net Assets)

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Multi-Asset Income Fund”.

Effective August 1, 2026 (the “Effective Date”), The Putnam Advisory Company, LLC (“PAC”), a sub-advisor to the Fund prior to the Effective Date, and an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (formerly Franklin Resources, Inc.), transferred its investment personnel and the assets and liabilities related to its Singapore branch’s investment management business to Templeton Asset Management Ltd. (“TAML”), also an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (the “Reorganization”). As of the Effective Date, PAC investment professionals in its Singapore branch became employees of TAML, and the sub-advisory agreement between Franklin Advisers, Inc. (the “Investment Manager”) and PAC with respect to the Fund was transferred to TAML pursuant to an assignment and assumption agreement (such sub-advisory agreement, as modified by the assignment and assumption agreement, the “New Sub-Advisory Contract”). In connection with the Reorganization, the Fund’s Trustees approved the New Sub-Advisory Contract between the Investment Manager and TAML, pursuant to which TAML became a sub-advisor of the Fund on the Effective Date.

The changes described above are not expected to change the Fund’s investment strategy or the way in which the Fund’s assets are managed in any material way, are not expected to materially change the nature or level of services provided to the Fund, and will not result in an increase in the fees payable by the Fund to the Investment Manager.

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or [email protected].

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

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This annual shareholder report contains important information about Franklin Multi-Asset Income Fund (previously known as Putnam Multi-Asset Income Fund) for the period September 1, 2025, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2026, Class R shares of Franklin Multi-Asset Income Fund returned 9.18%. The Fund compares its performance to the Franklin Multi-Asset Income Blended Benchmark†, which returned 7.55% for the same period.

PERFORMANCE HIGHLIGHTS

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class R 12/31/2019 — 8/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund incepted on 12/31/2019 and began offering Class R shares on 2/10/2023. Returns for periods before 2/10/2023 are based on the Fund’s Class P performance, 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.

Effective July 12, 2022, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^† (% of Total Net Assets)

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Multi-Asset Income Fund”.

Effective August 1, 2026 (the “Effective Date”), The Putnam Advisory Company, LLC (“PAC”), a sub-advisor to the Fund prior to the Effective Date, and an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (formerly Franklin Resources, Inc.), transferred its investment personnel and the assets and liabilities related to its Singapore branch’s investment management business to Templeton Asset Management Ltd. (“TAML”), also an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (the “Reorganization”). As of the Effective Date, PAC investment professionals in its Singapore branch became employees of TAML, and the sub-advisory agreement between Franklin Advisers, Inc. (the “Investment Manager”) and PAC with respect to the Fund was transferred to TAML pursuant to an assignment and assumption agreement (such sub-advisory agreement, as modified by the assignment and assumption agreement, the “New Sub-Advisory Contract”). In connection with the Reorganization, the Fund’s Trustees approved the New Sub-Advisory Contract between the Investment Manager and TAML, pursuant to which TAML became a sub-advisor of the Fund on the Effective Date.

The changes described above are not expected to change the Fund’s investment strategy or the way in which the Fund’s assets are managed in any material way, are not expected to materially change the nature or level of services provided to the Fund, and will not result in an increase in the fees payable by the Fund to the Investment Manager.

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or [email protected].

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

10000103741118497451003411549122931342110000106851067694479334100151032910524100001060311549102841077812171130711405840.922.514.011.05.23.71.81.0

This annual shareholder report contains important information about Franklin Multi-Asset Income Fund (previously known as Putnam Multi-Asset Income Fund) for the period September 1, 2025, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2026, Class R5 shares of Franklin Multi-Asset Income Fund returned 9.72%. The Fund compares its performance to the Franklin Multi-Asset Income Blended Benchmark†, which returned 7.55% for the same period.

PERFORMANCE HIGHLIGHTS

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class R5 12/31/2019 — 8/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund incepted on 12/31/2019 and began offering Class R5 shares on 2/10/2023. Returns for periods before 2/10/2023 are based on the Fund’s Class P performance, 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.

Effective July 12, 2022, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^† (% of Total Net Assets)

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Multi-Asset Income Fund”.

Effective August 1, 2026 (the “Effective Date”), The Putnam Advisory Company, LLC (“PAC”), a sub-advisor to the Fund prior to the Effective Date, and an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (formerly Franklin Resources, Inc.), transferred its investment personnel and the assets and liabilities related to its Singapore branch’s investment management business to Templeton Asset Management Ltd. (“TAML”), also an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (the “Reorganization”). As of the Effective Date, PAC investment professionals in its Singapore branch became employees of TAML, and the sub-advisory agreement between Franklin Advisers, Inc. (the “Investment Manager”) and PAC with respect to the Fund was transferred to TAML pursuant to an assignment and assumption agreement (such sub-advisory agreement, as modified by the assignment and assumption agreement, the “New Sub-Advisory Contract”). In connection with the Reorganization, the Fund’s Trustees approved the New Sub-Advisory Contract between the Investment Manager and TAML, pursuant to which TAML became a sub-advisor of the Fund on the Effective Date.

The changes described above are not expected to change the Fund’s investment strategy or the way in which the Fund’s assets are managed in any material way, are not expected to materially change the nature or level of services provided to the Fund, and will not result in an increase in the fees payable by the Fund to the Investment Manager.

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or [email protected].

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

10000104081127098691022211824126501388010000106851067694479334100151032910524100001060311549102841077812171130711405840.922.514.011.05.23.71.81.0

This annual shareholder report contains important information about Franklin Multi-Asset Income Fund (previously known as Putnam Multi-Asset Income Fund) for the period September 1, 2025, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2026, Class R6 shares of Franklin Multi-Asset Income Fund returned 9.74%. The Fund compares its performance to the Franklin Multi-Asset Income Blended Benchmark†, which returned 7.55% for the same period.

PERFORMANCE HIGHLIGHTS

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class R6 12/31/2019 — 8/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund incepted on 12/31/2019 and began offering Class R6 shares on 2/10/2023. Returns for periods before 2/10/2023 are based on the Fund’s Class P performance, 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.

Effective July 12, 2022, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^† (% of Total Net Assets)

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Multi-Asset Income Fund”.

Effective August 1, 2026 (the “Effective Date”), The Putnam Advisory Company, LLC (“PAC”), a sub-advisor to the Fund prior to the Effective Date, and an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (formerly Franklin Resources, Inc.), transferred its investment personnel and the assets and liabilities related to its Singapore branch’s investment management business to Templeton Asset Management Ltd. (“TAML”), also an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (the “Reorganization”). As of the Effective Date, PAC investment professionals in its Singapore branch became employees of TAML, and the sub-advisory agreement between Franklin Advisers, Inc. (the “Investment Manager”) and PAC with respect to the Fund was transferred to TAML pursuant to an assignment and assumption agreement (such sub-advisory agreement, as modified by the assignment and assumption agreement, the “New Sub-Advisory Contract”). In connection with the Reorganization, the Fund’s Trustees approved the New Sub-Advisory Contract between the Investment Manager and TAML, pursuant to which TAML became a sub-advisor of the Fund on the Effective Date.

The changes described above are not expected to change the Fund’s investment strategy or the way in which the Fund’s assets are managed in any material way, are not expected to materially change the nature or level of services provided to the Fund, and will not result in an increase in the fees payable by the Fund to the Investment Manager.

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or [email protected].

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

10000104091129398981024811868127191395910000106851067694479334100151032910524100001060311549102841077812171130711405840.922.514.011.05.23.71.81.0

This annual shareholder report contains important information about Franklin Multi-Asset Income Fund (previously known as Putnam Multi-Asset Income Fund) for the period September 1, 2025, to August 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2026, Class Y shares of Franklin Multi-Asset Income Fund returned 9.72%. The Fund compares its performance to the Franklin Multi-Asset Income Blended Benchmark†, which returned 7.55% for the same period.

PERFORMANCE HIGHLIGHTS

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class Y 12/31/2019 — 8/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund incepted on 12/31/2019 and began offering Class Y shares on 2/10/2023. Returns for periods before 2/10/2023 are based on the Fund’s Class P performance, 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.

Effective July 12, 2022, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^† (% of Total Net Assets)

HOW HAS THE FUND CHANGED?

Effective July 15, 2026, the Fund’s name changed to “Franklin Multi-Asset Income Fund”.

Effective August 1, 2026 (the “Effective Date”), The Putnam Advisory Company, LLC (“PAC”), a sub-advisor to the Fund prior to the Effective Date, and an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (formerly Franklin Resources, Inc.), transferred its investment personnel and the assets and liabilities related to its Singapore branch’s investment management business to Templeton Asset Management Ltd. (“TAML”), also an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (the “Reorganization”). As of the Effective Date, PAC investment professionals in its Singapore branch became employees of TAML, and the sub-advisory agreement between Franklin Advisers, Inc. (the “Investment Manager”) and PAC with respect to the Fund was transferred to TAML pursuant to an assignment and assumption agreement (such sub-advisory agreement, as modified by the assignment and assumption agreement, the “New Sub-Advisory Contract”). In connection with the Reorganization, the Fund’s Trustees approved the New Sub-Advisory Contract between the Investment Manager and TAML, pursuant to which TAML became a sub-advisor of the Fund on the Effective Date.

The changes described above are not expected to change the Fund’s investment strategy or the way in which the Fund’s assets are managed in any material way, are not expected to materially change the nature or level of services provided to the Fund, and will not result in an increase in the fees payable by the Fund to the Investment Manager.

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or [email protected].

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

10000104091128198791022011821126531388310000106851067694479334100151032910524100001060311549102841077812171130711405840.922.514.011.05.23.71.81.0

(b) Not applicable

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(c) N/A

(d) N/A

(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

The Board of Trustees of the Registrant has determined that Warren Lowell, Kenneth Tanji and Manoj P. Singh possess the technical attributes identified in Item 3 to Form N-CSR to qualify as “audit committee financial experts,” and has designated Warren Lowell, Kenneth Tanji and Manoj P. Singh as the Audit Committee’s financial experts. Warren Lowell, Kenneth Tanji and Manoj P. Singh are “independent” Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

(a) Audit Fees. The aggregate fees billed in the last two fiscal years ending August 31, 2025 and August 31, 2026 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $101,148 in August 31, 2025 and $85,390 in August 31, 2026.

(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in August 31, 2025 and $0 in August 31, 2026.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $21,408 in August 31, 2025 and $21,408 in August 31, 2026. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant (“Service Affiliates”) during the Reporting Periods that required pre-approval by the Audit Committee.

(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in August 31, 2025 and $0 in August 31, 2026.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

(e) Audit Committee’s pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds’ independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by the fund’s investment manager and certain of its affiliates of the fund’s independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by the fund’s investment manager or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $583,796 in August 31, 2025 and $1,557,011 in August 31, 2026.

(h) Yes. The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor’s independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

(i) Not applicable.

(j) Not applicable

Not applicable.

Franklin

Multi-Asset

Income

Fund

(formerly,

Putnam

Multi-Asset

Income

Fund)

Financial

Statements

and

Other

Important

Information

Annual

|

August 31, 2026

If

you

need

assistance

accessing

this

content,

please

reach

out

to

your

sales

representative

or

send

an

email

to

[email protected]

.

Table

of

Contents

franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

1

Consolidated

Financial

Highlights

and

Consolidated

Schedule

of

Investments

2

Consolidated

Financial

Statements

76

Notes

to

Consolidated

Financial

Statements

81

Report

of

Independent

Registered

Public

Accounting

Firm

98

Tax

Information

99

Changes

In

and

Disagreements

with

Accountants

100

Results

of

Meeting(s)

of

Shareholders

100

Remuneration

Paid

to

Directors,

Officers

and

Others

100

Board

Approval

of

Management

and

Subadvisory

Agreements

100

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

Franklin

Multi-Asset

Income

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

2

a

Year

Ended

August

31,

Year

Ended

August

31,

2023

a

2026

2025

*

2024

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

................................

$11.04

$10.79

$9.70

$9.64

Income

from

investment

operations

b

:

Net

investment

income

c

......................................

0.40

0.43

0.35

0.20

Net

realized

and

unrealized

gains

(losses)

........................

0.63

0.27

1.11

(0.02)

Total

from

investment

operations

.................................

1.03

0.70

1.46

0.18

Less

distributions

from:

Net

investment

income

.......................................

(0.40)

(0.45)

(0.37)

(0.12)

Net

asset

value,

end

of

year

....................................

$11.67

$11.04

$10.79

$9.70

Total

return

d

................................................

9.45%

6.70%

15.38%

1.85%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

...................

0.94%

1.10%

1.11%

0.71%

Expenses

net

of

waiver

and

payments

by

affiliates

f

...................

0.77%

0.88%

0.83%

0.46%

Net

investment

income

........................................

3.45%

3.91%

3.43%

2.05%

Supplemental

data

Net

assets,

end

of

year

(000’s)

..................................

$151,232

$144,905

$147,709

$142,258

Portfolio

turnover

rate

.........................................

245%

101%

143%

109%

*

Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025.

See

Note

1(g).

a

For

the

period

February

10,

2023

(commencement

of

operations)

to

August

31,

2023.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

Franklin

Multi-Asset

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

3

a

Year

Ended

August

31,

Year

Ended

August

31,

2023

a

2026

2025

*

2024

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

................................

$11.05

$10.79

$9.70

$9.64

Income

from

investment

operations

b

:

Net

investment

income

c

......................................

0.31

0.35

0.25

0.16

Net

realized

and

unrealized

gains

(losses)

........................

0.63

0.28

1.13

(0.02)

Total

from

investment

operations

.................................

0.94

0.63

1.38

0.14

Less

distributions

from:

Net

investment

income

.......................................

(0.31)

(0.37)

(0.29)

(0.08)

Net

asset

value,

end

of

year

....................................

$11.68

$11.05

$10.79

$9.70

Total

return

d

................................................

8.63%

5.95%

14.50%

1.44%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

...................

1.69%

1.85%

1.86%

1.13%

Expenses

net

of

waiver

and

payments

by

affiliates

f

...................

1.52%

1.63%

1.58%

0.88%

Net

investment

income

........................................

2.71%

3.16%

2.52%

1.64%

Supplemental

data

Net

assets,

end

of

year

(000’s)

..................................

$3,489

$3,680

$6,629

$12,028

Portfolio

turnover

rate

.........................................

245%

101%

143%

109%

*

Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025.

See

Note

1(g).

a

For

the

period

February

10,

2023

(commencement

of

operations)

to

August

31,

2023.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

Franklin

Multi-Asset

Income

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

4

a

Year

Ended

August

31,

2026

2025

*

2024

2023

2022

Class

P

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.06

$10.80

$9.71

$9.59

$11.28

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.44

0.47

0.40

0.34

0.07

Net

realized

and

unrealized

gains

(losses)

...........

0.62

0.28

1.10

0.05

(1.30)

Total

from

investment

operations

....................

1.06

0.75

1.50

0.39

(1.23)

Less

distributions

from:

Net

investment

income

..........................

(0.44)

(0.49)

(0.41)

(0.15)

(0.08)

Net

realized

gains

.............................

—

—

—

(0.12)

(0.38)

Total

distributions

...............................

(0.44)

(0.49)

(0.41)

(0.27)

(0.46)

Net

asset

value,

end

of

year

.......................

$11.68

$11.06

$10.80

$9.71

$9.59

Total

return

....................................

9.78%

7.23%

15.85%

4.23%

(11.37)%

Ratios

to

average

net

assets

c

Expenses

before

waiver

and

payments

by

affiliates

......

0.51%

0.69%

0.69%

1.78%

2.90%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.37%

0.47%

0.41%

0.41%

0.23%

Net

investment

income

...........................

3.77%

4.32%

3.92%

3.58%

0.66%

Supplemental

data

Net

assets,

end

of

year

(000’s)

.....................

$719,974

$46,813

$33,945

$20,177

$17,224

Portfolio

turnover

rate

............................

245%

101%

143%

109%

124%

*

Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025.

See

Note

1(g).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Ratios

are

annualized

for

periods

less

than

one

year.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

Franklin

Multi-Asset

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

5

a

Year

Ended

August

31,

Year

Ended

August

31,

2023

a

2026

2025

*

2024

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

................................

$11.04

$10.79

$9.70

$9.64

Income

from

investment

operations

b

:

Net

investment

income

c

......................................

0.37

0.40

0.32

0.18

Net

realized

and

unrealized

gains

(losses)

........................

0.63

0.27

1.12

(0.02)

Total

from

investment

operations

.................................

1.00

0.67

1.44

0.16

Less

distributions

from:

Net

investment

income

.......................................

(0.37)

(0.42)

(0.35)

(0.10)

Net

asset

value,

end

of

year

....................................

$11.67

$11.04

$10.79

$9.70

Total

return

d

................................................

9.18%

6.44%

15.10%

1.71%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

...................

1.19%

1.34%

1.36%

0.85%

Expenses

net

of

waiver

and

payments

by

affiliates

f

...................

1.02%

1.12%

1.08%

0.60%

Net

investment

income

........................................

3.20%

3.67%

3.22%

1.91%

Supplemental

data

Net

assets,

end

of

year

(000’s)

..................................

$1,729

$1,544

$1,556

$2,306

Portfolio

turnover

rate

.........................................

245%

101%

143%

109%

*

Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025.

See

Note

1(g).

a

For

the

period

February

10,

2023

(commencement

of

operations)

to

August

31,

2023.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

Franklin

Multi-Asset

Income

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

6

a

Year

Ended

August

31,

Year

Ended

August

31,

2023

a

2026

2025

*

2024

Class

R5

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

................................

$11.05

$10.80

$9.71

$9.64

Income

from

investment

operations

b

:

Net

investment

income

c

......................................

0.42

0.45

0.38

0.21

Net

realized

and

unrealized

gains

(losses)

........................

0.64

0.28

1.11

(0.01)

Total

from

investment

operations

.................................

1.06

0.73

1.49

0.20

Less

distributions

from:

Net

investment

income

.......................................

(0.43)

(0.48)

(0.40)

(0.13)

Net

asset

value,

end

of

year

....................................

$11.68

$11.05

$10.80

$9.71

Total

return

d

................................................

9.72%

6.98%

15.68%

2.09%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

...................

0.68%

0.84%

0.83%

0.56%

Expenses

net

of

waiver

and

payments

by

affiliates

f

...................

0.51%

0.62%

0.55%

0.31%

Net

investment

income

........................................

3.71%

4.17%

3.72%

2.21%

Supplemental

data

Net

assets,

end

of

year

(000’s)

..................................

$13

$12

$12

$10

Portfolio

turnover

rate

.........................................

245%

101%

143%

109%

*

Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025.

See

Note

1(g).

a

For

the

period

February

10,

2023

(commencement

of

operations)

to

August

31,

2023.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

Franklin

Multi-Asset

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

7

a

Year

Ended

August

31,

Year

Ended

August

31,

2023

a

2026

2025

*

2024

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

................................

$11.05

$10.79

$9.70

$9.64

Income

from

investment

operations

b

:

Net

investment

income

c

......................................

0.43

0.46

0.37

0.22

Net

realized

and

unrealized

gains

(losses)

........................

0.63

0.29

1.13

(0.02)

Total

from

investment

operations

.................................

1.06

0.75

1.50

0.20

Less

distributions

from:

Net

investment

income

.......................................

(0.44)

(0.49)

(0.41)

(0.14)

Net

asset

value,

end

of

year

....................................

$11.67

$11.05

$10.79

$9.70

Total

return

d

................................................

9.74%

7.17%

15.81%

2.05%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

...................

0.58%

0.73%

0.73%

0.50%

Expenses

net

of

waiver

and

payments

by

affiliates

f

...................

0.42%

0.51%

0.45%

0.25%

Net

investment

income

........................................

3.77%

4.28%

3.71%

2.26%

Supplemental

data

Net

assets,

end

of

year

(000’s)

..................................

$1,912

$752

$3,894

$4,925

Portfolio

turnover

rate

.........................................

245%

101%

143%

109%

*

Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025.

See

Note

1(g).

a

For

the

period

February

10,

2023

(commencement

of

operations)

to

August

31,

2023.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

Franklin

Multi-Asset

Income

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

8

a

Year

Ended

August

31,

Year

Ended

August

31,

2023

a

2026

2025

*

2024

Class

Y

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

................................

$11.05

$10.79

$9.70

$9.64

Income

from

investment

operations

b

:

Net

investment

income

c

......................................

0.42

0.45

0.37

0.21

Net

realized

and

unrealized

gains

(losses)

........................

0.64

0.29

1.12

(0.02)

Total

from

investment

operations

.................................

1.06

0.74

1.49

0.19

Less

distributions

from:

Net

investment

income

.......................................

(0.43)

(0.48)

(0.40)

(0.13)

Net

asset

value,

end

of

year

....................................

$11.68

$11.05

$10.79

$9.70

Total

return

d

................................................

9.72%

7.05%

15.66%

1.98%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

...................

0.68%

0.85%

0.86%

0.57%

Expenses

net

of

waiver

and

payments

by

affiliates

f

...................

0.52%

0.63%

0.58%

0.32%

Net

investment

income

........................................

3.68%

4.16%

3.62%

2.19%

Supplemental

data

Net

assets,

end

of

year

(000’s)

..................................

$53,886

$25,161

$34,753

$39,854

Portfolio

turnover

rate

.........................................

245%

101%

143%

109%

*

Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025.

See

Note

1(g).

a

For

the

period

February

10,

2023

(commencement

of

operations)

to

August

31,

2023.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments,

August

31,

2026

Franklin

Multi-Asset

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

9

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

29.0%

Aerospace

&

Defense

0.7%

Airbus

SE

.........................................

France

1,961

$

447,548

a

Archer

Aviation,

Inc.,

A

...............................

United

States

2,143

12,387

a

Astronics

Corp.

.....................................

United

States

193

14,218

a

Beta

Technologies,

Inc.,

A

.............................

United

States

1,757

35,316

Embraer

SA

.......................................

Brazil

10,700

193,059

a

Firefly

Aerospace,

Inc.

................................

United

States

365

7,709

General

Dynamics

Corp.

..............................

United

States

580

215,383

General

Electric

Co.

.................................

United

States

6,379

2,141,494

Leonardo

SpA

......................................

Italy

6,118

367,556

Lockheed

Martin

Corp.

...............................

United

States

4,059

2,278,033

a

Mercury

Systems,

Inc.

................................

United

States

215

18,776

Moog,

Inc.,

A

.......................................

United

States

127

47,180

Northrop

Grumman

Corp.

.............................

United

States

384

207,245

Rolls-Royce

Holdings

plc

.............................

United

Kingdom

3,820

77,638

a

Satellogic,

Inc.,

A

...................................

United

States

2,222

10,821

Thales

SA

.........................................

France

853

241,933

a

V2X,

Inc.

..........................................

United

States

294

22,685

VSE

Corp.

........................................

United

States

48

10,017

6,348,998

Air

Freight

&

Logistics

0.4%

DHL

AG

..........................................

Germany

6,851

445,003

Expeditors

International

of

Washington,

Inc.

...............

United

States

1,139

216,011

FedEx

Corp.

.......................................

United

States

6,803

2,227,302

Hub

Group,

Inc.,

A

...................................

United

States

591

23,563

United

Parcel

Service,

Inc.,

B

..........................

United

States

2,000

208,460

3,120,339

Automobile

Components

0.0%

†

a

Adient

plc

.........................................

United

States

905

17,168

Aisin

Corp.

........................................

Japan

12,400

173,911

Continental

AG

.....................................

Germany

1,448

119,436

Dana,

Inc.

.........................................

United

States

1,725

51,716

Garrett

Motion,

Inc.

..................................

Switzerland

1,352

36,437

a

Gentherm,

Inc.

.....................................

United

States

353

13,869

Sumitomo

Electric

Industries

Ltd.

.......................

Japan

4,300

59,546

Visteon

Corp.

......................................

United

States

508

51,725

523,808

Automobiles

0.3%

Ford

Motor

Co.

.....................................

United

States

76,870

1,071,568

General

Motors

Co.

..................................

United

States

2,644

228,230

Isuzu

Motors

Ltd.

...................................

Japan

2,700

38,344

Kia

Corp.

.........................................

South

Korea

1,784

170,173

Subaru

Corp.

......................................

Japan

3,700

61,345

a

Tesla,

Inc.

.........................................

United

States

4,465

1,642,897

3,212,557

Banks

2.2%

AIB

Group

plc

......................................

Ireland

15,141

192,653

Al

Rajhi

Bank

......................................

Saudi

Arabia

11,947

212,907

Ameris

Bancorp

....................................

United

States

123

10,363

Associated

Banc-Corp.

...............................

United

States

343

10,499

a

Axos

Financial,

Inc.

..................................

United

States

289

27,972

Banc

of

California,

Inc.

...............................

United

States

577

10,744

Banco

Bilbao

Vizcaya

Argentaria

SA

.....................

Spain

12,817

370,827

Banco

Santander

SA

.................................

Spain

15,420

225,653

a

Bancorp,

Inc.

(The)

..................................

United

States

648

42,120

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

Franklin

Multi-Asset

Income

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

10

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Banks

(continued)

Bank

Hapoalim

BM

..................................

Israel

6,463

$

166,877

Bank

Leumi

Le-Israel

BM

.............................

Israel

15,552

396,486

Bank

of

America

Corp.

...............................

United

States

11,401

706,178

Bank

of

China

Ltd.,

H

................................

China

501,000

376,042

Bank

of

Hawaii

Corp.

................................

United

States

334

25,361

BankUnited,

Inc.

....................................

United

States

2,190

99,864

Banner

Corp.

......................................

United

States

141

9,890

Barclays

plc

.......................................

United

Kingdom

69,947

463,889

BNP

Paribas

SA

....................................

France

4,445

529,211

CaixaBank

SA

......................................

Spain

2,827

43,106

Capitol

Federal

Financial,

Inc.

..........................

United

States

1,905

16,402

Carter

Bankshares,

Inc.

...............................

United

States

405

12,652

Cathay

General

Bancorp

..............................

United

States

988

60,475

Central

Pacific

Financial

Corp.

.........................

United

States

563

20,955

Citigroup,

Inc.

......................................

United

States

20,130

2,649,511

CTBC

Financial

Holding

Co.

Ltd.

........................

Taiwan

113,000

230,519

a

Customers

Bancorp,

Inc.

..............................

United

States

669

52,302

CVB

Financial

Corp.

.................................

United

States

551

12,216

Danske

Bank

A/S

...................................

Denmark

4,837

279,601

Enterprise

Financial

Services

Corp.

......................

United

States

474

29,971

Financial

Institutions,

Inc.

.............................

United

States

299

12,115

First

Bancorp

......................................

United

States

2,375

66,215

First

Busey

Corp.

...................................

United

States

881

26,518

First

Financial

Corp.

.................................

United

States

165

12,916

First

Horizon

Corp.

..................................

United

States

7,977

194,001

First

Merchants

Corp.

................................

United

States

135

5,598

Grupo

Financiero

Banorte

SAB

de

CV,

O

..................

Mexico

20,100

227,603

Hancock

Whitney

Corp.

...............................

United

States

674

50,206

Hanmi

Financial

Corp.

................................

United

States

574

17,794

Hope

Bancorp,

Inc.

..................................

United

States

1,210

16,686

HSBC

Holdings

plc,

(GBP

Traded)

......................

United

Kingdom

33,145

678,924

HSBC

Holdings

plc,

(HKD

Traded)

......................

United

Kingdom

4,800

98,782

ICICI

Bank

Ltd.,

ADR

................................

India

19,700

598,092

Independent

Bank

Corp.

..............................

United

States

366

13,355

ING

Groep

NV

.....................................

Netherlands

7,675

271,699

International

Bancshares

Corp.

.........................

United

States

302

21,188

Intesa

Sanpaolo

SpA

.................................

Italy

11,615

91,505

JPMorgan

Chase

&

Co.

...............................

United

States

4,507

1,604,582

KB

Financial

Group,

Inc.

..............................

South

Korea

2,786

349,487

Lloyds

Banking

Group

plc

.............................

United

Kingdom

309,296

456,005

Mercantile

Bank

Corp.

................................

United

States

207

12,370

Metropolitan

Bank

Holding

Corp.

........................

United

States

130

11,801

Mitsubishi

UFJ

Financial

Group,

Inc.

.....................

Japan

18,000

410,376

National

Bank

Holdings

Corp.,

A

........................

United

States

675

27,871

National

Bank

of

Greece

SA

...........................

Greece

10,199

199,325

NatWest

Group

plc

..................................

United

Kingdom

8,127

73,895

Northrim

BanCorp,

Inc.

...............................

United

States

407

10,407

Northwest

Bancshares,

Inc.

............................

United

States

727

11,116

a

NU

Holdings

Ltd.,

A

..................................

Brazil

14,530

211,411

OceanFirst

Financial

Corp.

............................

United

States

853

16,071

OFG

Bancorp

......................................

United

States

1,041

54,184

Orrstown

Financial

Services,

Inc.

.......................

United

States

304

12,677

OTP

Bank

Nyrt.

.....................................

Hungary

1,453

208,989

Popular,

Inc.

.......................................

United

States

1,266

212,929

Preferred

Bank

.....................................

United

States

115

11,779

Shore

Bancshares,

Inc.

...............................

United

States

512

11,756

Simmons

First

National

Corp.,

A

........................

United

States

1,122

25,335

Societe

Generale

SA

.................................

France

3,289

277,053

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

Franklin

Multi-Asset

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

11

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Banks

(continued)

Southern

Missouri

Bancorp,

Inc.

........................

United

States

156

$

11,480

a

Third

Coast

Bancshares,

Inc.

..........................

United

States

219

9,767

Towne

Bank

.......................................

United

States

321

11,890

Trustmark

Corp.

....................................

United

States

864

39,675

UniCredit

SpA

......................................

Italy

4,795

467,993

United

Community

Banks,

Inc.

.........................

United

States

457

15,922

Univest

Financial

Corp.

...............................

United

States

360

14,947

US

Bancorp

.......................................

United

States

3,266

201,120

Valley

National

Bancorp

..............................

United

States

830

11,321

WaFd,

Inc.

........................................

United

States

435

15,556

Wells

Fargo

&

Co.

...................................

United

States

10,488

906,058

Westamerica

BanCorp

...............................

United

States

219

12,713

WSFS

Financial

Corp.

................................

United

States

165

12,779

Zions

Bancorp

NA

...................................

United

States

3,304

220,344

15,849,427

Beverages

0.3%

Coca-Cola

Consolidated,

Inc.

..........................

United

States

1,147

224,319

Coca-Cola

HBC

AG

.................................

Italy

3,341

205,447

Kirin

Holdings

Co.

Ltd.

...............................

Japan

9,300

177,551

a

Monster

Beverage

Corp.

..............................

United

States

20,667

949,029

PepsiCo,

Inc.

......................................

United

States

10,357

1,453,501

a

Vita

Coco

Co.,

Inc.

(The)

..............................

United

States

206

12,095

3,021,942

Biotechnology

0.9%

a

ACADIA

Pharmaceuticals,

Inc.

.........................

United

States

2,295

66,348

a

Achieve

Life

Sciences,

Inc.

............................

United

States

1,784

14,165

a

ADMA

Biologics,

Inc.

.................................

United

States

930

8,733

a

Alkermes

plc

.......................................

United

States

1,525

71,660

a

Allogene

Therapeutics,

Inc.

............................

United

States

8,372

16,744

a

Alnylam

Pharmaceuticals,

Inc.

..........................

United

States

911

219,269

a

AnaptysBio,

Inc.

....................................

United

States

526

29,998

a

Apogee

Therapeutics,

Inc.

.............................

United

States

86

11,617

a

Arbutus

Biopharma

Corp.

.............................

United

States

3,474

17,648

a

Arcus

Biosciences,

Inc.

...............................

United

States

422

12,356

a

Arcutis

Biotherapeutics,

Inc.

...........................

United

States

529

12,680

a

Ardelyx,

Inc.

.......................................

United

States

2,156

8,150

a

Argenx

SE

........................................

Belgium

209

214,545

a

Beam

Therapeutics,

Inc.

..............................

United

States

325

9,565

a

BioCryst

Pharmaceuticals,

Inc.

.........................

United

States

5,795

56,212

a

CareDx,

Inc.

.......................................

United

States

668

33,473

a

Celcuity,

Inc.

.......................................

United

States

106

9,440

a

Corvus

Pharmaceuticals,

Inc.

..........................

United

States

875

12,285

a

CRISPR

Therapeutics

AG

.............................

Switzerland

502

28,604

a

Cytokinetics,

Inc.

....................................

United

States

632

44,815

a

Denali

Therapeutics,

Inc.

..............................

United

States

691

16,418

a

Enanta

Pharmaceuticals,

Inc.

..........................

United

States

557

7,425

a

Erasca,

Inc.

.......................................

United

States

671

11,997

a

Exelixis,

Inc.

.......................................

United

States

11,734

641,146

a

Genmab

A/S

.......................................

Denmark

440

145,407

a

ImmunityBio,

Inc.

...................................

United

States

2,392

19,016

a

Incyte

Corp.

.......................................

United

States

10,086

1,242,797

a

Inhibrx

Biosciences,

Inc.

..............................

United

States

210

26,607

a

Intellia

Therapeutics,

Inc.

..............................

United

States

1,097

13,965

a

Ironwood

Pharmaceuticals,

Inc.,

A

.......................

United

States

5,392

22,916

a

Kiniksa

Pharmaceuticals

International

plc,

A

...............

United

States

183

14,389

a

Kodiak

Sciences,

Inc.

................................

United

States

376

14,044

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

Franklin

Multi-Asset

Income

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

12

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Biotechnology

(continued)

a

Kymera

Therapeutics,

Inc.

.............................

United

States

100

$

11,881

a

Kyverna

Therapeutics,

Inc.

............................

United

States

1,256

10,645

a

MeiraGTx

Holdings

plc

...............................

United

States

1,066

14,721

a

Mineralys

Therapeutics,

Inc.

...........................

United

States

902

23,154

a

Natera,

Inc.

........................................

United

States

969

311,979

a

Neurocrine

Biosciences,

Inc.

...........................

United

States

1,322

203,628

a

Novavax,

Inc.

......................................

United

States

1,600

14,992

a

Praxis

Precision

Medicines,

Inc.

........................

United

States

47

16,464

a

Precigen,

Inc.

......................................

United

States

2,426

16,812

a

Protagonist

Therapeutics,

Inc.

..........................

United

States

589

87,025

a

Prothena

Corp.

plc

..................................

Ireland

1,211

11,323

Regeneron

Pharmaceuticals,

Inc.

.......................

United

States

2,849

2,276,579

a

REGENXBIO,

Inc.

...................................

United

States

931

8,844

a

Relay

Therapeutics,

Inc.

..............................

United

States

609

11,193

a

Rhythm

Pharmaceuticals,

Inc.

..........................

United

States

552

58,584

a

Rigel

Pharmaceuticals,

Inc.

............................

United

States

364

16,810

a

Sana

Biotechnology,

Inc.

..............................

United

States

4,519

17,489

a

SELLAS

Life

Sciences

Group,

Inc.

......................

United

States

1,283

17,115

a

Shattuck

Labs,

Inc.

..................................

United

States

1,590

11,146

a

Spyre

Therapeutics,

Inc.

..............................

United

States

129

11,524

a

Stoke

Therapeutics,

Inc.

..............................

United

States

754

23,525

a

Sutro

Biopharma,

Inc.

................................

United

States

375

7,590

a

Tango

Therapeutics,

Inc.

..............................

United

States

1,051

24,005

a

TG

Therapeutics,

Inc.

................................

United

States

622

33,775

a

Travere

Therapeutics,

Inc.

.............................

United

States

1,200

79,536

a

Twist

Bioscience

Corp.

...............................

United

States

115

15,985

a

Ultragenyx

Pharmaceutical,

Inc.

........................

United

States

341

8,597

a

Vertex

Pharmaceuticals,

Inc.

...........................

United

States

2,761

1,503,420

a

Vir

Biotechnology,

Inc.

................................

United

States

1,783

19,506

a

Xenon

Pharmaceuticals,

Inc.

...........................

Canada

313

18,849

a

Zymeworks,

Inc.

....................................

United

States

617

18,146

7,979,276

Broadline

Retail

0.9%

Alibaba

Group

Holding

Ltd.

............................

China

31,200

445,997

a

Amazon.com,

Inc.

...................................

United

States

27,516

7,147,831

a

Etsy,

Inc.

..........................................

United

States

2,717

220,974

Kohl's

Corp.

.......................................

United

States

1,430

25,483

Next

plc

..........................................

United

Kingdom

388

81,137

a

Sea

Ltd.,

ADR

......................................

Singapore

700

79,436

8,000,858

Building

Products

0.0%

†

Apogee

Enterprises,

Inc.

..............................

United

States

285

11,132

a

Janus

International

Group,

Inc.

.........................

United

States

2,029

10,064

Masco

Corp.

.......................................

United

States

2,943

212,367

a

Resideo

Technologies,

Inc.

............................

United

States

394

7,628

Trane

Technologies

plc

...............................

United

States

455

202,202

UFP

Industries,

Inc.

..................................

United

States

606

51,219

494,612

Capital

Markets

0.8%

3i

Group

plc

.......................................

United

Kingdom

3,202

121,178

Acadian

Asset

Management,

Inc.

.......................

United

States

596

56,143

Ameriprise

Financial,

Inc.

.............................

United

States

432

238,944

Bank

of

New

York

Mellon

Corp.

(The)

....................

United

States

1,463

235,953

Charles

Schwab

Corp.

(The)

...........................

United

States

1,819

199,763

Evercore,

Inc.,

A

....................................

United

States

3,171

908,270

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

Franklin

Multi-Asset

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

13

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Capital

Markets

(continued)

Goldman

Sachs

Group,

Inc.

(The)

.......................

United

States

2,621

$

2,688,884

Hong

Kong

Exchanges

&

Clearing

Ltd.

...................

Hong

Kong

5,000

270,332

Korea

Investment

Holdings

Co.

Ltd.

.....................

South

Korea

659

92,051

Lazard,

Inc.,

A

......................................

United

States

4,901

211,870

Moelis

&

Co.,

A

.....................................

United

States

1,248

84,951

Morgan

Stanley

.....................................

United

States

1,162

247,878

MSCI,

Inc.,

A

.......................................

United

States

632

360,644

Nomura

Holdings,

Inc.

................................

Japan

35,800

364,504

Northern

Trust

Corp.

.................................

United

States

1,078

200,034

Schroders

plc

......................................

United

Kingdom

6,178

48,741

SEI

Investments

Co.

.................................

United

States

3,642

404,189

Singapore

Exchange

Ltd.

.............................

Singapore

9,600

192,172

State

Street

Corp.

...................................

United

States

942

180,280

Stifel

Financial

Corp.

.................................

United

States

3,195

258,092

a

StoneX

Group,

Inc.

..................................

United

States

914

62,591

UBS

Group

AG

.....................................

Switzerland

11,358

621,924

Virtus

Investment

Partners,

Inc.

.........................

United

States

138

22,839

8,072,227