# EDGAR Filing Document

**Accession Number:** 0000914209
**File Stem:** 0000869392-23-000192
**Filing Date:** 2023-1
**Character Count:** 131109
**Document Hash:** 0c580a02b9ca40a95c74cabbb01b5586
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-23-000192.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0000869392-23-000192

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM ASSET ALLOCATION FUNDS
- **CENTRAL INDEX KEY:** 0000914209
- **IRS NUMBER:** 046746612
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07121
- **FILM NUMBER:** 23557206

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6177601000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM LIFE STAGES ASSET ALLOCATION TRUST
- **DATE OF NAME CHANGE:** 19931027

## Series and Classes Contracts Data

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

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000217944 | Class P Shares |  |

## Nport-Ex

------

---

| |
|:---|
| **Putnam Multi-Asset Income Fund** |
| **The fund's portfolio** |
| **11/30/22 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (31.1%)***<sup>(a)</sup>*** | **COMMON STOCKS (31.1%)***<sup>(a)</sup>*** | **COMMON STOCKS (31.1%)***<sup>(a)</sup>*** |
| | **Shares** | **Value** |
| **Basic materials (1.2%)** | **Basic materials (1.2%)** | **Basic materials (1.2%)** |
| CF Industries Holdings, Inc. | 276 | $29860 |
| Dow, Inc. | 1562 | 79615 |
| DuPont de Nemours, Inc. | 83 | 5852 |
| Freeport-McMoRan, Inc. (Indonesia) | 87 | 3463 |
| LyondellBasell Industries NV Class A | 965 | 82035 |
| Olin Corp. | 112 | 6382 |
| WestRock Co. | 143 | 5423 |
|  |  | **212630** |
| **Capital goods (1.9%)** | **Capital goods (1.9%)** | **Capital goods (1.9%)** |
| Allison Transmission Holdings, Inc. | 149 | 6675 |
| Carrier Global Corp. | 140 | 6205 |
| Caterpillar, Inc. | 29 | 6856 |
| Cummins, Inc. | 28 | 7032 |
| Deere & Co. | 12 | 5292 |
| Eaton Corp. PLC | 38 | 6211 |
| Emerson Electric Co. | 109 | 10439 |
| Fortive Corp. | 72 | 4864 |
| General Dynamics Corp. | 363 | 91618 |
| HEICO Corp. | 42 | 6817 |
| Honeywell International, Inc. | 91 | 19979 |
| Johnson Controls International PLC | 282 | 18736 |
| LKQ Corp. | 108 | 5868 |
| Lockheed Martin Corp. | 201 | 97523 |
| Nordson Corp. | 22 | 5203 |
| Parker Hannifin Corp. | 20 | 5979 |
| Raytheon Technologies Corp. | 65 | 6417 |
| Republic Services, Inc. | 74 | 10307 |
| Textron, Inc. | 216 | 15418 |
| Waste Management, Inc. | 32 | 5367 |
|  |  | **342806** |
| **Communication services (0.8%)** | **Communication services (0.8%)** | **Communication services (0.8%)** |
| American Tower Corp.***<sup>(R)</sup>*** | 27 | 5974 |
| AT&T, Inc. | 4496 | 86683 |
| Comcast Corp. Class A | 389 | 14253 |
| Crown Castle, Inc.***<sup>(R)</sup>*** | 23 | 3253 |
| Verizon Communications, Inc. | 797 | 31067 |
|  |  | **141230** |
| **Conglomerates (0.3%)** | **Conglomerates (0.3%)** | **Conglomerates (0.3%)** |
| 3M Co. | 43 | 5417 |
| AMETEK, Inc. | 253 | 36032 |
| General Electric Co. | 129 | 11090 |
|  |  | **52539** |
| **Consumer cyclicals (3.3%)** | **Consumer cyclicals (3.3%)** | **Consumer cyclicals (3.3%)** |
| Amazon.com, Inc.***<sup>(NON)</sup>*** | 796 | 76846 |
| Automatic Data Processing, Inc. | 25 | 6604 |
| Best Buy Co., Inc. | 84 | 7165 |
| Booking Holdings, Inc.***<sup>(NON)</sup>*** | 12 | 24953 |
| Boyd Gaming Corp. | 94 | 5765 |
| Cintas Corp. | 16 | 7388 |
| Expedia Group, Inc.***<sup>(NON)</sup>*** | 52 | 5556 |
| Ford Motor Co. | 6873 | 95535 |
| Genuine Parts Co. | 101 | 18516 |
| Home Depot, Inc. (The) | 18 | 5832 |
| Interpublic Group of Cos., Inc. (The) | 181 | 6219 |
| Lowe's Cos., Inc. | 28 | 5951 |
| Macy's, Inc. | 3904 | 91744 |
| Marriott International, Inc./MD Class A | 31 | 5126 |
| Mastercard, Inc. Class A | 8 | 2851 |
| Owens Corning | 63 | 5597 |
| Penske Automotive Group, Inc. | 52 | 6575 |
| Tapestry, Inc. | 2457 | 92801 |
| Target Corp. | 33 | 5513 |
| Tesla, Inc.***<sup>(NON)</sup>*** | 204 | 39719 |
| TJX Cos., Inc. (The) | 76 | 6084 |
| Toll Brothers, Inc. | 911 | 43646 |
| Travel + Leisure Co. | 129 | 5014 |
| Vail Resorts, Inc. | 23 | 5923 |
| Whirlpool Corp. | 39 | 5715 |
| Wyndham Hotels & Resorts, Inc. | 78 | 5719 |
|  |  | **588357** |
| **Consumer staples (1.9%)** | **Consumer staples (1.9%)** | **Consumer staples (1.9%)** |
| Airbnb, Inc. Class A***<sup>(NON)</sup>*** | 45 | 4596 |
| Coca-Cola Co. (The) | 1756 | 111699 |
| Colgate-Palmolive Co. | 72 | 5579 |
| Conagra Brands, Inc. | 158 | 6001 |
| DoorDash, Inc. Class A***<sup>(NON)</sup>*** | 112 | 6524 |
| Hershey Co. (The) | 21 | 4939 |
| Kraft Heinz Co. (The) | 1106 | 43521 |
| ManpowerGroup, Inc. | 76 | 6652 |
| Mondelez International, Inc. Class A | 90 | 6085 |
| PepsiCo, Inc. | 86 | 15954 |
| Philip Morris International, Inc. | 1122 | 111830 |
| Procter & Gamble Co. (The) | 58 | 8651 |
| Uber Technologies, Inc.***<sup>(NON)</sup>*** | 229 | 6673 |
|  |  | **338704** |
| **Energy (1.6%)** | **Energy (1.6%)** | **Energy (1.6%)** |
| Chesapeake Energy Corp. | 56 | 5796 |
| Chevron Corp. | 248 | 45461 |
| Devon Energy Corp. | 91 | 6235 |
| Diamondback Energy, Inc. | 34 | 5033 |
| Exxon Mobil Corp. | 1111 | 123699 |
| Marathon Oil Corp. | 163 | 4993 |
| Marathon Petroleum Corp. | 183 | 22291 |
| Phillips 66 | 51 | 5530 |
| Pioneer Natural Resources Co. | 241 | 56874 |
| Targa Resources Corp. | 65 | 4835 |
| Valero Energy Corp. | 61 | 8151 |
|  |  | **288898** |
| **Financials (5.2%)** | **Financials (5.2%)** | **Financials (5.2%)** |
| Ally Financial, Inc. | 613 | 16557 |
| American International Group, Inc. | 95 | 5995 |
| Ameriprise Financial, Inc. | 128 | 42490 |
| Axis Capital Holdings, Ltd. | 103 | 5929 |
| Bank of America Corp. | 162 | 6132 |
| Blackstone, Inc. | 623 | 57023 |
| Brixmor Property Group, Inc.***<sup>(R)</sup>*** | 264 | 6120 |
| Camden Property Trust***<sup>(R)</sup>*** | 44 | 5295 |
| Capital One Financial Corp. | 62 | 6401 |
| Carlyle Group, Inc. (The) | 2865 | 89302 |
| Citigroup, Inc. | 1213 | 58721 |
| CNA Financial Corp. | 136 | 5791 |
| Comerica, Inc. | 80 | 5739 |
| CubeSmart***<sup>(R)</sup>*** | 132 | 5463 |
| Discover Financial Services | 853 | 92431 |
| East West Bancorp, Inc. | 64 | 4493 |
| Equitable Holdings, Inc. | 867 | 27519 |
| Extra Space Storage, Inc.***<sup>(R)</sup>*** | 31 | 4981 |
| Fifth Third Bancorp | 144 | 5236 |
| Gaming and Leisure Properties, Inc.***<sup>(R)</sup>*** | 1473 | 77495 |
| Goldman Sachs Group, Inc. (The) | 18 | 6951 |
| JPMorgan Chase & Co. | 446 | 61628 |
| Lamar Advertising Co. Class A***<sup>(R)</sup>*** | 58 | 5808 |
| Life Storage, Inc.***<sup>(R)</sup>*** | 101 | 10856 |
| MetLife, Inc. | 932 | 71484 |
| MGIC Investment Corp. | 387 | 5314 |
| OneMain Holdings, Inc. | 160 | 6298 |
| PNC Financial Services Group, Inc. (The) | 30 | 5048 |
| Prudential Financial, Inc. | 54 | 5834 |
| Public Storage***<sup>(R)</sup>*** | 19 | 5661 |
| Reinsurance Group of America, Inc. | 35 | 5054 |
| Rithm Capital Corp.***<sup>(R)</sup>*** | 688 | 6226 |
| Simon Property Group, Inc.***<sup>(R)</sup>*** | 776 | 92685 |
| SLM Corp. | 364 | 6355 |
| Spirit Realty Capital, Inc.***<sup>(R)</sup>*** | 74 | 3065 |
| Starwood Property Trust, Inc.***<sup>(R)</sup>*** | 274 | 5866 |
| Synchrony Financial | 728 | 27358 |
| U.S. Bancorp | 132 | 5991 |
| Umpqua Holdings Corp. | 315 | 6385 |
| Unum Group | 253 | 10672 |
| VICI Properties, Inc.***<sup>(R)</sup>*** | 168 | 5746 |
| Virtu Financial, Inc. Class A | 255 | 5656 |
| Wells Fargo & Co. | 967 | 46368 |
|  |  | **941422** |
| **Health care (4.6%)** | **Health care (4.6%)** | **Health care (4.6%)** |
| Abbott Laboratories | 354 | 38083 |
| AbbVie, Inc. | 792 | 127655 |
| Amgen, Inc. | 19 | 5442 |
| Bristol-Myers Squibb Co. | 798 | 64063 |
| Cardinal Health, Inc. | 1005 | 80571 |
| Cigna Corp. | 27 | 8880 |
| CVS Health Corp. | 1012 | 103103 |
| Elevance Health, Inc. | 14 | 7461 |
| Eli Lilly and Co. | 213 | 79040 |
| Johnson & Johnson | 34 | 6052 |
| McKesson Corp. | 14 | 5344 |
| Medtronic PLC | 338 | 26716 |
| Merck & Co., Inc. | 1155 | 127189 |
| Pfizer, Inc. | 2590 | 129837 |
| UnitedHealth Group, Inc. | 39 | 21363 |
| Viatris, Inc. | 567 | 6254 |
|  |  | **837053** |
| **Technology (9.6%)** | **Technology (9.6%)** | **Technology (9.6%)** |
| Accenture PLC Class A | 316 | 95094 |
| Adobe, Inc.***<sup>(NON)</sup>*** | 34 | 11728 |
| Alphabet, Inc. Class A***<sup>(NON)</sup>*** | 2020 | 204000 |
| Apple, Inc. | 2795 | 413744 |
| Applied Materials, Inc. | 60 | 6576 |
| Atlassian Corp., Ltd. Class A***<sup>(NON)</sup>*** | 151 | 19864 |
| Autodesk, Inc.***<sup>(NON)</sup>*** | 31 | 6260 |
| Broadcom, Inc. | 233 | 128390 |
| Cadence Design Systems, Inc.***<sup>(NON)</sup>*** | 304 | 52300 |
| Cisco Systems, Inc./Delaware | 2398 | 119229 |
| DocuSign, Inc.***<sup>(NON)</sup>*** | 106 | 4989 |
| eBay, Inc. | 1930 | 87699 |
| Fidelity National Information Services, Inc. | 68 | 4935 |
| Fortinet, Inc.***<sup>(NON)</sup>*** | 97 | 5157 |
| Intuit, Inc. | 177 | 72143 |
| KLA Corp. | 15 | 5897 |
| Lam Research Corp. | 13 | 6141 |
| Manhattan Associates, Inc.***<sup>(NON)</sup>*** | 17 | 2141 |
| Meta Platforms, Inc. Class A***<sup>(NON)</sup>*** | 203 | 23974 |
| Microsoft Corp. | 992 | 253099 |
| Monolithic Power Systems, Inc. | 16 | 6111 |
| NetApp, Inc. | 79 | 5341 |
| NVIDIA Corp. | 446 | 75477 |
| Palo Alto Networks, Inc.***<sup>(NON)</sup>*** | 33 | 5607 |
| Pure Storage, Inc. Class A***<sup>(NON)</sup>*** | 539 | 15733 |
| Qualcomm, Inc. | 601 | 76020 |
| ServiceNow, Inc.***<sup>(NON)</sup>*** | 14 | 5828 |
| Snowflake, Inc. Class A***<sup>(NON)</sup>*** | 24 | 3430 |
| SS&C Technologies Holdings, Inc. | 104 | 5591 |
| Synopsys, Inc.***<sup>(NON)</sup>*** | 13 | 4414 |
| Western Union Co. (The) | 374 | 5483 |
|  |  | **1732395** |
| **Transportation (0.1%)** | **Transportation (0.1%)** | **Transportation (0.1%)** |
| CSX Corp. | 154 | 5034 |
| FedEx Corp. | 33 | 6013 |
| Union Pacific Corp. | 31 | 6740 |
| United Parcel Service, Inc. Class B | 31 | 5882 |
|  |  | **23669** |
| **Utilities and power (0.6%)** | **Utilities and power (0.6%)** | **Utilities and power (0.6%)** |
| AES Corp. (The) | 196 | 5668 |
| American Electric Power Co., Inc. | 52 | 5034 |
| Constellation Energy Corp. | 59 | 5671 |
| DTE Energy Co. | 48 | 5568 |
| Duke Energy Corp. | 60 | 5996 |
| Edison International | 197 | 13132 |
| Eversource Energy | 70 | 5800 |
| Exelon Corp. | 137 | 5668 |
| FirstEnergy Corp. | 149 | 6145 |
| Kinder Morgan, Inc. | 322 | 6157 |
| NiSource, Inc. | 220 | 6147 |
| NRG Energy, Inc. | 243 | 10315 |
| Public Service Enterprise Group, Inc. | 91 | 5510 |
| Sempra Energy | 37 | 6149 |
| Southern Co. (The) | 75 | 5073 |
| Vistra Corp. | 270 | 6566 |
|  |  | **104599** |
| **Total common stocks (cost $5,601,236)** |  | **$5604302** |

---

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| | | |
|:---|:---|:---|
| **INVESTMENT COMPANIES (1.7%)***<sup>(a)</sup>*** | **INVESTMENT COMPANIES (1.7%)***<sup>(a)</sup>*** | **INVESTMENT COMPANIES (1.7%)***<sup>(a)</sup>*** |
| | **Shares** | **Value** |
| SPDR S&P 500 ETF Trust | 671 | $273553 |
| SPDR S&P MidCap 400 ETF Trust | 78 | 36698 |
| **Total investment companies (cost $287,664)** |  | **$310251** |

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| | | |
|:---|:---|:---|
| **COMMODITY LINKED NOTES (0.4%)***<sup>(a)(CLN)</sup>*** | **COMMODITY LINKED NOTES (0.4%)***<sup>(a)(CLN)</sup>*** | **COMMODITY LINKED NOTES (0.4%)***<sup>(a)(CLN)</sup>*** |
| | **Principal amount** | **Value** |
| Goldman Sachs International 144A notes zero %, 3/31/23 (Indexed to the S&P GSCI Excess Return Index multiplied by 3) | $89000 | $80839 |
| **Total commodity linked notes (cost $89,000)** |  | **$80839** |

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| | | | |
|:---|:---|:---|:---|
| **SHORT-TERM INVESTMENTS (65.4%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (65.4%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (65.4%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (65.4%)***<sup>(a)</sup>*** |
| | | **Principal amount/shares** | **Value** |
| Interest in $417,753,000 joint tri-party repurchase agreement dated 11/30/2022 with BofA Securities, Inc. due 12/1/2022 - maturity value of $10,173,074 for an effective yield of 3.800% (collateralized by Agency Mortgage-Backed Securities with coupon rates ranging from 1.500% to 6.500% and due dates ranging from 5/1/2024 to 2/15/2065, valued at $426,108,060) |  | $10172000 | $10172000 |
| Putnam Short Term Investment Fund Class P 3.95%***<sup>(AFF)</sup>*** | Shares | 875000 | 875000 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 3.66%***<sup>(P)</sup>*** | Shares | 430000 | 430000 |
| U.S. Treasury Bills 4.001%, 1/10/23***<sup>(SEG)</sup>*** |  | $200000 | 199133 |
| U.S. Treasury Bills 3.543%, 12/13/22***<sup>(SEG)</sup>*** |  | 100000 | 99882 |
| **Total short-term investments (cost $11,776,011)** |  |  | **$11776015** |
| **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** |
| **Total investments (cost $17,753,911)** |  |  | **$17771407** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS OUTSTANDING at 11/30/22 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 11/30/22 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 11/30/22 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 11/30/22 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 11/30/22 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 11/30/22 (Unaudited)** |
| | **Number of contracts** | **Notional<br>amount** | **Value** | &nbsp;&nbsp;&nbsp;**Expiration date** | **Unrealized<br>appreciation/<br>(depreciation)** |
| MSCI EAFE Index (Long) | 5 | $486007 | $494950 | &nbsp;&nbsp;&nbsp;Dec-22 | $23514 |
| Russell 2000 Index E-Mini (Long) | 2 | 188658 | 188750 | &nbsp;&nbsp;&nbsp;Dec-22 | (268) |
| S&P 500 Index E-Mini (Short) | 17 | 3468094 | 3469063 | &nbsp;&nbsp;&nbsp;Dec-22 | (46690) |
| **Unrealized appreciation** |  |  |  |  | **23514** |
| **Unrealized (depreciation)** |  |  |  |  | **(46958)** |
| **Total** |  |  |  |  | **$(23444)** |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 11/30/22 (Unaudited)** | **OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 11/30/22 (Unaudited)** | **OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 11/30/22 (Unaudited)** | **OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 11/30/22 (Unaudited)** | **OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 11/30/22 (Unaudited)** | **OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 11/30/22 (Unaudited)** | **OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 11/30/22 (Unaudited)** |
| **Swap counterparty/<br>notional amount** | **Value** | **Upfront premium received (paid)** | **Termi-<br> nation<br>date** | &nbsp;&nbsp;**Payments received<br>(paid) by fund** | **Total return received by or paid by fund** | **Unrealized<br>appreciation/<br>(depreciation)** |
| **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** |
| $8412348 | $8792532 | $— | 7/5/24 | &nbsp;&nbsp;(US SOFR plus 0.65%) — Monthly | iShares Core U.S. Aggregate Bond ETF — Monthly | $362565 |
| 2891619 | 3001508 |  | 7/5/24 | &nbsp;&nbsp;(US SOFR plus 0.35%) — Monthly | iShares IBOXX High Yield Corporate Bond ETF — Monthly | 104694 |
| **Upfront premium received** | **Upfront premium received** | **—** | &nbsp;&nbsp;**Unrealized appreciation** | &nbsp;&nbsp;**Unrealized appreciation** | &nbsp;&nbsp;**Unrealized appreciation** | **467259** |
| **Upfront premium (paid)** | **Upfront premium (paid)** | **—** | &nbsp;&nbsp;**Unrealized (depreciation)** | &nbsp;&nbsp;**Unrealized (depreciation)** | &nbsp;&nbsp;**Unrealized (depreciation)** | **—** |
| **Total** | **Total** | **$—** |  |  | **Total** | **$467259** |

---

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| | | |
|:---|:---|:---|
|  | ***Key to holding's abbreviations*** | ***Key to holding's abbreviations*** |
| ETF | Exchange Traded Fund | Exchange Traded Fund |
| SOFR | Secured Overnight Financing Rate | Secured Overnight Financing Rate |
| SPDR | S&P Depository Receipts | S&P Depository Receipts |
|  | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** |
|  | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from September 1, 2022 through November 30, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from September 1, 2022 through November 30, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. |
| ***<sup>(a)</sup>*** | Percentages indicated are based on net assets of $17,994,161. | Percentages indicated are based on net assets of $17,994,161. |
| ***<sup>(CLN)</sup>*** | The value of the commodity linked notes, which are marked to market daily, may be based on a multiple of the performance of the index. The multiple (or leverage) will increase the volatility of the note's value relative to the change in the underlying index. | The value of the commodity linked notes, which are marked to market daily, may be based on a multiple of the performance of the index. The multiple (or leverage) will increase the volatility of the note's value relative to the change in the underlying index. |
| ***<sup>(NON)</sup>*** | This security is non-income-producing. | This security is non-income-producing. |
| ***<sup>(AFF)</sup>*** | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Name of affiliate** | **Shares outstanding<br>and fair<br>value as of<br>11/30/22** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-term investments** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Putnam Short Term Investment Fund\*\* | $875000 |
|  | **Total Short-term investments** | **$875000** |
|  | \*\* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | \*\* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. |
| ***<sup>(SEG)</sup>*** | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $209,226. | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $209,226. |
| ***<sup>(P)</sup>*** | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. |
| ***<sup>(R)</sup>*** | Real Estate Investment Trust. | Real Estate Investment Trust. |
|  | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. |
|  | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
|  | The dates shown on debt obligations are the original maturity dates. | The dates shown on debt obligations are the original maturity dates. |
|  | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. |
|  | Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security. | Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security. |
|  | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. |
|  | Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. | Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. |
|  | Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. | Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. |
|  | To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. |
|  | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. |
|  | **Repurchase agreements:** The fund, or any joint trading account, through its custodian, receives delivery of the underlying securities, the fair value of which at the time of purchase is required to be in an amount at least equal to the resale price, including accrued interest. Collateral for certain tri-party repurchase agreements, which totaled $10,375,440 at the end of the reporting period, is held at the counterparty's custodian in a segregated account for the benefit of the fund and the counterparty. Putnam Management is responsible for determining that the value of these underlying securities is at all times at least equal to the resale price, including accrued interest. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. | **Repurchase agreements:** The fund, or any joint trading account, through its custodian, receives delivery of the underlying securities, the fair value of which at the time of purchase is required to be in an amount at least equal to the resale price, including accrued interest. Collateral for certain tri-party repurchase agreements, which totaled $10,375,440 at the end of the reporting period, is held at the counterparty's custodian in a segregated account for the benefit of the fund and the counterparty. Putnam Management is responsible for determining that the value of these underlying securities is at all times at least equal to the resale price, including accrued interest. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. |
|  | **Futures contracts:** The fund used futures contracts to manage exposure to market risk and to equitize cash. | **Futures contracts:** The fund used futures contracts to manage exposure to market risk and to equitize cash. |
|  | The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. | The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. |
|  | Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as "variation margin". | Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as "variation margin". |
|  | For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes. | For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes. |
|  | **Total return swap contracts:** The fund entered into OTC and/or centrally cleared total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, both based on a notional principal amount, to hedge sector exposure, to manage exposure to specific sectors or industries, to manage exposure to specific securities, to gain exposure to a basket of securities, to gain exposure to specific markets or countries and to gain exposure to specific sectors or industries. | **Total return swap contracts:** The fund entered into OTC and/or centrally cleared total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, both based on a notional principal amount, to hedge sector exposure, to manage exposure to specific sectors or industries, to manage exposure to specific securities, to gain exposure to a basket of securities, to gain exposure to specific markets or countries and to gain exposure to specific sectors or industries. |
|  | To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC and/or centrally cleared total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker. Any change is recorded as an unrealized gain or loss on OTC total return swaps. Daily fluctuations in the value of centrally cleared total return swaps are settled through a central clearing agent and are recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC and/or centrally cleared total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund's maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC total return swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared total return swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. | To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC and/or centrally cleared total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker. Any change is recorded as an unrealized gain or loss on OTC total return swaps. Daily fluctuations in the value of centrally cleared total return swaps are settled through a central clearing agent and are recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC and/or centrally cleared total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund's maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC total return swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared total return swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. |
|  | For the fund's average notional amount on total return swap contracts, see the appropriate table at the end of these footnotes. | For the fund's average notional amount on total return swap contracts, see the appropriate table at the end of these footnotes. |
|  | **Master agreements:** The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements that govern OTC derivative and foreign exchange contracts and Master Securities Forward Transaction Agreements that govern transactions involving mortgage-backed and other asset-backed securities that may result in delayed delivery (Master Agreements) with certain counterparties entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, are presented in the fund's portfolio. | **Master agreements:** The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements that govern OTC derivative and foreign exchange contracts and Master Securities Forward Transaction Agreements that govern transactions involving mortgage-backed and other asset-backed securities that may result in delayed delivery (Master Agreements) with certain counterparties entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, are presented in the fund's portfolio. |
|  | Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty. | Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty. |
|  | With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity. | With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity. |
|  | At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements. | At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements. |

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| | | | |
|:---|:---|:---|:---|
| ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. |
| The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: |
|  | **Valuation inputs** | **Valuation inputs** | **Valuation inputs** |
| **Investments in securities:** | **Level 1** | **Level 2** | **Level 3** |
| **Common stocks\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic materials | &nbsp;&nbsp;&nbsp;&nbsp;$212630 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital goods | &nbsp;&nbsp;&nbsp;&nbsp;342806 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication services | &nbsp;&nbsp;&nbsp;&nbsp;141230 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;52539 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer cyclicals | &nbsp;&nbsp;&nbsp;&nbsp;588357 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | &nbsp;&nbsp;&nbsp;&nbsp;338704 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;288898 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;941422 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Health care | &nbsp;&nbsp;&nbsp;&nbsp;837053 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology | &nbsp;&nbsp;&nbsp;&nbsp;1732395 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation | &nbsp;&nbsp;&nbsp;&nbsp;23669 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities and power | &nbsp;&nbsp;&nbsp;&nbsp;104599 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total common stocks** | **5604302** | **—** | **—** |
| Commodity linked notes |  | 80839 |  |
| Investment companies | 310251 |  |  |
| Short-term investments | 430000 | 11346015 |  |
| **Totals by level** | **$6344553** | **$11426854** | **$—** |
|  | **Valuation inputs** | **Valuation inputs** | **Valuation inputs** |
| **Other financial instruments:** | **Level 1** | **Level 2** | **Level 3** |
| Futures contracts | $(23444) | $— | $— |
| Total return swap contracts |  | 467259 |  |
| **Totals by level** | **$(23444)** | **$467259** | **$—** |
| \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. |
| The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period: | The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period: | The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period: | The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period: |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts (number of contracts) | 20 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC total return swap contracts (notional) | $11400000 |  |  |
| For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Putnam Asset Allocation Funds

- **b. Investment Company Act file number:** 811-07121

- **c. CIK number of Registrant:** 0000914209

- **d. LEI of Registrant:** 54930003OF6WJCA42O09

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 FEDERAL STREET

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 1-800-225-1581

**Item A.2. Information about the Series.**

- **a. Name of Series:** Putnam Multi-Asset Income Fund

- **b. EDGAR series identifier (if any):** S000067964

- **c. LEI of Series:** 549300EE2TDU7HM51B72

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $18472879.41

**Total Liabilities:** $480965.51

**Net Assets:** $17991913.90

**Cash Not Reported:** $871226.11

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 1.28 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000217944 | 3.68%                | 2.12%                | -4.87%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $293683.86                                 |
| Month 2  | $-16386.09               | $525607.15                                 |
| Month 3  | $-28442.70               | $-550947.36                                |

**Designated Index Information**

- **Index Name:** Putnam Multi-Asset Income Blend

- **Index Identifier:** IDX08017

### Schedule of Portfolio Investments

| Name                                                                        | Title                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DISCOVER FINANCIAL SERVICES                                                 | COMMON STOCK                     | CUSIP: 254709108<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | EC               | CORP              | US        |       853 | NS      | $92431.08     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKSTONE INC                                                              | COMMON STOCK                     | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |       623 | NS      | $57023.19     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON CONTROLS INTERNATIONAL PLC                                          | COMMON STOCK                     | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |       282 | NS      | $18736.08     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILIP MORRIS INTERNATIONAL INC                                             | COMMON STOCK                     | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      1122 | NS      | $111829.74    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| STARWOOD PROPERTY TRUST INC                                                 | COMMON STOCK                     | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |       274 | NS      | $5866.34      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTINET INC                                                                | COMMON STOCK                     | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |        97 | NS      | $5156.52      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SS AND C TECHNOLOGIES HOLDINGS INC                                          | COMMON STOCK                     | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |       104 | NS      | $5591.04      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LYONDELLBASELL INDUSTRIES NV                                                | COMMON STOCK                     | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | US        |       965 | NS      | $82034.65     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA INC                                                                   | COMMON STOCK                     | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |       204 | NS      | $39718.80     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RESOURCES CORP                                                        | COMMON STOCK                     | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |        65 | NS      | $4835.35      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KINDER MORGAN INC                                                           | COMMON STOCK                     | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |       322 | NS      | $6156.64      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON PETROLEUM CORP                                                     | COMMON STOCK                     | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |       183 | NS      | $22291.23     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLISON TRANSMISSION HOLDINGS INC                                           | COMMON STOCK                     | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |       149 | NS      | $6675.20      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILLIPS 66                                                                 | COMMON STOCK                     | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |        51 | NS      | $5530.44      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC                                                          | COMMON STOCK                     | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       203 | NS      | $23974.30     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW INC                                                              | COMMON STOCK                     | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |        14 | NS      | $5828.20      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS INC                                                      | COMMON STOCK                     | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |        33 | NS      | $5606.70      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SPIRIT REALTY CAPITAL INC                                                   | COMMON STOCK                     | CUSIP: 84860W300<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EC               | CORP              | US        |        74 | NS      | $3065.08      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CARLYLE GROUP INC/THE                                                       | COMMON STOCK                     | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |      2865 | NS      | $89302.05     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                      | COMMON STOCK                     | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |        34 | NS      | $5032.68      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC                                                                  | COMMON STOCK                     | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |       792 | NS      | $127654.56    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP                                                          | COMMON STOCK                     | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |       688 | NS      | $6226.40      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMING AND LEISURE PROPERTIES INC                                           | COMMON STOCK                     | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |      1473 | NS      | $77494.53     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEMAIN HOLDINGS INC                                                        | COMMON STOCK                     | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |       160 | NS      | $6297.60      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIXMOR PROPERTY GROUP INC                                                  | COMMON STOCK                     | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |       264 | NS      | $6119.52      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLY FINANCIAL INC                                                          | COMMON STOCK                     | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |       613 | NS      | $16557.13     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                         | COMMON STOCK                     | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |       728 | NS      | $27358.24     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRTU FINANCIAL INC                                                         | COMMON STOCK                     | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |       255 | NS      | $5655.90      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTROCK CO                                                                 | COMMON STOCK                     | CUSIP: 96145D105<br>LEI: 5493004Z9TCQW68YVL89 | Long             | EC               | CORP              | US        |       143 | NS      | $5422.56      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KRAFT HEINZ CO/THE                                                          | COMMON STOCK                     | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |      1106 | NS      | $43521.10     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PURE STORAGE INC                                                            | COMMON STOCK                     | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |       539 | NS      | $15733.41     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTIVE CORP                                                                | COMMON STOCK                     | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |        72 | NS      | $4863.60      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP                                                                 | COMMON STOCK                     | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |       270 | NS      | $6569.10      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DUPONT DE NEMOURS INC                                                       | COMMON STOCK                     | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |        83 | NS      | $5852.33      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI PROPERTIES INC                                                         | COMMON STOCK                     | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |       168 | NS      | $5745.60      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                                                                | COMMON STOCK                     | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |       233 | NS      | $128389.99    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| DOCUSIGN INC                                                                | COMMON STOCK                     | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |       106 | NS      | $4989.42      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITABLE HOLDINGS INC                                                      | COMMON STOCK                     | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |       867 | NS      | $27518.58     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| WYNDHAM HOTELS  AND  RESORTS INC                                            | COMMON STOCK                     | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |        78 | NS      | $5718.96      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CIGNA CORP                                                                  | COMMON STOCK                     | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |        27 | NS      | $8880.03      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DOW INC                                                                     | COMMON STOCK                     | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |      1562 | NS      | $79615.14     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES INC                                                       | COMMON STOCK                     | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |       229 | NS      | $6673.06      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CARRIER GLOBAL CORP                                                         | COMMON STOCK                     | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |       140 | NS      | $6204.80      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC                                                               | COMMON STOCK                     | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |        24 | NS      | $3429.60      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| VIATRIS INC                                                                 | COMMON STOCK                     | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |       567 | NS      | $6254.01      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DOORDASH INC                                                                | COMMON STOCK                     | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |       112 | NS      | $6524.00      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRBNB INC                                                                  | COMMON STOCK                     | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |        45 | NS      | $4596.30      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CHESAPEAKE ENERGY CORP                                                      | COMMON STOCK                     | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |        56 | NS      | $5796.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORP                                                   | COMMON STOCK                     | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |        59 | NS      | $5671.08      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UNUM GROUP                                                                  | COMMON STOCK                     | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |       253 | NS      | $10671.54     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO  AND  CO                                                        | COMMON STOCK                     | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |       967 | NS      | $46367.65     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP                                                  | COMMON STOCK                     | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |        62 | NS      | $6400.88      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC                                                                  | COMMON STOCK                     | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       177 | NS      | $72143.43     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORP                                                             | COMMON STOCK                     | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      1012 | NS      | $103102.56    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORP                                                                    | COMMON STOCK                     | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |        15 | NS      | $5897.25      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NETAPP INC                                                                  | COMMON STOCK                     | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |        79 | NS      | $5341.19      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TOLL BROTHERS INC                                                           | COMMON STOCK                     | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |       911 | NS      | $43646.01     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MACY'S INC                                                                  | COMMON STOCK                     | CUSIP: 55616P104<br>LEI: 529900NZQ81TIOW3CW52 | Long             | EC               | CORP              | US        |      3904 | NS      | $91744.00     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                                                                   | COMMON STOCK                     | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      2795 | NS      | $413743.85    | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK INC                                                                | COMMON STOCK                     | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |        31 | NS      | $6260.45      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC                                                             | COMMON STOCK                     | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |        29 | NS      | $6855.89      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CINTAS CORP                                                                 | COMMON STOCK                     | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        16 | NS      | $7388.48      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH INC                                                         | COMMON STOCK                     | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      1005 | NS      | $80570.85     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | COMMON STOCK                     | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |       162 | NS      | $6131.70      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP                                                                  | COMMON STOCK                     | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |       132 | NS      | $5991.48      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC SERVICES INC                                                       | COMMON STOCK                     | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |        74 | NS      | $10307.46     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| GENUINE PARTS CO                                                            | COMMON STOCK                     | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |       101 | NS      | $18516.33     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATIONAL INFORMATION SERVICES INC                                  | COMMON STOCK                     | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |        68 | NS      | $4935.44      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AES CORP/THE                                                                | COMMON STOCK                     | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |       196 | NS      | $5668.32      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PARCEL SERVICE INC                                                   | COMMON STOCK                     | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |        31 | NS      | $5881.63      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                                      | COMMON STOCK                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |        39 | NS      | $21362.64     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                                     | COMMON STOCK                     | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |       798 | NS      | $64063.44     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA ENERGY                                                               | COMMON STOCK                     | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |        37 | NS      | $6149.03      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCTER  AND  GAMBLE CO/THE                                                 | COMMON STOCK                     | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |        58 | NS      | $8651.28      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL ELECTRIC CO                                                         | COMMON STOCK                     | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |       129 | NS      | $11090.13     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HERSHEY CO/THE                                                              | COMMON STOCK                     | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |        21 | NS      | $4938.57      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP INC                                            | COMMON STOCK                     | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |        95 | NS      | $5995.45      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WHIRLPOOL CORP                                                              | COMMON STOCK                     | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |        39 | NS      | $5714.67      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTENERGY CORP                                                            | COMMON STOCK                     | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |       149 | NS      | $6144.76      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORP                                                        | COMMON STOCK                     | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |       201 | NS      | $97523.19     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| EAST WEST BANCORP INC                                                       | COMMON STOCK                     | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        64 | NS      | $4493.44      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER CO INC                                              | COMMON STOCK                     | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |        52 | NS      | $5033.60      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PLC                                                               | COMMON STOCK                     | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |       338 | NS      | $26715.52     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MANPOWERGROUP INC                                                           | COMMON STOCK                     | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |        76 | NS      | $6651.52      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EBAY INC                                                                    | COMMON STOCK                     | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      1930 | NS      | $87699.20     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYSTEMS INC                                                  | COMMON STOCK                     | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |       304 | NS      | $52300.16     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL DYNAMICS CORP                                                       | COMMON STOCK                     | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |       363 | NS      | $91617.57     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| PIONEER NATURAL RESOURCES CO                                                | COMMON STOCK                     | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |       241 | NS      | $56873.59     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC FINANCIAL SERVICES GROUP INC/THE                                        | COMMON STOCK                     | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |        30 | NS      | $5047.80      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INC                                                                | COMMON STOCK                     | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |       601 | NS      | $76020.49     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| PEPSICO INC                                                                 | COMMON STOCK                     | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |        86 | NS      | $15953.86     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PARKER-HANNIFIN CORP                                                        | COMMON STOCK                     | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |        20 | NS      | $5978.80      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CO/THE                                                            | COMMON STOCK                     | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      1756 | NS      | $111699.16    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERSOURCE ENERGY                                                           | COMMON STOCK                     | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |        70 | NS      | $5800.20      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INC                                                 | COMMON STOCK                     | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |        91 | NS      | $19979.05     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                                               | COMMON STOCK                     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      1213 | NS      | $58721.33     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYTHEON TECHNOLOGIES CORP                                                  | COMMON STOCK                     | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |        65 | NS      | $6416.80      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP                                                                | COMMON STOCK                     | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       248 | NS      | $45460.88     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC SERVICE ENTERPRISE GROUP INC                                         | COMMON STOCK                     | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |        91 | NS      | $5510.05      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                                                         | COMMON STOCK                     | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |        27 | NS      | $5973.75      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MANHATTAN ASSOCIATES INC                                                    | COMMON STOCK                     | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |        17 | NS      | $2140.98      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM CORP                                                                    | COMMON STOCK                     | CUSIP: 78442P106<br>LEI: 4K8SLPBF5DXXGPW03H93 | Long             | EC               | CORP              | US        |       364 | NS      | $6355.44      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EMERSON ELECTRIC CO                                                         | COMMON STOCK                     | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |       109 | NS      | $10438.93     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX CORP                                                                    | COMMON STOCK                     | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |       154 | NS      | $5034.26      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                                                              | COMMON STOCK                     | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       992 | NS      | $253098.88    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                                                              | COMMON STOCK                     | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |       796 | NS      | $76845.84     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NORDSON CORP                                                                | COMMON STOCK                     | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |        22 | NS      | $5202.78      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NISOURCE INC                                                                | COMMON STOCK                     | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |       220 | NS      | $6146.80      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORP                                                           | COMMON STOCK                     | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |        13 | NS      | $6140.94      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC INVESTMENT CORP                                                        | COMMON STOCK                     | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |       387 | NS      | $5313.51      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORP                                                                 | COMMON STOCK                     | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |       137 | NS      | $5667.69      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK INC                                                                  | COMMON STOCK                     | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |       253 | NS      | $36032.26     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE'S COS INC                                                              | COMMON STOCK                     | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |        28 | NS      | $5951.40      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC                                                                   | COMMON STOCK                     | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |        34 | NS      | $11727.62     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TAPESTRY INC                                                                | COMMON STOCK                     | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |      2457 | NS      | $92800.89     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC/THE                                                 | COMMON STOCK                     | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |        18 | NS      | $6950.70      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO CORP                                                                  | COMMON STOCK                     | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |        42 | NS      | $6817.02      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK  AND  CO INC                                                          | COMMON STOCK                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      1155 | NS      | $127188.60    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC                                                        | COMMON STOCK                     | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |        12 | NS      | $24953.40     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC                                                            | COMMON STOCK                     | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |        23 | NS      | $3252.89      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING INC                                               | COMMON STOCK                     | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |        25 | NS      | $6603.50      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERPUBLIC GROUP OF COS INC/THE                                            | COMMON STOCK                     | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |       181 | NS      | $6219.16      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON OIL CORP                                                           | COMMON STOCK                     | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               | CORP              | US        |       163 | NS      | $4992.69      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                                                              | COMMON STOCK                     | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |        19 | NS      | $5661.24      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDEX CORP                                                                  | COMMON STOCK                     | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |        33 | NS      | $6013.26      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC                                                        | COMMON STOCK                     | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |        87 | NS      | $3462.60      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ENERGY CO                                                               | COMMON STOCK                     | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |        48 | NS      | $5568.48      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE CO                                                        | COMMON STOCK                     | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |        72 | NS      | $5578.56      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DEVON ENERGY CORP                                                           | COMMON STOCK                     | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |        91 | NS      | $6235.32      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP                                                            | COMMON STOCK                     | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      1111 | NS      | $123698.74    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS INC                                                                | COMMON STOCK                     | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |        13 | NS      | $4414.02      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OLIN CORP                                                                   | COMMON STOCK                     | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |       112 | NS      | $6381.76      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY  AND  CO                                                          | COMMON STOCK                     | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       213 | NS      | $79040.04     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP INC                                                    | COMMON STOCK                     | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |       776 | NS      | $92685.44     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CNA FINANCIAL CORP                                                          | COMMON STOCK                     | CUSIP: 126117100<br>LEI: 549300YX2GSZD7YG1R84 | Long             | EC               | CORP              | US        |       136 | NS      | $5790.88      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON  AND  JOHNSON                                                       | COMMON STOCK                     | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |        34 | NS      | $6052.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DEERE  AND  CO                                                              | COMMON STOCK                     | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |        12 | NS      | $5292.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC                                                                   | COMMON STOCK                     | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |        19 | NS      | $5441.60      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AT AND T INC                                                                | COMMON STOCK                     | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      4496 | NS      | $86682.88     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGET CORP                                                                 | COMMON STOCK                     | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |        33 | NS      | $5513.31      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX COS INC/THE                                                             | COMMON STOCK                     | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |        76 | NS      | $6083.80      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC                                                  | COMMON STOCK                     | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |       797 | NS      | $31067.06     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR CO                                                               | COMMON STOCK                     | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |      6873 | NS      | $95534.70     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| MARRIOTT INTERNATIONAL INC/MD                                               | COMMON STOCK                     | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |        31 | NS      | $5125.85      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXTRON INC                                                                 | COMMON STOCK                     | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |       216 | NS      | $15418.08     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE MANAGEMENT INC                                                        | COMMON STOCK                     | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |        32 | NS      | $5367.04      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS INC                                                           | COMMON STOCK                     | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      2398 | NS      | $119228.56    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| REINSURANCE GROUP OF AMERICA INC                                            | COMMON STOCK                     | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |        35 | NS      | $5054.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VAIL RESORTS INC                                                            | COMMON STOCK                     | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |        23 | NS      | $5923.42      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE  AND  CO                                                     | COMMON STOCK                     | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |       446 | NS      | $61628.28     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                                                                 | COMMON STOCK                     | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |       932 | NS      | $71484.40     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PACIFIC CORP                                                          | COMMON STOCK                     | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |        31 | NS      | $6740.33      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORP                                                            | COMMON STOCK                     | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |        60 | NS      | $5995.80      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M CO                                                                       | COMMON STOCK                     | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |        43 | NS      | $5416.71      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBOTT LABORATORIES                                                         | COMMON STOCK                     | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |       354 | NS      | $38083.32     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| EATON CORP PLC                                                              | COMMON STOCK                     | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | US        |        38 | NS      | $6211.10      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EDISON INTERNATIONAL                                                        | COMMON STOCK                     | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |       197 | NS      | $13132.02     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CUMMINS ENGINE COMPANY, INC.                                                | COMMON STOCK                     | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |        28 | NS      | $7032.48      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC                                                                  | COMMON STOCK                     | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      2590 | NS      | $129836.70    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORP                                                          | COMMON STOCK                     | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |        61 | NS      | $8150.82      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MONDELEZ INTERNATIONAL INC                                                  | COMMON STOCK                     | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |        90 | NS      | $6084.90      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LAMAR ADVERTISING CO                                                        | COMMON STOCK                     | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |        58 | NS      | $5808.12      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS INC                                                       | COMMON STOCK                     | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |        60 | NS      | $6576.00      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BEST BUY CO INC                                                             | COMMON STOCK                     | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |        84 | NS      | $7165.20      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HOME DEPOT INC/THE                                                          | COMMON STOCK                     | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |        18 | NS      | $5831.82      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORP                                                               | COMMON STOCK                     | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |        14 | NS      | $5343.52      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CONAGRA BRANDS INC                                                          | COMMON STOCK                     | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |       158 | NS      | $6000.84      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO/THE                                                             | COMMON STOCK                     | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |        75 | NS      | $5073.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FIFTH THIRD BANCORP                                                         | COMMON STOCK                     | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |       144 | NS      | $5235.84      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| COMERICA INC                                                                | COMMON STOCK                     | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |        80 | NS      | $5739.20      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORP                                                                 | COMMON STOCK                     | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |       446 | NS      | $75476.58     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BOYD GAMING CORP                                                            | COMMON STOCK                     | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |        94 | NS      | $5765.02      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMDEN PROPERTY TRUST                                                       | COMMON STOCK                     | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |        44 | NS      | $5294.52      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP                                                                | COMMON STOCK                     | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |       389 | NS      | $14252.96     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| LIFE STORAGE INC                                                            | COMMON STOCK                     | CUSIP: 53223X107<br>LEI: W9EE01AFDDF9DQCQZC68 | Long             | EC               | CORP              | US        |       101 | NS      | $10856.49     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| UMPQUA HOLDINGS CORP                                                        | COMMON STOCK                     | CUSIP: 904214103<br>LEI: 5299002ENJ7CY215BW86 | Long             | EC               | CORP              | US        |       315 | NS      | $6385.05      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PENSKE AUTOMOTIVE GROUP INC                                                 | COMMON STOCK                     | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |        52 | NS      | $6575.40      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH INC                                                         | COMMON STOCK                     | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |        14 | NS      | $7460.88      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                                    | COMMON STOCK                     | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |        54 | NS      | $5833.62      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ CORP                                                                    | COMMON STOCK                     | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |       108 | NS      | $5867.64      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY INC                                                              | COMMON STOCK                     | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |       243 | NS      | $10315.35     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC                                                                | COMMON STOCK                     | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      2020 | NS      | $203999.80    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTRA SPACE STORAGE INC                                                     | COMMON STOCK                     | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        31 | NS      | $4981.39      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CUBESMART                                                                   | COMMON STOCK                     | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       132 | NS      | $5463.48      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MONOLITHIC POWER SYSTEMS INC                                                | COMMON STOCK                     | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |        16 | NS      | $6111.36      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP INC                                                           | COMMON STOCK                     | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |        52 | NS      | $5555.68      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HOLDINGS INC                                                  | COMMON STOCK                     | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |       276 | NS      | $29860.44     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIPRISE FINANCIAL INC                                                    | COMMON STOCK                     | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |       128 | NS      | $42489.60     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INC                                                              | COMMON STOCK                     | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |         8 | NS      | $2851.20      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TRAVEL + LEISURE CO                                                         | COMMON STOCK                     | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |       129 | NS      | $5014.23      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN UNION CO/THE                                                        | COMMON STOCK                     | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |       374 | NS      | $5482.84      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS CORNING                                                               | COMMON STOCK                     | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |        63 | NS      | $5596.92      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                                 | EQUITY INDEX FUTURE              | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | N/A              | DE               | CORP              | US        |        17 | NC      | $3469062.50   | 19.28%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                                                      | EQUITY INDEX FUTURE              | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | N/A              | DE               | CORP              | US        |         5 | NC      | $494950.00    | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                                 | EQUITY INDEX FUTURE              | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | N/A              | DE               | CORP              | US        |         2 | NC      | $188750.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S AND P 500 ETF TRUST                                                  | EXCHANGE TRADED FUND             | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | RF                | US        |       671 | NS      | $273553.28    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S AND P MIDCAP 400 ETF TRUST                                           | EXCHANGE TRADED FUND             | CUSIP: 78467Y107<br>LEI: 5493003TT35P3SIWJJ72 | Long             | EC               | RF                | US        |        78 | NS      | $36697.44     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL/UNITED STATES                                   | LEVERAGED COMMODITY LINKED NOTES | CUSIP: N/A<br>LEI: N/A                        | Long             | COMM             | CORP              | US        |     89000 | NS      | $80839.16     | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| AXIS CAPITAL HOLDINGS LTD                                                   | ORDINARY SHARES                  | CUSIP: G0692U109<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |       103 | NS      | $5928.68      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLASSIAN CORP LTD                                                          | ORDINARY SHARES                  | CUSIP: N/A<br>LEI: 549300AGBII4MWBVJY22       | Long             | EC               | CORP              | GB        |       151 | NS      | $19864.05     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PLC                                                               | ORDINARY SHARES                  | CUSIP: G1151C101<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |       316 | NS      | $95093.88     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| BofA Securities, Inc.                                                       | REPURCHASE AGREEMENT             | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |  10172000 | PA      | $10172000.00  | 56.54%            |  |  |  | No            |                  2 | On Loan: No      |
| PUTNAM SHORT TERM INVESTMENT FUND                                           | SHORT TERM INV FUND              | CUSIP: 74676P664<br>LEI: 5493003MK0Q7JP8CPP42 | Long             | STIV             | PF                | US        |    875000 | NS      | $875000.00    | 4.86%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | SHORT TERM INV FUND              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    430000 | NS      | $430000.00    | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK N.A.                                                               | Total Return Swap                | CUSIP: N/A<br>LEI: E57ODZWZ7FF32TWEFA76       | N/A              | DE               | CORP              | US        |     89455 | NC      | $8792531.95   | 48.87%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK N.A.                                                               | Total Return Swap                | CUSIP: N/A<br>LEI: E57ODZWZ7FF32TWEFA76       | N/A              | DE               | CORP              | US        |     39671 | NC      | $3001507.86   | 16.68%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                    | U.S. T BILLS                     | CUSIP: 912796ZJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $199132.62    | 1.11%             | 2023-01-10      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                    | U.S. T BILLS                     | CUSIP: 912796YY9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $99882.51     | 0.56%             | 2022-12-13      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-26

**Name of Applicant:** Putnam Investments Inc

**Signature:** Janet C. Smith

**Name of Signer:** NPORT

**Title:** Principal Financial Officer