Putnam Multi-Asset Income Fund, formerly named Putnam Income Strategies Fund, was launched on 12/31/19 as a building block for Putnam’s Retirement Advantage Funds and was not publicly available as a standalone investment product. On February 13, 2023, Putnam launched additional share classes opening the fund to retail and institutional investors.

Active Allocation

Multi-Asset Income Fund (Class A)  (PMIAX)

Globally diversified portfolio of stocks and bonds balancing income and capital appreciation potential

Highlights

Objective

Seeks total return consistent with conservation of capital. Within the fund’s total return orientation, the fund seeks to provide current income, along with long-term capital appreciation.

Strategy and process

  • Diversified income sourcesInvests across global markets, including U.S. and international stocks and investment-grade, mortgage-backed, high-yield, and emerging market bonds
  • Tactical flexibilityEmploys dynamic asset allocation and active security selection in pursuit of stable monthly income
  • Experienced teamManaged by Putnam's tenured Global Asset Allocation team, which has experience leading asset allocation strategies since 1994 and multi-asset income strategies since 2008

Fund price and assets

Net asset value
(prior close)

-- | --
52-week high $9.83 (07/19/23)
52-week low $9.21 (10/27/23)
Net assets and outstanding shares Download CSV
(Optional)

Yield

Distribution rate before sales charge
as of 12/05/23
3.91%
Distribution rate after sales charge
as of 12/05/23
3.75%
30-day SEC yield with subsidy
as of 11/30/23 (after sales charge)
3.92%
30-day SEC yield without subsidy
as of 11/30/23 (after sales charge)
3.63%

Fund facts as of 04/30/23

Total net assets
$237.53M
Turnover (fiscal year end)
124%
Dividend frequency (view rate)
Monthly
Number of holdings
1401
Fiscal year-end
August
CUSIP / Fund code
746444678 / 0091
Inception date
02/10/23
Category
Asset Allocation
Open to new investors
Ticker
PMIAX

Management team

Co-Chief Investment Officer, Global Asset Allocation
Co-Chief Investment Officer, Global Asset Allocation
Portfolio Manager
Head of Portfolio Construction


Literature

Fund documents

Fact Sheet (YA share) (PDF)
Summary Prospectus (PDF)
Statutory Prospectus (PDF)
Statement of Additional Information (SAI) (PDF)
Annual Report (PDF)
Semiannual Report (PDF)

Performance

  • Total return (%) as of 09/30/23

  • Annual performance as of 09/30/23

Annualized Total return (%) as of 09/30/23

Annualized performance 1 yr. 3 yrs. 5 yrs. Life (inception: 02/10/23 )
Before sales charge 6.11% -1.18% -- -0.28%
After sales charge 1.87% -2.52% -- -1.36%
Putnam Multi-Asset Income Blended Benchmark 7.86%-0.07%2.96%--

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. The "before sales charge" performance does not reflect the current maximum sales charges, which we explain below. If performance did reflect the charges, it would be lower. The "after sales charge" performance (or returns at public offering price) varies by share class. For class A shares, the current maximum initial sales charge is 4.00%. Class C share performance reflects the applicable contingent deferred sales charge (CDSC), which is 1% in the first year that is eliminated thereafter. Performance for class A, C, R, R5, R6, and Y shares prior to their inception is derived from the historical performance of class P shares (inception 12/31/19) by adjusting for the applicable sales charge (or CDSC) and the higher operating expenses for such shares. Class R, R5, and R6 shares, which are available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge or CDSC. For a portion of the periods, the fund had expense limitations, without which returns would have been lower. 

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 11/30/23 5.65% 1.43%
YTD as of 12/05/23 or prior close 7.04% 2.75%

Yield

Distribution rate before sales charge
as of 12/05/23
3.91%
Distribution rate after sales charge
as of 12/05/23
3.75%
30-day SEC yield with subsidy
as of 11/30/23 (after sales charge)
3.92%
30-day SEC yield without subsidy
as of 11/30/23 (after sales charge)
3.63%

Morningstar Ratings as of 04/30/23

Time period Funds in category Morningstar Rating
Overall 433
3 yrs. 433
Morningstar category: Moderately Conservative Allocation

Distributions

Record/Ex dividend date 11/22/23
Payable date 11/27/23
Income $0.032
Extra income --
Short-term cap. gain --
Long-term cap. gain --

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

Morningstar Ratings for the specific share classes only; other classes may have different performance characteristics.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a 3-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36–59 months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods.

Some of Morningstar's proprietary calculations, including the Morningstar Rating™, are not customarily calculated based on adjusted historical returns. However, for new share classes/channels, Morningstar may calculate an extended performance Morningstar Rating that is based, in part, on adjusted historical (or "pre-inception") returns for periods prior to the inception of the share class of the fund shown herein ("Report Share Class").

The extended performance is calculated by creating a performance stream consisting of the Report Share Class and older share class(s). Morningstar adjusts the historical total returns of the older share class(es) of a fund to reflect higher expenses in the Report Share Class. Morningstar does not hypothetically adjust returns upwards for lower expenses.

The extended performance Morningstar Risk-Adjusted Return is then calculated for 3-, 5-, and 10-year time periods and used to determine the extended performance Morningstar Rating. The extended performance Morningstar Rating for this fund does not affect the retail fund data published by Morningstar, as the bell curve distribution on which the ratings are based includes only funds with actual returns. The Overall Morningstar Rating for multi-share open-end funds will be either based on actual performance only or extended performance only. Once the share class turns three years old, the Overall Morningstar Rating will be based on actual ratings only. The Overall Morningstar Rating for multi-share variable annuities is based on a weighted average of any ratings that are available.

While the inclusion of pre-inception data, in the form of extended performance, can provide valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. The underlying investments in the share classes used to calculate the pre-performance string will likely vary from the underlying investments held in the fund after inception. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.

© 2023 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


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Holdings



Fixed income statistics as of 04/30/23

Average effective maturity 7.90 yrs.
Average effective duration 4.00 yrs.

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Allocation of assets among asset classes may hurt performance. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, asset class, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. International investing involves currency, economic, and political risks. If the quantitative models or data that are used in managing the fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the fund may realize losses.

Emerging market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Funds that invest in government securities are not guaranteed. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Default risk is generally higher for non-qualified mortgages. Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses.

Our investment techniques, analyses, and judgments may not produce the intended outcome, and the investments we select for the fund may not perform as well as other securities that were not selected for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. The use of derivatives may increase these risks by increasing investment exposure (which may be considered leverage) or, in the case of over-the-counter instruments, because of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. You can lose money by investing in the fund.


Expenses

Expense ratio

Class A
Total expense ratio 1.04%
What you pay† 0.85%

† The fund's expense ratio is taken from the most recent prospectus and is subject to change. What you pay reflects Putnam Management's decision to contractually limit expenses through 12/30/23

Sales charge

 Breakpoint Class A
$0-$49,999 4.00% / 3.50%
$50,000-$99,999 3.25% / 2.75%
$100,000-$249,999 2.50% / 2.00%
$250,000-$499,999 0.00% / 1.00%
$500,000-$999,999 0.00% / 1.00%
$1M-$4M 0.00% / 1.00%
$4M-$50M 0.00% / 0.50%
$50M+ 0.00% / 0.25%

CDSC

  Class A (sales for $250,000+)
0 to 9 mts. 1.00%
9 to 12 mts. 1.00%
2 yrs. 0.00%
3 yrs. 0.00%
4 yrs. 0.00%
5 yrs. 0.00%
6 yrs. 0.00%
7+ yrs. 0.00%

Trail commissions

  Class A
  0.25%
  NA
  NA

For sales and trail commission information on purchases over $500,000 and participant-directed qualified retirement plans, see a Putnam fund prospectus and the statement of additional information.

The Putnam Multi-Asset Income Blended Benchmark is an unmanaged index administered by Putnam Management and comprises 55% the Bloomberg U.S. Aggregate Bond Index, 22.5% the Russell 3000® Index, 18% the JPMorgan Developed High Yield Index, and 4.5% the MSCI EAFE Index (ND). Prior to July 12, 2022, the benchmark comprised 55% the Bloomberg U.S. Aggregate Bond Index, 21% the Russell 3000® Index, 14% the JPMorgan Developed High Yield Index, 6% the ICE BofA U.S. Treasury Bill Index, and 4% the MSCI EAFE Index (ND). The Bloomberg U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed income securities. The Russell 3000® Index is an unmanaged index of the 3,000 largest U.S. companies. The JPMorgan Developed High Yield Index is an unmanaged index of high-yield fixed income securities issued in developed countries. The MSCI EAFE Index is an unmanaged index of equity securities from developed countries in Western Europe, the Far East, and Australasia. The ICE BofA U.S. Treasury Bill Index is an unmanaged index that tracks the performance of U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market. Qualifying securities must have a remaining term of at least one month to final maturity and a minimum amount outstanding of $1 billion. You cannot invest directly in an index.

Consider these risks before investing: Allocation of assets among asset classes may hurt performance. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, asset class, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. International investing involves currency, economic, and political risks. If the quantitative models or data that are used in managing the fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the fund may realize losses.

Emerging market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. Funds that invest in government securities are not guaranteed. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Default risk is generally higher for non-qualified mortgages. Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses.

Our investment techniques, analyses, and judgments may not produce the intended outcome, and the investments we select for the fund may not perform as well as other securities that were not selected for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. The use of derivatives may increase these risks by increasing investment exposure (which may be considered leverage) or, in the case of over-the-counter instruments, because of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. You can lose money by investing in the fund.