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Form N-PX · fund registrantSEC filer no. 914209

PUTNAM ASSET ALLOCATION FUNDS

fund voting report, part of Franklin Templeton

Vote records reported
42,416year to 30 June 2026
Against management
7.4%2,919 of 39,538 marked votes
Say-on-pay support
92.8%for, of for + against + abstain
Shareholder-proposal support
16.2%for, of for + against + abstain
89.9% for7.9% against2.2% other7.4% against management39,650 votes

foragainstabstain, withhold or otheramber tick: the portion cast against management

For the year to 30 June 2026, PUTNAM ASSET ALLOCATION FUNDS reported 42,416 vote records on Form N-PX. 2,919 of the 39,538 votes that were marked for or against management went against management: 7.4%, 1.2 percentage points above the median fund registrant (6.2%).

Weighted by the number of shares voted, the against-management share is 8.1%. The two figures differ when the votes against management fall on larger or smaller holdings than the rest.

On pay and on shareholder proposals: it voted for 92.8% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 16.2% of the proposals put forward by security holders (the median fund registrant: 27.5%).

By category, votes against management were most frequent in SHAREHOLDER RIGHTS AND DEFENSES (26.4% of 129), COMPENSATION (18.5% of 2,703) and CORPORATE GOVERNANCE (9.8% of 3,505).

Compared with other filers

Each rate is defined once, in the methodology. The median is taken over 1,241 fund registrants with at least 25 vote records in the season.

year to 30 June 2026This filerMedian fund registrantAll filers pooled
Against-management share7.4%6.2%10.6%
Say-on-pay support rate92.8%91.6%86.0%
Shareholder-proposal support rate16.2%27.5%33.9%
Shares on loan, share of shares held0.00%0.00%3.12%
Largest families, year to 30 June 2026Against managementSay-on-pay supportShareholder-proposal support
Vanguard20.1%94.1%42.0%
BlackRock and iShares7.5%88.3%11.9%
Fidelity6.0%94.7%27.6%
Dimensional16.4%78.9%57.4%
State Street and SPDR16.9%77.1%50.4%

Of the 42,416 vote records in this filing, 2,840 carry something the form does not expect: a missing vote source or category, a record with no vote line, a meeting date that cannot be read, or a security identifier this site could not use. They are counted as filed. What is checked

Votes by category

Filers choose one or more categories for each vote, so a vote can appear in more than one row. Category names are printed as Form N-PX defines them.

Category (as the form names it)VotesForAgainstAgainst managementSplit
DIRECTOR ELECTIONS24,35922,4661,2247.6%
SECTION 14A SAY-ON-PAY VOTES2,7062,3271816.9%
AUDIT-RELATED3,1253,099260.5%
INVESTMENT COMPANY MATTERS4400.0%
SHAREHOLDER RIGHTS AND DEFENSES1291062326.4%
EXTRAORDINARY TRANSACTIONS333304298.7%
CAPITAL STRUCTURE2,4052,366392.3%
COMPENSATION2,7402,21051518.5%
CORPORATE GOVERNANCE3,5482,8856639.8%
ENVIRONMENT OR CLIMATE343592840.9%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE149401090.0%
DIVERSITY, EQUITY, AND INCLUSION184401440.0%
OTHER SOCIAL ISSUES4821443380.0%
OTHER5636207.1%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 202442,3629.0%93.2%20.3%
year to 30 June 202541,7437.1%92.5%19.5%
year to 30 June 202642,4167.4%92.8%16.2%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, PUTNAM ASSET ALLOCATION FUNDS voted against management on 43 of the 664 it marked either way (6.5%) in the year to 30 June 2026. The 40 companies with the most reporting filers are listed.

A further 3 say-on-pay items were reported without a management mark and are left out of both sides of that fraction.

Shareholder proposals it supported

Of 324 proposals from security holders that could be told apart in the filings and on which it cast a vote, PUTNAM ASSET ALLOCATION FUNDS voted for 45 (13.9%). The 40 at the companies with the most reporting filers are listed. Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.

CompanyMeetingProposal
Alphabet Inc.5 Jun 2026Shareholder proposal regarding equal shareholder voting
AbbVie Inc.8 May 2026Stockholder Proposal - to Adopt a Policy to Require an Independent Chair
Tesla, Inc.6 Nov 2025Declassify the Board of Directors
Tesla, Inc.6 Nov 2025Shareholder proposal: CORPORATE GOVERNANCE
Wells Fargo & Company28 Apr 2026Require Independent Board Chair
Wells Fargo & Company28 Apr 2026Shareholder Proposal - Govern by Majority Vote.
Starbucks Corporation25 Mar 2026Shareholder proposal requesting supermajority shareholder voting requirements be replaced with majority...
LOCKHEED MARTIN CORPORATION12 May 2026Stockholder Proposal Requiring Independent Board Chairman
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding annual vote regarding executive pay.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding disclosure of voting results by share class.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding dual class capital structure.
United Parcel Service, Inc.7 May 2026To take steps to reduce the voting power of UPS class A stock from 10 votes per share to one vote per share.
Target Corporation10 Jun 2026Require Independent Board Chair
Kimberly-Clark Corporation14 May 2026Stockholder Proposal to Require Independent Board Chair
FedEx Corporation29 Sep 2025Stockholder proposal regarding independent board chairman.
FORD MOTOR COMPANY14 May 2026A shareholder proposal relating to a request that the Board take steps to implement one vote per share for...
FORD MOTOR COMPANY14 May 2026A shareholder proposal relating to public disclosure by share class of voting results on matters subject...
Marvell Technology, Inc.25 Jun 2026To consider and act on one stockholder proposal, entitled "Independent Board Chairman"
Snowflake Inc.29 Jun 2026To consider and vote on, if properly presented at the meeting, a non-binding stockholder proposal...
Prudential Financial, Inc.12 May 2026Shareholder proposal regarding an Independent Board Chairman.
WEC Energy Group, Inc.7 May 2026Stockholder proposal to govern by majority vote
Airbnb, Inc.5 Jun 2026Dual-class sunset; and
Eversource Energy6 May 2026Shareholder Proposal Regarding Independent Chair
Edison International23 Apr 2026Shareholder Proposal Regarding Retention of Equity
Workday, Inc.16 Jun 2026To consider and vote upon a stockholder proposal regarding disclosure of voting results based on share class.
Avery Dennison Corporation30 Apr 2026Require Independent Board Chair
CF Industries Holdings, Inc.28 Apr 2026Shareholder proposal regarding shareholder approval requirement for excessive golden parachutes
Zscaler, Inc.12 Jan 2026To vote on a non-binding stockholder proposal requesting the declassification of our board of directors.
Tyson Foods, Inc.5 Feb 2026Shareholder proposal regarding disclosure of voting results based on class of shares.
BJ's Wholesale Club Holdings, Inc.18 Jun 2026Vote on a shareholder proposal regarding a report on greenhouse gas emissions reduction efforts
Universal Health Services, Inc.20 May 2026Disclosure of Voting Results Based on Shareholders' Money at Risk
Lincoln National Corporation28 May 2026Require Independent Board Chair
Five Below, Inc.16 Jun 2026Shareholder proposal requesting that provisions in the Company's governance documents requiring greater...
Lumen Technologies, Inc.20 May 2026Approval of a shareholder proposal regarding a shareholder right to vote for or against a poison pill.
Exxon Mobil Corporation27 May 2026Proposal requesting Company to modify its Voluntary Retail Voting Program to provide multiple options not...
Dana Incorporated22 Apr 2026Shareholder proposal to require an independent Board Chairman.
Calix, Inc.14 May 2026To hold an advisory vote on a stockholder proposal relating to a simple majority vote.
Eni SpA6 May 2026Shareholder proposal: AUDIT-RELATED
Eni SpA6 May 2026Shareholder proposal: CORPORATE GOVERNANCE
Eni SpA6 May 2026Shareholder proposal: CORPORATE GOVERNANCE

Shares on loan

PUTNAM ASSET ALLOCATION FUNDS reported no shares on loan for the year to 30 June 2026. Shares lent out at the record date cannot be voted by the lender, which is why Form N-PX asks for the figure. More on lending and votes.

Fund series in this filing

4 series reported votes. A vote record can list several series. Series with 500 or more vote records have their own page.

SeriesVote recordsAgainst managementSay-on-pay supportShareholder-proposal support
Franklin Asset Allocation Growth Fund11,6997.8%93.6%13.7%
Franklin Asset Allocation Conservative Fund11,1127.4%93.6%13.8%
Franklin Asset Allocation Balanced Fund11,0707.3%93.6%13.8%
Franklin Multi-Asset Income Fund8,5356.9%93.5%13.2%

The filings

These figures are read from the filer's own Form N-PX. If a vote on this page looks wrong, the filing is the record: a dispute about a filed vote is a matter for the filer, and an error in how this site read the filing is a matter for corrections.

Questions

How did PUTNAM ASSET ALLOCATION FUNDS vote on executive pay?

In the year to 30 June 2026 PUTNAM ASSET ALLOCATION FUNDS reported 2,508 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 2,327 were for (92.8%), 181 against and 0 abstentions. Counting one item per company meeting, it voted against management on 43 of the 664 say-on-pay items it marked either way. A further 3 say-on-pay items were reported without a management mark and are not counted in that figure.

How often does PUTNAM ASSET ALLOCATION FUNDS vote against management?

7.4% of the time in the year to 30 June 2026: 2,919 of the 39,538 votes it marked as for or against management. Form N-PX asks each filer to state, vote by vote, whether the vote was for or against management's recommendation; this figure counts those marks.

Did PUTNAM ASSET ALLOCATION FUNDS support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 287 votes on proposals from security holders in the year to 30 June 2026 and voted for 3 of them (1.0%). Across every category it voted for 16.2% of security-holder proposals. Filers choose the category for each vote, so the same proposal can sit in different categories in different filings.

Is this the result of the meetings?

No. Form N-PX shows how this filer voted the shares it held. It does not show how other shareholders voted or whether a proposal was approved. Companies report certified results separately, on Form 8-K.

Where does the data come from?

From the Form N-PX filings of this filer on the SEC's EDGAR system, read as filed. The SEC does not verify the contents. Amended filings (N-PX/A) replace the filings they amend. Data on this page runs through 23 Sep 2026.

Provenance: SEC EDGAR, Form N-PX and N-PX/A filings by PUTNAM ASSET ALLOCATION FUNDS (filer no. 914209), read as filed and not verified by the SEC. Amended filings replace the filings they amend. Filings read through 23 Sep 2026; page built 26 Sep 2026.