Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

38957-Q3PH

1

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

2

Notes

to

Schedule

of

Investments

65

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited),

June

30,

2025

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

56.7%

Aerospace

&

Defense

1.7%

a

AeroVironment,

Inc.

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

United

States

82

$

23,366

Airbus

SE

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

France

4,860

1,016,716

a

Astronics

Corp.

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

United

States

563

18,849

a

Axon

Enterprise,

Inc.

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

United

States

87

72,031

Curtiss-Wright

Corp.

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

United

States

356

173,924

Dassault

Aviation

SA

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

France

170

60,107

General

Dynamics

Corp.

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

United

States

965

281,452

General

Electric

Co.

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

United

States

3,203

824,420

Lockheed

Martin

Corp.

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

United

States

3,891

1,802,078

Moog,

Inc.,

A

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

United

States

60

10,858

Northrop

Grumman

Corp.

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

United

States

1,970

984,961

a

Rocket

Lab

Corp.

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

United

States

577

20,639

RTX

Corp.

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

United

States

14,145

2,065,453

Textron,

Inc.

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

United

States

1,704

136,814

Thales

SA

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

France

3,000

885,824

TransDigm

Group,

Inc.

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

United

States

420

638,669

a

V2X,

Inc.

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

United

States

469

22,770

9,038,931

Air

Freight

&

Logistics

0.2%

Expeditors

International

of

Washington,

Inc.

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

United

States

1,147

131,045

FedEx

Corp.

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

United

States

4,182

950,610

Hub

Group,

Inc.,

A

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

United

States

849

28,382

United

Parcel

Service,

Inc.,

B

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

United

States

1,329

134,149

1,244,186

Automobile

Components

0.0%

†

a

Adient

plc

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

United

States

1,290

25,103

Aisin

Corp.

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

Japan

16,000

204,678

a

American

Axle

&

Manufacturing

Holdings,

Inc.

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

United

States

6,875

28,050

Dana,

Inc.

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

United

States

3,756

64,415

a

Dorman

Products,

Inc.

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

United

States

91

11,163

a

Gentherm,

Inc.

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

United

States

377

10,665

a

Visteon

Corp.

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

United

States

727

67,829

411,903

Automobiles

0.9%

General

Motors

Co.

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

United

States

21,119

1,039,266

Subaru

Corp.

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

Japan

10,500

182,032

a

Tesla,

Inc.

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

United

States

11,284

3,584,475

Toyota

Motor

Corp.

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

Japan

4,300

74,059

4,879,832

Banks

3.0%

Abu

Dhabi

Islamic

Bank

PJSC

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

United

Arab

Emirates

44,337

259,583

AIB

Group

plc

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

Ireland

19,942

164,578

Amalgamated

Financial

Corp.

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

United

States

847

26,426

Ameris

Bancorp

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

United

States

178

11,517

Associated

Banc-Corp.

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

United

States

509

12,415

a

Axos

Financial,

Inc.

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

United

States

948

72,086

Banco

Bilbao

Vizcaya

Argentaria

SA

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

Spain

18,243

280,911

Banco

de

Sabadell

SA

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

Spain

23,043

73,359

Banco

Santander

SA

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

Spain

69,494

575,471

Bank

Hapoalim

BM

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

Israel

13,503

259,367

Bank

Leumi

Le-Israel

BM

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

Israel

17,037

316,983

Bank

of

America

Corp.

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

United

States

38,570

1,825,132

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

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

United

States

651

28,826

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Banks

(continued)

Banner

Corp.

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

United

States

151

$

9,687

Barclays

plc

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

United

Kingdom

90,746

419,317

Berkshire

Hills

Bancorp,

Inc.

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

United

States

615

15,400

BNP

Paribas

SA

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

France

7,008

628,629

BOC

Hong

Kong

Holdings

Ltd.

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

China

10,000

43,532

Cathay

General

Bancorp

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

United

States

1,429

65,062

Central

Pacific

Financial

Corp.

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

United

States

767

21,499

Citigroup,

Inc.

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

United

States

47,650

4,055,968

Citizens

Financial

Group,

Inc.

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

United

States

3,180

142,305

Credit

Agricole

SA

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

France

4,897

92,643

a

Customers

Bancorp,

Inc.

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

United

States

1,025

60,208

Enterprise

Financial

Services

Corp.

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

United

States

670

36,917

Erste

Group

Bank

AG

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

Austria

2,125

180,891

FB

Financial

Corp.

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

United

States

220

9,966

Financial

Institutions,

Inc.

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

United

States

432

11,094

First

Bancorp

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

United

States

3,055

63,636

First

Financial

Corp.

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

United

States

239

12,951

First

Horizon

Corp.

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

United

States

6,345

134,514

First

Merchants

Corp.

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

United

States

129

4,941

Hancock

Whitney

Corp.

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

United

States

1,269

72,841

Hanmi

Financial

Corp.

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

United

States

820

20,238

Heritage

Commerce

Corp.

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

United

States

1,202

11,936

Hilltop

Holdings,

Inc.

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

United

States

1,453

44,099

Hope

Bancorp,

Inc.

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

United

States

450

4,828

HSBC

Holdings

plc

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

United

Kingdom

60,336

729,836

Independent

Bank

Corp.

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

United

States

385

12,478

Intesa

Sanpaolo

SpA

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

Italy

65,882

379,507

JPMorgan

Chase

&

Co.

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

United

States

3,064

888,284

Lloyds

Banking

Group

plc

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

United

Kingdom

443,698

466,556

Mercantile

Bank

Corp.

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

United

States

231

10,721

a

Metropolitan

Bank

Holding

Corp.

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

United

States

183

12,810

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

63,900

871,187

National

Bank

Holdings

Corp.,

A

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

United

States

308

11,584

National

Bank

of

Greece

SA

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

Greece

31,888

406,596

NatWest

Group

plc

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

United

Kingdom

117,959

828,421

Northrim

BanCorp,

Inc.

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

United

States

152

14,176

Northwest

Bancshares,

Inc.

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

United

States

839

10,722

OceanFirst

Financial

Corp.

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

United

States

976

17,187

OFG

Bancorp

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

United

States

925

39,590

Pacific

Premier

Bancorp,

Inc.

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

United

States

842

17,758

Pathward

Financial,

Inc.

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

United

States

722

57,125

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

5,368

1,000,703

Popular,

Inc.

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

United

States

1,226

135,117

Preferred

Bank

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

United

States

366

31,675

Simmons

First

National

Corp.,

A

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

United

States

1,611

30,545

Sumitomo

Mitsui

Financial

Group,

Inc.

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

Japan

16,000

402,895

a

Third

Coast

Bancshares,

Inc.

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

United

States

343

11,206

Towne

Bank

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

United

States

329

11,245

Trustmark

Corp.

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

United

States

1,228

44,773

UniCredit

SpA

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

Italy

6,244

418,869

Univest

Financial

Corp.

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

United

States

501

15,050

Veritex

Holdings,

Inc.

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

United

States

1,751

45,701

Webster

Financial

Corp.

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

United

States

2,372

129,511

Wells

Fargo

&

Co.

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

United

States

2,206

176,745

Westamerica

BanCorp

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

United

States

218

10,560

WSFS

Financial

Corp.

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

United

States

187

10,285

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Banks

(continued)

Zions

Bancorp

NA

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

United

States

2,618

$

135,979

17,455,153

Beverages

0.6%

Asahi

Group

Holdings

Ltd.

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

Japan

20,700

276,700

a

Boston

Beer

Co.,

Inc.

(The),

A

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

United

States

550

104,946

Carlsberg

A/S,

B

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

Denmark

412

58,374

Coca-Cola

Co.

(The)

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

United

States

23,390

1,654,843

Coca-Cola

Consolidated,

Inc.

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

United

States

1,116

124,601

Coca-Cola

Europacific

Partners

plc

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

United

Kingdom

3,678

341,024

Coca-Cola

HBC

AG

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

Italy

4,329

226,158

Keurig

Dr

Pepper,

Inc.

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

United

States

3,823

126,388

a

Monster

Beverage

Corp.

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

United

States

2,531

158,542

PepsiCo,

Inc.

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

United

States

934

123,325

3,194,901

Biotechnology

0.9%

AbbVie,

Inc.

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

United

States

8,970

1,665,011

a

ACADIA

Pharmaceuticals,

Inc.

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

United

States

2,859

61,669

a

ADMA

Biologics,

Inc.

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

United

States

1,605

29,227

a

Agios

Pharmaceuticals,

Inc.

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

United

States

1,448

48,160

a

Akero

Therapeutics,

Inc.

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

United

States

231

12,326

a

Alkermes

plc

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

United

States

365

10,443

a

Alnylam

Pharmaceuticals,

Inc.

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

United

States

445

145,110

Amgen,

Inc.

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

United

States

471

131,508

a

Arcturus

Therapeutics

Holdings,

Inc.

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

United

States

1,017

13,231

a

BioCryst

Pharmaceuticals,

Inc.

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

United

States

5,790

51,878

a

Biohaven

Ltd.

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

United

States

716

10,103

a

Blueprint

Medicines

Corp.

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

United

States

128

16,407

a

CareDx,

Inc.

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

United

States

590

11,529

a

Catalyst

Pharmaceuticals,

Inc.

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

United

States

747

16,210

CSL

Ltd.

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

United

States

141

22,272

a

Exelixis,

Inc.

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

United

States

14,240

627,628

a

Genmab

A/S

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

Denmark

579

120,240

a

Humacyte,

Inc.

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

United

States

12,645

26,428

a

Incyte

Corp.

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

United

States

7,908

538,535

a

Inhibrx

Biosciences,

Inc.

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

United

States

652

9,304

a

Insmed,

Inc.

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

United

States

1,366

137,474

a

Keros

Therapeutics,

Inc.

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

United

States

3,207

42,813

a

Kiniksa

Pharmaceuticals

International

plc,

A

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

United

States

1,982

54,842

a

Mineralys

Therapeutics,

Inc.

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

United

States

693

9,376

a

Monte

Rosa

Therapeutics,

Inc.

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

United

States

2,489

11,225

a

Natera,

Inc.

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

United

States

811

137,010

a

Neurocrine

Biosciences,

Inc.

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

United

States

5,898

741,320

a

Nurix

Therapeutics,

Inc.

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

United

States

971

11,060

a

Protagonist

Therapeutics,

Inc.

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

United

States

1,198

66,213

a

Prothena

Corp.

plc

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

Ireland

1,640

9,955

a

PTC

Therapeutics,

Inc.

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

United

States

1,219

59,536

Regeneron

Pharmaceuticals,

Inc.

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

United

States

1,851

971,775

a

Relay

Therapeutics,

Inc.

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

United

States

9,164

31,707

a

Rhythm

Pharmaceuticals,

Inc.

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

United

States

203

12,828

a

Sage

Therapeutics,

Inc.

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

United

States

4,266

38,906

a

Scholar

Rock

Holding

Corp.

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

United

States

339

12,007

a

Stoke

Therapeutics,

Inc.

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

United

States

1,729

19,624

a

Summit

Therapeutics,

Inc.

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

United

States

2,391

50,880

a

Tango

Therapeutics,

Inc.

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

United

States

3,603

18,447

a

Travere

Therapeutics,

Inc.

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

United

States

654

9,679

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Biotechnology

(continued)

a

Vir

Biotechnology,

Inc.

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

United

States

6,163

$

31,062

6,044,958

Broadline

Retail

2.3%

a

Amazon.com,

Inc.

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

United

States

55,016

12,069,960

eBay,

Inc.

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

United

States

1,861

138,570

a

Etsy,

Inc.

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

United

States

2,714

136,134

JD.com,

Inc.,

A

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

China

7,350

120,043

Next

plc

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

United

Kingdom

504

86,080

Prosus

NV

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

China

8,822

494,972

Ryohin

Keikaku

Co.

Ltd.

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

Japan

6,000

287,753

13,333,512

Building

Products

0.6%

Allegion

plc

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

United

States

918

132,302

Apogee

Enterprises,

Inc.

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

United

States

675

27,405

Cie

de

Saint-Gobain

SA

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

France

7,991

938,745

a

Gibraltar

Industries,

Inc.

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

United

States

199

11,741

Johnson

Controls

International

plc

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

United

States

10,567

1,116,087

Owens

Corning

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

United

States

917

126,106

a

Resideo

Technologies,

Inc.

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

United

States

815

17,979

Trane

Technologies

plc

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

United

States

2,174

950,929

UFP

Industries,

Inc.

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

United

States

662

65,776

3,387,070

Capital

Markets

2.4%

3i

Group

plc

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

United

Kingdom

7,670

434,062

Ameriprise

Financial,

Inc.

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

United

States

172

91,802

Bank

of

New

York

Mellon

Corp.

(The)

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

United

States

1,438

131,016

BlackRock,

Inc.

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

United

States

650

682,013

Charles

Schwab

Corp.

(The)

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

United

States

11,887

1,084,570

CME

Group,

Inc.

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

United

States

3,749

1,033,299

Deutsche

Bank

AG

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

Germany

6,071

179,977

Deutsche

Boerse

AG

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

Germany

2,722

889,249

b

Euronext

NV,

144A,

Reg

S

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

Netherlands

4,749

813,703

Goldman

Sachs

Group,

Inc.

(The)

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

United

States

4,498

3,183,460

Intercontinental

Exchange,

Inc.

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

United

States

703

128,979

London

Stock

Exchange

Group

plc

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

United

Kingdom

4,350

636,175

Morgan

Stanley

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

United

States

1,003

141,283

Nasdaq,

Inc.

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

United

States

6,239

557,891

Northern

Trust

Corp.

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

United

States

1,207

153,036

S&P

Global,

Inc.

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

United

States

671

353,812

SBI

Holdings,

Inc.

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

Japan

13,700

477,378

State

Street

Corp.

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

United

States

16,290

1,732,279

a

StoneX

Group,

Inc.

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

United

States

758

69,084

UBS

Group

AG

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

Switzerland

5,727

194,442

Virtu

Financial,

Inc.,

A

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

United

States

3,816

170,919

Virtus

Investment

Partners,

Inc.

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

United

States

192

34,829

13,173,258

Chemicals

1.1%

Air

Liquide

SA

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

France

836

172,384

Akzo

Nobel

NV

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

Netherlands

4,671

327,735

Avient

Corp.

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

United

States

536

17,318

a

Axalta

Coating

Systems

Ltd.

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

United

States

4,067

120,749

Balchem

Corp.

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

United

States

71

11,303

Cabot

Corp.

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

United

States

137

10,275

CF

Industries

Holdings,

Inc.

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

United

States

1,595

146,740

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Chemicals

(continued)

Corteva,

Inc.

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

United

States

13,999

$

1,043,345

DuPont

de

Nemours,

Inc.

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

United

States

8,142

558,460

Eastman

Chemical

Co.

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

United

States

4,075

304,240

Ecolab,

Inc.

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

United

States

485

130,678

Huntsman

Corp.

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

United

States

10,605

110,504

a

Ingevity

Corp.

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

United

States

237

10,212

Innospec,

Inc.

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

United

States

365

30,693

a

Intrepid

Potash,

Inc.

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

United

States

295

10,540

Linde

plc

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

United

States

1,388

651,222

LyondellBasell

Industries

NV,

A

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

United

States

2,213

128,044

Mativ

Holdings,

Inc.

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

United

States

879

5,995

Minerals

Technologies,

Inc.

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

United

States

843

46,424

Mosaic

Co.

(The)

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

United

States

3,645

132,970

NewMarket

Corp.

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

United

States

203

140,245

Nippon

Sanso

Holdings

Corp.

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

Japan

5,400

204,344

NOF

Corp.

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

Japan

14,300

274,027

a

Perimeter

Solutions,

Inc.

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

United

States

3,979

55,388

PPG

Industries,

Inc.

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

United

States

3,274

372,418

a

Rayonier

Advanced

Materials,

Inc.

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

United

States

2,708

10,426

Sherwin-Williams

Co.

(The)

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

United

States

1,691

580,622

Shin-Etsu

Chemical

Co.

Ltd.

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

Japan

12,200

402,868

6,010,169

Commercial

Services

&

Supplies

0.2%

ACCO

Brands

Corp.

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

United

States

2,807

10,049

a

BrightView

Holdings,

Inc.

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

United

States

1,152

19,181

Brink's

Co.

(The)

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

United

States

642

57,324

a

Cimpress

plc

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

Ireland

240

11,280

a

Copart,

Inc.

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

United

States

9,978

489,620

a

CoreCivic,

Inc.

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

United

States

968

20,396

a

GEO

Group,

Inc.

(The)

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

United

States

431

10,322

HNI

Corp.

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

United

States

221

10,869

Interface,

Inc.,

A

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

United

States

2,249

47,072

a

OPENLANE,

Inc.

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

United

States

458

11,198

Republic

Services,

Inc.,

A

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

United

States

513

126,511

Steelcase,

Inc.,

A

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

United

States

1,052

10,972

TOPPAN

Holdings,

Inc.

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

Japan

7,300

198,319

UniFirst

Corp.

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

United

States

56

10,540

Veralto

Corp.

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

United

States

1,253

126,490

Waste

Connections,

Inc.

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

United

States

2,707

505,451

Waste

Management,

Inc.

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

United

States

554

126,766

1,792,360

Communications

Equipment

0.7%

a

Arista

Networks,

Inc.

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

United

States

2,952

302,019

a

Calix,

Inc.

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

United

States

797

42,392

Cisco

Systems,

Inc.

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

United

States

22,714

1,575,897

a

CommScope

Holding

Co.,

Inc.

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

United

States

865

7,162

a

Extreme

Networks,

Inc.

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

United

States

3,658

65,661

a

F5,

Inc.

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

United

States

452

133,033

Juniper

Networks,

Inc.

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

United

States

3,397

135,642

Motorola

Solutions,

Inc.

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

United

States

1,980

832,511

a

NETGEAR,

Inc.

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

United

States

1,617

47,006

a

NetScout

Systems,

Inc.

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

United

States

545

13,521

Telefonaktiebolaget

LM

Ericsson,

B

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

Sweden

22,179

189,527

Ubiquiti,

Inc.

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

United

States

503

207,060

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Communications

Equipment

(continued)

a

Viavi

Solutions,

Inc.

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

United

States

1,093

$

11,007

3,562,438

Construction

&

Engineering

0.2%

ACS

Actividades

de

Construccion

y

Servicios

SA

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

Spain

490

34,059

Argan,

Inc.

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

United

States

311

68,569

a

Limbach

Holdings,

Inc.

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

United

States

110

15,411

Primoris

Services

Corp.

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

United

States

962

74,978

a

Sterling

Infrastructure,

Inc.

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

United

States

405

93,446

a

Tutor

Perini

Corp.

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

United

States

1,644

76,906

Vinci

SA

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

France

6,087

897,652

1,261,021

Construction

Materials

0.6%

a

Amrize

Ltd.

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

United

States

3,781

188,609

Buzzi

SpA

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

Italy

4,567

253,286

CRH

plc,

(GBP

Traded)

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

United

States

4,832

446,041

CRH

plc,

(USD

Traded)

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

United

States

8,402

771,304

Heidelberg

Materials

AG

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

Germany

652

153,544

Holcim

AG

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

United

States

3,749

278,398

Vulcan

Materials

Co.

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

United

States

1,596

416,269

2,507,451

Consumer

Finance

0.4%

Ally

Financial,

Inc.

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

United

States

3,152

122,770

American

Express

Co.

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

United

States

560

178,629

Bread

Financial

Holdings,

Inc.

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

United

States

1,201

68,601

Capital

One

Financial

Corp.

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

United

States

7,712

1,640,805

a

Enova

International,

Inc.

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

United

States

601

67,024

a

LendingClub

Corp.

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

United

States

4,427

53,257

PROG

Holdings,

Inc.

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

United

States

1,303

38,243

SLM

Corp.

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

United

States

3,855

126,405

Synchrony

Financial

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

United

States

2,165

144,492

2,440,226

Consumer

Staples

Distribution

&

Retail

1.4%

a

BJ's

Wholesale

Club

Holdings,

Inc.

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

United

States

4,694

506,154

Coles

Group

Ltd.

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

Australia

1,412

19,361

Costco

Wholesale

Corp.

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

United

States

324

320,741

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

7,991

333,756

a

Maplebear,

Inc.

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

United

States

6,988

316,137

Marks

&

Spencer

Group

plc

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

United

Kingdom

3,500

17,035

a

Sprouts

Farmers

Market,

Inc.

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

United

States

735

121,010

Target

Corp.

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

United

States

5,028

496,012

Tesco

plc

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

United

Kingdom

148,288

817,589

a

United

Natural

Foods,

Inc.

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

United

States

395

9,207

Walmart,

Inc.

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

United

States

37,405

3,657,461

6,614,463

Containers

&

Packaging

0.1%

Ball

Corp.

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

United

States

5,908

331,380

Crown

Holdings,

Inc.

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

United

States

1,340

137,993

a

O-I

Glass,

Inc.

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

United

States

945

13,929

Packaging

Corp.

of

America

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

United

States

669

126,073

Sealed

Air

Corp.

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

United

States

4,008

124,368

733,743

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

8

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Diversified

Consumer

Services

0.0%

†

ADT,

Inc.

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

United

States

15,216

$

128,880

a

Coursera,

Inc.

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

United

States

6,783

59,419

a

Duolingo,

Inc.,

A

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

United

States

316

129,566

a

Frontdoor,

Inc.

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

United

States

1,260

74,264

a

Laureate

Education,

Inc.

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

United

States

2,878

67,288

a

Udemy,

Inc.

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

United

States

1,503

10,566

469,983

Diversified

REITs

0.0%

†

Alexander

&

Baldwin,

Inc.

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

United

States

1,162

20,718

Broadstone

Net

Lease,

Inc.

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

United

States

763

12,246

Covivio

SA

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

France

337

21,367

WP

Carey,

Inc.

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

United

States

2,121

132,308

186,639

Diversified

Telecommunication

Services

0.2%

AT&T,

Inc.

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

United

States

26,103

755,421

a

Bandwidth,

Inc.,

A

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

United

States

1,313

20,877

Deutsche

Telekom

AG

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

Germany

6,641

243,085

IDT

Corp.,

B

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

United

States

560

38,259

Koninklijke

KPN

NV

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

Netherlands

14,076

68,665

a

Lumen

Technologies,

Inc.

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

United

States

17,747

77,732

Telstra

Group

Ltd.

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

Australia

68,648

218,893

Verizon

Communications,

Inc.

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

United

States

2,929

126,738

1,549,670

Electric

Utilities

1.2%

ALLETE,

Inc.

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

United

States

247

15,825

American

Electric

Power

Co.,

Inc.

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

United

States

1,249

129,596

Duke

Energy

Corp.

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

United

States

1,104

130,272

Edison

International

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

United

States

19,799

1,021,628

Exelon

Corp.

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

United

States

24,283

1,054,368

Iberdrola

SA

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

Spain

66,921

1,287,428

NextEra

Energy,

Inc.

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

United

States

15,603

1,083,160

NRG

Energy,

Inc.

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

United

States

6,396

1,027,070

Otter

Tail

Corp.

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

United

States

136

10,484

PG&E

Corp.

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

United

States

16,465

229,522

Portland

General

Electric

Co.

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

United

States

425

17,268

PPL

Corp.

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

United

States

17,708

600,124

a

Tokyo

Electric

Power

Co.

Holdings,

Inc.

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

Japan

37,400

124,494

TXNM

Energy,

Inc.

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

United

States

213

11,996

6,743,235

Electrical

Equipment

0.9%

ABB

Ltd.

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

Switzerland

7,261

435,143

Allient,

Inc.

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

United

States

572

20,769

AMETEK,

Inc.

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

United

States

828

149,835

Eaton

Corp.

plc

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

United

States

369

131,729

EnerSys

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

United

States

671

57,552

GE

Vernova,

Inc.

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

United

States

400

211,660

a

Generac

Holdings,

Inc.

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

United

States

1,055

151,087

Mitsubishi

Electric

Corp.

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

Japan

20,400

438,783

a

NANO

Nuclear

Energy,

Inc.

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

United

States

1,166

40,215

a

NEXTracker,

Inc.,

A

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

United

States

316

17,181

a

NuScale

Power

Corp.,

A

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

United

States

531

21,006

Powell

Industries,

Inc.

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

United

States

137

28,832

Prysmian

SpA

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

Italy

5,926

419,556

Schneider

Electric

SE

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

United

States

1,784

478,977

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Electrical

Equipment

(continued)

a

SES

AI

Corp.

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

United

States

17,999

$

15,989

Vertiv

Holdings

Co.,

A

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

United

States

6,101

783,429

a

Vicor

Corp.

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

United

States

246

11,159

3,412,902

Electronic

Equipment,

Instruments

&

Components

0.0%

†

a

Arlo

Technologies,

Inc.

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

United

States

2,363

40,076

Belden,

Inc.

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

United

States

117

13,549

Benchmark

Electronics,

Inc.

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

United

States

300

11,649

a

FARO

Technologies,

Inc.

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

United

States

122

5,358

a

Itron,

Inc.

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

United

States

629

82,795

a

Keysight

Technologies,

Inc.

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

United

States

796

130,433

a

nLight,

Inc.

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

United

States

797

15,685

a

Plexus

Corp.

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

United

States

81

10,960

a

Sanmina

Corp.

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

United

States

170

16,631

a

ScanSource,

Inc.

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

United

States

295

12,334

a

TTM

Technologies,

Inc.

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

United

States

1,718

70,129

a

Zebra

Technologies

Corp.,

A

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

United

States

437

134,753

544,352

Energy

Equipment

&

Services

0.1%

ChampionX

Corp.

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

United

States

2,920

72,533

Halliburton

Co.

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

United

States

29,718

605,653

Kodiak

Gas

Services,

Inc.

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

United

States

288

9,870

a

Oceaneering

International,

Inc.

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

United

States

2,321

48,091

a

Oil

States

International,

Inc.

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

United

States

2,761

14,799

TechnipFMC

plc

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

United

Kingdom

4,637

159,698

Weatherford

International

plc

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

United

States

2,780

139,862

1,050,506

Entertainment

1.5%

Cinemark

Holdings,

Inc.

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

United

States

375

11,317

a

Live

Nation

Entertainment,

Inc.

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

United

States

2,857

432,207

a

Netflix,

Inc.

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

United

States

3,661

4,902,555

Nexon

Co.

Ltd.

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

Japan

6,000

120,850

Nintendo

Co.

Ltd.

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

Japan

6,300

604,988

a

ROBLOX

Corp.,

A

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

United

States

2,535

266,682

a

Spotify

Technology

SA

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

United

States

1,280

982,195

Universal

Music

Group

NV

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

Netherlands

10,724

347,893

7,668,687

Financial

Services

2.1%

Apollo

Global

Management,

Inc.

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

United

States

5,470

776,029

Banco

Latinoamericano

de

Comercio

Exterior

SA,

E

.........

Panama

463

18,659

a

Berkshire

Hathaway,

Inc.,

B

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

United

States

1,172

569,322

Compass

Diversified

Holdings

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

United

States

1,395

8,761

Corebridge

Financial,

Inc.

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

United

States

3,998

141,929

Equitable

Holdings,

Inc.

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

United

States

15,877

890,700

Essent

Group

Ltd.

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

United

States

222

13,482

EXOR

NV

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

Netherlands

2,564

258,829

a

Fiserv,

Inc.

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

United

States

781

134,652

Global

Payments,

Inc.

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

United

States

1,617

129,425

Investor

AB,

B

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

Sweden

10,498

311,091

Jackson

Financial,

Inc.,

A

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

United

States

906

80,444

Mastercard,

Inc.,

A

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

United

States

8,426

4,734,906

Merchants

Bancorp

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

United

States

613

20,272

MGIC

Investment

Corp.

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

United

States

5,026

139,924

a

Mr.

Cooper

Group,

Inc.

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

United

States

666

99,374

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

10

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Financial

Services

(continued)

a

NMI

Holdings,

Inc.,

A

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

United

States

1,101

$

46,451

Pagseguro

Digital

Ltd.,

A

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

Brazil

6,615

63,769

a

Payoneer

Global,

Inc.

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

United

States

1,450

9,933

a

PayPal

Holdings,

Inc.

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

United

States

19,879

1,477,407

a

Paysafe

Ltd.

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

United

States

881

11,118

PennyMac

Financial

Services,

Inc.

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

United

States

312

31,088

Visa,

Inc.,

A

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

United

States

4,596

1,631,810

Western

Union

Co.

(The)

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

United

States

13,106

110,353

11,709,728

Food

Products

0.3%

Ajinomoto

Co.,

Inc.

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

Japan

3,700

100,356

Associated

British

Foods

plc

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

United

Kingdom

10,684

301,870

Calavo

Growers,

Inc.

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

United

States

402

10,689

Cal-Maine

Foods,

Inc.

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

United

States

732

72,929

Danone

SA

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

France

3,551

290,555

Dole

plc

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

United

States

3,356

46,950

Fresh

Del

Monte

Produce,

Inc.

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

United

States

1,017

32,971

Hormel

Foods

Corp.

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

United

States

4,296

129,954

Ingredion,

Inc.

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

United

States

920

124,770

Mondelez

International,

Inc.,

A

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

United

States

1,966

132,587

Nestle

SA

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

United

States

1,602

159,281

Nissin

Foods

Holdings

Co.

Ltd.

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

Japan

2,300

47,783

a

Seneca

Foods

Corp.,

A

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

United

States

119

12,070

a

Simply

Good

Foods

Co.

(The)

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

United

States

315

9,951

Tyson

Foods,

Inc.,

A

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

United

States

2,273

127,152

b

WH

Group

Ltd.,

144A,

Reg

S

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

Hong

Kong

402,500

387,926

1,987,794

Gas

Utilities

0.0%

†

National

Fuel

Gas

Co.

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

United

States

1,592

134,858

New

Jersey

Resources

Corp.

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

United

States

1,398

62,658

Northwest

Natural

Holding

Co.

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

United

States

315

12,512

Spire,

Inc.

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

United

States

139

10,146

220,174

Ground

Transportation

0.4%

Canadian

National

Railway

Co.

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

Canada

1,833

190,993

Canadian

Pacific

Kansas

City

Ltd.

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

Canada

7,648

606,257

CSX

Corp.

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

United

States

4,207

137,274

a

Lyft,

Inc.,

A

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

United

States

7,835

123,480

a

Uber

Technologies,

Inc.

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

United

States

3,602

336,067

Union

Pacific

Corp.

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

United

States

3,965

912,267

2,306,338

Health

Care

Equipment

&

Supplies

1.0%

Abbott

Laboratories

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

United

States

957

130,162

a

AngioDynamics,

Inc.

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

United

States

1,346

13,352

a

AtriCure,

Inc.

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

United

States

344

11,273

a

Avanos

Medical,

Inc.

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

United

States

826

10,110

a

Axogen,

Inc.

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

United

States

1,363

14,789

Becton

Dickinson

&

Co.

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

United

States

1,668

287,313

BioMerieux

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

France

618

85,480

a

Bioventus,

Inc.,

A

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

United

States

1,683

11,141

a

Boston

Scientific

Corp.

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

United

States

5,872

630,712

a

Dexcom,

Inc.

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

United

States

1,484

129,538

a

Edwards

Lifesciences

Corp.

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

United

States

1,649

128,968

a

Glaukos

Corp.

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

United

States

177

18,282

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

(continued)

a

Hologic,

Inc.

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

United

States

2,294

$

149,477

Hoya

Corp.

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

Japan

7,400

878,840

a

IDEXX

Laboratories,

Inc.

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

United

States

637

341,649

a

Insulet

Corp.

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

United

States

396

124,415

a

Intuitive

Surgical,

Inc.

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

United

States

1,653

898,257

a

Lantheus

Holdings,

Inc.

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

United

States

762

62,377

a

LivaNova

plc

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

United

States

835

37,592

Medtronic

plc

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

United

States

10,396

906,219

a

Novocure

Ltd.

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

United

States

3,078

54,788

Olympus

Corp.

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

Japan

9,300

110,468

a

Surmodics,

Inc.

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

United

States

343

10,191

5,045,393

Health

Care

Providers

&

Services

0.7%

a

Addus

HomeCare

Corp.

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

United

States

92

10,597

Cardinal

Health,

Inc.

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

United

States

837

140,616

a

Castle

Biosciences,

Inc.

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

United

States

2,446

49,947

Cencora,

Inc.

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

United

States

442

132,534

Chemed

Corp.

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

United

States

223

108,585

Cigna

Group

(The)

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

United

States

3,235

1,069,426

Elevance

Health,

Inc.

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

United

States

314

122,133

Fresenius

SE

&

Co.

KGaA

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

Germany

608

30,596

a

GeneDx

Holdings

Corp.,

A

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

United

States

151

13,939

a

Guardant

Health,

Inc.

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

United

States

1,888

98,252

a

Hims

&

Hers

Health,

Inc.

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

United

States

1,187

59,172

Humana,

Inc.

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

United

States

507

123,951

McKesson

Corp.

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

United

States

1,942

1,423,059

a

Option

Care

Health,

Inc.

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

United

States

1,123

36,475

Select

Medical

Holdings

Corp.

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

United

States

1,839

27,916

Sonic

Healthcare

Ltd.

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

Australia

9,029

159,373

a

Tenet

Healthcare

Corp.

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

United

States

769

135,344

UnitedHealth

Group,

Inc.

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

United

States

3,176

990,817

Universal

Health

Services,

Inc.,

B

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

United

States

662

119,921

4,852,653

Health

Care

REITs

0.0%

†

American

Healthcare

REIT,

Inc.

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

United

States

430

15,798

CareTrust

REIT,

Inc.

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

United

States

2,630

80,478

LTC

Properties,

Inc.

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

United

States

147

5,088

National

Health

Investors,

Inc.

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

United

States

147

10,308

Omega

Healthcare

Investors,

Inc.

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

United

States

3,451

126,479

Sabra

Health

Care

REIT,

Inc.

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

United

States

726

13,387

251,538

Health

Care

Technology

0.3%

a

Doximity,

Inc.,

A

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

United

States

2,444

149,915

a

Health

Catalyst,

Inc.

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

United

States

2,448

9,229

HealthStream,

Inc.

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

United

States

490

13,558

a

Phreesia,

Inc.

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

United

States

1,614

45,934

a

Teladoc

Health,

Inc.

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

United

States

5,205

45,336

a

Veeva

Systems,

Inc.,

A

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

United

States

3,496

1,006,778

a

Waystar

Holding

Corp.

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

United

States

785

32,083

1,302,833

Hotel

&

Resort

REITs

0.0%

†

Apple

Hospitality

REIT,

Inc.

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

United

States

848

9,896

Ryman

Hospitality

Properties,

Inc.

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

United

States

614

60,583

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

12

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Hotel

&

Resort

REITs

(continued)

Xenia

Hotels

&

Resorts,

Inc.

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

United

States

460

$

5,782

76,261

Hotels,

Restaurants

&

Leisure

1.4%

Accor

SA

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

France

6,466

338,873

a

Airbnb,

Inc.,

A

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

United

States

1,000

132,340

Aristocrat

Leisure

Ltd.

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

Australia

7,237

310,068

Booking

Holdings,

Inc.

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

United

States

16

92,628

a

Brinker

International,

Inc.

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

United

States

532

95,936

a

Chipotle

Mexican

Grill,

Inc.,

A

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

United

States

14,115

792,557

Compass

Group

plc

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

United

Kingdom

19,697

667,177

a

DoorDash,

Inc.,

A

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

United

States

9,694

2,389,668

a

DraftKings,

Inc.,

A

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

United

States

10,672

457,722

b

FDJ

United,

144A,

Reg

S

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

France

1,859

72,948

Golden

Entertainment,

Inc.

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

United

States

371

10,919

Hilton

Worldwide

Holdings,

Inc.

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

United

States

5,002

1,332,233

InterContinental

Hotels

Group

plc

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

United

Kingdom

804

91,926

International

Game

Technology

plc

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

United

States

3,910

61,817

a

Life

Time

Group

Holdings,

Inc.

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

United

States

369

11,192

a

MakeMyTrip

Ltd.

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

India

1,192

116,840

Monarch

Casino

&

Resort,

Inc.

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

United

States

141

12,188

Red

Rock

Resorts,

Inc.,

A

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

United

States

259

13,476

Starbucks

Corp.

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

United

States

5,396

494,435

7,494,943

Household

Durables

0.3%

DR

Horton,

Inc.

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

United

States

1,055

136,011

Garmin

Ltd.

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

United

States

635

132,537

a

Hovnanian

Enterprises,

Inc.,

A

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

United

States

124

12,964

KB

Home

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

United

States

207

10,965

a

M/I

Homes,

Inc.

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

United

States

453

50,790

PulteGroup,

Inc.

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

United

States

11,556

1,218,696

a

Sonos,

Inc.

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

United

States

1,062

11,480

Sony

Group

Corp.

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

Japan

22,400

582,407

a

Taylor

Morrison

Home

Corp.,

A

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

United

States

1,242

76,284

Toll

Brothers,

Inc.

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

United

States

1,239

141,407

a

Tri

Pointe

Homes,

Inc.

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

United

States

2,103

67,191

2,440,732

Household

Products

0.5%

Clorox

Co.

(The)

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

United

States

955

114,667

Colgate-Palmolive

Co.

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

United

States

11,120

1,010,808

Energizer

Holdings,

Inc.

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

United

States

435

8,770

Kimberly-Clark

Corp.

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

United

States

3,219

414,993

Procter

&

Gamble

Co.

(The)

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

United

States

7,923

1,262,292

Reckitt

Benckiser

Group

plc

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

United

Kingdom

2,749

187,281

Unilever

Indonesia

Tbk.

PT

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

Indonesia

1,258,700

112,528

3,111,339

Independent

Power

and

Renewable

Electricity

Producers

0.1%

RWE

AG

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

Germany

1,796

75,052

Vistra

Corp.

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

United

States

826

160,087

235,139

Industrial

Conglomerates

0.3%

3M

Co.

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

United

States

855

130,165

DCC

plc

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

United

Kingdom

1,231

79,893

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Industrial

Conglomerates

(continued)

Honeywell

International,

Inc.

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

United

States

4,187

$

975,069

Jardine

Matheson

Holdings

Ltd.

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

Hong

Kong

3,900

187,445

Sekisui

Chemical

Co.

Ltd.

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

Japan

5,400

97,798

Siemens

AG

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

Germany

959

246,327

Smiths

Group

plc

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

United

Kingdom

3,662

112,952

1,829,649

Industrial

REITs

0.1%

First

Industrial

Realty

Trust,

Inc.

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

United

States

2,464

118,592

Prologis,

Inc.

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

United

States

5,304

557,556

676,148

Insurance

1.3%

Aflac,

Inc.

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

United

States

1,226

129,294

AIA

Group

Ltd.

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

Hong

Kong

41,400

375,020

Allianz

SE

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

Germany

1,273

516,626

Allstate

Corp.

(The)

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

United

States

5,075

1,021,648

American

International

Group,

Inc.

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

United

States

10,326

883,802

AXA

SA

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

France

996

48,908

Axis

Capital

Holdings

Ltd.

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

United

States

1,512

156,976

a

Brighthouse

Financial,

Inc.

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

United

States

2,111

113,508

Chubb

Ltd.

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

United

States

421

121,972

CNO

Financial

Group,

Inc.

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

United

States

1,668

64,351

Dai-ichi

Life

Holdings,

Inc.

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

Japan

7,300

55,499

a

Enstar

Group

Ltd.

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

United

States

199

66,936

Everest

Group

Ltd.

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

United

States

373

126,764

Fidelis

Insurance

Holdings

Ltd.

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

United

Kingdom

797

13,214

a

Genworth

Financial,

Inc.,

A

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

United

States

8,766

68,199

Globe

Life,

Inc.

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

United

States

2,649

329,244

a

Hamilton

Insurance

Group

Ltd.,

B

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

United

States

2,566

55,477

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

362

61,493

a

Heritage

Insurance

Holdings,

Inc.

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

United

States

582

14,515

Horace

Mann

Educators

Corp.

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

United

States

750

32,227

Mercury

General

Corp.

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

United

States

92

6,195

MetLife,

Inc.

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

United

States

14,901

1,198,338

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

442

287,006

NN

Group

NV

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

Netherlands

464

30,874

Old

Republic

International

Corp.

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

United

States

3,643

140,037

b

Poste

Italiane

SpA,

144A,

Reg

S

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

Italy

1,732

37,214

Primerica,

Inc.

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

United

States

467

127,804

Progressive

Corp.

(The)

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

United

States

2,466

658,077

Prudential

Financial,

Inc.

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

United

States

1,184

127,209

Prudential

plc

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

Hong

Kong

36,184

452,888

QBE

Insurance

Group

Ltd.

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

Australia

4,367

67,248

Reinsurance

Group

of

America,

Inc.

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

United

States

732

145,200

a

SiriusPoint

Ltd.

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

Sweden

818

16,679

Talanx

AG

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

Germany

1,449

187,851

Travelers

Cos.,

Inc.

(The)

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

United

States

450

120,393

Unipol

Assicurazioni

SpA

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

Italy

1,425

28,222

Universal

Insurance

Holdings,

Inc.

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

United

States

711

19,716

Unum

Group

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

United

States

1,579

127,520

W

R

Berkley

Corp.

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

United

States

1,760

129,307

Willis

Towers

Watson

plc

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

United

States

414

126,891

Zurich

Insurance

Group

AG

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

Switzerland

295

206,419

8,496,761

Interactive

Media

&

Services

3.1%

Alphabet,

Inc.,

A

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

United

States

33,175

5,846,430

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

14

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Interactive

Media

&

Services

(continued)

Alphabet,

Inc.,

C

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

United

States

12,715

$

2,255,514

b

Auto

Trader

Group

plc,

144A,

Reg

S

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

United

Kingdom

13,733

155,551

a

Cargurus,

Inc.,

A

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

United

States

1,783

59,677

a

EverQuote,

Inc.,

A

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

United

States

1,998

48,312

a

fuboTV,

Inc.

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

United

States

3,250

12,545

a

Grindr,

Inc.

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

Singapore

1,517

34,436

LY

Corp.

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

Japan

70,400

259,255

Meta

Platforms,

Inc.,

A

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

United

States

11,557

8,530,106

b

Scout24

SE,

144A,

Reg

S

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

Germany

579

79,930

Tencent

Holdings

Ltd.

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

China

3,600

231,968

a

ZipRecruiter,

Inc.,

A

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

United

States

1,884

9,439

17,523,163

IT

Services

0.5%

Accenture

plc,

A

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

Ireland

4,390

1,312,127

Fujitsu

Ltd.

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

Japan

1,900

46,093

a

GoDaddy,

Inc.,

A

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

United

States

679

122,261

NEC

Corp.

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

Japan

2,500

72,938

a

Shopify,

Inc.,

A

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

Canada

3,336

384,808

a

Snowflake,

Inc.,

A

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

United

States

908

203,183

a

Twilio,

Inc.,

A

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

United

States

1,103

137,169

a

Unisys

Corp.

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

United

States

2,677

12,127

VeriSign,

Inc.

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

United

States

463

133,714

2,424,420

Leisure

Products

0.0%

†

Bandai

Namco

Holdings,

Inc.

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

Japan

4,800

172,028

Hasbro,

Inc.

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

United

States

1,896

139,963

a

Latham

Group,

Inc.

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

United

States

1,722

10,986

322,977

Life

Sciences

Tools

&

Services

0.3%

Danaher

Corp.

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

United

States

655

129,389

Lonza

Group

AG

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

Switzerland

705

504,190

Thermo

Fisher

Scientific,

Inc.

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

United

States

2,484

1,007,163

1,640,742

Machinery

0.4%

Alamo

Group,

Inc.

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

United

States

69

15,068

Albany

International

Corp.,

A

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

United

States

164

11,501

Allison

Transmission

Holdings,

Inc.

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

United

States

1,219

115,793

Atmus

Filtration

Technologies,

Inc.

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

United

States

731

26,623

a

Blue

Bird

Corp.

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

United

States

702

30,298

Caterpillar,

Inc.

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

United

States

508

197,211

Cummins,

Inc.

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

United

States

392

128,380

Deere

&

Co.

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

United

States

254

129,156

Donaldson

Co.,

Inc.

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

United

States

1,822

126,356

Ebara

Corp.

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

Japan

10,100

193,695

ESCO

Technologies,

Inc.

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

United

States

90

17,268

Federal

Signal

Corp.

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

United

States

125

13,303

Flowserve

Corp.

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

United

States

2,548

133,388

Franklin

Electric

Co.,

Inc.

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

United

States

124

11,128

GEA

Group

AG

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

Germany

2,579

180,788

Graco,

Inc.

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

United

States

1,547

132,996

Hoshizaki

Corp.

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

Japan

1,100

37,904

Hyster-Yale,

Inc.

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

United

States

344

13,684

Ingersoll

Rand,

Inc.

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

United

States

7,982

663,943

Komatsu

Ltd.

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

Japan

1,500

49,490

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Machinery

(continued)

Lincoln

Electric

Holdings,

Inc.

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

United

States

637

$

132,063

Makita

Corp.

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

Japan

1,100

33,878

Mueller

Industries,

Inc.

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

United

States

1,151

91,470

Mueller

Water

Products,

Inc.,

A

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

United

States

578

13,895

Otis

Worldwide

Corp.

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

United

States

5,313

526,093

Parker-Hannifin

Corp.

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

United

States

204

142,488

Pentair

plc

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

United

States

1,324

135,922

a

Proto

Labs,

Inc.

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

United

States

407

16,296

Rational

AG

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

Germany

59

49,578

REV

Group,

Inc.

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

United

States

797

37,929

Schindler

Holding

AG

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

Switzerland

705

262,521

a

SPX

Technologies,

Inc.

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

United

States

79

13,247

Tennant

Co.

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

United

States

141

10,925

Watts

Water

Technologies,

Inc.,

A

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

United

States

335

82,373

Westinghouse

Air

Brake

Technologies

Corp.

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

United

States

693

145,080

Worthington

Enterprises,

Inc.

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

United

States

274

17,437

3,939,168

Marine

Transportation

0.0%

†

Costamare,

Inc.

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

Monaco

2,500

22,775

a

Kirby

Corp.

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

United

States

1,177

133,484

Matson,

Inc.

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

United

States

536

59,684

Safe

Bulkers,

Inc.

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

Monaco

2,615

9,440

SITC

International

Holdings

Co.

Ltd.

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

China

38,000

121,746

347,129

Media

0.2%

a

Charter

Communications,

Inc.,

A

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

United

States

1,329

543,308

Comcast

Corp.,

A

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

United

States

13,885

495,556

Informa

plc

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

United

Kingdom

9,143

101,224

a

Magnite,

Inc.

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

United

States

1,366

32,948

New

York

Times

Co.

(The),

A

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

United

States

2,521

141,126

a

PubMatic,

Inc.,

A

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

United

States

1,006

12,515

a

Trade

Desk,

Inc.

(The),

A

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

United

States

1,681

121,015

1,447,692

Metals

&

Mining

0.6%

a

Alpha

Metallurgical

Resources,

Inc.

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

United

States

253

28,457

ArcelorMittal

SA

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

Luxembourg

2,017

64,048

BHP

Group

Ltd.,

(AUD

Traded)

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

Australia

15,484

372,508

BHP

Group

Ltd.,

(GBP

Traded)

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

Australia

1,206

28,875

BlueScope

Steel

Ltd.

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

Australia

5,457

83,157

a

Boliden

AB

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

Sweden

1,019

31,843

Carpenter

Technology

Corp.

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

United

States

128

35,377

Commercial

Metals

Co.

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

United

States

236

11,543

a

Constellium

SE,

A

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

United

States

4,359

57,975

Fortescue

Ltd.

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

Australia

23,620

237,434

Freeport-McMoRan,

Inc.

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

United

States

21,815

945,680

Glencore

plc

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

Australia

120,231

468,497

Hecla

Mining

Co.

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

United

States

2,183

13,076

Norsk

Hydro

ASA

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

Norway

9,336

53,462

Northern

Star

Resources

Ltd.

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

Australia

13,237

163,505

Nucor

Corp.

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

United

States

1,126

145,862

Rio

Tinto

plc

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

Australia

4,127

240,208

Royal

Gold,

Inc.

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

United

States

365

64,912

Southern

Copper

Corp.

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

Mexico

1,413

142,953

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

16

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Metals

&

Mining

(continued)

SunCoke

Energy,

Inc.

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

United

States

1,716

$

14,740

3,204,112

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

BrightSpire

Capital,

Inc.,

A

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

United

States

3,558

17,968

Chimera

Investment

Corp.

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

United

States

882

12,233

Ladder

Capital

Corp.,

A

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

United

States

1,043

11,212

MFA

Financial,

Inc.

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

United

States

1,176

11,125

Rithm

Capital

Corp.

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

United

States

11,234

126,832

TPG

RE

Finance

Trust,

Inc.

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

United

States

2,526

19,501

198,871

Multi-Utilities

0.2%

Avista

Corp.

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

United

States

1,362

51,688

Black

Hills

Corp.

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

United

States

976

54,754

Consolidated

Edison,

Inc.

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

United

States

1,225

122,929

Dominion

Energy,

Inc.

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

United

States

2,360

133,387

E.ON

SE

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

Germany

14,268

262,897

Engie

SA

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

France

19,182

450,831

Northwestern

Energy

Group,

Inc.

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

United

States

185

9,491

Public

Service

Enterprise

Group,

Inc.

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

United

States

1,632

137,382

Sembcorp

Industries

Ltd.

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

Singapore

11,700

63,029

Unitil

Corp.

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

United

States

206

10,743

1,297,131

Office

REITs

0.1%

COPT

Defense

Properties

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

United

States

405

11,170

Empire

State

Realty

Trust,

Inc.,

A

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

United

States

1,363

11,027

Vornado

Realty

Trust

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

United

States

14,182

542,320

564,517

Oil,

Gas

&

Consumable

Fuels

1.4%

Antero

Midstream

Corp.

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

United

States

6,877

130,319

Berry

Corp.

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

United

States

4,067

11,266

BP

plc

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

United

States

45,105

224,727

Cheniere

Energy,

Inc.

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

United

States

6,059

1,475,488

ConocoPhillips

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

United

States

7,805

700,421

Core

Natural

Resources,

Inc.

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

United

States

552

38,496

Coterra

Energy,

Inc.

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

United

States

5,205

132,103

Dorian

LPG

Ltd.

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

United

States

516

12,580

ENEOS

Holdings,

Inc.

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

Japan

44,500

220,579

Eni

SpA

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

Italy

4,151

67,056

Equinor

ASA

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

Norway

15,482

390,983

Excelerate

Energy,

Inc.,

A

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

United

States

369

10,819

Exxon

Mobil

Corp.

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

United

States

16,854

1,816,861

a

Gulfport

Energy

Corp.

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

United

States

57

11,467

Inpex

Corp.

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

Japan

24,300

341,103

International

Seaways,

Inc.

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

United

States

287

10,470

Marathon

Petroleum

Corp.

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

United

States

802

133,220

Murphy

Oil

Corp.

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

United

States

1,849

41,603

Peabody

Energy

Corp.

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

United

States

709

9,515

Repsol

SA

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

Spain

5,115

74,814

Scorpio

Tankers,

Inc.

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

Monaco

1,471

57,560

Shell

plc,

(EUR

Traded)

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

United

States

30,098

1,057,027

Shell

plc,

(GBP

Traded)

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

United

States

3,485

121,590

Teekay

Corp.

Ltd.

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

United

States

5,238

43,214

Teekay

Tankers

Ltd.,

A

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

Canada

1,243

51,858

TotalEnergies

SE

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

France

9,456

577,976

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Valero

Energy

Corp.

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

United

States

5,210

$

700,328

Williams

Cos.,

Inc.

(The)

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

United

States

2,204

138,433

World

Kinect

Corp.

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

United

States

398

11,283

8,613,159

Paper

&

Forest

Products

0.0%

†

Louisiana-Pacific

Corp.

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

United

States

1,407

120,988

Sylvamo

Corp.

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

United

States

790

39,579

160,567

Passenger

Airlines

0.4%

Delta

Air

Lines,

Inc.

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

United

States

2,592

127,475

Qantas

Airways

Ltd.

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

Australia

46,875

331,152

Ryanair

Holdings

plc

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

Italy

2,905

82,402

Ryanair

Holdings

plc,

ADR

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

Italy

7,536

434,601

a

SkyWest,

Inc.

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

United

States

689

70,946

Southwest

Airlines

Co.

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

United

States

27,293

885,385

a

Sun

Country

Airlines

Holdings,

Inc.

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

United

States

1,455

17,096

a

United

Airlines

Holdings,

Inc.

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

United

States

1,636

130,275

2,079,332

Personal

Care

Products

0.1%

Unilever

plc

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

United

Kingdom

11,855

723,466

Pharmaceuticals

2.5%

a

Alumis,

Inc.

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

United

States

2,009

6,027

a

Arvinas,

Inc.

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

United

States

6,385

46,994

AstraZeneca

plc

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

United

Kingdom

3,135

436,295

AstraZeneca

plc,

ADR

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

United

Kingdom

10,295

719,415

Bristol-Myers

Squibb

Co.

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

United

States

13,255

613,574

Chugai

Pharmaceutical

Co.

Ltd.

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

Japan

3,700

193,206

a

Corcept

Therapeutics,

Inc.

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

United

States

835

61,289

Daiichi

Sankyo

Co.

Ltd.

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

Japan

16,000

370,690

Eli

Lilly

&

Co.

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

United

States

4,780

3,726,153

Galderma

Group

AG

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

Switzerland

723

105,092

GSK

plc

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

United

States

7,803

148,776

Haleon

plc

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

United

States

84,574

434,679

Ipsen

SA

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

France

736

87,671

Johnson

&

Johnson

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

United

States

6,872

1,049,698

Merck

&

Co.,

Inc.

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

United

States

19,996

1,582,883

Merck

KGaA

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

Germany

123

15,948

Novartis

AG

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

United

States

10,274

1,247,028

Novo

Nordisk

A/S,

B

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

Denmark

6,523

452,005

Otsuka

Holdings

Co.

Ltd.

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

Japan

3,200

158,654

Roche

Holding

AG

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

United

States

2,323

758,273

Sanofi

SA

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

United

States

9,896

958,069

a

WaVe

Life

Sciences

Ltd.

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

United

States

1,713

11,135

13,183,554

Professional

Services

0.4%

Automatic

Data

Processing,

Inc.

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

United

States

5,818

1,794,271

Booz

Allen

Hamilton

Holding

Corp.,

A

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

United

States

499

51,961

Broadridge

Financial

Solutions,

Inc.

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

United

States

534

129,778

Heidrick

&

Struggles

International,

Inc.

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

United

States

354

16,199

a

IBEX

Holdings

Ltd.

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

United

States

528

15,365

Korn

Ferry

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

United

States

555

40,698

a

Legalzoom.com,

Inc.

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

United

States

5,892

52,498

Leidos

Holdings,

Inc.

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

United

States

809

127,628

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

18

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Professional

Services

(continued)

Maximus,

Inc.

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

United

States

164

$

11,513

a

Paylocity

Holding

Corp.

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

United

States

638

115,599

Recruit

Holdings

Co.

Ltd.

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

Japan

8,600

505,737

a

Upwork,

Inc.

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

United

States

3,630

48,787

Verisk

Analytics,

Inc.,

A

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

United

States

207

64,481

Wolters

Kluwer

NV

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

Netherlands

1,098

183,627

3,158,142

Real

Estate

Management

&

Development

0.3%

a

Anywhere

Real

Estate,

Inc.

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

United

States

3,088

11,179

a

CBRE

Group,

Inc.,

A

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

United

States

5,439

762,113

a

CoStar

Group,

Inc.

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

United

States

5,426

436,250

a

Cushman

&

Wakefield

plc

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

United

States

4,849

53,678

a

Jones

Lang

LaSalle,

Inc.

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

United

States

566

144,771

1,407,991

Residential

REITs

0.0%

†

AvalonBay

Communities,

Inc.

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

United

States

621

126,374

Camden

Property

Trust

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

United

States

1,090

122,832

Equity

LifeStyle

Properties,

Inc.

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

United

States

1,930

119,023

Equity

Residential

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

United

States

1,821

122,899

Essex

Property

Trust,

Inc.

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

United

States

451

127,813

Invitation

Homes,

Inc.

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

United

States

3,773

123,754

Mid-America

Apartment

Communities,

Inc.

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

United

States

807

119,444

NexPoint

Residential

Trust,

Inc.

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

United

States

357

11,895

874,034

Retail

REITs

0.2%

Brixmor

Property

Group,

Inc.

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

United

States

5,065

131,893

CBL

&

Associates

Properties,

Inc.

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

United

States

423

10,740

Curbline

Properties

Corp.

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

United

States

1,292

29,496

Kite

Realty

Group

Trust

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

United

States

1,347

30,510

Simon

Property

Group,

Inc.

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

United

States

7,159

1,150,881

SITE

Centers

Corp.

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

United

States

3,828

43,295

Tanger,

Inc.

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

United

States

363

11,101

Urban

Edge

Properties

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

United

States

2,985

55,700

1,463,616

Semiconductors

&

Semiconductor

Equipment

5.6%

a

Ambarella,

Inc.

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

United

States

886

58,534

Applied

Materials,

Inc.

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

United

States

945

173,001

ASML

Holding

NV

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

Netherlands

1,807

1,448,016

a

Astera

Labs,

Inc.

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

United

States

1,371

123,966

Broadcom,

Inc.

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

United

States

20,385

5,619,125

a

CEVA,

Inc.

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

United

States

498

10,946

a

Cirrus

Logic,

Inc.

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

United

States

1,320

137,617

a

Credo

Technology

Group

Holding

Ltd.

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

United

States

1,435

132,867

a

Impinj,

Inc.

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

United

States

469

52,092

KLA

Corp.

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

United

States

164

146,901

Lam

Research

Corp.

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

United

States

1,898

184,751

Marvell

Technology,

Inc.

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

United

States

2,640

204,336

a

MaxLinear,

Inc.,

A

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

United

States

922

13,102

NVIDIA

Corp.

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

United

States

118,459

18,715,337

QUALCOMM,

Inc.

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

United

States

16,709

2,661,075

a

Rambus,

Inc.

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

United

States

1,347

86,235

a

Rigetti

Computing,

Inc.

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

United

States

747

8,859

SCREEN

Holdings

Co.

Ltd.

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

Japan

2,300

187,016

SK

Hynix,

Inc.

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

South

Korea

1,300

280,126

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

19

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Taiwan

12,000

$

438,832

30,682,734

Software

5.3%

a

8x8,

Inc.

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

United

States

4,614

9,043

A10

Networks,

Inc.

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

United

States

781

15,112

a

ACI

Worldwide,

Inc.

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

United

States

718

32,963

Adeia,

Inc.

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

United

States

816

11,538

a

Adobe,

Inc.

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

United

States

4,901

1,896,099

a

Alarm.com

Holdings,

Inc.

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

United

States

215

12,163

a

AppLovin

Corp.,

A

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

United

States

705

246,806

a

Atlassian

Corp.,

A

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

United

States

5,434

1,103,591

a

Aurora

Innovation,

Inc.,

A

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

United

States

908

4,758

a

Autodesk,

Inc.

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

United

States

1,624

502,742

a

Blend

Labs,

Inc.,

A

..................................

United

States

14,800

48,840

a

Cadence

Design

Systems,

Inc.

.........................

United

States

4,018

1,238,147

a

Check

Point

Software

Technologies

Ltd.

..................

Israel

400

88,500

a

Commvault

Systems,

Inc.

.............................

United

States

469

81,761

a

DocuSign,

Inc.,

A

...................................

United

States

1,429

111,305

a

Dropbox,

Inc.,

A

....................................

United

States

4,618

132,075

a

D-Wave

Quantum,

Inc.

...............................

Canada

1,330

19,471

a

Fortinet,

Inc.

.......................................

United

States

1,242

131,304

a

HubSpot,

Inc.

......................................

United

States

830

462,003

InterDigital,

Inc.

.....................................

United

States

341

76,462

Intuit,

Inc.

.........................................

United

States

194

152,800

a

Life360,

Inc.

.......................................

United

States

884

57,681

a

LiveRamp

Holdings,

Inc.

..............................

United

States

1,758

58,084

a

Manhattan

Associates,

Inc.

............................

United

States

1,130

223,141

Microsoft

Corp.

.....................................

United

States

35,504

17,660,045

a

Nice

Ltd.

..........................................

Israel

258

43,734

OneSpan,

Inc.

......................................

United

States

692

11,549

Oracle

Corp.

.......................................

United

States

3,691

806,963

Oracle

Corp.

Japan

..................................

Japan

900

107,272

a

Palantir

Technologies,

Inc.,

A

...........................

United

States

1,960

267,187

Pegasystems,

Inc.

...................................

United

States

2,623

141,983

a

PROS

Holdings,

Inc.

.................................

United

States

857

13,421

a

Q2

Holdings,

Inc.

...................................

United

States

312

29,200

a

Rapid7,

Inc.

.......................................

United

States

1,339

30,971

a

RingCentral,

Inc.,

A

..................................

United

States

4,936

139,936

Salesforce,

Inc.

.....................................

United

States

3,464

944,598

SAP

SE

..........................................

Germany

1,558

476,404

a

ServiceNow,

Inc.

....................................

United

States

1,594

1,638,760

a

Teradata

Corp.

.....................................

United

States

5,438

121,322

a

Weave

Communications,

Inc.

..........................

United

States

1,715

14,269

a

Workday,

Inc.,

A

....................................

United

States

474

113,760

a

Xperi,

Inc.

.........................................

United

States

1,580

12,498

a

Zoom

Communications,

Inc.,

A

.........................

United

States

1,662

129,603

29,419,864

Specialized

REITs

0.2%

American

Tower

Corp.

................................

United

States

4,959

1,096,038

Millrose

Properties,

Inc.,

A

.............................

United

States

4,527

129,065

Outfront

Media,

Inc.

.................................

United

States

3,639

59,388

PotlatchDeltic

Corp.

.................................

United

States

279

10,705

Public

Storage

.....................................

United

States

452

132,626

VICI

Properties,

Inc.,

A

...............................

United

States

4,056

132,226

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

20

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Specialized

REITs

(continued)

Weyerhaeuser

Co.

..................................

United

States

4,940

$

126,909

1,686,957

Specialty

Retail

0.5%

a

Abercrombie

&

Fitch

Co.,

A

............................

United

States

607

50,290

American

Eagle

Outfitters,

Inc.

.........................

United

States

917

8,822

a,b

Auto1

Group

SE,

144A,

Reg

S

.........................

Germany

4,223

136,721

a

AutoZone,

Inc.

.....................................

United

States

32

118,791

Avolta

AG

.........................................

Switzerland

917

49,950

Best

Buy

Co.,

Inc.

...................................

United

States

1,820

122,177

Buckle,

Inc.

(The)

...................................

United

States

283

12,834

Fast

Retailing

Co.

Ltd.

................................

Japan

1,200

411,437

Gap,

Inc.

(The)

.....................................

United

States

4,674

101,940

a

Genesco,

Inc.

......................................

United

States

469

9,235

Home

Depot,

Inc.

(The)

...............................

United

States

1,213

444,734

Industria

de

Diseno

Textil

SA

...........................

Spain

906

47,263

J

Jill,

Inc.

.........................................

United

States

670

9,809

Ross

Stores,

Inc.

...................................

United

States

841

107,295

a

Sally

Beauty

Holdings,

Inc.

............................

United

States

1,249

11,566

TJX

Cos.,

Inc.

(The)

.................................

United

States

14,241

1,758,621

Upbound

Group,

Inc.

.................................

United

States

449

11,270

a

Urban

Outfitters,

Inc.

.................................

United

States

303

21,980

a

Victoria's

Secret

&

Co.

...............................

United

States

1,830

33,892

Williams-Sonoma,

Inc.

...............................

United

States

752

122,854

3,591,481

Technology

Hardware,

Storage

&

Peripherals

2.6%

Apple,

Inc.

........................................

United

States

67,470

13,842,820

a

IonQ,

Inc.

.........................................

United

States

1,726

74,166

NetApp,

Inc.

.......................................

United

States

1,327

141,392

Seagate

Technology

Holdings

plc

.......................

United

States

5,903

851,980

14,910,358

Textiles,

Apparel

&

Luxury

Goods

0.3%

adidas

AG

.........................................

Germany

304

70,963

Asics

Corp.

........................................

Japan

5,500

140,252

Cie

Financiere

Richemont

SA

..........................

Switzerland

100

18,923

a

Deckers

Outdoor

Corp.

...............................

United

States

520

53,596

a

G-III

Apparel

Group

Ltd.

..............................

United

States

424

9,498

a

Hanesbrands,

Inc.

...................................

United

States

2,082

9,536

Hermes

International

SCA

.............................

France

131

355,123

Kontoor

Brands,

Inc.

.................................

United

States

144

9,500

a

Lululemon

Athletica,

Inc.

..............................

United

States

828

196,716

LVMH

Moet

Hennessy

Louis

Vuitton

SE

..................

France

106

55,478

Pandora

A/S

.......................................

Denmark

1,666

293,541

1,213,126

Tobacco

0.8%

Imperial

Brands

plc

..................................

United

Kingdom

9,344

369,183

Philip

Morris

International,

Inc.

.........................

United

States

21,636

3,940,565

Turning

Point

Brands,

Inc.

.............................

United

States

784

59,404

4,369,152

Trading

Companies

&

Distributors

0.2%

AerCap

Holdings

NV

.................................

Ireland

1,000

117,000

Applied

Industrial

Technologies,

Inc.

.....................

United

States

201

46,722

Boise

Cascade

Co.

..................................

United

States

504

43,757

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

21

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Trading

Companies

&

Distributors

(continued)

Bunzl

plc

..........................................

United

Kingdom

1,270

$

40,470

a

DNOW,

Inc.

.......................................

United

States

2,899

42,992

a

Hudson

Technologies,

Inc.

............................

United

States

2,169

17,612

McGrath

RentCorp

..................................

United

States

143

16,582

Mitsubishi

Corp.

....................................

Japan

9,800

195,822

Mitsui

&

Co.

Ltd.

....................................

Japan

21,000

427,980

a

NPK

International,

Inc.

...............................

United

States

1,671

14,220

United

Rentals,

Inc.

..................................

United

States

826

622,308

1,585,465

Transportation

Infrastructure

0.1%

b

Aena

SME

SA,

144A,

Reg

S

...........................

Spain

7,387

197,187

Water

Utilities

0.0%

†

American

States

Water

Co.

............................

United

States

149

11,422

California

Water

Service

Group

.........................

United

States

290

13,189

H2O

America

......................................

United

States

281

14,604

39,215

Wireless

Telecommunication

Services

0.4%

KDDI

Corp.

........................................

Japan

21,000

360,582

SoftBank

Group

Corp.

................................

Japan

4,000

290,824

T-Mobile

US,

Inc.

...................................

United

States

4,161

991,400

1,642,806

Total

Common

Stocks

(Cost

$194,241,107)

...................................

324,661,100

Convertible

Preferred

Stocks

0.0%

†

Aerospace

&

Defense

0.0%

†

Boeing

Co.

(The),

6%

................................

United

States

1,724

117,232

Electric

Utilities

0.0%

†

PG&E

Corp.,

A,

6%

..................................

United

States

931

35,006

Financial

Services

0.0%

†

Apollo

Global

Management,

Inc.,

6.75%

..................

United

States

747

55,913

Total

Convertible

Preferred

Stocks

(Cost

$170,100)

............................

208,151

Preferred

Stocks

0.1%

Technology

Hardware,

Storage

&

Peripherals

0.1%

c

Samsung

Electronics

Co.

Ltd.,

2.2%

.....................

South

Korea

6,360

233,316

Total

Preferred

Stocks

(Cost

$236,639)

.......................................

233,316

Rights

Rights

0.0%

†

Biotechnology

0.0%

†

a,d

Icosavax,

Inc.,

CVR,

5/31/25

...........................

United

Kingdom

687

206

Pharmaceuticals

0.0%

†

a,d

CinCor

Pharma,

Inc.,

CVR,

5/31/25

......................

United

Kingdom

440

1,346

Total

Rights

(Cost

$1,559)

..................................................

1,552

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

22

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

0.1%

Consumer

Staples

Distribution

&

Retail

0.0%

†

Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375

%

,

12/15/28

..

United

States

40,000

$

62,440

Energy

Equipment

&

Services

0.0%

†

Nabors

Industries,

Inc.

,

Senior

Note

,

1.75

%

,

6/15/29

.........

United

States

40,000

23,100

Food

Products

0.0%

†

Post

Holdings,

Inc.

,

Senior

Note

,

2.5

%

,

8/15/27

.............

United

States

52,000

59,488

Software

0.1%

b

Guidewire

Software,

Inc.

,

Senior

Note

,

144A,

1.25

%

,

11/01/29

..

United

States

76,000

89,794

Total

Convertible

Bonds

(Cost

$223,850)

.....................................

234,822

Corporate

Bonds

22.9%

Aerospace

&

Defense

0.7%

ATI,

Inc.

,

Senior

Bond,

5.125%,

10/01/31

.......................

United

States

15,000

14,673

Senior

Note,

5.875%,

12/01/27

.......................

United

States

120,000

120,660

Senior

Note,

4.875%,

10/01/29

.......................

United

States

25,000

24,507

Senior

Note,

7.25%,

8/15/30

.........................

United

States

75,000

78,656

b

Axon

Enterprise,

Inc.

,

Senior

Note,

144A,

6.125%,

3/15/30

...................

United

States

55,000

56,698

Senior

Note,

144A,

6.25%,

3/15/33

....................

United

States

45,000

46,447

Boeing

Co.

(The)

,

Senior

Bond,

3.2%,

3/01/29

..........................

United

States

35,000

33,326

Senior

Bond,

2.95%,

2/01/30

.........................

United

States

41,000

38,027

Senior

Bond,

6.125%,

2/15/33

........................

United

States

95,000

100,428

Senior

Bond,

5.875%,

2/15/40

........................

United

States

45,000

44,925

Senior

Bond,

3.375%,

6/15/46

........................

United

States

108,000

74,009

Senior

Note,

2.196%,

2/04/26

........................

United

States

835,000

822,086

Senior

Note,

2.7%,

2/01/27

..........................

United

States

153,000

148,761

Senior

Note,

6.259%,

5/01/27

........................

United

States

79,000

81,309

Senior

Note,

6.298%,

5/01/29

........................

United

States

120,000

126,897

Senior

Note,

6.388%,

5/01/31

........................

United

States

65,000

69,884

b

Bombardier,

Inc.

,

Senior

Note,

144A,

7.875%,

4/15/27

...................

Canada

3,000

3,019

Senior

Note,

144A,

8.75%,

11/15/30

...................

Canada

60,000

65,030

Senior

Note,

144A,

7.25%,

7/01/31

....................

Canada

10,000

10,509

Senior

Note,

144A,

7%,

6/01/32

......................

Canada

20,000

20,853

Senior

Note,

144A,

6.75%,

6/15/33

....................

Canada

50,000

51,873

Howmet

Aerospace,

Inc.

,

Senior

Note,

3%,

1/15/29

...........................

United

States

436,000

417,158

Senior

Note,

4.85%,

10/15/31

........................

United

States

135,000

136,886

RTX

Corp.

,

Senior

Bond,

4.125%,

11/16/28

.......................

United

States

322,000

320,812

Senior

Bond,

5.15%,

2/27/33

.........................

United

States

69,000

70,562

Senior

Bond,

4.875%,

10/15/40

.......................

United

States

151,000

142,414

Spirit

AeroSystems,

Inc.

,

b

Secured

Note,

144A,

9.75%,

11/15/30

..................

United

States

110,000

121,451

Senior

Bond,

4.6%,

6/15/28

..........................

United

States

115,000

113,128

b

Senior

Secured

Note,

144A,

9.375%,

11/30/29

...........

United

States

25,000

26,556

b

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

60,000

62,298

Senior

Secured

Note,

144A,

7.125%,

12/01/31

...........

United

States

15,000

15,735

Senior

Secured

Note,

144A,

6.625%,

3/01/32

............

United

States

5,000

5,183

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

23

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Aerospace

&

Defense

(continued)

b

TransDigm,

Inc.,

(continued)

Senior

Secured

Note,

144A,

6%,

1/15/33

................

United

States

90,000

$

90,547

3,555,307

Automobile

Components

0.0%

†

b

Adient

Global

Holdings

Ltd.

,

Senior

Note,

144A,

8.25%,

4/15/31

....................

United

States

115,000

120,945

Senior

Note,

144A,

7.5%,

2/15/33

.....................

United

States

25,000

25,587

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

........................................

United

States

85,000

65,929

b,e

IHO

Verwaltungs

GmbH

,

Senior

Secured

Note

,

144A,

PIK,

7.75

%

,

11/15/30

........................................

Germany

200,000

205,415

417,876

Automobiles

0.2%

b

Hyundai

Capital

America

,

Senior

Bond,

144A,

6.375%,

4/08/30

...................

United

States

17,000

18,068

Senior

Note,

144A,

4.875%,

11/01/27

..................

United

States

200,000

200,965

Senior

Note,

144A,

6.5%,

1/16/29

.....................

United

States

380,000

400,912

Senior

Note,

144A,

5.35%,

3/19/29

....................

United

States

98,000

99,897

Senior

Note,

144A,

4.55%,

9/26/29

....................

United

States

55,000

54,523

Senior

Note,

144A,

5.4%,

1/08/31

.....................

United

States

48,000

49,059

823,424

Banks

4.4%

b

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note,

144A,

4.988%

to

12/02/27,

FRN

thereafter,

12/03/28

................................

Netherlands

300,000

304,129

Sub.

Bond,

144A,

4.75%,

7/28/25

.....................

Netherlands

200,000

200,041

b,f

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Junior

Sub.

Bond

,

144A,

6.75%

to

6/14/26,

FRN

thereafter

,

Perpetual

.........

Australia

200,000

202,641

Banco

Santander

SA

,

Senior

Non-Preferred

Bond,

4.379%,

4/12/28

............

Spain

200,000

199,575

Sub.

Bond,

5.179%,

11/19/25

........................

Spain

400,000

400,478

Sub.

Bond,

3.225%

to

8/21/31,

FRN

thereafter,

11/22/32

....

Spain

1,400,000

1,257,008

Bank

of

America

Corp.

,

Senior

Bond,

2.496%

to

2/12/30,

FRN

thereafter,

2/13/31

...

United

States

572,000

522,572

Senior

Note,

1.734%

to

7/21/26,

FRN

thereafter,

7/22/27

....

United

States

1,690,000

1,642,991

g

Sub.

Bond,

FRN,

5.34%,

(3-month

SOFR

+

1.022%),

9/15/26

United

States

83,000

82,889

Sub.

Bond,

6.11%,

1/29/37

..........................

United

States

722,000

762,916

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

1,133,000

1,037,133

L,

Sub.

Bond,

4.183%,

11/25/27

......................

United

States

245,000

244,068

Bank

of

Nova

Scotia

(The)

,

Junior

Sub.

Bond

,

7.35%

to

4/26/30,

FRN

thereafter

,

4/27/85

.............................

Canada

200,000

201,977

Barclays

plc

,

Senior

Note

,

5.367%

to

2/24/30,

FRN

thereafter

,

2/25/31

.........................................

United

Kingdom

200,000

204,348

b

BNP

Paribas

SA

,

Sub.

Bond,

144A,

4.375%,

5/12/26

....................

France

200,000

199,582

Sub.

Bond,

144A,

2.588%

to

8/11/30,

FRN

thereafter,

8/12/35

France

285,000

251,246

b

BPCE

SA

,

Senior

Non-Preferred

Note

,

144A,

5.975%

to

1/17/26,

FRN

thereafter

,

1/18/27

.............................

France

410,000

412,832

b

CaixaBank

SA

,

h

Senior

Non-Preferred

Note,

144A,

4.634%

to

7/02/28,

FRN

thereafter,

7/03/29

.................................

Spain

200,000

200,542

Senior

Non-Preferred

Note,

144A,

5.673%

to

3/14/29,

FRN

thereafter,

3/15/30

.................................

Spain

200,000

206,899

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

24

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

(continued)

Citigroup,

Inc.

,

Senior

Bond,

3.887%

to

1/09/27,

FRN

thereafter,

1/10/28

...

United

States

408,000

$

404,415

Senior

Bond,

3.668%

to

7/23/27,

FRN

thereafter,

7/24/28

...

United

States

1,792,000

1,764,347

Sub.

Bond,

4.45%,

9/29/27

..........................

United

States

512,000

512,597

Sub.

Bond,

4.75%,

5/18/46

..........................

United

States

214,000

182,822

b

Commonwealth

Bank

of

Australia

,

Senior

Bond

,

144A,

3.15

%

,

9/19/27

.........................................

Australia

718,000

704,749

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125

%

,

3/09/28

...

United

States

647,000

671,884

Huntington

Bancshares,

Inc.

,

Sub.

Bond

,

2.487%

to

8/14/31,

FRN

thereafter

,

8/15/36

.................................

United

States

490,000

411,803

b

Intesa

Sanpaolo

SpA

,

Senior

Preferred

Bond

,

144A,

3.875

%

,

1/12/28

.........................................

Italy

400,000

392,494

JPMorgan

Chase

&

Co.

,

g

W,

Junior

Sub.

Bond,

FRN,

5.588%,

(3-month

SOFR

+

1.262%),

5/15/47

.................................

United

States

228,000

202,377

Senior

Note,

6.07%

to

10/21/26,

FRN

thereafter,

10/22/27

...

United

States

305,000

311,710

Sub.

Bond,

3.625%,

12/01/27

........................

United

States

1,887,000

1,861,993

Sub.

Bond,

5.717%

to

9/13/32,

FRN

thereafter,

9/14/33

.....

United

States

1,005,000

1,047,864

Lloyds

Banking

Group

plc

,

Sub.

Bond

,

4.65

%

,

3/24/26

........

United

Kingdom

295,000

294,778

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Note

,

5.159%

to

4/23/30,

FRN

thereafter

,

4/24/31

......................

Japan

335,000

343,113

PNC

Financial

Services

Group,

Inc.

(The)

,

Sub.

Bond

,

4.626%

to

6/05/32,

FRN

thereafter

,

6/06/33

......................

United

States

825,000

801,009

Toronto-Dominion

Bank

(The)

,

Sub.

Bond

,

3.625%

to

9/14/26,

FRN

thereafter

,

9/15/31

.............................

Canada

629,000

622,024

Truist

Bank

,

Sub.

Bond

,

4.632

%

,

9/17/29

..................

United

States

390,000

385,655

Truist

Financial

Corp.

,

Senior

Note,

4.26%

to

7/27/25,

FRN

thereafter,

7/28/26

.....

United

States

390,000

389,849

Senior

Note,

5.435%

to

1/23/29,

FRN

thereafter,

1/24/30

....

United

States

150,000

154,527

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

........................................

United

States

754,000

640,176

Wells

Fargo

&

Co.

,

Senior

Bond,

3.35%

to

3/01/32,

FRN

thereafter,

3/02/33

....

United

States

2,203,000

2,012,502

Senior

Note,

4.54%

to

8/14/25,

FRN

thereafter,

8/15/26

.....

United

States

260,000

259,951

Senior

Note,

5.574%

to

7/24/28,

FRN

thereafter,

7/25/29

....

United

States

155,000

160,069

Westpac

Banking

Corp.

,

Sub.

Bond

,

2.963

%

,

11/16/40

.......

Australia

147,000

108,919

23,175,494

Biotechnology

0.3%

AbbVie,

Inc.

,

Senior

Note

,

4.8

%

,

3/15/29

..................

United

States

230,000

234,566

Amgen,

Inc.

,

Senior

Bond,

4.663%,

6/15/51

........................

United

States

384,000

329,050

Senior

Note,

5.15%,

3/02/28

.........................

United

States

320,000

327,062

b

Grifols

SA

,

Senior

Note

,

Reg

S,

3.875

%

,

10/15/28

...........

Spain

215,000

EUR

242,894

1,133,572

Broadline

Retail

0.0%

†

b

Kohl's

Corp.

,

Senior

Secured

Note

,

144A,

10

%

,

6/01/30

......

United

States

85,000

88,200

b

Match

Group

Holdings

II

LLC

,

Senior

Note

,

144A,

4.625

%

,

6/01/28

.........................................

United

States

189,000

184,563

b

Wayfair

LLC

,

Senior

Secured

Note,

144A,

7.25%,

10/31/29

............

United

States

75,000

75,221

Senior

Secured

Note,

144A,

7.75%,

9/15/30

.............

United

States

80,000

80,697

428,681

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

25

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Building

Products

0.2%

b

Builders

FirstSource,

Inc.

,

Senior

Bond,

144A,

6.375%,

3/01/34

...................

United

States

40,000

$

40,813

Senior

Bond,

144A,

6.75%,

5/15/35

....................

United

States

35,000

36,080

b

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

8/01/28

...................................

United

States

75,000

69,224

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

1/31/31

............

United

States

10,000

10,094

Senior

Secured

Note,

144A,

6.125%,

7/31/32

............

United

States

40,000

40,689

Johnson

Controls

International

plc

,

Senior

Bond,

4.95%,

7/02/64

.........................

United

States

336,000

281,079

Senior

Note,

3.9%,

2/14/26

..........................

United

States

194,000

193,252

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/01/32

..............

United

States

80,000

82,103

b

MIWD

Holdco

II

LLC

/

MIWD

Finance

Corp.

,

Senior

Note

,

144A,

5.5

%

,

2/01/30

....................................

United

States

85,000

81,015

b

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

....................

United

States

30,000

30,974

Senior

Secured

Note,

144A,

6.375%,

3/01/32

............

United

States

55,000

56,592

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875

%

,

11/15/31

..................................

United

States

70,000

73,446

b

Standard

Building

Solutions,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

8/15/32

.........................................

United

States

90,000

92,276

b

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

4.375%,

7/15/30

...................

United

States

70,000

66,323

Senior

Bond,

144A,

3.375%,

1/15/31

...................

United

States

40,000

35,900

Senior

Note,

Reg

S,

2.25%,

11/21/26

..................

United

States

100,000

EUR

116,730

1,306,590

Capital

Markets

1.6%

Ares

Capital

Corp.

,

Senior

Note,

3.875%,

1/15/26

........................

United

States

204,000

202,963

Senior

Note,

2.15%,

7/15/26

.........................

United

States

253,000

246,597

Senior

Note,

7%,

1/15/27

...........................

United

States

110,000

113,535

Senior

Note,

2.875%,

6/15/27

........................

United

States

270,000

261,055

b

Aretec

Group,

Inc.

,

Senior

Secured

Note

,

144A,

10

%

,

8/15/30

..

United

States

25,000

27,504

b

Blackstone

Holdings

Finance

Co.

LLC

,

Senior

Bond

,

144A,

1.6

%

,

3/30/31

.........................................

United

States

170,000

145,309

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25

%

,

3/15/27

..

United

States

88,000

85,611

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

4.223%

to

4/30/28,

FRN

thereafter

,

5/01/29

......................

United

States

1,677,000

1,667,709

Intercontinental

Exchange,

Inc.

,

Senior

Bond,

1.85%,

9/15/32

.........................

United

States

190,000

157,857

Senior

Note,

4%,

9/15/27

...........................

United

States

98,000

97,593

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note,

144A,

6.125%,

11/01/32

...........

United

States

195,000

196,983

Senior

Secured

Note,

144A,

6.75%,

5/01/33

.............

United

States

65,000

66,874

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

5.03

%

,

3/16/26

...

United

States

185,000

185,350

b

KKR

Group

Finance

Co.

III

LLC

,

Senior

Bond

,

144A,

5.125

%

,

6/01/44

.........................................

United

States

207,000

188,853

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

........................

United

States

183,000

195,235

Senior

Note,

5.2%,

3/15/30

..........................

United

States

194,000

197,114

Moody's

Corp.

,

Senior

Bond,

2%,

8/19/31

...........................

United

States

589,000

511,426

Senior

Bond,

5%,

8/05/34

...........................

United

States

65,000

65,764

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

26

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Capital

Markets

(continued)

Morgan

Stanley

,

Senior

Bond,

3.772%

to

1/23/28,

FRN

thereafter,

1/24/29

...

United

States

1,758,000

$

1,733,154

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

305,000

310,394

Senior

Note,

4.994%

to

4/11/28,

FRN

thereafter,

4/12/29

....

United

States

132,000

133,938

Sub.

Bond,

3.95%,

4/23/27

..........................

United

States

507,000

504,039

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625

%

,

9/01/30

............

United

States

133,000

124,844

Nasdaq,

Inc.

,

Senior

Bond,

5.55%,

2/15/34

.........................

United

States

38,000

39,607

Senior

Note,

5.35%,

6/28/28

.........................

United

States

97,000

99,900

b

Neuberger

Berman

Group

LLC

/

Neuberger

Berman

Finance

Corp.

,

Senior

Bond

,

144A,

4.875

%

,

4/15/45

..............

United

States

186,000

159,253

S&P

Global,

Inc.

,

Senior

Bond,

2.5%,

12/01/29

.........................

United

States

65,000

60,464

Senior

Bond,

1.25%,

8/15/30

.........................

United

States

118,000

101,637

b,h

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875

%

,

7/15/32

United

States

55,000

55,598

b

UBS

Group

AG

,

f

Junior

Sub.

Bond,

Reg

S,

6.875%

to

8/06/25,

FRN

thereafter,

Perpetual

.......................................

Switzerland

389,000

389,602

Senior

Bond,

144A,

3.869%

to

1/11/28,

FRN

thereafter,

1/12/29

Switzerland

311,000

306,269

Senior

Note,

144A,

1.305%

to

2/01/26,

FRN

thereafter,

2/02/27

Switzerland

250,000

245,310

8,877,341

Chemicals

0.5%

b

Avient

Corp.

,

Senior

Note,

144A,

7.125%,

8/01/30

...................

United

States

60,000

61,929

Senior

Note,

144A,

6.25%,

11/01/31

...................

United

States

30,000

30,299

Celanese

US

Holdings

LLC

,

Senior

Bond,

6.629%,

7/15/32

........................

United

States

55,000

57,699

Senior

Note,

1.4%,

8/05/26

..........................

United

States

184,000

177,489

Senior

Note,

6.415%,

7/15/27

........................

United

States

376,000

389,629

b

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375

%

,

10/03/31

........................................

Germany

70,000

72,728

CF

Industries,

Inc.

,

Senior

Bond,

4.95%,

6/01/43

.........................

United

States

110,000

97,924

b

Senior

Bond,

144A,

4.5%,

12/01/26

....................

United

States

238,000

238,220

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

70,000

71,811

Huntsman

International

LLC

,

Senior

Bond,

4.5%,

5/01/29

..........................

United

States

266,000

252,465

Senior

Bond,

2.95%,

6/15/31

.........................

United

States

156,000

131,390

International

Flavors

&

Fragrances,

Inc.

,

Senior

Bond,

4.45%,

9/26/28

.........................

United

States

308,000

308,010

b

Senior

Bond,

144A,

2.3%,

11/01/30

....................

United

States

54,000

47,743

Nutrien

Ltd.

,

Senior

Bond,

4.2%,

4/01/29

..........................

Canada

107,000

105,939

Senior

Bond,

4.125%,

3/15/35

........................

Canada

404,000

368,023

Senior

Bond,

5.25%,

1/15/45

.........................

Canada

95,000

87,809

b

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25

%

,

9/01/29

United

States

65,000

69,791

b

SCIH

Salt

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

5/01/29

...................

United

States

65,000

63,605

Senior

Secured

Note,

144A,

4.875%,

5/01/28

............

United

States

80,000

77,993

b

Vibrantz

Technologies,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/30

...

United

States

105,000

70,826

Westlake

Corp.

,

Senior

Bond

,

2.875

%

,

8/15/41

.............

United

States

243,000

163,603

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

27

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Chemicals

(continued)

b

WR

Grace

Holdings

LLC

,

Senior

Note

,

144A,

5.625

%

,

8/15/29

.

United

States

50,000

$

45,306

2,990,231

Commercial

Services

&

Supplies

0.2%

b

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875

%

,

2/15/31

...................................

United

States

95,000

99,330

b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

5

%

,

2/01/28

......

United

States

122,000

121,626

b

Clean

Harbors,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

2/01/31

.....

United

States

50,000

51,263

b

GFL

Environmental,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

1/15/31

.........................................

United

States

25,000

26,192

b

Madison

IAQ

LLC

,

Senior

Note,

144A,

5.875%,

6/30/29

...................

United

States

145,000

142,738

Senior

Secured

Note,

144A,

4.125%,

6/30/28

............

United

States

40,000

38,888

b

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Secured

Note

,

144A,

6.25

%

,

1/15/28

...................

United

States

90,000

90,222

Republic

Services,

Inc.

,

Senior

Note

,

5

%

,

11/15/29

..........

United

States

665,000

684,236

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/01/29

.........................................

United

States

120,000

120,091

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5

%

,

11/30/30

........................................

United

States

30,000

32,512

Waste

Connections,

Inc.

,

Senior

Bond,

3.5%,

5/01/29

..........................

United

States

306,000

299,515

Senior

Bond,

3.2%,

6/01/32

..........................

United

States

48,000

43,859

Senior

Bond,

5%,

3/01/34

...........................

United

States

70,000

70,776

Waste

Management,

Inc.

,

Senior

Note

,

4.875

%

,

2/15/29

......

United

States

147,000

150,642

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/01/33

........

United

States

75,000

78,046

b

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625

%

,

4/01/32

...

Canada

30,000

31,256

2,081,192

Communications

Equipment

0.1%

b

CommScope

LLC

,

Senior

Note

,

144A,

7.125

%

,

7/01/28

.......

United

States

60,000

59,013

Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

.........................

United

States

78,000

69,263

Senior

Bond,

5.55%,

8/15/35

.........................

United

States

345,000

351,893

Senior

Note,

4.85%,

8/15/30

.........................

United

States

91,000

92,007

572,176

Construction

&

Engineering

0.0%

†

b

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

8/15/32

...........

United

States

35,000

36,346

Consumer

Finance

0.9%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond,

3.65%,

7/21/27

.........................

Ireland

450,000

443,336

Senior

Bond,

3.3%,

1/30/32

..........................

Ireland

759,000

688,072

Ally

Financial,

Inc.

,

Senior

Bond,

8%,

11/01/31

..........................

United

States

367,000

418,070

Senior

Note,

4.75%,

6/09/27

.........................

United

States

263,000

264,556

Senior

Note,

2.2%,

11/02/28

.........................

United

States

172,000

158,679

American

Express

Co.

,

Senior

Bond,

5.667%

to

4/24/35,

FRN

thereafter,

4/25/36

...

United

States

415,000

429,906

Senior

Note,

5.098%

to

2/15/27,

FRN

thereafter,

2/16/28

....

United

States

170,000

171,991

Capital

One

Financial

Corp.

,

Sub.

Bond

,

2.359%

to

7/28/31,

FRN

thereafter

,

7/29/32

.................................

United

States

1,178,000

999,330

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

5/15/30

.........................................

United

States

60,000

64,405

b

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/32

.........

United

States

180,000

186,488

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

28

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Consumer

Finance

(continued)

General

Motors

Financial

Co.,

Inc.

,

Senior

Note

,

4.9

%

,

10/06/29

United

States

264,000

$

263,655

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note,

144A,

6.4%,

3/26/29

.....................

United

Kingdom

10,000

10,447

Senior

Note,

144A,

5.15%,

3/17/30

....................

United

Kingdom

71,000

71,010

Senior

Note,

144A,

6.5%,

3/26/31

.....................

United

Kingdom

15,000

15,886

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

.......................

United

States

110,000

108,278

Senior

Note,

7.5%,

5/15/31

..........................

United

States

70,000

73,190

Senior

Note,

7.125%,

11/15/31

.......................

United

States

75,000

78,085

4,445,384

Consumer

Staples

Distribution

&

Retail

0.2%

b

7-Eleven,

Inc.

,

Senior

Note

,

144A,

1.3

%

,

2/10/28

............

United

States

329,000

303,516

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond,

144A,

3.55%,

7/26/27

....................

Canada

296,000

291,359

Senior

Bond,

144A,

2.95%,

1/25/30

....................

Canada

198,000

185,100

b

US

Foods,

Inc.

,

Senior

Note,

144A,

7.25%,

1/15/32

....................

United

States

20,000

21,086

Senior

Note,

144A,

5.75%,

4/15/33

....................

United

States

60,000

60,087

861,148

Containers

&

Packaging

0.1%

b

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc

,

Senior

Note

,

Reg

S,

3

%

,

9/01/29

....

United

States

100,000

EUR

105,907

Berry

Global,

Inc.

,

Senior

Secured

Note,

1.65%,

1/15/27

..................

United

States

154,000

147,764

Senior

Secured

Note,

5.5%,

4/15/28

...................

United

States

13,000

13,349

b

Senior

Secured

Note,

144A,

4.875%,

7/15/26

............

United

States

14,000

13,994

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/32

...............................

United

States

90,000

92,420

b

Graham

Packaging

Co.,

Inc.

,

Senior

Note

,

144A,

7.125

%

,

8/15/28

United

States

80,000

79,905

b

Intelligent

Packaging

Ltd.

Finco,

Inc.

/

Intelligent

Packaging

Ltd.

Co-Issuer

LLC

,

Senior

Secured

Note

,

144A,

6

%

,

9/15/28

....

Canada

175,000

175,000

b

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/27

...................

United

States

70,000

69,561

Senior

Secured

Note,

144A,

7.875%,

4/15/27

............

United

States

80,000

81,411

b

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5

%

,

5/15/30

...........

Canada

155,000

158,577

WestRock

MWV

LLC

,

Senior

Bond,

8.2%,

1/15/30

..........................

United

States

427,000

489,541

Senior

Bond,

7.95%,

2/15/31

.........................

United

States

99,000

114,816

1,542,245

Distributors

0.0%

†

b

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

Senior

Note,

144A,

3.875%,

11/15/29

..................

United

States

50,000

47,336

Senior

Secured

Note,

144A,

4%,

1/15/28

................

United

States

30,000

29,363

b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75

%

,

3/15/31

..

Canada

55,000

57,888

134,587

Diversified

Consumer

Services

0.0%

†

Service

Corp.

International

,

Senior

Bond

,

3.375

%

,

8/15/30

....

United

States

55,000

50,592

Diversified

REITs

0.2%

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond,

3.25%,

1/15/32

.........................

United

States

246,000

216,700

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

29

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Diversified

REITs

(continued)

GLP

Capital

LP

/

GLP

Financing

II,

Inc.,

(continued)

Senior

Note,

5.375%,

4/15/26

........................

United

States

84,000

$

84,071

VICI

Properties

LP

,

Senior

Note,

4.75%,

2/15/28

.........................

United

States

374,000

376,208

Senior

Note,

5.125%,

11/15/31

.......................

United

States

290,000

290,563

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

2/15/27

...................................

United

States

149,000

146,771

1,114,313

Diversified

Telecommunication

Services

0.8%

AT&T,

Inc.

,

Senior

Bond,

2.55%,

12/01/33

........................

United

States

573,000

479,753

Senior

Bond,

4.75%,

5/15/46

.........................

United

States

440,000

384,507

Senior

Bond,

3.55%,

9/15/55

.........................

United

States

1,258,000

849,511

Senior

Note,

4.1%,

2/15/28

..........................

United

States

50,000

49,802

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.375%,

6/01/29

...................

United

States

270,000

269,200

Senior

Bond,

144A,

4.75%,

3/01/30

....................

United

States

200,000

193,910

Senior

Bond,

144A,

4.25%,

2/01/31

....................

United

States

65,000

60,762

Senior

Bond,

144A,

4.75%,

2/01/32

....................

United

States

80,000

75,932

Deutsche

Telekom

International

Finance

BV

,

Senior

Bond

,

8.75

%

,

6/15/30

.........................................

Germany

135,000

159,434

b

Frontier

Communications

Holdings

LLC

,

Senior

Secured

Note,

144A,

5.875%,

10/15/27

...........

United

States

55,000

55,055

Senior

Secured

Note,

144A,

8.75%,

5/15/30

.............

United

States

60,000

62,804

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875

%

,

11/15/28

.........

United

States

141,000

151,404

Telefonica

Emisiones

SA

,

Senior

Bond

,

4.895

%

,

3/06/48

......

Spain

855,000

719,198

Verizon

Communications,

Inc.

,

Senior

Bond,

4.4%,

11/01/34

.........................

United

States

300,000

284,842

Senior

Bond,

3.7%,

3/22/61

..........................

United

States

602,000

415,853

b

Senior

Bond,

144A,

5.401%,

7/02/37

...................

United

States

973,000

979,334

Senior

Note,

2.1%,

3/22/28

..........................

United

States

181,000

171,533

5,362,834

Electric

Utilities

1.2%

American

Electric

Power

Co.,

Inc.

,

Senior

Bond,

5.625%,

3/01/33

........................

United

States

140,000

145,610

J,

Senior

Bond,

4.3%,

12/01/28

.......................

United

States

462,000

462,433

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65

%

,

1/15/32

...................................

United

States

110,000

96,856

Commonwealth

Edison

Co.

,

Senior

Bond

,

5.9

%

,

3/15/36

......

United

States

172,000

183,877

Duke

Energy

Corp.

,

Senior

Bond,

3.15%,

8/15/27

.........................

United

States

551,000

540,030

Senior

Bond,

4.2%,

6/15/49

..........................

United

States

446,000

348,311

Duke

Energy

Indiana

LLC

,

Senior

Bond

,

6.45

%

,

4/01/39

......

United

States

211,000

231,360

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

3.65

%

,

2/01/29

........

United

States

241,000

236,482

Evergy

Kansas

Central,

Inc.

,

Senior

Bond

,

5.7

%

,

3/15/53

.....

United

States

130,000

128,455

b

Evergy

Missouri

West,

Inc.

,

Senior

Note

,

144A,

5.15

%

,

12/15/27

United

States

402,000

409,205

Eversource

Energy

,

Senior

Note

,

5.45

%

,

3/01/28

............

United

States

31,000

31,813

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25

%

,

5/01/30

United

States

125,000

120,087

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

5.45

%

,

3/15/35

.........................................

United

States

845,000

861,744

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

30

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Electric

Utilities

(continued)

b

NRG

Energy,

Inc.

,

f

Junior

Sub.

Bond,

144A,

10.25%

to

3/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

70,000

$

77,775

Senior

Bond,

144A,

6.25%,

11/01/34

...................

United

States

80,000

81,558

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond,

5.3%,

6/01/42

...................

United

States

91,000

87,086

Senior

Secured

Bond,

3.75%,

4/01/45

..................

United

States

463,000

356,424

Pacific

Gas

and

Electric

Co.

,

Senior

Note,

2.1%,

8/01/27

..........................

United

States

61,000

57,791

Senior

Note,

6.1%,

1/15/29

..........................

United

States

575,000

595,940

Senior

Note,

5.55%,

5/15/29

.........................

United

States

235,000

238,872

PG&E

Corp.

,

Junior

Sub.

Bond,

7.375%

to

3/14/30,

FRN

thereafter,

3/15/55

United

States

50,000

47,476

Senior

Secured

Bond,

5.25%,

7/01/30

..................

United

States

95,000

90,560

Public

Service

Electric

and

Gas

Co.

,

Senior

Bond

,

5.5

%

,

3/01/40

United

States

178,000

180,985

Southern

Co.

(The)

,

Senior

Note

,

5.5

%

,

3/15/29

............

United

States

195,000

203,076

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5%,

7/31/27

......................

United

States

65,000

64,963

Senior

Note,

144A,

7.75%,

10/15/31

...................

United

States

45,000

47,860

Senior

Note,

144A,

6.875%,

4/15/32

...................

United

States

50,000

52,307

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

..............

United

States

219,000

215,864

Senior

Secured

Bond,

144A,

6%,

4/15/34

...............

United

States

195,000

202,670

Wisconsin

Electric

Power

Co.

,

Senior

Bond

,

4.6

%

,

10/01/34

...

United

States

174,000

172,302

6,569,772

Electrical

Equipment

0.0%

†

b

Energizer

Gamma

Acquisition

BV

,

Senior

Note

,

Reg

S,

3.5

%

,

6/30/29

.........................................

United

States

100,000

EUR

112,815

Electronic

Equipment,

Instruments

&

Components

0.0%

†

CDW

LLC

/

CDW

Finance

Corp.

,

Senior

Note

,

3.25

%

,

2/15/29

..

United

States

15,000

14,221

b

Sensata

Technologies,

Inc.

,

Senior

Bond

,

144A,

3.75

%

,

2/15/31

United

States

155,000

141,435

b

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

4

%

,

3/01/29

......

United

States

125,000

119,544

275,200

Energy

Equipment

&

Services

0.0%

†

b

Aris

Water

Holdings

LLC

,

Senior

Note

,

144A,

7.25

%

,

4/01/30

..

United

States

90,000

92,930

b

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875

%

,

8/15/31

...

United

States

120,000

89,232

b

Precision

Drilling

Corp.

,

Senior

Note,

144A,

7.125%,

1/15/26

...................

Canada

21,000

21,076

Senior

Note,

144A,

6.875%,

1/15/29

...................

Canada

45,000

44,490

b

Transocean

Aquila

Ltd.

,

Senior

Secured

Note

,

144A,

8

%

,

9/30/28

United

States

16,308

16,480

b

Transocean

Poseidon

Ltd.

,

Senior

Secured

Note

,

144A,

6.875

%

,

2/01/27

.........................................

United

States

39,375

39,465

b

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375

%

,

2/01/28

...................................

United

States

40,714

41,386

Transocean,

Inc.

,

Senior

Bond,

6.8%,

3/15/38

..........................

United

States

100,000

70,405

b

Senior

Secured

Note,

144A,

8.75%,

2/15/30

.............

United

States

32,000

32,933

b

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625

%

,

4/30/30

.........................................

United

States

75,000

77,354

525,751

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

31

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Entertainment

0.3%

b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

.........................................

France

215,000

$

223,236

b

Cinemark

USA,

Inc.

,

Senior

Note

,

144A,

5.25

%

,

7/15/28

......

United

States

50,000

49,799

b

Live

Nation

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

5/15/27

....................................

United

States

50,000

50,773

Netflix,

Inc.

,

Senior

Bond,

5.875%,

11/15/28

.......................

United

States

45,000

47,448

b

Senior

Bond,

Reg

S,

3.875%,

11/15/29

.................

United

States

395,000

EUR

486,409

b

Senior

Bond,

144A,

5.375%,

11/15/29

..................

United

States

440,000

459,788

b

Pinewood

Finco

plc

,

Senior

Secured

Note

,

144A,

6

%

,

3/27/30

..

United

Kingdom

100,000

GBP

136,038

Walt

Disney

Co.

(The)

,

Senior

Bond

,

7.75

%

,

12/01/45

........

United

States

233,000

293,943

Warnermedia

Holdings,

Inc.

,

Senior

Note

,

3.755

%

,

3/15/27

....

United

States

45,000

41,994

1,789,428

Financial

Services

0.2%

b

Benteler

International

AG

,

Senior

Secured

Note

,

144A,

10.5

%

,

5/15/28

.........................................

Austria

200,000

210,673

Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85

%

,

4/05/29

.......

United

States

239,000

234,278

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25

%

,

10/01/30

United

States

65,000

72,130

b

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375

%

,

4/01/32

.........................................

United

States

125,000

126,447

b

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

8

%

,

2/15/27

........

Ireland

25,000

25,794

Global

Payments,

Inc.

,

Senior

Note

,

2.15

%

,

1/15/27

.........

United

States

35,000

33,869

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note,

144A,

9.5%,

2/15/29

.....................

United

States

100,000

105,834

Senior

Note,

144A,

8.25%,

5/15/30

....................

United

States

60,000

62,216

b

Nationstar

Mortgage

Holdings,

Inc.

,

Senior

Bond,

144A,

5.75%,

11/15/31

...................

United

States

140,000

142,295

Senior

Note,

144A,

7.125%,

2/01/32

...................

United

States

75,000

77,954

b

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95

%

,

1/03/31

.....

Malaysia

220,000

224,599

b

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875

%

,

11/01/29

..................................

United

States

170,000

169,726

b

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.875

%

,

1/31/30

........

United

States

155,000

159,937

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

8/01/33

.......

United

States

90,000

92,201

1,737,953

Food

Products

0.3%

b,e

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75

%

,

10/01/29

United

States

31,258

32,801

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625

%

,

7/01/29

...................................

United

States

80,000

83,465

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

3

%

,

2/02/29

......................

United

States

82,000

77,955

b,h

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

,

Senior

Bond

,

144A,

5.5

%

,

1/15/36

.

United

States

520,000

521,089

b

JDE

Peet's

NV

,

Senior

Note

,

144A,

1.375

%

,

1/15/27

.........

Netherlands

150,000

142,772

Kellanova

,

Senior

Bond,

4.5%,

4/01/46

..........................

United

States

13,000

11,144

B,

Senior

Bond,

7.45%,

4/01/31

.......................

United

States

49,000

56,169

b

Mars,

Inc.

,

Senior

Bond,

144A,

5.65%,

5/01/45

....................

United

States

50,000

50,150

Senior

Bond,

144A,

5.7%,

5/01/55

.....................

United

States

40,000

39,931

Senior

Bond,

144A,

5.8%,

5/01/65

.....................

United

States

25,000

24,976

Senior

Note,

144A,

4.6%,

3/01/28

.....................

United

States

295,000

297,459

Senior

Note,

144A,

4.65%,

4/20/31

....................

United

States

26,000

26,346

Senior

Note,

144A,

5%,

3/01/32

......................

United

States

425,000

430,865

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

32

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Food

Products

(continued)

b

Mars,

Inc.,

(continued)

Senior

Note,

144A,

5.2%,

3/01/35

.....................

United

States

55,000

$

55,687

1,850,809

Gas

Utilities

0.0%

†

Southern

California

Gas

Co.

,

Senior

Bond

,

5.05

%

,

9/01/34

....

United

States

75,000

75,542

Ground

Transportation

0.6%

b

Ashtead

Capital,

Inc.

,

Senior

Bond,

144A,

4.375%,

8/15/27

...................

United

Kingdom

685,000

682,500

Senior

Bond,

144A,

2.45%,

8/12/31

....................

United

Kingdom

205,000

177,016

b,h

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25

%

,

8/01/30

.........................................

United

States

55,000

56,200

CSX

Corp.

,

Senior

Bond

,

4.1

%

,

3/15/44

..................

United

States

288,000

240,215

b

ERAC

USA

Finance

LLC

,

Senior

Bond

,

144A,

3.3

%

,

12/01/26

..

United

States

111,000

109,430

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Bond,

144A,

3.4%,

11/15/26

....................

United

States

150,000

147,738

Senior

Note,

144A,

4.4%,

7/01/27

.....................

United

States

133,000

132,849

Ryder

System,

Inc.

,

Senior

Note

,

4.95

%

,

9/01/29

............

United

States

300,000

305,422

b

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Bond,

144A,

5.7%,

7/25/33

.....................

Ireland

200,000

205,173

Senior

Note,

144A,

5.3%,

4/03/29

.....................

Ireland

310,000

316,507

b

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125

%

,

8/01/32

...................................

United

States

105,000

109,836

2,482,886

Health

Care

Equipment

&

Supplies

0.2%

b

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note,

144A,

8.375%,

10/01/28

...........

United

States

50,000

52,250

g

Senior

Secured

Note,

144A,

FRN,

5.872%,

(3-month

EURIBOR

+

3.875%),

1/15/31

................................

United

States

100,000

EUR

118,755

Becton

Dickinson

&

Co.

,

Senior

Bond

,

2.823

%

,

5/20/30

.......

United

States

462,000

427,851

DH

Europe

Finance

II

SARL

,

Senior

Bond

,

3.4

%

,

11/15/49

....

United

States

208,000

148,063

GE

HealthCare

Technologies,

Inc.

,

Senior

Note,

5.65%,

11/15/27

........................

United

States

165,000

170,037

Senior

Note,

4.8%,

8/14/29

..........................

United

States

200,000

202,990

b

Insulet

Corp.

,

Senior

Note

,

144A,

6.5

%

,

4/01/33

............

United

States

25,000

26,082

b

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

...................

United

States

45,000

44,682

Senior

Secured

Note,

144A,

3.875%,

4/01/29

............

United

States

80,000

76,795

1,267,505

Health

Care

Providers

&

Services

0.8%

Centene

Corp.

,

Senior

Bond

,

3

%

,

10/15/30

................

United

States

80,000

71,533

b

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note,

144A,

5.625%,

3/15/27

............

United

States

45,000

44,352

Senior

Secured

Note,

144A,

5.25%,

5/15/30

.............

United

States

90,000

79,893

Senior

Secured

Note,

144A,

10.875%,

1/15/32

...........

United

States

60,000

63,667

b

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

7/15/32

.........................................

United

States

70,000

72,563

CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

120,000

124,069

Senior

Bond,

4.78%,

3/25/38

.........................

United

States

122,000

112,038

b

DaVita,

Inc.

,

Senior

Note,

144A,

6.875%,

9/01/32

...................

United

States

185,000

191,809

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

33

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Health

Care

Providers

&

Services

(continued)

b

DaVita,

Inc.,

(continued)

Senior

Note,

144A,

6.75%,

7/15/33

....................

United

States

15,000

$

15,498

HCA,

Inc.

,

Senior

Bond,

4.5%,

2/15/27

..........................

United

States

84,000

84,035

Senior

Bond,

4.125%,

6/15/29

........................

United

States

75,000

73,708

Senior

Note,

5.45%,

4/01/31

.........................

United

States

280,000

288,809

Senior

Note,

3.625%,

3/15/32

........................

United

States

510,000

470,621

Humana,

Inc.

,

Senior

Note

,

5.75

%

,

3/01/28

................

United

States

254,000

262,232

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.809

%

,

5/08/27

.........................................

United

States

200,000

204,257

Tenet

Healthcare

Corp.

,

Senior

Secured

Note,

5.125%,

11/01/27

................

United

States

190,000

189,820

Senior

Secured

Note,

4.25%,

6/01/29

..................

United

States

75,000

72,793

Senior

Secured

Note,

6.125%,

6/15/30

.................

United

States

120,000

122,236

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

3.95

%

,

10/15/42

......

United

States

419,000

340,103

2,884,036

Health

Care

REITs

0.0%

†

b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/32

....................

United

States

160,000

167,578

Health

Care

Technology

0.0%

†

b

AthenaHealth

Group,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/30

...

United

States

140,000

137,930

b

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

6/01/32

.............

United

States

195,000

200,356

338,286

Hotel

&

Resort

REITs

0.0%

†

b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note,

144A,

7.25%,

7/15/28

....................

United

States

20,000

20,716

Senior

Note,

144A,

6.5%,

4/01/32

.....................

United

States

90,000

92,621

Senior

Note,

144A,

6.5%,

6/15/33

.....................

United

States

45,000

46,322

b

XHR

LP

,

Senior

Note

,

144A,

6.625

%

,

5/15/30

..............

United

States

25,000

25,503

185,162

Hotels,

Restaurants

&

Leisure

0.6%

b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

4

%

,

10/15/30

.....................................

Canada

80,000

74,634

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

6/15/31

......

United

States

160,000

153,451

b

Caesars

Entertainment,

Inc.

,

Senior

Note,

144A,

4.625%,

10/15/29

..................

United

States

135,000

128,949

Senior

Note,

144A,

6%,

10/15/32

.....................

United

States

40,000

39,254

Senior

Secured

Note,

144A,

7%,

2/15/30

................

United

States

110,000

113,983

Senior

Secured

Note,

144A,

6.5%,

2/15/32

..............

United

States

15,000

15,401

b

Carnival

Corp.

,

Senior

Note,

144A,

5.75%,

3/01/27

....................

United

States

100,000

100,888

Senior

Note,

144A,

5.75%,

3/15/30

....................

United

States

116,000

118,038

Senior

Note,

144A,

5.875%,

6/15/31

...................

United

States

85,000

86,647

Senior

Note,

144A,

6.125%,

2/15/33

...................

United

States

40,000

40,951

Senior

Secured

Note,

144A,

4%,

8/01/28

................

United

States

251,000

245,823

b

Churchill

Downs,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

4/01/30

.....

United

States

85,000

85,332

b

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/30

.................

United

States

110,000

101,597

b

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75

%

,

11/15/29

.........................

Canada

60,000

58,771

Hyatt

Hotels

Corp.

,

Senior

Bond,

4.85%,

3/15/26

.........................

United

States

404,000

404,184

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

34

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

Hyatt

Hotels

Corp.,

(continued)

Senior

Note,

5.75%,

1/30/27

.........................

United

States

132,000

$

134,768

b

Light

&

Wonder

International,

Inc.

,

Senior

Note,

144A,

7.25%,

11/15/29

...................

United

States

120,000

123,706

Senior

Note,

144A,

7.5%,

9/01/31

.....................

United

States

15,000

15,705

Marriott

International,

Inc.

,

GG

,

Senior

Bond

,

3.5

%

,

10/15/32

...

United

States

405,000

368,369

b

NCL

Corp.

Ltd.

,

Senior

Note,

144A,

7.75%,

2/15/29

....................

United

States

45,000

47,876

Senior

Note,

144A,

6.75%,

2/01/32

....................

United

States

30,000

30,668

Senior

Secured

Note,

144A,

8.125%,

1/15/29

............

United

States

30,000

31,644

b

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

5.625

%

,

1/15/27

.

United

States

80,000

79,813

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

5.625%,

9/30/31

...................

United

States

55,000

55,370

Senior

Note,

144A,

6.25%,

3/15/32

....................

United

States

15,000

15,428

Senior

Note,

144A,

6%,

2/01/33

......................

United

States

130,000

132,587

b

Scientific

Games

Holdings

LP

/

Scientific

Games

US

FinCo,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

3/01/30

....................

United

States

75,000

72,336

b

Six

Flags

Entertainment

Corp.

,

Senior

Note

,

144A,

7.25

%

,

5/15/31

.........................................

United

States

85,000

87,406

b

Six

Flags

Entertainment

Corp.

/

Six

Flags

Theme

Parks,

Inc.

/

Canada's

Wonderland

Co.

,

Senior

Secured

Note

,

144A,

6.625

%

,

5/01/32

...................................

United

States

35,000

36,122

b

Station

Casinos

LLC

,

Senior

Note

,

144A,

6.625

%

,

3/15/32

.....

United

States

55,000

56,273

b

Viking

Cruises

Ltd.

,

Senior

Note,

144A,

7%,

2/15/29

......................

United

States

30,000

30,282

Senior

Note,

144A,

9.125%,

7/15/31

...................

United

States

80,000

86,210

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Bond,

144A,

5.125%,

10/01/29

..................

United

States

55,000

54,640

Senior

Note,

144A,

7.125%,

2/15/31

...................

United

States

145,000

154,728

3,381,834

Household

Durables

0.1%

DR

Horton,

Inc.

,

Senior

Bond,

5%,

10/15/34

..........................

United

States

55,000

54,412

Senior

Note,

1.3%,

10/15/26

.........................

United

States

650,000

625,136

b

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75

%

,

12/15/28

........

United

States

95,000

98,816

Newell

Brands,

Inc.

,

Senior

Note,

6.375%,

5/15/30

........................

United

States

30,000

29,260

Senior

Note,

6.625%,

5/15/32

........................

United

States

45,000

43,040

b

Senior

Note,

144A,

8.5%,

6/01/28

.....................

United

States

45,000

47,372

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond,

144A,

5.125%,

8/01/30

...................

United

States

60,000

59,829

Senior

Note,

144A,

5.875%,

6/15/27

...................

United

States

30,000

30,526

Senior

Note,

144A,

5.75%,

1/15/28

....................

United

States

35,000

35,549

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35

%

,

2/15/28

.....

United

States

128,000

127,368

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

..............................

United

States

65,000

63,000

1,214,308

Household

Products

0.0%

†

b

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

3/31/29

..

United

States

30,000

28,401

Independent

Power

and

Renewable

Electricity

Producers

0.1%

b

AES

Andes

SA

,

Senior

Note

,

144A,

6.25

%

,

3/14/32

..........

Chile

200,000

204,202

AES

Corp.

(The)

,

Senior

Note,

1.375%,

1/15/26

........................

United

States

158,000

155,014

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

35

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Independent

Power

and

Renewable

Electricity

Producers

(continued)

AES

Corp.

(The),

(continued)

Senior

Note,

2.45%,

1/15/31

.........................

United

States

316,000

$

276,418

b

Calpine

Corp.

,

Senior

Bond

,

144A,

5

%

,

2/01/31

.............

United

States

60,000

59,396

Constellation

Energy

Generation

LLC

,

Senior

Note

,

5.6

%

,

3/01/28

United

States

155,000

160,427

b,f

Vistra

Corp.

,

Junior

Sub.

Bond,

144A,

8%

to

10/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

25,000

25,622

Junior

Sub.

Bond,

144A,

7%

to

12/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

80,000

81,014

962,093

Industrial

REITs

0.1%

Prologis

LP

,

Senior

Bond,

2.25%,

4/15/30

.........................

United

States

149,000

135,532

Senior

Note,

2.125%,

4/15/27

........................

United

States

66,000

63,815

Senior

Note,

1.75%,

2/01/31

.........................

United

States

245,000

212,627

411,974

Insurance

1.0%

b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note,

144A,

8.5%,

6/15/29

.....................

United

States

90,000

93,920

Senior

Secured

Note,

144A,

7.5%,

11/06/30

.............

United

States

90,000

93,032

b

AEGON

Funding

Co.

LLC

,

Senior

Note

,

144A,

5.5

%

,

4/16/27

..

Netherlands

210,000

212,637

b

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

5.875%,

11/01/29

..................

United

States

105,000

103,581

Senior

Note,

144A,

7.375%,

10/01/32

..................

United

States

25,000

25,802

Senior

Secured

Note,

144A,

7%,

1/15/31

................

United

States

115,000

119,044

b

Athene

Global

Funding

,

Secured

Note,

144A,

5.349%,

7/09/27

..................

United

States

245,000

248,889

Secured

Note,

144A,

1.985%,

8/19/28

..................

United

States

547,000

505,043

Secured

Note,

144A,

5.526%,

7/11/31

..................

United

States

105,000

107,344

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond,

4.3%,

5/15/43

..........................

United

States

117,000

103,129

Senior

Bond,

2.85%,

10/15/50

........................

United

States

500,000

322,954

Brown

&

Brown,

Inc.

,

Senior

Note,

4.7%,

6/23/28

..........................

United

States

75,000

75,656

Senior

Note,

4.9%,

6/23/30

..........................

United

States

174,000

175,715

b

CNO

Global

Funding

,

Secured

Note,

144A,

4.875%,

12/10/27

.................

United

States

120,000

120,992

Secured

Note,

144A,

2.65%,

1/06/29

...................

United

States

150,000

140,222

Secured

Note,

144A,

4.95%,

9/09/29

...................

United

States

171,000

172,865

b

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.2

%

,

6/24/29

United

States

130,000

133,108

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85

%

,

4/17/28

...

Canada

643,000

648,896

b

HUB

International

Ltd.

,

Senior

Secured

Note

,

144A,

7.25

%

,

6/15/30

.........................................

United

States

85,000

88,890

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Note,

144A,

10.5%,

12/15/30

...................

Canada

75,000

79,997

Senior

Secured

Note,

144A,

8.5%,

3/15/30

..............

Canada

35,000

37,123

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.9

%

,

3/15/49

....

United

States

236,000

213,451

b

MetLife

Capital

Trust

IV

,

Junior

Sub.

Bond

,

144A,

8.252

%

,

12/15/37

........................................

United

States

385,000

423,018

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467

%

,

12/08/28

........................................

United

States

195,000

201,867

4,447,175

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

36

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Interactive

Media

&

Services

0.1%

Meta

Platforms,

Inc.

,

Senior

Bond

,

5.4

%

,

8/15/54

...........

United

States

487,000

$

475,285

b

Snap,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/33

............

United

States

190,000

195,083

670,368

IT

Services

0.0%

†

b

Ahead

DB

Holdings

LLC

,

Senior

Note

,

144A,

6.625

%

,

5/01/28

..

United

States

45,000

45,168

b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

7/01/32

...............

United

States

165,000

162,683

b

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

6/01/31

.........................................

United

States

65,000

68,176

b

Gartner,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

10/01/30

...........

United

States

95,000

88,958

364,985

Leisure

Products

0.0%

†

b

Mattel,

Inc.

,

Senior

Note

,

144A,

3.375

%

,

4/01/26

............

United

States

20,000

19,755

Life

Sciences

Tools

&

Services

0.0%

†

Illumina,

Inc.

,

Senior

Note

,

4.65

%

,

9/09/26

................

United

States

86,000

86,125

Machinery

0.2%

Caterpillar,

Inc.

,

Senior

Bond

,

5.2

%

,

5/15/35

...............

United

States

280,000

285,566

b

Chart

Industries,

Inc.

,

Senior

Note

,

144A,

9.5

%

,

1/01/31

......

United

States

25,000

26,706

b

Daimler

Truck

Finance

North

America

LLC

,

Senior

Note

,

144A,

5.125

%

,

9/25/27

...................................

Germany

245,000

248,567

Oshkosh

Corp.

,

Senior

Bond

,

4.6

%

,

5/15/28

...............

United

States

140,000

140,249

Otis

Worldwide

Corp.

,

Senior

Note

,

2.565

%

,

2/15/30

.........

United

States

182,000

167,970

b

Terex

Corp.

,

Senior

Note,

144A,

5%,

5/15/29

......................

United

States

45,000

43,954

Senior

Note,

144A,

6.25%,

10/15/32

...................

United

States

60,000

60,162

973,174

Media

0.7%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond,

4.8%,

3/01/50

...................

United

States

487,000

389,926

Senior

Secured

Bond,

3.7%,

4/01/51

...................

United

States

261,000

173,993

Senior

Secured

Note,

4.908%,

7/23/25

.................

United

States

48,000

47,997

Senior

Secured

Note,

2.25%,

1/15/29

..................

United

States

352,000

324,253

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

....................

United

States

30,000

28,373

Senior

Secured

Note,

144A,

7.875%,

4/01/30

............

United

States

80,000

82,653

Comcast

Corp.

,

Senior

Bond,

3.999%,

11/01/49

.......................

United

States

206,000

156,707

Senior

Bond,

3.45%,

2/01/50

.........................

United

States

123,000

84,411

Senior

Bond,

2.987%,

11/01/63

.......................

United

States

137,000

77,104

b

Directv

Financing

LLC

,

Senior

Secured

Note

,

144A,

8.875

%

,

2/01/30

.........................................

United

States

30,000

29,445

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

8/15/27

............

United

States

30,000

29,921

Senior

Secured

Note,

144A,

10%,

2/15/31

...............

United

States

65,000

63,149

EchoStar

Corp.

,

Senior

Secured

Note

,

10.75

%

,

11/30/29

......

United

States

110,000

113,394

b

Gray

Media,

Inc.

,

Senior

Bond

,

144A,

5.375

%

,

11/15/31

......

United

States

85,000

63,809

Interpublic

Group

of

Cos.,

Inc.

(The)

,

Senior

Bond

,

4.65

%

,

10/01/28

........................................

United

States

744,000

747,938

b

McGraw-Hill

Education,

Inc.

,

Senior

Note,

144A,

8%,

8/01/29

......................

United

States

105,000

106,981

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

37

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Media

(continued)

b

McGraw-Hill

Education,

Inc.,

(continued)

Senior

Secured

Note,

144A,

5.75%,

8/01/28

.............

United

States

55,000

$

55,369

Senior

Secured

Note,

144A,

7.375%,

9/01/31

............

United

States

95,000

99,171

b

News

Corp.

,

Senior

Bond,

144A,

5.125%,

2/15/32

...................

United

States

57,000

55,820

Senior

Note,

144A,

3.875%,

5/15/29

...................

United

States

45,000

43,088

b

Nexstar

Media,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

11/01/28

......

United

States

50,000

48,737

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond,

144A,

4.625%,

3/15/30

...................

United

States

65,000

62,128

Senior

Note,

144A,

5%,

8/15/27

......................

United

States

25,000

24,891

Senior

Secured

Note,

144A,

7.375%,

2/15/31

............

United

States

45,000

47,676

Paramount

Global

,

Senior

Bond,

2.9%,

1/15/27

..........................

United

States

112,000

109,086

Senior

Bond,

4.2%,

6/01/29

..........................

United

States

295,000

287,083

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

2/15/33

...................................

United

States

185,000

187,051

b

Sirius

XM

Radio

LLC

,

Senior

Bond,

144A,

3.875%,

9/01/31

...................

United

States

105,000

93,402

Senior

Note,

144A,

4%,

7/15/28

......................

United

States

75,000

72,085

TCI

Communications,

Inc.

,

Senior

Bond

,

7.125

%

,

2/15/28

.....

United

States

303,000

324,964

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375

%

,

7/15/33

...................................

United

States

35,000

40,773

4,071,378

Metals

&

Mining

0.1%

ArcelorMittal

SA

,

Senior

Bond

,

7

%

,

10/15/39

...............

Luxembourg

120,000

133,044

b

Big

River

Steel

LLC

/

BRS

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625

%

,

1/31/29

..............................

United

States

84,000

84,733

b

Cleveland-Cliffs,

Inc.

,

Senior

Note

,

144A,

7

%

,

3/15/32

........

United

States

60,000

56,635

Commercial

Metals

Co.

,

Senior

Bond,

4.375%,

3/15/32

........................

United

States

35,000

32,266

Senior

Note,

4.125%,

1/15/30

........................

United

States

85,000

81,665

b

Constellium

SE

,

Senior

Note

,

Reg

S,

3.125

%

,

7/15/29

........

United

States

105,000

EUR

119,288

b

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Bond

,

144A,

6.125

%

,

4/15/32

...................................

Australia

65,000

66,162

b

Glencore

Funding

LLC

,

Senior

Bond,

144A,

4%,

3/27/27

......................

Australia

188,000

186,535

Senior

Bond,

144A,

2.5%,

9/01/30

.....................

Australia

414,000

373,178

Senior

Bond,

144A,

5.634%,

4/04/34

...................

Australia

75,000

76,480

b

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

4/01/29

....

Canada

70,000

71,143

b

Novelis

Corp.

,

Senior

Bond,

144A,

4.75%,

1/30/30

....................

United

States

70,000

67,118

Senior

Bond,

144A,

3.875%,

8/15/31

...................

United

States

20,000

17,987

Senior

Note,

144A,

6.875%,

1/30/30

...................

United

States

60,000

62,073

b

TMS

International

Corp.

,

Senior

Note

,

144A,

6.25

%

,

4/15/29

...

United

States

90,000

85,647

United

States

Steel

Corp.

,

Senior

Bond

,

6.65

%

,

6/01/37

......

United

States

35,000

37,275

1,551,229

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

b

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

6/15/29

.........................

United

States

85,000

80,863

Multi-Utilities

0.3%

Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2

%

,

3/15/42

....................................

United

States

160,000

135,761

Dominion

Energy,

Inc.

,

Senior

Note

,

4.6

%

,

5/15/28

..........

United

States

265,000

266,820

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

38

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Multi-Utilities

(continued)

NiSource,

Inc.

,

Senior

Bond

,

5.85

%

,

4/01/55

...............

United

States

170,000

$

168,395

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448

%

,

6/01/53

.....

United

States

163,000

155,573

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95

%

,

9/15/34

.

United

States

835,000

828,056

1,554,605

Oil,

Gas

&

Consumable

Fuels

1.2%

Cheniere

Energy

Partners

LP

,

Senior

Note

,

4.5

%

,

10/01/29

....

United

States

870,000

860,989

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927

%

,

8/15/30

...................................

United

States

100,000

105,621

b

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25

%

,

10/01/29

........................................

Australia

25,000

18,662

b,h

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375

%

,

1/15/34

.........................................

United

States

120,000

120,157

Enbridge,

Inc.

,

Senior

Bond

,

4.5

%

,

6/10/44

................

Canada

410,000

336,412

b

Encino

Acquisition

Partners

Holdings

LLC

,

Senior

Note

,

144A,

8.5

%

,

5/01/28

....................................

United

States

145,000

149,083

Energy

Transfer

LP

,

f

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

810,000

809,266

Senior

Bond,

3.75%,

5/15/30

.........................

United

States

837,000

803,394

Senior

Note,

5.5%,

6/01/27

..........................

United

States

68,000

69,245

b

Expand

Energy

Corp.

,

Senior

Note

,

144A,

6.75

%

,

4/15/29

.....

United

States

175,000

177,204

b

Global

Partners

LP

/

GLP

Finance

Corp.

,

Senior

Note

,

144A,

7.125

%

,

7/01/33

...................................

United

States

135,000

136,990

b

Hess

Midstream

Operations

LP

,

Senior

Note,

144A,

5.875%,

3/01/28

...................

United

States

45,000

45,699

Senior

Note,

144A,

5.125%,

6/15/28

...................

United

States

55,000

54,653

Senior

Note,

144A,

6.5%,

6/01/29

.....................

United

States

35,000

36,018

Senior

Note,

144A,

5.5%,

10/15/30

....................

United

States

65,000

65,332

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Note

,

144A,

8.375

%

,

11/01/33

..................................

United

States

40,000

41,534

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375

%

,

4/24/30

.........................................

Kazakhstan

200,000

201,834

Kinder

Morgan,

Inc.

,

Senior

Bond,

7.75%,

1/15/32

.........................

United

States

343,000

396,176

Senior

Note,

5%,

2/01/29

...........................

United

States

185,000

187,943

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

......

United

States

155,000

156,412

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5

%

,

4/15/32

....

United

States

90,000

90,106

Occidental

Petroleum

Corp.

,

Senior

Bond,

7.5%,

5/01/31

..........................

United

States

253,000

278,640

Senior

Bond,

6.2%,

3/15/40

..........................

United

States

180,000

176,308

Senior

Note,

8.5%,

7/15/27

..........................

United

States

97,000

102,674

ONEOK,

Inc.

,

Senior

Note

,

4.75

%

,

10/15/31

...............

United

States

475,000

470,550

Ovintiv,

Inc.

,

Senior

Note

,

5.65

%

,

5/15/28

.................

United

States

149,000

153,218

b

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25

%

,

5/21/30

.

Indonesia

200,000

202,151

b

Sitio

Royalties

Operating

Partnership

LP

/

Sitio

Finance

Corp.

,

Senior

Note

,

144A,

7.875

%

,

11/01/28

...................

United

States

70,000

73,339

SM

Energy

Co.

,

Senior

Bond

,

6.75

%

,

9/15/26

..............

United

States

60,000

60,077

b

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

144A,

5.026

%

,

10/01/29

..................................

Canada

225,000

225,799

Spectra

Energy

Partners

LP

,

Senior

Note

,

3.375

%

,

10/15/26

...

United

States

282,000

278,139

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25

%

,

7/01/33

.............

United

States

90,000

91,559

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

4.875

%

,

2/01/31

............

United

States

118,000

117,117

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

39

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5

%

,

10/15/29

........................................

United

States

105,000

$

101,826

b

Venture

Global

LNG,

Inc.

,

f

Junior

Sub.

Bond,

144A,

9%

to

9/29/29,

FRN

thereafter,

Perpetual

.......................................

United

States

85,000

82,718

Senior

Secured

Note,

144A,

9.5%,

2/01/29

..............

United

States

75,000

81,750

Senior

Secured

Note,

144A,

8.375%,

6/01/31

............

United

States

105,000

109,132

Senior

Secured

Note,

144A,

9.875%,

2/01/32

............

United

States

70,000

75,641

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

.............

United

States

20,000

21,666

Senior

Secured

Note,

144A,

7.5%,

5/01/33

..............

United

States

20,000

21,430

b

Viper

Energy,

Inc.

,

Senior

Note,

144A,

5.375%,

11/01/27

..................

United

States

30,000

30,053

Senior

Note,

144A,

7.375%,

11/01/31

..................

United

States

105,000

111,494

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6

%

,

3/15/35

........

United

States

165,000

169,696

7,897,707

Paper

&

Forest

Products

0.0%

†

b

Magnera

Corp.

,

Senior

Note

,

144A,

4.75

%

,

11/15/29

.........

United

States

30,000

26,539

Mercer

International,

Inc.

,

Senior

Note,

5.125%,

2/01/29

........................

Germany

85,000

69,408

b

Senior

Note,

144A,

12.875%,

10/01/28

.................

Germany

40,000

40,621

136,568

Passenger

Airlines

0.0%

†

b

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

..............

United

States

35,000

34,942

Senior

Secured

Note,

144A,

5.75%,

4/20/29

.............

United

States

70,000

69,982

b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021

%

,

10/20/29

........................................

United

States

195,000

193,080

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

4/15/29

United

States

90,000

87,422

385,426

Personal

Care

Products

0.1%

b

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Secured

Note,

144A,

4.75%,

1/15/29

.............

United

States

70,000

68,471

Senior

Secured

Note,

144A,

6.625%,

7/15/30

............

United

States

45,000

46,069

Kenvue,

Inc.

,

Senior

Note

,

4.9

%

,

3/22/33

.................

United

States

299,000

303,567

b

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5

%

,

3/31/32

...

France

200,000

204,252

622,359

Pharmaceuticals

1.0%

Bristol-Myers

Squibb

Co.

,

Senior

Note

,

4.9

%

,

2/22/29

........

United

States

255,000

261,156

Eli

Lilly

&

Co.

,

Senior

Bond,

4.875%,

2/27/53

........................

United

States

166,000

152,234

Senior

Note,

4.75%,

2/12/30

.........................

United

States

257,000

263,571

b

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

4/15/31

.........................................

United

States

40,000

42,392

Merck

&

Co.,

Inc.

,

Senior

Bond

,

3.7

%

,

2/10/45

.............

United

States

532,000

420,485

Novartis

Capital

Corp.

,

Senior

Bond

,

4

%

,

11/20/45

..........

United

States

876,000

731,652

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond,

4.75%,

5/19/33

.........................

United

States

702,000

700,174

Senior

Bond,

5.3%,

5/19/53

..........................

United

States

100,000

94,476

Senior

Note,

4.45%,

5/19/28

.........................

United

States

76,000

76,624

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

40

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Pharmaceuticals

(continued)

b

Roche

Holdings,

Inc.

,

Senior

Bond

,

144A,

4

%

,

11/28/44

......

United

States

375,000

$

314,307

Royalty

Pharma

plc

,

Senior

Note

,

5.15

%

,

9/02/29

...........

United

States

235,000

240,000

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

5.125

%

,

5/09/29

...................................

Israel

215,000

216,400

Viatris,

Inc.

,

Senior

Note

,

2.3

%

,

6/22/27

...................

United

States

346,000

329,841

Zoetis,

Inc.

,

Senior

Bond,

3%,

9/12/27

...........................

United

States

130,000

127,033

Senior

Bond,

2%,

5/15/30

...........................

United

States

99,000

89,010

4,059,355

Professional

Services

0.0%

†

b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/33

..

United

States

105,000

108,486

Real

Estate

Management

&

Development

0.0%

†

b

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp.

,

Secured

Note

,

144A,

7

%

,

4/15/30

.....................

United

States

60,800

56,858

Semiconductors

&

Semiconductor

Equipment

0.4%

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note,

3.875%,

1/15/27

........................

United

States

468,000

464,950

Senior

Note,

3.5%,

1/15/28

..........................

United

States

1,240,000

1,216,868

Broadcom,

Inc.

,

b

Senior

Bond,

144A,

3.187%,

11/15/36

..................

United

States

66,000

54,741

Senior

Note,

5.05%,

7/12/29

.........................

United

States

80,000

81,952

Senior

Note,

5.05%,

4/15/30

.........................

United

States

145,000

148,582

Marvell

Technology,

Inc.

,

Senior

Note

,

4.75

%

,

7/15/30

........

United

States

90,000

90,425

2,057,518

Software

0.6%

Atlassian

Corp.

,

Senior

Bond,

5.5%,

5/15/34

..........................

United

States

34,000

34,931

Senior

Note,

5.25%,

5/15/29

.........................

United

States

161,000

165,364

Cadence

Design

Systems,

Inc.

,

Senior

Note

,

4.3

%

,

9/10/29

....

United

States

260,000

260,107

b

Cloud

Software

Group,

Inc.

,

Secured

Note,

144A,

9%,

9/30/29

.....................

United

States

45,000

46,685

Senior

Secured

Note,

144A,

6.5%,

3/31/29

..............

United

States

80,000

80,797

b

McAfee

Corp.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

..........

United

States

95,000

89,810

Oracle

Corp.

,

Senior

Bond,

2.875%,

3/25/31

........................

United

States

137,000

125,001

Senior

Bond,

5.375%,

7/15/40

........................

United

States

239,000

233,608

Senior

Bond,

3.65%,

3/25/41

.........................

United

States

398,000

313,990

Senior

Bond,

4%,

11/15/47

..........................

United

States

917,000

702,514

b

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/29

......

United

States

70,000

67,989

ServiceNow,

Inc.

,

Senior

Bond

,

1.4

%

,

9/01/30

..............

United

States

426,000

369,340

Synopsys,

Inc.

,

Senior

Note

,

4.85

%

,

4/01/30

...............

United

States

245,000

248,478

b

UKG,

Inc.

,

Senior

Secured

Note

,

144A,

6.875

%

,

2/01/31

......

United

States

90,000

93,438

2,832,052

Specialized

REITs

0.7%

American

Tower

Corp.

,

Senior

Bond,

3.55%,

7/15/27

.........................

United

States

396,000

390,414

Senior

Bond,

2.9%,

1/15/30

..........................

United

States

263,000

245,183

Senior

Bond,

2.7%,

4/15/31

..........................

United

States

462,000

414,558

Senior

Note,

2.75%,

1/15/27

.........................

United

States

526,000

513,678

Senior

Note,

4.9%,

3/15/30

..........................

United

States

110,000

111,604

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

41

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Specialized

REITs

(continued)

Crown

Castle,

Inc.

,

Senior

Bond,

3.7%,

6/15/26

..........................

United

States

128,000

$

126,919

Senior

Bond,

3.65%,

9/01/27

.........................

United

States

395,000

388,326

Senior

Bond,

3.8%,

2/15/28

..........................

United

States

281,000

276,126

Senior

Note,

1.05%,

7/15/26

.........................

United

States

219,000

210,976

Equinix,

Inc.

,

Senior

Bond,

3.2%,

11/18/29

.........................

United

States

123,000

116,763

Senior

Note,

2.9%,

11/18/26

.........................

United

States

986,000

966,629

b

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

1/15/33

.......

United

States

155,000

159,480

Weyerhaeuser

Co.

,

Senior

Bond

,

7.375

%

,

3/15/32

..........

United

States

25,000

28,242

3,948,898

Specialty

Retail

0.1%

Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875

%

,

11/01/35

.....

United

States

140,000

145,393

b,e

BCPE

Ulysses

Intermediate,

Inc.

,

Senior

Note

,

144A,

PIK,

7.75

%

,

4/01/27

.........................................

United

States

45,000

43,526

b,e

Carvana

Co.

,

Senior

Secured

Note,

144A,

PIK,

9%,

12/01/28

...........

United

States

60,159

61,767

Senior

Secured

Note,

144A,

PIK,

9%,

6/01/31

............

United

States

60,000

67,965

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

3.15

%

,

1/15/32

.....

United

States

215,000

192,823

Home

Depot,

Inc.

(The)

,

Senior

Bond,

4.95%,

6/25/34

.........................

United

States

120,000

121,512

Senior

Bond,

5.95%,

4/01/41

.........................

United

States

228,000

240,451

Senior

Bond,

5.3%,

6/25/54

..........................

United

States

120,000

115,302

b

Specialty

Building

Products

Holdings

LLC

/

SBP

Finance

Corp.

,

Senior

Secured

Note

,

144A,

7.75

%

,

10/15/29

.............

United

States

40,000

39,345

b

White

Cap

Buyer

LLC

,

Senior

Note

,

144A,

6.875

%

,

10/15/28

...

United

States

130,000

129,902

1,157,986

Technology

Hardware,

Storage

&

Peripherals

0.3%

Apple,

Inc.

,

Senior

Bond,

3.85%,

5/04/43

.........................

United

States

351,000

294,185

Senior

Bond,

4.375%,

5/13/45

........................

United

States

739,000

653,364

Hewlett

Packard

Enterprise

Co.

,

Senior

Bond,

5%,

10/15/34

..........................

United

States

54,000

52,405

Senior

Bond,

5.6%,

10/15/54

.........................

United

States

107,000

98,897

Senior

Note,

4.55%,

10/15/29

........................

United

States

392,000

390,130

Senior

Note,

4.85%,

10/15/31

........................

United

States

107,000

106,771

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note

,

144A,

5.875

%

,

7/15/30

...................................

United

States

80,000

81,394

Seagate

HDD

Cayman

,

Senior

Note

,

3.125

%

,

7/15/29

........

United

States

30,000

27,191

1,704,337

Textiles,

Apparel

&

Luxury

Goods

0.2%

b,h

Beach

Acquisition

Bidco

LLC

,

e

Senior

Note,

144A,

PIK,

10%,

7/15/33

..................

United

States

200,000

207,803

Senior

Secured

Note,

144A,

5.25%,

7/15/32

.............

United

States

100,000

EUR

118,784

b

Crocs,

Inc.

,

Senior

Note

,

144A,

4.25

%

,

3/15/29

.............

United

States

50,000

47,744

b

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/31

..........

United

States

110,000

116,570

b

Levi

Strauss

&

Co.

,

Senior

Bond

,

144A,

3.5

%

,

3/01/31

.......

United

States

115,000

105,345

PVH

Corp.

,

Senior

Note

,

5.5

%

,

6/13/30

...................

United

States

210,000

211,575

b

Under

Armour,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

7/15/30

.......

United

States

70,000

71,064

878,885

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

42

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Tobacco

0.1%

Philip

Morris

International,

Inc.

,

Senior

Note,

5.125%,

2/15/30

........................

United

States

407,000

$

418,896

Senior

Note,

4.375%,

4/30/30

........................

United

States

65,000

64,861

Senior

Note,

4.75%,

11/01/31

........................

United

States

200,000

201,601

685,358

Trading

Companies

&

Distributors

0.3%

Air

Lease

Corp.

,

Senior

Bond,

4.625%,

10/01/28

.......................

United

States

234,000

235,636

Senior

Bond,

3.25%,

10/01/29

........................

United

States

736,000

701,555

Senior

Note,

5.85%,

12/15/27

........................

United

States

45,000

46,562

Senior

Note,

2.1%,

9/01/28

..........................

United

States

175,000

163,447

b

Aircastle

Ltd.

,

Senior

Note

,

144A,

5.25

%

,

8/11/25

...........

United

States

305,000

304,986

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875

%

,

7/01/30

.....

United

States

95,000

92,494

b

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

.....................

United

States

70,000

74,038

Secured

Note,

144A,

8.625%,

5/15/32

..................

United

States

50,000

53,197

b

Foundation

Building

Materials,

Inc.

,

Senior

Note

,

144A,

6

%

,

3/01/29

.........................................

United

States

90,000

82,627

b

Herc

Holdings,

Inc.

,

Senior

Note,

144A,

5.5%,

7/15/27

.....................

United

States

100,000

100,088

Senior

Note,

144A,

6.625%,

6/15/29

...................

United

States

40,000

41,074

Senior

Note,

144A,

7%,

6/15/30

......................

United

States

20,000

20,900

Senior

Note,

144A,

7.25%,

6/15/33

....................

United

States

15,000

15,727

b

Imola

Merger

Corp.

,

Senior

Secured

Note

,

144A,

4.75

%

,

5/15/29

United

States

80,000

77,290

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/30/32

.........................................

United

States

140,000

144,578

b

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

144A,

6.125

%

,

3/15/34

.........................................

United

States

60,000

61,876

b

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

6.375%,

3/15/29

...................

United

States

20,000

20,602

Senior

Note,

144A,

6.625%,

3/15/32

...................

United

States

85,000

88,436

Senior

Note,

144A,

6.375%,

3/15/33

...................

United

States

35,000

36,200

2,361,313

Transportation

Infrastructure

0.1%

b,f

DP

World

Salaam

,

Junior

Sub.

Bond

,

Reg

S,

6%

to

12/31/25,

FRN

thereafter

,

Perpetual

...........................

United

Arab

Emirates

260,000

260,084

Wireless

Telecommunication

Services

0.5%

b

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

9

%

,

9/15/29

............................

United

Kingdom

200,000

201,276

Rogers

Communications,

Inc.

,

Senior

Note

,

5

%

,

2/15/29

......

Canada

695,000

705,008

T-Mobile

USA,

Inc.

,

Senior

Bond,

5.375%,

4/15/27

........................

United

States

4,000

4,007

Senior

Bond,

2.875%,

2/15/31

........................

United

States

70,000

63,744

Senior

Bond,

2.25%,

11/15/31

........................

United

States

810,000

702,598

Senior

Note,

3.75%,

4/15/27

.........................

United

States

547,000

541,538

Senior

Note,

4.95%,

3/15/28

.........................

United

States

324,000

329,538

Senior

Note,

3.375%,

4/15/29

........................

United

States

155,000

149,248

Senior

Note,

3.875%,

4/15/30

........................

United

States

12,000

11,658

Senior

Note,

5.125%,

5/15/32

........................

United

States

77,000

78,552

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

43

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Wireless

Telecommunication

Services

(continued)

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625

%

,

7/15/29

.........................................

United

Kingdom

200,000

$

213,899

3,001,066

Total

Corporate

Bonds

(Cost

$135,197,344)

...................................

131,144,579

Senior

Floating

Rate

Interests

0.3%

i

Automobile

Components

0.0%

†

Clarios

Global

LP,

First

Lien,

Amendment

No.

6

Dollar

CME

Term

Loan,

7.077%,

(1-month

SOFR

+

2.75%),

1/28/32

.........

United

States

44,139

44,236

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan,

8.191%,

(1-month

SOFR

+

3.75%),

10/04/28

........

United

States

49,590

47,576

91,812

a

a

a

a

a

a

i

Building

Products

0.0%

†

CP

Atlas

Buyer,

Inc.,

First

Lien,

CME

Term

Loan,

B,

8.177%,

(1-month

SOFR

+

3.75%),

11/23/27

....................

United

States

63,970

63,896

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan,

6.827%,

(1-month

SOFR

+

2.5%),

8/04/31

..

United

States

14,888

14,882

78,778

a

a

a

a

a

a

i

Chemicals

0.0%

†

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan,

11.864%,

(1-month

SOFR

+

7.438%),

3/15/30

............

United

States

60,000

58,875

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1,

7.51%,

(3-month

SOFR

+

3.25%),

4/03/28

...

Netherlands

62,841

63,214

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2,

7.55%,

(3-month

SOFR

+

3.25%),

4/03/28

...

Netherlands

34,477

34,682

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.642%,

(3-month

SOFR

+

4.25%),

4/23/29

..............

United

States

44,189

38,705

WR

Grace

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.546%,

(3-month

SOFR

+

3.25%),

9/22/28

..............

United

States

51

51

195,527

a

a

a

a

a

a

Commercial

Services

&

Supplies

0.0%

†

i

Madison

IAQ

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.762%,

(6-month

SOFR

+

2.5%),

6/21/28

......................

United

States

24,341

24,386

Communications

Equipment

0.1%

h,i

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

9.577%,

(1-month

SOFR

+

5.25%),

12/18/29

....................

United

States

90,000

91,228

Consumer

Finance

0.0%

†

h,i

Shift4

Payments

LLC,

First

Lien,

CME

Term

Loan,

6.803%,

(12-month

SOFR

+

2.75%),

5/07/32

....................

United

States

15,000

15,138

Containers

&

Packaging

0.0%

†

i

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B,

9.227%,

(6-month

SOFR

+

4.725%),

2/09/26

......

Luxembourg

47,544

44,114

Distributors

0.0%

†

i

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

8.296%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

23,907

24,021

Diversified

Consumer

Services

0.0%

†

i

Ascend

Learning

LLC,

Second

Lien,

Initial

CME

Term

Loan,

10.177%,

(1-month

SOFR

+

5.75%),

12/10/29

............

United

States

37,616

37,757

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

44

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

i

Health

Care

Equipment

&

Supplies

0.0%

†

Bausch

+

Lomb

Corp.,

First

Lien,

Initial

CME

Term

Loan,

7.679%,

(1-month

SOFR

+

3.25%),

5/10/27

.....................

United

States

64,225

$

64,193

Medline

Borrower

LP,

First

Lien,

Dollar

Incremental

CME

Term

Loan,

6.577%,

(1-month

SOFR

+

2.25%),

10/23/28

........

United

States

40,376

40,468

104,661

a

a

a

a

a

a

i

Hotels,

Restaurants

&

Leisure

0.1%

h

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

7.827%,

(1-month

SOFR

+

3.5%),

1/29/29

...............

United

States

89,159

89,162

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B,

9.074%,

(3-month

SOFR

+

4.75%),

11/01/29

.............

Canada

31,013

30,362

IRB

Holding

Corp.,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B,

6.827%,

(1-month

SOFR

+

2.5%),

12/15/27

...

United

States

53,291

53,347

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

7.285%,

(3-month

SOFR

+

3%),

4/04/29

...

United

States

34,650

34,660

207,531

a

a

a

a

a

a

IT

Services

0.0%

†

i

Fortress

Intermediate

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.827%,

(1-month

SOFR

+

3.5%),

6/27/31

...............

United

States

54,588

54,792

Life

Sciences

Tools

&

Services

0.0%

†

i

Lonza

Group

AG,

First

Lien,

USD

CME

Term

Loan,

B,

8.324%,

(3-month

SOFR

+

3.925%),

7/03/28

....................

Switzerland

74

68

Machinery

0.0%

†

i

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

7.327%,

(1-month

SOFR

+

3%),

10/23/28

......

United

States

29,922

30,072

i

Media

0.0%

†

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.441%,

(1-month

SOFR

+

4%),

8/23/28

.........................................

United

States

36,134

35,921

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.791%,

(3-month

SOFR

+

5.25%),

8/02/29

.......

United

States

87,450

86,933

122,854

a

a

a

a

a

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

i

Apollo

Commercial

Real

Estate

Finance,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.563%,

(1-month

SOFR

+

3.25%),

6/13/30

.

United

States

9,000

9,034

Paper

&

Forest

Products

0.0%

†

i

Glatfelter

Corp.,

First

Lien,

CME

Term

Loan,

8.583%,

(3-month

SOFR

+

4.25%),

11/04/31

...........................

United

States

39,700

39,055

i

Passenger

Airlines

0.0%

†

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan,

6.522%,

(3-month

SOFR

+

2.25%),

4/20/28

.....................

United

States

39,722

39,521

h

American

Airlines,

Inc.,

First

Lien,

2025

Incremental

CME

Term

Loan,

7.58%,

(3-month

SOFR

+

3.25%),

5/28/32

..........

United

States

5,000

5,039

44,560

a

a

a

a

a

a

i

Pharmaceuticals

0.0%

†

1261229

BC

Ltd.,

First

Lien,

Initial

CME

Term

Loan,

10.561%,

(1-month

SOFR

+

6.25%),

10/08/30

....................

United

States

45,000

43,499

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

45

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

i

Pharmaceuticals

(continued)

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.327%,

(1-month

SOFR

+

4%),

4/23/31

.......

United

States

80,393

$

80,443

123,942

a

a

a

a

a

a

i

Software

0.0%

†

Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B,

7.796%,

(3-month

SOFR

+

3.5%),

3/30/29

........

United

States

18,248

18,288

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan,

8.577%,

(1-month

SOFR

+

4.25%),

11/28/28

....................

United

States

56,288

56,482

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.311%,

(1-month

SOFR

+

3%),

2/10/31

...............................

United

States

9,900

9,949

84,719

a

a

a

a

a

a

i

Specialty

Retail

0.1%

LBM

Acquisition

LLC,

First

Lien,

Amendment

No.

3

Incremental

CME

Term

Loan,

8.162%,

(1-month

SOFR

+

3.75%),

6/06/31

.

United

States

34,561

32,401

PetSmart

LLC,

First

Lien,

Initial

CME

Term

Loan,

8.177%,

(1-month

SOFR

+

3.75%),

2/11/28

.....................

United

States

46,142

45,768

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

7.577%,

(1-month

SOFR

+

3.25%),

10/19/29

.............

United

States

91,589

91,228

169,397

a

a

a

a

a

a

i

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

h

Beach

Acquisition

Bidco

LLC,

First

Lien,

CME

Term

Loan,

B,

7.316%,

(12-month

SOFR

+

3.25%),

6/25/32

.............

United

States

3,791

3,815

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.776%,

(3-month

SOFR

+

3.5%),

3/02/28

......................

United

States

59,399

55,866

59,681

a

a

a

a

a

a

i

Trading

Companies

&

Distributors

0.0%

†

Foundation

Building

Materials,

Inc.,

First

Lien,

2025

Incremental

CME

Term

Loan,

9.546%,

(3-month

SOFR

+

5.25%),

1/29/31

.

United

States

5,000

4,945

Foundation

Building

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

8.28%,

(3-month

SOFR

+

4%),

1/29/31

.................

United

States

79,399

77,952

82,897

a

a

a

a

a

a

Wireless

Telecommunication

Services

0.0%

†

i

Connect

Finco

SARL,

First

Lien,

Amendment

No.

4

CME

Term

Loan,

8.827%,

(1-month

SOFR

+

4.5%),

9/13/29

..........

United

Kingdom

44,438

42,358

Total

Senior

Floating

Rate

Interests

(Cost

$1,785,104)

.........................

1,778,382

Foreign

Government

and

Agency

Securities

1.1%

b

Bank

Gospodarstwa

Krajowego

,

Senior

Bond

,

Reg

S,

5.375

%

,

5/22/33

.........................................

Poland

200,000

202,158

b

Benin

Government

Bond

,

Senior

Bond

,

Reg

S,

4.95

%

,

1/22/35

.

Benin

155,000

EUR

156,347

Brazil

Government

Bond

,

Senior

Bond,

3.75%,

9/12/31

.........................

Brazil

250,000

225,935

Senior

Bond,

6%,

10/20/33

...........................

Brazil

200,000

198,779

b

Bulgaria

Government

Bond

,

Senior

Bond,

Reg

S,

5%,

3/05/37

......................

Bulgaria

50,000

48,931

Senior

Note,

Reg

S,

3.625%,

9/05/32

...................

Bulgaria

60,000

EUR

73,347

Chile

Government

Bond

,

Senior

Bond

,

5.65

%

,

1/13/37

.......

Chile

200,000

206,520

Colombia

Government

Bond

,

Senior

Bond,

3.125%,

4/15/31

........................

Colombia

310,000

255,321

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

46

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Colombia

Government

Bond,

(continued)

Senior

Bond,

7.5%,

2/02/34

..........................

Colombia

230,000

$

229,268

b

Comision

Federal

de

Electricidad

,

Senior

Bond

,

Reg

S,

3.875

%

,

7/26/33

.........................................

Mexico

250,000

212,762

b

Dominican

Republic

Government

Bond

,

Senior

Bond,

144A,

6.95%,

3/15/37

....................

Dominican

Republic

150,000

152,730

Senior

Bond,

Reg

S,

5.95%,

1/25/27

...................

Dominican

Republic

110,000

111,221

b

Electricite

de

France

SA

,

Senior

Note

,

144A,

5.65

%

,

4/22/29

...

France

420,000

435,906

b

Guatemala

Government

Bond

,

Senior

Note

,

144A,

7.05

%

,

10/04/32

........................................

Guatemala

200,000

212,953

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25

%

,

6/16/29

Hungary

200,000

201,873

b

Indonesia

Government

Bond

,

Senior

Bond

,

144A,

4.35

%

,

1/08/27

Indonesia

250,000

250,983

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125

%

,

6/15/33

.........................................

Ivory

Coast

200,000

182,161

b

Kazakhstan

Government

Bond

,

Senior

Bond

,

Reg

S,

4.714

%

,

4/09/35

.........................................

Kazakhstan

200,000

194,914

Mexico

Government

Bond

,

Senior

Bond

,

2.659

%

,

5/24/31

.....

Mexico

350,000

303,625

Panama

Government

Bond

,

Senior

Note

,

7.5

%

,

3/01/31

......

Panama

220,000

234,639

b

Paraguay

Government

Bond

,

Senior

Bond,

Reg

S,

4.7%,

3/27/27

....................

Paraguay

200,000

200,110

Senior

Bond,

Reg

S,

4.95%,

4/28/31

...................

Paraguay

200,000

199,120

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.......

Peru

330,000

296,390

b

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

Senior

Bond

,

Reg

S,

5.45

%

,

5/21/28

...................

Indonesia

200,000

203,828

Petroleos

Mexicanos

,

Senior

Note

,

6.7

%

,

2/16/32

...........

Mexico

98,000

91,138

Philippines

Government

Bond

,

Senior

Bond

,

5.5

%

,

2/04/35

....

Philippines

210,000

217,826

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95

%

,

4/23/30

.

India

200,000

191,834

b

Romania

Government

Bond

,

Senior

Bond,

Reg

S,

5.625%,

2/22/36

..................

Romania

140,000

EUR

157,489

Senior

Note,

144A,

3%,

2/27/27

.......................

Romania

230,000

222,475

South

Africa

Government

Bond

,

Senior

Bond

,

4.85

%

,

9/27/27

..

South

Africa

300,000

299,653

Uruguay

Government

Bond

,

Senior

Bond,

7.875%,

1/15/33

........................

Uruguay

250,000

297,285

Senior

Bond,

7.625%,

3/21/36

........................

Uruguay

50,000

59,789

Total

Foreign

Government

and

Agency

Securities

(Cost

$6,394,248)

.............

6,527,310

U.S.

Government

and

Agency

Securities

0.1%

j

U.S.

Treasury

Notes

,

0.25%,

10/31/25

..................................

United

States

236,000

232,884

2.375%,

5/15/27

..................................

United

States

114,000

111,199

Total

U.S.

Government

and

Agency

Securities

(Cost

$344,083)

..................

344,083

Asset-Backed

Securities

2.1%

Capital

Markets

0.1%

b,i

Magnetite

XL

Ltd.

,

2024-40A

,

A1

,

144A,

FRN

,

5.706

%

,

(

3-month

SOFR

+

1.45

%

),

7/15/37

.

............................

United

States

250,000

250,879

Commercial

Services

&

Supplies

0.0%

†

b,i

Trestles

CLO

IV

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.701

%

,

(

3-month

SOFR

+

1.432

%

),

7/21/34

.

...........................

United

States

250,000

250,539

Consumer

Staples

Distribution

&

Retail

0.0%

†

CVS

Pass-Through

Trust

,

6.036%,

12/10/28

..................................

United

States

17,539

17,790

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

47

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Consumer

Staples

Distribution

&

Retail

(continued)

CVS

Pass-Through

Trust,

(continued)

b

2013,

144A,

4.704%,

1/10/36

.........................

United

States

164,163

$

157,376

175,166

a

a

a

a

a

a

Financial

Services

2.0%

b,i

AGL

Core

CLO

31

Ltd.

,

2024-31A

,

A

,

144A,

FRN

,

5.669

%

,

(

3-month

SOFR

+

1.4

%

),

7/20/37

.

.....................

United

States

250,000

250,211

b,i

Allegro

CLO

XII

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.709

%

,

(

3-month

SOFR

+

1.44

%

),

7/21/37

.

....................

United

States

250,000

251,200

b,i

Bain

Capital

CLO

Ltd.

,

2024-1A

,

A1

,

144A,

FRN

,

5.811

%

,

(

3-month

SOFR

+

1.55

%

),

4/16/37

.

....................

Jersey

250,000

251,734

b,i

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A,

A1,

144A,

FRN,

5.592%,

(3-month

SOFR

+

1.32%),

4/22/35

.........................................

United

States

250,000

250,000

h

2022-2A,

A1R,

144A,

FRN,

Zero

Cpn.,

(3-month

SOFR

+

1.15%),

4/22/35

...................................

United

States

250,000

250,188

b,i

BDS

Ltd.

,

2021-FL10

,

A

,

144A,

FRN

,

5.779

%

,

(

1-month

SOFR

+

1.464

%

),

12/16/36

.

.................................

United

States

195,871

196,136

b,i

Birch

Grove

CLO

2

Ltd.

,

2021-2A

,

A1R

,

144A,

FRN

,

5.669

%

,

(

3-month

SOFR

+

1.4

%

),

10/19/37

.

....................

United

States

250,000

250,236

b,i

Birch

Grove

CLO

8

Ltd.

,

2024-8A

,

A1

,

144A,

FRN

,

5.899

%

,

(

3-month

SOFR

+

1.63

%

),

4/20/37

.

....................

Jersey

200,000

200,733

b,i

BRAVO

Residential

Funding

Trust

,

2021-HE3

,

A2

,

144A,

FRN

,

5.305

%

,

(

30-day

SOFR

Average

+

1

%

),

8/25/69

.

..........

United

States

134,243

133,259

b,i

CBAM

Ltd.

,

2017-2A

,

AR

,

144A,

FRN

,

5.731

%

,

(

3-month

SOFR

+

1.452

%

),

7/17/34

.

.................................

United

States

275,000

275,411

b,i

CIFC

Funding

Ltd.

,

2014-2RA,

AR,

144A,

FRN,

5.635%,

(3-month

SOFR

+

1.36%),

10/24/37

........................................

United

States

250,000

251,125

2020-1A,

A1R,

144A,

FRN,

5.668%,

(3-month

SOFR

+

1.412%),

7/15/36

..................................

United

States

310,000

310,669

b,i

Crown

Point

CLO

10

Ltd.

,

2021-10A

,

A

,

144A,

FRN

,

5.701

%

,

(

3-month

SOFR

+

1.432

%

),

7/20/34

.

...................

United

States

250,000

250,541

b,i

Danby

Park

CLO

Ltd.

,

2022-1A

,

AR

,

144A,

FRN

,

5.629

%

,

(

3-month

SOFR

+

1.36

%

),

10/21/37

.

...................

Jersey

250,000

250,488

b,i

Diameter

Capital

CLO

7

Ltd.

,

2024-7A

,

A1A

,

144A,

FRN

,

5.749

%

,

(

3-month

SOFR

+

1.48

%

),

7/20/37

.

....................

United

States

250,000

250,325

b,i

Elevation

CLO

Ltd.

,

2018-10A,

AR,

144A,

FRN,

5.189%,

(3-month

SOFR

+

0.92%),

10/20/31

........................................

United

States

154,199

154,152

2021-13A,

A1R,

144A,

FRN,

5.316%,

(3-month

SOFR

+

1.06%),

7/15/34

...................................

United

States

250,000

249,357

b,i

Elmwood

CLO

27

Ltd.

,

2024-3A

,

A

,

144A,

FRN

,

5.789

%

,

(

3-month

SOFR

+

1.52

%

),

4/18/37

.

....................

United

States

250,000

251,614

b,i

Elmwood

CLO

33

Ltd.

,

2024-9RA

,

AR

,

144A,

FRN

,

5.649

%

,

(

3-month

SOFR

+

1.38

%

),

10/21/37

.

...................

United

States

250,000

250,876

b,i

Elmwood

CLO

I

Ltd.

,

2019-1A

,

A1RR

,

144A,

FRN

,

5.789

%

,

(

3-month

SOFR

+

1.52

%

),

4/20/37

.

....................

United

States

200,000

201,285

b,i

Elmwood

CLO

III

Ltd.

,

2019-3A

,

A1RR

,

144A,

FRN

,

5.649

%

,

(

3-month

SOFR

+

1.38

%

),

7/18/37

.

....................

United

States

250,000

250,762

b,i

FS

Rialto

,

2021-FL3

,

A

,

144A,

FRN

,

5.676

%

,

(

1-month

SOFR

+

1.364

%

),

11/16/36

.

.................................

United

States

77,956

77,929

b,i

GoldenTree

Loan

Management

US

CLO

9

Ltd.

,

2021-9A

,

AR

,

144A,

FRN

,

5.769

%

,

(

3-month

SOFR

+

1.5

%

),

4/20/37

.

.....

United

States

250,000

251,385

b,i

Hayfin

US

XIV

Ltd.

,

2021-14A

,

A1

,

144A,

FRN

,

5.761

%

,

(

3-month

SOFR

+

1.492

%

),

7/20/34

.

...........................

United

States

150,000

150,368

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

48

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

b

Home

Partners

of

America

Trust

,

2021-2

,

C

,

144A,

2.402

%

,

12/17/26

.

........................................

United

States

191,983

$

184,202

b,i

ICG

US

CLO

Ltd.

,

2017-1A

,

ARR

,

144A,

FRN

,

5.714

%

,

(

3-month

SOFR

+

1.432

%

),

7/28/34

.

...........................

United

States

250,000

250,537

b,i

J.P.

Morgan

Mortgage

Trust

,

2023-HE2

,

A1

,

144A,

FRN

,

6.002

%

,

(

30-day

SOFR

Average

+

1.7

%

),

3/20/54

.

................

United

States

50,653

50,897

b,i

Jamestown

CLO

IX

Ltd.

,

2016-9A

,

A2RR

,

144A,

FRN

,

6.393

%

,

(

3-month

SOFR

+

2.112

%

),

7/25/34

.

....................

United

States

250,000

250,469

b,i

KKR

CLO

52

Ltd.

,

2023-52A

,

A2

,

144A,

FRN

,

6.511

%

,

(

3-month

SOFR

+

2.25

%

),

7/16/36

.

............................

United

States

250,000

250,000

b,i

KREF

Ltd.

,

2022-FL3

,

A

,

144A,

FRN

,

5.768

%

,

(

1-month

SOFR

+

1.45

%

),

2/17/39

.

..................................

United

States

131,352

131,594

i

Long

Beach

Mortgage

Loan

Trust

,

2004-1

,

A2

,

FRN

,

5.234

%

,

(

1-month

SOFR

+

0.914

%

),

2/25/34

.

...................

United

States

200,476

200,688

i

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

,

2004-HE6

,

M1

,

FRN

,

5.259

%

,

(

1-month

SOFR

+

0.939

%

),

8/25/34

.

.............

United

States

40,580

39,608

b,i

Nassau

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.808

%

,

(

3-month

SOFR

+

1.552

%

),

1/15/35

.

................................

United

States

249,457

249,706

b,i

Neuberger

Berman

CLO

XVII

Ltd.

,

2014-17A

,

AR3

,

144A,

FRN

,

5.672

%

,

(

3-month

SOFR

+

1.4

%

),

7/22/38

.

...............

United

States

250,000

251,000

b,i

Oaktree

CLO

Ltd.

,

2021-1A

,

A1R

,

144A,

FRN

,

5.606

%

,

(

3-month

SOFR

+

1.35

%

),

1/15/38

.

............................

United

States

250,000

251,133

b,i

OHA

Loan

Funding

Ltd.

,

2016-1A

,

A1R2

,

144A,

FRN

,

5.729

%

,

(

3-month

SOFR

+

1.46

%

),

7/20/37

.

....................

United

States

250,000

251,190

b,i

Palmer

Square

CLO

Ltd.

,

2021-3A

,

B

,

144A,

FRN

,

6.168

%

,

(

3-month

SOFR

+

1.912

%

),

1/15/35

.

...................

United

States

300,000

300,000

b,i

Park

Avenue

Institutional

Advisers

CLO

Ltd.

,

2021-1A

,

A1A

,

144A,

FRN

,

5.921

%

,

(

3-month

SOFR

+

1.652

%

),

1/20/34

.

........

United

States

250,000

250,239

i

Park

Place

Securities,

Inc.

,

2004-WCW2

,

M3

,

FRN

,

5.484

%

,

(

1-month

SOFR

+

1.164

%

),

10/25/34

.

..................

United

States

82,531

81,604

b,i

PRMI

Securitization

Trust

,

2024-CMG1

,

A1

,

144A,

FRN

,

5.763

%

,

(

30-day

SOFR

Average

+

1.45

%

),

7/25/54

.

...............

United

States

234,336

234,747

b,i

Rockland

Park

CLO

Ltd.

,

2021-1A

,

B

,

144A,

FRN

,

6.181

%

,

(

3-month

SOFR

+

1.912

%

),

4/20/34

.

...................

United

States

250,000

250,555

b,i

RR

29

Ltd.

,

2024-29RA

,

A1R

,

144A,

FRN

,

5.646

%

,

(

3-month

SOFR

+

1.39

%

),

7/15/39

.

............................

United

States

250,000

250,474

b,i

Sound

Point

CLO

XXVI

Ltd.

,

2020-1A

,

AR

,

144A,

FRN

,

5.701

%

,

(

3-month

SOFR

+

1.432

%

),

7/20/34

.

...................

United

States

258,000

258,314

b,i

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.693

%

,

(

3-month

SOFR

+

1.412

%

),

10/25/34

.

..................

United

States

250,000

250,319

b,i

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

5.156

%

,

(

3-month

SOFR

+

0.9

%

),

1/15/34

.

.....................

United

States

266,949

266,248

b,i

Symphony

CLO

XXXII

Ltd.

,

2022-32A

,

A1

,

144A,

FRN

,

5.599

%

,

(

3-month

SOFR

+

1.32

%

),

4/23/35

.

....................

United

States

250,000

250,228

b,i

TICP

CLO

XII

Ltd.

,

2018-12A

,

BR

,

144A,

FRN

,

6.168

%

,

(

3-month

SOFR

+

1.912

%

),

7/15/34

.

...........................

United

States

250,000

250,518

b,i

Trinitas

CLO

XVIII

Ltd.

,

2021-18A

,

A1

,

144A,

FRN

,

5.701

%

,

(

3-month

SOFR

+

1.432

%

),

1/20/35

.

...................

United

States

250,000

250,562

b,i

Venture

XIX

CLO

Ltd.

,

2014-19A

,

ARR

,

144A,

FRN

,

5.778

%

,

(

3-month

SOFR

+

1.522

%

),

1/15/32

.

...................

United

States

152,198

152,364

b,i

Venture

XV

CLO

Ltd.

,

2013-15A

,

AR3

,

144A,

FRN

,

5.698

%

,

(

3-month

SOFR

+

1.442

%

),

7/15/32

.

...................

United

States

109,488

109,604

b,i

Wise

CLO

Ltd.

,

2023-2A,

A,

144A,

FRN,

6.056%,

(3-month

SOFR

+

1.8%),

1/15/37

.........................................

Jersey

250,000

250,701

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

49

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

b,i

Wise

CLO

Ltd.,

(continued)

2024-2A,

A,

144A,

FRN,

5.716%,

(3-month

SOFR

+

1.46%),

7/15/37

.........................................

United

States

250,000

$

251,179

11,478,664

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$12,126,542)

.............................

12,155,248

Commercial

Mortgage-Backed

Securities

1.5%

Financial

Services

1.5%

b,k,l

Arbor

Multifamily

Mortgage

Securities

Trust

,

2020-MF1

,

XA

,

IO,

144A,

FRN

,

1.046

%

,

5/15/53

.........................

United

States

3,081,635

110,645

k,l

BANK

,

2019-BN20

,

XA

,

IO,

FRN

,

0.924

%

,

9/15/62

..........

United

States

3,684,785

107,768

k,l

BANK5

,

2024-5YR7

,

XA

,

IO,

FRN

,

1.57

%

,

6/15/57

..........

United

States

3,734,144

173,057

Barclays

Commercial

Mortgage

Trust

,

2019-C3,

C,

4.178%,

5/15/52

.........................

United

States

121,000

107,105

k,l

2019-C4,

XA,

IO,

FRN,

1.661%,

8/15/52

.................

United

States

2,518,452

120,408

k,l

BBCMS

Mortgage

Trust

,

2024-5C29

,

XA

,

IO,

FRN

,

1.822

%

,

9/15/57

.........................................

United

States

4,760,420

277,651

l

CD

Mortgage

Trust

,

2017-CD4

,

B

,

FRN

,

3.947

%

,

5/10/50

.....

United

States

182,000

172,749

l

CFCRE

Commercial

Mortgage

Trust

,

b

2011-C2,

D,

144A,

FRN,

5.08%,

12/15/47

...............

United

States

24,425

23,597

b

2011-C2,

E,

144A,

FRN,

5.08%,

12/15/47

................

United

States

140,000

130,467

2017-C8,

B,

FRN,

4.199%,

6/15/50

....................

United

States

179,000

171,723

COMM

Mortgage

Trust

,

l

2013-CR13,

C,

FRN,

5.109%,

11/10/46

.................

United

States

56,210

52,788

b,l

2013-CR13,

D,

144A,

FRN,

5.109%,

11/10/46

............

United

States

299,000

170,852

l

2014-CR17,

C,

FRN,

4.941%,

5/10/47

..................

United

States

217,000

199,011

b,l

2014-CR17,

D,

144A,

FRN,

5.005%,

5/10/47

.............

United

States

159,000

127,598

l

2014-CR20,

C,

FRN,

4.826%,

11/10/47

.................

United

States

379,251

367,112

2014-UBS3,

AM,

4.012%,

6/10/47

.....................

United

States

131,751

126,466

k,l

2014-UBS4,

XA,

IO,

FRN,

0.914%,

8/10/47

..............

United

States

591,884

2,207

l

2014-UBS5,

AM,

FRN,

4.193%,

9/10/47

.................

United

States

107,893

106,746

l

2015-CR22,

B,

FRN,

3.926%,

3/10/48

..................

United

States

135,000

128,921

l

2015-LC19,

C,

FRN,

4.242%,

2/10/48

..................

United

States

370,000

358,321

l

2015-LC21,

B,

FRN,

4.518%,

7/10/48

...................

United

States

229,282

227,575

CSAIL

Commercial

Mortgage

Trust

,

l

2015-C1,

C,

FRN,

3.959%,

4/15/50

....................

United

States

233,000

212,671

l

2015-C2,

AS,

FRN,

3.849%,

6/15/57

...................

United

States

199,899

197,380

l

2015-C2,

B,

FRN,

4.208%,

6/15/57

....................

United

States

170,000

164,510

l

2016-C7,

AS,

FRN,

3.958%,

11/15/49

...................

United

States

255,000

248,783

2019-C17,

AS,

3.278%,

9/15/52

.......................

United

States

194,000

175,896

k,l

2020-C19,

XA,

IO,

FRN,

1.206%,

3/15/53

................

United

States

5,624,555

214,935

b,l

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.53

%

,

8/10/44

.........................................

United

States

406,967

391,081

k,l

GS

Mortgage

Securities

Trust

,

2019-GC38

,

XA

,

IO,

FRN

,

1.169

%

,

2/10/52

.........................................

United

States

3,463,012

108,133

l

JPMBB

Commercial

Mortgage

Securities

Trust

,

2013-C12,

C,

FRN,

4.071%,

7/15/45

...................

United

States

146,688

140,976

2014-C18,

B,

FRN,

4.652%,

2/15/47

...................

United

States

218,733

212,308

2014-C23,

B,

FRN,

4.7%,

9/15/47

.....................

United

States

143,000

133,700

k

2014-C25,

XA,

IO,

FRN,

0.614%,

11/15/47

...............

United

States

598,310

7

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549

%

,

3/10/50

.........................................

United

States

386,000

376,484

l

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

b

2012-C5,

E,

144A,

FRN,

4.8%,

8/15/45

.................

United

States

301,051

295,352

2013-C10,

B,

FRN,

4.112%,

7/15/46

....................

United

States

293,798

277,473

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

50

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

l

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

(continued)

2015-C22,

C,

FRN,

4.191%,

4/15/48

...................

United

States

234,000

$

203,438

2015-C24,

B,

FRN,

4.449%,

5/15/48

...................

United

States

193,000

192,115

Morgan

Stanley

Capital

I

Trust

,

l

2016-UB12,

AS,

FRN,

3.778%,

12/15/49

................

United

States

193,000

182,570

2018-L1,

A3,

4.139%,

10/15/51

.......................

United

States

183,000

181,082

b,m

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

8

%

,

12/28/38

..

United

States

357,873

30

k,l

UBS

Commercial

Mortgage

Trust

,

2017-C7,

XA,

IO,

FRN,

1.123%,

12/15/50

................

United

States

2,505,055

50,893

2018-C8,

XA,

IO,

FRN,

0.964%,

2/15/51

.................

United

States

5,379,725

97,228

Wells

Fargo

Commercial

Mortgage

Trust

,

b,l

2013-LC12,

D,

144A,

FRN,

3.915%,

7/15/46

.............

United

States

169,000

95,488

2016-BNK1,

AS,

2.814%,

8/15/49

......................

United

States

216,000

206,024

k,l

2016-LC25,

XA,

IO,

FRN,

0.959%,

12/15/59

..............

United

States

3,783,892

30,926

k,l

2019-C52,

XA,

IO,

FRN,

1.704%,

8/15/52

................

United

States

3,299,830

165,571

k,l

2024-5C1,

XA,

IO,

FRN,

1.258%,

7/15/57

................

United

States

4,402,749

160,761

l

WFRBS

Commercial

Mortgage

Trust

,

b,m

2011-C3,

D,

144A,

FRN,

5.415%,

3/15/44

...............

United

States

171,704

57,950

2013-C11,

C,

FRN,

4.145%,

3/15/45

...................

United

States

628,000

601,125

b

2013-C15,

D,

144A,

FRN,

4.286%,

8/15/46

..............

United

States

134,334

69,182

2014-C23,

B,

FRN,

4.372%,

10/15/57

...................

United

States

93,000

87,248

8,794,087

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$9,551,378)

...............

8,794,087

Mortgage-Backed

Securities

18.0%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

0.4%

FHLMC

Pool,

30

Year,

2.5%,

8/01/50

-

8/01/51

.............

United

States

2,070,159

1,729,354

FHLMC

Pool,

30

Year,

4%,

9/01/45

......................

United

States

104,762

99,743

FHLMC

Pool,

30

Year,

6.5%,

5/01/53

.....................

United

States

117,858

121,857

1,950,954

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

13.0%

FNMA,

2.73%,

9/01/29

...............................

United

States

186,342

176,134

FNMA,

3.5%,

6/01/56

-

2/01/57

.........................

United

States

2,245,917

2,021,619

FNMA,

4%,

1/01/57

..................................

United

States

323,555

302,086

FNMA,

4.69%,

8/01/28

...............................

United

States

63,000

64,072

FNMA,

5.28%,

12/01/28

..............................

United

States

147,000

151,633

FNMA,

30

Year,

2.5%,

7/01/50

.........................

United

States

2,479,403

2,082,679

FNMA,

30

Year,

2.5%,

8/01/50

.........................

United

States

3,136,034

2,631,966

FNMA,

30

Year,

2.5%,

9/01/50

.........................

United

States

2,068,809

1,737,032

FNMA,

30

Year,

2.5%,

10/01/50

-

7/01/51

.................

United

States

4,592,292

3,867,625

FNMA,

30

Year,

2.5%,

8/01/51

.........................

United

States

2,230,905

1,852,181

FNMA,

30

Year,

3%,

4/01/46

-

11/01/48

...................

United

States

5,186,598

4,606,350

FNMA,

30

Year,

3%,

4/01/52

...........................

United

States

2,695,226

2,341,811

FNMA,

30

Year,

3.5%,

4/01/52

.........................

United

States

1,125,909

1,027,033

FNMA,

30

Year,

6.5%,

3/01/53

-

5/01/53

..................

United

States

1,300,223

1,350,444

n

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

7/25/40

.....

United

States

9,000,000

8,405,386

n

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

7/25/55

.....

United

States

14,000,000

11,609,964

n

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

7/25/55

.....

United

States

7,000,000

6,303,078

n

Uniform

Mortgage-Backed

Securities,

4%,

TBA,

7/25/55

......

United

States

1,000,000

929,961

n

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

7/25/55

......

United

States

16,000,000

15,682,153

n

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

7/25/55

.....

United

States

2,000,000

1,999,855

n

Uniform

Mortgage-Backed

Securities,

6.5%,

TBA,

7/25/55

.....

United

States

5,000,000

5,163,164

74,306,226

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

51

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

4.6%

GNMA

II,

Single-family,

30

Year,

3%,

7/20/50

...............

United

States

3,124,890

$

2,774,804

GNMA

II,

Single-family,

30

Year,

3%,

8/20/50

...............

United

States

4,063,437

3,608,202

GNMA

II,

Single-family,

30

Year,

3%,

10/20/50

..............

United

States

5,150,836

4,575,915

GNMA

II,

Single-family,

30

Year,

3%,

8/20/49

-

1/20/54

.......

United

States

1,522,479

1,352,400

n

GNMA

II,

Single-family,

30

Year,

3%,

7/15/55

...............

United

States

6,000,000

5,308,031

n

GNMA

II,

Single-family,

30

Year,

4%,

7/15/55

...............

United

States

2,000,000

1,859,865

GNMA

II,

Single-family,

30

Year,

4.5%,

5/20/49

.............

United

States

13,597

13,030

n

GNMA

II,

Single-family,

30

Year,

4.5%,

7/15/55

.............

United

States

6,000,000

5,744,223

n

GNMA

II,

Single-family,

30

Year,

5.5%,

7/15/55

.............

United

States

1,000,000

1,001,625

GNMA

II,

Single-family,

30

Year,

6%,

12/20/48

-

4/20/49

......

United

States

263,716

275,809

26,513,904

Total

Mortgage-Backed

Securities

(Cost

$107,527,422)

.........................

102,771,084

Residential

Mortgage-Backed

Securities

2.1%

Financial

Services

2.1%

i

Alternative

Loan

Trust

,

2005-65CB,

2A1,

FRN,

4.859%,

(1-month

SOFR

+

0.539%),

12/25/35

........................................

United

States

276,500

172,407

2006-OA19,

A1,

FRN,

4.612%,

(1-month

SOFR

+

0.294%),

2/20/47

.........................................

United

States

184,784

148,438

i

American

Home

Mortgage

Investment

Trust

,

2007-1

,

GA1C

,

FRN

,

4.624

%

,

(

1-month

SOFR

+

0.304

%

),

5/25/47

.............

United

States

402,625

236,771

b

Angel

Oak

Mortgage

Trust

,

2024-9

,

A1

,

144A,

5.138

%

,

9/25/69

.

United

States

124,552

123,983

b,l

Arroyo

Mortgage

Trust

,

2019-1,

A3,

144A,

FRN,

4.208%,

1/25/49

................

United

States

26,941

26,437

2019-3,

A3,

144A,

FRN,

3.416%,

10/25/48

...............

United

States

44,032

42,082

i

BankUnited

Trust

,

2005-1

,

1A1

,

FRN

,

5.034

%

,

(

1-month

SOFR

+

0.714

%

),

9/25/45

..................................

United

States

35,517

33,303

b,l

Bunker

Hill

Loan

Depositary

Trust

,

2020-1

,

A2

,

144A,

FRN

,

2.6

%

,

2/25/55

.........................................

United

States

250,000

241,233

b,i

Chase

Home

Lending

Mortgage

Trust

,

2025-7

,

A11

,

144A,

FRN

,

5.702

%

,

(

30-day

SOFR

Average

+

1.4

%

),

5/25/56

.........

United

States

65,000

65,162

l

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2005-2

,

1A2A

,

FRN

,

6.259

%

,

5/25/35

.........................................

United

States

55,692

55,005

b,i

Connecticut

Avenue

Securities

Trust

,

2019-HRP1,

M2,

144A,

FRN,

6.57%,

(30-day

SOFR

Average

+

2.264%),

11/25/39

.................................

United

States

6,459

6,459

2021-R03,

1M2,

144A,

FRN,

5.955%,

(30-day

SOFR

Average

+

1.65%),

12/25/41

..................................

United

States

102,000

102,665

2022-R01,

1M1,

144A,

FRN,

5.305%,

(30-day

SOFR

Average

+

1%),

12/25/41

....................................

United

States

32,056

32,041

2022-R01,

1M2,

144A,

FRN,

6.205%,

(30-day

SOFR

Average

+

1.9%),

12/25/41

...................................

United

States

100,000

100,873

2022-R02,

2M1,

144A,

FRN,

5.505%,

(30-day

SOFR

Average

+

1.2%),

1/25/42

....................................

United

States

65,753

65,759

2022-R02,

2M2,

144A,

FRN,

7.305%,

(30-day

SOFR

Average

+

3%),

1/25/42

.....................................

United

States

380,000

388,897

2022-R03,

1M2,

144A,

FRN,

7.805%,

(30-day

SOFR

Average

+

3.5%),

3/25/42

....................................

United

States

44,000

45,745

2022-R04,

1M2,

144A,

FRN,

7.405%,

(30-day

SOFR

Average

+

3.1%),

3/25/42

....................................

United

States

44,000

45,359

2022-R05,

2M2,

144A,

FRN,

7.305%,

(30-day

SOFR

Average

+

3%),

4/25/42

.....................................

United

States

497,000

510,600

2022-R07,

1M1,

144A,

FRN,

7.256%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

...................................

United

States

32,087

32,912

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

52

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

b,i

Connecticut

Avenue

Securities

Trust,

(continued)

2022-R08,

1M1,

144A,

FRN,

6.855%,

(30-day

SOFR

Average

+

2.55%),

7/25/42

...................................

United

States

26,791

$

27,402

2022-R09,

2M1,

144A,

FRN,

6.806%,

(30-day

SOFR

Average

+

2.5%),

9/25/42

....................................

United

States

59,669

60,623

2023-R01,

1M1,

144A,

FRN,

6.706%,

(30-day

SOFR

Average

+

2.4%),

12/25/42

...................................

United

States

18,351

18,834

2023-R02,

1M1,

144A,

FRN,

6.605%,

(30-day

SOFR

Average

+

2.3%),

1/25/43

....................................

United

States

36,268

37,034

2023-R06,

1M1,

144A,

FRN,

6.005%,

(30-day

SOFR

Average

+

1.7%),

7/25/43

....................................

United

States

19,449

19,564

2023-R07,

2M1,

144A,

FRN,

6.256%,

(30-day

SOFR

Average

+

1.95%),

9/25/43

...................................

United

States

9,230

9,307

2024-R03,

2M1,

144A,

FRN,

5.456%,

(30-day

SOFR

Average

+

1.15%),

3/25/44

...................................

United

States

14,957

14,963

2024-R04,

1M1,

144A,

FRN,

5.405%,

(30-day

SOFR

Average

+

1.1%),

5/25/44

....................................

United

States

31,623

31,626

2024-R05,

2M1,

144A,

FRN,

5.305%,

(30-day

SOFR

Average

+

1%),

7/25/44

.....................................

United

States

4,811

4,808

2024-R06,

1A1,

144A,

FRN,

5.455%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

...................................

United

States

128,666

129,179

2024-R06,

1M1,

144A,

FRN,

5.355%,

(30-day

SOFR

Average

+

1.05%),

9/25/44

...................................

United

States

21,768

21,775

2025-R01,

1A1,

144A,

FRN,

5.256%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

103,087

102,991

2025-R01,

1M1,

144A,

FRN,

5.406%,

(30-day

SOFR

Average

+

1.1%),

1/25/45

....................................

United

States

109,015

109,155

2025-R02,

1A1,

144A,

FRN,

5.306%,

(30-day

SOFR

Average

+

1%),

2/25/45

.....................................

United

States

108,215

108,346

2025-R02,

1M1,

144A,

FRN,

5.456%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

...................................

United

States

316,707

317,104

2025-R03,

2A1,

144A,

FRN,

5.755%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

...................................

United

States

20,987

21,124

2025-R04,

1A1,

144A,

FRN,

5.305%,

(30-day

SOFR

Average

+

1%),

5/25/45

.....................................

United

States

74,878

74,945

2025-R04,

1M1,

144A,

FRN,

5.505%,

(30-day

SOFR

Average

+

1.2%),

5/25/45

....................................

United

States

198,212

198,706

b

Cross

Mortgage

Trust

,

2024-H4

,

A1

,

144A,

6.147

%

,

7/25/69

...

United

States

116,436

117,559

b,l

CSMC

Trust

,

2021-RPL4,

A1,

144A,

FRN,

4.118%,

12/27/60

............

United

States

120,858

120,461

2021-RPL7,

A1,

144A,

FRN,

4.197%,

7/27/61

.............

United

States

116,577

115,630

b,l

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

2017-2

,

M1

,

144A,

FRN

,

4

%

,

8/25/56

.................................

United

States

26,996

26,875

i

FHLMC

STACR

Debt

Notes

,

2015-DNA3

,

M3

,

FRN

,

9.12

%

,

(

30-

day

SOFR

Average

+

4.814

%

),

4/25/28

.................

United

States

46,216

46,753

b,i

FHLMC

STACR

REMIC

Trust

,

2021-DNA5,

M2,

144A,

FRN,

5.955%,

(30-day

SOFR

Average

+

1.65%),

1/25/34

.................................

United

States

20,894

20,991

2021-DNA6,

M2,

144A,

FRN,

5.805%,

(30-day

SOFR

Average

+

1.5%),

10/25/41

.................................

United

States

134,119

134,678

2021-DNA7,

M2,

144A,

FRN,

6.105%,

(30-day

SOFR

Average

+

1.8%),

11/25/41

..................................

United

States

346,000

348,665

2021-HQA4,

M1,

144A,

FRN,

5.255%,

(30-day

SOFR

Average

+

0.95%),

12/25/41

................................

United

States

34,510

34,461

2022-DNA2,

M1A,

144A,

FRN,

5.605%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

..................................

United

States

52,157

52,199

2022-DNA3,

M1B,

144A,

FRN,

7.205%,

(30-day

SOFR

Average

+

2.9%),

4/25/42

..................................

United

States

12,000

12,369

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

53

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

b,i

FHLMC

STACR

REMIC

Trust,

(continued)

2022-DNA5,

M1A,

144A,

FRN,

7.255%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

.................................

United

States

131,743

$

134,738

2022-DNA6,

M1A,

144A,

FRN,

6.455%,

(30-day

SOFR

Average

+

2.15%),

9/25/42

.................................

United

States

6,062

6,109

2022-DNA6,

M1B,

144A,

FRN,

8.005%,

(30-day

SOFR

Average

+

3.7%),

9/25/42

..................................

United

States

12,000

12,650

2022-HQA1,

M1A,

144A,

FRN,

6.405%,

(30-day

SOFR

Average

+

2.1%),

3/25/42

..................................

United

States

4,987

5,018

2022-HQA2,

M1A,

144A,

FRN,

6.955%,

(30-day

SOFR

Average

+

2.65%),

7/25/42

.................................

United

States

263,195

268,965

2022-HQA3,

M1A,

144A,

FRN,

6.605%,

(30-day

SOFR

Average

+

2.3%),

8/25/42

..................................

United

States

30,299

30,868

2023-DNA1,

M1A,

144A,

FRN,

6.406%,

(30-day

SOFR

Average

+

2.1%),

3/25/43

..................................

United

States

67,415

68,438

2023-HQA2,

M1A,

144A,

FRN,

6.305%,

(30-day

SOFR

Average

+

2%),

6/25/43

....................................

United

States

18,835

18,943

2023-HQA3,

A1,

144A,

FRN,

6.155%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

..................................

United

States

30,831

31,213

2023-HQA3,

M1,

144A,

FRN,

6.155%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

.................................

United

States

30,798

31,054

2025-DNA1,

A1,

144A,

FRN,

5.255%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

444,075

443,631

i

FNMA

Connecticut

Avenue

Securities

,

2015-C04,

1M2,

FRN,

10.12%,

(30-day

SOFR

Average

+

5.814%),

4/25/28

..................................

United

States

351,870

357,483

2016-C01,

1M2,

FRN,

11.17%,

(30-day

SOFR

Average

+

6.864%),

8/25/28

..................................

United

States

131,797

135,687

2016-C01,

2M2,

FRN,

11.37%,

(30-day

SOFR

Average

+

7.064%),

8/25/28

..................................

United

States

80,846

83,203

2016-C02,

1M2,

FRN,

10.42%,

(30-day

SOFR

Average

+

6.114%),

9/25/28

..................................

United

States

56,812

57,976

2016-C03,

2M2,

FRN,

10.32%,

(30-day

SOFR

Average

+

6.014%),

10/25/28

.................................

United

States

16,621

17,081

2016-C04,

1M2,

FRN,

8.67%,

(30-day

SOFR

Average

+

4.364%),

1/25/29

..................................

United

States

272,049

278,845

2016-C05,

2M2,

FRN,

8.87%,

(30-day

SOFR

Average

+

4.564%),

1/25/29

..................................

United

States

222,067

227,497

2016-C06,

1M2,

FRN,

8.67%,

(30-day

SOFR

Average

+

4.364%),

4/25/29

..................................

United

States

116,816

119,979

2016-C07,

2M2,

FRN,

8.77%,

(30-day

SOFR

Average

+

4.464%),

5/25/29

..................................

United

States

171,720

177,288

2017-C02,

2M2C,

FRN,

8.07%,

(30-day

SOFR

Average

+

3.764%),

9/25/29

..................................

United

States

26,555

26,945

2017-C06,

1M2B,

FRN,

7.07%,

(30-day

SOFR

Average

+

2.764%),

2/25/30

..................................

United

States

2,000

2,004

2017-C06,

2M2C,

FRN,

7.22%,

(30-day

SOFR

Average

+

2.914%),

2/25/30

..................................

United

States

47,411

48,301

b

J.P.

Morgan

Mortgage

Trust

,

i

2024-9,

A11,

144A,

FRN,

5.655%,

(30-day

SOFR

Average

+

1.35%),

2/25/55

...................................

United

States

121,709

122,296

2024-CES1,

A1A,

144A,

5.919%,

6/25/54

................

United

States

68,344

68,782

2024-VIS2,

A1,

144A,

5.853%,

11/25/64

.................

United

States

130,078

130,978

i

2025-1,

A11,

144A,

FRN,

5.555%,

(30-day

SOFR

Average

+

1.25%),

6/25/55

...................................

United

States

184,000

184,173

b

Mill

City

Mortgage

Loan

Trust

,

2023-NQM2

,

A1

,

144A,

6.24

%

,

12/25/67

........................................

United

States

131,419

131,647

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

54

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

b,l

Morgan

Stanley

Resecuritization

Trust

,

2015-R4

,

CB1

,

144A,

FRN

,

4.289

%

,

8/26/47

..............................

United

States

24,205

$

24,179

b

OBX

Trust

,

2023-NQM10

,

A1

,

144A,

6.465

%

,

10/25/63

.......

United

States

236,990

239,086

b

PRPM

Trust

,

2024-NQM2

,

A1

,

144A,

6.327

%

,

6/25/69

........

United

States

428,801

436,791

b,l

Residential

Mortgage

Loan

Trust

,

2020-2

,

A2

,

144A,

FRN

,

2.508

%

,

5/25/60

...................................

United

States

110,215

109,164

b,l

RMF

Buyout

Issuance

Trust

,

2020-HB1

,

A1

,

144A,

FRN

,

1.719

%

,

10/25/50

........................................

United

States

58,404

54,715

b,l

Starwood

Mortgage

Residential

Trust

,

2020-2,

M1E,

144A,

FRN,

3%,

4/25/60

..................

United

States

493,000

482,329

2020-3,

A3,

144A,

FRN,

2.591%,

4/25/65

................

United

States

403,000

361,264

2021-3,

A1,

144A,

FRN,

1.127%,

6/25/56

................

United

States

103,321

90,665

b,i

Station

Place

Securitization

Trust

,

2024-10,

A,

144A,

FRN,

5.22%,

(1-month

SOFR

+

0.9%),

10/27/25

........................................

United

States

425,000

427,258

2024-5,

A,

144A,

FRN,

5.22%,

(1-month

SOFR

+

0.9%),

8/04/25

.........................................

United

States

430,000

430,279

2025-1,

A,

144A,

FRN,

5.221%,

(1-month

SOFR

+

0.9%),

7/23/26

.........................................

United

States

423,000

427,630

i

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR1,

2A1,

FRN,

4.794%,

(1-month

SOFR

+

0.474%),

1/25/37

.........................................

United

States

68,506

60,854

2007-AR7,

1A1,

FRN,

5.284%,

(1-month

SOFR

+

0.964%),

5/25/47

.........................................

United

States

337,550

274,537

b,l

Towd

Point

Mortgage

Trust

,

2016-5

,

M2

,

144A,

FRN

,

3.375

%

,

10/25/56

........................................

United

States

174,000

164,460

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

i

2004-AR13,

A2B,

FRN,

5.314%,

(1-month

SOFR

+

0.994%),

11/25/34

........................................

United

States

83,853

79,866

l

2004-AR3,

A2,

FRN,

5.387%,

6/25/34

..................

United

States

74,432

69,881

i

2005-AR9,

A1C3,

FRN,

5.394%,

(1-month

SOFR

+

1.074%),

7/25/45

.........................................

United

States

79,691

80,103

11,849,111

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$12,033,223)

...............

11,849,111

Agency

Commercial

Mortgage-Backed

Securities

1.5%

Financial

Services

1.5%

FHLMC

,

i

3065,

DC,

FRN,

6.605%,

(30-day

SOFR

Average

+

19.517%),

3/15/35

.........................................

United

States

34,317

35,613

3391,

Strip,

4/15/37

................................

United

States

1,930

1,676

i

3408,

EK,

FRN,

8.014%,

(30-day

SOFR

Average

+

25.332%),

4/15/37

.........................................

United

States

21,326

24,825

i

406,

F30,

FRN,

5.455%,

(30-day

SOFR

Average

+

1.15%),

10/25/53

........................................

United

States

198,686

199,667

i,k

4326,

GS,

IO,

FRN,

1.632%,

(30-day

SOFR

Average

+

5.936%),

4/15/44

..................................

United

States

2,578,763

269,118

k

5010,

IA,

IO,

3.5%,

9/25/50

..........................

United

States

1,617,828

298,726

k

5024,

HI,

IO,

4.5%,

10/25/50

.........................

United

States

2,193,623

500,530

k

5036,

IK,

IO,

4%,

4/25/50

............................

United

States

2,194,797

449,986

k

5079,

BI,

IO,

5.5%,

2/25/51

..........................

United

States

1,542,671

271,846

k

5121,

KI,

IO,

4%,

6/25/51

............................

United

States

2,429,814

541,081

k

5134,

IB,

IO,

4%,

8/25/51

............................

United

States

2,385,960

491,475

k

5138,

YI,

IO,

4.5%,

12/25/49

.........................

United

States

3,017,421

778,407

k

5142,

AI,

IO,

3.5%,

9/25/51

..........................

United

States

2,357,049

456,108

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

55

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

FNMA

,

2006-84,

OT,

Strip,

9/25/36

..........................

United

States

644

$

538

2007-14,

KO,

Strip,

3/25/37

..........................

United

States

4,272

3,595

k

2020-96,

JI,

IO,

3%,

1/25/51

..........................

United

States

3,733,179

630,773

k

2021-28,

NI,

IO,

3%,

5/25/41

.........................

United

States

3,361,592

346,463

k

2021-45,

MI,

IO,

2.5%,

2/25/49

........................

United

States

3,424,102

438,275

k

2021-65,

LI,

IO,

3.5%,

10/25/51

.......................

United

States

1,880,559

330,846

i

2024-89,

FA,

FRN,

5.505%,

(30-day

SOFR

Average

+

1.2%),

12/25/54

........................................

United

States

351,124

352,021

i

2024-98,

FA,

FRN,

5.455%,

(30-day

SOFR

Average

+

1.15%),

12/25/53

........................................

United

States

243,122

243,306

i

2025-41,

FA,

FRN,

5.455%,

(30-day

SOFR

Average

+

1.15%),

6/25/54

.........................................

United

States

173,436

173,704

b,l

FREMF

Mortgage

Trust

,

2015-K51

,

B

,

144A,

FRN

,

4.104

%

,

10/25/48

........................................

United

States

309,000

307,599

GNMA

,

k,l

2015-H26,

EI,

IO,

FRN,

1.755%,

10/20/65

...............

United

States

473,073

14,926

k,l

2016-H16,

LI,

IO,

FRN,

3.137%,

7/20/66

................

United

States

2,073,806

93,948

k

2021-117,

MI,

IO,

3.5%,

5/20/42

.......................

United

States

3,418,315

547,919

i

2023-152,

FB,

FRN,

5.452%,

(30-day

SOFR

Average

+

1.15%),

4/20/51

.........................................

United

States

281,212

285,862

i

2024-78,

QF,

FRN,

5.402%,

(30-day

SOFR

Average

+

1.1%),

5/20/54

.........................................

United

States

331,703

332,898

8,421,731

a

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$6,845,124)

........

8,421,731

Total

Long

Term

Investments

(Cost

$486,677,723)

.............................

609,124,556

a

Short

Term

Investments

3.3%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

2.2%

o,p

U.S.

Treasury

Bills,

4.22%,

10/02/25

.....................

United

States

12,500,000

12,363,709

Total

U.S.

Government

and

Agency

Securities

(Cost

$12,371,620)

...............

12,363,709

a

a

a

Commercial

Papers

0.5%

b,o

Atlantic

Asset

Securitization

LLC,

144A,

4.34%,

7/02/25

......

United

States

3,000,000

2,999,276

Total

Commercial

Papers

(Cost

$2,999,633)

...................................

2,999,276

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

56

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.6%

q,r

Putnam

Short

Term

Investment

Fund,

Class

P,

4.581%

.......

United

States

3,600,724

$

3,600,724

Total

Money

Market

Funds

(Cost

$3,600,724)

.................................

3,600,724

Total

Short

Term

Investments

(Cost

$18,971,977

)

..............................

18,963,709

a

Total

Investments

(Cost

$505,649,700)

109.8%

................................

$628,088,265

TBA

Sale

Commitments

(1.0)%

..............................................

(5,695,690)

Other

Assets,

less

Liabilities

(8.8)%

.........................................

(50,175,777)

Net

Assets

100.0%

.........................................................

$572,216,798

a

a

a

Principal

Amount

*

s

TBA

Sale

Commitments

(1.0)%

Mortgage-Backed

Securities

(1.0)%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(1.0)%

Uniform

Mortgage-Backed

Securities

,

3%,

TBA,

7/25/55

..................................

United

States

(1,000,000)

(865,453)

4.5%,

TBA,

7/25/55

................................

United

States

(3,000,000)

(2,869,968)

5%,

TBA,

7/25/55

..................................

United

States

(2,000,000)

(1,960,269)

(5,695,690)

Total

TBA

Sale

Commitments

(Proceeds

$(5,599,180))

.........................

$(5,695,690)

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

June

30,

2025,

the

aggregate

value

of

these

securities

was

$72,770,974,

representing

12.7%

of

net

assets.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

Perpetual

security

with

no

stated

maturity

date.

g

The

coupon

rate

shown

represents

the

rate

at

period

end.

h

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

i

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

j

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

k

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

l

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

m

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

n

Security

purchased

on

a

to-be-announced

(TBA)

basis.

o

The

rate

shown

represents

the

yield

at

period

end.

p

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

June

30,

2025,

the

value

of

this

security

pledged

amounted

to

$11,572,435,

representing

2.0%

net

assets.

q

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

r

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

s

Security

sold

on

a

to-be-announced

(TBA)

basis

resulting

in

a

short

position.

As

such,

the

Fund

is

not

subject

to

fees

and

expenses

associated

with

short

sale

transactions.

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

57

At

June

30,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

At

June

30,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Equity

contracts

MSCI

EAFE

Index

............................

Short

233

$

31,241,805

9/19/25

$

(165,796)

S&P

500

E-Mini

Index

.........................

Short

387

121,010,062

9/19/25

(4,287,774)

Interest

rate

contracts

U.S.

Treasury

10

Year

Notes

....................

Long

104

11,661,000

9/19/25

188,326

U.S.

Treasury

10

Year

Ultra

Notes

................

Short

23

2,628,109

9/19/25

(44,421)

U.S.

Treasury

2

Year

Notes

.....................

Long

287

59,702,727

9/30/25

209,719

U.S.

Treasury

5

Year

Notes

.....................

Long

361

39,349,000

9/30/25

402,967

U.S.

Treasury

Long

Bonds

.....................

Long

218

25,172,188

9/19/25

692,755

U.S.

Treasury

Ultra

Bonds

......................

Long

90

10,721,250

9/19/25

346,477

Total

Futures

Contracts

......................................................................

$(2,657,747)

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Australian

Dollar

....

BZWS

Buy

91,400

58,178

7/16/25

$

1,991

$

—

Australian

Dollar

....

MSCO

Buy

329,300

208,782

7/16/25

8,001

—

Australian

Dollar

....

MSCO

Sell

196,900

128,696

7/16/25

—

(926)

Australian

Dollar

....

SSBT

Buy

1,174,500

740,765

7/16/25

32,426

—

Australian

Dollar

....

SSBT

Sell

232,300

149,862

7/16/25

—

(3,065)

Australian

Dollar

....

UBSW

Buy

997,800

629,381

7/16/25

27,485

—

Canadian

Dollar

....

BZWS

Sell

4,700

3,459

7/16/25

5

—

Canadian

Dollar

....

JPHQ

Sell

297,600

209,024

7/16/25

—

(9,686)

Canadian

Dollar

....

MSCO

Sell

1,421,000

998,042

7/16/25

—

(46,268)

Canadian

Dollar

....

UBSW

Sell

117,200

82,319

7/16/25

—

(3,813)

Israeli

New

Shekel

..

BZWS

Buy

90,500

24,616

7/16/25

2,253

—

Israeli

New

Shekel

..

CITI

Buy

1,800

488

7/16/25

46

—

Israeli

New

Shekel

..

HSBK

Buy

364,900

102,876

7/16/25

5,464

—

Israeli

New

Shekel

..

SSBT

Buy

11,400

3,093

7/16/25

292

—

Israeli

New

Shekel

..

UBSW

Buy

231,400

62,775

7/16/25

5,928

—

New

Zealand

Dollar

.

MSCO

Buy

49,400

29,243

7/16/25

883

—

Chinese

Yuan

......

SSBT

Buy

3,743,300

523,744

8/20/25

1,265

—

Chinese

Yuan

......

SSBT

Sell

7,742,900

1,080,133

8/20/25

—

(5,831)

Hong

Kong

Dollar

...

BZWS

Buy

580,100

74,907

8/20/25

—

(648)

Hong

Kong

Dollar

...

GSCO

Buy

54,500

6,976

8/20/25

1

—

Hong

Kong

Dollar

...

HSBK

Sell

1,216,000

156,541

8/20/25

879

—

Hong

Kong

Dollar

...

UBSW

Buy

523,700

67,620

8/20/25

—

(581)

Japanese

Yen

......

BOFA

Buy

43,258,400

295,824

8/20/25

6,303

—

Japanese

Yen

......

BOFA

Sell

6,097,200

42,211

8/20/25

—

(374)

Japanese

Yen

......

BZWS

Sell

23,026,200

159,997

8/20/25

—

(824)

Japanese

Yen

......

GSCO

Sell

4,746,800

33,156

8/20/25

3

—

Japanese

Yen

......

HSBK

Buy

24,086,700

166,587

8/20/25

2,119

(478)

Japanese

Yen

......

HSBK

Sell

1,263,400

8,922

8/20/25

98

—

Japanese

Yen

......

JPHQ

Buy

2,739,300

18,700

8/20/25

432

—

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

58

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Japanese

Yen

......

MSCO

Buy

169,744,400

1,169,331

8/20/25

$

16,500

$

(290)

Japanese

Yen

......

MSCO

Sell

30,327,400

212,136

8/20/25

719

(397)

Japanese

Yen

......

SSBT

Buy

7,013,500

47,880

8/20/25

1,105

—

Japanese

Yen

......

SSBT

Sell

2,084,500

14,693

8/20/25

134

—

Japanese

Yen

......

UBSW

Buy

13,157,700

89,825

8/20/25

2,072

—

Singapore

Dollar

....

BZWS

Buy

6,600

5,097

8/20/25

114

—

Singapore

Dollar

....

HSBK

Buy

291,400

224,477

8/20/25

5,567

—

Singapore

Dollar

....

SSBT

Buy

379,600

292,409

8/20/25

7,263

—

British

Pound

......

BOFA

Sell

68,900

93,329

9/17/25

—

(1,293)

British

Pound

......

BZWS

Buy

71,400

96,697

9/17/25

1,360

—

British

Pound

......

BZWS

Sell

68,300

92,842

9/17/25

—

(958)

British

Pound

......

HSBK

Buy

85,600

115,207

9/17/25

2,351

—

British

Pound

......

HSBK

Sell

112,500

151,906

9/17/25

—

(2,595)

British

Pound

......

JPHQ

Sell

119,400

161,183

9/17/25

—

(2,794)

British

Pound

......

MSCO

Buy

28,800

39,231

9/17/25

321

—

British

Pound

......

MSCO

Sell

501,500

677,588

9/17/25

—

(11,144)

British

Pound

......

SSBT

Buy

134,600

184,732

9/17/25

120

—

British

Pound

......

SSBT

Sell

616,900

832,923

9/17/25

—

(14,292)

British

Pound

......

TDOM

Sell

156,300

211,017

9/17/25

—

(3,636)

British

Pound

......

UBSW

Sell

871,400

1,176,547

9/17/25

—

(20,183)

Danish

Krone

......

BOFA

Buy

1,529,600

236,641

9/17/25

6,283

—

Danish

Krone

......

BOFA

Sell

677,000

104,113

9/17/25

—

(3,406)

Danish

Krone

......

CITI

Sell

415,200

63,850

9/17/25

—

(2,090)

Danish

Krone

......

HSBK

Sell

67,000

10,303

9/17/25

—

(337)

Danish

Krone

......

MSCO

Sell

623,000

95,805

9/17/25

—

(3,137)

Danish

Krone

......

UBSW

Buy

48,100

7,618

9/17/25

22

—

Danish

Krone

......

UBSW

Sell

227,500

34,970

9/17/25

—

(1,160)

Euro

.............

BOFA

Buy

41,400

48,864

9/17/25

157

—

Euro

.............

BOFA

Sell

346,100

400,295

9/17/25

—

(9,520)

Euro

.............

BZWS

Sell

655,000

751,970

9/17/25

—

(23,612)

Euro

.............

HSBK

Buy

241,800

281,482

9/17/25

4,834

(1)

Euro

.............

HSBK

Sell

442,200

509,246

9/17/25

—

(14,361)

Euro

.............

JPHQ

Sell

176,000

201,826

9/17/25

—

(6,575)

Euro

.............

MSCO

Buy

121,200

143,041

9/17/25

472

—

Euro

.............

MSCO

Sell

330,400

379,191

9/17/25

—

(12,035)

Euro

.............

SSBT

Buy

47,400

54,678

9/17/25

1,448

—

Euro

.............

SSBT

Sell

173,400

204,816

9/17/25

—

(506)

Euro

.............

UBSW

Sell

57,400

65,842

9/17/25

—

(2,125)

Euro

.............

WPAC

Sell

287,700

329,931

9/17/25

—

(10,733)

Norwegian

Krone

...

HSBK

Buy

38,500

3,806

9/17/25

15

—

Norwegian

Krone

...

HSBK

Sell

45,600

4,497

9/17/25

—

(29)

Norwegian

Krone

...

JPHQ

Sell

3,932,500

387,734

9/17/25

—

(2,606)

Norwegian

Krone

...

MSCO

Sell

295,700

29,165

9/17/25

—

(187)

Swedish

Krona

.....

BOFA

Buy

72,600

7,612

9/17/25

101

—

Swedish

Krona

.....

BZWS

Buy

7,998,900

838,559

9/17/25

11,282

—

Swedish

Krona

.....

HSBK

Buy

3,503,300

367,217

9/17/25

4,990

—

Swedish

Krona

.....

SSBT

Buy

763,500

80,027

9/17/25

1,091

—

Swedish

Krona

.....

TDOM

Buy

3,249,600

340,659

9/17/25

4,594

—

Swiss

Franc

.......

BOFA

Buy

41,600

52,411

9/17/25

537

—

Swiss

Franc

.......

BOFA

Sell

69,900

88,490

9/17/25

—

(478)

Swiss

Franc

.......

BZWS

Buy

16,100

19,840

9/17/25

652

—

Swiss

Franc

.......

BZWS

Sell

4,100

5,062

9/17/25

—

(157)

Swiss

Franc

.......

GSCO

Buy

150,400

185,334

9/17/25

6,094

—

Swiss

Franc

.......

GSCO

Sell

49,100

60,558

9/17/25

—

(1,936)

Swiss

Franc

.......

HSBK

Buy

116,700

143,804

9/17/25

4,730

—

Swiss

Franc

.......

HSBK

Sell

63,400

79,956

9/17/25

—

(739)

Swiss

Franc

.......

JPHQ

Buy

516,100

635,866

9/17/25

21,021

—

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

59

At

June

30,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Swiss

Franc

.......

MSCO

Buy

297,600

367,106

9/17/25

$

11,676

$

—

Swiss

Franc

.......

MSCO

Sell

166,000

207,635

9/17/25

20

(3,668)

Swiss

Franc

.......

SSBT

Buy

690,400

851,298

9/17/25

27,437

—

Swiss

Franc

.......

SSBT

Sell

17,500

22,088

9/17/25

—

(186)

Swiss

Franc

.......

UBSW

Buy

287,400

353,858

9/17/25

11,942

—

Swiss

Franc

.......

UBSW

Sell

10,000

12,441

9/17/25

—

(287)

Total

Forward

Exchange

Contracts

...................................................

$252,898

$(229,947)

Net

unrealized

appreciation

(depreciation)

............................................

$22,951

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

*

In

U.S.

dollars

unless

otherwise

indicated.

Credit

Default

Swap

Contracts

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

Centrally

Cleared

Swap

Contracts

Contracts

to

Sell

Protection

(c)(d)

Traded

Index

CDX.NA.HY.44

.

5.00%

Quarterly

6/20/30

4,518,000

$

346,754

$

217,885

$

128,869

Non-

Investment

Grade

CDX.NA.IG.44

..

1.00%

Quarterly

6/20/30

42,357,000

951,048

680,598

270,450

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$1,297,802

$898,483

$399,319

Total

Credit

Default

Swap

Contracts

....................................

$1,297,802

$

898,483

$399,319

(a)

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b)

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c)

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d)

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

60

At

June

30,

2025,

the

Fund

had

the

following interest

rate swap

contracts

outstanding.

At

June

30,

2025,

the

Fund

had

the

following total

return swap

contracts

outstanding.

Interest

Rate

Swap

Contracts

Description

Payment

Frequency

Maturity

Date

Notional

Amount

*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.6%

.....

Annual

9/17/27

29,173,000

$

(138,742)

$

48,174

$

(186,916)

Receive

Fixed

3.58%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/27

20,813,000

91,039

27,143

63,896

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.65%

....

Annual

9/17/30

25,211,000

(300,049)

86,337

(386,386)

Receive

Fixed

3.63%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/30

5,885,000

64,688

18,963

45,725

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.9%

.....

Annual

9/17/35

10,000

(180)

49

(229)

Receive

Fixed

3.88%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/35

15,403,000

251,843

46,796

205,047

Receive

Fixed

4.03%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/55

8,680,000

184,887

12,808

172,079

Receive

Fixed

4.05%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/55

15,000

372

(85)

457

Total

Interest

Rate

Swap

Contracts

.................................

$153,858

$

240,185

$(86,327)

*

In

U.S.

dollars

unless

otherwise

indicated.

Total

Return

Swap

Contracts

Underlying

Instruments

Financing

Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value

*

Value/

Unrealized

Appreciation

(Depreciation)

OTC

Swap

Contracts

Long

(a)

GSGLPWDL

Index

#

....................

1-day

SOFR

+

0.4%

Monthly

GSCO

12/17/25

12,473,945

$

108,730

BCFTDEAL

Index

#

....................

1-day

SOFR

+

0.45%

At

Maturity

BZWS

6/11/26

18,838,919

227,411

Short

(b)

GSGLPWDS

Index

#

...................

1-day

SOFR

-

0.25%

Monthly

GSCO

12/17/25

11,937,712

(58,375)

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

61

Total

Return

Swap

Contracts

(continued)

Underlying

Instruments

Financing

Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value*

Value/

Unrealized

Appreciation

(Depreciation)

OTC

Swap

Contracts

(continued)

Short

(b)

(continued)

BCFTDEAS

Index

#

....................

1-day

SOFR

+

0.25%

At

Maturity

BZWS

6/11/26

18,957,102

$

(173,246)

Total

Return

Swap

Contracts

....................................................................

$104,520

*

In

U.S.

dollars

unless

otherwise

indicated.

#

Represents

a

custom

index

comprised

of

a

basket

of

underlying

instruments.

The

50

largest

components,

and

any

individual

component

greater

than

1%

of

basket

value,

are

shown

below.

(a)

The

Fund

receives

the

total

return

on

the

underlying

instrument

and

pays

a

variable

financing

rate.

(b)

The

Fund

receives

a

variable

financing

rate

and

pays

the

total

return

on

the

underlying

instrument.

Common

stocks

Sector

Shares

Value

Percentage

value

A

BASKET

(

GSGLPWDL

)

OF

COMMON

STOCKS

Eni

SpA

Energy

4,712

$

76,105

0.60%

Engie

SA

Utilities

3,222

75,355

0.60%

Empire

Co

Ltd

Consumer

Staples

1,811

75,022

0.60%

Novartis

AG

Health

Care

615

74,280

0.59%

ConocoPhillips

Energy

817

73,280

0.58%

AT&T

Inc

Communication

Services

2,525

73,083

0.58%

Exxon

Mobil

Corp

Energy

678

73,080

0.58%

Netflix

Inc

Communication

Services

54

72,943

0.58%

Iberdrola

SA

Utilities

3,810

72,857

0.58%

PayPal

Holdings

Inc

Financials

976

72,553

0.58%

TotalEnergies

SE

Energy

1,185

72,482

0.58%

D'ieteren

Group

Consumer

Discretionary

335

71,732

0.57%

Inpex

Corp

Energy

5,110

71,632

0.57%

Endesa

SA

Utilities

2,267

71,573

0.57%

SS&C

Technologies

Holdings

Inc

Industrials

860

71,204

0.57%

MSCI

Inc

Financials

123

70,968

0.56%

Graco

Inc

Industrials

823

70,712

0.56%

Dai

Nippon

Printing

Co

Ltd

Industrials

4,636

70,292

0.56%

Amadeus

IT

Group

SA

Consumer

Discretionary

836

70,109

0.56%

Telenor

ASA

Communication

Services

4,524

70,046

0.56%

Osaka

Gas

Co

Ltd

Utilities

2,736

69,954

0.56%

PepsiCo

Inc

Consumer

Staples

527

69,535

0.55%

Veralto

Corp

Industrials

687

69,399

0.55%

Weyerhaeuser

Co

Real

Estate

2,663

68,411

0.54%

Avery

Dennison

Corp

Materials

387

67,947

0.54%

FactSet

Research

Systems

Inc

Financials

149

66,854

0.53%

Verisk

Analytics

Inc

Industrials

214

66,706

0.53%

Smiths

Group

PLC

Industrials

2,164

66,610

0.53%

Kirin

Holdings

Co

Ltd

Consumer

Staples

4,751

66,418

0.53%

Elisa

Oyj

Communication

Services

1,200

66,298

0.53%

Automatic

Data

Processing

Inc

Industrials

214

65,960

0.52%

Danone

SA

Consumer

Staples

808

65,800

0.52%

George

Weston

Ltd

Consumer

Staples

328

65,608

0.52%

Garmin

Ltd

Consumer

Discretionary

314

65,450

0.52%

Chevron

Corp

Energy

451

64,598

0.51%

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

62

Common

stocks

Sector

Shares

Value

Percentage

value

A

BASKET

(GSGLPWDL)

OF

COMMON

STOCKS

(continued)

Rio

Tinto

PLC

Materials

1,107

$

64,408

0.51%

Telia

Co

AB

Communication

Services

17,970

64,052

0.51%

Philip

Morris

International

Inc

Consumer

Staples

350

63,716

0.51%

Fairfax

Financial

Holdings

Ltd

Financials

35

63,572

0.50%

Tokyo

Gas

Co

Ltd

Utilities

1,886

62,584

0.50%

BOC

Hong

Kong

Holdings

Ltd

Financials

14,404

62,572

0.50%

Allegion

plc

Industrials

434

62,480

0.50%

VeriSign

Inc

Information

Technology

216

62,307

0.49%

Keysight

Technologies

Inc

Information

Technology

380

62,216

0.49%

Hartford

Insurance

Group

Inc/The

Financials

489

62,102

0.49%

Airbnb

Inc

Consumer

Discretionary

463

61,253

0.49%

Royal

Bank

of

Canada

Financials

465

61,193

0.49%

United

Utilities

Group

PLC

Utilities

3,735

58,429

0.46%

Crown

Holdings

Inc

Materials

565

58,226

0.46%

Meta

Platforms

Inc

Communication

Services

78

57,339

0.46%

A

BASKET

(

BCFTDEAL

)

OF

COMMON

STOCKS

Vornado

Realty

Trust

Real

Estate

19,766

755,835

7.06%

Duolingo

Inc

Consumer

Discretionary

1,617

663,044

6.19%

Booking

Holdings

Inc

Consumer

Discretionary

21

120,501

1.12%

Pegasystems

Inc

Information

Technology

2,225

120,459

1.12%

Netflix

Inc

Communication

Services

90

120,132

1.12%

Virtu

Financial

Inc

Financials

2,671

119,644

1.12%

Axis

Capital

Holdings

Ltd

Financials

1,150

119,354

1.11%

Johnson

Controls

International

plc

Industrials

1,129

119,277

1.11%

Uber

Technologies

Inc

Industrials

1,276

119,030

1.11%

NRG

Energy

Inc

Utilities

729

117,128

1.09%

Exelixis

Inc

Health

Care

2,652

116,903

1.09%

Valero

Energy

Corp

Energy

853

114,656

1.07%

Freeport-McMoRan

Inc

Materials

2,619

113,526

1.06%

Unum

Group

Financials

1,358

109,643

1.02%

Equitable

Holdings

Inc

Financials

1,952

109,510

1.02%

MGIC

Investment

Corp

Financials

3,880

108,013

1.01%

Cheniere

Energy

Inc

Energy

436

106,055

0.99%

Natera

Inc

Health

Care

622

105,139

0.98%

QUALCOMM

Inc

Information

Technology

659

105,003

0.98%

DoorDash

Inc

Consumer

Discretionary

424

104,423

0.97%

Howmet

Aerospace

Inc

Industrials

555

103,323

0.96%

Spotify

Technology

SA

Communication

Services

133

101,955

0.95%

Wintrust

Financial

Corp

Financials

802

99,406

0.93%

American

International

Group

Inc

Financials

1,147

98,140

0.92%

General

Motors

Co

Consumer

Discretionary

1,990

97,944

0.91%

Ventas

Inc

Real

Estate

1,528

96,467

0.90%

Allison

Transmission

Holdings

Inc

Industrials

1,015

96,386

0.90%

AutoNation

Inc

Consumer

Discretionary

483

95,913

0.90%

State

Street

Corp

Financials

897

95,414

0.89%

Synchrony

Financial

Financials

1,380

92,104

0.86%

Cadence

Design

Systems

Inc

Information

Technology

293

90,319

0.84%

eBay

Inc

Consumer

Discretionary

1,200

89,359

0.83%

Docusign

Inc

Information

Technology

1,145

89,205

0.83%

Tapestry

Inc

Consumer

Discretionary

995

87,331

0.82%

Regeneron

Pharmaceuticals

Inc

Health

Care

164

86,339

0.81%

Pure

Storage

Inc

Information

Technology

1,462

84,173

0.79%

Curtiss-Wright

Corp

Industrials

168

82,066

0.77%

Arista

Networks

Inc

Information

Technology

767

78,517

0.73%

Cirrus

Logic

Inc

Information

Technology

737

76,887

0.72%

GoDaddy

Inc

Information

Technology

418

75,329

0.70%

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

63

Common

stocks

Sector

Shares

Value

Percentage

value

A

BASKET

(BCFTDEAL)

OF

COMMON

STOCKS

(continued)

Textron

Inc

Industrials

938

$

75,290

0.70%

Meta

Platforms

Inc

Communication

Services

101

74,852

0.70%

Jacobs

Solutions

Inc

Industrials

565

74,246

0.69%

Southwest

Airlines

Co

Industrials

2,284

74,092

0.69%

Toll

Brothers

Inc

Consumer

Discretionary

643

73,343

0.68%

Boyd

Gaming

Corp

Consumer

Discretionary

930

72,718

0.68%

Applied

Materials

Inc

Information

Technology

396

72,455

0.68%

American

Tower

Corp

Real

Estate

320

70,719

0.66%

A

BASKET

(

GSGLPWDS

)

OF

COMMON

STOCKS

Keppel

Ltd

Industrials

12,488

72,754

0.61%

Westlake

Corp

Materials

933

70,863

0.59%

Infrastrutture

Wireless

Italiane

SpA

Communication

Services

5,716

69,651

0.58%

Imperial

Brands

PLC

Consumer

Staples

1,765

69,602

0.58%

Ferrovial

SE

Industrials

1,293

68,712

0.57%

Air

Products

and

Chemicals

Inc

Materials

243

68,531

0.57%

Swisscom

AG

Communication

Services

97

68,475

0.57%

Allianz

SE

Financials

168

67,946

0.57%

Thomson

Reuters

Corp

Industrials

337

67,712

0.56%

Orange

SA

Communication

Services

4,450

67,458

0.56%

RELX

PLC

Industrials

1,237

66,732

0.56%

Masco

Corp

Industrials

1,035

66,594

0.55%

Straumann

Holding

AG

Health

Care

511

66,529

0.55%

Coca-Cola

Co/The

Consumer

Staples

938

66,336

0.55%

Realty

Income

Corp

Real

Estate

1,150

66,262

0.55%

Hermes

International

SCA

Consumer

Discretionary

25

66,253

0.55%

Investor

AB

Financials

2,255

66,201

0.55%

Equifax

Inc

Industrials

255

66,020

0.55%

Singapore

Telecommunications

Ltd

Communication

Services

21,953

65,844

0.55%

Visa

Inc

Financials

184

65,457

0.54%

International

Paper

Co

Materials

1,385

64,838

0.54%

Aeon

Co

Ltd

Consumer

Staples

2,087

63,852

0.53%

Waste

Connections

Inc

Industrials

342

63,784

0.53%

Wilmar

International

Ltd

Consumer

Staples

28,047

63,201

0.53%

Paychex

Inc

Industrials

423

61,523

0.51%

Pernod

Ricard

SA

Consumer

Staples

618

61,411

0.51%

Haleon

PLC

Health

Care

11,843

60,763

0.51%

Martin

Marietta

Materials

Inc

Materials

110

60,171

0.50%

Atmos

Energy

Corp

Utilities

389

59,969

0.50%

Nutrien

Ltd

Materials

1,016

59,066

0.49%

EssilorLuxottica

SA

Health

Care

211

57,634

0.48%

Swire

Pacific

Ltd

Industrials

6,583

56,394

0.47%

REA

Group

Ltd

Communication

Services

345

54,348

0.45%

SAP

SE

Information

Technology

178

53,966

0.45%

Antofagasta

PLC

Materials

2,119

52,533

0.44%

Walmart

Inc

Consumer

Staples

536

52,410

0.44%

Bureau

Veritas

SA

Industrials

1,521

51,682

0.43%

Royalty

Pharma

PLC

Health

Care

1,434

51,652

0.43%

Saputo

Inc

Consumer

Staples

2,516

51,391

0.43%

Hess

Corp

Energy

370

51,244

0.43%

Marriott

International

Inc/MD

Consumer

Discretionary

187

51,025

0.42%

Diamondback

Energy

Inc

Energy

368

50,534

0.42%

Redeia

Corp

SA

Utilities

2,367

50,426

0.42%

Ingersoll

Rand

Inc

Industrials

604

50,264

0.42%

Acciona

SA

Utilities

278

49,844

0.41%

Metso

Oyj

Industrials

3,809

49,089

0.41%

CAR

Group

Ltd

Communication

Services

1,980

48,553

0.40%

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

64

See

abbreviations

on

page

69

.

Common

stocks

Sector

Shares

Value

Percentage

value

A

BASKET

(GSGLPWDS)

OF

COMMON

STOCKS

(continued)

Southern

Co/The

Utilities

529

$

48,544

0.40%

Dominion

Energy

Inc

Utilities

859

48,533

0.40%

Salmar

ASA

Consumer

Staples

1,120

48,363

0.40%

A

BASKET

(

BCFTDEAS

)

OF

COMMON

STOCKS

Ross

Stores

Inc

Consumer

Discretionary

4,722

602,400

5.86%

Globant

SA

Information

Technology

3,383

307,354

2.99%

SoFi

Technologies

Inc

Financials

6,852

124,770

1.21%

Royal

Caribbean

Cruises

Ltd

Consumer

Discretionary

380

119,102

1.16%

Take-Two

Interactive

Software

Inc

Communication

Services

490

119,079

1.16%

DT

Midstream

Inc

Energy

1,081

118,837

1.16%

BWX

Technologies

Inc

Industrials

822

118,433

1.15%

Blue

Owl

Capital

Inc

Financials

6,052

116,261

1.13%

Diamondback

Energy

Inc

Energy

842

115,717

1.13%

Micron

Technology

Inc

Information

Technology

906

111,640

1.09%

Lithia

Motors

Inc

Consumer

Discretionary

325

109,944

1.07%

Ares

Management

Corp

Financials

604

104,536

1.02%

Dell

Technologies

Inc

Information

Technology

851

104,288

1.01%

Gen

Digital

Inc

Information

Technology

3,538

104,011

1.01%

Kinsale

Capital

Group

Inc

Financials

215

103,972

1.01%

MKS

Inc

Information

Technology

1,015

100,843

0.98%

Air

Products

and

Chemicals

Inc

Materials

357

100,650

0.98%

Tyler

Technologies

Inc

Information

Technology

167

98,954

0.96%

Domino's

Pizza

Inc

Consumer

Discretionary

219

98,854

0.96%

Roivant

Sciences

Ltd

Health

Care

8,764

98,769

0.96%

Carnival

Corp

Consumer

Discretionary

3,489

98,112

0.95%

Jack

Henry

&

Associates

Inc

Financials

539

97,049

0.94%

Digital

Realty

Trust

Inc

Real

Estate

550

95,798

0.93%

Aon

PLC

Financials

267

95,242

0.93%

Texas

Instruments

Inc

Information

Technology

418

86,858

0.84%

Equifax

Inc

Industrials

327

84,861

0.83%

Norwegian

Cruise

Line

Holdings

Ltd

Consumer

Discretionary

4,153

84,227

0.82%

RPM

International

Inc

Materials

750

82,328

0.80%

Watsco

Inc

Industrials

181

80,027

0.78%

Monolithic

Power

Systems

Inc

Information

Technology

107

78,597

0.76%

LPL

Financial

Holdings

Inc

Financials

209

78,360

0.76%

Affirm

Holdings

Inc

Financials

1,121

77,487

0.75%

Entegris

Inc

Information

Technology

937

75,600

0.74%

Atmos

Energy

Corp

Utilities

482

74,229

0.72%

Amdocs

Ltd

Information

Technology

807

73,638

0.72%

Expand

Energy

Corp

Energy

625

73,134

0.71%

Royal

Gold

Inc

Materials

408

72,537

0.71%

NIKE

Inc

Consumer

Discretionary

1,020

72,433

0.70%

NU

Holdings

Ltd/Cayman

Islands

Financials

5,259

72,158

0.70%

Avis

Budget

Group

Inc

Industrials

416

70,363

0.68%

PTC

Inc

Information

Technology

406

69,979

0.68%

Fox

Corp

Communication

Services

1,331

68,728

0.67%

Marriott

International

Inc/MD

Consumer

Discretionary

251

68,677

0.67%

MicroStrategy

Inc

Information

Technology

167

67,418

0.66%

DR

Horton

Inc

Consumer

Discretionary

512

66,035

0.64%

elf

Beauty

Inc

Consumer

Staples

529

65,863

0.64%

Somnigroup

International

Inc

Consumer

Discretionary

907

61,698

0.60%

Arthur

J

Gallagher

&

Co

Financials

193

61,661

0.60%

Liberty

Broadband

Corp

Communication

Services

627

61,658

0.60%

Putnam

Asset

Allocation

Funds

65

Quarterly

Schedule

of

Investments

Notes

to

Schedule

of

Investments

(unaudited)

1.

Organization

Putnam

Asset

Allocation

Funds (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of four

separate

funds,

one

of

which is

included

in

this

report

(Fund).

The Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The Fund’s

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The Fund’s

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets. 

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Putnam

Asset

Allocation

Funds

Notes

to

Schedule

of

Investments

(unaudited)

66

Quarterly

Schedule

of

Investments

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund’s

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the Fund.

As

a

result,

differences

may

arise

between

the

value

of

the Fund’s

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences, an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At June

30,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund’s NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund’s

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

3.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

June

30,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

4. Fair

Value

Measurements

The Fund

follows a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.581%

......

$28,891,524

$118,053,331

$(143,344,131)

$—

$—

$3,600,724

3,600,724

$898,440

Total

Affiliated

Securities

...

$28,891,524

$118,053,331

$(143,344,131)

$—

$—

$3,600,724

$898,440

2. Financial

Instrument

Valuation

(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Schedule

of

Investments

(unaudited)

67

Quarterly

Schedule

of

Investments

A

summary

of

inputs

used

as

of

June

30,

2025,

in

valuing

the Fund's

assets

and

liabilities carried

at

fair

value,

is

as

follows:  

Level

1

Level

2

Level

3

Total

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

7,076,284

$

1,962,647

$

—

$

9,038,931

Air

Freight

&

Logistics

...................

1,244,186

—

—

1,244,186

Automobile

Components

.................

207,225

204,678

—

411,903

Automobiles

..........................

4,623,741

256,091

—

4,879,832

Banks

...............................

9,656,022

7,799,131

—

17,455,153

Beverages

...........................

2,633,669

561,232

—

3,194,901

Biotechnology

.........................

5,902,446

142,512

—

6,044,958

Broadline

Retail

.......................

12,344,664

988,848

—

13,333,512

Building

Products

......................

2,448,325

938,745

—

3,387,070

Capital

Markets

........................

9,548,272

3,624,986

—

13,173,258

Chemicals

...........................

4,628,811

1,381,358

—

6,010,169

Commercial

Services

&

Supplies

...........

1,594,041

198,319

—

1,792,360

Communications

Equipment

..............

3,372,911

189,527

—

3,562,438

Construction

&

Engineering

...............

329,310

931,711

—

1,261,021

Construction

Materials

..................

1,376,182

1,131,269

—

2,507,451

Consumer

Finance

.....................

2,440,226

—

—

2,440,226

Consumer

Staples

Distribution

&

Retail

......

5,426,722

1,187,741

—

6,614,463

Containers

&

Packaging

.................

733,743

—

—

733,743

Diversified

Consumer

Services

............

469,983

—

—

469,983

Diversified

REITs

......................

165,272

21,367

—

186,639

Diversified

Telecommunication

Services

.....

1,019,027

530,643

—

1,549,670

Electric

Utilities

........................

5,331,313

1,411,922

—

6,743,235

Electrical

Equipment

....................

1,640,443

1,772,459

—

3,412,902

Electronic

Equipment,

Instruments

&

Components

........................

544,352

—

—

544,352

Energy

Equipment

&

Services

.............

1,050,506

—

—

1,050,506

Entertainment

.........................

6,594,956

1,073,731

—

7,668,687

Financial

Services

......................

11,139,808

569,920

—

11,709,728

Food

Products

........................

700,023

1,287,771

—

1,987,794

Gas

Utilities

..........................

220,174

—

—

220,174

Ground

Transportation

..................

2,306,338

—

—

2,306,338

Health

Care

Equipment

&

Supplies

.........

3,970,605

1,074,788

—

5,045,393

Health

Care

Providers

&

Services

..........

4,662,684

189,969

—

4,852,653

Health

Care

REITs

.....................

251,538

—

—

251,538

Health

Care

Technology

.................

1,302,833

—

—

1,302,833

Hotel

&

Resort

REITs

...................

76,261

—

—

76,261

Hotels,

Restaurants

&

Leisure

.............

6,013,951

1,480,992

—

7,494,943

Household

Durables

....................

1,858,325

582,407

—

2,440,732

Household

Products

....................

2,811,530

299,809

—

3,111,339

Independent

Power

and

Renewable

Electricity

Producers

..........................

160,087

75,052

—

235,139

Industrial

Conglomerates

................

1,105,234

724,415

—

1,829,649

Industrial

REITs

.......................

676,148

—

—

676,148

Insurance

............................

6,202,986

2,293,775

—

8,496,761

Interactive

Media

&

Services

..............

16,796,459

726,704

—

17,523,163

IT

Services

...........................

2,305,389

119,031

—

2,424,420

Leisure

Products

.......................

150,949

172,028

—

322,977

Life

Sciences

Tools

&

Services

............

1,136,552

504,190

—

1,640,742

Machinery

............................

3,131,314

807,854

—

3,939,168

Marine

Transportation

...................

347,129

—

—

347,129

Media

...............................

1,346,468

101,224

—

1,447,692

Metals

&

Mining

.......................

1,460,575

1,743,537

—

3,204,112

4. Fair

Value

Measurements

(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Schedule

of

Investments

(unaudited)

68

Quarterly

Schedule

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

$

198,871

$

—

$

—

$

198,871

Multi-Utilities

..........................

520,374

776,757

—

1,297,131

Office

REITs

..........................

564,517

—

—

564,517

Oil,

Gas

&

Consumable

Fuels

.............

5,537,304

3,075,855

—

8,613,159

Paper

&

Forest

Products

.................

160,567

—

—

160,567

Passenger

Airlines

.....................

1,665,778

413,554

—

2,079,332

Personal

Care

Products

.................

—

723,466

—

723,466

Pharmaceuticals

.......................

7,817,168

5,366,386

—

13,183,554

Professional

Services

...................

2,468,778

689,364

—

3,158,142

Real

Estate

Management

&

Development

....

1,407,991

—

—

1,407,991

Residential

REITs

......................

874,034

—

—

874,034

Retail

REITs

..........................

1,463,616

—

—

1,463,616

Semiconductors

&

Semiconductor

Equipment

.

28,328,744

2,353,990

—

30,682,734

Software

.............................

28,792,454

627,410

—

29,419,864

Specialized

REITs

......................

1,686,957

—

—

1,686,957

Specialty

Retail

........................

2,946,110

645,371

—

3,591,481

Technology

Hardware,

Storage

&

Peripherals

.

14,910,358

—

—

14,910,358

Textiles,

Apparel

&

Luxury

Goods

..........

278,846

934,280

—

1,213,126

Tobacco

.............................

3,999,969

369,183

—

4,369,152

Trading

Companies

&

Distributors

..........

921,193

664,272

—

1,585,465

Transportation

Infrastructure

..............

—

197,187

—

197,187

Water

Utilities

.........................

39,215

—

—

39,215

Wireless

Telecommunication

Services

.......

991,400

651,406

—

1,642,806

Convertible

Preferred

Stocks

................

208,151

—

—

208,151

Preferred

Stocks

.........................

—

233,316

—

233,316

Rights

.................................

—

—

1,552

1,552

Convertible

Bonds

.......................

—

234,822

—

234,822

Corporate

Bonds

........................

—

131,144,579

—

131,144,579

Senior

Floating

Rate

Interests

...............

—

1,778,382

—

1,778,382

Foreign

Government

and

Agency

Securities

....

—

6,527,310

—

6,527,310

U.S.

Government

and

Agency

Securities

.......

—

344,083

—

344,083

Asset-Backed

Securities

...................

—

12,155,248

—

12,155,248

Commercial

Mortgage-Backed

Securities

......

—

8,794,087

—

8,794,087

Mortgage-Backed

Securities

................

—

102,771,084

—

102,771,084

Residential

Mortgage-Backed

Securities

.......

—

11,849,111

—

11,849,111

Agency

Commercial

Mortgage-Backed

Securities

—

8,421,731

—

8,421,731

Short

Term

Investments

...................

3,600,724

15,362,985

—

18,963,709

Total

Investments

in

Securities

...........

$271,919,111

$356,167,602

a

$1,552

$628,088,265

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$252,898

$—

$252,898

Futures

Contracts

.......................

1,840,244

—

—

1,840,244

Swap

Contracts

.........................

—

1,222,664

—

1,222,664

Total

Other

Financial

Instruments

.........

$1,840,244

$1,475,562

$—

$3,315,806

Liabilities:

Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

5,695,690

$

—

$

5,695,690

Forward

Exchange

Contracts

...............

—

229,947

—

229,947

Futures

Contracts

........................

4,497,991

—

—

4,497,991

Swap

Contracts

.........................

—

805,152

—

805,152

Total

Other

Financial

Instruments

.........

$4,497,991

$6,730,789

$—

$11,228,780

4. Fair

Value

Measurements

(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Schedule

of

Investments

(unaudited)

69

Quarterly

Schedule

of

Investments

A

reconciliation

of

assets

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

Abbreviations

a

Includes

foreign

securities

valued

at

$56,659,686,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

Counterparty

BOFA

Bank

of

America

NA

BZWS

Barclays

Bank

plc

CITI

Citibank

NA

GSCO

Goldman

Sachs

Group,

Inc.

HSBK

HSBC

Bank

plc

JPHQ

JPMorgan

Chase

Bank

NA

MSCO

Morgan

Stanley

SSBT

State

Street

Bank

and

Trust

Co.

TDOM

Toronto

Dominion

Bank

UBSW

UBS

AG

WPAC

Westpac

Banking

Corp.

Cu

r

rency

AUD

Australian

Dollar

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

Index

CDX.NA.HY.

Series

number

CDX

North

America

High

Yield

Index

CDX.NA.IG.

Series

number

CDX

North

America

Investment

Grade

Index

Selected

Portfolio

ADR

American

Depositary

Receipt

CLO

Collateralized

Loan

Obligation

CME

Chicago

Mercantile

Exchange

CVR

Contingent

Value

Right

DAC

Designated

Activity

Company

EURIBOR

Euro

Inter-Bank

Offer

Rate

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

IO

Interest

Only

PIK

Payment-In-Kind

PJSC

Public

Joint

Stock

Company

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

STACR

Structured

Agency

Credit

Risk

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

SOFR

........................

4.45%

4. Fair

Value

Measurements

(continued)

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.