NPORT-EX 2 PMAIF.htm PART F
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
39362-Q3PH
1
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
2
Notes
to
Schedule
of
Investments
52
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited),
May
31,
2025
Putnam
Multi-Asset
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
26.2%
Aerospace
&
Defense
0.6%
a
AeroVironment,
Inc.
.................................
United
States
21
$
3,739
a
Astronics
Corp.
.....................................
United
States
140
4,371
General
Dynamics
Corp.
..............................
United
States
158
44,001
General
Electric
Co.
.................................
United
States
180
44,264
Lockheed
Martin
Corp.
...............................
United
States
1,597
770,361
Moog,
Inc.,
A
.......................................
United
States
16
2,965
a
Rocket
Lab
Corp.
...................................
United
States
145
3,885
Rolls-Royce
Holdings
plc
.............................
United
Kingdom
8,001
93,107
RTX
Corp.
........................................
United
States
398
54,319
Safran
SA
.........................................
France
190
56,194
Thales
SA
.........................................
France
51
15,620
a
V2X,
Inc.
..........................................
United
States
118
5,343
1,098,169
Air
Freight
&
Logistics
0.3%
Deutsche
Post
AG
...................................
Germany
1,828
82,028
FedEx
Corp.
.......................................
United
States
199
43,402
Hub
Group,
Inc.,
A
...................................
United
States
214
7,214
United
Parcel
Service,
Inc.,
B
..........................
United
States
7,025
685,218
817,862
Automobile
Components
0.0%
†
a
Adient
plc
.........................................
United
States
327
5,098
a
American
Axle
&
Manufacturing
Holdings,
Inc.
..............
United
States
1,740
7,639
Dana,
Inc.
.........................................
United
States
948
15,765
Denso
Corp.
.......................................
Japan
500
6,750
a
Dorman
Products,
Inc.
...............................
United
States
24
3,103
a
Gentherm,
Inc.
.....................................
United
States
97
2,654
Sumitomo
Electric
Industries
Ltd.
.......................
Japan
1,300
27,268
a
Visteon
Corp.
......................................
United
States
182
15,365
83,642
Automobiles
0.8%
Bayerische
Motoren
Werke
AG
.........................
Germany
742
65,831
Ford
Motor
Co.
.....................................
United
States
4,291
44,541
Isuzu
Motors
Ltd.
...................................
Japan
1,400
18,924
Mercedes-Benz
Group
AG
............................
Germany
1,598
95,557
Stellantis
NV
.......................................
United
States
3,332
33,831
Stellantis
NV
.......................................
United
States
3,717
37,889
Subaru
Corp.
......................................
Japan
300
5,507
a
Tesla,
Inc.
.........................................
United
States
2,785
964,891
Toyota
Motor
Corp.
..................................
Japan
6,200
118,037
1,385,008
Banks
1.4%
b
ABN
AMRO
Bank
NV,
CVA,
144A,
Reg
S
.................
Netherlands
2,165
55,964
Amalgamated
Financial
Corp.
..........................
United
States
218
6,588
Ameris
Bancorp
....................................
United
States
45
2,766
ANZ
Group
Holdings
Ltd.
.............................
Australia
6,522
122,048
Associated
Banc-Corp.
...............................
United
States
124
2,873
a
Axos
Financial,
Inc.
..................................
United
States
244
16,968
Banco
Bilbao
Vizcaya
Argentaria
SA
.....................
Spain
4,687
70,361
Banco
BPM
SpA
....................................
Italy
5,735
65,923
Banco
de
Sabadell
SA
...............................
Spain
19,798
63,027
Bank
Leumi
Le-Israel
BM
.............................
Israel
2,243
36,198
Bank
of
America
Corp.
...............................
United
States
1,157
51,058
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
...................
United
States
171
7,209
Banner
Corp.
......................................
United
States
38
2,343
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Banks
(continued)
Berkshire
Hills
Bancorp,
Inc.
...........................
United
States
157
$
3,887
BNP
Paribas
SA
....................................
France
1,031
90,289
BOC
Hong
Kong
Holdings
Ltd.
.........................
China
13,000
54,672
CaixaBank
SA
......................................
Spain
14,657
124,330
Cathay
General
Bancorp
..............................
United
States
357
15,299
Central
Pacific
Financial
Corp.
.........................
United
States
203
5,420
Citigroup,
Inc.
......................................
United
States
735
55,360
Citizens
Financial
Group,
Inc.
..........................
United
States
1,173
47,331
Comerica,
Inc.
.....................................
United
States
802
45,786
Credit
Agricole
SA
...................................
France
5,397
98,815
a
Customers
Bancorp,
Inc.
..............................
United
States
250
12,740
Danske
Bank
A/S
...................................
Denmark
914
35,024
DBS
Group
Holdings
Ltd.
.............................
Singapore
1,700
58,654
Enterprise
Financial
Services
Corp.
......................
United
States
171
9,053
FB
Financial
Corp.
..................................
United
States
59
2,575
Financial
Institutions,
Inc.
.............................
United
States
107
2,763
First
Bancorp
......................................
United
States
784
15,664
First
Financial
Corp.
.................................
United
States
65
3,370
First
Merchants
Corp.
................................
United
States
33
1,244
Hancock
Whitney
Corp.
...............................
United
States
327
17,877
Hanmi
Financial
Corp.
................................
United
States
208
4,767
Heritage
Commerce
Corp.
.............................
United
States
307
2,843
Hilltop
Holdings,
Inc.
.................................
United
States
384
11,451
Hope
Bancorp,
Inc.
..................................
United
States
112
1,124
HSBC
Holdings
plc
..................................
United
Kingdom
17,031
200,643
Huntington
Bancshares,
Inc.
...........................
United
States
3,019
47,187
Independent
Bank
Corp.
..............................
United
States
101
3,185
Intesa
Sanpaolo
SpA
.................................
Italy
27,806
155,233
JPMorgan
Chase
&
Co.
...............................
United
States
120
31,680
Mercantile
Bank
Corp.
................................
United
States
58
2,561
a
Metropolitan
Bank
Holding
Corp.
........................
United
States
47
3,039
National
Bank
Holdings
Corp.,
A
........................
United
States
80
2,892
Nordea
Bank
Abp
...................................
Finland
8,816
127,815
Northrim
BanCorp,
Inc.
...............................
United
States
38
3,481
Northwest
Bancshares,
Inc.
............................
United
States
214
2,628
OceanFirst
Financial
Corp.
............................
United
States
250
4,202
OFG
Bancorp
......................................
United
States
235
9,668
Oversea-Chinese
Banking
Corp.
Ltd.
.....................
Singapore
2,400
30,145
Pacific
Premier
Bancorp,
Inc.
..........................
United
States
212
4,494
Pathward
Financial,
Inc.
..............................
United
States
180
14,049
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
267
46,407
Preferred
Bank
.....................................
United
States
93
7,776
Regions
Financial
Corp.
..............................
United
States
1,978
42,408
Simmons
First
National
Corp.,
A
........................
United
States
405
7,598
Swedbank
AB,
A
....................................
Sweden
2,070
56,050
Synovus
Financial
Corp.
..............................
United
States
871
41,660
a
Third
Coast
Bancshares,
Inc.
..........................
United
States
88
2,698
Towne
Bank
.......................................
United
States
85
2,938
Truist
Financial
Corp.
................................
United
States
1,116
44,082
Trustmark
Corp.
....................................
United
States
312
10,752
United
Overseas
Bank
Ltd.
............................
Singapore
3,600
98,891
Univest
Financial
Corp.
...............................
United
States
130
3,838
US
Bancorp
.......................................
United
States
993
43,285
Veritex
Holdings,
Inc.
................................
United
States
445
10,769
Webster
Financial
Corp.
..............................
United
States
838
43,140
Wells
Fargo
&
Co.
...................................
United
States
11,459
856,904
Westamerica
BanCorp
...............................
United
States
62
2,979
WSFS
Financial
Corp.
................................
United
States
49
2,592
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Banks
(continued)
Zions
Bancorp
NA
...................................
United
States
941
$
44,566
3,235,899
Beverages
0.1%
Coca-Cola
Co.
(The)
.................................
United
States
579
41,746
Diageo
plc
........................................
United
Kingdom
1,380
37,455
PepsiCo,
Inc.
......................................
United
States
1,710
224,779
303,980
Biotechnology
0.1%
AbbVie,
Inc.
.......................................
United
States
1,290
240,082
a
ACADIA
Pharmaceuticals,
Inc.
.........................
United
States
738
15,919
a
ADMA
Biologics,
Inc.
.................................
United
States
408
8,095
a
Agios
Pharmaceuticals,
Inc.
...........................
United
States
368
11,809
a
Akero
Therapeutics,
Inc.
..............................
United
States
59
2,929
a
Alkermes
plc
.......................................
United
States
90
2,755
a
Arcturus
Therapeutics
Holdings,
Inc.
.....................
United
States
264
3,308
a
BioCryst
Pharmaceuticals,
Inc.
.........................
United
States
1,468
15,781
a
Biohaven
Ltd.
......................................
United
States
174
2,577
a
Blueprint
Medicines
Corp.
.............................
United
States
34
3,446
a
CareDx,
Inc.
.......................................
United
States
150
2,548
a
Catalyst
Pharmaceuticals,
Inc.
.........................
United
States
197
4,917
a
Humacyte,
Inc.
.....................................
United
States
3,160
8,437
a
Inhibrx
Biosciences,
Inc.
..............................
United
States
165
2,223
a
Insmed,
Inc.
.......................................
United
States
345
24,057
a
Keros
Therapeutics,
Inc.
..............................
United
States
819
11,589
a
Kiniksa
Pharmaceuticals
International
plc,
A
...............
United
States
507
13,872
a
Mineralys
Therapeutics,
Inc.
...........................
United
States
174
2,711
a
Monte
Rosa
Therapeutics,
Inc.
.........................
United
States
623
2,604
a
Nurix
Therapeutics,
Inc.
..............................
United
States
242
2,572
a
Protagonist
Therapeutics,
Inc.
..........................
United
States
305
14,478
a
Prothena
Corp.
plc
..................................
Ireland
414
1,900
a
PTC
Therapeutics,
Inc.
...............................
United
States
307
14,896
a
Relay
Therapeutics,
Inc.
..............................
United
States
2,295
6,885
a
Rhythm
Pharmaceuticals,
Inc.
..........................
United
States
51
3,128
a
Sage
Therapeutics,
Inc.
..............................
United
States
1,071
6,919
a
Scholar
Rock
Holding
Corp.
...........................
United
States
85
2,466
a
Stoke
Therapeutics,
Inc.
..............................
United
States
441
4,207
a
Summit
Therapeutics,
Inc.
.............................
United
States
606
11,038
a
Tango
Therapeutics,
Inc.
..............................
United
States
918
2,038
a
Travere
Therapeutics,
Inc.
.............................
United
States
167
2,508
a
Vir
Biotechnology,
Inc.
................................
United
States
1,559
7,701
460,395
Broadline
Retail
0.7%
a
Amazon.com,
Inc.
...................................
United
States
7,036
1,442,450
eBay,
Inc.
.........................................
United
States
622
45,512
Wesfarmers
Ltd.
....................................
Australia
523
27,984
1,515,946
Building
Products
0.3%
Apogee
Enterprises,
Inc.
..............................
United
States
174
6,725
Assa
Abloy
AB,
B
...................................
Sweden
1,096
34,788
Cie
de
Saint-Gobain
SA
..............................
France
910
102,451
a
Gibraltar
Industries,
Inc.
..............................
United
States
51
2,988
Johnson
Controls
International
plc
.......................
United
States
523
53,017
Owens
Corning
.....................................
United
States
327
43,802
a
Resideo
Technologies,
Inc.
............................
United
States
209
4,326
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Building
Products
(continued)
Trane
Technologies
plc
...............................
United
States
119
$
51,202
UFP
Industries,
Inc.
..................................
United
States
172
16,780
316,079
Capital
Markets
1.0%
3i
Group
plc
.......................................
United
Kingdom
1,011
55,529
Ameriprise
Financial,
Inc.
.............................
United
States
92
46,850
b
Amundi
SA,
144A,
Reg
S
.............................
France
1,264
103,197
Bank
of
New
York
Mellon
Corp.
(The)
....................
United
States
3,181
281,868
Blackstone,
Inc.
....................................
United
States
311
43,154
CME
Group,
Inc.
....................................
United
States
162
46,818
Futu
Holdings
Ltd.,
ADR
..............................
Hong
Kong
200
20,386
Goldman
Sachs
Group,
Inc.
(The)
.......................
United
States
209
125,494
Janus
Henderson
Group
plc
...........................
United
States
1,169
42,470
Morgan
Stanley
.....................................
United
States
3,461
443,112
Nomura
Holdings,
Inc.
................................
Japan
4,500
27,499
Northern
Trust
Corp.
.................................
United
States
401
42,803
State
Street
Corp.
...................................
United
States
7,064
680,122
a
StoneX
Group,
Inc.
..................................
United
States
192
16,254
UBS
Group
AG
.....................................
Switzerland
2,627
83,803
Virtu
Financial,
Inc.,
A
................................
United
States
506
20,336
Virtus
Investment
Partners,
Inc.
.........................
United
States
50
8,535
2,088,230
Chemicals
0.2%
Avient
Corp.
.......................................
United
States
138
4,986
Balchem
Corp.
.....................................
United
States
18
3,001
BASF
SE
.........................................
Germany
1,696
81,784
Cabot
Corp.
.......................................
United
States
36
2,689
CF
Industries
Holdings,
Inc.
...........................
United
States
519
47,078
Dow,
Inc.
.........................................
United
States
1,474
40,889
DuPont
de
Nemours,
Inc.
.............................
United
States
643
42,952
Eastman
Chemical
Co.
...............................
United
States
558
43,730
Huntsman
Corp.
....................................
United
States
3,643
40,583
a
Ingevity
Corp.
......................................
United
States
62
2,565
Innospec,
Inc.
......................................
United
States
93
7,912
a
Intrepid
Potash,
Inc.
.................................
United
States
74
2,794
LyondellBasell
Industries
NV,
A
.........................
United
States
2,638
149,021
Mativ
Holdings,
Inc.
..................................
United
States
221
1,264
Minerals
Technologies,
Inc.
............................
United
States
211
11,981
Mosaic
Co.
(The)
...................................
United
States
1,208
43,657
NewMarket
Corp.
...................................
United
States
74
47,660
a
Perimeter
Solutions,
Inc.
..............................
United
States
1,001
12,082
a
Rayonier
Advanced
Materials,
Inc.
.......................
United
States
685
2,637
Shin-Etsu
Chemical
Co.
Ltd.
...........................
Japan
2,800
89,404
678,669
Commercial
Services
&
Supplies
0.0%
†
ACCO
Brands
Corp.
.................................
United
States
708
2,542
a
BrightView
Holdings,
Inc.
..............................
United
States
298
4,643
Brink's
Co.
(The)
....................................
United
States
165
13,540
a
Cimpress
plc
.......................................
Ireland
60
2,656
a
CoreCivic,
Inc.
.....................................
United
States
254
5,578
a
GEO
Group,
Inc.
(The)
...............................
United
States
107
2,904
HNI
Corp.
.........................................
United
States
56
2,606
Interface,
Inc.,
A
....................................
United
States
573
11,512
a
OPENLANE,
Inc.
...................................
United
States
117
2,683
Steelcase,
Inc.,
A
...................................
United
States
267
2,753
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Commercial
Services
&
Supplies
(continued)
UniFirst
Corp.
......................................
United
States
15
$
2,828
54,245
Communications
Equipment
0.5%
a
Arista
Networks,
Inc.
.................................
United
States
1,642
142,263
a
Calix,
Inc.
.........................................
United
States
206
9,525
Cisco
Systems,
Inc.
.................................
United
States
13,614
858,227
a
CommScope
Holding
Co.,
Inc.
.........................
United
States
232
1,401
a
Extreme
Networks,
Inc.
...............................
United
States
946
14,824
a
NETGEAR,
Inc.
.....................................
United
States
409
11,996
a
NetScout
Systems,
Inc.
...............................
United
States
139
3,175
Ubiquiti,
Inc.
.......................................
United
States
106
41,901
a
Viavi
Solutions,
Inc.
..................................
United
States
270
2,460
1,085,772
Construction
&
Engineering
0.1%
Argan,
Inc.
........................................
United
States
81
17,034
a
Limbach
Holdings,
Inc.
...............................
United
States
31
3,975
Obayashi
Corp.
.....................................
Japan
1,500
22,633
Primoris
Services
Corp.
...............................
United
States
243
17,523
a
Sterling
Infrastructure,
Inc.
............................
United
States
106
19,929
a
Tutor
Perini
Corp.
...................................
United
States
432
15,932
Valmont
Industries,
Inc.
...............................
United
States
134
42,617
Vinci
SA
..........................................
France
1,029
147,029
286,672
Construction
Materials
0.1%
Heidelberg
Materials
AG
..............................
Germany
82
16,073
a
Holcim
AG
........................................
United
States
1,020
113,026
129,099
Consumer
Finance
0.0%
†
Bread
Financial
Holdings,
Inc.
..........................
United
States
306
15,679
a
Enova
International,
Inc.
..............................
United
States
159
14,735
a
LendingClub
Corp.
..................................
United
States
1,115
11,183
OneMain
Holdings,
Inc.
...............................
United
States
954
49,455
PROG
Holdings,
Inc.
.................................
United
States
328
9,456
Synchrony
Financial
.................................
United
States
759
43,756
144,264
Consumer
Staples
Distribution
&
Retail
0.1%
Coles
Group
Ltd.
....................................
Australia
3,134
43,648
Costco
Wholesale
Corp.
..............................
United
States
44
45,768
Koninklijke
Ahold
Delhaize
NV
..........................
Netherlands
1,753
73,984
a
Maplebear,
Inc.
.....................................
United
States
1,024
46,766
a
Sprouts
Farmers
Market,
Inc.
..........................
United
States
188
32,498
Target
Corp.
.......................................
United
States
537
50,483
Tesco
plc
.........................................
United
Kingdom
7,073
37,010
a
United
Natural
Foods,
Inc.
.............................
United
States
99
3,026
Walmart,
Inc.
......................................
United
States
954
94,179
427,362
Containers
&
Packaging
0.0%
†
a
O-I
Glass,
Inc.
......................................
United
States
238
3,120
Packaging
Corp.
of
America
...........................
United
States
232
44,815
47,935
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Diversified
Consumer
Services
0.1%
ADT,
Inc.
..........................................
United
States
5,399
$
44,920
a
Coursera,
Inc.
......................................
United
States
1,686
14,921
a
Duolingo,
Inc.,
A
....................................
United
States
128
66,510
a
Frontdoor,
Inc.
.....................................
United
States
320
17,603
a
Laureate
Education,
Inc.
..............................
United
States
739
16,627
a
Udemy,
Inc.
........................................
United
States
383
2,804
163,385
Diversified
REITs
0.1%
Alexander
&
Baldwin,
Inc.
.............................
United
States
302
5,409
Broadstone
Net
Lease,
Inc.
............................
United
States
196
3,118
Covivio
SA
........................................
France
1,324
79,440
Land
Securities
Group
plc
.............................
United
Kingdom
10,718
91,523
WP
Carey,
Inc.
.....................................
United
States
819
51,400
230,890
Diversified
Telecommunication
Services
0.5%
AT&T,
Inc.
.........................................
United
States
26,412
734,254
a
Bandwidth,
Inc.,
A
...................................
United
States
331
4,641
HKT
Trust
&
HKT
Ltd.
................................
Hong
Kong
24,000
34,567
IDT
Corp.,
B
.......................................
United
States
141
8,684
a
Lumen
Technologies,
Inc.
.............................
United
States
4,463
17,495
Telia
Co.
AB
.......................................
Sweden
1,611
6,230
Telstra
Group
Ltd.
...................................
Australia
25,372
78,203
Verizon
Communications,
Inc.
..........................
United
States
2,168
95,305
979,379
Electric
Utilities
0.5%
ALLETE,
Inc.
......................................
United
States
68
4,423
American
Electric
Power
Co.,
Inc.
.......................
United
States
392
40,568
Duke
Energy
Corp.
..................................
United
States
396
46,617
Edison
International
.................................
United
States
11,500
639,975
Enel
SpA
.........................................
Italy
17,452
160,419
Exelon
Corp.
.......................................
United
States
2,898
126,990
Fortum
OYJ
.......................................
Finland
369
6,377
Iberdrola
SA
.......................................
Spain
3,569
65,419
Kansai
Electric
Power
Co.,
Inc.
(The)
....................
Japan
1,100
12,481
Origin
Energy
Ltd.
...................................
Australia
11,498
80,224
Otter
Tail
Corp.
.....................................
United
States
34
2,624
Portland
General
Electric
Co.
..........................
United
States
110
4,664
TXNM
Energy,
Inc.
..................................
United
States
60
3,401
1,194,182
Electrical
Equipment
0.5%
ABB
Ltd.
..........................................
Switzerland
1,402
79,420
Allient,
Inc.
........................................
United
States
147
4,469
Eaton
Corp.
plc
.....................................
United
States
136
43,547
EnerSys
..........................................
United
States
170
14,217
Fujikura
Ltd.
.......................................
Japan
1,100
51,059
GE
Vernova,
Inc.
....................................
United
States
874
413,385
Mitsubishi
Electric
Corp.
..............................
Japan
600
11,974
a
NANO
Nuclear
Energy,
Inc.
............................
United
States
292
8,798
a
NEXTracker,
Inc.,
A
..................................
United
States
80
4,535
a
NuScale
Power
Corp.,
A
..............................
United
States
133
4,255
Powell
Industries,
Inc.
................................
United
States
37
6,275
a
SES
AI
Corp.
......................................
United
States
4,517
4,106
a
Siemens
Energy
AG
.................................
Germany
237
23,161
Vertiv
Holdings
Co.,
A
................................
United
States
4,588
495,183
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electrical
Equipment
(continued)
a
Vicor
Corp.
........................................
United
States
62
$
2,706
1,167,090
Electronic
Equipment,
Instruments
&
Components
0.0%
†
a
Arlo
Technologies,
Inc.
...............................
United
States
622
8,907
Belden,
Inc.
.......................................
United
States
37
3,929
Benchmark
Electronics,
Inc.
...........................
United
States
75
2,739
a
FARO
Technologies,
Inc.
..............................
United
States
31
1,313
a
Itron,
Inc.
.........................................
United
States
157
18,149
Keyence
Corp.
.....................................
Japan
100
41,857
a
nLight,
Inc.
........................................
United
States
202
3,056
a
Plexus
Corp.
.......................................
United
States
21
2,756
a
Sanmina
Corp.
.....................................
United
States
44
3,726
a
ScanSource,
Inc.
...................................
United
States
74
2,988
a
TTM
Technologies,
Inc.
...............................
United
States
421
12,571
101,991
Energy
Equipment
&
Services
0.1%
Baker
Hughes
Co.,
A
.................................
United
States
1,160
42,978
ChampionX
Corp.
...................................
United
States
725
17,451
Halliburton
Co.
.....................................
United
States
7,381
144,594
Kodiak
Gas
Services,
Inc.
.............................
United
States
72
2,542
a
NPK
International,
Inc.
...............................
United
States
423
3,422
a
Oceaneering
International,
Inc.
.........................
United
States
584
11,137
a
Oil
States
International,
Inc.
...........................
United
States
693
3,015
Schlumberger
NV
...................................
United
States
1,249
41,279
TechnipFMC
plc
....................................
United
Kingdom
1,590
49,528
Weatherford
International
plc
...........................
United
States
899
39,196
355,142
Entertainment
0.3%
Capcom
Co.
Ltd.
....................................
Japan
1,100
32,633
Cinemark
Holdings,
Inc.
..............................
United
States
94
3,174
a
Netflix,
Inc.
........................................
United
States
50
60,361
Nintendo
Co.
Ltd.
...................................
Japan
600
48,952
Playtika
Holding
Corp.
................................
United
States
45,329
214,859
a
Spotify
Technology
SA
................................
United
States
268
178,258
Walt
Disney
Co.
(The)
................................
United
States
440
49,738
587,975
Financial
Services
0.7%
a
Banco
Latinoamericano
de
Comercio
Exterior
SA,
E
.........
Panama
118
4,840
a
Berkshire
Hathaway,
Inc.,
B
............................
United
States
178
89,705
Compass
Diversified
Holdings
..........................
United
States
355
2,386
Corebridge
Financial,
Inc.
.............................
United
States
1,551
50,578
Equitable
Holdings,
Inc.
...............................
United
States
12,643
668,435
Essent
Group
Ltd.
...................................
United
States
50
2,900
Investor
AB,
B
......................................
Sweden
238
7,009
Jackson
Financial,
Inc.,
A
.............................
United
States
234
19,167
M&G
plc
..........................................
United
Kingdom
22,167
70,820
Mastercard,
Inc.,
A
..................................
United
States
91
53,290
Merchants
Bancorp
..................................
United
States
156
4,995
a
Mr
Cooper
Group,
Inc.
...............................
United
States
170
22,020
a
NMI
Holdings,
Inc.,
A
.................................
United
States
279
11,082
Pagseguro
Digital
Ltd.,
A
..............................
Brazil
1,686
15,022
a
Payoneer
Global,
Inc.
................................
United
States
369
2,513
a
Paysafe
Ltd.
.......................................
United
States
222
2,742
PennyMac
Financial
Services,
Inc.
......................
United
States
79
7,584
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Financial
Services
(continued)
Western
Union
Co.
(The)
..............................
United
States
49,034
$
455,036
1,490,124
Food
Products
0.3%
Calavo
Growers,
Inc.
.................................
United
States
103
2,838
Cal-Maine
Foods,
Inc.
................................
United
States
180
17,267
Conagra
Brands,
Inc.
................................
United
States
7,734
177,031
Dole
plc
..........................................
United
States
849
12,022
Fresh
Del
Monte
Produce,
Inc.
.........................
United
States
262
9,254
Hormel
Foods
Corp.
.................................
United
States
1,642
50,377
Ingredion,
Inc.
......................................
United
States
354
49,248
Kraft
Heinz
Co.
(The)
................................
United
States
1,603
42,848
Mondelez
International,
Inc.,
A
..........................
United
States
692
46,703
Nestle
SA
.........................................
United
States
1,578
168,116
a
Seneca
Foods
Corp.,
A
...............................
United
States
30
2,829
a
Simply
Good
Foods
Co.
(The)
..........................
United
States
81
2,795
Smithfield
Foods,
Inc.
................................
United
States
2,307
53,938
Tyson
Foods,
Inc.,
A
.................................
United
States
774
43,468
b
WH
Group
Ltd.,
144A,
Reg
S
..........................
Hong
Kong
69,000
63,463
742,197
Gas
Utilities
0.0%
†
New
Jersey
Resources
Corp.
..........................
United
States
353
16,199
Northwest
Natural
Holding
Co.
.........................
United
States
75
3,073
Spire,
Inc.
.........................................
United
States
36
2,710
21,982
Ground
Transportation
0.0%
†
CSX
Corp.
........................................
United
States
1,402
44,289
Union
Pacific
Corp.
..................................
United
States
193
42,780
87,069
Health
Care
Equipment
&
Supplies
0.4%
a
AngioDynamics,
Inc.
.................................
United
States
347
3,539
a
AtriCure,
Inc.
.......................................
United
States
91
3,146
a
Avanos
Medical,
Inc.
.................................
United
States
206
2,589
a
Axogen,
Inc.
.......................................
United
States
346
3,768
a
Bioventus,
Inc.,
A
...................................
United
States
422
2,735
a
Glaukos
Corp.
......................................
United
States
47
4,432
Hoya
Corp.
........................................
Japan
800
94,454
a
Intuitive
Surgical,
Inc.
................................
United
States
81
44,740
a
Lantheus
Holdings,
Inc.
...............................
United
States
196
14,810
a
LivaNova
plc
.......................................
United
States
212
9,169
Medtronic
plc
......................................
United
States
6,626
549,825
a
Novocure
Ltd.
......................................
United
States
771
14,734
Sonova
Holding
AG
..................................
Switzerland
112
35,179
a
Surmodics,
Inc.
.....................................
United
States
86
2,496
785,616
Health
Care
Providers
&
Services
0.0%
†
a
Addus
HomeCare
Corp.
..............................
United
States
27
2,995
a
Castle
Biosciences,
Inc.
..............................
United
States
609
9,726
Cigna
Group
(The)
..................................
United
States
134
42,430
a
GeneDx
Holdings
Corp.,
A
.............................
United
States
39
2,778
a
Guardant
Health,
Inc.
................................
United
States
478
19,416
a
Hims
&
Hers
Health,
Inc.
..............................
United
States
296
16,742
a
Option
Care
Health,
Inc.
..............................
United
States
279
9,118
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
Select
Medical
Holdings
Corp.
..........................
United
States
464
$
7,095
UnitedHealth
Group,
Inc.
..............................
United
States
137
41,362
151,662
Health
Care
REITs
0.0%
†
Alexandria
Real
Estate
Equities,
Inc.
.....................
United
States
331
23,233
American
Healthcare
REIT,
Inc.
.........................
United
States
107
3,739
CareTrust
REIT,
Inc.
.................................
United
States
662
19,039
LTC
Properties,
Inc.
.................................
United
States
38
1,345
National
Health
Investors,
Inc.
..........................
United
States
36
2,610
Omega
Healthcare
Investors,
Inc.
.......................
United
States
1,225
45,325
Sabra
Health
Care
REIT,
Inc.
..........................
United
States
177
3,094
98,385
Health
Care
Technology
0.0%
†
a
Health
Catalyst,
Inc.
.................................
United
States
605
2,299
HealthStream,
Inc.
..................................
United
States
124
3,474
a
Phreesia,
Inc.
......................................
United
States
408
9,992
a
Teladoc
Health,
Inc.
.................................
United
States
1,304
9,024
a
Waystar
Holding
Corp.
...............................
United
States
197
7,876
32,665
Hotel
&
Resort
REITs
0.0%
†
Apple
Hospitality
REIT,
Inc.
............................
United
States
211
2,445
Park
Hotels
&
Resorts,
Inc.
............................
United
States
4,029
41,740
Ryman
Hospitality
Properties,
Inc.
.......................
United
States
159
15,440
Xenia
Hotels
&
Resorts,
Inc.
...........................
United
States
118
1,443
61,068
Hotels,
Restaurants
&
Leisure
0.1%
a
Airbnb,
Inc.,
A
......................................
United
States
340
43,860
Aristocrat
Leisure
Ltd.
................................
Australia
1,215
48,822
Booking
Holdings,
Inc.
...............................
United
States
19
104,860
a
Brinker
International,
Inc.
.............................
United
States
134
23,132
a
DoorDash,
Inc.,
A
...................................
United
States
224
46,738
b
Evolution
AB,
144A,
Reg
S
............................
Sweden
42
2,881
b
FDJ
United,
144A,
Reg
S
.............................
France
1,702
62,462
Golden
Entertainment,
Inc.
............................
United
States
98
2,796
International
Game
Technology
plc
......................
United
States
967
14,225
Las
Vegas
Sands
Corp.
...............................
United
States
1,205
49,598
a
Life
Time
Group
Holdings,
Inc.
.........................
United
States
94
2,688
Monarch
Casino
&
Resort,
Inc.
.........................
United
States
36
3,015
Red
Rock
Resorts,
Inc.,
A
.............................
United
States
63
3,028
408,105
Household
Durables
0.0%
†
Garmin
Ltd.
........................................
United
States
217
44,044
a
Hovnanian
Enterprises,
Inc.,
A
..........................
United
States
32
2,889
KB
Home
.........................................
United
States
56
2,888
a
M/I
Homes,
Inc.
.....................................
United
States
113
12,047
Sekisui
House
Ltd.
..................................
Japan
1,000
22,677
a
Sonos,
Inc.
........................................
United
States
270
2,776
Sony
Group
Corp.
...................................
Japan
400
10,706
a
Taylor
Morrison
Home
Corp.,
A
.........................
United
States
313
17,616
a
Tri
Pointe
Homes,
Inc.
................................
United
States
531
15,654
131,297
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Household
Products
0.1%
Clorox
Co.
(The)
....................................
United
States
343
$
45,235
Colgate-Palmolive
Co.
...............................
United
States
510
47,399
Energizer
Holdings,
Inc.
..............................
United
States
110
2,562
Kimberly-Clark
Corp.
.................................
United
States
475
68,286
Procter
&
Gamble
Co.
(The)
...........................
United
States
245
41,623
205,105
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
AES
Corp.
(The)
....................................
United
States
3,884
39,190
a,c
Glow
Energy
PCL
...................................
Thailand
35,800
11
Vistra
Corp.
........................................
United
States
157
25,209
64,410
Industrial
Conglomerates
0.1%
DCC
plc
..........................................
United
Kingdom
182
11,378
Hitachi
Ltd.
........................................
Japan
700
19,502
Honeywell
International,
Inc.
...........................
United
States
194
43,974
Siemens
AG
.......................................
Germany
476
114,489
189,343
Insurance
1.0%
AIA
Group
Ltd.
.....................................
Hong
Kong
400
3,330
Allianz
SE
.........................................
Germany
455
180,459
Allstate
Corp.
(The)
..................................
United
States
208
43,653
AXA
SA
...........................................
France
2,493
117,509
Axis
Capital
Holdings
Ltd.
.............................
United
States
427
44,323
CNA
Financial
Corp.
.................................
United
States
912
43,694
CNO
Financial
Group,
Inc.
............................
United
States
420
15,943
Dai-ichi
Life
Holdings,
Inc.
.............................
Japan
9,600
74,933
a
Enstar
Group
Ltd.
...................................
United
States
50
16,750
Fidelis
Insurance
Holdings
Ltd.
.........................
United
Kingdom
208
3,636
a
Genworth
Financial,
Inc.,
A
............................
United
States
2,229
15,714
a
Hamilton
Insurance
Group
Ltd.,
B
.......................
United
States
651
14,166
a
Heritage
Insurance
Holdings,
Inc.
.......................
United
States
148
3,622
Horace
Mann
Educators
Corp.
.........................
United
States
196
8,512
Legal
&
General
Group
plc
............................
United
Kingdom
32,705
109,730
Lincoln
National
Corp.
................................
United
States
1,337
44,308
Mercury
General
Corp.
...............................
United
States
24
1,548
MetLife,
Inc.
.......................................
United
States
5,922
465,351
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
Germany
37
23,971
NN
Group
NV
......................................
Netherlands
1,816
114,266
Old
Republic
International
Corp.
........................
United
States
1,226
46,343
Phoenix
Group
Holdings
plc
...........................
United
Kingdom
3,845
32,902
Prudential
Financial,
Inc.
..............................
United
States
4,071
422,936
Reinsurance
Group
of
America,
Inc.
.....................
United
States
219
44,521
a
SiriusPoint
Ltd.
.....................................
Sweden
206
4,035
Swiss
Re
AG
.......................................
United
States
549
97,005
Tokio
Marine
Holdings,
Inc.
............................
Japan
1,000
42,292
Universal
Insurance
Holdings,
Inc.
.......................
United
States
179
4,858
Unum
Group
.......................................
United
States
534
43,633
2,083,943
Interactive
Media
&
Services
1.9%
Alphabet,
Inc.,
A
....................................
United
States
12,708
2,182,472
b
Auto
Trader
Group
plc,
144A,
Reg
S
.....................
United
Kingdom
1,391
14,897
a
Cargurus,
Inc.,
A
....................................
United
States
450
14,103
a
EverQuote,
Inc.,
A
...................................
United
States
505
11,640
a
fuboTV,
Inc.
.......................................
United
States
828
3,030
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Interactive
Media
&
Services
(continued)
a
Grindr,
Inc.
........................................
Singapore
384
$
9,377
LY
Corp.
..........................................
Japan
14,900
53,728
Meta
Platforms,
Inc.,
A
...............................
United
States
2,822
1,827,217
a
ZipRecruiter,
Inc.,
A
..................................
United
States
477
2,848
4,119,312
IT
Services
0.1%
Fujitsu
Ltd.
........................................
Japan
900
20,612
NEC
Corp.
........................................
Japan
1,100
28,714
SCSK
Corp.
.......................................
Japan
600
18,211
a
Snowflake,
Inc.,
A
...................................
United
States
274
56,354
a
Unisys
Corp.
.......................................
United
States
693
3,306
127,197
Leisure
Products
0.1%
Hasbro,
Inc.
.......................................
United
States
793
52,901
a
Latham
Group,
Inc.
..................................
United
States
438
2,475
55,376
Machinery
0.1%
Alamo
Group,
Inc.
...................................
United
States
19
3,763
Albany
International
Corp.,
A
...........................
United
States
43
2,841
Allison
Transmission
Holdings,
Inc.
......................
United
States
405
41,926
Atmus
Filtration
Technologies,
Inc.
......................
United
States
186
6,700
a
Blue
Bird
Corp.
.....................................
United
States
176
6,811
Caterpillar,
Inc.
.....................................
United
States
144
50,116
Cummins,
Inc.
......................................
United
States
145
46,615
ESCO
Technologies,
Inc.
..............................
United
States
26
4,712
FANUC
Corp.
......................................
Japan
800
21,351
Federal
Signal
Corp.
.................................
United
States
33
3,104
Franklin
Electric
Co.,
Inc.
.............................
United
States
36
3,110
GEA
Group
AG
.....................................
Germany
313
20,964
Hyster-Yale,
Inc.
....................................
United
States
91
3,655
Komatsu
Ltd.
......................................
Japan
3,200
97,252
Mueller
Industries,
Inc.
...............................
United
States
290
22,582
Mueller
Water
Products,
Inc.,
A
.........................
United
States
148
3,630
a
Proto
Labs,
Inc.
.....................................
United
States
104
3,846
REV
Group,
Inc.
....................................
United
States
210
7,873
Sandvik
AB
........................................
Sweden
711
15,519
a
SPX
Technologies,
Inc.
...............................
United
States
21
3,194
Tennant
Co.
.......................................
United
States
36
2,679
Watts
Water
Technologies,
Inc.,
A
.......................
United
States
86
20,822
Worthington
Enterprises,
Inc.
..........................
United
States
69
4,065
397,130
Marine
Transportation
0.1%
Costamare,
Inc.
....................................
Monaco
625
5,356
Kuehne
+
Nagel
International
AG
.......................
Switzerland
155
34,878
Matson,
Inc.
.......................................
United
States
139
15,686
Nippon
Yusen
KK
...................................
Japan
1,100
40,109
Safe
Bulkers,
Inc.
...................................
Monaco
660
2,508
SITC
International
Holdings
Co.
Ltd.
.....................
China
30,000
95,841
194,378
Media
0.5%
Comcast
Corp.,
A
...................................
United
States
21,974
759,641
a
Magnite,
Inc.
.......................................
United
States
342
5,595
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Media
(continued)
New
York
Times
Co.
(The),
A
...........................
United
States
4,379
$
250,128
Publicis
Groupe
SA
..................................
France
251
27,361
a
PubMatic,
Inc.,
A
....................................
United
States
256
2,995
1,045,720
Metals
&
Mining
0.3%
a
Alpha
Metallurgical
Resources,
Inc.
......................
United
States
65
7,283
BHP
Group
Ltd.,
(AUD
Traded)
.........................
Australia
5,443
133,707
BHP
Group
Ltd.,
(GBP
Traded)
.........................
Australia
344
8,377
Carpenter
Technology
Corp.
...........................
United
States
33
7,755
Commercial
Metals
Co.
...............................
United
States
61
2,842
a
Constellium
SE,
A
...................................
United
States
1,109
13,463
Fortescue
Ltd.
......................................
Australia
10,948
108,920
Freeport-McMoRan,
Inc.
..............................
United
States
1,183
45,522
Hecla
Mining
Co.
...................................
United
States
555
2,853
Northern
Star
Resources
Ltd.
..........................
Australia
914
12,429
Rio
Tinto
Ltd.
......................................
Australia
145
10,545
Rio
Tinto
plc
.......................................
Australia
1,979
117,121
Southern
Copper
Corp.
...............................
Mexico
488
44,364
SunCoke
Energy,
Inc.
................................
United
States
448
3,647
518,828
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.5%
AGNC
Investment
Corp.
..............................
United
States
34,992
312,828
Annaly
Capital
Management,
Inc.
.......................
United
States
2,304
43,661
BrightSpire
Capital,
Inc.,
A
.............................
United
States
883
4,468
Chimera
Investment
Corp.
.............................
United
States
228
3,005
Ladder
Capital
Corp.,
A
...............................
United
States
255
2,683
MFA
Financial,
Inc.
..................................
United
States
300
2,790
Rithm
Capital
Corp.
..................................
United
States
57,919
645,797
TPG
RE
Finance
Trust,
Inc.
............................
United
States
638
4,900
1,020,132
Multi-Utilities
0.1%
Avista
Corp.
.......................................
United
States
343
13,209
Black
Hills
Corp.
....................................
United
States
243
14,208
Dominion
Energy,
Inc.
................................
United
States
796
45,109
E.ON
SE
..........................................
Germany
3,710
65,022
Engie
SA
.........................................
France
5,749
124,081
Northwestern
Energy
Group,
Inc.
.......................
United
States
47
2,601
Unitil
Corp.
........................................
United
States
53
2,906
267,136
Office
REITs
0.0%
†
COPT
Defense
Properties
.............................
United
States
102
2,800
Empire
State
Realty
Trust,
Inc.,
A
.......................
United
States
347
2,658
5,458
Oil,
Gas
&
Consumable
Fuels
0.6%
Aker
BP
ASA
.......................................
Norway
3,588
82,561
Antero
Midstream
Corp.
..............................
United
States
3,368
63,251
Berry
Corp.
........................................
United
States
1,013
2,421
Cheniere
Energy,
Inc.
................................
United
States
191
45,265
Chevron
Corp.
.....................................
United
States
333
45,521
ConocoPhillips
.....................................
United
States
507
43,272
Core
Natural
Resources,
Inc.
..........................
United
States
143
9,910
Coterra
Energy,
Inc.
.................................
United
States
1,873
45,533
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Dorian
LPG
Ltd.
....................................
United
States
130
$
2,783
ENEOS
Holdings,
Inc.
................................
Japan
4,200
19,900
Eni
SpA
..........................................
Italy
1,325
19,540
Equinor
ASA
.......................................
Norway
2,608
61,056
Excelerate
Energy,
Inc.,
A
.............................
United
States
93
2,616
Exxon
Mobil
Corp.
...................................
United
States
5,168
528,686
a
Gulfport
Energy
Corp.
................................
United
States
15
2,872
HF
Sinclair
Corp.
...................................
United
States
1,228
44,368
International
Seaways,
Inc.
............................
United
States
75
2,779
Kinder
Morgan,
Inc.
..................................
United
States
1,714
48,061
Marathon
Petroleum
Corp.
............................
United
States
282
45,329
Murphy
Oil
Corp.
....................................
United
States
468
9,795
Neste
OYJ
........................................
Finland
5,830
62,541
OMV
AG
..........................................
Austria
1,052
56,270
Peabody
Energy
Corp.
...............................
United
States
187
2,461
Phillips
66
.........................................
United
States
390
44,257
Repsol
SA
.........................................
Spain
3,629
48,893
Scorpio
Tankers,
Inc.
.................................
Monaco
375
14,903
Shell
plc
..........................................
United
States
1,075
35,470
Teekay
Corp.
Ltd.
...................................
United
States
1,341
11,331
Teekay
Tankers
Ltd.,
A
...............................
Canada
320
14,141
TotalEnergies
SE
...................................
France
1,097
64,578
Valero
Energy
Corp.
.................................
United
States
1,631
210,350
Williams
Cos.,
Inc.
(The)
..............................
United
States
775
46,895
Woodside
Energy
Group
Ltd.
..........................
Australia
5,861
84,159
World
Kinect
Corp.
..................................
United
States
100
2,739
1,824,507
Paper
&
Forest
Products
0.0%
†
Sylvamo
Corp.
.....................................
United
States
204
10,806
Passenger
Airlines
0.0%
†
Delta
Air
Lines,
Inc.
..................................
United
States
884
42,777
Singapore
Airlines
Ltd.
...............................
Singapore
6,100
33,657
a
SkyWest,
Inc.
......................................
United
States
175
17,754
a
Sun
Country
Airlines
Holdings,
Inc.
......................
United
States
368
4,261
98,449
Personal
Care
Products
0.1%
Unilever
plc
........................................
United
Kingdom
1,729
110,036
Pharmaceuticals
2.4%
a
Alumis,
Inc.
........................................
United
States
511
1,788
a
Arvinas,
Inc.
.......................................
United
States
1,625
11,700
Astellas
Pharma,
Inc.
................................
Japan
2,300
22,719
AstraZeneca
plc
....................................
United
Kingdom
248
36,328
Bristol-Myers
Squibb
Co.
..............................
United
States
15,859
765,673
Chugai
Pharmaceutical
Co.
Ltd.
........................
Japan
2,400
125,476
a
Corcept
Therapeutics,
Inc.
............................
United
States
211
16,365
Daiichi
Sankyo
Co.
Ltd.
...............................
Japan
3,400
90,487
Eli
Lilly
&
Co.
......................................
United
States
171
126,142
GSK
plc
..........................................
United
States
4,598
93,404
Johnson
&
Johnson
.................................
United
States
6,347
985,118
Merck
&
Co.,
Inc.
...................................
United
States
10,708
822,803
Novartis
AG
.......................................
United
States
1,998
230,627
Novo
Nordisk
A/S,
B
.................................
Denmark
1,723
122,415
Pfizer,
Inc.
.........................................
United
States
31,763
746,113
Roche
Holding
AG
..................................
United
States
282
91,353
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Pharmaceuticals
(continued)
Sanofi
SA
.........................................
United
States
443
$
43,875
Takeda
Pharmaceutical
Co.
Ltd.
........................
Japan
1,900
57,048
a
WaVe
Life
Sciences
Ltd.
..............................
United
States
441
2,650
4,392,084
Professional
Services
0.5%
Automatic
Data
Processing,
Inc.
........................
United
States
2,399
780,946
Heidrick
&
Struggles
International,
Inc.
...................
United
States
91
3,973
a
IBEX
Holdings
Ltd.
..................................
United
States
134
3,858
Korn
Ferry
........................................
United
States
140
9,521
a
Legalzoom.com,
Inc.
.................................
United
States
1,490
13,604
Maximus,
Inc.
......................................
United
States
42
3,045
Recruit
Holdings
Co.
Ltd.
.............................
Japan
2,100
125,077
a
Upwork,
Inc.
.......................................
United
States
922
14,282
954,306
Real
Estate
Management
&
Development
0.0%
†
a
Anywhere
Real
Estate,
Inc.
............................
United
States
786
2,743
a
Cushman
&
Wakefield
plc
.............................
United
States
1,219
12,227
14,970
Residential
REITs
0.0%
†
Equity
Residential
...................................
United
States
640
44,890
Essex
Property
Trust,
Inc.
.............................
United
States
77
21,860
Invitation
Homes,
Inc.
................................
United
States
1,280
43,136
NexPoint
Residential
Trust,
Inc.
.........................
United
States
91
3,094
112,980
Retail
REITs
0.3%
Brixmor
Property
Group,
Inc.
...........................
United
States
1,662
42,231
CBL
&
Associates
Properties,
Inc.
.......................
United
States
106
2,672
Curbline
Properties
Corp.
.............................
United
States
325
7,374
Kite
Realty
Group
Trust
...............................
United
States
343
7,587
Link
REIT
.........................................
Hong
Kong
900
4,763
NNN
REIT,
Inc.
.....................................
United
States
1,081
45,143
Simon
Property
Group,
Inc.
............................
United
States
4,103
669,076
SITE
Centers
Corp.
..................................
United
States
973
11,598
Tanger,
Inc.
........................................
United
States
92
2,742
Urban
Edge
Properties
...............................
United
States
758
13,765
806,951
Semiconductors
&
Semiconductor
Equipment
2.8%
a
Ambarella,
Inc.
.....................................
United
States
228
12,002
Applied
Materials,
Inc.
................................
United
States
331
51,884
ASML
Holding
NV
...................................
Netherlands
329
242,387
a
Astera
Labs,
Inc.
....................................
United
States
499
45,269
Broadcom,
Inc.
.....................................
United
States
3,880
939,232
a
CEVA,
Inc.
........................................
United
States
130
2,439
a
Credo
Technology
Group
Holding
Ltd.
....................
United
States
361
22,007
a
Impinj,
Inc.
........................................
United
States
118
13,463
KLA
Corp.
.........................................
United
States
70
52,982
Lam
Research
Corp.
.................................
United
States
1,465
118,357
a
MaxLinear,
Inc.,
A
...................................
United
States
222
2,529
NVIDIA
Corp.
......................................
United
States
23,545
3,181,636
a
QUALCOMM,
Inc.
...................................
United
States
5,291
768,253
a
Rambus,
Inc.
......................................
United
States
338
18,073
Renesas
Electronics
Corp.
............................
Japan
2,800
34,007
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
16
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
a
Rigetti
Computing,
Inc.
...............................
United
States
188
$
2,277
SCREEN
Holdings
Co.
Ltd.
............................
Japan
100
7,115
Tokyo
Electron
Ltd.
..................................
Japan
400
62,946
5,576,858
Software
1.6%
a
8x8,
Inc.
..........................................
United
States
1,173
1,924
A10
Networks,
Inc.
..................................
United
States
207
3,573
a
ACI
Worldwide,
Inc.
..................................
United
States
181
8,373
Adeia,
Inc.
........................................
United
States
229
2,940
a
Adobe,
Inc.
........................................
United
States
114
47,320
a
Alarm.com
Holdings,
Inc.
.............................
United
States
55
3,157
a
AppLovin
Corp.,
A
...................................
United
States
60
23,580
a
Atlassian
Corp.,
A
...................................
United
States
918
190,604
a
Aurora
Innovation,
Inc.,
A
.............................
United
States
227
1,376
a
Autodesk,
Inc.
......................................
United
States
159
47,083
a
Blend
Labs,
Inc.,
A
..................................
United
States
3,694
13,520
a
Commvault
Systems,
Inc.
.............................
United
States
127
23,260
a
D-Wave
Quantum,
Inc.
...............................
Canada
335
5,470
InterDigital,
Inc.
.....................................
United
States
90
19,553
Intuit,
Inc.
.........................................
United
States
69
51,989
a
Life360,
Inc.
.......................................
United
States
221
14,045
a
LiveRamp
Holdings,
Inc.
..............................
United
States
452
14,726
Microsoft
Corp.
.....................................
United
States
4,910
2,260,368
OneSpan,
Inc.
......................................
United
States
175
2,788
a
Palantir
Technologies,
Inc.,
A
...........................
United
States
418
55,084
Pegasystems,
Inc.
...................................
United
States
458
44,953
a
PROS
Holdings,
Inc.
.................................
United
States
218
3,835
a
Q2
Holdings,
Inc.
...................................
United
States
80
7,002
a
Rapid7,
Inc.
.......................................
United
States
341
7,826
Salesforce,
Inc.
.....................................
United
States
173
45,909
SAP
SE
..........................................
Germany
328
99,227
a
ServiceNow,
Inc.
....................................
United
States
62
62,688
a
Weave
Communications,
Inc.
..........................
United
States
435
4,198
a
Xperi,
Inc.
.........................................
United
States
402
3,132
3,069,503
Specialized
REITs
0.2%
CubeSmart
........................................
United
States
1,010
43,188
EPR
Properties
.....................................
United
States
5,758
320,663
Millrose
Properties,
Inc.,
A
.............................
United
States
1,533
42,725
Outfront
Media,
Inc.
.................................
United
States
922
15,231
PotlatchDeltic
Corp.
.................................
United
States
70
2,754
Public
Storage
.....................................
United
States
135
41,635
VICI
Properties,
Inc.,
A
...............................
United
States
1,459
46,265
512,461
Specialty
Retail
0.6%
a
Abercrombie
&
Fitch
Co.,
A
............................
United
States
155
12,166
American
Eagle
Outfitters,
Inc.
.........................
United
States
242
2,652
Best
Buy
Co.,
Inc.
...................................
United
States
1,671
110,754
Buckle,
Inc.
(The)
...................................
United
States
71
3,025
Fast
Retailing
Co.
Ltd.
................................
Japan
200
66,618
Gap,
Inc.
(The)
.....................................
United
States
1,528
34,090
a
Genesco,
Inc.
......................................
United
States
120
2,608
H
&
M
Hennes
&
Mauritz
AB,
B
.........................
Sweden
1,164
16,660
Home
Depot,
Inc.
(The)
...............................
United
States
280
103,121
Industria
de
Diseno
Textil
SA
...........................
Spain
1,079
58,455
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialty
Retail
(continued)
J
Jill,
Inc.
.........................................
United
States
171
$
2,736
Ross
Stores,
Inc.
...................................
United
States
192
26,897
a
Sally
Beauty
Holdings,
Inc.
............................
United
States
322
2,805
TJX
Cos.,
Inc.
(The)
.................................
United
States
5,693
722,442
Upbound
Group,
Inc.
.................................
United
States
115
2,638
a
Urban
Outfitters,
Inc.
.................................
United
States
78
5,452
a
Victoria's
Secret
&
Co.
...............................
United
States
467
9,905
Williams-Sonoma,
Inc.
...............................
United
States
249
40,278
ZOZO,
Inc.
........................................
Japan
1,700
18,420
1,241,722
Technology
Hardware,
Storage
&
Peripherals
1.4%
Apple,
Inc.
........................................
United
States
15,189
3,050,711
Canon,
Inc.
........................................
Japan
2,200
67,208
a
IonQ,
Inc.
.........................................
United
States
429
17,306
NetApp,
Inc.
.......................................
United
States
422
41,846
3,177,071
Textiles,
Apparel
&
Luxury
Goods
0.1%
Carter's,
Inc.
.......................................
United
States
1,186
37,205
a
G-III
Apparel
Group
Ltd.
..............................
United
States
107
3,108
a
Hanesbrands,
Inc.
...................................
United
States
519
2,569
Hermes
International
SCA
.............................
France
38
104,785
Kering
SA
.........................................
France
34
6,645
Kontoor
Brands,
Inc.
.................................
United
States
37
2,538
LVMH
Moet
Hennessy
Louis
Vuitton
SE
..................
France
147
79,734
NIKE,
Inc.,
B
.......................................
United
States
700
42,413
Pandora
A/S
.......................................
Denmark
408
74,580
353,577
Tobacco
0.5%
British
American
Tobacco
plc
...........................
United
Kingdom
3,573
160,851
Imperial
Brands
plc
..................................
United
Kingdom
1,835
69,592
Philip
Morris
International,
Inc.
.........................
United
States
5,108
922,454
Turning
Point
Brands,
Inc.
.............................
United
States
198
14,715
1,167,612
Trading
Companies
&
Distributors
0.2%
Applied
Industrial
Technologies,
Inc.
.....................
United
States
52
11,779
Boise
Cascade
Co.
..................................
United
States
130
11,294
a
DNOW,
Inc.
.......................................
United
States
743
10,714
a
Hudson
Technologies,
Inc.
............................
United
States
526
3,761
ITOCHU
Corp.
.....................................
Japan
1,500
79,614
Marubeni
Corp.
.....................................
Japan
3,500
70,943
McGrath
RentCorp
..................................
United
States
37
4,158
Mitsubishi
Corp.
....................................
Japan
3,600
72,822
Mitsui
&
Co.
Ltd.
....................................
Japan
5,600
116,934
Sumitomo
Corp.
....................................
Japan
2,100
53,480
Toyota
Tsusho
Corp.
.................................
Japan
300
6,340
441,839
Transportation
Infrastructure
0.0%
†
b
Aena
SME
SA,
144A,
Reg
S
...........................
Spain
154
41,431
Water
Utilities
0.0%
†
American
States
Water
Co.
............................
United
States
39
3,076
California
Water
Service
Group
.........................
United
States
73
3,449
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
18
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Water
Utilities
(continued)
H2O
America
......................................
United
States
73
$
3,831
10,356
Wireless
Telecommunication
Services
0.1%
KDDI
Corp.
........................................
Japan
3,100
53,663
Vodafone
Group
plc
.................................
United
Kingdom
116,464
120,781
174,444
Total
Common
Stocks
(Cost
$49,203,590)
....................................
57,334,863
Management
Investment
Companies
0.3%
Capital
Markets
0.3%
SPDR
S&P
500
ETF
Trust
.............................
United
States
938
552,848
SPDR
S&P
MidCap
400
ETF
Trust
......................
United
States
137
75,174
628,022
Total
Management
Investment
Companies
(Cost
$616,644)
.....................
628,022
Convertible
Preferred
Stocks
0.1%
Aerospace
&
Defense
0.1%
Boeing
Co.
(The),
6%
................................
United
States
1,632
109,866
Electric
Utilities
0.0%
†
PG&E
Corp.,
A,
6%
..................................
United
States
891
38,776
Financial
Services
0.0%
†
Apollo
Global
Management,
Inc.,
6.75%
..................
United
States
707
49,476
Total
Convertible
Preferred
Stocks
(Cost
$161,500)
............................
198,118
Preferred
Stocks
0.1%
Automobiles
0.1%
d
Volkswagen
AG,
6.67%
...............................
Germany
833
90,193
Total
Preferred
Stocks
(Cost
$115,841)
.......................................
90,193
Rights
Rights
0.0%
†
Biotechnology
0.0%
†
a,c
Icosavax,
Inc.,
CVR,
5/31/25
...........................
United
Kingdom
230
69
Total
Rights
(Cost
$71)
.....................................................
69
Principal
Amount
*
Convertible
Bonds
0.2%
Consumer
Staples
Distribution
&
Retail
0.0%
†
Chefs'
Warehouse,
Inc.
(The)
,
Senior
Note
,
2.375
%
,
12/15/28
..
United
States
40,000
62,552
Food
Products
0.0%
†
Post
Holdings,
Inc.
,
Senior
Note
,
2.5
%
,
8/15/27
.............
United
States
49,000
56,570
Health
Care
Technology
0.0%
†
Teladoc
Health,
Inc.
,
Senior
Note
,
1.25
%
,
6/01/27
...........
United
States
70,000
64,491
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Professional
Services
0.0%
†
e
Fiverr
International
Ltd.
,
Senior
Note
,
4.25%
,
11/01/25
........
United
States
65,000
$
63,863
Real
Estate
Management
&
Development
0.0%
†
Anywhere
Real
Estate
Group
LLC
/
Realogy
Co-Issuer
Corp.
,
Senior
Note
,
0.25
%
,
6/15/26
.........................
United
States
68,000
64,481
Software
0.2%
b
Guidewire
Software,
Inc.
,
Senior
Note
,
144A,
1.25
%
,
11/01/29
..
United
States
74,000
83,435
e
Unity
Software,
Inc.
,
Senior
Note
,
4.83%
,
11/15/26
..........
United
States
70,000
65,345
148,780
Total
Convertible
Bonds
(Cost
$432,551)
.....................................
460,737
Corporate
Bonds
28.6%
Aerospace
&
Defense
0.9%
ATI,
Inc.
,
Senior
Bond,
5.125%,
10/01/31
.......................
United
States
15,000
14,487
Senior
Note,
5.875%,
12/01/27
.......................
United
States
135,000
135,088
Senior
Note,
7.25%,
8/15/30
.........................
United
States
75,000
78,598
b
Axon
Enterprise,
Inc.
,
Senior
Note,
144A,
6.125%,
3/15/30
...................
United
States
55,000
56,232
Senior
Note,
144A,
6.25%,
3/15/33
....................
United
States
40,000
40,683
b
BAE
Systems
plc
,
Senior
Bond
,
144A,
5.5
%
,
3/26/54
.........
United
Kingdom
200,000
192,385
Boeing
Co.
(The)
,
Senior
Bond,
3.2%,
3/01/29
..........................
United
States
30,000
28,392
Senior
Bond,
2.95%,
2/01/30
.........................
United
States
29,000
26,614
Senior
Bond,
6.125%,
2/15/33
........................
United
States
192,000
199,504
Senior
Bond,
3.6%,
5/01/34
..........................
United
States
54,000
46,730
Senior
Bond,
3.25%,
2/01/35
.........................
United
States
53,000
43,642
Senior
Bond,
5.875%,
2/15/40
........................
United
States
45,000
43,816
Senior
Bond,
3.9%,
5/01/49
..........................
United
States
61,000
42,798
Senior
Bond,
6.858%,
5/01/54
........................
United
States
69,000
73,644
Senior
Bond,
3.95%,
8/01/59
.........................
United
States
140,000
92,899
Senior
Note,
2.196%,
2/04/26
........................
United
States
205,000
201,408
Senior
Note,
6.259%,
5/01/27
........................
United
States
7,000
7,198
Senior
Note,
6.298%,
5/01/29
........................
United
States
8,000
8,417
Senior
Note,
6.388%,
5/01/31
........................
United
States
65,000
69,390
b
Bombardier,
Inc.
,
Senior
Note,
144A,
7.875%,
4/15/27
...................
Canada
17,000
17,089
Senior
Note,
144A,
7.5%,
2/01/29
.....................
Canada
5,000
5,179
Senior
Note,
144A,
8.75%,
11/15/30
...................
Canada
60,000
64,473
Senior
Note,
144A,
7.25%,
7/01/31
....................
Canada
10,000
10,325
Senior
Note,
144A,
7%,
6/01/32
......................
Canada
20,000
20,479
Senior
Note,
144A,
6.75%,
6/15/33
....................
Canada
45,000
45,687
Howmet
Aerospace,
Inc.
,
Senior
Bond,
5.95%,
2/01/37
.........................
United
States
124,000
129,952
Senior
Note,
3%,
1/15/29
...........................
United
States
37,000
35,204
Spirit
AeroSystems,
Inc.
,
b
Secured
Note,
144A,
9.75%,
11/15/30
..................
United
States
105,000
116,079
Senior
Bond,
4.6%,
6/15/28
..........................
United
States
115,000
112,216
b
Senior
Secured
Note,
144A,
9.375%,
11/30/29
...........
United
States
25,000
26,651
b
TransDigm,
Inc.
,
Senior
Secured
Note,
144A,
6.875%,
12/15/30
...........
United
States
65,000
67,076
Senior
Secured
Note,
144A,
7.125%,
12/01/31
...........
United
States
15,000
15,536
2,067,871
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Automobile
Components
0.2%
b
Adient
Global
Holdings
Ltd.
,
Senior
Note,
144A,
8.25%,
4/15/31
....................
United
States
115,000
$
117,482
Senior
Note,
144A,
7.5%,
2/15/33
.....................
United
States
25,000
24,820
b
Allison
Transmission,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
1/30/31
.
United
States
55,000
49,970
b
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
........................................
United
States
80,000
61,586
b,f
IHO
Verwaltungs
GmbH
,
Senior
Secured
Note
,
144A,
PIK,
7.75
%
,
11/15/30
........................................
Germany
200,000
202,176
456,034
Automobiles
0.2%
b
Hyundai
Capital
America
,
Senior
Bond,
144A,
6.375%,
4/08/30
...................
United
States
17,000
17,857
Senior
Note,
144A,
6.5%,
1/16/29
.....................
United
States
140,000
146,308
Senior
Note,
144A,
5.35%,
3/19/29
....................
United
States
90,000
90,900
Senior
Note,
144A,
4.55%,
9/26/29
....................
United
States
50,000
49,039
Senior
Note,
144A,
5.4%,
1/08/31
.....................
United
States
46,000
46,414
350,518
Banks
2.6%
b
Australia
&
New
Zealand
Banking
Group
Ltd.
,
Sub.
Bond
,
144A,
2.57%
to
11/24/30,
FRN
thereafter
,
11/25/35
..............
Australia
245,000
212,715
Banco
Santander
SA
,
Sub.
Bond
,
5.179
%
,
11/19/25
.........
Spain
200,000
200,325
Bank
of
America
Corp.
,
Senior
Bond,
5.468%
to
1/22/34,
FRN
thereafter,
1/23/35
...
United
States
203,000
205,193
Sub.
Bond,
5.425%
to
8/14/34,
FRN
thereafter,
8/15/35
.....
United
States
356,000
348,952
Sub.
Bond,
6.11%,
1/29/37
..........................
United
States
100,000
103,608
Sub.
Bond,
3.846%
to
3/07/32,
FRN
thereafter,
3/08/37
.....
United
States
404,000
361,945
Bank
of
Montreal
,
Sub.
Bond
,
3.803%
to
12/14/27,
FRN
thereafter
,
12/15/32
................................
Canada
46,000
44,499
Bank
of
Nova
Scotia
(The)
,
Junior
Sub.
Bond
,
7.35%
to
4/26/30,
FRN
thereafter
,
4/27/85
.............................
Canada
200,000
201,077
Barclays
plc
,
Senior
Note
,
5.367%
to
2/24/30,
FRN
thereafter
,
2/25/31
.........................................
United
Kingdom
200,000
201,808
b
BNP
Paribas
SA
,
Sub.
Bond
,
144A,
2.588%
to
8/11/30,
FRN
thereafter
,
8/12/35
.................................
France
200,000
173,599
b
CaixaBank
SA
,
Senior
Non-Preferred
Note
,
144A,
5.673%
to
3/14/29,
FRN
thereafter
,
3/15/30
......................
Spain
200,000
205,485
Citigroup,
Inc.
,
g
CC,
Junior
Sub.
Bond,
7.125%
to
8/14/29,
FRN
thereafter,
Perpetual
.......................................
United
States
114,000
115,563
Sub.
Bond,
6.174%
to
5/24/33,
FRN
thereafter,
5/25/34
.....
United
States
46,000
47,152
Sub.
Bond,
4.75%,
5/18/46
..........................
United
States
178,000
147,727
b
Commonwealth
Bank
of
Australia
,
Sub.
Bond
,
144A,
5.837
%
,
3/13/34
.........................................
Australia
295,000
301,105
Fifth
Third
Bancorp
,
Senior
Note,
6.339%
to
7/26/28,
FRN
thereafter,
7/27/29
....
United
States
138,000
144,380
Senior
Note,
4.895%
to
9/05/29,
FRN
thereafter,
9/06/30
....
United
States
5,000
5,013
First-Citizens
Bank
&
Trust
Co.
,
Sub.
Bond
,
6.125
%
,
3/09/28
...
United
States
192,000
198,841
ING
Groep
NV
,
Senior
Note
,
6.083%
to
9/10/26,
FRN
thereafter
,
9/11/27
.........................................
Netherlands
200,000
203,638
JPMorgan
Chase
&
Co.
,
h
W,
Junior
Sub.
Bond,
FRN,
5.588%,
(3-month
SOFR
+
1.262%),
5/15/47
.................................
United
States
78,000
68,547
Senior
Bond,
5.502%
to
1/23/35,
FRN
thereafter,
1/24/36
...
United
States
76,000
76,930
Senior
Note,
5.14%
to
1/23/30,
FRN
thereafter,
1/24/31
.....
United
States
194,000
197,071
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
JPMorgan
Chase
&
Co.,
(continued)
Sub.
Bond,
5.717%
to
9/13/32,
FRN
thereafter,
9/14/33
.....
United
States
198,000
$
203,685
Lloyds
Banking
Group
plc
,
Sub.
Bond
,
3.369%
to
12/13/41,
FRN
thereafter
,
12/14/46
................................
United
Kingdom
200,000
139,708
NatWest
Group
plc
,
Senior
Note
,
5.847%
to
3/01/26,
FRN
thereafter
,
3/02/27
.................................
United
Kingdom
200,000
201,651
PNC
Financial
Services
Group,
Inc.
(The)
,
Sub.
Bond
,
4.626%
to
6/05/32,
FRN
thereafter
,
6/06/33
......................
United
States
197,000
187,280
Truist
Financial
Corp.
,
Senior
Bond
,
5.711%
to
1/23/34,
FRN
thereafter
,
1/24/35
.................................
United
States
134,000
136,206
US
Bancorp
,
Sub.
Bond
,
2.491%
to
11/02/31,
FRN
thereafter
,
11/03/36
........................................
United
States
211,000
175,698
Wells
Fargo
Bank
NA
,
Sub.
Bond
,
6.6
%
,
1/15/38
............
United
States
250,000
270,989
Westpac
Banking
Corp.
,
Sub.
Bond,
4.421%,
7/24/39
.........................
Australia
78,000
69,161
Sub.
Bond,
2.963%,
11/16/40
........................
Australia
69,000
49,911
5,199,462
Biotechnology
0.3%
Amgen,
Inc.
,
Senior
Bond,
4.663%,
6/15/51
........................
United
States
81,000
67,235
Senior
Bond,
5.75%,
3/02/63
.........................
United
States
267,000
252,612
b
Grifols
SA
,
Senior
Note
,
Reg
S,
3.875
%
,
10/15/28
...........
Spain
210,000
EUR
229,162
549,009
Broadline
Retail
0.1%
b
Kohl's
Corp.
,
Senior
Secured
Note
,
144A,
10
%
,
6/01/30
......
United
States
80,000
82,232
b
Wayfair
LLC
,
Senior
Secured
Note,
144A,
7.25%,
10/31/29
............
United
States
75,000
73,232
Senior
Secured
Note,
144A,
7.75%,
9/15/30
.............
United
States
75,000
73,669
229,133
Building
Products
0.1%
b
Builders
FirstSource,
Inc.
,
Senior
Bond,
144A,
6.375%,
3/01/34
...................
United
States
40,000
39,903
Senior
Bond,
144A,
6.75%,
5/15/35
....................
United
States
35,000
35,243
b
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
...................................
United
States
70,000
62,012
b
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/01/32
..............
United
States
75,000
75,611
b
MIWD
Holdco
II
LLC
/
MIWD
Finance
Corp.
,
Senior
Note
,
144A,
5.5
%
,
2/01/30
....................................
United
States
80,000
73,955
b
Quikrete
Holdings,
Inc.
,
Senior
Note,
144A,
6.75%,
3/01/33
....................
United
States
25,000
25,389
Senior
Secured
Note,
144A,
6.375%,
3/01/32
............
United
States
50,000
50,844
b
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
11/15/31
..................................
United
States
75,000
77,083
b
Standard
Building
Solutions,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
8/15/32
.........................................
United
States
90,000
91,463
b
Standard
Industries,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
7/15/30
.
United
States
130,000
122,100
653,603
Capital
Markets
1.3%
Ares
Capital
Corp.
,
Senior
Note,
3.875%,
1/15/26
........................
United
States
228,000
226,518
Senior
Note,
7%,
1/15/27
...........................
United
States
77,000
79,363
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Capital
Markets
(continued)
b
Aretec
Group,
Inc.
,
Senior
Secured
Note
,
144A,
10
%
,
8/15/30
..
United
States
25,000
$
27,273
Blackstone
Private
Credit
Fund
,
Senior
Note
,
3.25
%
,
3/15/27
..
United
States
93,000
89,958
Deutsche
Bank
AG
,
Senior
Non-Preferred
Note,
2.311%
to
11/15/26,
FRN
thereafter,
11/16/27
........................................
Germany
254,000
244,588
Intercontinental
Exchange,
Inc.
,
Senior
Note
,
4.35
%
,
6/15/29
...
United
States
130,000
129,725
b
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note,
144A,
6.125%,
11/01/32
...........
United
States
185,000
185,437
Senior
Secured
Note,
144A,
6.75%,
5/01/33
.............
United
States
220,000
225,765
Jefferies
Financial
Group,
Inc.
,
Senior
Note,
5.03%,
3/16/26
.........................
United
States
145,000
145,184
Senior
Note,
6.2%,
4/14/34
..........................
United
States
64,000
65,375
b
KKR
Group
Finance
Co.
VI
LLC
,
Senior
Bond
,
144A,
3.75
%
,
7/01/29
.........................................
United
States
13,000
12,493
LPL
Holdings,
Inc.
,
Senior
Note,
6.75%,
11/17/28
........................
United
States
91,000
96,673
Senior
Note,
5.2%,
3/15/30
..........................
United
States
106,000
106,525
Morgan
Stanley
,
Senior
Note,
5.123%
to
1/31/28,
FRN
thereafter,
2/01/29
....
United
States
247,000
250,025
Senior
Note,
5.23%
to
1/14/30,
FRN
thereafter,
1/15/31
.....
United
States
500,000
507,564
Sub.
Bond,
5.942%
to
2/06/34,
FRN
thereafter,
2/07/39
.....
United
States
103,000
103,993
b
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.625
%
,
9/01/30
............
United
States
202,000
187,242
Nasdaq,
Inc.
,
Senior
Bond
,
5.55
%
,
2/15/34
................
United
States
23,000
23,616
b
UBS
Group
AG
,
Senior
Bond
,
144A,
9.016%
to
11/14/32,
FRN
thereafter
,
11/15/33
................................
Switzerland
250,000
305,483
3,012,800
Chemicals
0.7%
b
Avient
Corp.
,
Senior
Note,
144A,
7.125%,
8/01/30
...................
United
States
55,000
56,712
Senior
Note,
144A,
6.25%,
11/01/31
...................
United
States
30,000
30,066
Celanese
US
Holdings
LLC
,
Senior
Bond,
6.629%,
7/15/32
........................
United
States
90,000
92,174
Senior
Note,
1.4%,
8/05/26
..........................
United
States
110,000
105,485
Senior
Note,
6.415%,
7/15/27
........................
United
States
114,000
116,955
Senior
Note,
6.58%,
7/15/29
.........................
United
States
25,000
25,696
Senior
Note,
7.05%,
11/15/30
........................
United
States
70,000
72,191
b
Cerdia
Finanz
GmbH
,
Senior
Secured
Note
,
144A,
9.375
%
,
10/03/31
........................................
Germany
65,000
66,951
CF
Industries,
Inc.
,
Senior
Bond,
4.95%,
6/01/43
.........................
United
States
120,000
102,935
b
Senior
Bond,
144A,
4.5%,
12/01/26
....................
United
States
10,000
9,971
DuPont
de
Nemours,
Inc.
,
Senior
Bond
,
5.419
%
,
11/15/48
.....
United
States
234,000
231,128
FMC
Corp.
,
Sub.
Bond
,
8.45%
to
10/31/30,
FRN
thereafter
,
11/01/55
........................................
United
States
255,000
257,760
Huntsman
International
LLC
,
Senior
Bond,
4.5%,
5/01/29
..........................
United
States
238,000
222,793
Senior
Bond,
5.7%,
10/15/34
.........................
United
States
90,000
82,098
International
Flavors
&
Fragrances,
Inc.
,
Senior
Bond
,
4.45
%
,
9/26/28
.........................................
United
States
95,000
94,178
b
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
65,000
67,805
b
SCIH
Salt
Holdings,
Inc.
,
Senior
Note,
144A,
6.625%,
5/01/29
...................
United
States
60,000
58,918
Senior
Secured
Note,
144A,
4.875%,
5/01/28
............
United
States
80,000
77,719
b
Vibrantz
Technologies,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/30
...
United
States
100,000
70,587
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Chemicals
(continued)
Westlake
Corp.
,
Senior
Bond
,
2.875
%
,
8/15/41
.............
United
States
86,000
$
56,712
b
WR
Grace
Holdings
LLC
,
Senior
Note
,
144A,
5.625
%
,
8/15/29
.
United
States
45,000
39,691
1,938,525
Commercial
Services
&
Supplies
0.2%
b
Allied
Universal
Holdco
LLC
,
Senior
Secured
Note
,
144A,
7.875
%
,
2/15/31
...................................
United
States
95,000
98,519
b
Aramark
Services,
Inc.
,
Senior
Bond
,
144A,
5
%
,
2/01/28
......
United
States
95,000
94,085
b
GFL
Environmental,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
1/15/31
.........................................
United
States
25,000
25,964
b
Madison
IAQ
LLC
,
Senior
Note,
144A,
5.875%,
6/30/29
...................
United
States
120,000
116,179
Senior
Secured
Note,
144A,
4.125%,
6/30/28
............
United
States
45,000
43,342
b
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Secured
Note
,
144A,
6.25
%
,
1/15/28
...................
United
States
90,000
89,984
b
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
120,000
120,419
b
Veritiv
Operating
Co.
,
Senior
Secured
Note
,
144A,
10.5
%
,
11/30/30
........................................
United
States
30,000
31,946
b
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
70,000
71,948
b
Wrangler
Holdco
Corp.
,
Senior
Note
,
144A,
6.625
%
,
4/01/32
...
Canada
30,000
30,961
723,347
Communications
Equipment
0.0%
†
b
CommScope
LLC
,
Senior
Note
,
144A,
7.125
%
,
7/01/28
.......
United
States
60,000
57,751
Construction
&
Engineering
0.0%
†
b
Arcosa,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
8/15/32
...........
United
States
35,000
35,914
MasTec,
Inc.
,
Senior
Note
,
5.9
%
,
6/15/29
.................
United
States
46,000
47,230
83,144
Consumer
Finance
0.9%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond,
3.3%,
1/30/32
..........................
Ireland
205,000
182,147
Senior
Note,
5.1%,
1/19/29
..........................
Ireland
150,000
151,473
b
Aircastle
Ltd.
/
Aircastle
Ireland
DAC
,
Senior
Note
,
144A,
5.25
%
,
3/15/30
.........................................
United
States
150,000
149,404
Ally
Financial,
Inc.
,
Senior
Bond
,
8
%
,
11/01/31
.............
United
States
171,000
191,426
Capital
One
Financial
Corp.
,
Senior
Note
,
7.624%
to
10/29/30,
FRN
thereafter
,
10/30/31
............................
United
States
78,000
87,014
b
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
5/15/30
.........................................
United
States
60,000
63,657
b
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
.........
United
States
175,000
179,595
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
5.8
%
,
3/05/27
.......
United
States
205,000
204,852
General
Motors
Financial
Co.,
Inc.
,
Senior
Note,
5.8%,
1/07/29
..........................
United
States
105,000
107,269
Senior
Note,
4.9%,
10/06/29
.........................
United
States
76,000
74,952
b
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note,
144A,
6.4%,
3/26/29
.....................
United
Kingdom
10,000
10,346
Senior
Note,
144A,
5.15%,
3/17/30
....................
United
Kingdom
87,000
85,756
Senior
Note,
144A,
6.5%,
3/26/31
.....................
United
Kingdom
117,000
121,688
OneMain
Finance
Corp.
,
Senior
Bond,
5.375%,
11/15/29
.......................
United
States
165,000
160,001
Senior
Note,
7.5%,
5/15/31
..........................
United
States
70,000
72,007
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Finance
(continued)
OneMain
Finance
Corp.,
(continued)
Senior
Note,
7.125%,
11/15/31
.......................
United
States
10,000
$
10,182
1,851,769
Consumer
Staples
Distribution
&
Retail
0.2%
b
7-Eleven,
Inc.
,
Senior
Note
,
144A,
1.3
%
,
2/10/28
............
United
States
319,000
291,436
b
Alimentation
Couche-Tard,
Inc.
,
Senior
Bond
,
144A,
3.55
%
,
7/26/27
.........................................
Canada
146,000
142,938
b
US
Foods,
Inc.
,
Senior
Note,
144A,
7.25%,
1/15/32
....................
United
States
20,000
20,927
Senior
Note,
144A,
5.75%,
4/15/33
....................
United
States
55,000
54,170
509,471
Containers
&
Packaging
0.6%
b
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
plc
,
Senior
Note
,
Reg
S,
3
%
,
9/01/29
....
United
States
100,000
EUR
99,368
Berry
Global,
Inc.
,
Senior
Secured
Note,
1.65%,
1/15/27
..................
United
States
143,000
136,295
Senior
Secured
Note,
5.5%,
4/15/28
...................
United
States
11,000
11,210
b
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
85,000
85,963
b
Graham
Packaging
Co.,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
8/15/28
United
States
80,000
78,616
b
Intelligent
Packaging
Ltd.
Finco,
Inc.
/
Intelligent
Packaging
Ltd.
Co-Issuer
LLC
,
Senior
Secured
Note
,
144A,
6
%
,
9/15/28
....
Canada
200,000
200,437
b
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note,
144A,
9.25%,
4/15/27
...................
United
States
70,000
69,015
Senior
Secured
Note,
144A,
7.875%,
4/15/27
............
United
States
90,000
90,966
b
Toucan
FinCo
Ltd.
/
Toucan
FinCo
Can,
Inc.
/
Toucan
FinCo
US
LLC
,
Senior
Secured
Note
,
144A,
9.5
%
,
5/15/30
...........
Canada
150,000
149,229
WestRock
MWV
LLC
,
Senior
Bond
,
8.2
%
,
1/15/30
...........
United
States
115,000
130,930
1,052,029
Distributors
0.1%
b
American
Builders
&
Contractors
Supply
Co.,
Inc.
,
Senior
Note,
144A,
3.875%,
11/15/29
..................
United
States
65,000
60,600
Senior
Secured
Note,
144A,
4%,
1/15/28
................
United
States
55,000
53,136
b
RB
Global
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
3/15/31
..
Canada
60,000
62,883
176,619
Diversified
Consumer
Services
0.1%
Service
Corp.
International
,
Senior
Note
,
4
%
,
5/15/31
........
United
States
220,000
202,928
Diversified
REITs
0.3%
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
,
Senior
Bond,
6.75%,
12/01/33
........................
United
States
11,000
11,565
Senior
Note,
5.375%,
4/15/26
........................
United
States
182,000
181,713
VICI
Properties
LP
,
Senior
Bond,
5.75%,
4/01/34
.........................
United
States
106,000
106,439
Senior
Note,
4.75%,
2/15/28
.........................
United
States
115,000
115,103
Senior
Note,
5.125%,
11/15/31
.......................
United
States
15,000
14,802
b
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note,
144A,
3.75%,
2/15/27
....................
United
States
41,000
40,267
Senior
Note,
144A,
4.5%,
1/15/28
.....................
United
States
133,000
131,408
Senior
Note,
144A,
3.875%,
2/15/29
...................
United
States
128,000
122,681
723,978
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
Telecommunication
Services
0.7%
b
Altice
France
SA
,
Senior
Secured
Note
,
144A,
5.5
%
,
10/15/29
.
France
200,000
$
170,080
AT&T,
Inc.
,
Senior
Bond,
2.25%,
2/01/32
.........................
United
States
128,000
108,644
Senior
Bond,
2.55%,
12/01/33
........................
United
States
189,000
155,514
Senior
Bond,
4.75%,
5/15/46
.........................
United
States
14,000
11,949
Senior
Bond,
3.55%,
9/15/55
.........................
United
States
81,000
53,598
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.375%,
6/01/29
...................
United
States
215,000
212,165
Senior
Bond,
144A,
4.75%,
3/01/30
....................
United
States
95,000
90,748
Senior
Bond,
144A,
4.75%,
2/01/32
....................
United
States
120,000
111,165
b
Frontier
Communications
Holdings
LLC
,
Senior
Secured
Note,
144A,
5.875%,
10/15/27
...........
United
States
50,000
50,161
Senior
Secured
Note,
144A,
8.75%,
5/15/30
.............
United
States
60,000
63,108
b
Level
3
Financing,
Inc.
,
Senior
Secured
Note
,
144A,
10.5
%
,
5/15/30
.........................................
United
States
75,000
82,219
Sprint
Capital
Corp.
,
Senior
Bond
,
6.875
%
,
11/15/28
.........
United
States
119,000
127,331
1,236,682
Electric
Utilities
1.9%
American
Electric
Power
Co.,
Inc.
,
Senior
Bond,
5.625%,
3/01/33
........................
United
States
164,000
167,957
J,
Senior
Bond,
4.3%,
12/01/28
.......................
United
States
77,000
76,307
b
American
Transmission
Systems,
Inc.
,
Senior
Bond
,
144A,
2.65
%
,
1/15/32
...................................
United
States
42,000
36,439
Duke
Energy
Carolinas
LLC
,
Senior
Bond
,
4.25
%
,
12/15/41
...
United
States
61,000
50,801
Duke
Energy
Corp.
,
Senior
Bond,
5.45%,
6/15/34
.........................
United
States
34,000
34,324
Senior
Bond,
5.8%,
6/15/54
..........................
United
States
25,000
23,693
Senior
Note,
4.85%,
1/05/29
.........................
United
States
246,000
248,651
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
3.65
%
,
2/01/29
........
United
States
20,000
19,541
b
Evergy
Missouri
West,
Inc.
,
Senior
Note
,
144A,
5.15
%
,
12/15/27
United
States
243,000
246,295
Eversource
Energy
,
Senior
Note
,
5.45
%
,
3/01/28
............
United
States
92,000
94,051
Exelon
Corp.
,
Senior
Bond,
5.625%,
6/15/35
........................
United
States
106,000
107,007
Senior
Note,
5.15%,
3/15/29
.........................
United
States
246,000
250,674
FirstEnergy
Transmission
LLC
,
Senior
Note
,
4.55
%
,
1/15/30
...
United
States
50,000
49,560
Georgia
Power
Co.
,
Senior
Bond,
4.95%,
5/17/33
.........................
United
States
134,000
133,041
Senior
Bond,
5.25%,
3/15/34
.........................
United
States
42,000
42,240
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond,
5.9%,
3/15/55
..........................
United
States
50,000
48,408
Senior
Note,
5.3%,
3/15/32
..........................
United
States
170,000
172,948
Northern
States
Power
Co.
,
Senior
Bond
,
5.05
%
,
5/15/35
.....
United
States
170,000
169,626
b
NRG
Energy,
Inc.
,
g
Junior
Sub.
Bond,
144A,
10.25%
to
3/14/28,
FRN
thereafter,
Perpetual
.......................................
United
States
70,000
77,118
Senior
Bond,
144A,
6.25%,
11/01/34
...................
United
States
80,000
80,093
Senior
Secured
Note,
144A,
2%,
12/02/25
...............
United
States
18,000
17,709
Senior
Secured
Note,
144A,
2.45%,
12/02/27
............
United
States
133,000
125,165
Oncor
Electric
Delivery
Co.
LLC
,
Senior
Secured
Bond
,
4.95
%
,
9/15/52
.........................................
United
States
198,000
171,176
Pacific
Gas
and
Electric
Co.
,
Senior
Bond,
5.9%,
6/15/32
..........................
United
States
61,000
61,417
Senior
Bond,
6.95%,
3/15/34
.........................
United
States
22,000
23,385
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
Pacific
Gas
and
Electric
Co.,
(continued)
Senior
Bond,
4.95%,
7/01/50
.........................
United
States
64,000
$
50,835
Senior
Bond,
6.75%,
1/15/53
.........................
United
States
110,000
109,639
Senior
Note,
2.1%,
8/01/27
..........................
United
States
36,000
33,980
Senior
Note,
3.3%,
12/01/27
.........................
United
States
170,000
163,492
Senior
Note,
5.55%,
5/15/29
.........................
United
States
31,000
31,410
PacifiCorp
,
Senior
Bond
,
2.7
%
,
9/15/30
...................
United
States
73,000
65,597
PG&E
Corp.
,
Junior
Sub.
Bond,
7.375%
to
3/14/30,
FRN
thereafter,
3/15/55
United
States
45,000
44,177
Senior
Secured
Bond,
5.25%,
7/01/30
..................
United
States
145,000
140,802
Southern
Co.
(The)
,
Senior
Bond,
5.7%,
3/15/34
..........................
United
States
125,000
128,708
Senior
Note,
5.5%,
3/15/29
..........................
United
States
31,000
32,122
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
5.05
%
,
8/15/34
..
United
States
128,000
125,830
b
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
7.75%,
10/15/31
...................
United
States
135,000
143,230
Senior
Note,
144A,
6.875%,
4/15/32
...................
United
States
45,000
46,844
Senior
Secured
Bond,
144A,
6.95%,
10/15/33
............
United
States
161,000
173,635
Senior
Secured
Bond,
144A,
6%,
4/15/34
...............
United
States
89,000
90,321
Senior
Secured
Bond,
144A,
5.7%,
12/30/34
.............
United
States
170,000
169,458
Senior
Secured
Note,
144A,
3.7%,
1/30/27
..............
United
States
151,000
148,217
4,225,923
Electrical
Equipment
0.3%
b
Energizer
Gamma
Acquisition
BV
,
Senior
Note
,
Reg
S,
3.5
%
,
6/30/29
.........................................
United
States
100,000
EUR
107,878
b
Sensata
Technologies
BV
,
Senior
Note
,
144A,
5.875
%
,
9/01/30
.
United
States
235,000
232,613
b
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
........................................
United
States
188,000
182,272
522,763
Electronic
Equipment,
Instruments
&
Components
0.2%
CDW
LLC
/
CDW
Finance
Corp.
,
Senior
Note
,
3.25
%
,
2/15/29
..
United
States
105,000
98,729
Flex
Ltd.
,
Senior
Note
,
5.25
%
,
1/15/32
...................
United
States
133,000
132,338
b
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
......
United
States
145,000
138,106
369,173
Energy
Equipment
&
Services
0.2%
b
Aris
Water
Holdings
LLC
,
Senior
Note
,
144A,
7.25
%
,
4/01/30
..
United
States
80,000
80,490
b
Nabors
Industries,
Inc.
,
Senior
Note,
144A,
7.375%,
5/15/27
...................
United
States
55,000
52,853
Senior
Note,
144A,
8.875%,
8/15/31
...................
United
States
115,000
78,800
b
Precision
Drilling
Corp.
,
Senior
Note,
144A,
7.125%,
1/15/26
...................
Canada
26,000
25,994
Senior
Note,
144A,
6.875%,
1/15/29
...................
Canada
50,000
48,062
b
Transocean
Aquila
Ltd.
,
Senior
Secured
Note
,
144A,
8
%
,
9/30/28
United
States
16,308
16,370
b
Transocean
Titan
Financing
Ltd.
,
Senior
Secured
Note
,
144A,
8.375
%
,
2/01/28
...................................
United
States
108,571
110,341
Transocean,
Inc.
,
Senior
Bond
,
6.8
%
,
3/15/38
..............
United
States
95,000
64,846
b
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
8.625
%
,
4/30/30
.........................................
United
States
70,000
71,158
548,914
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Entertainment
0.5%
b
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
215,000
$
223,310
b
Cinemark
USA,
Inc.
,
Senior
Note
,
144A,
5.25
%
,
7/15/28
......
United
States
70,000
69,108
b
Live
Nation
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
5/15/27
....................................
United
States
70,000
70,882
Netflix,
Inc.
,
Senior
Bond,
5.875%,
11/15/28
.......................
United
States
45,000
47,227
Senior
Bond,
5.4%,
8/15/54
..........................
United
States
46,000
44,300
b
Senior
Bond,
144A,
5.375%,
11/15/29
..................
United
States
259,000
268,483
b
Pinewood
Finco
plc
,
Senior
Secured
Note
,
144A,
6
%
,
3/27/30
..
United
Kingdom
100,000
GBP
133,821
Warnermedia
Holdings,
Inc.
,
Senior
Note
,
3.755
%
,
3/15/27
....
United
States
392,000
380,091
1,237,222
Financial
Services
0.8%
b
Benteler
International
AG
,
Senior
Secured
Note
,
144A,
10.5
%
,
5/15/28
.........................................
Austria
200,000
210,319
Corebridge
Financial,
Inc.
,
Senior
Note
,
3.85
%
,
4/05/29
.......
United
States
115,000
111,636
b
Freedom
Mortgage
Corp.
,
Senior
Note
,
144A,
12.25
%
,
10/01/30
United
States
65,000
71,898
b
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
8.375
%
,
4/01/32
.........................................
United
States
120,000
118,609
b
GGAM
Finance
Ltd.
,
Senior
Note
,
144A,
8
%
,
2/15/27
........
Ireland
30,000
30,894
Global
Payments,
Inc.
,
Senior
Note
,
2.15
%
,
1/15/27
.........
United
States
82,000
78,778
b
Jefferson
Capital
Holdings
LLC
,
Senior
Note,
144A,
9.5%,
2/15/29
.....................
United
States
95,000
100,942
Senior
Note,
144A,
8.25%,
5/15/30
....................
United
States
60,000
61,461
b
Nationstar
Mortgage
Holdings,
Inc.
,
Senior
Bond,
144A,
5.75%,
11/15/31
...................
United
States
155,000
155,372
Senior
Note,
144A,
7.125%,
2/01/32
...................
United
States
75,000
78,153
b
PHH
Escrow
Issuer
LLC
/
PHH
Corp.
,
Senior
Note
,
144A,
9.875
%
,
11/01/29
..................................
United
States
165,000
162,172
b
PRA
Group,
Inc.
,
Senior
Note
,
144A,
8.875
%
,
1/31/30
........
United
States
145,000
148,812
b
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
11/01/26
........................
United
States
115,000
114,846
1,443,892
Food
Products
0.4%
b,f
Chobani
Holdco
II
LLC
,
Senior
Note
,
144A,
PIK,
8.75
%
,
10/01/29
United
States
31,258
32,797
b
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625
%
,
7/01/29
...................................
United
States
80,000
83,985
JBS
USA
Holding
Lux
SARL
/
JBS
USA
Food
Co.
/
JBS
Lux
Co.
SARL
,
Senior
Note,
3%,
2/02/29
...........................
United
States
187,000
176,017
Senior
Note,
6.75%,
3/15/34
.........................
United
States
161,000
173,078
b
JBS
USA
LUX
SARL
/
JBS
USA
Food
Co.
/
JBS
USA
Foods
Group
,
Senior
Bond
,
144A,
5.95
%
,
4/20/35
..............
United
States
40,000
40,761
b
Mars,
Inc.
,
Senior
Bond,
144A,
5.65%,
5/01/45
....................
United
States
70,000
68,713
Senior
Bond,
144A,
5.7%,
5/01/55
.....................
United
States
60,000
58,250
Senior
Bond,
144A,
5.8%,
5/01/65
.....................
United
States
35,000
33,983
Senior
Note,
144A,
4.65%,
4/20/31
....................
United
States
38,000
38,146
Senior
Note,
144A,
5%,
3/01/32
......................
United
States
60,000
60,229
Senior
Note,
144A,
5.2%,
3/01/35
.....................
United
States
80,000
79,730
Pilgrim's
Pride
Corp.
,
Senior
Note
,
3.5
%
,
3/01/32
...........
United
States
50,000
44,317
890,006
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
28
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Gas
Utilities
0.0%
†
CenterPoint
Energy
Resources
Corp.
,
Senior
Bond
,
5.4
%
,
7/01/34
.........................................
United
States
69,000
$
69,357
Ground
Transportation
0.7%
b
Ashtead
Capital,
Inc.
,
Senior
Bond,
144A,
4.375%,
8/15/27
...................
United
Kingdom
200,000
198,729
Senior
Note,
144A,
4%,
5/01/28
......................
United
Kingdom
200,000
195,740
b,i
Herc
Holdings
Escrow,
Inc.
,
Senior
Note,
144A,
7%,
6/15/30
......................
United
States
20,000
20,617
Senior
Note,
144A,
7.25%,
6/15/33
....................
United
States
15,000
15,449
b
Penske
Truck
Leasing
Co.
LP
/
PTL
Finance
Corp.
,
Senior
Note
,
144A,
4.4
%
,
7/01/27
...............................
United
States
320,000
318,301
b
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Note
,
144A,
5.3
%
,
4/03/29
.........................................
Ireland
290,000
293,327
b
Transnet
SOC
Ltd.
,
Senior
Note
,
Reg
S,
8.25
%
,
2/06/28
......
South
Africa
200,000
204,495
b
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
8/01/32
...................................
United
States
100,000
102,986
1,349,644
Health
Care
Equipment
&
Supplies
0.2%
b
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
........................................
United
States
50,000
51,756
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
5.65
%
,
11/15/27
United
States
110,000
112,945
b
Insulet
Corp.
,
Senior
Note
,
144A,
6.5
%
,
4/01/33
............
United
States
25,000
25,727
b
Medline
Borrower
LP
,
Senior
Note,
144A,
5.25%,
10/01/29
...................
United
States
45,000
44,011
Senior
Secured
Note,
144A,
3.875%,
4/01/29
............
United
States
80,000
75,459
309,898
Health
Care
Providers
&
Services
1.0%
Centene
Corp.
,
Senior
Note
,
2.625
%
,
8/01/31
..............
United
States
155,000
131,384
b
CHS/Community
Health
Systems,
Inc.
,
Senior
Secured
Note,
144A,
5.625%,
3/15/27
............
United
States
155,000
152,828
Senior
Secured
Note,
144A,
5.25%,
5/15/30
.............
United
States
30,000
27,042
Senior
Secured
Note,
144A,
10.875%,
1/15/32
...........
United
States
65,000
69,363
b
Concentra
Health
Services,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
7/15/32
.........................................
United
States
65,000
66,955
CVS
Health
Corp.
,
Junior
Sub.
Bond,
7%
to
3/09/30,
FRN
thereafter,
3/10/55
...
United
States
180,000
181,758
Senior
Bond,
4.78%,
3/25/38
.........................
United
States
197,000
175,160
b
DaVita,
Inc.
,
Senior
Note,
144A,
6.875%,
9/01/32
...................
United
States
180,000
182,970
Senior
Note,
144A,
6.75%,
7/15/33
....................
United
States
15,000
15,165
HCA,
Inc.
,
Senior
Bond,
5.25%,
6/15/26
.........................
United
States
23,000
23,027
Senior
Bond,
5.6%,
4/01/34
..........................
United
States
60,000
60,354
Senior
Bond,
6%,
4/01/54
...........................
United
States
79,000
75,026
Senior
Note,
3.625%,
3/15/32
........................
United
States
39,000
35,404
Humana,
Inc.
,
Senior
Note
,
5.75
%
,
3/01/28
................
United
States
156,000
160,108
Icon
Investments
Six
DAC
,
Senior
Secured
Note
,
5.809
%
,
5/08/27
.........................................
United
States
200,000
203,397
Tenet
Healthcare
Corp.
,
Senior
Secured
Note,
5.125%,
11/01/27
................
United
States
185,000
183,966
Senior
Secured
Note,
6.125%,
6/15/30
.................
United
States
275,000
278,038
2,021,945
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
29
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
REITs
0.1%
b
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Secured
Note
,
144A,
8.5
%
,
2/15/32
....................
United
States
155,000
$
158,996
Health
Care
Technology
0.0%
†
b
AthenaHealth
Group,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/30
...
United
States
90,000
86,794
Hotel
&
Resort
REITs
0.1%
b
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note,
144A,
7.25%,
7/15/28
....................
United
States
20,000
20,634
Senior
Note,
144A,
6.5%,
4/01/32
.....................
United
States
85,000
86,223
i
Senior
Note,
144A,
6.5%,
6/15/33
.....................
United
States
40,000
40,712
b
XHR
LP
,
Senior
Note
,
144A,
6.625
%
,
5/15/30
..............
United
States
25,000
25,085
172,654
Hotels,
Restaurants
&
Leisure
1.3%
b
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond,
144A,
4%,
10/15/30
....................
Canada
80,000
73,668
Senior
Secured
Note,
144A,
6.125%,
6/15/29
............
Canada
30,000
30,623
b
Boyd
Gaming
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
6/15/31
......
United
States
195,000
182,753
b
Caesars
Entertainment,
Inc.
,
Senior
Note,
144A,
4.625%,
10/15/29
..................
United
States
140,000
130,850
Senior
Note,
144A,
6%,
10/15/32
.....................
United
States
35,000
33,597
Senior
Secured
Note,
144A,
7%,
2/15/30
................
United
States
210,000
215,618
Senior
Secured
Note,
144A,
6.5%,
2/15/32
..............
United
States
15,000
15,130
b
Carnival
Corp.
,
Senior
Note,
144A,
5.75%,
3/01/27
....................
United
States
95,000
95,297
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
69,000
69,204
Senior
Note,
144A,
5.875%,
6/15/31
...................
United
States
80,000
80,098
Senior
Note,
144A,
6.125%,
2/15/33
...................
United
States
40,000
40,124
Senior
Secured
Note,
144A,
4%,
8/01/28
................
United
States
291,000
281,361
b
Churchill
Downs,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
4/01/30
.....
United
States
90,000
88,798
b
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.................
United
States
105,000
95,441
b
Great
Canadian
Gaming
Corp.
,
Senior
Secured
Note
,
144A,
8.75
%
,
11/15/29
...................................
Canada
55,000
53,447
Hyatt
Hotels
Corp.
,
Senior
Note,
5.25%,
6/30/29
.........................
United
States
110,000
110,877
Senior
Note,
5.375%,
12/15/31
.......................
United
States
70,000
69,472
b
Light
&
Wonder
International,
Inc.
,
Senior
Note,
144A,
7.25%,
11/15/29
...................
United
States
195,000
200,746
Senior
Note,
144A,
7.5%,
9/01/31
.....................
United
States
15,000
15,510
b
NCL
Corp.
Ltd.
,
Senior
Note,
144A,
7.75%,
2/15/29
....................
United
States
50,000
52,602
Senior
Note,
144A,
6.75%,
2/01/32
....................
United
States
30,000
30,024
Senior
Secured
Note,
144A,
8.125%,
1/15/29
............
United
States
30,000
31,606
b
Penn
Entertainment,
Inc.
,
Senior
Note
,
144A,
5.625
%
,
1/15/27
.
United
States
75,000
74,094
b
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note,
144A,
5.625%,
9/30/31
...................
United
States
55,000
54,395
Senior
Note,
144A,
6.25%,
3/15/32
....................
United
States
15,000
15,212
Senior
Note,
144A,
6%,
2/01/33
......................
United
States
125,000
125,527
b
Scientific
Games
Holdings
LP
/
Scientific
Games
US
FinCo,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
3/01/30
....................
United
States
75,000
71,155
b
Six
Flags
Entertainment
Corp.
,
Senior
Note
,
144A,
7.25
%
,
5/15/31
.........................................
United
States
85,000
86,907
b
Six
Flags
Entertainment
Corp.
/
Six
Flags
Theme
Parks,
Inc.
/
Canada's
Wonderland
Co.
,
Senior
Secured
Note
,
144A,
6.625
%
,
5/01/32
...................................
United
States
35,000
35,705
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
30
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
b
Station
Casinos
LLC
,
Senior
Note
,
144A,
6.625
%
,
3/15/32
.....
United
States
70,000
$
70,140
b
Viking
Cruises
Ltd.
,
Senior
Note,
144A,
7%,
2/15/29
......................
United
States
30,000
30,231
Senior
Note,
144A,
9.125%,
7/15/31
...................
United
States
80,000
85,944
b
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Bond,
144A,
5.125%,
10/01/29
..................
United
States
90,000
87,826
Senior
Note,
144A,
7.125%,
2/15/31
...................
United
States
185,000
194,154
2,928,136
Household
Durables
0.5%
DR
Horton,
Inc.
,
Senior
Bond,
5%,
10/15/34
..........................
United
States
275,000
267,642
Senior
Bond,
5.5%,
10/15/35
.........................
United
States
195,000
195,135
b
LGI
Homes,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
12/15/28
........
United
States
100,000
102,977
Newell
Brands,
Inc.
,
Senior
Note,
6.375%,
5/15/30
........................
United
States
30,000
28,258
Senior
Note,
6.625%,
5/15/32
........................
United
States
10,000
9,252
b
Senior
Note,
144A,
8.5%,
6/01/28
.....................
United
States
45,000
46,667
b
Taylor
Morrison
Communities,
Inc.
,
Senior
Bond,
144A,
5.125%,
8/01/30
...................
United
States
60,000
58,542
Senior
Note,
144A,
5.875%,
6/15/27
...................
United
States
30,000
30,261
Senior
Note,
144A,
5.75%,
1/15/28
....................
United
States
35,000
35,229
Toll
Brothers
Finance
Corp.
,
Senior
Bond,
4.35%,
2/15/28
.........................
United
States
75,000
74,374
Senior
Bond,
3.8%,
11/01/29
.........................
United
States
92,000
88,174
b
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
..............................
United
States
60,000
57,719
994,230
Household
Products
0.0%
†
b
Energizer
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
3/31/29
..
United
States
30,000
28,214
Independent
Power
and
Renewable
Electricity
Producers
0.5%
b
AES
Andes
SA
,
Senior
Note
,
144A,
6.25
%
,
3/14/32
..........
Chile
200,000
201,146
AES
Corp.
(The)
,
Senior
Note
,
2.45
%
,
1/15/31
.............
United
States
120,000
102,676
b
Alexander
Funding
Trust
II
,
Senior
Secured
Note
,
144A,
7.467
%
,
7/31/28
.........................................
United
States
100,000
106,056
b
Calpine
Corp.
,
Senior
Bond
,
144A,
5
%
,
2/01/31
.............
United
States
65,000
63,095
Constellation
Energy
Generation
LLC
,
Senior
Bond,
6.125%,
1/15/34
........................
United
States
30,000
31,689
Senior
Bond,
6.5%,
10/01/53
.........................
United
States
74,000
77,570
Senior
Bond,
5.75%,
3/15/54
.........................
United
States
133,000
126,843
Senior
Note,
5.6%,
3/01/28
..........................
United
States
243,000
250,614
b,g
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
8%
to
10/14/26,
FRN
thereafter
,
Perpetual
...............................
United
States
65,000
66,751
1,026,440
Industrial
REITs
0.0%
†
Prologis
LP
,
Senior
Bond
,
2.25
%
,
4/15/30
.................
United
States
53,000
47,608
Insurance
0.7%
b
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Note,
144A,
8.5%,
6/15/29
.....................
United
States
85,000
88,906
Senior
Secured
Note,
144A,
7.5%,
11/06/30
.............
United
States
85,000
87,766
b
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note,
144A,
5.875%,
11/01/29
..................
United
States
105,000
103,221
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
31
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Insurance
(continued)
b
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer,
(continued)
Senior
Note,
144A,
7.375%,
10/01/32
..................
United
States
25,000
$
25,728
Senior
Secured
Note,
144A,
7%,
1/15/31
................
United
States
115,000
117,699
Arthur
J
Gallagher
&
Co.
,
Senior
Note
,
4.85
%
,
12/15/29
......
United
States
80,000
80,673
b
Athene
Global
Funding
,
Secured
Note,
144A,
5.526%,
7/11/31
..................
United
States
205,000
207,777
Secured
Note,
144A,
5.322%,
11/13/31
.................
United
States
114,000
113,464
Athene
Holding
Ltd.
,
Senior
Bond,
5.875%,
1/15/34
........................
United
States
62,000
62,820
Senior
Bond,
6.25%,
4/01/54
.........................
United
States
25,000
23,915
CNA
Financial
Corp.
,
Senior
Bond
,
5.125
%
,
2/15/34
.........
United
States
81,000
79,807
b
CNO
Global
Funding
,
Secured
Note
,
144A,
4.95
%
,
9/09/29
....
United
States
85,000
84,966
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
6.5
%
,
6/04/29
.......
United
States
110,000
112,506
Fidelity
National
Financial,
Inc.
,
Senior
Bond
,
3.2
%
,
9/17/51
...
United
States
69,000
41,217
b
HUB
International
Ltd.
,
Senior
Secured
Note
,
144A,
7.25
%
,
6/15/30
.........................................
United
States
80,000
83,364
b
Jones
Deslauriers
Insurance
Management,
Inc.
,
Senior
Note,
144A,
10.5%,
12/15/30
...................
Canada
75,000
80,505
Senior
Secured
Note,
144A,
8.5%,
3/15/30
..............
Canada
35,000
36,778
b
Massachusetts
Mutual
Life
Insurance
Co.
,
Sub.
Bond
,
144A,
3.729
%
,
10/15/70
..................................
United
States
136,000
87,291
b
Metropolitan
Life
Global
Funding
I
,
Senior
Secured
Bond
,
144A,
2.95
%
,
4/09/30
...................................
United
States
325,000
300,888
1,819,291
Interactive
Media
&
Services
0.3%
Meta
Platforms,
Inc.
,
Senior
Bond,
5.4%,
8/15/54
..........................
United
States
128,000
121,598
Senior
Bond,
5.75%,
5/15/63
.........................
United
States
159,000
157,213
Senior
Bond,
5.55%,
8/15/64
.........................
United
States
146,000
139,813
b
Snap,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/33
............
United
States
185,000
187,578
606,202
IT
Services
0.1%
b
Ahead
DB
Holdings
LLC
,
Senior
Note
,
144A,
6.625
%
,
5/01/28
..
United
States
50,000
49,322
b
Fortress
Intermediate
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
6/01/31
.........................................
United
States
65,000
67,262
b
Gartner,
Inc.
,
Senior
Note,
144A,
3.625%,
6/15/29
...................
United
States
27,000
25,617
Senior
Note,
144A,
3.75%,
10/01/30
...................
United
States
180,000
168,236
310,437
Leisure
Products
0.1%
Brunswick
Corp.
,
Senior
Bond,
2.4%,
8/18/31
..........................
United
States
113,000
93,328
Senior
Bond,
5.1%,
4/01/52
..........................
United
States
126,000
93,243
Senior
Note,
5.85%,
3/18/29
.........................
United
States
87,000
88,417
274,988
Life
Sciences
Tools
&
Services
0.0%
†
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
86,000
85,926
Machinery
0.2%
b
Chart
Industries,
Inc.
,
Senior
Note
,
144A,
9.5
%
,
1/01/31
......
United
States
25,000
26,658
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
32
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Machinery
(continued)
b
Terex
Corp.
,
Senior
Note,
144A,
5%,
5/15/29
......................
United
States
50,000
$
48,213
Senior
Note,
144A,
6.25%,
10/15/32
...................
United
States
55,000
54,130
Westinghouse
Air
Brake
Technologies
Corp.
,
Senior
Bond
,
5.611
%
,
3/11/34
...................................
United
States
189,000
192,722
321,723
Media
0.9%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Note
,
2.25
%
,
1/15/29
...................................
United
States
92,000
84,139
b
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
....................
United
States
65,000
59,452
Senior
Secured
Note,
144A,
7.875%,
4/01/30
............
United
States
65,000
65,908
Comcast
Corp.
,
Senior
Bond,
3.999%,
11/01/49
.......................
United
States
30,000
22,276
Senior
Bond,
3.45%,
2/01/50
.........................
United
States
73,000
49,006
b
Directv
Financing
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
2/01/30
.........................................
United
States
30,000
29,580
b
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note,
144A,
5.875%,
8/15/27
............
United
States
30,000
29,551
Senior
Secured
Note,
144A,
10%,
2/15/31
...............
United
States
60,000
58,441
b
DISH
DBS
Corp.
,
Senior
Secured
Note
,
144A,
5.25
%
,
12/01/26
.
United
States
85,000
78,622
EchoStar
Corp.
,
Senior
Secured
Note
,
10.75
%
,
11/30/29
......
United
States
100,000
100,557
b
Gray
Media,
Inc.
,
Senior
Bond
,
144A,
5.375
%
,
11/15/31
......
United
States
25,000
17,872
Interpublic
Group
of
Cos.,
Inc.
(The)
,
Senior
Bond
,
2.4
%
,
3/01/31
United
States
72,000
63,374
b
McGraw-Hill
Education,
Inc.
,
Senior
Note,
144A,
8%,
8/01/29
......................
United
States
120,000
120,401
Senior
Secured
Note,
144A,
5.75%,
8/01/28
.............
United
States
65,000
64,251
Senior
Secured
Note,
144A,
7.375%,
9/01/31
............
United
States
90,000
92,662
b
News
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/15/29
...........
United
States
80,000
75,925
b
Nexstar
Media,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
11/01/28
......
United
States
50,000
48,138
b
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Bond,
144A,
4.625%,
3/15/30
...................
United
States
60,000
56,344
Senior
Note,
144A,
5%,
8/15/27
......................
United
States
25,000
24,693
Senior
Secured
Note,
144A,
7.375%,
2/15/31
............
United
States
40,000
42,267
Paramount
Global
,
Senior
Bond,
4.2%,
6/01/29
..........................
United
States
69,000
66,702
Senior
Bond,
4.95%,
1/15/31
.........................
United
States
75,000
72,636
Senior
Bond,
4.375%,
3/15/43
........................
United
States
39,000
28,453
Senior
Note,
3.7%,
6/01/28
..........................
United
States
38,000
36,742
b
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
175,000
175,240
b
Sirius
XM
Radio
LLC
,
Senior
Bond
,
144A,
3.875
%
,
9/01/31
....
United
States
135,000
118,153
Time
Warner
Cable
Enterprises
LLC
,
Senior
Secured
Bond
,
8.375
%
,
7/15/33
...................................
United
States
320,000
367,663
2,049,048
Metals
&
Mining
0.6%
b
Big
River
Steel
LLC
/
BRS
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.625
%
,
1/31/29
..............................
United
States
70,000
70,569
b
Cleveland-Cliffs,
Inc.
,
Senior
Note,
144A,
7%,
3/15/32
......................
United
States
65,000
56,147
Senior
Note,
144A,
7.375%,
5/01/33
...................
United
States
70,000
60,195
Commercial
Metals
Co.
,
Senior
Bond
,
4.375
%
,
3/15/32
.......
United
States
140,000
127,397
b
Constellium
SE
,
Senior
Note
,
Reg
S,
3.125
%
,
7/15/29
........
United
States
100,000
EUR
109,623
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
33
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Metals
&
Mining
(continued)
b
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
6.125
%
,
4/15/32
...................................
Australia
65,000
$
64,886
b
Glencore
Funding
LLC
,
Senior
Bond,
144A,
2.5%,
9/01/30
.....................
Australia
231,000
204,979
Senior
Bond,
144A,
5.634%,
4/04/34
...................
Australia
150,000
150,923
b
Hudbay
Minerals,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
4/01/29
....
Canada
70,000
70,230
b
Novelis
Corp.
,
Senior
Bond,
144A,
4.75%,
1/30/30
....................
United
States
95,000
90,379
Senior
Note,
144A,
6.875%,
1/30/30
...................
United
States
60,000
61,911
b
TMS
International
Corp.
,
Senior
Note
,
144A,
6.25
%
,
4/15/29
...
United
States
80,000
74,695
United
States
Steel
Corp.
,
Senior
Bond
,
6.65
%
,
6/01/37
......
United
States
35,000
36,280
1,178,214
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.0%
†
b
Apollo
Commercial
Real
Estate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
6/15/29
.........................
United
States
80,000
74,761
b
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.25
%
,
2/01/27
...............
United
States
90,000
88,106
162,867
Multi-Utilities
0.2%
Consolidated
Edison
Co.
of
New
York,
Inc.
,
12-A
,
Senior
Bond
,
4.2
%
,
3/15/42
....................................
United
States
28,000
23,019
DTE
Energy
Co.
,
Senior
Bond
,
5.85
%
,
6/01/34
.............
United
States
78,000
80,427
NiSource,
Inc.
,
Senior
Note
,
5.2
%
,
7/01/29
................
United
States
174,000
177,337
Puget
Sound
Energy,
Inc.
,
Senior
Bond
,
5.448
%
,
6/01/53
.....
United
States
86,000
79,750
Sempra,
Inc.
,
Senior
Bond
,
5.5
%
,
8/01/33
.................
United
States
73,000
73,449
Southern
Co.
Gas
Capital
Corp.
,
Senior
Bond
,
4.95
%
,
9/15/34
.
United
States
145,000
140,037
574,019
Oil,
Gas
&
Consumable
Fuels
2.6%
b
Aker
BP
ASA
,
Senior
Bond
,
144A,
5.8
%
,
10/01/54
...........
Norway
100,000
87,628
Canadian
Natural
Resources
Ltd.
,
Senior
Bond,
7.2%,
1/15/32
..........................
Canada
124,000
134,807
b
Senior
Note,
144A,
5%,
12/15/29
.....................
Canada
81,000
80,717
Cheniere
Energy
Partners
LP
,
Senior
Bond,
3.25%,
1/31/32
.........................
United
States
78,000
68,474
Senior
Note,
4.5%,
10/01/29
.........................
United
States
256,000
250,741
b
Columbia
Pipelines
Operating
Co.
LLC
,
Senior
Bond,
144A,
6.544%,
11/15/53
..................
United
States
73,000
73,435
Senior
Note,
144A,
5.927%,
8/15/30
...................
United
States
72,000
74,842
b
Coronado
Finance
Pty.
Ltd.
,
Senior
Secured
Note
,
144A,
9.25
%
,
10/01/29
........................................
Australia
25,000
18,605
b
DT
Midstream,
Inc.
,
Senior
Bond
,
144A,
5.8
%
,
12/15/34
......
United
States
175,000
173,707
Eastern
Energy
Gas
Holdings
LLC
,
Senior
Bond,
5.8%,
1/15/35
..........................
United
States
83,000
84,712
Senior
Bond,
5.65%,
10/15/54
........................
United
States
32,000
29,539
Enbridge,
Inc.
,
Senior
Bond
,
4.25
%
,
12/01/26
..............
Canada
64,000
63,722
Energy
Transfer
LP
,
g
B,
Junior
Sub.
Bond,
6.625%
to
2/14/28,
FRN
thereafter,
Perpetual
.......................................
United
States
220,000
217,501
Senior
Bond,
6.5%,
2/01/42
..........................
United
States
14,000
14,063
Senior
Note,
5.25%,
7/01/29
.........................
United
States
279,000
283,648
Senior
Note,
5.2%,
4/01/30
..........................
United
States
81,000
81,815
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
34
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Expand
Energy
Corp.
,
Senior
Note,
5.375%,
3/15/30
........................
United
States
210,000
$
209,023
b
Senior
Note,
144A,
6.75%,
4/15/29
....................
United
States
175,000
177,164
b
Hess
Midstream
Operations
LP
,
Senior
Note,
144A,
5.875%,
3/01/28
...................
United
States
45,000
45,471
Senior
Note,
144A,
5.125%,
6/15/28
...................
United
States
115,000
113,556
Senior
Note,
144A,
6.5%,
6/01/29
.....................
United
States
35,000
35,753
Senior
Note,
144A,
5.5%,
10/15/30
....................
United
States
115,000
113,777
b
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Note
,
144A,
8.375
%
,
11/01/33
..................................
United
States
40,000
39,844
b
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
Reg
S,
6.375
%
,
10/24/48
........................................
Kazakhstan
200,000
178,239
Kinder
Morgan,
Inc.
,
Senior
Bond
,
7.75
%
,
1/15/32
...........
United
States
157,000
178,383
b
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
......
United
States
145,000
144,241
b
Matador
Resources
Co.
,
Senior
Note
,
144A,
6.5
%
,
4/15/32
....
United
States
90,000
88,203
Occidental
Petroleum
Corp.
,
Senior
Bond,
7.5%,
5/01/31
..........................
United
States
86,000
92,625
Senior
Bond,
6.2%,
3/15/40
..........................
United
States
420,000
391,893
Senior
Note,
5.2%,
8/01/29
..........................
United
States
100,000
99,398
ONEOK,
Inc.
,
Senior
Bond,
6.05%,
9/01/33
.........................
United
States
30,000
30,797
Senior
Note,
4.75%,
10/15/31
........................
United
States
155,000
151,372
Senior
Note,
6.1%,
11/15/32
.........................
United
States
117,000
121,759
Ovintiv,
Inc.
,
Senior
Bond,
6.25%,
7/15/33
.........................
United
States
31,000
31,059
Senior
Note,
5.65%,
5/15/28
.........................
United
States
53,000
54,041
b
Sitio
Royalties
Operating
Partnership
LP
/
Sitio
Finance
Corp.
,
Senior
Note
,
144A,
7.875
%
,
11/01/28
...................
United
States
70,000
72,251
SM
Energy
Co.
,
Senior
Bond
,
6.75
%
,
9/15/26
..............
United
States
65,000
64,946
b
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Bond,
144A,
5.584%,
10/01/34
..................
Canada
69,000
66,448
Senior
Note,
144A,
5.026%,
10/01/29
..................
Canada
133,000
131,930
b
Sunoco
LP
,
Senior
Note
,
144A,
6.25
%
,
7/01/33
.............
United
States
85,000
85,067
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
,
Senior
Bond,
5%,
1/15/28
...........................
United
States
141,000
140,846
Senior
Bond,
4.875%,
2/01/31
........................
United
States
63,000
61,467
b
TGNR
Intermediate
Holdings
LLC
,
Senior
Note
,
144A,
5.5
%
,
10/15/29
........................................
United
States
105,000
99,248
b
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
1/15/30
...................................
United
States
305,000
309,391
b
Venture
Global
LNG,
Inc.
,
g
Junior
Sub.
Bond,
144A,
9%
to
9/29/29,
FRN
thereafter,
Perpetual
.......................................
United
States
80,000
75,531
Senior
Secured
Note,
144A,
9.5%,
2/01/29
..............
United
States
75,000
80,233
Senior
Secured
Note,
144A,
8.375%,
6/01/31
............
United
States
105,000
106,669
Senior
Secured
Note,
144A,
9.875%,
2/01/32
............
United
States
70,000
74,513
b
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond,
144A,
7.75%,
5/01/35
.............
United
States
20,000
21,078
Senior
Secured
Note,
144A,
7.5%,
5/01/33
..............
United
States
20,000
20,907
b
Viper
Energy,
Inc.
,
Senior
Note,
144A,
5.375%,
11/01/27
..................
United
States
35,000
34,849
Senior
Note,
144A,
7.375%,
11/01/31
..................
United
States
95,000
99,681
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
5.6
%
,
3/15/35
........
United
States
114,000
115,109
5,694,718
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
35
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Paper
&
Forest
Products
0.2%
b
Georgia-Pacific
LLC
,
Senior
Note
,
144A,
4.95
%
,
6/30/32
......
United
States
155,000
$
155,495
b
Magnera
Corp.
,
Senior
Note
,
144A,
4.75
%
,
11/15/29
.........
United
States
30,000
25,460
Mercer
International,
Inc.
,
Senior
Note,
5.125%,
2/01/29
........................
Germany
65,000
51,736
b
Senior
Note,
144A,
12.875%,
10/01/28
.................
Germany
40,000
39,833
272,524
Passenger
Airlines
0.1%
b
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
....................
United
States
48,333
48,281
b
AS
Mileage
Plan
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.021
%
,
10/20/29
........................................
United
States
190,000
186,175
b
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
95,000
90,295
324,751
Personal
Care
Products
0.4%
b
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Secured
Note,
144A,
4.75%,
1/15/29
.............
United
States
75,000
72,180
Senior
Secured
Note,
144A,
6.625%,
7/15/30
............
United
States
45,000
45,966
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/27
.......
United
States
250,000
245,918
Kenvue,
Inc.
,
Senior
Note,
4.85%,
5/22/32
.........................
United
States
15,000
15,072
Senior
Note,
4.9%,
3/22/33
..........................
United
States
251,000
251,922
b
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
200,000
199,967
831,025
Pharmaceuticals
0.4%
b
Endo
Finance
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/15/31
.........................................
United
States
40,000
41,453
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond,
4.75%,
5/19/33
.........................
United
States
270,000
265,616
Senior
Bond,
5.3%,
5/19/53
..........................
United
States
106,000
97,224
Royalty
Pharma
plc
,
Senior
Bond,
5.4%,
9/02/34
..........................
United
States
85,000
84,677
Senior
Note,
5.15%,
9/02/29
.........................
United
States
88,000
89,008
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
6.75
%
,
3/01/28
...................................
Israel
230,000
237,993
Wyeth
LLC
,
Senior
Bond
,
5.95
%
,
4/01/37
.................
United
States
8,000
8,386
Zoetis,
Inc.
,
Senior
Bond
,
2
%
,
5/15/30
....................
United
States
72,000
63,938
888,295
Professional
Services
0.1%
b,i
CACI
International,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/33
..
United
States
100,000
102,069
Real
Estate
Management
&
Development
0.0%
†
b
Anywhere
Real
Estate
Group
LLC
/
Anywhere
Co-Issuer
Corp.
,
Secured
Note
,
144A,
7
%
,
4/15/30
.....................
United
States
51,000
46,634
Semiconductors
&
Semiconductor
Equipment
0.3%
Broadcom,
Inc.
,
b
Senior
Bond,
144A,
3.187%,
11/15/36
..................
United
States
78,000
63,472
Senior
Note,
5.05%,
7/12/29
.........................
United
States
251,000
255,550
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
36
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
b
Foundry
JV
Holdco
LLC
,
Senior
Secured
Note
,
144A,
5.9
%
,
1/25/33
.........................................
United
States
200,000
$
204,293
523,315
Software
0.5%
Atlassian
Corp.
,
Senior
Bond,
5.5%,
5/15/34
..........................
United
States
30,000
30,279
Senior
Note,
5.25%,
5/15/29
.........................
United
States
57,000
58,160
b
Cloud
Software
Group,
Inc.
,
Secured
Note,
144A,
9%,
9/30/29
.....................
United
States
40,000
40,973
Senior
Secured
Note,
144A,
6.5%,
3/31/29
..............
United
States
75,000
74,978
b
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
..........
United
States
190,000
175,897
Oracle
Corp.
,
Senior
Bond
,
3.65
%
,
3/25/41
................
United
States
206,000
158,217
b
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
......
United
States
65,000
63,173
ServiceNow,
Inc.
,
Senior
Bond
,
1.4
%
,
9/01/30
..............
United
States
176,000
150,640
Synopsys,
Inc.
,
Senior
Bond,
5.15%,
4/01/35
.........................
United
States
145,000
143,372
Senior
Bond,
5.7%,
4/01/55
..........................
United
States
10,000
9,553
b
UKG,
Inc.
,
Senior
Secured
Note
,
144A,
6.875
%
,
2/01/31
......
United
States
90,000
92,795
998,037
Specialized
REITs
0.5%
American
Tower
Corp.
,
Senior
Bond,
3.125%,
1/15/27
........................
United
States
251,000
244,920
Senior
Bond,
2.9%,
1/15/30
..........................
United
States
106,000
97,921
Senior
Bond,
2.7%,
4/15/31
..........................
United
States
103,000
91,210
Crown
Castle,
Inc.
,
Senior
Bond,
3.65%,
9/01/27
.........................
United
States
82,000
80,142
Senior
Bond,
3.8%,
2/15/28
..........................
United
States
69,000
67,426
Senior
Bond,
4.75%,
5/15/47
.........................
United
States
31,000
25,752
Senior
Note,
4.9%,
9/01/29
..........................
United
States
105,000
105,294
EPR
Properties
,
Senior
Bond
,
4.5
%
,
6/01/27
...............
United
States
43,000
42,553
Equinix,
Inc.
,
Senior
Bond
,
3.2
%
,
11/18/29
................
United
States
220,000
207,278
b
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
1/15/33
.......
United
States
145,000
146,477
Weyerhaeuser
Co.
,
Senior
Bond
,
7.375
%
,
3/15/32
..........
United
States
17,000
19,064
1,128,037
Specialty
Retail
0.3%
Bath
&
Body
Works,
Inc.
,
Senior
Bond
,
6.875
%
,
11/01/35
.....
United
States
135,000
136,176
b,f
BCPE
Ulysses
Intermediate,
Inc.
,
Senior
Note
,
144A,
PIK,
7.75
%
,
4/01/27
.........................................
United
States
45,000
42,795
b,f
Carvana
Co.
,
Senior
Secured
Note,
144A,
PIK,
9%,
12/01/28
...........
United
States
60,159
61,877
Senior
Secured
Note,
144A,
PIK,
9%,
6/01/31
............
United
States
60,000
67,163
Dick's
Sporting
Goods,
Inc.
,
Senior
Bond
,
4.1
%
,
1/15/52
......
United
States
115,000
78,928
b
LBM
Acquisition
LLC
,
Senior
Note
,
144A,
6.25
%
,
1/15/29
.....
United
States
55,000
44,223
b
Specialty
Building
Products
Holdings
LLC
/
SBP
Finance
Corp.
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/29
.............
United
States
35,000
33,561
b
White
Cap
Buyer
LLC
,
Senior
Note
,
144A,
6.875
%
,
10/15/28
...
United
States
135,000
132,452
597,175
Technology
Hardware,
Storage
&
Peripherals
0.1%
Hewlett
Packard
Enterprise
Co.
,
Senior
Bond,
5%,
10/15/34
..........................
United
States
48,000
46,755
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
37
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Technology
Hardware,
Storage
&
Peripherals
(continued)
Hewlett
Packard
Enterprise
Co.,
(continued)
Senior
Bond,
5.6%,
10/15/54
.........................
United
States
97,000
$
90,604
Senior
Note,
4.55%,
10/15/29
........................
United
States
83,000
82,327
Senior
Note,
4.85%,
10/15/31
........................
United
States
97,000
96,274
b
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
7/15/30
...................................
United
States
80,000
80,325
Seagate
HDD
Cayman
,
Senior
Note
,
3.125
%
,
7/15/29
........
United
States
30,000
27,033
423,318
Textiles,
Apparel
&
Luxury
Goods
0.3%
b
Crocs,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
3/15/29
.............
United
States
50,000
47,243
b
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/31
..........
United
States
110,000
116,321
b
Levi
Strauss
&
Co.
,
Senior
Bond
,
144A,
3.5
%
,
3/01/31
.......
United
States
115,000
102,906
Tapestry,
Inc.
,
Senior
Bond,
3.05%,
3/15/32
.........................
United
States
33,000
28,812
Senior
Bond,
5.5%,
3/11/35
..........................
United
States
96,000
94,201
Senior
Note,
5.1%,
3/11/30
..........................
United
States
79,000
79,025
468,508
Tobacco
0.2%
Philip
Morris
International,
Inc.
,
Senior
Note,
5.125%,
2/15/30
........................
United
States
223,000
227,891
Senior
Note,
4.375%,
4/30/30
........................
United
States
90,000
88,942
Senior
Note,
4.75%,
11/01/31
........................
United
States
110,000
109,779
426,612
Trading
Companies
&
Distributors
0.7%
Air
Lease
Corp.
,
Senior
Bond,
4.625%,
10/01/28
.......................
United
States
51,000
51,061
Senior
Bond,
3.25%,
10/01/29
........................
United
States
138,000
130,306
Senior
Bond,
3%,
2/01/30
...........................
United
States
189,000
175,272
b
Aviation
Capital
Group
LLC
,
Senior
Note,
144A,
5.375%,
7/15/29
...................
United
States
156,000
157,724
Senior
Note,
144A,
5.125%,
4/10/30
...................
United
States
145,000
144,208
b
Boise
Cascade
Co.
,
Senior
Note
,
144A,
4.875
%
,
7/01/30
.....
United
States
95,000
91,938
b
EquipmentShare.com,
Inc.
,
Secured
Note,
144A,
9%,
5/15/28
.....................
United
States
70,000
72,757
Secured
Note,
144A,
8.625%,
5/15/32
..................
United
States
50,000
52,495
b
Foundation
Building
Materials,
Inc.
,
Senior
Note
,
144A,
6
%
,
3/01/29
.........................................
United
States
85,000
72,483
b
Herc
Holdings,
Inc.
,
Senior
Note,
144A,
5.5%,
7/15/27
.....................
United
States
130,000
129,135
Senior
Note,
144A,
6.625%,
6/15/29
...................
United
States
40,000
40,547
b
Imola
Merger
Corp.
,
Senior
Secured
Note
,
144A,
4.75
%
,
5/15/29
United
States
75,000
71,911
b
QXO
Building
Products,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/30/32
.........................................
United
States
135,000
138,760
b
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
144A,
6.125
%
,
3/15/34
.........................................
United
States
60,000
60,892
b
WESCO
Distribution,
Inc.
,
Senior
Note,
144A,
6.375%,
3/15/29
...................
United
States
20,000
20,440
Senior
Note,
144A,
6.625%,
3/15/32
...................
United
States
80,000
81,999
Senior
Note,
144A,
6.375%,
3/15/33
...................
United
States
30,000
30,579
1,522,507
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
38
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Wireless
Telecommunication
Services
0.6%
b
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9
%
,
9/15/29
............................
United
Kingdom
200,000
$
190,872
Rogers
Communications,
Inc.
,
Senior
Note,
5%,
2/15/29
...........................
Canada
182,000
183,384
Senior
Note,
3.8%,
3/15/32
..........................
Canada
87,000
79,704
Sub.
Bond,
7.125%
to
4/14/35,
FRN
thereafter,
4/15/55
.....
Canada
90,000
90,176
NC5,
Sub.
Bond,
7%
to
4/14/30,
FRN
thereafter,
4/15/55
....
Canada
185,000
186,526
T-Mobile
USA,
Inc.
,
Senior
Bond,
2.875%,
2/15/31
........................
United
States
65,000
58,536
Senior
Bond,
5.05%,
7/15/33
.........................
United
States
145,000
143,828
Senior
Note,
3.375%,
4/15/29
........................
United
States
138,000
131,694
Senior
Note,
3.875%,
4/15/30
........................
United
States
8,000
7,717
b
Zegona
Finance
plc
,
Senior
Secured
Note
,
144A,
8.625
%
,
7/15/29
.........................................
United
Kingdom
200,000
213,750
1,286,187
Total
Corporate
Bonds
(Cost
$61,496,831)
....................................
62,422,909
Senior
Floating
Rate
Interests
0.8%
j
Automobile
Components
0.0%
†
Clarios
Global
LP,
First
Lien,
Amendment
No.
6
Dollar
CME
Term
Loan,
7.077%,
(1-month
SOFR
+
2.75%),
1/28/32
.........
United
States
42,384
42,331
DexKo
Global,
Inc.,
First
Lien,
Closing
Date
Dollar
CME
Term
Loan,
8.191%,
(1-month
SOFR
+
3.75%),
10/04/28
........
United
States
44,731
42,891
85,222
a
a
a
a
a
a
j
Building
Products
0.0%
†
CP
Atlas
Buyer,
Inc.,
First
Lien,
CME
Term
Loan,
B,
8.177%,
(1-month
SOFR
+
3.75%),
11/23/27
....................
United
States
62,503
59,467
EMRLD
Borrower
LP,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
6.799%,
(3-month
SOFR
+
2.5%),
8/04/31
..
United
States
14,925
14,871
74,338
a
a
a
a
a
a
j
Chemicals
0.0%
†
Hexion
Holdings
Corp.,
Second
Lien,
Initial
CME
Term
Loan,
11.859%,
(1-month
SOFR
+
7.438%),
3/15/30
............
United
States
56,471
54,741
Nouryon
Finance
BV,
First
Lien,
November
2024
Dollar
CME
Term
Loan,
B1,
7.51%,
(3-month
SOFR
+
3.25%),
4/03/28
...
Netherlands
33,705
33,859
Nouryon
Finance
BV,
First
Lien,
November
2024
Dollar
CME
Term
Loan,
B2,
7.55%,
(3-month
SOFR
+
3.25%),
4/03/28
...
Netherlands
34,564
34,715
Vibrantz
Technologies,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.642%,
(3-month
SOFR
+
4.25%),
4/23/29
..............
United
States
39,315
34,733
158,048
a
a
a
a
a
a
Commercial
Services
&
Supplies
0.0%
†
j
Madison
IAQ
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.762%,
(6-month
SOFR
+
2.5%),
6/21/28
......................
United
States
24,404
24,419
Communications
Equipment
0.1%
i,j
CommScope,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
9.577%,
(1-month
SOFR
+
5.25%),
12/18/29
....................
United
States
85,000
86,003
Consumer
Finance
0.0%
†
i,j
Shift4
Payments
LLC,
First
Lien,
CME
Term
Loan,
6.803%,
(12-month
SOFR
+
2.75%),
5/07/32
....................
United
States
15,000
15,109
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
39
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Containers
&
Packaging
0.0%
†
j
Klockner
Pentaplast
of
America,
Inc.,
First
Lien,
USD
CME
Term
Loan,
B,
9.227%,
(6-month
SOFR
+
4.725%),
2/09/26
......
Luxembourg
48,980
$
44,776
Distributors
0.0%
†
j
Verde
Purchaser
LLC,
First
Lien,
Second
Refinancing
CME
Term
Loan,
8.299%,
(3-month
SOFR
+
4%),
11/30/30
...........
United
States
22,911
22,955
Diversified
Consumer
Services
0.0%
†
j
Ascend
Learning
LLC,
Second
Lien,
Initial
CME
Term
Loan,
10.177%,
(1-month
SOFR
+
5.75%),
12/10/29
............
United
States
37,616
37,510
j
Health
Care
Equipment
&
Supplies
0.0%
†
Bausch
+
Lomb
Corp.,
First
Lien,
Initial
CME
Term
Loan,
7.679%,
(1-month
SOFR
+
3.25%),
5/10/27
.....................
United
States
64,225
64,109
Medline
Borrower
LP,
First
Lien,
Dollar
Incremental
CME
Term
Loan,
6.577%,
(1-month
SOFR
+
2.25%),
10/23/28
........
United
States
40,478
40,484
104,593
a
a
a
a
a
a
j
Hotels,
Restaurants
&
Leisure
0.1%
Fertitta
Entertainment
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
7.827%,
(1-month
SOFR
+
3.5%),
1/29/29
...............
United
States
69,236
68,926
Great
Canadian
Gaming
Corp.,
First
Lien,
CME
Term
Loan,
B,
9.053%,
(3-month
SOFR
+
4.75%),
11/01/29
.............
Canada
46,013
45,358
IRB
Holding
Corp.,
First
Lien,
2024
Second
Replacement
CME
Term
Loan,
B,
6.827%,
(1-month
SOFR
+
2.5%),
12/15/27
...
United
States
98,499
98,519
Scientific
Games
Holdings
LP,
First
Lien,
2024
Refinancing
Dollar
CME
Term
Loan,
7.285%,
(3-month
SOFR
+
3%),
4/04/29
...
United
States
34,737
34,581
247,384
a
a
a
a
a
a
IT
Services
0.0%
†
j
Fortress
Intermediate
3,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.827%,
(1-month
SOFR
+
3.5%),
6/27/31
...............
United
States
54,725
54,862
j
Machinery
0.1%
Filtration
Group
Corp.,
First
Lien,
2025
Incremental
Dollar
CME
Term
Loan,
7.327%,
(1-month
SOFR
+
3%),
10/23/28
......
United
States
30,000
30,129
TK
Elevator
Midco
GmbH,
First
Lien,
CME
Term
Loan,
B1,
7.237%,
(3-month
SOFR
+
3%),
4/30/30
................
Germany
70,263
70,510
100,639
a
a
a
a
a
a
j
Media
0.1%
Clear
Channel
Outdoor
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
8.441%,
(1-month
SOFR
+
4%),
8/23/28
.........................................
United
States
54,606
53,718
DIRECTV
Financing
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
9.791%,
(3-month
SOFR
+
5.25%),
8/02/29
.......
United
States
85,611
84,561
138,279
a
a
a
a
a
a
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.0%
†
i,j
Apollo
Commercial
Real
Estate
Finance,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
7.941%,
(1-month
SOFR
+
3.5%),
3/06/28
...
United
States
30,000
29,925
Paper
&
Forest
Products
0.0%
†
j
Glatfelter
Corp.,
First
Lien,
CME
Term
Loan,
8.563%,
(3-month
SOFR
+
4.25%),
11/04/31
...........................
United
States
34,813
33,797
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
40
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
j
Passenger
Airlines
0.1%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan,
6.522%,
(3-month
SOFR
+
2.25%),
4/20/28
.....................
United
States
72,222
$
71,581
i
American
Airlines,
Inc.,
First
Lien,
CME
Term
Loan,
B,
7.303%,
(12-month
SOFR
+
3.25%),
5/07/32
....................
United
States
5,000
5,027
76,608
a
a
a
a
a
a
j
Pharmaceuticals
0.1%
1261229
BC
Ltd.,
First
Lien,
Initial
CME
Term
Loan,
10.587%,
(1-month
SOFR
+
6.25%),
10/08/30
....................
United
States
45,000
42,844
Endo
Finance
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
8.327%,
(1-month
SOFR
+
4%),
4/23/31
.......
United
States
80,595
78,933
121,777
a
a
a
a
a
a
j
Software
0.0%
†
Rocket
Software,
Inc.,
First
Lien,
CME
Term
Loan,
8.577%,
(1-month
SOFR
+
4.25%),
11/28/28
....................
United
States
56,430
56,579
UKG,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.329%,
(1-month
SOFR
+
3%),
2/10/31
...............................
United
States
9,925
9,955
66,534
a
a
a
a
a
a
j
Specialty
Retail
0.1%
LBM
Acquisition
LLC,
First
Lien,
Amendment
No.
3
Incremental
CME
Term
Loan,
8.175%,
(1-month
SOFR
+
3.75%),
6/06/31
.
United
States
34,648
31,233
PetSmart
LLC,
First
Lien,
Initial
CME
Term
Loan,
8.177%,
(1-month
SOFR
+
3.75%),
2/11/28
.....................
United
States
44,158
44,075
White
Cap
Supply
Holdings
LLC,
First
Lien,
CME
Term
Loan,
C,
7.577%,
(1-month
SOFR
+
3.25%),
10/19/29
.............
United
States
98,369
97,578
172,886
a
a
a
a
a
a
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
j
Flash
Charm,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
7.776%,
(3-month
SOFR
+
3.5%),
3/02/28
......................
United
States
59,550
56,722
j
Trading
Companies
&
Distributors
0.1%
Foundation
Building
Materials,
Inc.,
First
Lien,
2025
Incremental
CME
Term
Loan,
9.548%,
(3-month
SOFR
+
5.25%),
1/29/31
.
United
States
5,000
4,726
Foundation
Building
Materials,
Inc.,
First
Lien,
Term
Loan,
8.291%,
(3-month
SOFR
+
4%),
1/29/31
................
United
States
74,436
70,135
74,861
a
a
a
a
a
a
Wireless
Telecommunication
Services
0.0%
†
j
Connect
Finco
SARL,
First
Lien,
Amendment
No.
4
CME
Term
Loan,
8.822%,
(1-month
SOFR
+
4.5%),
9/13/29
..........
United
Kingdom
44,550
40,903
Total
Senior
Floating
Rate
Interests
(Cost
$1,884,958)
.........................
1,868,150
Foreign
Government
and
Agency
Securities
4.4%
b
Angola
Government
Bond
,
Senior
Bond
,
Reg
S,
8.75
%
,
4/14/32
Angola
200,000
164,378
Argentina
Government
Bond
,
Senior
Bond,
4.125%,
7/09/35
........................
Argentina
280,000
188,720
Senior
Note,
0.75%,
7/09/30
.........................
Argentina
140,800
110,598
b
Bahrain
Government
Bond
,
Senior
Bond
,
Reg
S,
7.375
%
,
5/14/30
Bahrain
200,000
207,108
Brazil
Government
Bond
,
Senior
Bond,
4.5%,
5/30/29
..........................
Brazil
200,000
194,960
Senior
Bond,
4.75%,
1/14/50
.........................
Brazil
330,000
226,804
b
Bulgaria
Government
Bond
,
Senior
Bond
,
Reg
S,
5
%
,
3/05/37
..
Bulgaria
80,000
77,437
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
41
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Chile
Government
Bond
,
Senior
Bond
,
4.34
%
,
3/07/42
.......
Chile
340,000
$
288,558
Colombia
Government
Bond
,
Senior
Bond,
8%,
4/20/33
...........................
Colombia
250,000
256,720
Senior
Bond,
8%,
11/14/35
...........................
Colombia
200,000
200,462
b
Comision
Federal
de
Electricidad
,
Senior
Bond
,
Reg
S,
3.875
%
,
7/26/33
.........................................
Mexico
200,000
166,243
b
Dominican
Republic
Government
Bond
,
Senior
Bond,
Reg
S,
4.5%,
1/30/30
....................
Dominican
Republic
150,000
141,248
Senior
Bond,
Reg
S,
7.45%,
4/30/44
...................
Dominican
Republic
100,000
103,160
Ecopetrol
SA
,
Senior
Bond
,
6.875
%
,
4/29/30
...............
Colombia
170,000
167,228
b
Ecuador
Government
Bond
,
Senior
Bond
,
Reg
S,
5.5
%
,
7/31/35
Ecuador
179,126
112,178
b
Egypt
Government
Bond
,
Senior
Bond,
Reg
S,
7.6%,
3/01/29
....................
Egypt
200,000
196,538
Senior
Bond,
Reg
S,
7.3%,
9/30/33
....................
Egypt
200,000
170,872
b
El
Salvador
Government
Bond
,
Senior
Bond
,
Reg
S,
8.625
%
,
2/28/29
.........................................
El
Salvador
75,000
77,223
b
Electricite
de
France
SA
,
Senior
Bond,
144A,
5.75%,
1/13/35
....................
France
155,000
156,647
Senior
Bond,
144A,
4.75%,
10/13/35
...................
France
159,000
149,354
b
Gabonese
Republic
,
Senior
Bond
,
Reg
S,
6.625
%
,
2/06/31
....
Gabon
200,000
150,253
b
Guatemala
Government
Bond
,
Senior
Bond,
Reg
S,
3.7%,
10/07/33
...................
Guatemala
240,000
201,510
Senior
Note,
144A,
7.05%,
10/04/32
....................
Guatemala
200,000
211,069
b
Hungary
Government
Bond
,
Senior
Note
,
Reg
S,
5.25
%
,
6/16/29
Hungary
200,000
200,801
Indonesia
Government
Bond
,
Senior
Bond
,
4.65
%
,
9/20/32
....
Indonesia
390,000
382,889
b
Ivory
Coast
Government
Bond
,
Senior
Bond
,
Reg
S,
6.125
%
,
6/15/33
.........................................
Ivory
Coast
400,000
355,524
Mexico
Government
Bond
,
Senior
Bond
,
4.28
%
,
8/14/41
......
Mexico
380,000
282,131
b
Nigeria
Government
Bond
,
Senior
Bond,
Reg
S,
6.5%,
11/28/27
...................
Nigeria
200,000
194,268
Senior
Bond,
Reg
S,
7.375%,
9/28/33
..................
Nigeria
200,000
170,318
b
Oman
Government
Bond
,
Senior
Bond
,
Reg
S,
7.375
%
,
10/28/32
Oman
300,000
335,956
Panama
Government
Bond
,
Senior
Bond
,
8
%
,
3/01/38
.......
Panama
300,000
310,875
b
Paraguay
Government
Bond
,
Senior
Bond
,
Reg
S,
3.849
%
,
6/28/33
.........................................
Paraguay
240,000
214,980
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.......
Peru
200,000
176,790
Petroleos
Mexicanos
,
Senior
Bond,
5.95%,
1/28/31
.........................
Mexico
100,000
86,739
Senior
Bond,
6.75%,
9/21/47
.........................
Mexico
30,000
20,300
Senior
Note,
6.49%,
1/23/27
.........................
Mexico
170,000
166,909
Senior
Note,
10%,
2/07/33
...........................
Mexico
100,000
103,220
Philippines
Government
Bond
,
Senior
Bond,
3.75%,
1/14/29
.........................
Philippines
200,000
195,903
Senior
Bond,
5.5%,
2/04/35
..........................
Philippines
200,000
205,613
b
Qatar
Government
Bond
,
Senior
Bond
,
Reg
S,
3.75
%
,
4/16/30
.
Qatar
300,000
293,032
b
Romania
Government
Bond
,
Senior
Bond,
Reg
S,
6.125%,
1/22/44
..................
Romania
150,000
128,694
Senior
Note,
144A,
6.625%,
2/17/28
....................
Romania
220,000
224,995
b
Saudi
Arabia
Government
Bond
,
Senior
Bond
,
Reg
S,
4.5
%
,
10/26/46
........................................
Saudi
Arabia
230,000
184,810
b
Serbia
Government
Bond
,
Senior
Bond,
144A,
6.5%,
9/26/33
.....................
Serbia
200,000
206,918
Senior
Note,
Reg
S,
6.25%,
5/26/28
....................
Serbia
200,000
205,521
South
Africa
Government
Bond
,
Senior
Bond
,
5
%
,
10/12/46
...
South
Africa
200,000
135,360
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
42
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Turkiye
Government
Bond
,
Senior
Bond
,
7.625
%
,
5/15/34
.....
Turkiye
200,000
$
200,398
b
Ukraine
Government
Bond
,
Senior
Bond,
144A,
2/01/35
..........................
Ukraine
30,270
14,832
Senior
Bond,
144A,
1.75%,
2/01/35
....................
Ukraine
61,419
29,996
Senior
Bond,
144A,
2/01/36
..........................
Ukraine
25,225
12,349
Senior
Bond,
144A,
1.75%,
2/01/36
....................
Ukraine
78,967
37,741
Senior
Note,
144A,
2/01/30
..........................
Ukraine
9,585
4,683
Senior
Note,
144A,
2/01/34
..........................
Ukraine
35,820
13,589
Senior
Note,
144A,
1.75%,
2/01/34
.....................
Ukraine
35,096
17,434
b
United
Arab
Emirates
Government
Bond
,
Senior
Bond
,
Reg
S,
2.875
%
,
10/19/41
..................................
United
Arab
Emirates
230,000
168,223
Uruguay
Government
Bond
,
f
Senior
Bond,
PIK,
7.875%,
1/15/33
....................
Uruguay
120,000
141,042
Senior
Bond,
5.1%,
6/18/50
..........................
Uruguay
60,000
53,952
b
Uzbekistan
Government
Bond
,
Senior
Note
,
Reg
S,
6.9
%
,
2/28/32
.........................................
Uzbekistan
200,000
198,763
Total
Foreign
Government
and
Agency
Securities
(Cost
$9,363,888)
.............
9,594,816
U.S.
Government
and
Agency
Securities
10.1%
U.S.
Treasury
Bonds
,
4.25%,
11/15/40
..................................
United
States
2,360,000
2,220,428
k
2.75%,
8/15/42
...................................
United
States
5,000,000
3,750,195
3%,
2/15/49
.....................................
United
States
5,000,000
3,602,441
2%,
8/15/51
.....................................
United
States
1,370,000
770,117
2.875%,
5/15/52
..................................
United
States
220,000
151,233
3.625%,
2/15/53
..................................
United
States
470,000
375,504
U.S.
Treasury
Notes
,
2.75%,
2/15/28
...................................
United
States
2,080,000
2,020,566
1.25%,
9/30/28
...................................
United
States
2,100,000
1,928,760
2.375%,
3/31/29
..................................
United
States
1,160,000
1,097,174
1.5%,
2/15/30
....................................
United
States
90,000
80,645
2.75%,
8/15/32
...................................
United
States
660,000
601,348
3.375%,
5/15/33
..................................
United
States
2,770,000
2,607,966
3.875%,
8/15/33
..................................
United
States
1,650,000
1,605,398
4.375%,
5/15/34
..................................
United
States
1,180,000
1,183,595
Total
U.S.
Government
and
Agency
Securities
(Cost
$23,101,750)
...............
21,995,370
Asset-Backed
Securities
4.7%
Banks
0.3%
Capital
One
Multi-Asset
Execution
Trust
,
2023-A1
,
A
,
4.42
%
,
5/15/28
.
.........................................
United
States
625,000
625,196
Capital
Markets
0.2%
b,j
Magnetite
XL
Ltd.
,
2024-40A
,
A1
,
144A,
FRN
,
5.706
%
,
(
3-month
SOFR
+
1.45
%
),
7/15/37
.
............................
United
States
500,000
502,075
Consumer
Finance
1.3%
American
Express
Credit
Account
Master
Trust
,
2022-4
,
A
,
4.95
%
,
10/15/27
.
........................................
United
States
605,000
605,961
BA
Credit
Card
Trust
,
2022-A2
,
A2
,
5
%
,
4/15/28
.
............
United
States
615,000
616,255
b
Golden
Credit
Card
Trust
,
2022-4A
,
A
,
144A,
4.31
%
,
9/15/27
.
..
Canada
972,000
970,777
Harley-Davidson
Motorcycle
Trust
,
2022-A
,
A3
,
3.06
%
,
2/15/27
.
United
States
16,565
16,532
Hyundai
Auto
Receivables
Trust
,
2023-B
,
A3
,
5.48
%
,
4/17/28
.
..
United
States
558,623
562,229
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
43
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Consumer
Finance
(continued)
Toyota
Auto
Receivables
Owner
Trust
,
2023-B
,
A3
,
4.71
%
,
2/15/28
.
.........................................
United
States
73,896
$
73,974
2,845,728
a
a
a
a
a
a
Financial
Services
2.9%
b,j
Allegro
CLO
XII
Ltd.
,
2020-1A
,
A1R
,
144A,
FRN
,
5.709
%
,
(
3-month
SOFR
+
1.44
%
),
7/21/37
.
....................
United
States
250,000
250,842
b,j
Bain
Capital
Credit
CLO
Ltd.
,
2022-2A
,
A1
,
144A,
FRN
,
5.592
%
,
(
3-month
SOFR
+
1.32
%
),
4/22/35
.
....................
United
States
250,000
250,372
b,j
Birch
Grove
CLO
2
Ltd.
,
2021-2A
,
A1R
,
144A,
FRN
,
5.669
%
,
(
3-month
SOFR
+
1.4
%
),
10/19/37
.
....................
United
States
125,000
125,567
b,j
Birch
Grove
CLO
8
Ltd.
,
2024-8A
,
A1
,
144A,
FRN
,
5.899
%
,
(
3-month
SOFR
+
1.63
%
),
4/20/37
.
....................
Jersey
150,000
150,637
b,j
BRAVO
Residential
Funding
Trust
,
2021-HE2
,
A1
,
144A,
FRN
,
5.072
%
,
(
30-day
SOFR
Average
+
0.75
%
),
11/25/69
.
.......
United
States
209,379
208,883
b,j
CBAM
Ltd.
,
2017-2A
,
AR
,
144A,
FRN
,
5.731
%
,
(
3-month
SOFR
+
1.452
%
),
7/17/34
.
.................................
United
States
200,000
200,287
b,j
Diameter
Capital
CLO
7
Ltd.
,
2024-7A
,
A1A
,
144A,
FRN
,
5.749
%
,
(
3-month
SOFR
+
1.48
%
),
7/20/37
.
....................
United
States
250,000
251,214
b,j
Elevation
CLO
Ltd.
,
2018-10A,
AR,
144A,
FRN,
5.189%,
(3-month
SOFR
+
0.92%),
10/20/31
........................................
United
States
163,347
163,383
2021-13A,
A1R,
144A,
FRN,
5.316%,
(3-month
SOFR
+
1.06%),
7/15/34
...................................
United
States
250,000
249,781
b
FirstKey
Homes
Trust
,
2020-SFR2
,
A
,
144A,
1.266
%
,
10/19/37
.
.
United
States
938,056
923,144
b,j
ICG
US
CLO
Ltd.
,
2017-1A
,
ARR
,
144A,
FRN
,
5.714
%
,
(
3-month
SOFR
+
1.432
%
),
7/28/34
.
...........................
United
States
250,000
250,519
b,j
J.P.
Morgan
Mortgage
Trust
,
2023-HE2
,
A1
,
144A,
FRN
,
6.028
%
,
(
30-day
SOFR
Average
+
1.7
%
),
3/20/54
.
................
United
States
186,187
187,142
b,j
Jamestown
CLO
IX
Ltd.
,
2016-9A
,
A2RR
,
144A,
FRN
,
6.393
%
,
(
3-month
SOFR
+
2.112
%
),
7/25/34
.
....................
United
States
250,000
250,798
b,j
Madison
Park
Funding
XXX
Ltd.
,
2018-30A
,
A1R
,
144A,
FRN
,
5.621
%
,
(
3-month
SOFR
+
1.36
%
),
7/16/37
.
..............
United
States
250,000
250,838
b,j
Oaktree
CLO
Ltd.
,
2021-1A
,
A1R
,
144A,
FRN
,
5.606
%
,
(
3-month
SOFR
+
1.35
%
),
1/15/38
.
............................
United
States
250,000
251,022
b,j
Palmer
Square
CLO
Ltd.
,
2021-3A
,
B
,
144A,
FRN
,
6.168
%
,
(
3-month
SOFR
+
1.912
%
),
1/15/35
.
...................
United
States
250,000
250,476
b,j
Ready
Capital
Mortgage
Financing
LLC
,
2022-FL10
,
AS
,
144A,
FRN
,
7.395
%
,
(
1-month
SOFR
+
3.07
%
),
10/25/39
.
........
United
States
371,000
373,513
b,j
Rockland
Park
CLO
Ltd.
,
2021-1A
,
B
,
144A,
FRN
,
6.181
%
,
(
3-month
SOFR
+
1.912
%
),
4/20/34
.
...................
United
States
250,000
250,467
b,j
Signal
Peak
CLO
5
Ltd.
,
2018-5A
,
A1R
,
144A,
FRN
,
5.832
%
,
(
3-month
SOFR
+
1.55
%
),
4/25/37
.
....................
United
States
250,000
251,092
b,j
Sound
Point
CLO
XXXII
Ltd.
,
2021-4A
,
A
,
144A,
FRN
,
5.693
%
,
(
3-month
SOFR
+
1.412
%
),
10/25/34
.
..................
United
States
250,000
250,466
b,j
Symphony
CLO
XXIII
Ltd.
,
2020-23A
,
AR2
,
144A,
FRN
,
5.156
%
,
(
3-month
SOFR
+
0.9
%
),
1/15/34
.
.....................
United
States
258,181
258,096
b,j
TCW
CLO
Ltd.
,
2021-2A
,
AS
,
144A,
FRN
,
5.723
%
,
(
3-month
SOFR
+
1.442
%
),
7/25/34
.
...........................
United
States
200,000
200,710
b,j
Venture
XIX
CLO
Ltd.
,
2014-19A
,
ARR
,
144A,
FRN
,
5.778
%
,
(
3-month
SOFR
+
1.522
%
),
1/15/32
.
...................
United
States
152,198
152,458
b,j
Venture
XV
CLO
Ltd.
,
2013-15A
,
AR3
,
144A,
FRN
,
5.698
%
,
(
3-month
SOFR
+
1.442
%
),
7/15/32
.
...................
United
States
218,976
219,355
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
44
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b,j
Wise
CLO
Ltd.
,
2023-2A
,
A
,
144A,
FRN
,
6.056
%
,
(
3-month
SOFR
+
1.8
%
),
1/15/37
.
..................................
Jersey
250,000
$
250,947
6,422,009
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$10,282,550)
.............................
10,395,008
Commercial
Mortgage-Backed
Securities
3.0%
Financial
Services
3.0%
b,j
AREIT
Trust
,
2022-CRE6
,
A
,
144A,
FRN
,
5.578
%
,
(
30-day
SOFR
Average
+
1.25
%
),
1/20/37
...........................
United
States
156,358
156,274
l
Banc
of
America
Commercial
Mortgage
Trust
,
2015-UBS7
,
AS
,
FRN
,
3.989
%
,
9/15/48
..............................
United
States
205,000
203,651
l,m
BANK
,
2020-BN26
,
XA
,
IO,
FRN
,
1.191
%
,
3/15/63
..........
United
States
3,744,365
159,820
Barclays
Commercial
Mortgage
Trust
,
2019-C5
,
C
,
3.71
%
,
11/15/52
........................................
United
States
402,000
353,020
l,m
BBCMS
Mortgage
Trust
,
2025-5C34
,
XA
,
IO,
FRN
,
1.395
%
,
5/15/58
.........................................
United
States
1,631,000
82,026
l,m
Benchmark
Mortgage
Trust
,
2020-B21
,
XA
,
IO,
FRN
,
1.415
%
,
12/17/53
........................................
United
States
5,448,387
317,105
l,m
BMO
Mortgage
Trust
,
2025-5C10
,
XA
,
IO,
FRN
,
1.58
%
,
5/15/58
United
States
1,022,000
57,848
l
Citigroup
Commercial
Mortgage
Trust
,
2015-P1,
B,
FRN,
4.313%,
9/15/48
.....................
United
States
475,000
470,455
2016-P6,
B,
FRN,
4.154%,
12/10/49
....................
United
States
368,000
337,141
COMM
Mortgage
Trust
,
b
2013-CR6,
B,
144A,
3.397%,
3/10/46
...................
United
States
158,971
155,137
l
2015-CR22,
AM,
FRN,
3.603%,
3/10/48
.................
United
States
142,000
139,412
l
2015-CR26,
B,
FRN,
4.512%,
10/10/48
.................
United
States
332,000
325,337
l
2015-DC1,
B,
FRN,
4.035%,
2/10/48
...................
United
States
352,000
341,277
l
2015-LC19,
B,
FRN,
3.829%,
2/10/48
...................
United
States
289,000
285,419
l
2017-COR2,
C,
FRN,
4.587%,
9/10/50
..................
United
States
127,000
119,926
CSAIL
Commercial
Mortgage
Trust
,
2016-C6,
AS,
3.346%,
1/15/49
........................
United
States
171,000
165,142
l,m
2019-C15,
XA,
IO,
FRN,
0.989%,
3/15/52
................
United
States
5,193,713
151,330
l
CSMC
Trust
,
2016-NXSR
,
AS
,
FRN
,
4.049
%
,
12/15/49
.......
United
States
176,000
169,807
l
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
2013-
C10
,
C
,
FRN
,
4.096
%
,
12/15/47
.......................
United
States
41,498
39,275
l
JPMDB
Commercial
Mortgage
Securities
Trust
,
2018-C8
,
C
,
FRN
,
4.757
%
,
6/15/51
...................................
United
States
133,000
118,225
b,l,m
LCCM
Trust
,
2017-LC26
,
XA
,
IO,
144A,
FRN
,
1.504
%
,
7/12/50
.
United
States
2,939,890
65,304
l
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
2013-C9,
B,
FRN,
3.708%,
5/15/46
....................
United
States
155,002
147,668
2015-C22,
B,
FRN,
3.883%,
4/15/48
...................
United
States
138,000
131,617
2016-C32,
AS,
FRN,
3.994%,
12/15/49
.................
United
States
410,000
401,510
m
2016-C32,
XA,
IO,
FRN,
0.637%,
12/15/49
...............
United
States
8,975,628
66,873
l
Morgan
Stanley
Capital
I
Trust
,
2018-L1
,
C
,
FRN
,
4.779
%
,
10/15/51
........................................
United
States
263,000
236,198
l,m
Wachovia
Bank
Commercial
Mortgage
Trust
,
2006-C29
,
IO,
FRN
,
0.293
%
,
11/15/48
..................................
United
States
12,938
28
Wells
Fargo
Commercial
Mortgage
Trust
,
2015-C31,
AS,
4.049%,
11/15/48
......................
United
States
193,000
191,298
2017-C39,
B,
4.025%,
9/15/50
........................
United
States
491,000
460,407
2019-C49,
B,
4.546%,
3/15/52
........................
United
States
581,000
561,128
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
45
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
l
WFRBS
Commercial
Mortgage
Trust
,
2013-C11
,
B
,
FRN
,
3.714
%
,
3/15/45
.........................................
United
States
157,072
$
154,237
6,563,895
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$6,087,424)
...............
6,563,895
Mortgage-Backed
Securities
17.9%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
3.7%
FHLMC
Pool,
15
Year,
2.5%,
10/01/36
....................
United
States
920,420
852,605
FHLMC
Pool,
30
Year,
2%,
3/01/51
......................
United
States
1,150,563
900,975
FHLMC
Pool,
30
Year,
2.5%,
1/01/52
.....................
United
States
553,350
457,025
FHLMC
Pool,
30
Year,
2.5%,
1/01/52
.....................
United
States
1,094,207
905,579
FHLMC
Pool,
30
Year,
2.5%,
4/01/52
.....................
United
States
2,234,300
1,843,896
FHLMC
Pool,
30
Year,
3%,
3/01/43
-
8/01/52
...............
United
States
1,230,642
1,070,075
FHLMC
Pool,
30
Year,
3.5%,
8/01/43
.....................
United
States
174,626
161,130
FHLMC
Pool,
30
Year,
4%,
9/01/49
......................
United
States
942,700
878,150
FHLMC
Pool,
30
Year,
4.5%,
9/01/52
.....................
United
States
485,022
460,815
FHLMC
Pool,
30
Year,
5.5%,
12/01/52
....................
United
States
255,703
254,840
FHLMC
Pool,
30
Year,
6%,
9/01/53
......................
United
States
346,713
352,687
8,137,777
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
10.8%
FNMA,
3.5%,
6/01/56
................................
United
States
1,118,372
992,734
FNMA,
15
Year,
1.5%,
7/01/36
.........................
United
States
978,630
862,471
FNMA,
15
Year,
2%,
3/01/36
...........................
United
States
948,982
862,924
FNMA,
30
Year,
1.5%,
1/01/51
.........................
United
States
1,313,987
974,392
FNMA,
30
Year,
2%,
10/01/50
..........................
United
States
1,153,458
906,391
FNMA,
30
Year,
2%,
10/01/51
..........................
United
States
1,173,748
925,782
FNMA,
30
Year,
2%,
2/01/52
...........................
United
States
1,166,235
919,332
FNMA,
30
Year,
2%,
3/01/52
...........................
United
States
1,158,951
913,596
FNMA,
30
Year,
2.5%,
11/01/51
.........................
United
States
547,128
451,861
FNMA,
30
Year,
2.5%,
3/01/52
.........................
United
States
1,110,880
918,795
FNMA,
30
Year,
3%,
2/01/43
...........................
United
States
406,726
361,860
FNMA,
30
Year,
3%,
2/01/52
...........................
United
States
1,019,603
882,731
FNMA,
30
Year,
3%,
3/01/52
...........................
United
States
1,088,899
928,875
FNMA,
30
Year,
3.5%,
6/01/42
-
7/01/43
..................
United
States
322,634
297,661
FNMA,
30
Year,
3.5%,
6/01/52
.........................
United
States
2,077,368
1,853,583
FNMA,
30
Year,
4.5%,
8/01/52
-
1/01/53
..................
United
States
496,986
472,021
FNMA,
30
Year,
5%,
1/01/49
-
8/01/49
....................
United
States
43,128
42,444
FNMA,
30
Year,
5.5%,
1/01/38
-
11/01/52
.................
United
States
650,845
655,981
FNMA,
30
Year,
6.5%,
4/01/53
.........................
United
States
355,109
366,170
n
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
6/25/55
......
United
States
1,000,000
968,091
n
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
7/25/55
......
United
States
1,000,000
967,309
n
Uniform
Mortgage-Backed
Securities,
5.5%,
TBA,
7/25/55
.....
United
States
1,000,000
989,091
n
Uniform
Mortgage-Backed
Securities,
6%,
TBA,
6/25/55
......
United
States
2,000,000
2,019,835
n
Uniform
Mortgage-Backed
Securities,
6%,
TBA,
7/25/55
......
United
States
2,000,000
2,017,179
n
Uniform
Mortgage-Backed
Securities,
6.5%,
TBA,
6/25/55
.....
United
States
1,000,000
1,026,922
n
Uniform
Mortgage-Backed
Securities,
6.5%,
TBA,
7/25/55
.....
United
States
1,000,000
1,025,946
23,603,977
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
3.4%
GNMA
II,
30
Year,
2.5%,
2/20/52
-
3/20/52
.................
United
States
1,067,051
889,630
GNMA
II,
30
Year,
3.5%,
3/20/47
........................
United
States
958,528
863,416
n
GNMA
II,
Single-family,
30
Year,
2%,
6/15/55
...............
United
States
1,000,000
803,540
GNMA
II,
Single-family,
30
Year,
3%,
11/20/53
-
1/20/54
.......
United
States
877,121
767,208
GNMA
II,
Single-family,
30
Year,
3.5%,
10/20/49
-
11/20/49
....
United
States
44,430
39,083
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
46
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(continued)
GNMA
II,
Single-family,
30
Year,
4%,
9/20/52
-
1/20/53
.......
United
States
1,037,814
$
957,459
GNMA
II,
Single-family,
30
Year,
5%,
5/20/49
...............
United
States
46,198
45,272
n
GNMA
II,
Single-family,
30
Year,
5%,
6/15/55
...............
United
States
2,000,000
1,940,615
GNMA
II,
Single-family,
30
Year,
5.5%,
5/20/49
.............
United
States
15,558
15,770
GNMA
II,
Single-family,
30
Year,
6%,
11/20/53
..............
United
States
994,204
1,027,846
7,349,839
Total
Mortgage-Backed
Securities
(Cost
$40,281,828)
..........................
39,091,593
Residential
Mortgage-Backed
Securities
3.8%
Financial
Services
3.8%
b
A&D
Mortgage
Trust
,
2023-NQM2,
A1,
144A,
6.132%,
5/25/68
................
United
States
318,096
318,925
2023-NQM5,
A1,
144A,
7.049%,
11/25/68
...............
United
States
467,742
473,973
b,j
Chase
Home
Lending
Mortgage
Trust
,
2024-11
,
A11
,
144A,
FRN
,
5.572
%
,
(
30-day
SOFR
Average
+
1.25
%
),
11/25/55
........
United
States
113,192
112,617
b
COLT
Mortgage
Loan
Trust
,
2023-3
,
A1
,
144A,
7.18
%
,
9/25/68
.
United
States
607,829
616,506
b,j
Connecticut
Avenue
Securities
Trust
,
2019-HRP1,
M2,
144A,
FRN,
6.586%,
(30-day
SOFR
Average
+
2.264%),
11/25/39
................................
United
States
12,913
12,933
2021-R03,
1M2,
144A,
FRN,
5.972%,
(30-day
SOFR
Average
+
1.65%),
12/25/41
..................................
United
States
35,000
35,206
2022-R01,
1M2,
144A,
FRN,
6.222%,
(30-day
SOFR
Average
+
1.9%),
12/25/41
...................................
United
States
58,000
58,557
2022-R02,
2M1,
144A,
FRN,
5.522%,
(30-day
SOFR
Average
+
1.2%),
1/25/42
....................................
United
States
25,500
25,496
2022-R02,
2M2,
144A,
FRN,
7.322%,
(30-day
SOFR
Average
+
3%),
1/25/42
.....................................
United
States
543,000
556,085
2022-R03,
1M1,
144A,
FRN,
6.422%,
(30-day
SOFR
Average
+
2.1%),
3/25/42
....................................
United
States
470,143
478,052
2022-R03,
1M2,
144A,
FRN,
7.822%,
(30-day
SOFR
Average
+
3.5%),
3/25/42
....................................
United
States
13,000
13,491
2022-R04,
1M1,
144A,
FRN,
6.322%,
(30-day
SOFR
Average
+
2%),
3/25/42
.....................................
United
States
275,446
279,645
2022-R04,
1M2,
144A,
FRN,
7.422%,
(30-day
SOFR
Average
+
3.1%),
3/25/42
....................................
United
States
13,000
13,420
2022-R05,
2M1,
144A,
FRN,
6.222%,
(30-day
SOFR
Average
+
1.9%),
4/25/42
....................................
United
States
90,563
90,993
2022-R06,
1M1,
144A,
FRN,
7.072%,
(30-day
SOFR
Average
+
2.75%),
5/25/42
...................................
United
States
276,302
282,274
2022-R07,
1M1,
144A,
FRN,
7.271%,
(30-day
SOFR
Average
+
2.95%),
6/25/42
...................................
United
States
220,996
226,652
2022-R08,
1M1,
144A,
FRN,
6.872%,
(30-day
SOFR
Average
+
2.55%),
7/25/42
...................................
United
States
143,245
146,496
2023-R01,
1M1,
144A,
FRN,
6.721%,
(30-day
SOFR
Average
+
2.4%),
12/25/42
...................................
United
States
14,036
14,355
2023-R02,
1M1,
144A,
FRN,
6.622%,
(30-day
SOFR
Average
+
2.3%),
1/25/43
....................................
United
States
30,942
31,661
2023-R06,
1M1,
144A,
FRN,
6.022%,
(30-day
SOFR
Average
+
1.7%),
7/25/43
....................................
United
States
43,038
43,293
2023-R07,
2M1,
144A,
FRN,
6.271%,
(30-day
SOFR
Average
+
1.95%),
9/25/43
...................................
United
States
10,887
10,971
2024-R03,
2M1,
144A,
FRN,
5.471%,
(30-day
SOFR
Average
+
1.15%),
3/25/44
...................................
United
States
9,869
9,881
2024-R04,
1M1,
144A,
FRN,
5.422%,
(30-day
SOFR
Average
+
1.1%),
5/25/44
....................................
United
States
13,461
13,467
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
47
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b,j
Connecticut
Avenue
Securities
Trust,
(continued)
2024-R06,
1A1,
144A,
FRN,
5.472%,
(30-day
SOFR
Average
+
1.15%),
9/25/44
...................................
United
States
47,693
$
47,804
2024-R06,
1M1,
144A,
FRN,
5.372%,
(30-day
SOFR
Average
+
1.05%),
9/25/44
...................................
United
States
9,156
9,165
2025-R01,
1A1,
144A,
FRN,
5.271%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
41,788
41,724
2025-R01,
1M1,
144A,
FRN,
5.421%,
(30-day
SOFR
Average
+
1.1%),
1/25/45
....................................
United
States
45,296
45,349
2025-R02,
1A1,
144A,
FRN,
5.321%,
(30-day
SOFR
Average
+
1%),
2/25/45
.....................................
United
States
90,880
90,827
2025-R02,
1M1,
144A,
FRN,
5.471%,
(30-day
SOFR
Average
+
1.15%),
2/25/45
...................................
United
States
278,805
278,736
2025-R03,
2A1,
144A,
FRN,
5.772%,
(30-day
SOFR
Average
+
1.45%),
3/25/45
...................................
United
States
158,196
159,081
b
Cross
Mortgage
Trust
,
2024-H3
,
A1
,
144A,
6.272
%
,
6/25/69
...
United
States
457,041
461,668
b,j
FHLMC
STACR
REMIC
Trust
,
2021-DNA5,
M2,
144A,
FRN,
5.972%,
(30-day
SOFR
Average
+
1.65%),
1/25/34
.................................
United
States
16,343
16,413
2021-DNA6,
M2,
144A,
FRN,
5.822%,
(30-day
SOFR
Average
+
1.5%),
10/25/41
.................................
United
States
44,204
44,404
2021-DNA7,
M2,
144A,
FRN,
6.122%,
(30-day
SOFR
Average
+
1.8%),
11/25/41
..................................
United
States
108,000
108,907
2021-HQA4,
M1,
144A,
FRN,
5.272%,
(30-day
SOFR
Average
+
0.95%),
12/25/41
................................
United
States
10,796
10,787
2022-DNA5,
M1A,
144A,
FRN,
7.272%,
(30-day
SOFR
Average
+
2.95%),
6/25/42
.................................
United
States
259,908
265,912
2022-DNA6,
M1A,
144A,
FRN,
6.472%,
(30-day
SOFR
Average
+
2.15%),
9/25/42
.................................
United
States
76,939
77,670
2022-HQA2,
M1A,
144A,
FRN,
6.972%,
(30-day
SOFR
Average
+
2.65%),
7/25/42
.................................
United
States
52,867
54,097
2022-HQA3,
M1A,
144A,
FRN,
6.622%,
(30-day
SOFR
Average
+
2.3%),
8/25/42
..................................
United
States
332,469
338,742
2023-DNA1,
M1A,
144A,
FRN,
6.421%,
(30-day
SOFR
Average
+
2.1%),
3/25/43
..................................
United
States
17,398
17,651
2023-HQA2,
M1A,
144A,
FRN,
6.322%,
(30-day
SOFR
Average
+
2%),
6/25/43
....................................
United
States
15,119
15,208
2023-HQA3,
A1,
144A,
FRN,
6.172%,
(30-day
SOFR
Average
+
1.85%),
11/25/43
..................................
United
States
33,797
34,203
2023-HQA3,
M1,
144A,
FRN,
6.172%,
(30-day
SOFR
Average
+
1.85%),
11/25/43
.................................
United
States
11,378
11,466
2025-DNA1,
A1,
144A,
FRN,
5.272%,
(30-day
SOFR
Average
+
0.95%),
1/25/45
...................................
United
States
54,438
54,381
2025-DNA2,
A1,
144A,
FRN,
5.431%,
(30-day
SOFR
Average
+
1.1%),
5/25/45
....................................
United
States
141,000
141,419
j
FNMA
Connecticut
Avenue
Securities
,
2017-C06,
1M2B,
FRN,
7.086%,
(30-day
SOFR
Average
+
2.764%),
2/25/30
..................................
United
States
2,114
2,119
2017-C06,
2M2,
FRN,
7.236%,
(30-day
SOFR
Average
+
2.914%),
2/25/30
..................................
United
States
285,806
291,142
2018-C04,
2M2,
FRN,
6.986%,
(30-day
SOFR
Average
+
2.664%),
12/25/30
.................................
United
States
60,599
62,427
b
GCAT
Trust
,
2020-NQM2
,
A3
,
144A,
3.935
%
,
4/25/65
........
United
States
15,614
15,150
b
HOMES
Trust
,
2024-NQM1
,
A1
,
144A,
5.915
%
,
7/25/69
......
United
States
87,605
88,102
b
J.P.
Morgan
Mortgage
Trust
,
2024-CES1
,
A1A
,
144A,
5.919
%
,
6/25/54
.........................................
United
States
69,811
70,136
b
Mill
City
Mortgage
Loan
Trust
,
2023-NQM1
,
A1
,
144A,
6.05
%
,
10/25/67
........................................
United
States
252,655
252,768
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
48
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
j
MortgageIT
Trust
,
2004-1
,
M2
,
FRN
,
5.444
%
,
(
1-month
SOFR
+
1.119
%
),
11/25/34
.................................
United
States
76,855
$
71,254
j
RALI
Trust
,
2006-QO5
,
1A1
,
FRN
,
4.869
%
,
(
1-month
SOFR
+
0.544
%
),
5/25/46
..................................
United
States
129,015
115,903
b,j
Station
Place
Securitization
Trust
,
2024-10,
A,
144A,
FRN,
5.225%,
(1-month
SOFR
+
0.9%),
10/27/25
........................................
United
States
190,000
190,852
2024-2,
A,
144A,
FRN,
5.225%,
(1-month
SOFR
+
0.9%),
6/22/25
.........................................
United
States
120,000
120,095
2024-5,
A,
144A,
FRN,
5.225%,
(1-month
SOFR
+
0.9%),
8/04/25
.........................................
United
States
355,000
355,070
j
Structured
Asset
Mortgage
Investments
II
Trust
,
2007-AR1
,
2A1
,
FRN
,
4.799
%
,
(
1-month
SOFR
+
0.474
%
),
1/25/37
.........
United
States
454,661
400,761
8,226,342
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$8,167,932)
................
8,226,342
Agency
Commercial
Mortgage-Backed
Securities
0.2%
Financial
Services
0.2%
j
FHLMC
,
5471
,
FD
,
FRN
,
5.172
%
,
(
30-day
SOFR
Average
+
0.85
%
),
11/25/54
..................................
United
States
134,549
133,766
j
FNMA
,
2024-93
,
FD
,
FRN
,
5.372
%
,
(
30-day
SOFR
Average
+
1.05
%
),
12/25/54
..................................
United
States
320,798
319,385
453,151
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$454,374)
.........
453,151
Total
Long
Term
Investments
(Cost
$211,651,732)
.............................
219,323,236
a
Short
Term
Investments
5.9%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
5.9%
o,p
Putnam
Government
Money
Market
Fund,
Class
G,
4.113%
...
United
States
2,827,434
2,827,434
o,p
Putnam
Short
Term
Investment
Fund,
Class
P,
4.555%
.......
United
States
10,021,104
10,021,104
Total
Money
Market
Funds
(Cost
$12,848,538)
................................
12,848,538
Total
Short
Term
Investments
(Cost
$12,848,538
)
..............................
12,848,538
a
Total
Investments
(Cost
$224,500,270)
106.3%
................................
$232,171,774
TBA
Sale
Commitments
(2.3)%
..............................................
(5,024,694)
Other
Assets,
less
Liabilities
(4.0)%
.........................................
(8,591,793)
Net
Assets
100.0%
.........................................................
$218,555,287
a
a
a
Principal
Amount
*
q
TBA
Sale
Commitments
(2.3)%
Mortgage-Backed
Securities
(2.3)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(1.8)%
Uniform
Mortgage-Backed
Securities
,
5%,
TBA,
6/25/55
..................................
United
States
(1,000,000)
(968,091)
6%,
TBA,
6/25/55
..................................
United
States
(2,000,000)
(2,019,835)
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
49
At
May
31,
2025,
the
Fund
had
the
following futures
contracts
outstanding.
a
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(continued)
Uniform
Mortgage-Backed
Securities,
(continued)
6.5%,
TBA,
6/25/55
................................
United
States
(1,000,000)
$
(1,026,922)
(4,014,848)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(0.5)%
GNMA
II,
Single-family,
30
Year,
6%,
6/15/55
...............
United
States
(1,000,000)
(1,009,846)
Total
TBA
Sale
Commitments
(Proceeds
$(5,015,547))
.........................
$(5,024,694)
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2025,
the
aggregate
value
of
these
securities
was
$52,710,590,
representing
24.1%
of
net
assets.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
d
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
e
The
rate
shown
represents
the
yield
at
period
end.
f
Income
may
be
received
in
additional
securities
and/or
cash.
g
Perpetual
security
with
no
stated
maturity
date.
h
The
coupon
rate
shown
represents
the
rate
at
period
end.
i
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
j
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
k
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
May
31,
2025,
the
value
of
this
security
pledged
amounted
to
$577,530,
representing
0.3%
net
assets.
l
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
m
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
n
Security
purchased
on
a
to-be-announced
(TBA)
basis.
o
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
p
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
q
Security
sold
on
a
to-be-announced
(TBA)
basis
resulting
in
a
short
position.
As
such,
the
Fund
is
not
subject
to
fees
and
expenses
associated
with
short
sale
transactions.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
S&P
500
E-Mini
Index
.........................
Long
5
$
1,479,000
6/20/25
$
58,151
Interest
rate
contracts
U.S.
Treasury
10
Year
Notes
....................
Long
1
110,750
9/19/25
436
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
33
3,714,047
9/19/25
(4,340)
U.S.
Treasury
2
Year
Notes
.....................
Long
28
5,808,250
9/30/25
6,301
U.S.
Treasury
5
Year
Notes
.....................
Long
37
4,002,938
9/30/25
11,264
U.S.
Treasury
Long
Bonds
.....................
Short
5
563,906
9/19/25
(3,431)
U.S.
Treasury
Ultra
Bonds
......................
Long
19
2,205,188
9/19/25
14,958
Total
Futures
Contracts
......................................................................
$83,339
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
50
At
May
31,
2025,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
BZWS
Buy
128,400
170,114
6/18/25
$
2,899
$
—
British
Pound
......
BZWS
Sell
25,300
33,659
6/18/25
—
(432)
British
Pound
......
SSBT
Buy
53,100
68,072
6/18/25
3,477
—
Danish
Krone
......
BOFA
Buy
227,000
34,180
6/18/25
408
—
Danish
Krone
......
BOFA
Sell
240,900
34,869
6/18/25
—
(1,836)
Danish
Krone
......
CITI
Sell
99,500
14,445
6/18/25
—
(716)
Danish
Krone
......
MSCO
Buy
15,500
2,258
6/18/25
104
—
Danish
Krone
......
UBSW
Sell
274,600
39,754
6/18/25
—
(2,086)
Euro
.............
BOFA
Buy
63,900
71,642
6/18/25
981
—
Euro
.............
BOFA
Sell
189,900
204,460
6/18/25
—
(11,365)
Euro
.............
JPHQ
Sell
368,800
397,011
6/18/25
—
(22,137)
Euro
.............
MSCO
Buy
276,100
311,965
6/18/25
1,827
—
Euro
.............
MSCO
Sell
98,500
107,978
6/18/25
—
(3,969)
Euro
.............
SSBT
Buy
100
113
6/18/25
—
—
Euro
.............
SSBT
Sell
341,200
367,401
6/18/25
—
(20,379)
Euro
.............
UBSW
Sell
124,800
134,342
6/18/25
—
(7,495)
Norwegian
Krone
...
BOFA
Buy
104,100
10,180
6/18/25
18
—
Norwegian
Krone
...
MSCO
Sell
608,200
57,249
6/18/25
—
(2,334)
Norwegian
Krone
...
SSBT
Buy
12,000
1,140
6/18/25
36
—
Norwegian
Krone
...
SSBT
Sell
499,800
48,059
6/18/25
—
(905)
Swedish
Krona
.....
BZWS
Buy
93,300
9,720
6/18/25
20
—
Swedish
Krona
.....
MSCO
Buy
753,500
75,014
6/18/25
3,653
—
Swedish
Krona
.....
MSCO
Sell
726,500
72,528
6/18/25
—
(3,320)
Swedish
Krona
.....
SSBT
Buy
1,897,400
191,222
6/18/25
6,869
—
Swedish
Krona
.....
TDOM
Buy
33,300
3,315
6/18/25
162
—
Swiss
Franc
.......
BOFA
Buy
53,600
65,269
6/18/25
—
(21)
Swiss
Franc
.......
BZWS
Buy
4,200
4,783
6/18/25
330
—
Swiss
Franc
.......
MSCO
Buy
74,300
85,124
6/18/25
5,321
—
Swiss
Franc
.......
SSBT
Buy
10,600
12,072
6/18/25
832
—
Swiss
Franc
.......
SSBT
Sell
77,400
92,546
6/18/25
—
(1,673)
Swiss
Franc
.......
UBSW
Buy
27,400
31,204
6/18/25
2,150
—
Australian
Dollar
....
BOFA
Buy
82,600
53,070
7/16/25
209
—
Australian
Dollar
....
MSCO
Buy
5,000
3,237
7/16/25
—
(12)
Australian
Dollar
....
MSCO
Sell
166,100
104,763
7/16/25
—
(2,376)
Israeli
New
Shekel
..
UBSW
Buy
252,400
71,363
7/16/25
514
—
Israeli
New
Shekel
..
UBSW
Sell
47,000
12,750
7/16/25
—
(634)
Hong
Kong
Dollar
...
BZWS
Buy
3,600
465
8/20/25
—
(3)
Hong
Kong
Dollar
...
CITI
Buy
456,500
58,976
8/20/25
—
(389)
Hong
Kong
Dollar
...
GSCO
Buy
145,900
18,729
8/20/25
—
(5)
Hong
Kong
Dollar
...
UBSW
Sell
144,000
18,570
8/20/25
89
—
Japanese
Yen
......
BZWS
Sell
5,612,700
38,317
8/20/25
—
(1,041)
Japanese
Yen
......
MSCO
Buy
20,960,000
146,857
8/20/25
124
—
Japanese
Yen
......
MSCO
Sell
409,700
2,817
8/20/25
—
(55)
Japanese
Yen
......
SSBT
Sell
1,422,900
9,714
8/20/25
—
(264)
Japanese
Yen
......
UBSW
Buy
7,316,900
50,550
8/20/25
759
—
Japanese
Yen
......
UBSW
Sell
1,856,100
12,671
8/20/25
—
(344)
Singapore
Dollar
....
BZWS
Buy
72,100
55,537
8/20/25
647
—
Singapore
Dollar
....
BZWS
Sell
26,800
20,758
8/20/25
—
(127)
Singapore
Dollar
....
JPHQ
Buy
4,800
3,698
8/20/25
43
—
Singapore
Dollar
....
MSCO
Buy
39,500
30,595
8/20/25
185
—
Singapore
Dollar
....
SSBT
Buy
12,400
9,552
8/20/25
111
—
Putnam
Asset
Allocation
Funds
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
51
At
May
31,
2025,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
See
abbreviations
on
page
56
.
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Singapore
Dollar
....
UBSW
Buy
5,300
4,082
8/20/25
$
48
$
—
Total
Forward
Exchange
Contracts
...................................................
$31,816
$(83,918)
Net
unrealized
appreciation
(depreciation)
............................................
$(52,102)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Fixed
3.75%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
6/18/27
476,000
$
(831)
$
665
$
(1,496)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.75%
....
Annual
6/18/30
1,313,000
(9,092)
(7,449)
(1,643)
Receive
Fixed
3.85%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
6/18/35
16,000
(5)
323
(328)
Receive
Fixed
3.85%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
6/18/55
446,000
(14,353)
6,117
(20,470)
Total
Centrally
Cleared
Swap
Contracts
...................................
$(24,281)
$(344)
$(23,937)
Total
Interest
Rate
Swap
Contracts
.................................
$(24,281)
$
(344)
$(23,937)
*
In
U.S.
dollars
unless
otherwise
indicated.
Putnam
Asset
Allocation
Funds
Notes
to
Schedule
of
Investments
(unaudited)
Putnam
Multi-Asset
Income
Fund
52
Quarterly
Schedule
of
Investments
1.
Organization
Putnam
Asset
Allocation
Funds (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of four
separate
funds,
one
of
which is
included
in
this
report
(Fund).
The Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
and
derivative
financial instruments listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The Fund’s
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The Fund’s
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Putnam
Asset
Allocation
Funds
Notes
to
Schedule
of
Investments
(unaudited)
53
Quarterly
Schedule
of
Investments
Putnam
Multi-Asset
Income
Fund
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the Fund.
As
a
result,
differences
may
arise
between
the
value
of
the Fund’s
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences, an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At May
31,
2025,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
3.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
May
31,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
Multi-Asset
Income
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Government
Money
Market
Fund,
Class
G,
4.113%
.
$2,432,711
$31,325,236
$(30,930,513)
$—
$—
$2,827,434
2,827,434
$73,254
Putnam
Short
Term
Investment
Fund,
Class
P,
4.555%
......
6,785,670
21,741,077
(18,505,643)
—
—
10,021,104
10,021,104
332,418
Total
Affiliated
Securities
...
$9,218,381
$53,066,313
$(49,436,156)
$—
$—
$12,848,538
$405,672
2. Financial
Instrument
Valuation
(continued)
Putnam
Asset
Allocation
Funds
Notes
to
Schedule
of
Investments
(unaudited)
54
Quarterly
Schedule
of
Investments
Putnam
Multi-Asset
Income
Fund
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
May
31,
2025,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Putnam
Multi-Asset
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
933,248
$
164,921
$
—
$
1,098,169
Air
Freight
&
Logistics
...................
735,834
82,028
—
817,862
Automobile
Components
.................
49,624
34,018
—
83,642
Automobiles
..........................
1,009,432
375,576
—
1,385,008
Banks
...............................
1,691,817
1,544,082
—
3,235,899
Beverages
...........................
266,525
37,455
—
303,980
Biotechnology
.........................
460,395
—
—
460,395
Broadline
Retail
.......................
1,487,962
27,984
—
1,515,946
Building
Products
......................
178,840
137,239
—
316,079
Capital
Markets
........................
1,818,202
270,028
—
2,088,230
Chemicals
...........................
507,481
171,188
—
678,669
Commercial
Services
&
Supplies
...........
54,245
—
—
54,245
Communications
Equipment
..............
1,085,772
—
—
1,085,772
Construction
&
Engineering
...............
117,010
169,662
—
286,672
Construction
Materials
..................
—
129,099
—
129,099
Consumer
Finance
.....................
144,264
—
—
144,264
Consumer
Staples
Distribution
&
Retail
......
272,720
154,642
—
427,362
Containers
&
Packaging
.................
47,935
—
—
47,935
Diversified
Consumer
Services
............
163,385
—
—
163,385
Diversified
REITs
......................
59,927
170,963
—
230,890
Diversified
Telecommunication
Services
.....
860,379
119,000
—
979,379
Electric
Utilities
........................
869,262
324,920
—
1,194,182
Electrical
Equipment
....................
1,001,476
165,614
—
1,167,090
Electronic
Equipment,
Instruments
&
Components
........................
60,134
41,857
—
101,991
Energy
Equipment
&
Services
.............
355,142
—
—
355,142
Entertainment
.........................
506,390
81,585
—
587,975
Financial
Services
......................
1,412,295
77,829
—
1,490,124
Food
Products
........................
510,618
231,579
—
742,197
Gas
Utilities
..........................
21,982
—
—
21,982
Ground
Transportation
..................
87,069
—
—
87,069
Health
Care
Equipment
&
Supplies
.........
655,983
129,633
—
785,616
Health
Care
Providers
&
Services
..........
151,662
—
—
151,662
Health
Care
REITs
.....................
98,385
—
—
98,385
Health
Care
Technology
.................
32,665
—
—
32,665
Hotel
&
Resort
REITs
...................
61,068
—
—
61,068
Hotels,
Restaurants
&
Leisure
.............
293,940
114,165
—
408,105
Household
Durables
....................
97,914
33,383
—
131,297
Household
Products
....................
205,105
—
—
205,105
Independent
Power
and
Renewable
Electricity
Producers
..........................
64,399
—
11
64,410
Industrial
Conglomerates
................
43,974
145,369
—
189,343
Insurance
............................
1,287,546
796,397
—
2,083,943
Interactive
Media
&
Services
..............
4,050,687
68,625
—
4,119,312
IT
Services
...........................
59,660
67,537
—
127,197
Leisure
Products
.......................
55,376
—
—
55,376
Machinery
............................
242,044
155,086
—
397,130
Marine
Transportation
...................
119,391
74,987
—
194,378
Media
...............................
1,018,359
27,361
—
1,045,720
4. Fair
Value
Measurements
(continued)
Putnam
Asset
Allocation
Funds
Notes
to
Schedule
of
Investments
(unaudited)
55
Quarterly
Schedule
of
Investments
Putnam
Multi-Asset
Income
Fund
Level
1
Level
2
Level
3
Total
Putnam
Multi-Asset
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Common
Stocks:
(continued)
Metals
&
Mining
.......................
$
127,729
$
391,099
$
—
$
518,828
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
1,020,132
—
—
1,020,132
Multi-Utilities
..........................
78,033
189,103
—
267,136
Office
REITs
..........................
5,458
—
—
5,458
Oil,
Gas
&
Consumable
Fuels
.............
1,289,539
534,968
—
1,824,507
Paper
&
Forest
Products
.................
10,806
—
—
10,806
Passenger
Airlines
.....................
64,792
33,657
—
98,449
Personal
Care
Products
.................
—
110,036
—
110,036
Pharmaceuticals
.......................
3,478,352
913,732
—
4,392,084
Professional
Services
...................
829,229
125,077
—
954,306
Real
Estate
Management
&
Development
....
14,970
—
—
14,970
Residential
REITs
......................
112,980
—
—
112,980
Retail
REITs
..........................
802,188
4,763
—
806,951
Semiconductors
&
Semiconductor
Equipment
.
5,230,403
346,455
—
5,576,858
Software
.............................
2,970,276
99,227
—
3,069,503
Specialized
REITs
......................
512,461
—
—
512,461
Specialty
Retail
........................
1,081,569
160,153
—
1,241,722
Technology
Hardware,
Storage
&
Peripherals
.
3,109,863
67,208
—
3,177,071
Textiles,
Apparel
&
Luxury
Goods
..........
87,833
265,744
—
353,577
Tobacco
.............................
937,169
230,443
—
1,167,612
Trading
Companies
&
Distributors
..........
41,706
400,133
—
441,839
Transportation
Infrastructure
..............
—
41,431
—
41,431
Water
Utilities
.........................
10,356
—
—
10,356
Wireless
Telecommunication
Services
.......
—
174,444
—
174,444
Management
Investment
Companies
.........
628,022
—
—
628,022
Convertible
Preferred
Stocks
................
198,118
—
—
198,118
Preferred
Stocks
.........................
—
90,193
—
90,193
Rights
.................................
—
—
69
69
Convertible
Bonds
.......................
—
460,737
—
460,737
Corporate
Bonds
........................
—
62,422,909
—
62,422,909
Senior
Floating
Rate
Interests
...............
—
1,868,150
—
1,868,150
Foreign
Government
and
Agency
Securities
....
—
9,594,816
—
9,594,816
U.S.
Government
and
Agency
Securities
.......
—
21,995,370
—
21,995,370
Asset-Backed
Securities
...................
—
10,395,008
—
10,395,008
Commercial
Mortgage-Backed
Securities
......
—
6,563,895
—
6,563,895
Mortgage-Backed
Securities
................
—
39,091,593
—
39,091,593
Residential
Mortgage-Backed
Securities
.......
—
8,226,342
—
8,226,342
Agency
Commercial
Mortgage-Backed
Securities
—
453,151
—
453,151
Short
Term
Investments
...................
12,848,538
—
—
12,848,538
Total
Investments
in
Securities
...........
$60,798,045
$171,373,649
a
$80
$232,171,774
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$31,816
$—
$31,816
Futures
Contracts
.......................
91,110
—
—
91,110
Total
Other
Financial
Instruments
.........
$91,110
$31,816
$—
$122,926
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
—
$
5,024,694
$
—
$
5,024,694
Forward
Exchange
Contracts
...............
—
83,918
—
83,918
Futures
Contracts
........................
7,771
—
—
7,771
Swap
Contracts
.........................
—
23,937
—
23,937
Total
Other
Financial
Instruments
.........
$7,771
$5,132,549
$—
$5,140,320
4. Fair
Value
Measurements
(continued)
Putnam
Asset
Allocation
Funds
Notes
to
Schedule
of
Investments
(unaudited)
56
Quarterly
Schedule
of
Investments
Putnam
Multi-Asset
Income
Fund
A
reconciliation
of
assets
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
Abbreviations
a
Includes
foreign
securities
valued
at
$8,872,352,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Counterparty
BOFA
Bank
of
America
NA
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
GSCO
Goldman
Sachs
Group,
Inc.
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
SSBT
State
Street
Bank
and
Trust
Co.
TDOM
Toronto
Dominion
Bank
UBSW
UBS
AG
Cu
r
rency
AUD
Australian
Dollar
CHF
Swiss
Franc
EUR
Euro
GBP
British
Pound
JPY
Japanese
Yen
NOK
Norwegian
Krone
SEK
Swedish
Krona
USD
United
States
Dollar
Selected
Portfolio
ADR
American
Depositary
Receipt
CLO
Collateralized
Loan
Obligation
CVR
Contingent
Value
Right
ETF
Exchange-Traded
Fund
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SOFR
Secured
Overnight
Financing
Rate
STACR
Structured
Agency
Credit
Risk
TBA
To-Be-Announced
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
SOFR
........................
4.35%
4. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.