Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

38952-Q3PH

1

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

Fund

2

Notes

to

Schedule

of

Investments

70

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited),

June

30,

2025

Putnam

Dynamic

Asset

Allocation

Growth

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

82.1%

Aerospace

&

Defense

2.3%

a

AeroVironment,

Inc.

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

United

States

775

$

220,836

Airbus

SE

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

France

34,175

7,149,436

a

Astronics

Corp.

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

United

States

5,227

175,000

a

Axon

Enterprise,

Inc.

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

United

States

569

471,098

Curtiss-Wright

Corp.

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

United

States

2,328

1,137,344

Dassault

Aviation

SA

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

France

1,224

432,772

General

Dynamics

Corp.

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

United

States

6,308

1,839,791

General

Electric

Co.

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

United

States

20,905

5,380,738

Lockheed

Martin

Corp.

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

United

States

25,419

11,772,556

Mazagon

Dock

Shipbuilders

Ltd.

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

India

6,988

264,374

Moog,

Inc.,

A

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

United

States

560

101,343

Northrop

Grumman

Corp.

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

United

States

12,913

6,456,242

a

Rocket

Lab

Corp.

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

United

States

5,328

190,583

RTX

Corp.

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

United

States

92,895

13,564,528

Textron,

Inc.

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

United

States

11,123

893,066

Thales

SA

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

France

21,069

6,221,140

TransDigm

Group,

Inc.

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

United

States

2,753

4,186,322

a

V2X,

Inc.

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

United

States

4,379

212,600

60,669,769

Air

Freight

&

Logistics

0.2%

Expeditors

International

of

Washington,

Inc.

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

United

States

7,460

852,305

FedEx

Corp.

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

United

States

27,413

6,231,249

Hub

Group,

Inc.,

A

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

United

States

7,946

265,635

United

Parcel

Service,

Inc.,

B

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

United

States

8,672

875,352

8,224,541

Automobile

Components

0.1%

a

Adient

plc

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

United

States

12,023

233,968

Aisin

Corp.

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

Japan

116,900

1,495,432

a

American

Axle

&

Manufacturing

Holdings,

Inc.

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

United

States

65,145

265,792

Dana,

Inc.

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

United

States

34,866

597,952

a

Dorman

Products,

Inc.

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

United

States

836

102,552

a

Gentherm

,

Inc.

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

United

States

3,518

99,524

a

Visteon

Corp.

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

United

States

6,755

630,241

3,425,461

Automobiles

1.5%

BYD

Co.

Ltd.,

H

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

China

69,000

1,074,332

General

Motors

Co.

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

United

States

138,432

6,812,239

Kia

Corp.

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

South

Korea

13,392

958,257

Mahindra

&

Mahindra

Ltd.

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

India

69,591

2,583,026

Subaru

Corp.

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

Japan

77,000

1,334,902

a

Tesla,

Inc.

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

United

States

73,711

23,415,036

Toyota

Motor

Corp.

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

Japan

31,400

540,802

36,718,594

Banks

5.4%

Abu

Dhabi

Islamic

Bank

PJSC

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

United

Arab

Emirates

841,823

4,928,685

AIB

Group

plc

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

Ireland

145,824

1,203,464

Al

Rajhi

Bank

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

Saudi

Arabia

120,458

3,038,294

Amalgamated

Financial

Corp.

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

United

States

8,082

252,158

Ameris

Bancorp

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

United

States

1,649

106,690

Associated

Banc-Corp.

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

United

States

4,751

115,877

a

Axos

Financial,

Inc.

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

United

States

8,990

683,600

Banco

Bilbao

Vizcaya

Argentaria

SA

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

Spain

133,370

2,053,667

Banco

de

Sabadell

SA

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

Spain

168,246

535,620

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Banco

Santander

SA

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

Spain

508,069

$

4,207,257

Bank

Central

Asia

Tbk

.

PT

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

Indonesia

3,423,900

1,830,238

Bank

Hapoalim

BM

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

Israel

98,714

1,896,106

Bank

Leumi

Le-Israel

BM

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

Israel

124,881

2,323,479

Bank

of

America

Corp.

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

United

States

252,889

11,966,707

Bank

of

China

Ltd.,

H

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

China

6,578,000

3,829,461

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

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

United

States

6,069

268,735

Banner

Corp.

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

United

States

1,456

93,402

Barclays

plc

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

United

Kingdom

661,134

3,054,949

Berkshire

Hills

Bancorp,

Inc.

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

United

States

5,743

143,805

BNP

Paribas

SA

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

France

48,476

4,348,380

BOC

Hong

Kong

Holdings

Ltd.

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

China

73,500

319,963

Cathay

General

Bancorp

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

United

States

13,269

604,138

Central

Pacific

Financial

Corp.

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

United

States

7,240

202,937

Citigroup,

Inc.

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

United

States

316,550

26,944,736

Citizens

Financial

Group,

Inc.

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

United

States

20,872

934,022

Credit

Agricole

SA

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

France

35,713

675,629

CTBC

Financial

Holding

Co.

Ltd.

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

Taiwan

1,023,000

1,531,054

a

Customers

Bancorp,

Inc.

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

United

States

9,509

558,559

Enterprise

Financial

Services

Corp.

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

United

States

6,316

348,012

Erste

Group

Bank

AG

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

Austria

15,574

1,325,741

FB

Financial

Corp.

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

United

States

2,107

95,447

Financial

Institutions,

Inc.

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

United

States

3,992

102,515

First

Bancorp

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

United

States

29,307

610,465

First

Financial

Corp.

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

United

States

2,214

119,977

First

Horizon

Corp.

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

United

States

41,765

885,418

First

Merchants

Corp.

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

United

States

1,183

45,309

Grupo

Financiero

Banorte

SAB

de

CV,

O

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

Mexico

212,920

1,946,230

Hancock

Whitney

Corp.

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

United

States

12,094

694,196

Hanmi

Financial

Corp.

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

United

States

7,732

190,826

Heritage

Commerce

Corp.

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

United

States

11,316

112,368

Hilltop

Holdings,

Inc.

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

United

States

13,848

420,287

Hope

Bancorp,

Inc.

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

United

States

4,505

48,339

HSBC

Holdings

plc

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

United

Kingdom

441,117

5,335,836

ICICI

Bank

Ltd.

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

India

285,281

4,821,176

Independent

Bank

Corp.

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

United

States

3,626

117,519

Intesa

Sanpaolo

SpA

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

Italy

476,915

2,747,226

JPMorgan

Chase

&

Co.

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

United

States

20,085

5,822,842

KB

Financial

Group,

Inc.

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

South

Korea

21,927

1,801,879

Lloyds

Banking

Group

plc

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

United

Kingdom

3,232,624

3,399,162

Mercantile

Bank

Corp.

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

United

States

2,131

98,900

a

Metropolitan

Bank

Holding

Corp.

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

United

States

1,712

119,840

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

448,200

6,110,576

National

Bank

Holdings

Corp.,

A

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

United

States

2,844

106,963

National

Bank

of

Greece

SA

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

Greece

355,036

4,526,975

NatWest

Group

plc

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

United

Kingdom

827,318

5,810,216

Northrim

BanCorp

,

Inc.

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

United

States

1,405

131,030

Northwest

Bancshares,

Inc.

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

United

States

7,843

100,234

OceanFirst

Financial

Corp.

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

United

States

9,047

159,318

OFG

Bancorp

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

United

States

8,661

370,691

Pacific

Premier

Bancorp,

Inc.

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

United

States

7,836

165,261

Pathward

Financial,

Inc.

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

United

States

6,623

524,012

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

35,187

6,559,561

Popular,

Inc.

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

United

States

8,036

885,648

Preferred

Bank

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

United

States

3,412

295,292

Simmons

First

National

Corp.,

A

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

United

States

14,999

284,381

Sumitomo

Mitsui

Financial

Group,

Inc.

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

Japan

109,500

2,757,315

a

Third

Coast

Bancshares,

Inc.

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

United

States

3,199

104,511

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Towne

Bank

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

United

States

3,075

$

105,103

Trustmark

Corp.

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

United

States

11,494

419,071

UniCredit

SpA

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

Italy

45,486

3,051,355

Univest

Financial

Corp.

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

United

States

4,688

140,828

Veritex

Holdings,

Inc.

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

United

States

16,363

427,074

Webster

Financial

Corp.

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

United

States

15,607

852,142

Wells

Fargo

&

Co.

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

United

States

14,084

1,128,410

Westamerica

BanCorp

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

United

States

2,011

97,413

WSFS

Financial

Corp.

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

United

States

1,739

95,645

Zions

Bancorp

NA

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

United

States

17,184

892,537

145,962,684

Beverages

0.8%

Asahi

Group

Holdings

Ltd.

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

Japan

140,500

1,878,083

a

Boston

Beer

Co.,

Inc.

(The),

A

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

United

States

3,581

683,291

Carlsberg

A/S,

B

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

Denmark

3,009

426,325

Coca-Cola

Co.

(The)

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

United

States

152,931

10,819,868

Coca-Cola

Consolidated,

Inc.

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

United

States

7,288

813,705

Coca-Cola

Europacific

Partners

plc

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

United

Kingdom

24,842

2,303,350

Coca-Cola

HBC

AG

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

Italy

31,646

1,653,270

Keurig

Dr

Pepper,

Inc.

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

United

States

24,972

825,574

a

Monster

Beverage

Corp.

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

United

States

16,654

1,043,207

PepsiCo,

Inc.

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

United

States

6,142

810,990

21,257,663

Biotechnology

1.4%

AbbVie,

Inc.

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

United

States

59,785

11,097,292

a

ACADIA

Pharmaceuticals,

Inc.

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

United

States

27,158

585,798

a

ADMA

Biologics,

Inc.

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

United

States

14,976

272,713

a

Agios

Pharmaceuticals,

Inc.

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

United

States

13,558

450,939

a

Akero

Therapeutics,

Inc.

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

United

States

2,124

113,337

a

Alkermes

plc

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

United

States

3,610

103,282

a

Alnylam

Pharmaceuticals,

Inc.

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

United

States

2,901

945,987

Amgen,

Inc.

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

United

States

3,076

858,850

a

Arcturus

Therapeutics

Holdings,

Inc.

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

United

States

9,792

127,394

a

BioCryst

Pharmaceuticals,

Inc.

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

United

States

53,710

481,242

a

Biohaven

Ltd.

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

United

States

6,861

96,809

a

Blueprint

Medicines

Corp.

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

United

States

1,193

152,919

a

CareDx

,

Inc.

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

United

States

5,523

107,919

a

Catalyst

Pharmaceuticals,

Inc.

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

United

States

7,171

155,611

CSL

Ltd.

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

United

States

1,024

161,752

a

Exelixis

,

Inc.

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

United

States

93,729

4,131,106

a

Genmab

A/S

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

Denmark

4,228

878,022

a

Humacyte

,

Inc.

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

United

States

119,341

249,423

a

Incyte

Corp.

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

United

States

52,044

3,544,196

a

Inhibrx

Biosciences,

Inc.

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

United

States

6,091

86,919

a

Insmed

,

Inc.

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

United

States

12,741

1,282,254

a

Keros

Therapeutics,

Inc.

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

United

States

30,027

400,860

a

Kiniksa

Pharmaceuticals

International

plc,

A

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

United

States

18,407

509,322

a

Mineralys

Therapeutics,

Inc.

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

United

States

6,473

87,580

a

Monte

Rosa

Therapeutics,

Inc.

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

United

States

23,219

104,718

a

Natera

,

Inc.

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

United

States

5,331

900,619

a

Neurocrine

Biosciences,

Inc.

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

United

States

38,522

4,841,830

a

Nurix

Therapeutics,

Inc.

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

United

States

9,419

107,282

a

Protagonist

Therapeutics,

Inc.

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

United

States

11,169

617,311

a

Prothena

Corp.

plc

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

Ireland

15,314

92,956

a

PTC

Therapeutics,

Inc.

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

United

States

11,534

563,321

Regeneron

Pharmaceuticals,

Inc.

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

United

States

12,362

6,490,050

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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

Relay

Therapeutics,

Inc.

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

United

States

85,127

$

294,539

a

Rhythm

Pharmaceuticals,

Inc.

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

United

States

1,877

118,608

a

Sage

Therapeutics,

Inc.

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

United

States

39,811

363,076

a

Scholar

Rock

Holding

Corp.

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

United

States

3,134

111,006

a

Stoke

Therapeutics,

Inc.

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

United

States

16,168

183,507

a

Summit

Therapeutics,

Inc.

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

United

States

22,118

470,671

a

Tango

Therapeutics,

Inc.

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

United

States

33,804

173,076

a

Travere

Therapeutics,

Inc.

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

United

States

6,114

90,487

a

Vir

Biotechnology,

Inc.

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

United

States

56,624

285,385

42,689,968

Broadline

Retail

3.4%

Alibaba

Group

Holding

Ltd.

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

China

282,600

4,000,471

Alibaba

Group

Holding

Ltd.,

ADR

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

China

4,222

478,817

a

Amazon.com,

Inc.

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

United

States

359,371

78,842,404

eBay,

Inc.

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

United

States

12,248

911,986

a

Etsy,

Inc.

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

United

States

17,860

895,858

JD.com,

Inc.,

A

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

China

49,550

809,266

a

MercadoLibre

,

Inc.

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

Brazil

527

1,377,383

Next

plc

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

United

Kingdom

3,682

628,863

Prosus

NV

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

China

64,490

3,618,309

Ryohin

Keikaku

Co.

Ltd.

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

Japan

40,600

1,947,125

93,510,482

Building

Products

0.7%

Allegion

plc

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

United

States

6,022

867,891

Apogee

Enterprises,

Inc.

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

United

States

6,316

256,430

Cie

de

Saint-Gobain

SA

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

France

56,251

6,608,100

a

Gibraltar

Industries,

Inc.

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

United

States

1,849

109,091

Johnson

Controls

International

plc

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

United

States

69,180

7,306,792

Owens

Corning

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

United

States

5,992

824,020

a

Resideo

Technologies,

Inc.

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

United

States

7,884

173,921

Trane

Technologies

plc

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

United

States

14,205

6,213,409

UFP

Industries,

Inc.

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

United

States

6,225

618,516

22,978,170

Capital

Markets

3.4%

3i

Group

plc

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

United

Kingdom

56,078

3,173,578

Ameriprise

Financial,

Inc.

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

United

States

1,687

900,402

Bank

of

New

York

Mellon

Corp.

(The)

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

United

States

9,389

855,432

BlackRock,

Inc.

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

United

States

4,258

4,467,706

Charles

Schwab

Corp.

(The)

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

United

States

77,916

7,109,056

CME

Group,

Inc.

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

United

States

24,533

6,761,785

Deutsche

Bank

AG

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

Germany

41,260

1,223,171

Deutsche

Boerse

AG

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

Germany

19,020

6,213,635

b

Euronext

NV,

144A,

Reg

S

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

Netherlands

32,787

5,617,790

Goldman

Sachs

Group,

Inc.

(The)

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

United

States

29,385

20,797,234

b

HDFC

Asset

Management

Co.

Ltd.,

144A,

Reg

S

...........

India

26,488

1,604,261

Intercontinental

Exchange,

Inc.

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

United

States

4,621

847,815

London

Stock

Exchange

Group

plc

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

United

Kingdom

29,560

4,323,068

Morgan

Stanley

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

United

States

6,562

924,323

Nasdaq,

Inc.

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

United

States

40,761

3,644,849

Northern

Trust

Corp.

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

United

States

7,882

999,359

S&P

Global,

Inc.

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

United

States

4,380

2,309,530

SBI

Holdings,

Inc.

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

Japan

92,900

3,237,114

State

Street

Corp.

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

United

States

106,159

11,288,948

a

StoneX

Group,

Inc.

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

United

States

7,030

640,714

UBS

Group

AG

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

Switzerland

41,977

1,425,193

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Capital

Markets

(continued)

Virtu

Financial,

Inc.,

A

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

United

States

25,225

$

1,129,828

Virtus

Investment

Partners,

Inc.

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

United

States

1,750

317,450

89,812,241

Chemicals

1.7%

Air

Liquide

SA

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

France

6,046

1,246,692

Akzo

Nobel

NV

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

Netherlands

31,743

2,227,205

Avient

Corp.

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

United

States

5,014

162,002

a

Axalta

Coating

Systems

Ltd.

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

United

States

26,565

788,715

Balchem

Corp.

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

United

States

659

104,913

Cabot

Corp.

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

United

States

1,275

95,625

CF

Industries

Holdings,

Inc.

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

United

States

10,494

965,448

Corteva,

Inc.

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

United

States

91,779

6,840,289

DuPont

de

Nemours,

Inc.

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

United

States

53,376

3,661,060

Eastman

Chemical

Co.

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

United

States

25,938

1,936,531

Ecolab,

Inc.

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

United

States

3,226

869,213

Huntsman

Corp.

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

United

States

69,272

721,814

a

Ingevity

Corp.

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

United

States

2,266

97,642

Innospec,

Inc.

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

United

States

3,402

286,074

a

Intrepid

Potash,

Inc.

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

United

States

2,753

98,365

Linde

plc

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

United

States

9,282

4,354,929

LyondellBasell

Industries

NV,

A

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

United

States

14,453

836,251

Mativ

Holdings,

Inc.

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

United

States

8,161

55,658

Minerals

Technologies,

Inc.

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

United

States

7,808

429,987

Mosaic

Co.

(The)

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

United

States

23,807

868,479

NewMarket

Corp.

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

United

States

1,323

914,008

Nippon

Sanso

Holdings

Corp.

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

Japan

36,400

1,377,431

NOF

Corp.

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

Japan

97,500

1,868,367

a

Perimeter

Solutions,

Inc.

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

United

States

36,980

514,762

PPG

Industries,

Inc.

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

United

States

21,454

2,440,392

a

Rayonier

Advanced

Materials,

Inc.

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

United

States

25,094

96,612

Sherwin-Williams

Co.

(The)

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

United

States

11,047

3,793,098

Shin-Etsu

Chemical

Co.

Ltd.

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

Japan

89,300

2,948,863

40,600,425

Commercial

Services

&

Supplies

0.3%

ACCO

Brands

Corp.

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

United

States

26,449

94,687

a

BrightView

Holdings,

Inc.

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

United

States

10,797

179,770

Brink's

Co.

(The)

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

United

States

6,107

545,294

a

Cimpress

plc

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

Ireland

2,228

104,716

a

Copart,

Inc.

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

United

States

65,185

3,198,628

a

CoreCivic

,

Inc.

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

United

States

9,129

192,348

a

GEO

Group,

Inc.

(The)

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

United

States

3,979

95,297

HNI

Corp.

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

United

States

2,068

101,704

Interface,

Inc.,

A

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

United

States

21,140

442,460

a

OPENLANE,

Inc.

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

United

States

4,283

104,719

Republic

Services,

Inc.,

A

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

United

States

3,354

827,130

Steelcase,

Inc.,

A

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

United

States

9,902

103,278

TOPPAN

Holdings,

Inc.

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

Japan

53,600

1,456,153

UniFirst

Corp.

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

United

States

516

97,121

Veralto

Corp.

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

United

States

8,240

831,828

Waste

Connections,

Inc.

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

United

States

17,686

3,302,330

Waste

Management,

Inc.

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

United

States

3,616

827,413

12,504,876

Communications

Equipment

0.9%

Accton

Technology

Corp.

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

Taiwan

58,000

1,449,638

a

Arista

Networks,

Inc.

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

United

States

19,375

1,982,256

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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

Calix,

Inc.

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

United

States

7,368

$

391,904

Cisco

Systems,

Inc.

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

United

States

150,929

10,471,454

a

CommScope

Holding

Co.,

Inc.

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

United

States

8,480

70,214

a

Extreme

Networks,

Inc.

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

United

States

34,744

623,655

a

F5,

Inc.

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

United

States

2,948

867,655

Juniper

Networks,

Inc.

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

United

States

22,349

892,396

Motorola

Solutions,

Inc.

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

United

States

12,652

5,319,660

a

NETGEAR,

Inc.

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

United

States

15,117

439,451

a

NetScout

Systems,

Inc.

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

United

States

5,092

126,333

Telefonaktiebolaget

LM

Ericsson,

B

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

Sweden

162,152

1,385,642

Ubiquiti,

Inc.

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

United

States

3,308

1,361,738

a

Viavi

Solutions,

Inc.

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

United

States

10,333

104,053

25,486,049

Construction

&

Engineering

0.3%

ACS

Actividades

de

Construccion

y

Servicios

SA

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

Spain

3,587

249,324

Argan,

Inc.

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

United

States

2,896

638,510

Gamuda

Bhd.

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

Malaysia

1,205,877

1,372,613

a

Limbach

Holdings,

Inc.

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

United

States

1,008

141,221

Primoris

Services

Corp.

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

United

States

8,844

689,301

a

Sterling

Infrastructure,

Inc.

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

United

States

3,895

898,693

a

Tutor

Perini

Corp.

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

United

States

15,653

732,247

Vinci

SA

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

France

42,899

6,326,332

11,048,241

Construction

Materials

0.7%

a

Amrize

Ltd.

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

United

States

27,365

1,365,060

Buzzi

SpA

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

Italy

31,257

1,733,516

CRH

plc,

(GBP

Traded)

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

United

States

33,073

3,052,959

CRH

plc,

(USD

Traded)

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

United

States

55,069

5,055,334

Heidelberg

Materials

AG

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

Germany

4,772

1,123,791

Holcim

AG

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

United

States

27,365

2,032,101

UltraTech

Cement

Ltd.

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

India

10,806

1,524,188

Vulcan

Materials

Co.

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

United

States

10,429

2,720,092

18,607,041

Consumer

Finance

0.5%

Ally

Financial,

Inc.

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

United

States

21,513

837,931

American

Express

Co.

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

United

States

2,780

886,764

Bajaj

Finance

Ltd.

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

India

63,640

695,035

Bread

Financial

Holdings,

Inc.

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

United

States

11,297

645,285

Capital

One

Financial

Corp.

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

United

States

49,387

10,507,578

a

Enova

International,

Inc.

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

United

States

5,630

627,858

a

LendingClub

Corp.

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

United

States

41,381

497,813

PROG

Holdings,

Inc.

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

United

States

12,265

359,978

SLM

Corp.

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

United

States

25,173

825,423

Synchrony

Financial

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

United

States

14,136

943,437

16,827,102

Consumer

Staples

Distribution

&

Retail

1.8%

a

BJ's

Wholesale

Club

Holdings,

Inc.

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

United

States

29,460

3,176,672

Coles

Group

Ltd.

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

Australia

10,326

141,591

Costco

Wholesale

Corp.

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

United

States

2,065

2,044,226

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

58,416

2,439,829

a

Maplebear

,

Inc.

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

United

States

46,338

2,096,331

Marks

&

Spencer

Group

plc

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

United

Kingdom

25,531

124,260

Shoprite

Holdings

Ltd.

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

South

Africa

97,227

1,520,978

a

Sprouts

Farmers

Market,

Inc.

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

United

States

6,889

1,134,205

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Consumer

Staples

Distribution

&

Retail

(continued)

Target

Corp.

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

United

States

32,964

$

3,251,899

Tesco

plc

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

United

Kingdom

1,032,157

5,690,822

a

United

Natural

Foods,

Inc.

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

United

States

3,642

84,895

Walmart,

Inc.

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

United

States

246,454

24,098,272

45,803,980

Containers

&

Packaging

0.2%

Ball

Corp.

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

United

States

37,514

2,104,160

Crown

Holdings,

Inc.

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

United

States

8,783

904,473

a

O-I

Glass,

Inc.

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

United

States

9,041

133,264

Packaging

Corp.

of

America

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

United

States

4,369

823,338

Sealed

Air

Corp.

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

United

States

26,171

812,086

4,777,321

Diversified

Consumer

Services

0.0%

†

ADT,

Inc.

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

United

States

99,390

841,833

a

Coursera,

Inc.

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

United

States

61,004

534,395

a

Duolingo,

Inc.,

A

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

United

States

2,059

844,231

a

Frontdoor

,

Inc.

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

United

States

11,877

700,030

a

Laureate

Education,

Inc.

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

United

States

27,013

631,564

a

Udemy,

Inc.

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

United

States

14,055

98,807

3,650,860

Diversified

REITs

0.0%

†

Alexander

&

Baldwin,

Inc.

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

United

States

11,019

196,469

Broadstone

Net

Lease,

Inc.

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

United

States

7,166

115,014

Covivio

SA

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

France

2,458

155,847

WP

Carey,

Inc.

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

United

States

13,852

864,088

1,331,418

Diversified

Telecommunication

Services

0.4%

AT&T,

Inc.

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

United

States

170,502

4,934,328

a

Bandwidth,

Inc.,

A

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

United

States

12,305

195,649

Deutsche

Telekom

AG

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

Germany

48,545

1,776,922

IDT

Corp.,

B

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

United

States

5,223

356,835

Koninklijke

KPN

NV

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

Netherlands

102,550

500,259

a

Lumen

Technologies,

Inc.

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

United

States

164,842

722,008

Telstra

Group

Ltd.

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

Australia

504,563

1,608,861

Verizon

Communications,

Inc.

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

United

States

19,128

827,669

10,922,531

Electric

Utilities

1.9%

ALLETE,

Inc.

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

United

States

2,455

157,292

American

Electric

Power

Co.,

Inc.

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

United

States

8,153

845,955

Duke

Energy

Corp.

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

United

States

7,210

850,780

Edison

International

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

United

States

129,686

6,691,798

Exelon

Corp.

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

United

States

158,613

6,886,976

Iberdrola

SA

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

Spain

468,840

9,019,558

Korea

Electric

Power

Corp.

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

South

Korea

56,130

1,622,001

NextEra

Energy,

Inc.

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

United

States

102,057

7,084,797

NRG

Energy,

Inc.

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

United

States

41,776

6,708,390

Otter

Tail

Corp.

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

United

States

1,257

96,902

PG&E

Corp.

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

United

States

108,961

1,518,916

Portland

General

Electric

Co.

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

United

States

4,015

163,129

PPL

Corp.

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

United

States

116,072

3,933,680

a

Tokyo

Electric

Power

Co.

Holdings,

Inc.

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

Japan

254,200

846,162

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Electric

Utilities

(continued)

TXNM

Energy,

Inc.

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

United

States

2,098

$

118,159

46,544,495

Electrical

Equipment

1.0%

ABB

Ltd.

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

Switzerland

53,086

3,181,382

Allient

,

Inc.

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

United

States

5,313

192,915

AMETEK,

Inc.

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

United

States

5,027

909,686

Eaton

Corp.

plc

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

United

States

2,520

899,615

EnerSys

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

United

States

6,276

538,293

GE

Vernova

,

Inc.

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

United

States

2,623

1,387,960

a

Generac

Holdings,

Inc.

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

United

States

6,920

991,013

Mitsubishi

Electric

Corp.

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

Japan

148,500

3,194,083

a

NANO

Nuclear

Energy,

Inc.

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

United

States

10,778

371,733

a

NEXTracker,

Inc.,

A

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

United

States

2,920

158,760

a

NuScale

Power

Corp.,

A

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

United

States

4,910

194,240

Powell

Industries,

Inc.

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

United

States

1,300

273,585

Prysmian

SpA

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

Italy

40,092

2,838,482

Schneider

Electric

SE

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

United

States

12,084

3,244,371

a

SES

AI

Corp.

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

United

States

167,966

149,204

Vertiv

Holdings

Co.,

A

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

United

States

40,035

5,140,894

a

Vicor

Corp.

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

United

States

2,311

104,827

23,771,043

Electronic

Equipment,

Instruments

&

Components

0.0%

†

a

Arlo

Technologies,

Inc.

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

United

States

22,662

384,348

Belden,

Inc.

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

United

States

1,168

135,254

Benchmark

Electronics,

Inc.

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

United

States

2,773

107,676

Elite

Material

Co.

Ltd.

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

Taiwan

37,000

1,118,831

a

FARO

Technologies,

Inc.

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

United

States

1,142

50,157

a

Itron

,

Inc.

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

United

States

5,890

775,301

a

Keysight

Technologies,

Inc.

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

United

States

5,197

851,580

a

nLight

,

Inc.

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

United

States

7,462

146,852

a

Plexus

Corp.

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

United

States

753

101,888

a

Sanmina

Corp.

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

United

States

1,581

154,669

a

ScanSource,

Inc.

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

United

States

2,729

114,099

a

TTM

Technologies,

Inc.

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

United

States

15,676

639,894

a

Zebra

Technologies

Corp.,

A

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

United

States

2,849

878,518

5,459,067

Energy

Equipment

&

Services

0.3%

ChampionX

Corp.

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

United

States

27,051

671,947

Halliburton

Co.

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

United

States

194,108

3,955,921

Kodiak

Gas

Services,

Inc.

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

United

States

2,655

90,987

a

Oceaneering

International,

Inc.

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

United

States

21,662

448,837

a

Oil

States

International,

Inc.

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

United

States

25,767

138,111

TechnipFMC

plc

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

United

Kingdom

30,428

1,047,940

Weatherford

International

plc

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

United

States

18,247

918,007

7,271,750

Entertainment

1.9%

Cinemark

Holdings,

Inc.

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

United

States

3,462

104,483

a

Live

Nation

Entertainment,

Inc.

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

United

States

18,666

2,823,792

a

Netflix,

Inc.

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

United

States

23,903

32,009,224

Nexon

Co.

Ltd.

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

Japan

43,900

884,216

Nintendo

Co.

Ltd.

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

Japan

42,700

4,100,474

a

ROBLOX

Corp.,

A

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

United

States

16,562

1,742,322

a

Sea

Ltd.,

ADR

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

Singapore

7,834

1,252,970

a

Spotify

Technology

SA

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

United

States

8,407

6,451,027

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Entertainment

(continued)

Universal

Music

Group

NV

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

Netherlands

72,885

$

2,364,430

51,732,938

Financial

Services

3.1%

Apollo

Global

Management,

Inc.

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

United

States

35,856

5,086,891

Banco

Latinoamericano

de

Comercio

Exterior

SA,

E

.........

Panama

4,357

175,587

a

Berkshire

Hathaway,

Inc.,

B

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

United

States

7,649

3,715,655

Compass

Diversified

Holdings

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

United

States

13,043

81,910

Corebridge

Financial,

Inc.

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

United

States

26,228

931,094

Equitable

Holdings,

Inc.

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

United

States

106,648

5,982,953

Essent

Group

Ltd.

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

United

States

2,100

127,533

EXOR

NV

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

Netherlands

18,749

1,892,665

a

Fiserv,

Inc.

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

United

States

5,099

879,119

Global

Payments,

Inc.

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

United

States

10,613

849,465

Investor

AB,

B

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

Sweden

76,748

2,274,303

Jackson

Financial,

Inc.,

A

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

United

States

8,604

763,949

Mastercard,

Inc.,

A

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

United

States

55,182

31,008,973

Merchants

Bancorp

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

United

States

5,700

188,499

Meritz

Financial

Group,

Inc.

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

South

Korea

15,819

1,315,959

MGIC

Investment

Corp.

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

United

States

34,521

961,065

a

Mr.

Cooper

Group,

Inc.

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

United

States

6,236

930,474

a

NMI

Holdings,

Inc.,

A

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

United

States

10,285

433,924

Pagseguro

Digital

Ltd.,

A

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

Brazil

61,830

596,041

a

Payoneer

Global,

Inc.

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

United

States

13,575

92,989

a

PayPal

Holdings,

Inc.

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

United

States

130,474

9,696,828

a

Paysafe

Ltd.

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

United

States

8,177

103,194

PennyMac

Financial

Services,

Inc.

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

United

States

2,931

292,045

Visa,

Inc.,

A

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

United

States

30,024

10,660,021

Western

Union

Co.

(The)

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

United

States

85,608

720,819

79,761,955

Food

Products

0.4%

Ajinomoto

Co.,

Inc.

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

Japan

27,200

737,750

Associated

British

Foods

plc

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

United

Kingdom

77,920

2,201,580

Calavo

Growers,

Inc.

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

United

States

3,763

100,058

Cal-Maine

Foods,

Inc.

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

United

States

6,657

663,237

Danone

SA

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

France

24,128

1,974,234

Dole

plc

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

United

States

31,444

439,902

Fresh

Del

Monte

Produce,

Inc.

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

United

States

9,519

308,606

Hormel

Foods

Corp.

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

United

States

28,063

848,906

Ingredion,

Inc.

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

United

States

6,002

813,991

Mondelez

International,

Inc.,

A

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

United

States

12,840

865,930

Nestle

SA

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

United

States

11,706

1,163,885

Nissin

Foods

Holdings

Co.

Ltd.

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

Japan

16,800

349,023

a

Seneca

Foods

Corp.,

A

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

United

States

1,094

110,964

a

Simply

Good

Foods

Co.

(The)

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

United

States

2,980

94,138

Tyson

Foods,

Inc.,

A

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

United

States

15,195

850,008

b

WH

Group

Ltd.,

144A,

Reg

S

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

Hong

Kong

2,942,500

2,835,958

14,358,170

Gas

Utilities

0.0%

†

National

Fuel

Gas

Co.

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

United

States

10,404

881,323

New

Jersey

Resources

Corp.

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

United

States

12,958

580,778

Northwest

Natural

Holding

Co.

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

United

States

2,821

112,050

Spire,

Inc.

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

United

States

1,300

94,887

1,669,038

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Ground

Transportation

0.6%

Canadian

National

Railway

Co.

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

Canada

12,538

$

1,306,420

Canadian

Pacific

Kansas

City

Ltd.

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

Canada

49,975

3,961,518

CSX

Corp.

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

United

States

27,606

900,784

a

Lyft,

Inc.,

A

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

United

States

51,169

806,423

a

Uber

Technologies,

Inc.

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

United

States

25,793

2,406,487

Union

Pacific

Corp.

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

United

States

26,396

6,073,192

15,454,824

Health

Care

Equipment

&

Supplies

1.1%

Abbott

Laboratories

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

United

States

6,256

850,879

a

AngioDynamics

,

Inc.

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

United

States

12,796

126,936

a

AtriCure

,

Inc.

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

United

States

3,239

106,142

a

Avanos

Medical,

Inc.

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

United

States

7,844

96,011

a

Axogen

,

Inc.

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

United

States

12,848

139,401

Becton

Dickinson

&

Co.

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

United

States

11,831

2,037,890

BioMerieux

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

France

4,469

618,137

a

Bioventus,

Inc.,

A

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

United

States

15,677

103,782

a

Boston

Scientific

Corp.

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

United

States

38,382

4,122,611

a

Dexcom,

Inc.

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

United

States

9,685

845,404

a

Edwards

Lifesciences

Corp.

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

United

States

10,810

845,450

a

Glaukos

Corp.

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

United

States

1,633

168,673

a

Hologic,

Inc.

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

United

States

14,978

975,966

Hoya

Corp.

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

Japan

51,600

6,128,125

a

IDEXX

Laboratories,

Inc.

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

United

States

4,161

2,231,711

a

Insulet

Corp.

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

United

States

2,584

811,841

a

Intuitive

Surgical,

Inc.

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

United

States

10,797

5,867,198

a

Lantheus

Holdings,

Inc.

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

United

States

7,130

583,662

a

LivaNova

plc

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

United

States

7,846

353,227

Medtronic

plc

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

United

States

67,340

5,870,028

a

Novocure

Ltd.

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

United

States

28,649

509,952

Olympus

Corp.

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

Japan

68,600

814,853

a

Surmodics

,

Inc.

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

United

States

3,183

94,567

34,302,446

Health

Care

Providers

&

Services

1.1%

a

Addus

HomeCare

Corp.

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

United

States

838

96,529

Apollo

Hospitals

Enterprise

Ltd.

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

India

20,522

1,733,642

Cardinal

Health,

Inc.

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

United

States

5,464

917,952

a

Castle

Biosciences,

Inc.

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

United

States

22,473

458,899

Cencora

,

Inc.

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

United

States

2,887

865,667

Chemed

Corp.

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

United

States

1,454

707,996

Cigna

Group

(The)

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

United

States

21,467

7,096,561

Elevance

Health,

Inc.

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

United

States

2,051

797,757

Fresenius

SE

&

Co.

KGaA

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

Germany

4,442

223,534

a

GeneDx

Holdings

Corp.,

A

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

United

States

1,408

129,972

a

Guardant

Health,

Inc.

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

United

States

17,439

907,526

a

Hims

&

Hers

Health,

Inc.

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

United

States

10,711

533,943

Humana,

Inc.

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

United

States

3,313

809,962

McKesson

Corp.

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

United

States

12,698

9,304,840

a

Option

Care

Health,

Inc.

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

United

States

10,328

335,453

Select

Medical

Holdings

Corp.

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

United

States

17,267

262,113

Sonic

Healthcare

Ltd.

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

Australia

66,009

1,165,137

a

Tenet

Healthcare

Corp.

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

United

States

5,016

882,816

UnitedHealth

Group,

Inc.

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

United

States

20,774

6,480,865

Universal

Health

Services,

Inc.,

B

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

United

States

4,322

782,930

34,494,094

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Health

Care

REITs

0.0%

†

American

Healthcare

REIT,

Inc.

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

United

States

3,970

$

145,858

CareTrust

REIT,

Inc.

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

United

States

24,480

749,088

LTC

Properties,

Inc.

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

United

States

1,377

47,658

National

Health

Investors,

Inc.

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

United

States

1,387

97,256

Omega

Healthcare

Investors,

Inc.

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

United

States

22,543

826,201

Sabra

Health

Care

REIT,

Inc.

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

United

States

7,034

129,707

1,995,768

Health

Care

Technology

0.4%

a

Doximity,

Inc.,

A

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

United

States

15,959

978,925

a

Health

Catalyst,

Inc.

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

United

States

22,266

83,943

HealthStream,

Inc.

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

United

States

4,619

127,808

a

Phreesia,

Inc.

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

United

States

15,215

433,019

a

Teladoc

Health,

Inc.

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

United

States

48,566

423,010

a

Veeva

Systems,

Inc.,

A

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

United

States

22,834

6,575,735

a

Waystar

Holding

Corp.

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

United

States

7,235

295,694

8,918,134

Hotel

&

Resort

REITs

0.0%

†

Apple

Hospitality

REIT,

Inc.

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

United

States

8,028

93,687

Ryman

Hospitality

Properties,

Inc.

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

United

States

5,809

573,174

Xenia

Hotels

&

Resorts,

Inc.

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

United

States

4,338

54,529

721,390

Hotels,

Restaurants

&

Leisure

2.0%

Accor

SA

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

France

43,760

2,293,394

a

Airbnb,

Inc.,

A

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

United

States

6,503

860,607

Aristocrat

Leisure

Ltd.

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

Australia

52,910

2,266,918

Booking

Holdings,

Inc.

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

United

States

179

1,036,274

a

Brinker

International,

Inc.

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

United

States

4,923

887,765

a

Chipotle

Mexican

Grill,

Inc.,

A

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

United

States

92,279

5,181,466

Compass

Group

plc

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

United

Kingdom

139,744

4,733,410

a

DoorDash

,

Inc.,

A

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

United

States

63,307

15,605,809

a

DraftKings,

Inc.,

A

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

United

States

69,731

2,990,763

b

FDJ

United,

144A,

Reg

S

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

France

13,569

532,452

Golden

Entertainment,

Inc.

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

United

States

3,471

102,152

Hilton

Worldwide

Holdings,

Inc.

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

United

States

32,742

8,720,504

Indian

Hotels

Co.

Ltd.

(The),

A

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

India

189,470

1,680,254

InterContinental

Hotels

Group

plc

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

United

Kingdom

5,895

674,006

International

Game

Technology

plc

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

United

States

36,106

570,836

a

Life

Time

Group

Holdings,

Inc.

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

United

States

3,397

103,031

a

MakeMyTrip

Ltd.

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

India

16,473

1,614,683

a,b

Meituan

Dianping

,

B,

144A,

Reg

S

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

China

18,500

297,592

Monarch

Casino

&

Resort,

Inc.

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

United

States

1,305

112,804

Red

Rock

Resorts,

Inc.,

A

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

United

States

2,451

127,526

Starbucks

Corp.

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

United

States

35,251

3,230,049

53,622,295

Household

Durables

0.6%

a

Amber

Enterprises

India

Ltd.

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

India

12,048

951,455

DR

Horton,

Inc.

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

United

States

6,894

888,774

Garmin

Ltd.

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

United

States

4,151

866,397

a

Hovnanian

Enterprises,

Inc.,

A

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

United

States

1,032

107,896

KB

Home

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

United

States

1,917

101,543

a

M/I

Homes,

Inc.

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

United

States

4,041

453,077

PulteGroup,

Inc.

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

United

States

75,709

7,984,271

a

Sonos,

Inc.

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

United

States

9,961

107,678

Sony

Group

Corp.

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

Japan

151,800

3,946,850

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Household

Durables

(continued)

a

Taylor

Morrison

Home

Corp.,

A

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

United

States

11,717

$

719,658

Toll

Brothers,

Inc.

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

United

States

8,093

923,654

a

Tri

Pointe

Homes,

Inc.

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

United

States

19,790

632,290

17,683,543

Household

Products

0.8%

Clorox

Co.

(The)

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

United

States

6,242

749,477

Colgate-Palmolive

Co.

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

United

States

72,638

6,602,794

Energizer

Holdings,

Inc.

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

United

States

4,016

80,963

Kimberly-Clark

Corp.

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

United

States

21,125

2,723,435

Procter

&

Gamble

Co.

(The)

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

United

States

51,008

8,126,595

Reckitt

Benckiser

Group

plc

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

United

Kingdom

20,025

1,364,243

Unilever

Indonesia

Tbk

.

PT

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

Indonesia

11,574,300

1,034,743

20,682,250

Independent

Power

and

Renewable

Electricity

Producers

0.2%

NTPC

Ltd.

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

India

522,924

2,041,984

RWE

AG

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

Germany

13,164

550,100

Vistra

Corp.

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

United

States

5,387

1,044,054

3,636,138

Industrial

Conglomerates

0.4%

3M

Co.

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

United

States

5,599

852,392

DCC

plc

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

United

Kingdom

8,996

583,846

Honeywell

International,

Inc.

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

United

States

27,458

6,394,419

Jardine

Matheson

Holdings

Ltd.

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

Hong

Kong

26,700

1,283,275

Sekisui

Chemical

Co.

Ltd.

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

Japan

39,400

713,561

Siemens

AG

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

Germany

6,520

1,674,715

Smiths

Group

plc

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

United

Kingdom

26,916

830,207

12,332,415

Industrial

REITs

0.1%

First

Industrial

Realty

Trust,

Inc.

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

United

States

16,170

778,262

Prologis,

Inc.

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

United

States

34,688

3,646,403

4,424,665

Insurance

2.0%

Aflac,

Inc.

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

United

States

8,008

844,524

AIA

Group

Ltd.

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

Hong

Kong

301,200

2,728,403

Allianz

SE

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

Germany

9,331

3,786,833

Allstate

Corp.

(The)

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

United

States

33,214

6,686,310

American

International

Group,

Inc.

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

United

States

67,717

5,795,898

AXA

SA

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

France

7,301

358,516

Axis

Capital

Holdings

Ltd.

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

United

States

9,357

971,444

a

Brighthouse

Financial,

Inc.

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

United

States

13,895

747,134

Chubb

Ltd.

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

United

States

2,766

801,366

CNO

Financial

Group,

Inc.

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

United

States

15,622

602,697

Dai-ichi

Life

Holdings,

Inc.

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

Japan

53,900

409,781

a

Enstar

Group

Ltd.

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

United

States

1,847

621,257

Everest

Group

Ltd.

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

United

States

2,434

827,195

Fidelis

Insurance

Holdings

Ltd.

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

United

Kingdom

7,466

123,786

a

Genworth

Financial,

Inc.,

A

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

United

States

84,354

656,274

Globe

Life,

Inc.

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

United

States

17,305

2,150,838

a

Hamilton

Insurance

Group

Ltd.,

B

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

United

States

23,837

515,356

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

2,370

402,592

a

Heritage

Insurance

Holdings,

Inc.

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

United

States

5,440

135,674

Horace

Mann

Educators

Corp.

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

United

States

7,039

302,466

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Insurance

(continued)

Mercury

General

Corp.

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

United

States

854

$

57,508

MetLife,

Inc.

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

United

States

99,233

7,980,318

Muenchener

Rueckversicherungs

-Gesellschaft

AG

in

Muenchen

Germany

3,206

2,081,766

NN

Group

NV

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

Netherlands

3,394

225,834

Old

Republic

International

Corp.

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

United

States

24,038

924,021

PICC

Property

&

Casualty

Co.

Ltd.,

H

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

China

1,088,000

2,114,174

b

Poste

Italiane

SpA

,

144A,

Reg

S

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

Italy

12,657

271,947

Primerica,

Inc.

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

United

States

3,069

839,893

Progressive

Corp.

(The)

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

United

States

16,114

4,300,182

Prudential

Financial,

Inc.

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

United

States

7,667

823,742

Prudential

plc

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

Hong

Kong

244,776

3,063,678

QBE

Insurance

Group

Ltd.

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

Australia

32,094

494,220

Reinsurance

Group

of

America,

Inc.

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

United

States

4,408

874,371

a

SiriusPoint

Ltd.

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

Sweden

7,536

153,659

Talanx

AG

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

Germany

10,593

1,373,295

Travelers

Cos.,

Inc.

(The)

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

United

States

2,940

786,568

Unipol

Assicurazioni

SpA

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

Italy

10,410

206,168

Universal

Insurance

Holdings,

Inc.

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

United

States

6,546

181,521

Unum

Group

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

United

States

10,313

832,878

W

R

Berkley

Corp.

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

United

States

11,500

844,905

Willis

Towers

Watson

plc

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

United

States

2,704

828,776

Zurich

Insurance

Group

AG

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

Switzerland

2,138

1,496,008

60,223,776

Interactive

Media

&

Services

4.5%

Alphabet,

Inc.,

A

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

United

States

219,478

38,678,608

Alphabet,

Inc.,

C

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

United

States

83,068

14,735,433

b

Auto

Trader

Group

plc,

144A,

Reg

S

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

United

Kingdom

100,661

1,140,167

a

Cargurus

,

Inc.,

A

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

United

States

16,816

562,831

a

EverQuote

,

Inc.,

A

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

United

States

18,726

452,795

a

fuboTV

,

Inc.

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

United

States

30,379

117,263

a

Grindr,

Inc.

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

Singapore

13,937

316,370

LY

Corp.

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

Japan

509,600

1,876,656

Meta

Platforms,

Inc.,

A

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

United

States

75,478

55,709,557

b

Scout24

SE,

144A,

Reg

S

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

Germany

4,231

584,085

Tencent

Holdings

Ltd.

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

China

188,311

12,133,935

a

ZipRecruiter,

Inc.,

A

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

United

States

17,540

87,875

126,395,575

IT

Services

0.7%

Accenture

plc,

A

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

Ireland

28,723

8,585,017

Coforge

Ltd.

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

India

30,991

695,561

Fujitsu

Ltd.

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

Japan

13,600

329,928

a

GoDaddy,

Inc.,

A

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

United

States

4,468

804,508

NEC

Corp.

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

Japan

17,300

504,728

a

Shopify,

Inc.,

A

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

Canada

21,798

2,514,399

a

Snowflake,

Inc.,

A

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

United

States

5,046

1,129,143

Tata

Consultancy

Services

Ltd.

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

India

42,886

1,731,757

a

Twilio,

Inc.,

A

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

United

States

7,196

894,895

a

Unisys

Corp.

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

United

States

25,290

114,564

VeriSign,

Inc.

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

United

States

3,031

875,353

18,179,853

Leisure

Products

0.1%

Bandai

Namco

Holdings,

Inc.

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

Japan

34,700

1,243,621

Hasbro,

Inc.

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

United

States

12,374

913,449

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Leisure

Products

(continued)

a

Latham

Group,

Inc.

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

United

States

15,976

$

101,927

2,258,997

Life

Sciences

Tools

&

Services

0.4%

Danaher

Corp.

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

United

States

4,276

844,681

Lonza

Group

AG

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

Switzerland

4,598

3,288,322

Thermo

Fisher

Scientific,

Inc.

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

United

States

16,250

6,588,725

10,721,728

Machinery

0.8%

Alamo

Group,

Inc.

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

United

States

615

134,304

Albany

International

Corp.,

A

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

United

States

1,503

105,405

Allison

Transmission

Holdings,

Inc.

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

United

States

7,959

756,025

Atmus

Filtration

Technologies,

Inc.

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

United

States

6,806

247,875

a

Blue

Bird

Corp.

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

United

States

6,607

285,158

Caterpillar,

Inc.

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

United

States

2,666

1,034,968

Cummins,

Inc.

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

United

States

2,552

835,780

Deere

&

Co.

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

United

States

1,668

848,161

Donaldson

Co.,

Inc.

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

United

States

11,988

831,368

Ebara

Corp.

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

Japan

68,400

1,311,753

ESCO

Technologies,

Inc.

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

United

States

799

153,304

Federal

Signal

Corp.

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

United

States

1,157

123,128

Flowserve

Corp.

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

United

States

16,637

870,947

Franklin

Electric

Co.,

Inc.

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

United

States

1,123

100,778

GEA

Group

AG

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

Germany

18,835

1,320,335

Graco,

Inc.

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

United

States

10,096

867,953

HD

Hyundai

Heavy

Industries

Co.

Ltd.

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

South

Korea

3,093

976,259

Hoshizaki

Corp.

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

Japan

7,200

248,098

Hyster-Yale,

Inc.

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

United

States

3,218

128,012

Hyundai

Rotem

Co.

Ltd.

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

South

Korea

3,008

436,508

Ingersoll

Rand,

Inc.

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

United

States

52,318

4,351,811

Komatsu

Ltd.

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

Japan

10,200

336,534

Lincoln

Electric

Holdings,

Inc.

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

United

States

4,195

869,707

Makita

Corp.

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

Japan

7,700

237,144

Mueller

Industries,

Inc.

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

United

States

10,303

818,779

Mueller

Water

Products,

Inc.,

A

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

United

States

5,383

129,407

Otis

Worldwide

Corp.

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

United

States

34,831

3,448,966

Parker-Hannifin

Corp.

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

United

States

978

683,104

Pentair

plc

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

United

States

8,681

891,191

a

Proto

Labs,

Inc.

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

United

States

3,822

153,033

Rational

AG

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

Germany

414

347,883

REV

Group,

Inc.

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

United

States

7,451

354,593

Schindler

Holding

AG

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

Switzerland

5,135

1,912,121

a

SPX

Technologies,

Inc.

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

United

States

704

118,047

Tennant

Co.

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

United

States

1,323

102,506

Watts

Water

Technologies,

Inc.,

A

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

United

States

3,112

765,210

Westinghouse

Air

Brake

Technologies

Corp.

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

United

States

4,216

882,620

Worthington

Enterprises,

Inc.

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

United

States

2,526

160,755

28,179,530

Marine

Transportation

0.0%

†

Costamare

,

Inc.

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

Monaco

23,119

210,614

a

Kirby

Corp.

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

United

States

7,680

870,989

Matson,

Inc.

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

United

States

4,992

555,859

Safe

Bulkers,

Inc.

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

Monaco

24,194

87,341

SITC

International

Holdings

Co.

Ltd.

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

China

280,000

897,076

2,621,879

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Media

0.4%

a

Charter

Communications,

Inc.,

A

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

United

States

9,805

$

4,008,382

Comcast

Corp.,

A

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

United

States

79,929

2,852,666

Informa

plc

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

United

Kingdom

66,182

732,714

a

Magnite

,

Inc.

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

United

States

12,698

306,276

New

York

Times

Co.

(The),

A

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

United

States

16,518

924,678

a

PubMatic,

Inc.,

A

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

United

States

9,341

116,202

a

Trade

Desk,

Inc.

(The),

A

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

United

States

10,977

790,234

9,731,152

Metals

&

Mining

0.8%

a

Alpha

Metallurgical

Resources,

Inc.

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

United

States

2,295

258,142

Anglogold

Ashanti

plc

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

United

Kingdom

12,107

553,066

ArcelorMittal

SA

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

Luxembourg

14,744

468,186

BHP

Group

Ltd.,

(AUD

Traded)

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

Australia

113,051

2,719,736

BHP

Group

Ltd.,

(GBP

Traded)

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

Australia

8,840

211,655

BlueScope

Steel

Ltd.

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

Australia

39,892

607,896

a

Boliden

AB

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

Sweden

7,449

232,777

Carpenter

Technology

Corp.

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

United

States

1,187

328,063

Commercial

Metals

Co.

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

United

States

2,190

107,113

a

Constellium

SE,

A

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

United

States

41,334

549,742

Fortescue

Ltd.

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

Australia

172,724

1,736,262

Freeport-McMoRan,

Inc.

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

United

States

142,746

6,188,039

Glencore

plc

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

Australia

835,002

3,253,704

Hecla

Mining

Co.

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

United

States

20,476

122,651

Norsk

Hydro

ASA

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

Norway

68,164

390,334

Northern

Star

Resources

Ltd.

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

Australia

97,028

1,198,503

Nucor

Corp.

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

United

States

7,355

952,767

Rio

Tinto

plc

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

Australia

30,359

1,767,019

Royal

Gold,

Inc.

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

United

States

2,381

423,437

Southern

Copper

Corp.

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

Mexico

9,227

933,496

SunCoke

Energy,

Inc.

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

United

States

16,219

139,321

Zijin

Mining

Group

Co.

Ltd.,

H

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

China

804,000

2,067,737

25,209,646

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

BrightSpire

Capital,

Inc.,

A

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

United

States

32,696

165,115

Chimera

Investment

Corp.

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

United

States

8,257

114,525

Ladder

Capital

Corp.,

A

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

United

States

9,362

100,641

MFA

Financial,

Inc.

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

United

States

11,089

104,902

Rithm

Capital

Corp.

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

United

States

73,729

832,400

TPG

RE

Finance

Trust,

Inc.

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

United

States

23,526

181,621

1,499,204

Multi-Utilities

0.3%

Avista

Corp.

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

United

States

12,654

480,219

Black

Hills

Corp.

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

United

States

8,948

501,983

Consolidated

Edison,

Inc.

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

United

States

8,001

802,900

Dominion

Energy,

Inc.

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

United

States

14,764

834,461

E.ON

SE

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

Germany

103,276

1,902,926

Engie

SA

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

France

140,246

3,296,174

Northwestern

Energy

Group,

Inc.

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

United

States

1,733

88,903

Public

Service

Enterprise

Group,

Inc.

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

United

States

10,657

897,106

Sembcorp

Industries

Ltd.

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

Singapore

85,100

458,441

Unitil

Corp.

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

United

States

1,916

99,919

9,363,032

Office

REITs

0.1%

COPT

Defense

Properties

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

United

States

3,792

104,583

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Office

REITs

(continued)

Empire

State

Realty

Trust,

Inc.,

A

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

United

States

12,735

$

103,026

Vornado

Realty

Trust

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

United

States

90,293

3,452,804

3,660,413

Oil,

Gas

&

Consumable

Fuels

2.3%

Antero

Midstream

Corp.

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

United

States

44,918

851,196

Berry

Corp.

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

United

States

37,699

104,426

BP

plc

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

United

States

305,049

1,519,845

Cheniere

Energy,

Inc.

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

United

States

39,576

9,637,548

ConocoPhillips

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

United

States

51,130

4,588,406

Core

Natural

Resources,

Inc.

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

United

States

5,254

366,414

Coterra

Energy,

Inc.

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

United

States

33,996

862,818

Dorian

LPG

Ltd.

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

United

States

4,822

117,560

ENEOS

Holdings,

Inc.

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

Japan

324,800

1,609,979

Eni

SpA

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

Italy

30,482

492,410

Equinor

ASA

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

Norway

113,194

2,858,608

Excelerate

Energy,

Inc.,

A

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

United

States

3,436

100,744

Exxon

Mobil

Corp.

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

United

States

110,837

11,948,229

a

Gulfport

Energy

Corp.

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

United

States

532

107,022

Inpex

Corp.

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

Japan

177,500

2,491,597

International

Seaways,

Inc.

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

United

States

2,666

97,256

Marathon

Petroleum

Corp.

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

United

States

5,237

869,918

Murphy

Oil

Corp.

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

United

States

17,285

388,912

Peabody

Energy

Corp.

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

United

States

6,795

91,189

PetroChina

Co.

Ltd.,

H

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

China

2,990,000

2,576,714

Repsol

SA

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

Spain

37,648

550,655

Scorpio

Tankers,

Inc.

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

Monaco

13,802

540,072

Shell

plc,

(EUR

Traded)

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

United

States

199,288

6,998,894

Shell

plc,

(GBP

Traded)

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

United

States

25,472

888,707

Teekay

Corp.

Ltd.

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

United

States

49,744

410,388

Teekay

Tankers

Ltd.,

A

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

Canada

11,718

488,875

TotalEnergies

SE

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

France

69,133

4,225,593

Valero

Energy

Corp.

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

United

States

32,627

4,385,721

Williams

Cos.,

Inc.

(The)

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

United

States

14,392

903,961

World

Kinect

Corp.

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

United

States

3,709

105,150

61,178,807

Paper

&

Forest

Products

0.0%

†

Louisiana-Pacific

Corp.

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

United

States

9,185

789,818

Sylvamo

Corp.

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

United

States

7,361

368,786

1,158,604

Passenger

Airlines

0.4%

Delta

Air

Lines,

Inc.

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

United

States

16,924

832,322

Qantas

Airways

Ltd.

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

Australia

342,705

2,421,064

Ryanair

Holdings

plc

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

Italy

21,293

603,991

Ryanair

Holdings

plc,

ADR

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

Italy

50,966

2,939,209

a

SkyWest,

Inc.

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

United

States

6,465

665,701

Southwest

Airlines

Co.

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

United

States

178,931

5,804,522

a

Sun

Country

Airlines

Holdings,

Inc.

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

United

States

13,557

159,295

a

United

Airlines

Holdings,

Inc.

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

United

States

10,761

856,898

14,283,002

Personal

Care

Products

0.2%

a

Kolmar

Korea

Co.

Ltd.

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

South

Korea

11,308

833,829

Unilever

plc

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

United

Kingdom

82,607

5,041,196

5,875,025

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Pharmaceuticals

3.4%

a

Alumis

,

Inc.

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

United

States

18,712

$

56,136

a

Arvinas

,

Inc.

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

United

States

59,507

437,971

AstraZeneca

plc

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

United

Kingdom

21,526

2,995,756

AstraZeneca

plc,

ADR

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

United

Kingdom

67,491

4,716,271

Bristol-Myers

Squibb

Co.

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

United

States

86,577

4,007,649

Chugai

Pharmaceutical

Co.

Ltd.

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

Japan

27,000

1,409,881

a

Corcept

Therapeutics,

Inc.

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

United

States

7,809

573,181

Daiichi

Sankyo

Co.

Ltd.

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

Japan

116,900

2,708,352

Eli

Lilly

&

Co.

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

United

States

31,294

24,394,612

Galderma

Group

AG

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

Switzerland

4,731

687,678

GSK

plc

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

United

States

56,849

1,083,910

Haleon

plc

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

United

States

578,649

2,974,043

Ipsen

SA

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

France

5,314

632,992

Johnson

&

Johnson

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

United

States

45,096

6,888,414

Merck

&

Co.,

Inc.

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

United

States

132,423

10,482,605

Merck

KGaA

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

Germany

878

113,840

Novartis

AG

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

United

States

77,205

9,370,920

Novo

Nordisk

A/S,

B

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

Denmark

47,810

3,312,949

Otsuka

Holdings

Co.

Ltd.

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

Japan

22,700

1,125,450

Roche

Holding

AG

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

United

States

16,117

5,260,909

Sanofi

SA

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

United

States

65,832

6,373,440

a

WaVe

Life

Sciences

Ltd.

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

United

States

16,128

104,832

89,711,791

Professional

Services

0.5%

Automatic

Data

Processing,

Inc.

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

United

States

37,994

11,717,350

Benefit

Systems

SA

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

Poland

640

562,954

Booz

Allen

Hamilton

Holding

Corp.,

A

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

United

States

3,261

339,568

Broadridge

Financial

Solutions,

Inc.

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

United

States

3,485

846,960

Heidrick

&

Struggles

International,

Inc.

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

United

States

3,304

151,191

a

IBEX

Holdings

Ltd.

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

United

States

4,876

141,892

Korn

Ferry

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

United

States

5,230

383,516

a

Legalzoom.com,

Inc.

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

United

States

54,487

485,479

Leidos

Holdings,

Inc.

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

United

States

5,278

832,657

Maximus,

Inc.

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

United

States

1,525

107,055

a

Paylocity

Holding

Corp.

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

United

States

4,198

760,636

Recruit

Holdings

Co.

Ltd.

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

Japan

62,300

3,663,654

a

Upwork,

Inc.

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

United

States

34,204

459,702

Verisk

Analytics,

Inc.,

A

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

United

States

1,350

420,525

Wolters

Kluwer

NV

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

Netherlands

7,457

1,247,095

22,120,234

Real

Estate

Management

&

Development

0.4%

a

Anywhere

Real

Estate,

Inc.

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

United

States

29,844

108,035

a

CBRE

Group,

Inc.,

A

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

United

States

35,536

4,979,304

a

CoStar

Group,

Inc.

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

United

States

35,449

2,850,100

a

Cushman

&

Wakefield

plc

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

United

States

45,522

503,929

Emaar

Properties

PJSC

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

United

Arab

Emirates

422,407

1,566,978

a

Jones

Lang

LaSalle,

Inc.

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

United

States

3,698

945,874

10,954,220

Residential

REITs

0.0%

†

AvalonBay

Communities,

Inc.

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

United

States

4,055

825,192

Camden

Property

Trust

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

United

States

7,118

802,127

Equity

LifeStyle

Properties,

Inc.

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

United

States

12,695

782,901

Equity

Residential

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

United

States

11,894

802,726

Essex

Property

Trust,

Inc.

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

United

States

2,942

833,763

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Residential

REITs

(continued)

Invitation

Homes,

Inc.

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

United

States

24,645

$

808,356

Mid-America

Apartment

Communities,

Inc.

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

United

States

5,275

780,753

NexPoint

Residential

Trust,

Inc.

.........................

United

States

3,364

112,088

5,747,906

Retail

REITs

0.3%

Brixmor

Property

Group,

Inc.

...........................

United

States

33,079

861,377

CBL

&

Associates

Properties,

Inc.

.......................

United

States

3,894

98,869

Curbline

Properties

Corp.

.............................

United

States

12,038

274,828

Kite

Realty

Group

Trust

...............................

United

States

12,633

286,137

Simon

Property

Group,

Inc.

............................

United

States

46,844

7,530,641

SITE

Centers

Corp.

..................................

United

States

35,885

405,859

Tanger

,

Inc.

........................................

United

States

3,378

103,299

Urban

Edge

Properties

...............................

United

States

28,230

526,772

10,087,782

Semiconductors

&

Semiconductor

Equipment

8.4%

a

Ambarella,

Inc.

.....................................

United

States

8,289

547,613

Applied

Materials,

Inc.

................................

United

States

5,304

971,003

ASML

Holding

NV

...................................

Netherlands

12,850

10,297,178

a

Astera

Labs,

Inc.

....................................

United

States

8,954

809,621

Broadcom,

Inc.

.....................................

United

States

133,171

36,708,586

a

CEVA,

Inc.

........................................

United

States

4,659

102,405

a

Cirrus

Logic,

Inc.

....................................

United

States

8,534

889,712

a

Credo

Technology

Group

Holding

Ltd.

....................

United

States

13,315

1,232,836

a

Impinj

,

Inc.

........................................

United

States

4,348

482,932

KLA

Corp.

.........................................

United

States

1,071

959,338

Lam

Research

Corp.

.................................

United

States

10,813

1,052,537

Marvell

Technology,

Inc.

..............................

United

States

17,958

1,389,949

a

MaxLinear

,

Inc.,

A

...................................

United

States

8,555

121,567

MediaTek,

Inc.

.....................................

Taiwan

39,000

1,671,098

NAURA

Technology

Group

Co.

Ltd.,

A

....................

China

13,500

833,788

NVIDIA

Corp.

......................................

United

States

773,805

122,253,452

QUALCOMM,

Inc.

...................................

United

States

109,561

17,448,685

a

Rambus,

Inc.

......................................

United

States

12,519

801,466

a

Rigetti

Computing,

Inc.

...............................

United

States

6,981

82,795

SCREEN

Holdings

Co.

Ltd.

............................

Japan

16,400

1,333,507

SK

Hynix,

Inc.

......................................

South

Korea

26,242

5,654,668

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.............

Taiwan

509,350

18,626,601

224,271,337

Software

6.9%

a

8x8,

Inc.

..........................................

United

States

43,209

84,690

A10

Networks,

Inc.

..................................

United

States

7,997

154,742

a

ACI

Worldwide,

Inc.

..................................

United

States

6,675

306,449

Adeia

,

Inc.

........................................

United

States

8,537

120,713

a

Adobe,

Inc.

........................................

United

States

32,002

12,380,934

a

Alarm.com

Holdings,

Inc.

.............................

United

States

2,017

114,102

a

AppLovin

Corp.,

A

...................................

United

States

4,600

1,610,368

a

Atlassian

Corp.,

A

...................................

United

States

35,490

7,207,664

a

Aurora

Innovation,

Inc.,

A

.............................

United

States

8,389

43,958

a

Autodesk,

Inc.

......................................

United

States

10,657

3,299,087

a

Blend

Labs,

Inc.,

A

..................................

United

States

136,910

451,803

a

Cadence

Design

Systems,

Inc.

.........................

United

States

26,249

8,088,629

a

Check

Point

Software

Technologies

Ltd.

..................

Israel

3,000

663,750

a

Commvault

Systems,

Inc.

.............................

United

States

4,526

789,018

a

DocuSign,

Inc.,

A

...................................

United

States

9,375

730,219

a

Dropbox,

Inc.,

A

....................................

United

States

30,401

869,469

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Software

(continued)

a

D-Wave

Quantum,

Inc.

...............................

Canada

12,410

$

181,682

a

Fortinet,

Inc.

.......................................

United

States

8,167

863,415

a

HubSpot,

Inc.

......................................

United

States

5,426

3,020,274

InterDigital

,

Inc.

.....................................

United

States

3,182

713,500

Intuit,

Inc.

.........................................

United

States

1,262

993,989

a

Life360,

Inc.

.......................................

United

States

8,201

535,115

a

LiveRamp

Holdings,

Inc.

..............................

United

States

16,771

554,114

a

Manhattan

Associates,

Inc.

............................

United

States

6,814

1,345,561

Microsoft

Corp.

.....................................

United

States

231,998

115,398,125

a

Nice

Ltd.

..........................................

Israel

1,886

319,702

OneSpan

,

Inc.

......................................

United

States

6,428

107,283

Oracle

Corp.

.......................................

United

States

24,109

5,270,951

Oracle

Corp.

Japan

..................................

Japan

6,100

727,063

a

Palantir

Technologies,

Inc.,

A

...........................

United

States

12,806

1,745,714

Pegasystems,

Inc.

...................................

United

States

17,203

931,198

a

PROS

Holdings,

Inc.

.................................

United

States

8,016

125,531

a

Q2

Holdings,

Inc.

...................................

United

States

2,927

273,938

a

Rapid7,

Inc.

.......................................

United

States

12,516

289,495

a

RingCentral,

Inc.,

A

..................................

United

States

32,396

918,427

Salesforce,

Inc.

.....................................

United

States

22,637

6,172,884

SAP

SE

..........................................

Germany

11,421

3,492,307

a

ServiceNow,

Inc.

....................................

United

States

10,027

10,308,558

a

Teradata

Corp.

.....................................

United

States

36,003

803,227

a

Weave

Communications,

Inc.

..........................

United

States

16,185

134,659

a

Workday,

Inc.,

A

....................................

United

States

3,089

741,360

a

Xperi

,

Inc.

.........................................

United

States

14,784

116,941

a

Zoom

Communications,

Inc.,

A

.........................

United

States

10,282

801,790

193,802,398

Specialized

REITs

0.3%

American

Tower

Corp.

................................

United

States

32,254

7,128,779

Millrose

Properties,

Inc.,

A

.............................

United

States

29,564

842,870

Outfront

Media,

Inc.

.................................

United

States

33,712

550,180

PotlatchDeltic

Corp.

.................................

United

States

2,580

98,995

Public

Storage

.....................................

United

States

2,744

805,144

VICI

Properties,

Inc.,

A

...............................

United

States

26,498

863,835

Weyerhaeuser

Co.

..................................

United

States

32,271

829,042

11,118,845

Specialty

Retail

0.6%

a

Abercrombie

&

Fitch

Co.,

A

............................

United

States

5,662

469,097

American

Eagle

Outfitters,

Inc.

.........................

United

States

8,727

83,954

a,b

Auto1

Group

SE,

144A,

Reg

S

.........................

Germany

28,865

934,516

a

AutoZone,

Inc.

.....................................

United

States

209

775,856

Avolta

AG

.........................................

Switzerland

6,677

363,704

Best

Buy

Co.,

Inc.

...................................

United

States

11,887

797,974

Buckle,

Inc.

(The)

...................................

United

States

2,673

121,221

Fast

Retailing

Co.

Ltd.

................................

Japan

8,200

2,811,486

Gap,

Inc.

(The)

.....................................

United

States

30,525

665,750

a

Genesco,

Inc.

......................................

United

States

4,391

86,459

Home

Depot,

Inc.

(The)

...............................

United

States

7,631

2,797,830

Industria

de

Diseno

Textil

SA

...........................

Spain

6,613

344,979

J

Jill,

Inc.

.........................................

United

States

6,285

92,012

JUMBO

SA

........................................

Greece

24,721

853,219

Ross

Stores,

Inc.

...................................

United

States

5,485

699,776

a

Sally

Beauty

Holdings,

Inc.

............................

United

States

11,741

108,722

TJX

Cos.,

Inc.

(The)

.................................

United

States

93,460

11,541,375

Upbound

Group,

Inc.

.................................

United

States

4,190

105,169

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Specialty

Retail

(continued)

a

Urban

Outfitters,

Inc.

.................................

United

States

2,836

$

205,723

a

Victoria's

Secret

&

Co.

...............................

United

States

17,174

318,062

Williams-Sonoma,

Inc.

...............................

United

States

4,904

801,166

24,978,050

Technology

Hardware,

Storage

&

Peripherals

3.7%

Apple,

Inc.

........................................

United

States

440,729

90,424,369

Asia

Vital

Components

Co.

Ltd.

.........................

Taiwan

43,000

1,098,325

a

IonQ

,

Inc.

.........................................

United

States

15,950

685,371

NetApp,

Inc.

.......................................

United

States

8,733

930,501

Samsung

Electronics

Co.

Ltd.

..........................

South

Korea

49,945

2,208,649

Seagate

Technology

Holdings

plc

.......................

United

States

38,609

5,572,437

a,b

Xiaomi

Corp.,

B,

144A,

Reg

S

..........................

China

464,800

3,577,908

104,497,560

Textiles,

Apparel

&

Luxury

Goods

0.3%

adidas

AG

.........................................

Germany

2,204

514,480

Asics

Corp.

........................................

Japan

40,000

1,020,015

Cie

Financiere

Richemont

SA

..........................

Switzerland

725

137,194

a

Deckers

Outdoor

Corp.

...............................

United

States

3,417

352,190

a

G-III

Apparel

Group

Ltd.

..............................

United

States

3,999

89,578

a

Hanesbrands,

Inc.

...................................

United

States

19,289

88,344

Hermes

International

SCA

.............................

France

951

2,578,033

Kontoor

Brands,

Inc.

.................................

United

States

1,351

89,125

a

Lululemon

Athletica,

Inc.

..............................

United

States

5,419

1,287,446

LVMH

Moet

Hennessy

Louis

Vuitton

SE

..................

France

767

401,433

Pandora

A/S

.......................................

Denmark

12,046

2,122,450

PRADA

SpA

.......................................

Italy

105,900

657,909

9,338,197

Tobacco

1.0%

Imperial

Brands

plc

..................................

United

Kingdom

68,066

2,689,299

Philip

Morris

International,

Inc.

.........................

United

States

141,751

25,817,110

Turning

Point

Brands,

Inc.

.............................

United

States

7,264

550,393

29,056,802

Trading

Companies

&

Distributors

0.4%

AerCap

Holdings

NV

.................................

Ireland

6,700

783,900

Applied

Industrial

Technologies,

Inc.

.....................

United

States

1,792

416,550

Boise

Cascade

Co.

..................................

United

States

4,689

407,099

Bunzl

plc

..........................................

United

Kingdom

9,278

295,657

a

DNOW,

Inc.

.......................................

United

States

27,933

414,246

a

Hudson

Technologies,

Inc.

............................

United

States

19,484

158,210

McGrath

RentCorp

..................................

United

States

1,340

155,386

Mitsubishi

Corp.

....................................

Japan

71,700

1,432,701

Mitsui

&

Co.

Ltd.

....................................

Japan

153,300

3,124,250

a

NPK

International,

Inc.

...............................

United

States

15,738

133,930

United

Rentals,

Inc.

..................................

United

States

5,412

4,077,401

11,399,330

Transportation

Infrastructure

0.2%

b

Aena

SME

SA,

144A,

Reg

S

...........................

Spain

54,210

1,447,070

International

Container

Terminal

Services,

Inc.

..............

Philippines

262,610

1,914,520

3,361,590

Water

Utilities

0.1%

American

States

Water

Co.

............................

United

States

1,393

106,787

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

22

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Water

Utilities

(continued)

California

Water

Service

Group

.........................

United

States

2,698

$

122,705

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

..

Brazil

74,000

1,622,576

H2O

America

......................................

United

States

2,604

135,330

1,987,398

Wireless

Telecommunication

Services

0.7%

Bharti

Airtel

Ltd.

....................................

India

126,967

2,976,623

Etihad

Etisalat

Co.

..................................

Saudi

Arabia

98,696

1,560,505

Far

EasTone

Telecommunications

Co.

Ltd.

................

Taiwan

329,000

1,008,537

KDDI

Corp.

........................................

Japan

155,200

2,664,875

SoftBank

Group

Corp.

................................

Japan

26,600

1,933,980

TIM

SA

...........................................

Brazil

698,000

2,832,803

T-Mobile

US,

Inc.

...................................

United

States

27,275

6,498,541

19,475,864

Total

Common

Stocks

(Cost

$1,416,869,037)

..................................

2,308,095,362

Management

Investment

Companies

0.3%

Capital

Markets

0.3%

iShares

Core

MSCI

Emerging

Markets

ETF

................

United

States

88,721

5,325,922

Xtrackers

Harvest

CSI

300

China

A-Shares

ETF,

Class

A

......

United

States

62,757

1,728,328

7,054,250

Total

Management

Investment

Companies

(Cost

$6,342,770)

...................

7,054,250

Convertible

Preferred

Stocks

0.0%

†

Aerospace

&

Defense

0.0%

†

Boeing

Co.

(The),

6%

................................

United

States

6,417

436,356

Electric

Utilities

0.0%

†

PG&E

Corp.,

A,

6%

..................................

United

States

3,522

132,427

Financial

Services

0.0%

†

Apollo

Global

Management,

Inc.,

6.75%

..................

United

States

2,781

208,158

Total

Convertible

Preferred

Stocks

(Cost

$636,000)

............................

776,941

Preferred

Stocks

0.1%

Banks

0.1%

c

Itau

Unibanco

Holding

SA,

7.39%

.......................

Brazil

247,400

1,682,544

Technology

Hardware,

Storage

&

Peripherals

0.0%

†

c

Samsung

Electronics

Co.

Ltd.,

2.2%

.....................

South

Korea

43,222

1,585,595

Total

Preferred

Stocks

(Cost

$3,246,941)

.....................................

3,268,139

Rights

Rights

0.0%

†

Biotechnology

0.0%

†

a,d

Icosavax

,

Inc.,

CVR,

5/31/25

...........................

United

Kingdom

6,497

1,949

Pharmaceuticals

0.0%

†

a,d

CinCor

Pharma,

Inc.,

CVR,

5/31/25

......................

United

Kingdom

3,617

11,068

Total

Rights

(Cost

$13,082)

.................................................

13,017

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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

Convertible

Bonds

0.0%

†

Consumer

Staples

Distribution

&

Retail

0.0%

†

Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375

%

,

12/15/28

..

United

States

155,000

$

241,955

Energy

Equipment

&

Services

0.0%

†

Nabors

Industries,

Inc.

,

Senior

Note

,

1.75

%

,

6/15/29

.........

United

States

130,000

75,075

Food

Products

0.0%

†

Post

Holdings,

Inc.

,

Senior

Note

,

2.5

%

,

8/15/27

.............

United

States

195,000

223,080

Software

0.0%

†

b

Guidewire

Software,

Inc.

,

Senior

Note

,

144A,

1.25

%

,

11/01/29

..

United

States

288,000

340,272

Total

Convertible

Bonds

(Cost

$827,856)

.....................................

880,382

Corporate

Bonds

7.7%

Aerospace

&

Defense

0.5%

ATI,

Inc.

,

Senior

Bond,

5.125%,

10/01/31

.......................

United

States

65,000

63,584

Senior

Note,

5.875%,

12/01/27

.......................

United

States

355,000

356,951

Senior

Note,

4.875%,

10/01/29

.......................

United

States

85,000

83,324

Senior

Note,

7.25%,

8/15/30

.........................

United

States

265,000

277,917

b

Axon

Enterprise,

Inc.

,

Senior

Note,

144A,

6.125%,

3/15/30

...................

United

States

210,000

216,480

Senior

Note,

144A,

6.25%,

3/15/33

....................

United

States

160,000

165,146

Boeing

Co.

(The)

,

Senior

Bond,

3.2%,

3/01/29

..........................

United

States

125,000

119,023

Senior

Bond,

2.95%,

2/01/30

.........................

United

States

63,000

58,432

Senior

Bond,

6.125%,

2/15/33

........................

United

States

70,000

74,000

Senior

Bond,

5.875%,

2/15/40

........................

United

States

175,000

174,707

Senior

Bond,

3.375%,

6/15/46

........................

United

States

140,000

95,937

Senior

Note,

2.196%,

2/04/26

........................

United

States

785,000

772,859

Senior

Note,

2.7%,

2/01/27

..........................

United

States

237,000

230,434

Senior

Note,

6.259%,

5/01/27

........................

United

States

120,000

123,507

Senior

Note,

6.298%,

5/01/29

........................

United

States

182,000

192,460

Senior

Note,

6.388%,

5/01/31

........................

United

States

250,000

268,785

b

Bombardier,

Inc.

,

Senior

Note,

144A,

7.5%,

2/01/29

.....................

Canada

45,000

47,282

Senior

Note,

144A,

8.75%,

11/15/30

...................

Canada

235,000

254,700

Senior

Note,

144A,

7.25%,

7/01/31

....................

Canada

40,000

42,038

Senior

Note,

144A,

7%,

6/01/32

......................

Canada

85,000

88,624

Senior

Note,

144A,

6.75%,

6/15/33

....................

Canada

180,000

186,741

b

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5

%

,

2/15/32

...............................

Italy

415,000

420,556

Howmet

Aerospace,

Inc.

,

Senior

Bond,

6.75%,

1/15/28

.........................

United

States

255,000

268,769

Senior

Note,

3%,

1/15/29

...........................

United

States

396,000

378,887

Senior

Note,

4.85%,

10/15/31

........................

United

States

145,000

147,026

RTX

Corp.

,

Senior

Bond,

4.125%,

11/16/28

.......................

United

States

445,000

443,358

Senior

Bond,

5.15%,

2/27/33

.........................

United

States

60,000

61,359

Senior

Bond,

4.875%,

10/15/40

.......................

United

States

65,000

61,304

Spirit

AeroSystems,

Inc.

,

b

Secured

Note,

144A,

9.75%,

11/15/30

..................

United

States

400,000

441,640

Senior

Bond,

4.6%,

6/15/28

..........................

United

States

445,000

437,756

b

Senior

Secured

Note,

144A,

9.375%,

11/30/29

...........

United

States

95,000

100,915

b

TransDigm

,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

225,000

233,618

Senior

Secured

Note,

144A,

7.125%,

12/01/31

...........

United

States

55,000

57,694

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Aerospace

&

Defense

(continued)

b

TransDigm,

Inc.,

(continued)

Senior

Secured

Note,

144A,

6.625%,

3/01/32

............

United

States

160,000

$

165,863

Senior

Secured

Note,

144A,

6%,

1/15/33

................

United

States

345,000

347,097

7,458,773

Automobile

Components

0.0%

†

b

Adient

Global

Holdings

Ltd.

,

Senior

Note,

144A,

8.25%,

4/15/31

....................

United

States

440,000

462,745

Senior

Note,

144A,

7.5%,

2/15/33

.....................

United

States

100,000

102,349

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

........................................

United

States

330,000

255,960

b,e

IHO

Verwaltungs

GmbH

,

Senior

Secured

Note,

144A,

PIK,

7.75%,

11/15/30

.........

Germany

200,000

205,414

Senior

Secured

Note,

144A,

PIK,

8%,

11/15/32

...........

Germany

200,000

204,711

1,231,179

Automobiles

0.1%

b

Hyundai

Capital

America

,

Senior

Bond,

144A,

6.375%,

4/08/30

...................

United

States

29,000

30,821

Senior

Note,

144A,

4.875%,

11/01/27

..................

United

States

215,000

216,037

Senior

Note,

144A,

6.5%,

1/16/29

.....................

United

States

465,000

490,589

Senior

Note,

144A,

5.35%,

3/19/29

....................

United

States

149,000

151,884

Senior

Note,

144A,

4.55%,

9/26/29

....................

United

States

55,000

54,524

Senior

Note,

144A,

5.4%,

1/08/31

.....................

United

States

74,000

75,633

1,019,488

Banks

0.8%

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

ANZ

New

Zealand

Int'l

Ltd.

,

Senior

Bond

,

144A,

3.45

%

,

7/17/27

New

Zealand

200,000

197,006

b,f

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Junior

Sub.

Bond

,

144A,

6.75%

to

6/14/26,

FRN

thereafter

,

Perpetual

.........

Australia

200,000

202,640

Banco

Santander

SA

,

Senior

Non-Preferred

Bond,

4.379%,

4/12/28

............

Spain

200,000

199,575

Senior

Non-Preferred

Note,

1.722%

to

9/13/26,

FRN

thereafter,

9/14/27

.........................................

Spain

200,000

193,241

Sub.

Bond,

5.179%,

11/19/25

........................

Spain

800,000

800,956

Sub.

Bond,

3.225%

to

8/21/31,

FRN

thereafter,

11/22/32

....

Spain

800,000

718,290

Bank

of

America

Corp.

,

Senior

Bond,

2.496%

to

2/12/30,

FRN

thereafter,

2/13/31

...

United

States

190,000

173,582

Senior

Note,

1.734%

to

7/21/26,

FRN

thereafter,

7/22/27

....

United

States

1,055,000

1,025,654

Sub.

Bond,

6.11%,

1/29/37

..........................

United

States

1,030,000

1,088,370

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

1,350,000

1,235,772

L,

Sub.

Bond,

4.183%,

11/25/27

......................

United

States

270,000

268,973

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

200,000

176,313

b

BPCE

SA

,

Senior

Non-Preferred

Note

,

144A,

5.975%

to

1/17/26,

FRN

thereafter

,

1/18/27

.............................

France

535,000

538,695

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Banks

(continued)

b

CaixaBank

SA

,

g

Senior

Non-Preferred

Note,

144A,

4.634%

to

7/02/28,

FRN

thereafter,

7/03/29

.................................

Spain

400,000

$

401,085

Senior

Non-Preferred

Note,

144A,

5.673%

to

3/14/29,

FRN

thereafter,

3/15/30

.................................

Spain

200,000

206,899

Citigroup,

Inc.

,

Senior

Bond,

3.887%

to

1/09/27,

FRN

thereafter,

1/10/28

...

United

States

323,000

320,162

Senior

Bond,

3.668%

to

7/23/27,

FRN

thereafter,

7/24/28

...

United

States

1,422,000

1,400,056

Senior

Note,

5.61%

to

9/28/25,

FRN

thereafter,

9/29/26

.....

United

States

15,000

15,034

Sub.

Bond,

4.45%,

9/29/27

..........................

United

States

430,000

430,502

Sub.

Bond,

4.75%,

5/18/46

..........................

United

States

240,000

205,034

b

Commonwealth

Bank

of

Australia

,

Senior

Bond

,

144A,

3.15

%

,

9/19/27

.........................................

Australia

580,000

569,296

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125

%

,

3/09/28

...

United

States

649,000

673,961

Huntington

Bancshares,

Inc.

,

Sub.

Bond

,

2.487%

to

8/14/31,

FRN

thereafter

,

8/15/36

.................................

United

States

361,000

303,390

ING

Groep

NV

,

Senior

Note

,

6.083%

to

9/10/26,

FRN

thereafter

,

9/11/27

.........................................

Netherlands

240,000

244,460

JPMorgan

Chase

&

Co.

,

f

KK,

Junior

Sub.

Bond,

3.65%

to

5/31/26,

FRN

thereafter,

Perpetual

.......................................

United

States

44,000

43,396

h

W,

Junior

Sub.

Bond,

FRN,

5.588%,

(3-month

SOFR

+

1.262%),

5/15/47

.................................

United

States

116,000

102,964

Senior

Note,

6.07%

to

10/21/26,

FRN

thereafter,

10/22/27

...

United

States

570,000

582,540

Sub.

Bond,

3.625%,

12/01/27

........................

United

States

1,350,000

1,332,109

Sub.

Bond,

2.956%

to

5/12/30,

FRN

thereafter,

5/13/31

.....

United

States

700,000

647,469

Sub.

Bond,

5.717%

to

9/13/32,

FRN

thereafter,

9/14/33

.....

United

States

743,000

774,689

Lloyds

Banking

Group

plc

,

Sub.

Bond

,

4.65

%

,

3/24/26

........

United

Kingdom

215,000

214,838

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Bond,

3.85%,

3/01/26

.........................

Japan

255,000

254,247

Senior

Note,

5.159%

to

4/23/30,

FRN

thereafter,

4/24/31

....

Japan

355,000

363,598

Morgan

Stanley

Bank

NA

,

Senior

Note

,

5.016%

to

1/11/28,

FRN

thereafter

,

1/12/29

.................................

United

States

470,000

477,411

NatWest

Group

plc

,

Senior

Note

,

5.847%

to

3/01/26,

FRN

thereafter

,

3/02/27

.................................

United

Kingdom

265,000

267,369

PNC

Financial

Services

Group,

Inc.

(The)

,

Sub.

Bond

,

4.626%

to

6/05/32,

FRN

thereafter

,

6/06/33

......................

United

States

725,000

703,917

Royal

Bank

of

Canada

,

Senior

Note,

5.2%,

8/01/28

..........................

Canada

475,000

488,790

Sub.

Bond,

4.65%,

1/27/26

..........................

Canada

285,000

284,949

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

6.833%

to

11/20/25,

FRN

thereafter

,

11/21/26

.....................

United

Kingdom

575,000

579,750

Toronto-Dominion

Bank

(The)

,

Sub.

Bond

,

3.625%

to

9/14/26,

FRN

thereafter

,

9/15/31

.............................

Canada

435,000

430,175

Truist

Bank

,

Sub.

Bond

,

4.632

%

,

9/17/29

..................

United

States

250,000

247,215

Truist

Financial

Corp.

,

Senior

Note,

4.26%

to

7/27/25,

FRN

thereafter,

7/28/26

.....

United

States

310,000

309,880

Senior

Note,

5.435%

to

1/23/29,

FRN

thereafter,

1/24/30

....

United

States

235,000

242,092

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

........................................

United

States

630,000

534,895

Wells

Fargo

&

Co.

,

Senior

Bond,

3.35%

to

3/01/32,

FRN

thereafter,

3/02/33

....

United

States

1,935,000

1,767,677

Senior

Note,

4.54%

to

8/14/25,

FRN

thereafter,

8/15/26

.....

United

States

219,000

218,959

Senior

Note,

5.574%

to

7/24/28,

FRN

thereafter,

7/25/29

....

United

States

235,000

242,685

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Banks

(continued)

Westpac

Banking

Corp.

,

Sub.

Bond

,

2.963

%

,

11/16/40

.......

Australia

170,000

$

125,961

23,936,598

Biotechnology

0.1%

AbbVie,

Inc.

,

Senior

Note

,

4.8

%

,

3/15/29

..................

United

States

355,000

362,048

Amgen,

Inc.

,

Senior

Bond,

4.663%,

6/15/51

........................

United

States

230,000

197,087

Senior

Bond,

5.65%,

3/02/53

.........................

United

States

51,000

49,830

Senior

Bond,

5.75%,

3/02/63

.........................

United

States

135,000

131,347

Senior

Note,

5.15%,

3/02/28

.........................

United

States

495,000

505,924

Senior

Note,

5.25%,

3/02/30

.........................

United

States

105,000

108,221

b

Grifols

SA

,

Senior

Note

,

Reg

S,

3.875

%

,

10/15/28

...........

Spain

755,000

EUR

852,953

2,207,410

Broadline

Retail

0.0%

†

Amazon.com,

Inc.

,

Senior

Bond,

2.1%,

5/12/31

..........................

United

States

53,000

47,073

Senior

Note,

3.15%,

8/22/27

.........................

United

States

407,000

400,501

b

Kohl's

Corp.

,

Senior

Secured

Note

,

144A,

10

%

,

6/01/30

......

United

States

320,000

332,048

b

Match

Group

Holdings

II

LLC

,

Senior

Note

,

144A,

4.625

%

,

6/01/28

.........................................

United

States

226,000

220,695

b

Wayfair

LLC

,

Senior

Secured

Note,

144A,

7.25%,

10/31/29

............

United

States

290,000

290,855

Senior

Secured

Note,

144A,

7.75%,

9/15/30

.............

United

States

290,000

292,525

1,583,697

Building

Products

0.0%

†

b

Builders

FirstSource

,

Inc.

,

Senior

Bond,

144A,

6.375%,

3/01/34

...................

United

States

150,000

153,048

Senior

Bond,

144A,

6.75%,

5/15/35

....................

United

States

135,000

139,167

b

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

8/01/28

...................................

United

States

275,000

253,820

b

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

Reg

S,

6.375

%

,

12/15/30

.......................

United

States

100,000

EUR

124,048

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

1/31/31

............

United

States

35,000

35,328

Senior

Secured

Note,

144A,

6.125%,

7/31/32

............

United

States

145,000

147,498

Johnson

Controls

International

plc

,

Senior

Bond,

4.95%,

7/02/64

.........................

United

States

250,000

209,136

Senior

Note,

3.9%,

2/14/26

..........................

United

States

202,000

201,221

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/01/32

..............

United

States

300,000

307,885

b

MIWD

Holdco

II

LLC

/

MIWD

Finance

Corp.

,

Senior

Note

,

144A,

5.5

%

,

2/01/30

....................................

United

States

320,000

304,997

b

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

....................

United

States

100,000

103,245

Senior

Secured

Note,

144A,

6.375%,

3/01/32

............

United

States

205,000

210,934

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875

%

,

11/15/31

..................................

United

States

275,000

288,537

b

Standard

Building

Solutions,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

8/15/32

.........................................

United

States

345,000

353,723

b

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

4.375%,

7/15/30

...................

United

States

380,000

360,037

Senior

Bond,

144A,

3.375%,

1/15/31

...................

United

States

90,000

80,776

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Building

Products

(continued)

b

Standard

Industries,

Inc.,

(continued)

Senior

Note,

Reg

S,

2.25%,

11/21/26

..................

United

States

200,000

EUR

$

233,460

3,506,860

Capital

Markets

0.5%

Ares

Capital

Corp.

,

Senior

Note,

3.875%,

1/15/26

........................

United

States

217,000

215,897

Senior

Note,

2.15%,

7/15/26

.........................

United

States

240,000

233,926

Senior

Note,

7%,

1/15/27

...........................

United

States

265,000

273,516

Senior

Note,

2.875%,

6/15/27

........................

United

States

255,000

246,552

b

Aretec

Group,

Inc.

,

Senior

Secured

Note

,

144A,

10

%

,

8/15/30

..

United

States

100,000

110,017

b

Blackstone

Holdings

Finance

Co.

LLC

,

Senior

Bond

,

144A,

1.6

%

,

3/30/31

.........................................

United

States

120,000

102,571

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25

%

,

3/15/27

..

United

States

133,000

129,390

Deutsche

Bank

AG

,

Senior

Non-Preferred

Note,

2.311%

to

11/15/26,

FRN

thereafter,

11/16/27

........................................

Germany

150,000

145,581

Senior

Preferred

Note,

1.686%,

3/19/26

................

Germany

835,000

819,714

b

Dresdner

Funding

Trust

I

,

Junior

Sub.

Bond

,

144A,

8.151

%

,

6/30/31

.........................................

United

States

100,000

110,567

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

4.223%

to

4/30/28,

FRN

thereafter

,

5/01/29

......................

United

States

1,531,000

1,522,518

Intercontinental

Exchange,

Inc.

,

Senior

Bond,

1.85%,

9/15/32

.........................

United

States

140,000

116,315

Senior

Note,

4%,

9/15/27

...........................

United

States

104,000

103,569

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note,

144A,

6.125%,

11/01/32

...........

United

States

715,000

722,273

Senior

Secured

Note,

144A,

6.75%,

5/01/33

.............

United

States

230,000

236,631

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

5.03

%

,

3/16/26

...

United

States

280,000

280,529

b

KKR

Group

Finance

Co.

III

LLC

,

Senior

Bond

,

144A,

5.125

%

,

6/01/44

.........................................

United

States

160,000

145,973

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

........................

United

States

239,000

254,980

Senior

Note,

5.2%,

3/15/30

..........................

United

States

247,000

250,964

Moody's

Corp.

,

Senior

Bond,

2%,

8/19/31

...........................

United

States

520,000

451,514

Senior

Bond,

5%,

8/05/34

...........................

United

States

165,000

166,939

Morgan

Stanley

,

Senior

Bond,

3.772%

to

1/23/28,

FRN

thereafter,

1/24/29

...

United

States

1,365,000

1,345,708

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

475,000

483,400

Senior

Note,

4.994%

to

4/11/28,

FRN

thereafter,

4/12/29

....

United

States

120,000

121,762

Sub.

Bond,

3.95%,

4/23/27

..........................

United

States

470,000

467,255

Sub.

Bond,

5.297%

to

4/19/32,

FRN

thereafter,

4/20/37

.....

United

States

122,000

121,592

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625

%

,

9/01/30

............

United

States

152,000

142,679

Nasdaq,

Inc.

,

Senior

Bond,

5.55%,

2/15/34

.........................

United

States

35,000

36,480

Senior

Note,

5.35%,

6/28/28

.........................

United

States

137,000

141,096

b

Neuberger

Berman

Group

LLC

/

Neuberger

Berman

Finance

Corp.

,

Senior

Bond

,

144A,

4.875

%

,

4/15/45

..............

United

States

155,000

132,711

S&P

Global,

Inc.

,

Senior

Bond,

2.5%,

12/01/29

.........................

United

States

20,000

18,604

Senior

Bond,

1.25%,

8/15/30

.........................

United

States

87,000

74,936

Senior

Note,

2.45%,

3/01/27

.........................

United

States

120,000

116,823

b,g

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875

%

,

7/15/32

United

States

215,000

217,336

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Capital

Markets

(continued)

b

UBS

Group

AG

,

f

Junior

Sub.

Bond,

Reg

S,

6.875%

to

8/06/25,

FRN

thereafter,

Perpetual

.......................................

Switzerland

206,000

$

206,319

Senior

Bond,

144A,

3.869%

to

1/11/28,

FRN

thereafter,

1/12/29

Switzerland

285,000

280,665

Senior

Note,

144A,

1.305%

to

2/01/26,

FRN

thereafter,

2/02/27

Switzerland

308,000

302,221

Senior

Note,

144A,

5.428%

to

2/07/29,

FRN

thereafter,

2/08/30

Switzerland

385,000

395,488

11,245,011

Chemicals

0.3%

b

Avient

Corp.

,

Senior

Note,

144A,

7.125%,

8/01/30

...................

United

States

220,000

227,074

Senior

Note,

144A,

6.25%,

11/01/31

...................

United

States

120,000

121,197

Celanese

US

Holdings

LLC

,

Senior

Bond,

6.629%,

7/15/32

........................

United

States

205,000

215,060

Senior

Note,

1.4%,

8/05/26

..........................

United

States

170,000

163,984

Senior

Note,

6.415%,

7/15/27

........................

United

States

512,000

530,559

b

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375

%

,

10/03/31

........................................

Germany

265,000

275,327

CF

Industries,

Inc.

,

Senior

Bond,

4.95%,

6/01/43

.........................

United

States

520,000

462,914

b

Senior

Bond,

144A,

4.5%,

12/01/26

....................

United

States

280,000

280,259

Ecolab,

Inc.

,

Senior

Bond

,

2.7

%

,

11/01/26

.................

United

States

750,000

735,983

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

270,000

276,986

b

Herens

Holdco

SARL

,

Senior

Secured

Note

,

144A,

4.75

%

,

5/15/28

.........................................

Luxembourg

200,000

179,656

Huntsman

International

LLC

,

Senior

Bond,

4.5%,

5/01/29

..........................

United

States

286,000

271,447

Senior

Bond,

2.95%,

6/15/31

.........................

United

States

130,000

109,492

International

Flavors

&

Fragrances,

Inc.

,

Senior

Bond,

4.45%,

9/26/28

.........................

United

States

251,000

251,008

b

Senior

Bond,

144A,

2.3%,

11/01/30

....................

United

States

41,000

36,249

Nutrien

Ltd.

,

Senior

Bond,

4.2%,

4/01/29

..........................

Canada

129,000

127,721

Senior

Bond,

4.125%,

3/15/35

........................

Canada

330,000

300,613

Senior

Bond,

5.25%,

1/15/45

.........................

Canada

67,000

61,928

b

Olympus

Water

US

Holding

Corp.

,

Senior

Secured

Note,

Reg

S,

3.875%,

10/01/28

...........

United

States

125,000

EUR

144,557

Senior

Secured

Note,

144A,

9.75%,

11/15/28

............

United

States

215,000

226,670

b

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25

%

,

9/01/29

United

States

255,000

273,794

b

SCIH

Salt

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

5/01/29

...................

United

States

240,000

234,849

Senior

Secured

Note,

144A,

4.875%,

5/01/28

............

United

States

310,000

302,224

b

SCIL

IV

LLC

/

SCIL

USA

Holdings

LLC

,

Senior

Secured

Note

,

144A,

5.375

%

,

11/01/26

.............................

United

States

200,000

198,828

b

Vibrantz

Technologies,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/30

...

United

States

405,000

273,188

Westlake

Corp.

,

Senior

Bond

,

2.875

%

,

8/15/41

.............

United

States

202,000

135,999

b

WR

Grace

Holdings

LLC

,

Senior

Note

,

144A,

5.625

%

,

8/15/29

.

United

States

185,000

167,633

6,585,199

Commercial

Services

&

Supplies

0.1%

b

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875

%

,

2/15/31

...................................

United

States

370,000

386,865

b

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

,

Senior

Note

,

144A,

6

%

,

6/01/29

.......................

United

States

390,000

379,657

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Commercial

Services

&

Supplies

(continued)

b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

5

%

,

2/01/28

......

United

States

343,000

$

341,949

b

Clean

Harbors,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

2/01/31

.....

United

States

150,000

153,789

b

GFL

Environmental,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

1/15/31

.........................................

United

States

90,000

94,291

b

Madison

IAQ

LLC

,

Senior

Note,

144A,

5.875%,

6/30/29

...................

United

States

440,000

433,136

Senior

Secured

Note,

144A,

4.125%,

6/30/28

............

United

States

145,000

140,969

b

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Secured

Note

,

144A,

6.25

%

,

1/15/28

...................

United

States

350,000

350,863

Republic

Services,

Inc.

,

Senior

Note

,

5

%

,

11/15/29

..........

United

States

820,000

843,720

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/01/29

.........................................

United

States

460,000

460,347

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5

%

,

11/30/30

........................................

United

States

115,000

124,631

Waste

Connections,

Inc.

,

Senior

Bond,

3.5%,

5/01/29

..........................

United

States

265,000

259,384

Senior

Bond,

3.2%,

6/01/32

..........................

United

States

56,000

51,169

Senior

Bond,

5%,

3/01/34

...........................

United

States

115,000

116,274

Waste

Management,

Inc.

,

Senior

Note

,

4.875

%

,

2/15/29

......

United

States

403,000

412,983

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/01/33

........

United

States

280,000

291,373

b

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625

%

,

4/01/32

...

Canada

120,000

125,022

4,966,422

Communications

Equipment

0.0%

†

b

CommScope

LLC

,

Senior

Note

,

144A,

7.125

%

,

7/01/28

.......

United

States

230,000

226,215

Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

.........................

United

States

121,000

107,447

Senior

Bond,

5.55%,

8/15/35

.........................

United

States

365,000

372,293

Senior

Note,

4.85%,

8/15/30

.........................

United

States

138,000

139,526

845,481

Construction

&

Engineering

0.0%

†

b

Arcosa

,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

8/15/32

...........

United

States

130,000

134,998

Consumer

Finance

0.4%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond,

3.65%,

7/21/27

.........................

Ireland

600,000

591,115

Senior

Bond,

3.3%,

1/30/32

..........................

Ireland

600,000

543,931

Senior

Bond,

6.95%

to

12/09/29,

FRN

thereafter,

3/10/55

...

Ireland

150,000

155,966

Senior

Note,

4.875%,

4/01/28

........................

Ireland

150,000

151,550

Ally

Financial,

Inc.

,

Senior

Bond,

8%,

11/01/31

..........................

United

States

562,000

640,205

Senior

Note,

4.75%,

6/09/27

.........................

United

States

250,000

251,479

Senior

Note,

2.2%,

11/02/28

.........................

United

States

200,000

184,511

American

Express

Co.

,

Senior

Bond,

5.667%

to

4/24/35,

FRN

thereafter,

4/25/36

...

United

States

440,000

455,804

Senior

Note,

5.098%

to

2/15/27,

FRN

thereafter,

2/16/28

....

United

States

265,000

268,104

Capital

One

Financial

Corp.

,

Sub.

Bond

,

2.359%

to

7/28/31,

FRN

thereafter

,

7/29/32

.................................

United

States

926,000

785,552

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note,

144A,

9.25%,

4/01/29

.............

United

States

200,000

212,937

Senior

Secured

Note,

144A,

8.5%,

5/15/30

..............

United

States

425,000

456,203

b

FirstCash

,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/32

.........

United

States

675,000

699,329

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

4.125

%

,

8/17/27

.....

United

States

200,000

195,555

General

Motors

Financial

Co.,

Inc.

,

Senior

Note

,

4.9

%

,

10/06/29

United

States

254,000

253,668

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Consumer

Finance

(continued)

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note,

144A,

6.4%,

3/26/29

.....................

United

Kingdom

35,000

$

36,565

Senior

Note,

144A,

5.15%,

3/17/30

....................

United

Kingdom

75,000

75,010

Senior

Note,

144A,

6.5%,

3/26/31

.....................

United

Kingdom

50,000

52,955

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

.......................

United

States

325,000

319,912

Senior

Note,

7.5%,

5/15/31

..........................

United

States

280,000

292,759

Senior

Note,

7.125%,

11/15/31

.......................

United

States

275,000

286,312

6,909,422

Consumer

Staples

Distribution

&

Retail

0.0%

†

b

7-Eleven,

Inc.

,

Senior

Note

,

144A,

1.3

%

,

2/10/28

............

United

States

488,000

450,200

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond,

144A,

3.55%,

7/26/27

....................

Canada

240,000

236,237

Senior

Bond,

144A,

2.95%,

1/25/30

....................

Canada

148,000

138,358

b

US

Foods,

Inc.

,

Senior

Note,

144A,

7.25%,

1/15/32

....................

United

States

70,000

73,801

Senior

Note,

144A,

5.75%,

4/15/33

....................

United

States

225,000

225,326

1,123,922

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

210,000

EUR

222,405

Senior

Note,

144A,

4%,

9/01/29

......................

United

States

200,000

182,763

b

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note,

144A,

5.25%,

8/15/27

....................

United

States

265,000

118,385

Senior

Secured

Note,

144A,

4.125%,

8/15/26

............

United

States

240,000

225,528

Berry

Global,

Inc.

,

Senior

Secured

Note,

1.57%,

1/15/26

..................

United

States

450,000

442,012

Senior

Secured

Note,

1.65%,

1/15/27

..................

United

States

166,000

159,278

Senior

Secured

Note,

5.5%,

4/15/28

...................

United

States

14,000

14,376

b

Senior

Secured

Note,

144A,

4.875%,

7/15/26

............

United

States

12,000

11,995

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/32

...............................

United

States

340,000

349,144

b

Graham

Packaging

Co.,

Inc.

,

Senior

Note

,

144A,

7.125

%

,

8/15/28

United

States

305,000

304,640

b

Graphic

Packaging

International

LLC

,

Senior

Note,

Reg

S,

2.625%,

2/01/29

..................

United

States

180,000

EUR

203,515

Senior

Note,

144A,

3.5%,

3/01/29

.....................

United

States

150,000

141,582

b

Intelligent

Packaging

Ltd.

Finco

,

Inc.

/

Intelligent

Packaging

Ltd.

Co-Issuer

LLC

,

Senior

Secured

Note

,

144A,

6

%

,

9/15/28

....

Canada

640,000

640,000

b

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/27

...................

United

States

230,000

228,556

Senior

Secured

Note,

144A,

7.875%,

4/15/27

............

United

States

320,000

325,646

b

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5

%

,

5/15/30

...........

Canada

540,000

552,462

WestRock

MWV

LLC

,

Senior

Bond,

8.2%,

1/15/30

..........................

United

States

305,000

349,672

Senior

Bond,

7.95%,

2/15/31

.........................

United

States

106,000

122,934

4,594,893

Distributors

0.0%

†

b

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

Senior

Note,

144A,

3.875%,

11/15/29

..................

United

States

265,000

250,881

Senior

Secured

Note,

144A,

4%,

1/15/28

................

United

States

180,000

176,178

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Distributors

(continued)

b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75

%

,

3/15/31

..

Canada

190,000

$

199,977

627,036

Diversified

Consumer

Services

0.0%

†

Service

Corp.

International

,

Senior

Bond

,

3.375

%

,

8/15/30

....

United

States

65,000

59,790

Diversified

REITs

0.1%

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond,

3.25%,

1/15/32

.........................

United

States

175,000

154,156

Senior

Note,

5.375%,

4/15/26

........................

United

States

96,000

96,081

VICI

Properties

LP

,

Senior

Note,

4.75%,

2/15/28

.........................

United

States

411,000

413,426

Senior

Note,

5.125%,

11/15/31

.......................

United

States

330,000

330,641

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

2/15/27

...................................

United

States

154,000

151,696

1,146,000

Diversified

Telecommunication

Services

0.3%

b

Altice

France

SA

,

Senior

Secured

Note,

144A,

5.5%,

1/15/28

..............

France

200,000

168,500

Senior

Secured

Note,

144A,

5.125%,

7/15/29

............

France

200,000

165,500

Senior

Secured

Note,

144A,

5.5%,

10/15/29

.............

France

275,000

228,250

AT&T,

Inc.

,

Senior

Bond,

2.55%,

12/01/33

........................

United

States

476,000

398,539

Senior

Bond,

4.75%,

5/15/46

.........................

United

States

547,000

478,012

Senior

Bond,

3.55%,

9/15/55

.........................

United

States

1,018,000

687,442

Senior

Note,

4.1%,

2/15/28

..........................

United

States

210,000

209,170

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.375%,

6/01/29

...................

United

States

110,000

109,674

Senior

Bond,

144A,

4.75%,

3/01/30

....................

United

States

1,545,000

1,497,951

Senior

Bond,

144A,

4.25%,

2/01/31

....................

United

States

180,000

168,265

Senior

Bond,

144A,

4.75%,

2/01/32

....................

United

States

285,000

270,508

Deutsche

Telekom

International

Finance

BV

,

Senior

Bond

,

8.75

%

,

6/15/30

.........................................

Germany

195,000

230,294

b

Frontier

Communications

Holdings

LLC

,

Senior

Secured

Note,

144A,

5.875%,

10/15/27

...........

United

States

205,000

205,206

Senior

Secured

Note,

144A,

8.75%,

5/15/30

.............

United

States

200,000

209,344

b

Iliad

Holding

SASU

,

Senior

Secured

Note

,

144A,

7

%

,

4/15/32

..

France

230,000

235,941

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875

%

,

11/15/28

.........

United

States

271,000

290,996

Telefonica

Emisiones

SA

,

Senior

Bond

,

4.895

%

,

3/06/48

......

Spain

520,000

437,407

Verizon

Communications,

Inc.

,

Senior

Bond,

4.4%,

11/01/34

.........................

United

States

335,000

318,074

Senior

Bond,

3.7%,

3/22/61

..........................

United

States

487,000

336,412

b

Senior

Bond,

144A,

5.401%,

7/02/37

...................

United

States

1,273,000

1,281,287

Senior

Note,

2.1%,

3/22/28

..........................

United

States

216,000

204,703

b

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5

%

,

8/15/30

....................................

United

Kingdom

200,000

186,003

8,317,478

Electric

Utilities

0.3%

American

Electric

Power

Co.,

Inc.

,

J

,

Senior

Bond

,

4.3

%

,

12/01/28

........................................

United

States

510,000

510,478

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65

%

,

1/15/32

...................................

United

States

95,000

83,648

b

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375

%

,

2/15/32

....................

United

Kingdom

320,000

320,806

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Electric

Utilities

(continued)

Duke

Energy

Carolinas

LLC

,

Senior

Bond

,

4.95

%

,

1/15/33

....

United

States

45,000

$

45,810

Duke

Energy

Corp.

,

Senior

Bond,

3.15%,

8/15/27

.........................

United

States

445,000

436,141

Senior

Bond,

4.2%,

6/15/49

..........................

United

States

350,000

273,338

Duke

Energy

Indiana

LLC

,

Senior

Bond

,

6.45

%

,

4/01/39

......

United

States

80,000

87,719

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

3.65

%

,

2/01/29

........

United

States

191,000

187,419

Evergy

Kansas

Central,

Inc.

,

Senior

Bond

,

5.7

%

,

3/15/53

.....

United

States

110,000

108,692

b

Evergy

Missouri

West,

Inc.

,

Senior

Note

,

144A,

5.15

%

,

12/15/27

United

States

330,000

335,914

Eversource

Energy

,

Senior

Note

,

5.45

%

,

3/01/28

............

United

States

50,000

51,311

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25

%

,

5/01/30

United

States

140,000

134,498

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

5.45

%

,

3/15/35

.........................................

United

States

895,000

912,735

b

NRG

Energy,

Inc.

,

f

Junior

Sub.

Bond,

144A,

10.25%

to

3/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

265,000

294,434

Senior

Bond,

144A,

6.25%,

11/01/34

...................

United

States

310,000

316,037

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond,

5.3%,

6/01/42

...................

United

States

45,000

43,064

Senior

Secured

Bond,

3.75%,

4/01/45

..................

United

States

405,000

311,775

Pacific

Gas

and

Electric

Co.

,

Senior

Note,

2.1%,

8/01/27

..........................

United

States

50,000

47,370

Senior

Note,

6.1%,

1/15/29

..........................

United

States

570,000

590,758

Senior

Note,

5.55%,

5/15/29

.........................

United

States

435,000

442,167

PG&E

Corp.

,

Junior

Sub.

Bond,

7.375%

to

3/14/30,

FRN

thereafter,

3/15/55

United

States

180,000

170,914

Senior

Secured

Bond,

5.25%,

7/01/30

..................

United

States

380,000

362,241

Public

Service

Electric

and

Gas

Co.

,

Senior

Bond

,

5.5

%

,

3/01/40

United

States

75,000

76,258

Southern

Co.

(The)

,

Senior

Note

,

5.5

%

,

3/15/29

............

United

States

295,000

307,217

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5%,

7/31/27

......................

United

States

150,000

149,916

Senior

Note,

144A,

7.75%,

10/15/31

...................

United

States

330,000

350,973

Senior

Note,

144A,

6.875%,

4/15/32

...................

United

States

185,000

193,534

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

..............

United

States

212,000

208,964

Senior

Secured

Bond,

144A,

6%,

4/15/34

...............

United

States

105,000

109,130

Senior

Secured

Note,

144A,

5.05%,

12/30/26

............

United

States

85,000

85,469

Wisconsin

Electric

Power

Co.

,

Senior

Bond

,

4.6

%

,

10/01/34

...

United

States

183,000

181,214

7,729,944

Electrical

Equipment

0.0%

†

b

Energizer

Gamma

Acquisition

BV

,

Senior

Note

,

Reg

S,

3.5

%

,

6/30/29

.........................................

United

States

220,000

EUR

248,192

b

Sensata

Technologies

BV

,

Senior

Note

,

144A,

5.875

%

,

9/01/30

.

United

States

260,000

260,564

508,756

Electronic

Equipment,

Instruments

&

Components

0.0%

†

CDW

LLC

/

CDW

Finance

Corp.

,

Senior

Note

,

3.25

%

,

2/15/29

..

United

States

295,000

279,672

b

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

4

%

,

3/01/29

......

United

States

430,000

411,232

690,904

Energy

Equipment

&

Services

0.0%

†

b

Aris

Water

Holdings

LLC

,

Senior

Note

,

144A,

7.25

%

,

4/01/30

..

United

States

325,000

335,581

b

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875

%

,

8/15/31

...

United

States

455,000

338,337

b

Precision

Drilling

Corp.

,

Senior

Note,

144A,

7.125%,

1/15/26

...................

Canada

80,000

80,289

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Energy

Equipment

&

Services

(continued)

b

Precision

Drilling

Corp.,

(continued)

Senior

Note,

144A,

6.875%,

1/15/29

...................

Canada

180,000

$

177,962

b

Transocean

Aquila

Ltd.

,

Senior

Secured

Note

,

144A,

8

%

,

9/30/28

United

States

61,154

61,800

b

Transocean

Poseidon

Ltd.

,

Senior

Secured

Note

,

144A,

6.875

%

,

2/01/27

.........................................

United

States

136,500

136,813

b

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375

%

,

2/01/28

...................................

United

States

144,762

147,152

Transocean,

Inc.

,

Senior

Bond,

6.8%,

3/15/38

..........................

United

States

380,000

267,538

b

Senior

Secured

Note,

144A,

8.75%,

2/15/30

.............

United

States

92,000

94,683

b

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625

%

,

4/30/30

.........................................

United

States

270,000

278,475

1,918,630

Entertainment

0.1%

b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

.........................................

France

665,000

690,474

b

Cinemark

USA,

Inc.

,

Senior

Note

,

144A,

5.25

%

,

7/15/28

......

United

States

225,000

224,096

b

Live

Nation

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

5/15/27

....................................

United

States

120,000

121,854

Netflix,

Inc.

,

Senior

Bond,

5.875%,

11/15/28

.......................

United

States

155,000

163,431

b

Senior

Bond,

Reg

S,

3.875%,

11/15/29

.................

United

States

515,000

EUR

634,179

b

Senior

Bond,

144A,

5.375%,

11/15/29

..................

United

States

562,000

587,275

b

Pinewood

Finco

plc

,

Senior

Secured

Note

,

144A,

6

%

,

3/27/30

..

United

Kingdom

260,000

GBP

353,700

Walt

Disney

Co.

(The)

,

Senior

Bond,

7.75%,

12/01/45

........................

United

States

194,000

244,742

Senior

Note,

2.2%,

1/13/28

..........................

United

States

78,000

74,817

Warnermedia

Holdings,

Inc.

,

Senior

Note

,

3.755

%

,

3/15/27

....

United

States

50,000

46,661

3,141,229

Financial

Services

0.1%

b

Benteler

International

AG

,

Senior

Secured

Note

,

144A,

10.5

%

,

5/15/28

.........................................

Austria

380,000

400,278

b

Boost

Newco

Borrower

LLC

,

Senior

Secured

Note

,

144A,

7.5

%

,

1/15/31

.........................................

United

States

275,000

292,112

Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85

%

,

4/05/29

.......

United

States

230,000

225,456

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25

%

,

10/01/30

United

States

250,000

277,422

b

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375

%

,

4/01/32

.........................................

United

States

460,000

465,323

b

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

8

%

,

2/15/27

........

Ireland

105,000

108,333

Global

Payments,

Inc.

,

Senior

Note

,

2.15

%

,

1/15/27

.........

United

States

42,000

40,643

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note,

144A,

9.5%,

2/15/29

.....................

United

States

370,000

391,584

Senior

Note,

144A,

8.25%,

5/15/30

....................

United

States

230,000

238,496

b

Nationstar

Mortgage

Holdings,

Inc.

,

Senior

Bond,

144A,

5.75%,

11/15/31

...................

United

States

700,000

711,474

Senior

Note,

144A,

7.125%,

2/01/32

...................

United

States

290,000

301,422

b

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95

%

,

1/03/31

.....

Malaysia

330,000

336,898

b

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875

%

,

11/01/29

..................................

United

States

640,000

638,970

b

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.875

%

,

1/31/30

........

United

States

570,000

588,154

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

8/01/33

.......

United

States

350,000

358,558

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Financial

Services

(continued)

b

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

5/15/33

...........................

United

States

100,000

EUR

$

122,148

5,497,271

Food

Products

0.1%

b,e

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75

%

,

10/01/29

United

States

109,405

114,805

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625

%

,

7/01/29

...................................

United

States

290,000

302,560

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

3

%

,

2/02/29

......................

United

States

128,000

121,685

b,g

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

550,000

551,152

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

14,000

12,002

B,

Senior

Bond,

7.45%,

4/01/31

.......................

United

States

62,000

71,071

Kraft

Heinz

Foods

Co.

,

Senior

Note

,

3

%

,

6/01/26

............

United

States

135,000

133,268

b

Mars,

Inc.

,

Senior

Bond,

144A,

5.65%,

5/01/45

....................

United

States

55,000

55,165

Senior

Bond,

144A,

5.7%,

5/01/55

.....................

United

States

45,000

44,922

Senior

Bond,

144A,

5.8%,

5/01/65

.....................

United

States

25,000

24,977

Senior

Note,

144A,

4.6%,

3/01/28

.....................

United

States

440,000

443,668

Senior

Note,

144A,

4.65%,

4/20/31

....................

United

States

32,000

32,426

Senior

Note,

144A,

5%,

3/01/32

......................

United

States

445,000

451,141

Senior

Note,

144A,

5.2%,

3/01/35

.....................

United

States

60,000

60,749

2,562,363

Gas

Utilities

0.0%

†

Southern

California

Gas

Co.

,

Senior

Bond

,

5.05

%

,

9/01/34

....

United

States

185,000

186,336

Ground

Transportation

0.1%

b

Ashtead

Capital,

Inc.

,

Senior

Bond,

144A,

4.375%,

8/15/27

...................

United

Kingdom

555,000

552,974

Senior

Bond,

144A,

2.45%,

8/12/31

....................

United

Kingdom

200,000

172,699

b,g

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25

%

,

8/01/30

.........................................

United

States

200,000

204,364

Canadian

Pacific

Railway

Co.

,

Senior

Note

,

1.75

%

,

12/02/26

...

Canada

645,000

622,677

CSX

Corp.

,

Senior

Bond

,

4.1

%

,

3/15/44

..................

United

States

240,000

200,179

b

ERAC

USA

Finance

LLC

,

Senior

Bond

,

144A,

3.3

%

,

12/01/26

..

United

States

129,000

127,175

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Bond,

144A,

3.4%,

11/15/26

....................

United

States

113,000

111,296

Senior

Note,

144A,

4.4%,

7/01/27

.....................

United

States

145,000

144,835

Ryder

System,

Inc.

,

Senior

Note

,

4.95

%

,

9/01/29

............

United

States

325,000

330,874

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

470,000

479,866

b

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125

%

,

8/01/32

...................................

United

States

395,000

413,192

3,565,304

Health

Care

Equipment

&

Supplies

0.0%

†

b

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note,

144A,

8.375%,

10/01/28

...........

United

States

180,000

188,100

h

Senior

Secured

Note,

144A,

FRN,

5.872%,

(3-month

EURIBOR

+

7.75%),

1/15/31

.................................

United

States

200,000

EUR

237,510

Becton

Dickinson

&

Co.

,

Senior

Bond

,

2.823

%

,

5/20/30

.......

United

States

372,000

344,503

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Health

Care

Equipment

&

Supplies

(continued)

DH

Europe

Finance

II

SARL

,

Senior

Bond

,

3.4

%

,

11/15/49

....

United

States

155,000

$

110,335

GE

HealthCare

Technologies,

Inc.

,

Senior

Note,

5.65%,

11/15/27

........................

United

States

110,000

113,358

Senior

Note,

4.8%,

8/14/29

..........................

United

States

270,000

274,036

b

Insulet

Corp.

,

Senior

Note

,

144A,

6.5

%

,

4/01/33

............

United

States

100,000

104,329

b

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

...................

United

States

180,000

178,728

Senior

Secured

Note,

144A,

3.875%,

4/01/29

............

United

States

305,000

292,781

1,843,680

Health

Care

Providers

&

Services

0.5%

Centene

Corp.

,

Senior

Bond

,

3

%

,

10/15/30

................

United

States

220,000

196,717

b

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note,

144A,

5.625%,

3/15/27

............

United

States

180,000

177,409

Senior

Secured

Note,

144A,

5.25%,

5/15/30

.............

United

States

530,000

470,480

Senior

Secured

Note,

144A,

10.875%,

1/15/32

...........

United

States

245,000

259,973

b

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

7/15/32

.........................................

United

States

265,000

274,703

CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

440,000

454,920

Senior

Bond,

4.78%,

3/25/38

.........................

United

States

140,000

128,568

b

DaVita,

Inc.

,

Senior

Note,

144A,

6.875%,

9/01/32

...................

United

States

695,000

720,580

Senior

Note,

144A,

6.75%,

7/15/33

....................

United

States

55,000

56,827

HCA,

Inc.

,

Senior

Bond,

4.5%,

2/15/27

..........................

United

States

76,000

76,032

Senior

Bond,

4.125%,

6/15/29

........................

United

States

118,000

115,967

Senior

Note,

5.45%,

4/01/31

.........................

United

States

400,000

412,585

Senior

Note,

3.625%,

3/15/32

........................

United

States

410,000

378,342

Humana,

Inc.

,

Senior

Note

,

5.75

%

,

3/01/28

................

United

States

250,000

258,102

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.809

%

,

5/08/27

.........................................

United

States

215,000

219,576

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

......

Italy

540,000

518,610

Tenet

Healthcare

Corp.

,

Senior

Secured

Note,

5.125%,

11/01/27

................

United

States

550,000

549,477

Senior

Secured

Note,

4.25%,

6/01/29

..................

United

States

215,000

208,674

Senior

Secured

Note,

6.125%,

6/15/30

.................

United

States

345,000

351,429

UnitedHealth

Group,

Inc.

,

Senior

Bond,

3.95%,

10/15/42

........................

United

States

245,000

198,867

Senior

Note,

3.85%,

6/15/28

.........................

United

States

740,000

733,867

6,761,705

Health

Care

REITs

0.0%

†

b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/32

....................

United

States

600,000

628,417

Health

Care

Technology

0.1%

b

AthenaHealth

Group,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/30

...

United

States

405,000

399,012

b

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

6/01/32

.............

United

States

735,000

755,189

1,154,201

Hotel

&

Resort

REITs

0.0%

†

b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note,

144A,

7.25%,

7/15/28

....................

United

States

80,000

82,864

Senior

Note,

144A,

6.5%,

4/01/32

.....................

United

States

330,000

339,610

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Hotel

&

Resort

REITs

(continued)

b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.,

(continued)

Senior

Note,

144A,

6.5%,

6/15/33

.....................

United

States

165,000

$

169,846

b

XHR

LP

,

Senior

Note

,

144A,

6.625

%

,

5/15/30

..............

United

States

95,000

96,911

689,231

Hotels,

Restaurants

&

Leisure

0.4%

b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

4

%

,

10/15/30

.....................................

Canada

300,000

279,875

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

6/15/31

......

United

States

480,000

460,354

b

Caesars

Entertainment,

Inc.

,

Senior

Note,

144A,

4.625%,

10/15/29

..................

United

States

500,000

477,590

Senior

Note,

144A,

6%,

10/15/32

.....................

United

States

140,000

137,387

Senior

Secured

Note,

144A,

7%,

2/15/30

................

United

States

405,000

419,664

Senior

Secured

Note,

144A,

6.5%,

2/15/32

..............

United

States

50,000

51,337

b

Carnival

Corp.

,

Senior

Note,

144A,

5.75%,

3/01/27

....................

United

States

380,000

383,375

Senior

Note,

144A,

5.75%,

3/15/30

....................

United

States

284,000

288,989

Senior

Note,

144A,

5.875%,

6/15/31

...................

United

States

320,000

326,200

Senior

Note,

144A,

6.125%,

2/15/33

...................

United

States

155,000

158,685

Senior

Secured

Note,

144A,

4%,

8/01/28

................

United

States

375,000

367,266

b

Churchill

Downs,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

4/01/30

.....

United

States

275,000

276,075

b

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/30

.................

United

States

410,000

378,679

b

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75

%

,

11/15/29

.........................

Canada

225,000

220,393

Hyatt

Hotels

Corp.

,

Senior

Bond,

4.85%,

3/15/26

.........................

United

States

337,000

337,153

Senior

Note,

5.75%,

1/30/27

.........................

United

States

184,000

187,859

b

Light

&

Wonder

International,

Inc.

,

Senior

Note,

144A,

7.25%,

11/15/29

...................

United

States

415,000

427,816

Senior

Note,

144A,

7.5%,

9/01/31

.....................

United

States

55,000

57,587

Marriott

International,

Inc.

,

GG

,

Senior

Bond

,

3.5

%

,

10/15/32

...

United

States

430,000

391,108

b

NCL

Corp.

Ltd.

,

Senior

Note,

144A,

7.75%,

2/15/29

....................

United

States

170,000

180,864

Senior

Note,

144A,

6.75%,

2/01/32

....................

United

States

120,000

122,670

Senior

Secured

Note,

144A,

8.125%,

1/15/29

............

United

States

120,000

126,577

b

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

5.625

%

,

1/15/27

.

United

States

295,000

294,310

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

5.625%,

9/30/31

...................

United

States

215,000

216,448

Senior

Note,

144A,

6.25%,

3/15/32

....................

United

States

60,000

61,710

Senior

Note,

144A,

6%,

2/01/33

......................

United

States

485,000

494,653

b

Scientific

Games

Holdings

LP

/

Scientific

Games

US

FinCo

,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

3/01/30

....................

United

States

285,000

274,876

b

Six

Flags

Entertainment

Corp.

,

Senior

Note

,

144A,

7.25

%

,

5/15/31

.........................................

United

States

325,000

334,201

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

130,000

134,168

b

Station

Casinos

LLC

,

Senior

Note

,

144A,

6.625

%

,

3/15/32

.....

United

States

195,000

199,512

b

Viking

Cruises

Ltd.

,

Senior

Note,

144A,

7%,

2/15/29

......................

United

States

120,000

121,127

Senior

Note,

144A,

9.125%,

7/15/31

...................

United

States

305,000

328,676

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Bond,

144A,

5.125%,

10/01/29

..................

United

States

310,000

307,972

Senior

Note,

144A,

7.125%,

2/15/31

...................

United

States

470,000

501,530

9,326,686

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Household

Durables

0.0%

†

DR

Horton,

Inc.

,

Senior

Bond,

5%,

10/15/34

..........................

United

States

135,000

$

133,556

Senior

Note,

1.3%,

10/15/26

.........................

United

States

590,000

567,432

b

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75

%

,

12/15/28

........

United

States

365,000

379,660

Newell

Brands,

Inc.

,

Senior

Note,

6.375%,

5/15/30

........................

United

States

115,000

112,162

Senior

Note,

6.625%,

5/15/32

........................

United

States

160,000

153,033

b

Senior

Note,

144A,

8.5%,

6/01/28

.....................

United

States

170,000

178,961

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond,

144A,

5.125%,

8/01/30

...................

United

States

210,000

209,401

Senior

Note,

144A,

5.875%,

6/15/27

...................

United

States

110,000

111,928

Senior

Note,

144A,

5.75%,

1/15/28

....................

United

States

135,000

137,120

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35

%

,

2/15/28

.....

United

States

123,000

122,392

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

..............................

United

States

240,000

232,615

2,338,260

Household

Products

0.0%

†

b

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

3/31/29

..

United

States

120,000

113,605

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

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

188,000

184,447

Senior

Note,

5.45%,

6/01/28

.........................

United

States

145,000

148,212

Senior

Note,

2.45%,

1/15/31

.........................

United

States

230,000

201,190

b

Calpine

Corp.

,

Senior

Bond

,

144A,

5

%

,

2/01/31

.............

United

States

195,000

193,038

Constellation

Energy

Generation

LLC

,

Senior

Note

,

5.6

%

,

3/01/28

United

States

235,000

243,228

b,f

Vistra

Corp.

,

Junior

Sub.

Bond,

144A,

8%

to

10/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

135,000

138,358

Junior

Sub.

Bond,

144A,

7%

to

12/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

185,000

187,345

1,500,020

Industrial

Conglomerates

0.0%

†

Honeywell

International,

Inc.

,

Senior

Bond

,

3.812

%

,

11/21/47

..

United

States

155,000

120,120

Industrial

REITs

0.0%

†

Prologis

LP

,

Senior

Bond,

2.25%,

4/15/30

.........................

United

States

113,000

102,786

Senior

Note,

2.125%,

4/15/27

........................

United

States

47,000

45,444

Senior

Note,

1.75%,

2/01/31

.........................

United

States

320,000

277,717

425,947

Insurance

0.2%

b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note,

144A,

8.5%,

6/15/29

.....................

United

States

335,000

349,593

Senior

Secured

Note,

144A,

7.5%,

11/06/30

.............

United

States

335,000

346,284

b

AEGON

Funding

Co.

LLC

,

Senior

Note

,

144A,

5.5

%

,

4/16/27

..

Netherlands

220,000

222,762

b

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

5.875%,

11/01/29

..................

United

States

415,000

409,393

Senior

Note,

144A,

7.375%,

10/01/32

..................

United

States

100,000

103,206

Senior

Secured

Note,

144A,

7%,

1/15/31

................

United

States

440,000

455,473

b

Athene

Global

Funding

,

Secured

Note,

144A,

5.349%,

7/09/27

..................

United

States

375,000

380,952

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Insurance

(continued)

b

Athene

Global

Funding,

(continued)

Secured

Note,

144A,

1.985%,

8/19/28

..................

United

States

440,000

$

406,251

Secured

Note,

144A,

5.526%,

7/11/31

..................

United

States

245,000

250,469

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond,

4.3%,

5/15/43

..........................

United

States

90,000

79,330

Senior

Bond,

2.85%,

10/15/50

........................

United

States

375,000

242,216

Brown

&

Brown,

Inc.

,

Senior

Note,

4.7%,

6/23/28

..........................

United

States

110,000

110,961

Senior

Note,

4.9%,

6/23/30

..........................

United

States

271,000

273,672

CNO

Financial

Group,

Inc.

,

Senior

Note

,

5.25

%

,

5/30/29

......

United

States

210,000

211,953

b

CNO

Global

Funding

,

Secured

Note,

144A,

4.875%,

12/10/27

.................

United

States

130,000

131,074

Secured

Note,

144A,

2.65%,

1/06/29

...................

United

States

210,000

196,312

Secured

Note,

144A,

4.95%,

9/09/29

...................

United

States

261,000

263,847

b

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.2

%

,

6/24/29

United

States

160,000

163,825

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85

%

,

4/17/28

...

Canada

468,000

472,292

b

HUB

International

Ltd.

,

Senior

Secured

Note

,

144A,

7.25

%

,

6/15/30

.........................................

United

States

320,000

334,646

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Note,

144A,

10.5%,

12/15/30

...................

Canada

300,000

319,988

Senior

Secured

Note,

144A,

8.5%,

3/15/30

..............

Canada

130,000

137,886

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond,

4.375%,

3/15/29

........................

United

States

212,000

212,894

Senior

Bond,

4.9%,

3/15/49

..........................

United

States

175,000

158,279

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467

%

,

12/08/28

........................................

United

States

305,000

315,741

6,549,299

Interactive

Media

&

Services

0.1%

Meta

Platforms,

Inc.

,

Senior

Bond

,

5.4

%

,

8/15/54

...........

United

States

385,000

375,739

b

Snap,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/33

............

United

States

715,000

734,127

1,109,866

IT

Services

0.0%

†

b

Ahead

DB

Holdings

LLC

,

Senior

Note

,

144A,

6.625

%

,

5/01/28

..

United

States

175,000

175,653

b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

7/01/32

...............

United

States

625,000

616,225

b

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

6/01/31

.........................................

United

States

245,000

256,972

b

Gartner,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

10/01/30

...........

United

States

315,000

294,967

1,343,817

Leisure

Products

0.0%

†

b

Mattel,

Inc.

,

Senior

Note

,

144A,

3.375

%

,

4/01/26

............

United

States

140,000

138,283

Life

Sciences

Tools

&

Services

0.0%

†

Illumina,

Inc.

,

Senior

Note

,

4.65

%

,

9/09/26

................

United

States

131,000

131,190

Machinery

0.0%

†

Caterpillar,

Inc.

,

Senior

Bond

,

5.2

%

,

5/15/35

...............

United

States

300,000

305,964

b

Chart

Industries,

Inc.

,

Senior

Note

,

144A,

9.5

%

,

1/01/31

......

United

States

105,000

112,163

b

Daimler

Truck

Finance

North

America

LLC

,

Senior

Note

,

144A,

5.125

%

,

9/25/27

...................................

Germany

260,000

263,786

Oshkosh

Corp.

,

Senior

Bond

,

4.6

%

,

5/15/28

...............

United

States

146,000

146,259

Otis

Worldwide

Corp.

,

Senior

Note

,

2.565

%

,

2/15/30

.........

United

States

145,000

133,822

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Machinery

(continued)

b

Terex

Corp.

,

Senior

Note,

144A,

5%,

5/15/29

......................

United

States

180,000

$

175,818

Senior

Note,

144A,

6.25%,

10/15/32

...................

United

States

225,000

225,607

1,363,419

Media

0.3%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond,

4.8%,

3/01/50

...................

United

States

220,000

176,147

Senior

Secured

Bond,

3.7%,

4/01/51

...................

United

States

205,000

136,661

Senior

Secured

Note,

4.908%,

7/23/25

.................

United

States

42,000

41,998

Senior

Secured

Note,

2.25%,

1/15/29

..................

United

States

510,000

469,798

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

....................

United

States

125,000

118,222

Senior

Secured

Note,

144A,

7.875%,

4/01/30

............

United

States

300,000

309,946

Comcast

Corp.

,

Senior

Bond,

2.35%,

1/15/27

.........................

United

States

157,000

152,798

Senior

Bond,

3.999%,

11/01/49

.......................

United

States

130,000

98,892

Senior

Bond,

3.45%,

2/01/50

.........................

United

States

224,000

153,725

Senior

Bond,

2.987%,

11/01/63

.......................

United

States

107,000

60,220

b

CSC

Holdings

LLC

,

Senior

Note

,

144A,

11.75

%

,

1/31/29

......

United

States

285,000

271,258

b

Directv

Financing

LLC

,

Senior

Secured

Note

,

144A,

8.875

%

,

2/01/30

.........................................

United

States

115,000

112,871

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

8/15/27

............

United

States

120,000

119,683

Senior

Secured

Note,

144A,

10%,

2/15/31

...............

United

States

240,000

233,165

EchoStar

Corp.

,

Senior

Secured

Note

,

10.75

%

,

11/30/29

......

United

States

400,000

412,340

b

Gray

Media,

Inc.

,

Senior

Bond

,

144A,

5.375

%

,

11/15/31

......

United

States

340,000

255,237

Interpublic

Group

of

Cos.,

Inc.

(The)

,

Senior

Bond

,

4.65

%

,

10/01/28

........................................

United

States

698,000

701,694

b

McGraw-Hill

Education,

Inc.

,

Senior

Note,

144A,

8%,

8/01/29

......................

United

States

420,000

427,926

Senior

Secured

Note,

144A,

5.75%,

8/01/28

.............

United

States

145,000

145,974

Senior

Secured

Note,

144A,

7.375%,

9/01/31

............

United

States

365,000

381,024

b

News

Corp.

,

Senior

Bond,

144A,

5.125%,

2/15/32

...................

United

States

76,000

74,427

Senior

Note,

144A,

3.875%,

5/15/29

...................

United

States

145,000

138,840

b

Nexstar

Media,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

11/01/28

......

United

States

185,000

180,328

Omnicom

Group,

Inc.

/

Omnicom

Capital,

Inc.

,

Senior

Bond

,

3.6

%

,

4/15/26

....................................

United

States

390,000

387,141

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond,

144A,

4.625%,

3/15/30

...................

United

States

245,000

234,176

Senior

Note,

144A,

5%,

8/15/27

......................

United

States

90,000

89,607

Senior

Secured

Note,

144A,

7.375%,

2/15/31

............

United

States

160,000

169,516

Paramount

Global

,

Senior

Bond,

2.9%,

1/15/27

..........................

United

States

64,000

62,335

Senior

Bond,

4.2%,

6/01/29

..........................

United

States

115,000

111,914

Senior

Note,

3.7%,

6/01/28

..........................

United

States

85,000

82,531

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

2/15/33

...................................

United

States

690,000

697,650

b

Sirius

XM

Radio

LLC

,

Senior

Bond,

144A,

3.875%,

9/01/31

...................

United

States

320,000

284,653

Senior

Note,

144A,

4%,

7/15/28

......................

United

States

225,000

216,256

TCI

Communications,

Inc.

,

Senior

Bond

,

7.125

%

,

2/15/28

.....

United

States

205,000

219,860

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375

%

,

7/15/33

...................................

United

States

144,000

167,752

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Media

(continued)

b

VZ

Secured

Financing

BV

,

Senior

Secured

Note

,

144A,

5

%

,

1/15/32

.........................................

Netherlands

580,000

$

516,460

b

Ziggo

Bond

Co.

BV

,

Senior

Bond

,

144A,

5.125

%

,

2/28/30

.....

Netherlands

255,000

222,895

8,635,920

Metals

&

Mining

0.1%

ArcelorMittal

SA

,

Senior

Bond

,

7

%

,

10/15/39

...............

Luxembourg

465,000

515,545

b

Big

River

Steel

LLC

/

BRS

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625

%

,

1/31/29

..............................

United

States

263,000

265,294

b

Cleveland-Cliffs,

Inc.

,

Senior

Note

,

144A,

7

%

,

3/15/32

........

United

States

230,000

217,100

Commercial

Metals

Co.

,

Senior

Bond,

4.375%,

3/15/32

........................

United

States

95,000

87,580

Senior

Note,

4.125%,

1/15/30

........................

United

States

115,000

110,488

b

Constellium

SE

,

Senior

Note,

Reg

S,

3.125%,

7/15/29

..................

United

States

100,000

EUR

113,607

Senior

Note,

144A,

6.375%,

8/15/32

...................

United

States

325,000

330,626

b

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Bond

,

144A,

6.125

%

,

4/15/32

...................................

Australia

250,000

254,469

b

Glencore

Funding

LLC

,

Senior

Bond,

144A,

4%,

3/27/27

......................

Australia

210,000

208,363

Senior

Bond,

144A,

2.5%,

9/01/30

.....................

Australia

328,000

295,658

Senior

Bond,

144A,

5.634%,

4/04/34

...................

Australia

170,000

173,356

Senior

Note,

144A,

5.371%,

4/04/29

...................

Australia

10,000

10,256

b

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

4/01/29

....

Canada

265,000

269,325

b

Novelis

Corp.

,

Senior

Bond,

144A,

4.75%,

1/30/30

....................

United

States

175,000

167,794

Senior

Bond,

144A,

3.875%,

8/15/31

...................

United

States

200,000

179,870

Senior

Note,

144A,

6.875%,

1/30/30

...................

United

States

240,000

248,293

b

TMS

International

Corp.

,

Senior

Note

,

144A,

6.25

%

,

4/15/29

...

United

States

280,000

266,457

United

States

Steel

Corp.

,

Senior

Bond

,

6.65

%

,

6/01/37

......

United

States

140,000

149,102

3,863,183

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

320,000

304,427

b

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

,

Senior

Note

,

144A,

5.25

%

,

10/01/25

..............

United

States

65,000

65,017

369,444

Multi-Utilities

0.1%

Ameren

Corp.

,

Senior

Note

,

5

%

,

1/15/29

..................

United

States

180,000

183,328

Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2

%

,

3/15/42

....................................

United

States

130,000

110,305

Dominion

Energy,

Inc.

,

Senior

Note

,

4.6

%

,

5/15/28

..........

United

States

280,000

281,923

NiSource,

Inc.

,

Senior

Bond

,

5.85

%

,

4/01/55

...............

United

States

180,000

178,300

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448

%

,

6/01/53

.....

United

States

140,000

133,621

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95

%

,

9/15/34

.

United

States

865,000

857,807

1,745,284

Oil,

Gas

&

Consumable

Fuels

0.5%

Cenovus

Energy,

Inc.

,

Senior

Bond

,

6.75

%

,

11/15/39

.........

Canada

25,000

26,775

Cheniere

Energy

Partners

LP

,

Senior

Note

,

4.5

%

,

10/01/29

....

United

States

1,010,000

999,539

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927

%

,

8/15/30

...................................

United

States

150,000

158,432

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Oil,

Gas

&

Consumable

Fuels

(continued)

b

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25

%

,

10/01/29

........................................

Australia

95,000

$

70,916

b,g

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375

%

,

1/15/34

.........................................

United

States

475,000

475,622

Devon

Energy

Corp.

,

Senior

Bond

,

7.95

%

,

4/15/32

..........

United

States

170,000

195,433

Enbridge,

Inc.

,

Senior

Bond,

4.25%,

12/01/26

........................

Canada

210,000

209,670

Senior

Bond,

4.5%,

6/10/44

..........................

Canada

355,000

291,284

b

Encino

Acquisition

Partners

Holdings

LLC

,

Senior

Note

,

144A,

8.5

%

,

5/01/28

....................................

United

States

435,000

447,249

Energy

Transfer

LP

,

f

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

1,275,000

1,273,844

Senior

Bond,

3.75%,

5/15/30

.........................

United

States

625,000

599,906

Senior

Note,

5.5%,

6/01/27

..........................

United

States

84,000

85,538

b

Expand

Energy

Corp.

,

Senior

Note

,

144A,

6.75

%

,

4/15/29

.....

United

States

665,000

673,376

b

Global

Partners

LP

/

GLP

Finance

Corp.

,

Senior

Note

,

144A,

7.125

%

,

7/01/33

...................................

United

States

510,000

517,519

b

Hess

Midstream

Operations

LP

,

Senior

Note,

144A,

5.875%,

3/01/28

...................

United

States

175,000

177,718

Senior

Note,

144A,

5.125%,

6/15/28

...................

United

States

210,000

208,675

Senior

Note,

144A,

6.5%,

6/01/29

.....................

United

States

140,000

144,071

Senior

Note,

144A,

5.5%,

10/15/30

....................

United

States

175,000

175,895

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Note

,

144A,

8.375

%

,

11/01/33

..................................

United

States

155,000

160,946

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375

%

,

4/24/30

.........................................

Kazakhstan

220,000

222,017

Kinder

Morgan,

Inc.

,

Senior

Bond,

7.75%,

1/15/32

.........................

United

States

305,000

352,285

Senior

Note,

1.75%,

11/15/26

........................

United

States

115,000

111,108

Senior

Note,

5%,

2/01/29

...........................

United

States

175,000

177,784

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

......

United

States

575,000

580,238

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5

%

,

4/15/32

....

United

States

355,000

355,419

Occidental

Petroleum

Corp.

,

Senior

Bond,

7.5%,

5/01/31

..........................

United

States

235,000

258,816

Senior

Bond,

6.2%,

3/15/40

..........................

United

States

800,000

783,592

Senior

Note,

8.5%,

7/15/27

..........................

United

States

138,000

146,072

ONEOK,

Inc.

,

Senior

Note

,

4.75

%

,

10/15/31

...............

United

States

500,000

495,316

Ovintiv

,

Inc.

,

Senior

Note

,

5.65

%

,

5/15/28

.................

United

States

715,000

735,243

b

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25

%

,

5/21/30

.

Indonesia

200,000

202,151

b,g

Raizen

Fuels

Finance

SA

,

Senior

Note

,

144A,

6.25

%

,

7/08/32

..

Brazil

200,000

198,750

b

Sitio

Royalties

Operating

Partnership

LP

/

Sitio

Finance

Corp.

,

Senior

Note

,

144A,

7.875

%

,

11/01/28

...................

United

States

255,000

267,162

SM

Energy

Co.

,

Senior

Bond

,

6.75

%

,

9/15/26

..............

United

States

165,000

165,212

b

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

144A,

5.026

%

,

10/01/29

..................................

Canada

345,000

346,226

Spectra

Energy

Partners

LP

,

Senior

Note

,

3.375

%

,

10/15/26

...

United

States

190,000

187,398

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25

%

,

7/01/33

.............

United

States

335,000

340,803

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

4.875

%

,

2/01/31

............

United

States

109,000

108,184

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5

%

,

10/15/29

........................................

United

States

395,000

383,061

b

Venture

Global

LNG,

Inc.

,

f

Junior

Sub.

Bond,

144A,

9%

to

9/29/29,

FRN

thereafter,

Perpetual

.......................................

United

States

315,000

306,542

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Oil,

Gas

&

Consumable

Fuels

(continued)

b

Venture

Global

LNG,

Inc.,

(continued)

Senior

Secured

Note,

144A,

9.5%,

2/01/29

..............

United

States

280,000

$

305,201

Senior

Secured

Note,

144A,

8.375%,

6/01/31

............

United

States

355,000

368,969

Senior

Secured

Note,

144A,

9.875%,

2/01/32

............

United

States

260,000

280,953

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

.............

United

States

75,000

81,247

Senior

Secured

Note,

144A,

7.5%,

5/01/33

..............

United

States

75,000

80,364

b

Viper

Energy,

Inc.

,

Senior

Note,

144A,

5.375%,

11/01/27

..................

United

States

70,000

70,122

Senior

Note,

144A,

7.375%,

11/01/31

..................

United

States

430,000

456,596

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6

%

,

3/15/35

........

United

States

173,000

177,923

15,437,162

Paper

&

Forest

Products

0.0%

†

b

Magnera

Corp.

,

Senior

Note

,

144A,

4.75

%

,

11/15/29

.........

United

States

120,000

106,157

Mercer

International,

Inc.

,

Senior

Note,

5.125%,

2/01/29

........................

Germany

190,000

155,148

b

Senior

Note,

144A,

12.875%,

10/01/28

.................

Germany

155,000

157,405

418,710

Passenger

Airlines

0.0%

†

b

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

..............

United

States

78,333

78,202

Senior

Secured

Note,

144A,

5.75%,

4/20/29

.............

United

States

235,000

234,941

b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021

%

,

10/20/29

........................................

United

States

295,000

292,095

b

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875

%

,

12/15/29

.....

United

States

270,000

281,369

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

4/15/29

United

States

315,000

305,977

1,192,584

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

275,000

268,994

Senior

Secured

Note,

144A,

6.625%,

7/15/30

............

United

States

170,000

174,037

Kenvue

,

Inc.

,

Senior

Note,

4.85%,

5/22/32

.........................

United

States

45,000

45,566

Senior

Note,

4.9%,

3/22/33

..........................

United

States

263,000

267,018

b

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5

%

,

3/31/32

...

France

715,000

730,203

1,485,818

Pharmaceuticals

0.1%

b

1261229

BC

Ltd.

,

Senior

Secured

Note

,

144A,

10

%

,

4/15/32

...

United

States

200,000

201,898

Bristol-Myers

Squibb

Co.

,

Senior

Note

,

4.9

%

,

2/22/29

........

United

States

395,000

404,536

Eli

Lilly

&

Co.

,

Senior

Bond,

4.875%,

2/27/53

........................

United

States

145,000

132,976

Senior

Note,

4.75%,

2/12/30

.........................

United

States

300,000

307,670

b

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

4/15/31

.........................................

United

States

145,000

153,672

Merck

&

Co.,

Inc.

,

Senior

Bond

,

3.7

%

,

2/10/45

.............

United

States

395,000

312,202

Novartis

Capital

Corp.

,

Senior

Bond

,

4

%

,

11/20/45

..........

United

States

650,000

542,892

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond,

4.75%,

5/19/33

.........................

United

States

403,000

401,952

Senior

Bond,

5.3%,

5/19/53

..........................

United

States

105,000

99,199

Senior

Note,

4.45%,

5/19/28

.........................

United

States

87,000

87,714

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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)

Pharmaceuticals

(continued)

b

Roche

Holdings,

Inc.

,

Senior

Bond

,

144A,

4

%

,

11/28/44

......

United

States

550,000

$

460,983

Royalty

Pharma

plc

,

Senior

Note

,

5.15

%

,

9/02/29

...........

United

States

360,000

367,659

Teva

Pharmaceutical

Finance

Netherlands

II

BV

,

Senior

Note

,

4.375

%

,

5/09/30

...................................

Israel

495,000

EUR

595,490

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

5.125%,

5/09/29

........................

Israel

555,000

558,614

Senior

Note,

7.875%,

9/15/29

........................

Israel

200,000

218,424

Senior

Note,

8.125%,

9/15/31

........................

Israel

225,000

255,062

Viatris

,

Inc.

,

Senior

Note

,

2.3

%

,

6/22/27

...................

United

States

291,000

277,409

Wyeth

LLC

,

Senior

Bond

,

5.95

%

,

4/01/37

.................

United

States

305,000

325,485

Zoetis,

Inc.

,

Senior

Bond

,

2

%

,

5/15/30

....................

United

States

244,000

219,378

5,923,215

Professional

Services

0.0%

†

b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/33

..

United

States

395,000

408,113

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

198,200

185,351

Semiconductors

&

Semiconductor

Equipment

0.1%

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note,

3.875%,

1/15/27

........................

United

States

494,000

490,781

Senior

Note,

3.5%,

1/15/28

..........................

United

States

1,147,000

1,125,602

Broadcom,

Inc.

,

b

Senior

Bond,

144A,

3.187%,

11/15/36

..................

United

States

80,000

66,352

Senior

Note,

5.05%,

7/12/29

.........................

United

States

280,000

286,832

Senior

Note,

5.05%,

4/15/30

.........................

United

States

155,000

158,829

Marvell

Technology,

Inc.

,

Senior

Note

,

4.75

%

,

7/15/30

........

United

States

110,000

110,520

2,238,916

Software

0.2%

Atlassian

Corp.

,

Senior

Bond,

5.5%,

5/15/34

..........................

United

States

36,000

36,986

Senior

Note,

5.25%,

5/15/29

.........................

United

States

224,000

230,072

Cadence

Design

Systems,

Inc.

,

Senior

Note

,

4.3

%

,

9/10/29

....

United

States

270,000

270,111

b

Cloud

Software

Group,

Inc.

,

Secured

Note,

144A,

9%,

9/30/29

.....................

United

States

170,000

176,367

Senior

Secured

Note,

144A,

6.5%,

3/31/29

..............

United

States

290,000

292,888

b

McAfee

Corp.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

..........

United

States

370,000

349,785

Microsoft

Corp.

,

Senior

Bond

,

2.4

%

,

8/08/26

...............

United

States

930,000

914,402

Oracle

Corp.

,

Senior

Bond,

2.875%,

3/25/31

........................

United

States

295,000

269,163

Senior

Bond,

3.65%,

3/25/41

.........................

United

States

305,000

240,621

Senior

Bond,

4%,

11/15/47

..........................

United

States

870,000

666,507

b

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/29

......

United

States

260,000

252,531

ServiceNow,

Inc.

,

Senior

Bond

,

1.4

%

,

9/01/30

..............

United

States

315,000

273,104

Synopsys,

Inc.

,

Senior

Note

,

4.85

%

,

4/01/30

...............

United

States

320,000

324,543

b

UKG,

Inc.

,

Senior

Secured

Note

,

144A,

6.875

%

,

2/01/31

......

United

States

355,000

368,561

4,665,641

Specialized

REITs

0.3%

American

Tower

Corp.

,

Senior

Bond,

3.55%,

7/15/27

.........................

United

States

476,000

469,285

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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

Corporate

Bonds

(continued)

Specialized

REITs

(continued)

American

Tower

Corp.,

(continued)

Senior

Bond,

2.9%,

1/15/30

..........................

United

States

154,000

$

143,567

Senior

Bond,

2.7%,

4/15/31

..........................

United

States

397,000

356,233

Senior

Note,

2.75%,

1/15/27

.........................

United

States

520,000

507,819

Senior

Note,

4.9%,

3/15/30

..........................

United

States

115,000

116,677

Crown

Castle,

Inc.

,

Senior

Bond,

3.7%,

6/15/26

..........................

United

States

112,000

111,054

Senior

Bond,

3.65%,

9/01/27

.........................

United

States

319,000

313,610

Senior

Bond,

3.8%,

2/15/28

..........................

United

States

250,000

245,664

Senior

Note,

1.05%,

7/15/26

.........................

United

States

228,000

219,646

Equinix,

Inc.

,

Senior

Bond,

3.2%,

11/18/29

.........................

United

States

142,000

134,799

Senior

Note,

2.9%,

11/18/26

.........................

United

States

820,000

803,891

b

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

1/15/33

.......

United

States

580,000

596,765

Weyerhaeuser

Co.

,

Senior

Bond

,

7.375

%

,

3/15/32

..........

United

States

30,000

33,891

4,052,901

Specialty

Retail

0.0%

†

Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875

%

,

11/01/35

.....

United

States

525,000

545,224

b,e

BCPE

Ulysses

Intermediate,

Inc.

,

Senior

Note

,

144A,

PIK,

7.75

%

,

4/01/27

.........................................

United

States

170,000

164,432

b,e

Carvana

Co.

,

Senior

Secured

Note,

144A,

PIK,

9%,

12/01/28

...........

United

States

236,340

242,656

Senior

Secured

Note,

144A,

PIK,

9%,

6/01/31

............

United

States

235,000

266,197

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

3.15

%

,

1/15/32

.....

United

States

230,000

206,276

Home

Depot,

Inc.

(The)

,

Senior

Bond,

4.95%,

6/25/34

.........................

United

States

215,000

217,709

Senior

Bond,

5.3%,

6/25/54

..........................

United

States

215,000

206,583

b

Specialty

Building

Products

Holdings

LLC

/

SBP

Finance

Corp.

,

Senior

Secured

Note

,

144A,

7.75

%

,

10/15/29

.............

United

States

140,000

137,708

b

White

Cap

Buyer

LLC

,

Senior

Note

,

144A,

6.875

%

,

10/15/28

...

United

States

500,000

499,622

2,486,407

Technology

Hardware,

Storage

&

Peripherals

0.2%

Apple,

Inc.

,

Senior

Bond,

3.85%,

5/04/43

.........................

United

States

314,000

263,174

Senior

Bond,

4.375%,

5/13/45

........................

United

States

598,000

528,703

Senior

Bond,

3.95%,

8/08/52

.........................

United

States

240,000

191,443

Hewlett

Packard

Enterprise

Co.

,

Senior

Bond,

5%,

10/15/34

..........................

United

States

57,000

55,317

Senior

Bond,

5.6%,

10/15/54

.........................

United

States

113,000

104,442

Senior

Note,

4.55%,

10/15/29

........................

United

States

552,000

549,367

Senior

Note,

4.85%,

10/15/31

........................

United

States

113,000

112,758

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note

,

144A,

5.875

%

,

7/15/30

...................................

United

States

310,000

315,403

Seagate

HDD

Cayman

,

Senior

Note

,

3.125

%

,

7/15/29

........

United

States

110,000

99,699

2,220,306

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

b,g

Beach

Acquisition

Bidco

LLC

,

e

Senior

Note,

144A,

PIK,

10%,

7/15/33

..................

United

States

345,000

358,460

Senior

Secured

Note,

144A,

5.25%,

7/15/32

.............

United

States

230,000

EUR

273,204

b

Crocs,

Inc.

,

Senior

Note

,

144A,

4.25

%

,

3/15/29

.............

United

States

195,000

186,201

b

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/31

..........

United

States

420,000

445,085

b

Levi

Strauss

&

Co.

,

Senior

Bond

,

144A,

3.5

%

,

3/01/31

.......

United

States

435,000

398,479

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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

Corporate

Bonds

(continued)

Textiles,

Apparel

&

Luxury

Goods

(continued)

PVH

Corp.

,

Senior

Note

,

5.5

%

,

6/13/30

...................

United

States

280,000

$

282,100

b

Under

Armour

,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

7/15/30

.......

United

States

275,000

279,182

2,222,711

Tobacco

0.0%

†

Philip

Morris

International,

Inc.

,

Senior

Note,

5.125%,

2/15/30

........................

United

States

438,000

450,803

Senior

Note,

4.375%,

4/30/30

........................

United

States

65,000

64,861

Senior

Note,

4.75%,

11/01/31

........................

United

States

205,000

206,640

722,304

Trading

Companies

&

Distributors

0.2%

Air

Lease

Corp.

,

Senior

Bond,

4.625%,

10/01/28

.......................

United

States

434,000

437,033

Senior

Bond,

3.25%,

10/01/29

........................

United

States

519,000

494,711

Senior

Note,

5.85%,

12/15/27

........................

United

States

140,000

144,861

Senior

Note,

2.1%,

9/01/28

..........................

United

States

195,000

182,126

b

Aircastle

Ltd.

,

Senior

Note,

144A,

5.25%,

8/11/25

....................

United

States

475,000

474,978

Senior

Note,

144A,

6.5%,

7/18/28

.....................

United

States

275,000

287,240

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875

%

,

7/01/30

.....

United

States

315,000

306,691

b

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

.....................

United

States

265,000

280,285

Secured

Note,

144A,

8.625%,

5/15/32

..................

United

States

185,000

196,829

b

Foundation

Building

Materials,

Inc.

,

Senior

Note

,

144A,

6

%

,

3/01/29

.........................................

United

States

335,000

307,555

b

Herc

Holdings,

Inc.

,

Senior

Note,

144A,

5.5%,

7/15/27

.....................

United

States

280,000

280,248

Senior

Note,

144A,

6.625%,

6/15/29

...................

United

States

160,000

164,297

Senior

Note,

144A,

7%,

6/15/30

......................

United

States

80,000

83,599

Senior

Note,

144A,

7.25%,

6/15/33

....................

United

States

55,000

57,665

b

Imola

Merger

Corp.

,

Senior

Secured

Note

,

144A,

4.75

%

,

5/15/29

United

States

290,000

280,177

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/30/32

.........................................

United

States

520,000

537,005

b

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

144A,

6.125

%

,

3/15/34

.........................................

United

States

240,000

247,506

b

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

6.375%,

3/15/29

...................

United

States

70,000

72,106

Senior

Note,

144A,

6.625%,

3/15/32

...................

United

States

325,000

338,136

Senior

Note,

144A,

6.375%,

3/15/33

...................

United

States

130,000

134,458

5,307,506

Transportation

Infrastructure

0.0%

†

b,f

DP

World

Salaam

,

Junior

Sub.

Bond

,

Reg

S,

6%

to

12/31/25,

FRN

thereafter

,

Perpetual

...........................

United

Arab

Emirates

430,000

430,140

Wireless

Telecommunication

Services

0.2%

b

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

9

%

,

9/15/29

............................

United

Kingdom

565,000

568,603

Rogers

Communications,

Inc.

,

Senior

Bond,

8.75%,

5/01/32

.........................

Canada

166,000

196,910

Senior

Note,

5%,

2/15/29

...........................

Canada

670,000

679,648

T-Mobile

USA,

Inc.

,

Senior

Bond,

5.375%,

4/15/27

........................

United

States

6,000

6,010

Senior

Bond,

2.875%,

2/15/31

........................

United

States

160,000

145,700

Senior

Bond,

2.25%,

11/15/31

........................

United

States

600,000

520,443

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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

Corporate

Bonds

(continued)

Wireless

Telecommunication

Services

(continued)

T-Mobile

USA,

Inc.,

(continued)

Senior

Bond,

5.05%,

7/15/33

.........................

United

States

125,000

$

125,899

Senior

Note,

3.75%,

4/15/27

.........................

United

States

862,000

853,393

Senior

Note,

4.95%,

3/15/28

.........................

United

States

365,000

371,239

Senior

Note,

3.375%,

4/15/29

........................

United

States

235,000

226,279

Senior

Note,

3.875%,

4/15/30

........................

United

States

108,000

104,925

Senior

Note,

5.125%,

5/15/32

........................

United

States

183,000

186,689

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625

%

,

7/15/29

.........................................

United

Kingdom

405,000

433,145

4,418,883

Total

Corporate

Bonds

(Cost

$219,277,193)

...................................

217,268,639

Senior

Floating

Rate

Interests

0.2%

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

164,274

164,634

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan,

8.191%,

(1-month

SOFR

+

3.75%),

10/04/28

........

United

States

178,515

171,265

335,899

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

242,185

241,907

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan,

6.827%,

(1-month

SOFR

+

2.5%),

8/04/31

..

United

States

49,625

49,607

291,514

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

222,353

218,184

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1,

7.51%,

(3-month

SOFR

+

3.25%),

4/03/28

...

Netherlands

303,698

305,502

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2,

7.55%,

(3-month

SOFR

+

3.25%),

4/03/28

...

Netherlands

113,283

113,956

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.642%,

(3-month

SOFR

+

4.25%),

4/23/29

..............

United

States

166,882

146,172

783,814

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

87,692

87,856

Communications

Equipment

0.0%

†

g,i

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

9.577%,

(1-month

SOFR

+

5.25%),

12/18/29

....................

United

States

340,000

344,639

Consumer

Finance

0.0%

†

g,i

Shift4

Payments

LLC,

First

Lien,

CME

Term

Loan,

6.803%,

(12-month

SOFR

+

2.75%),

5/07/32

....................

United

States

55,000

55,507

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

178,029

165,185

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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

Senior

Floating

Rate

Interests

(continued)

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

90,304

$

90,733

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

75,232

75,514

Electrical

Equipment

0.1%

i

Vertiv

Group

Corp.,

First

Lien,

Amendment

No.

5

CME

Term

Loan,

B3,

6.074%,

(1-month

SOFR

+

1.75%),

3/02/27

...........

United

States

380,150

380,992

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

256,927

256,796

Medline

Borrower

LP,

First

Lien,

Dollar

Incremental

CME

Term

Loan,

6.577%,

(1-month

SOFR

+

2.25%),

10/23/28

........

United

States

152,531

152,878

409,674

a

a

a

a

a

a

i

Hotels,

Restaurants

&

Leisure

0.1%

g

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

7.827%,

(1-month

SOFR

+

3.5%),

1/29/29

...............

United

States

346,813

346,827

g

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B,

9.074%,

(3-month

SOFR

+

4.75%),

11/01/29

.............

Canada

115,383

112,960

IRB

Holding

Corp.,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B,

6.827%,

(1-month

SOFR

+

2.5%),

12/15/27

...

United

States

190,074

190,273

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

7.285%,

(3-month

SOFR

+

3%),

4/04/29

...

United

States

138,598

138,639

788,699

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

193,538

194,263

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

114,703

115,275

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

149,412

148,532

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.791%,

(3-month

SOFR

+

5.25%),

8/02/29

.......

United

States

323,845

321,931

470,463

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

36,000

36,135

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

143,913

141,575

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

277,334

275,925

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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

Senior

Floating

Rate

Interests

(continued)

i

Passenger

Airlines

(continued)

g

American

Airlines,

Inc.,

First

Lien,

2025

Incremental

CME

Term

Loan,

7.58%,

(3-month

SOFR

+

3.25%),

5/28/32

..........

United

States

15,000

$

15,116

291,041

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

175,000

169,162

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.327%,

(1-month

SOFR

+

4%),

4/23/31

.......

United

States

313,630

313,826

482,988

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

51,094

51,207

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan,

8.577%,

(1-month

SOFR

+

4.25%),

11/28/28

....................

United

States

219,228

219,984

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.311%,

(1-month

SOFR

+

3%),

2/10/31

...............................

United

States

34,650

34,820

306,011

a

a

a

a

a

a

i

Specialty

Retail

0.0%

†

LBM

Acquisition

LLC,

First

Lien,

Amendment

No.

3

Incremental

CME

Term

Loan,

8.162%,

(1-month

SOFR

+

3.75%),

6/06/31

.

United

States

128,370

120,347

PetSmart

LLC,

First

Lien,

Initial

CME

Term

Loan,

8.177%,

(1-month

SOFR

+

3.75%),

2/11/28

.....................

United

States

168,964

167,591

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

7.577%,

(1-month

SOFR

+

3.25%),

10/19/29

.............

United

States

227,261

226,367

514,305

a

a

a

a

a

a

i

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

g

Beach

Acquisition

Bidco

LLC,

First

Lien,

CME

Term

Loan,

B,

7.316%,

(12-month

SOFR

+

3.25%),

6/25/32

.............

United

States

14,659

14,750

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.776%,

(3-month

SOFR

+

3.5%),

3/02/28

......................

United

States

222,746

209,498

224,248

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

30,000

29,672

Foundation

Building

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

8.28%,

(3-month

SOFR

+

4%),

1/29/31

.................

United

States

292,782

287,449

317,121

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

167,875

160,017

Total

Senior

Floating

Rate

Interests

(Cost

$7,091,217)

.........................

7,063,468

Foreign

Government

and

Agency

Securities

0.4%

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

300,000

EUR

302,607

Brazil

Government

Bond

,

Senior

Bond,

3.875%,

6/12/30

........................

Brazil

427,000

403,120

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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

Foreign

Government

and

Agency

Securities

(continued)

Brazil

Government

Bond,

(continued)

Senior

Bond,

3.75%,

9/12/31

.........................

Brazil

270,000

$

244,010

b

Bulgaria

Government

Bond

,

Senior

Bond,

Reg

S,

5%,

3/05/37

......................

Bulgaria

80,000

78,289

Senior

Note,

Reg

S,

3.625%,

9/05/32

...................

Bulgaria

100,000

EUR

122,246

Chile

Government

Bond

,

Senior

Bond

,

5.65

%

,

1/13/37

.......

Chile

280,000

289,128

Colombia

Government

Bond

,

Senior

Bond,

3.125%,

4/15/31

........................

Colombia

370,000

304,739

Senior

Bond,

7.5%,

2/02/34

..........................

Colombia

370,000

368,822

b

Comision

Federal

de

Electricidad

,

Senior

Bond

,

Reg

S,

3.875

%

,

7/26/33

.........................................

Mexico

280,000

238,294

b

Corp.

Nacional

del

Cobre

de

Chile

,

Senior

Bond

,

144A,

6.33

%

,

1/13/35

.........................................

Chile

200,000

208,036

b

Dominican

Republic

Government

Bond

,

Senior

Bond,

144A,

6.95%,

3/15/37

....................

Dominican

Republic

220,000

224,004

Senior

Bond,

Reg

S,

5.95%,

1/25/27

...................

Dominican

Republic

171,000

172,898

b

Electricite

de

France

SA

,

f

Junior

Sub.

Bond,

144A,

9.125%

to

6/14/33,

FRN

thereafter,

Perpetual

........................................

France

200,000

226,085

Senior

Bond,

144A,

5.75%,

1/13/35

....................

France

100,000

102,223

Senior

Note,

144A,

5.65%,

4/22/29

.....................

France

540,000

560,451

b

Guatemala

Government

Bond

,

Senior

Bond,

Reg

S,

6.6%,

6/13/36

....................

Guatemala

330,000

335,527

Senior

Note,

144A,

7.05%,

10/04/32

....................

Guatemala

230,000

244,896

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25

%

,

6/16/29

Hungary

230,000

232,154

b

Indonesia

Government

Bond

,

Senior

Bond

,

144A,

4.35

%

,

1/08/27

Indonesia

450,000

451,770

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125

%

,

6/15/33

.........................................

Ivory

Coast

225,000

204,931

b

Kazakhstan

Government

Bond

,

Senior

Bond

,

Reg

S,

4.714

%

,

4/09/35

.........................................

Kazakhstan

230,000

224,151

Mexico

Government

Bond

,

Senior

Bond

,

2.659

%

,

5/24/31

.....

Mexico

560,000

485,800

Panama

Government

Bond

,

Senior

Note

,

7.5

%

,

3/01/31

......

Panama

340,000

362,624

b

Paraguay

Government

Bond

,

Senior

Bond,

144A,

3.849%,

6/28/33

...................

Paraguay

200,000

181,924

Senior

Bond,

Reg

S,

4.7%,

3/27/27

....................

Paraguay

230,000

230,126

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.......

Peru

500,000

449,075

b

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

Senior

Bond

,

Reg

S,

5.45

%

,

5/21/28

...................

Indonesia

225,000

229,306

Petroleos

Mexicanos

,

Senior

Note

,

6.7

%

,

2/16/32

...........

Mexico

126,000

117,176

Philippines

Government

Bond

,

Senior

Bond

,

5.5

%

,

2/04/35

....

Philippines

310,000

321,553

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95

%

,

4/23/30

.

India

240,000

230,201

b

Romania

Government

Bond

,

Senior

Bond,

Reg

S,

5.625%,

2/22/36

..................

Romania

210,000

EUR

236,234

Senior

Note,

144A,

3%,

2/27/27

.......................

Romania

350,000

338,549

South

Africa

Government

Bond

,

Senior

Bond

,

4.85

%

,

9/27/27

..

South

Africa

360,000

359,583

b

Southern

Gas

Corridor

CJSC

,

Senior

Bond

,

Reg

S,

6.875

%

,

3/24/26

.........................................

Azerbaijan

220,000

223,169

Uruguay

Government

Bond

,

Senior

Bond,

7.875%,

1/15/33

........................

Uruguay

375,000

445,928

Senior

Bond,

7.625%,

3/21/36

........................

Uruguay

90,000

107,621

Total

Foreign

Government

and

Agency

Securities

(Cost

$9,815,180)

.............

10,059,408

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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

U.S.

Government

and

Agency

Securities

0.0%

†

j

U.S.

Treasury

Notes

,

0.25%,

10/31/25

..................................

United

States

267,000

$

263,475

2.375%,

5/15/27

..................................

United

States

125,000

121,929

Total

U.S.

Government

and

Agency

Securities

(Cost

$385,404)

..................

385,404

Asset-Backed

Securities

0.7%

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

495,000

496,740

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

350,000

350,754

Consumer

Staples

Distribution

&

Retail

0.0%

†

CVS

Pass-Through

Trust

,

6.036%,

12/10/28

..................................

United

States

3,759

3,812

b

2013,

144A,

4.704%,

1/10/36

.........................

United

States

106,402

102,003

105,815

a

a

a

a

a

a

Financial

Services

0.6%

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

260,000

261,248

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

g

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

300,078

300,484

b,i

Birch

Grove

CLO

2

Ltd.

,

2021-2A

,

A1R

,

144A,

FRN

,

5.669

%

,

(

3-month

SOFR

+

1.4

%

),

10/19/37

.

....................

United

States

350,000

350,330

b,i

Birch

Grove

CLO

8

Ltd.

,

2024-8A

,

A1

,

144A,

FRN

,

5.899

%

,

(

3-month

SOFR

+

1.63

%

),

4/20/37

.

....................

Jersey

325,000

326,191

b,i

BRAVO

Residential

Funding

Trust

,

2021-HE3

,

A2

,

144A,

FRN

,

5.305

%

,

(

30-day

SOFR

Average

+

1

%

),

8/25/69

.

..........

United

States

157,442

156,288

b,i

BXMT

Ltd.

,

2021-FL4

,

A

,

144A,

FRN

,

5.478

%

,

(

1-month

SOFR

+

1.164

%

),

5/15/38

.

.................................

United

States

336,012

333,924

b,i

CBAM

Ltd.

,

2017-2A,

AR,

144A,

FRN,

5.731%,

(3-month

SOFR

+

1.452%),

7/17/34

.........................................

United

States

246,000

246,367

2020-12A,

AR,

144A,

FRN,

5.711%,

(3-month

SOFR

+

1.442%),

7/20/34

.........................................

United

States

250,000

250,360

b,i

CIFC

Funding

Ltd.

,

2014-2RA,

AR,

144A,

FRN,

5.635%,

(3-month

SOFR

+

1.36%),

10/24/37

........................................

United

States

300,000

301,350

2020-1A,

A1R,

144A,

FRN,

5.668%,

(3-month

SOFR

+

1.412%),

7/15/36

..................................

United

States

460,000

460,992

2021-4A,

AR,

144A,

FRN,

5.639%,

(3-month

SOFR

+

1.36%),

7/23/37

.........................................

United

States

350,000

350,968

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

460,000

460,898

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

b,i

Diameter

Capital

CLO

7

Ltd.

,

2024-7A

,

A1A

,

144A,

FRN

,

5.749

%

,

(

3-month

SOFR

+

1.48

%

),

7/20/37

.

....................

United

States

300,000

$

300,390

b,i

Elevation

CLO

Ltd.

,

2018-10A,

AR,

144A,

FRN,

5.189%,

(3-month

SOFR

+

0.92%),

10/20/31

........................................

United

States

229,992

229,922

2021-13A,

A1R,

144A,

FRN,

5.316%,

(3-month

SOFR

+

1.06%),

7/15/34

...................................

United

States

250,000

249,357

b,i

Ellington

CLO

III

Ltd.

,

2018-3A

,

B

,

144A,

FRN

,

6.531

%

,

(

3-month

SOFR

+

2.262

%

),

7/20/30

.

...........................

United

States

250,000

250,702

b,i

Elmwood

CLO

27

Ltd.

,

2024-3A

,

A

,

144A,

FRN

,

5.789

%

,

(

3-month

SOFR

+

1.52

%

),

4/18/37

.

....................

United

States

300,000

301,937

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

300,000

301,927

b,i

Elmwood

CLO

III

Ltd.

,

2019-3A

,

A1RR

,

144A,

FRN

,

5.649

%

,

(

3-month

SOFR

+

1.38

%

),

7/18/37

.

....................

United

States

350,000

351,067

b,i

Elmwood

CLO

IV

Ltd.

,

2020-1A

,

AR

,

144A,

FRN

,

5.729

%

,

(

3-month

SOFR

+

1.46

%

),

4/18/37

.

....................

United

States

250,000

251,155

b,i

FS

Rialto

,

2021-FL3

,

A

,

144A,

FRN

,

5.676

%

,

(

1-month

SOFR

+

1.364

%

),

11/16/36

.

.................................

United

States

125,186

125,142

b,i

HalseyPoint

CLO

4

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.751

%

,

(

3-month

SOFR

+

1.482

%

),

4/20/34

.

...................

United

States

250,000

250,450

b,i

Hayfin

US

XIV

Ltd.

,

2021-14A

,

A1

,

144A,

FRN

,

5.761

%

,

(

3-month

SOFR

+

1.492

%

),

7/20/34

.

...........................

United

States

200,000

200,491

b

Home

Partners

of

America

Trust

,

2021-2

,

C

,

144A,

2.402

%

,

12/17/26

.

........................................

United

States

240,939

231,174

b,i

ICG

US

CLO

Ltd.

,

2017-1A

,

ARR

,

144A,

FRN

,

5.714

%

,

(

3-month

SOFR

+

1.432

%

),

7/28/34

.

...........................

United

States

500,000

501,075

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

171,406

172,232

b,i

Jamestown

CLO

IX

Ltd.

,

2016-9A,

A1RR,

144A,

FRN,

5.783%,

(3-month

SOFR

+

1.502%),

7/25/34

..................................

United

States

250,000

250,852

2016-9A,

A2RR,

144A,

FRN,

6.393%,

(3-month

SOFR

+

2.112%),

7/25/34

..................................

United

States

286,000

286,536

b,i

KKR

CLO

43

Ltd.

,

2022-43A

,

A1R

,

144A,

FRN

,

6.006

%

,

(

3-month

SOFR

+

1.75

%

),

1/15/36

.

............................

Jersey

250,000

250,565

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

KKR

CLO

54

Ltd.

,

2024-54A

,

A

,

144A,

FRN

,

5.641

%

,

(

3-month

SOFR

+

1.32

%

),

1/15/38

.

............................

United

States

337,000

337,944

b,i

KREF

Ltd.

,

2022-FL3

,

A

,

144A,

FRN

,

5.768

%

,

(

1-month

SOFR

+

1.45

%

),

2/17/39

.

..................................

United

States

189,730

190,081

i

Long

Beach

Mortgage

Loan

Trust

,

2004-1

,

A2

,

FRN

,

5.234

%

,

(

1-month

SOFR

+

0.914

%

),

2/25/34

.

...................

United

States

226,759

226,998

b,i

Madison

Park

Funding

XXX

Ltd.

,

2018-30A

,

A1R

,

144A,

FRN

,

5.621

%

,

(

3-month

SOFR

+

1.36

%

),

7/16/37

.

..............

United

States

260,000

260,934

b,i

Magnetite

XXXVII

Ltd.

,

2023-37A

,

A

,

144A,

FRN

,

5.919

%

,

(

3-month

SOFR

+

1.65

%

),

10/20/36

.

...................

United

States

250,000

251,050

b,i

MF1

Ltd.

,

2021-FL6

,

A

,

144A,

FRN

,

5.529

%

,

(

1-month

SOFR

+

1.214

%

),

7/16/36

.

.................................

United

States

195,837

195,973

i

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

,

2004-HE6

,

M1

,

FRN

,

5.259

%

,

(

1-month

SOFR

+

0.939

%

),

8/25/34

.

.............

United

States

63,986

62,453

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

350,000

351,400

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

i

New

Century

Home

Equity

Loan

Trust

,

2003-4

,

M1

,

FRN

,

5.559

%

,

(

1-month

SOFR

+

1.239

%

),

10/25/33

.

..................

United

States

66,388

$

66,416

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

363,000

364,727

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

116,682

115,372

b,i

PRMI

Securitization

Trust

,

2024-CMG1

,

A1

,

144A,

FRN

,

5.763

%

,

(

30-day

SOFR

Average

+

1.45

%

),

7/25/54

.

...............

United

States

360,323

360,955

b,i

Rockland

Park

CLO

Ltd.

,

2021-1A

,

B

,

144A,

FRN

,

6.181

%

,

(

3-month

SOFR

+

1.912

%

),

4/20/34

.

...................

United

States

300,000

300,667

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

Shackleton

XIV

CLO

Ltd.

,

2019-14A

,

BR

,

144A,

FRN

,

6.331

%

,

(

3-month

SOFR

+

2.062

%

),

7/20/34

.

...................

United

States

250,000

250,696

b,i

Sound

Point

CLO

XXVI

Ltd.

,

2020-1A

,

AR

,

144A,

FRN

,

5.701

%

,

(

3-month

SOFR

+

1.432

%

),

7/20/34

.

...................

United

States

322,000

322,392

b,i

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.693

%

,

(

3-month

SOFR

+

1.412

%

),

10/25/34

.

..................

United

States

300,000

300,383

b,i

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

5.156

%

,

(

3-month

SOFR

+

0.9

%

),

1/15/34

.

.....................

United

States

396,527

395,485

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

TCW

CLO

Ltd.

,

2021-2A

,

AS

,

144A,

FRN

,

5.723

%

,

(

3-month

SOFR

+

1.442

%

),

7/25/34

.

...........................

United

States

200,000

200,471

b,i

TICP

CLO

XII

Ltd.

,

2018-12A

,

BR

,

144A,

FRN

,

6.168

%

,

(

3-month

SOFR

+

1.912

%

),

7/15/34

.

...........................

United

States

300,000

300,622

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

145,984

146,139

b,i

Voya

CLO

Ltd.

,

2019-3A

,

AR

,

144A,

FRN

,

5.621

%

,

(

3-month

SOFR

+

1.342

%

),

10/17/32

.

..........................

United

States

244,512

244,757

b,i

Warwick

Capital

CLO

3

Ltd.

,

2024-3A

,

A1

,

144A,

FRN

,

5.919

%

,

(

3-month

SOFR

+

1.65

%

),

4/20/37

.

....................

Jersey

250,000

250,579

b,i

Wind

River

CLO

Ltd.

,

2021-4A,

A,

144A,

FRN,

5.701%,

(3-month

SOFR

+

1.432%),

1/20/35

.........................................

United

States

250,000

250,178

g

2021-4A,

AR,

144A,

FRN,

Zero

Cpn

.,

(3-month

SOFR

+

1.23%),

1/20/35

.........................................

United

States

250,000

250,188

b,i

Wise

CLO

Ltd.

,

2023-2A,

A,

144A,

FRN,

6.056%,

(3-month

SOFR

+

1.8%),

1/15/37

.........................................

Jersey

350,000

350,982

2024-2A,

A,

144A,

FRN,

5.716%,

(3-month

SOFR

+

1.46%),

7/15/37

.........................................

United

States

350,000

351,650

18,712,122

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$19,589,702)

.............................

19,665,431

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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

Commercial

Mortgage-Backed

Securities

0.5%

Financial

Services

0.5%

b,k,l

Arbor

Multifamily

Mortgage

Securities

Trust

,

2020-MF1

,

XA

,

IO,

144A,

FRN

,

1.046

%

,

5/15/53

.........................

United

States

4,043,136

$

145,168

k,l

BANK

,

2019-BN20,

XA,

IO,

FRN,

0.924%,

9/15/62

..............

United

States

3,680,394

107,639

2020-BN26,

XA,

IO,

FRN,

1.306%,

3/15/63

..............

United

States

1,740,130

73,103

k,l

BANK5

,

2024-5YR7

,

XA

,

IO,

FRN

,

1.57

%

,

6/15/57

..........

United

States

6,793,442

314,838

Barclays

Commercial

Mortgage

Trust

,

2019-C3,

C,

4.178%,

5/15/52

.........................

United

States

187,000

165,527

k,l

2019-C4,

XA,

IO,

FRN,

1.661%,

8/15/52

.................

United

States

4,351,243

208,034

k,l

Benchmark

Mortgage

Trust

,

2020-B22

,

XA

,

IO,

FRN

,

1.615

%

,

1/15/54

.........................................

United

States

1,731,564

113,822

l

CD

Mortgage

Trust

,

2017-CD4

,

B

,

FRN

,

3.947

%

,

5/10/50

.....

United

States

266,000

252,479

l

CFCRE

Commercial

Mortgage

Trust

,

b

2011-C2,

D,

144A,

FRN,

5.08%,

12/15/47

...............

United

States

29,158

28,171

b

2011-C2,

E,

144A,

FRN,

5.08%,

12/15/47

................

United

States

214,000

199,428

2017-C8,

B,

FRN,

4.199%,

6/15/50

....................

United

States

193,000

185,153

COMM

Mortgage

Trust

,

l

2013-CR13,

C,

FRN,

5.109%,

11/10/46

.................

United

States

86,763

81,482

b,l

2013-CR13,

D,

144A,

FRN,

5.109%,

11/10/46

............

United

States

347,000

198,279

l

2014-CR17,

C,

FRN,

4.941%,

5/10/47

..................

United

States

452,000

414,529

b,l

2014-CR17,

D,

144A,

FRN,

5.005%,

5/10/47

.............

United

States

285,000

228,714

l

2014-CR20,

C,

FRN,

4.826%,

11/10/47

.................

United

States

575,621

557,198

2014-UBS3,

AM,

4.012%,

6/10/47

.....................

United

States

197,960

190,021

l

2014-UBS5,

AM,

FRN,

4.193%,

9/10/47

.................

United

States

152,502

150,881

l

2015-CR22,

B,

FRN,

3.926%,

3/10/48

..................

United

States

224,000

213,913

2015-DC1,

AM,

3.724%,

2/10/48

......................

United

States

139,221

137,126

l

2015-LC19,

C,

FRN,

4.242%,

2/10/48

..................

United

States

530,000

513,271

l

2015-LC21,

B,

FRN,

4.518%,

7/10/48

...................

United

States

293,544

291,359

b,l

2015-LC23,

D,

144A,

FRN,

3.703%,

10/10/48

.............

United

States

336,000

291,494

b,k,l

Credit

Suisse

Commercial

Mortgage

Trust

,

2007-C2

,

AX

,

IO,

144A,

FRN

,

0.03

%

,

1/15/49

..........................

United

States

1,068,145

192

CSAIL

Commercial

Mortgage

Trust

,

l

2015-C2,

AS,

FRN,

3.849%,

6/15/57

...................

United

States

243,059

239,996

l

2015-C2,

B,

FRN,

4.208%,

6/15/57

....................

United

States

253,000

244,829

l

2016-C7,

AS,

FRN,

3.958%,

11/15/49

...................

United

States

323,000

315,125

2019-C17,

AS,

3.278%,

9/15/52

.......................

United

States

289,000

262,031

k,l

2020-C19,

XA,

IO,

FRN,

1.206%,

3/15/53

................

United

States

6,261,443

239,273

k,l

2021-C20,

XA,

IO,

FRN,

1.113%,

3/15/54

................

United

States

2,574,365

108,393

b,l

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.53

%

,

8/10/44

.........................................

United

States

565,002

542,947

k,l

GS

Mortgage

Securities

Trust

,

2014-GC22,

XA,

IO,

FRN,

0.744%,

6/10/47

..............

United

States

1,306,497

7,654

2019-GC38,

XA,

IO,

FRN,

1.169%,

2/10/52

..............

United

States

5,363,064

167,462

l

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

k

2006-CB17,

X,

IO,

FRN,

1.144%,

12/12/43

...............

United

States

141,521

3,085

b

2012-C6,

E,

144A,

FRN,

5.129%,

5/15/45

...............

United

States

205,000

197,517

l

JPMBB

Commercial

Mortgage

Securities

Trust

,

2014-C18,

B,

FRN,

4.652%,

2/15/47

...................

United

States

340,533

330,530

2014-C23,

B,

FRN,

4.7%,

9/15/47

.....................

United

States

233,000

217,847

2014-C23,

C,

FRN,

4.7%,

9/15/47

.....................

United

States

503,000

460,478

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549

%

,

3/10/50

.........................................

United

States

585,000

570,578

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

l

2013-C10,

B,

FRN,

4.112%,

7/15/46

....................

United

States

455,927

430,593

2014-C19,

C,

4%,

12/15/47

..........................

United

States

100,478

97,441

l

2015-C22,

C,

FRN,

4.191%,

4/15/48

...................

United

States

357,000

310,373

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

(continued)

l

2015-C24,

B,

FRN,

4.449%,

5/15/48

...................

United

States

225,000

$

223,969

Morgan

Stanley

Capital

I

Trust

,

l

2016-UB12,

AS,

FRN,

3.778%,

12/15/49

................

United

States

200,000

189,191

2018-L1,

A3,

4.139%,

10/15/51

.......................

United

States

246,000

243,422

k,l

UBS

Commercial

Mortgage

Trust

,

2017-C7,

XA,

IO,

FRN,

1.123%,

12/15/50

................

United

States

3,140,765

63,808

2018-C8,

XA,

IO,

FRN,

0.964%,

2/15/51

.................

United

States

6,809,975

123,078

k,l

Wachovia

Bank

Commercial

Mortgage

Trust

,

2006-C29

,

IO,

FRN

,

0.488

%

,

11/15/48

..................................

United

States

11,039

24

Wells

Fargo

Commercial

Mortgage

Trust

,

b,l

2013-LC12,

D,

144A,

FRN,

3.915%,

7/15/46

.............

United

States

256,000

144,645

2016-BNK1,

AS,

2.814%,

8/15/49

......................

United

States

274,000

261,345

k,l

2016-LC25,

XA,

IO,

FRN,

0.959%,

12/15/59

..............

United

States

4,252,079

34,753

k,l

2019-C52,

XA,

IO,

FRN,

1.704%,

8/15/52

................

United

States

4,869,433

244,327

l

2020-C57,

C,

FRN,

4.157%,

8/15/53

...................

United

States

139,000

127,896

k,l

2024-5C1,

XA,

IO,

FRN,

1.258%,

7/15/57

................

United

States

8,009,077

292,441

l

WFRBS

Commercial

Mortgage

Trust

,

b,m

2011-C3,

D,

144A,

FRN,

5.415%,

3/15/44

...............

United

States

206,195

69,591

2013-C11,

C,

FRN,

4.145%,

3/15/45

...................

United

States

849,000

812,667

b

2013-C15,

D,

144A,

FRN,

4.286%,

8/15/46

..............

United

States

201,003

103,517

k

2014-C22,

XA,

IO,

FRN,

0.393%,

9/15/57

................

United

States

2,101,726

459

12,743,106

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$13,526,291)

..............

12,743,106

Mortgage-Backed

Securities

4.4%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

0.3%

FHLMC

Pool,

30

Year,

2.5%,

8/01/50

-

8/01/51

.............

United

States

1,653,774

1,389,915

FHLMC

Pool,

30

Year,

3%,

1/01/48

......................

United

States

3,487,575

3,079,484

FHLMC

Pool,

30

Year,

4%,

9/01/45

......................

United

States

104,762

99,743

FHLMC

Pool,

30

Year,

5.5%,

5/01/53

-

9/01/53

.............

United

States

1,787,357

1,803,030

FHLMC

Pool,

30

Year,

6%,

5/01/53

......................

United

States

1,338,563

1,373,064

FHLMC

Pool,

30

Year,

6.5%,

5/01/53

.....................

United

States

141,430

146,228

7,891,464

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

2.8%

FNMA,

2.73%,

9/01/29

...............................

United

States

263,245

248,825

FNMA,

3.5%,

6/01/56

-

10/01/56

........................

United

States

2,039,366

1,837,005

FNMA,

4%,

1/01/57

..................................

United

States

382,383

357,011

FNMA,

5.28%,

12/01/28

..............................

United

States

218,000

224,870

FNMA,

30

Year,

2.5%,

7/01/50

-

8/01/51

..................

United

States

11,055,302

9,277,099

FNMA,

30

Year,

3%,

4/01/46

-

4/01/52

....................

United

States

4,825,679

4,276,758

FNMA,

30

Year,

3.5%,

11/01/51

-

4/01/52

.................

United

States

1,600,926

1,452,672

FNMA,

30

Year,

4.5%,

2/01/39

-

4/01/39

..................

United

States

10,362

10,353

FNMA,

30

Year,

6%,

5/01/53

-

6/01/53

....................

United

States

1,640,151

1,678,151

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

10,000,000

9,339,318

n

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

7/25/55

.....

United

States

23,000,000

19,073,512

n

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

7/25/55

.....

United

States

9,000,000

8,103,958

n

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

7/25/55

......

United

States

20,000,000

19,602,691

n

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

7/25/55

......

United

States

1,000,000

1,016,279

77,848,946

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

1.3%

GNMA

II,

30

Year,

5.5%,

7/20/53

........................

United

States

1,304,756

1,328,834

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

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

Mortgage-Backed

Securities

(continued)

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

(continued)

GNMA

II,

Single-family,

30

Year,

3%,

8/20/49

-

7/15/55

.......

United

States

22,147,552

$

19,640,289

GNMA

II,

Single-family,

30

Year,

4%,

2/20/48

...............

United

States

2,507,278

2,361,301

GNMA

II,

Single-family,

30

Year,

4.5%,

5/20/49

-

7/15/55

......

United

States

7,038,504

6,738,613

n

GNMA

II,

Single-family,

30

Year,

5%,

7/15/55

...............

United

States

4,000,000

3,929,839

GNMA

II,

Single-family,

30

Year,

5.5%,

3/20/53

-

7/20/53

......

United

States

1,938,012

1,959,188

GNMA

II,

Single-family,

30

Year,

6%,

12/20/48

-

11/20/53

......

United

States

1,256,279

1,298,426

37,256,490

Total

Mortgage-Backed

Securities

(Cost

$126,094,435)

.........................

122,996,900

Residential

Mortgage-Backed

Securities

0.6%

Financial

Services

0.6%

b

A&D

Mortgage

Trust

,

2023-NQM4

,

A1

,

144A,

7.472

%

,

9/25/68

.

United

States

213,689

217,348

i

Alternative

Loan

Trust

,

2005-59,

1A1,

FRN,

5.096%,

(1-month

SOFR

+

0.774%),

11/20/35

........................................

United

States

225,915

222,131

2005-65CB,

2A1,

FRN,

4.859%,

(1-month

SOFR

+

0.539%),

12/25/35

........................................

United

States

414,143

258,232

2006-OA10,

4A1,

FRN,

4.814%,

(1-month

SOFR

+

0.494%),

8/25/46

.........................................

United

States

593,679

507,770

2006-OA19,

A1,

FRN,

4.612%,

(1-month

SOFR

+

0.294%),

2/20/47

.........................................

United

States

196,286

157,679

2006-OA7,

1A2,

FRN,

5.339%,

(12-month

average

of

1-year

CMT

+

0.94%),

6/25/46

.............................

United

States

321,128

315,250

i

American

Home

Mortgage

Investment

Trust

,

2007-1

,

GA1C

,

FRN

,

4.624

%

,

(

1-month

SOFR

+

0.304

%

),

5/25/47

.............

United

States

320,658

188,569

b

Angel

Oak

Mortgage

Trust

,

2024-9

,

A1

,

144A,

5.138

%

,

9/25/69

.

United

States

276,216

274,956

b,l

Arroyo

Mortgage

Trust

,

2019-1,

A3,

144A,

FRN,

4.208%,

1/25/49

................

United

States

33,355

32,731

2019-3,

A3,

144A,

FRN,

3.416%,

10/25/48

...............

United

States

44,032

42,083

b

BRAVO

Residential

Funding

Trust

,

2023-NQM5

,

A1

,

144A,

6.505

%

,

6/25/63

...................................

United

States

210,660

212,185

b,l

Bunker

Hill

Loan

Depositary

Trust

,

2020-1

,

A2

,

144A,

FRN

,

2.6

%

,

2/25/55

.........................................

United

States

285,000

275,006

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

98,000

98,244

b

Citigroup

Mortgage

Loan

Trust

,

2022-A

,

A1

,

144A,

6.17

%

,

9/25/62

United

States

115,514

115,476

l

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2005-2

,

1A2A

,

FRN

,

6.259

%

,

5/25/35

.........................................

United

States

66,289

65,471

b,i

Connecticut

Avenue

Securities

Trust

,

2019-HRP1,

M2,

144A,

FRN,

6.57%,

(30-day

SOFR

Average

+

2.264%),

11/25/39

.................................

United

States

5,146

5,146

2021-R03,

1M1,

144A,

FRN,

5.155%,

(30-day

SOFR

Average

+

0.85%),

12/25/41

..................................

United

States

1,684

1,681

2021-R03,

1M2,

144A,

FRN,

5.955%,

(30-day

SOFR

Average

+

1.65%),

12/25/41

..................................

United

States

156,000

157,018

2022-R01,

1M1,

144A,

FRN,

5.305%,

(30-day

SOFR

Average

+

1%),

12/25/41

....................................

United

States

47,983

47,960

2022-R01,

1M2,

144A,

FRN,

6.205%,

(30-day

SOFR

Average

+

1.9%),

12/25/41

...................................

United

States

159,000

160,387

2022-R02,

2M1,

144A,

FRN,

5.505%,

(30-day

SOFR

Average

+

1.2%),

1/25/42

....................................

United

States

99,025

99,034

2022-R03,

1M2,

144A,

FRN,

7.805%,

(30-day

SOFR

Average

+

3.5%),

3/25/42

....................................

United

States

75,000

77,975

2022-R04,

1M2,

144A,

FRN,

7.405%,

(30-day

SOFR

Average

+

3.1%),

3/25/42

....................................

United

States

74,000

76,285

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

56

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-R05,

2M1,

144A,

FRN,

6.205%,

(30-day

SOFR

Average

+

1.9%),

4/25/42

....................................

United

States

26,323

$

26,429

2022-R05,

2M2,

144A,

FRN,

7.305%,

(30-day

SOFR

Average

+

3%),

4/25/42

.....................................

United

States

581,000

596,899

2022-R06,

1M1,

144A,

FRN,

7.055%,

(30-day

SOFR

Average

+

2.75%),

5/25/42

...................................

United

States

82,406

84,360

2022-R07,

1M1,

144A,

FRN,

7.256%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

...................................

United

States

165,299

169,547

2022-R08,

1M1,

144A,

FRN,

6.855%,

(30-day

SOFR

Average

+

2.55%),

7/25/42

...................................

United

States

120,560

123,309

2022-R09,

2M1,

144A,

FRN,

6.806%,

(30-day

SOFR

Average

+

2.5%),

9/25/42

....................................

United

States

82,618

83,939

2023-R01,

1M1,

144A,

FRN,

6.706%,

(30-day

SOFR

Average

+

2.4%),

12/25/42

...................................

United

States

26,216

26,905

2023-R02,

1M1,

144A,

FRN,

6.605%,

(30-day

SOFR

Average

+

2.3%),

1/25/43

....................................

United

States

52,754

53,868

2023-R06,

1M1,

144A,

FRN,

6.005%,

(30-day

SOFR

Average

+

1.7%),

7/25/43

....................................

United

States

35,744

35,956

2023-R07,

2M1,

144A,

FRN,

6.256%,

(30-day

SOFR

Average

+

1.95%),

9/25/43

...................................

United

States

18,460

18,615

2024-R03,

2M1,

144A,

FRN,

5.456%,

(30-day

SOFR

Average

+

1.15%),

3/25/44

...................................

United

States

24,305

24,314

2024-R04,

1M1,

144A,

FRN,

5.405%,

(30-day

SOFR

Average

+

1.1%),

5/25/44

....................................

United

States

47,435

47,440

2024-R05,

2M1,

144A,

FRN,

5.305%,

(30-day

SOFR

Average

+

1%),

7/25/44

.....................................

United

States

6,736

6,732

2024-R06,

1A1,

144A,

FRN,

5.455%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

...................................

United

States

181,019

181,741

2024-R06,

1M1,

144A,

FRN,

5.355%,

(30-day

SOFR

Average

+

1.05%),

9/25/44

...................................

United

States

30,804

30,814

2025-R01,

1A1,

144A,

FRN,

5.256%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

164,003

163,849

2025-R01,

1M1,

144A,

FRN,

5.406%,

(30-day

SOFR

Average

+

1.1%),

1/25/45

....................................

United

States

163,946

164,156

2025-R02,

1A1,

144A,

FRN,

5.306%,

(30-day

SOFR

Average

+

1%),

2/25/45

.....................................

United

States

147,566

147,745

2025-R02,

1M1,

144A,

FRN,

5.456%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

...................................

United

States

431,481

432,021

2025-R03,

2A1,

144A,

FRN,

5.755%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

...................................

United

States

29,199

29,391

2025-R04,

1A1,

144A,

FRN,

5.305%,

(30-day

SOFR

Average

+

1%),

5/25/45

.....................................

United

States

136,142

136,263

2025-R04,

1M1,

144A,

FRN,

5.505%,

(30-day

SOFR

Average

+

1.2%),

5/25/45

....................................

United

States

359,682

360,578

b

Cross

Mortgage

Trust

,

2024-H4

,

A1

,

144A,

6.147

%

,

7/25/69

...

United

States

167,668

169,285

b,l

CSMC

Trust

,

2021-RPL4,

A1,

144A,

FRN,

4.118%,

12/27/60

............

United

States

138,987

138,531

2021-RPL7,

A1,

144A,

FRN,

4.197%,

7/27/61

.............

United

States

131,149

130,083

b,l

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

2017-2

,

M1

,

144A,

FRN

,

4

%

,

8/25/56

.................................

United

States

51,471

51,240

i

FHLMC

STACR

Debt

Notes

,

2015-DNA3

,

M3

,

FRN

,

9.12

%

,

(

30-

day

SOFR

Average

+

4.814

%

),

4/25/28

.................

United

States

146,042

147,738

b,i

FHLMC

STACR

REMIC

Trust

,

2021-DNA5,

M2,

144A,

FRN,

5.955%,

(30-day

SOFR

Average

+

1.65%),

1/25/34

.................................

United

States

37,745

37,919

2021-DNA6,

M2,

144A,

FRN,

5.805%,

(30-day

SOFR

Average

+

1.5%),

10/25/41

.................................

United

States

194,749

195,561

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

57

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)

2021-DNA7,

M2,

144A,

FRN,

6.105%,

(30-day

SOFR

Average

+

1.8%),

11/25/41

..................................

United

States

521,000

$

525,013

2021-HQA4,

M1,

144A,

FRN,

5.255%,

(30-day

SOFR

Average

+

0.95%),

12/25/41

................................

United

States

50,302

50,231

2022-DNA2,

M1A,

144A,

FRN,

5.605%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

..................................

United

States

96,719

96,797

2022-DNA3,

M1B,

144A,

FRN,

7.205%,

(30-day

SOFR

Average

+

2.9%),

4/25/42

..................................

United

States

17,000

17,523

2022-DNA5,

M1A,

144A,

FRN,

7.255%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

.................................

United

States

307,400

314,388

2022-DNA6,

M1A,

144A,

FRN,

6.455%,

(30-day

SOFR

Average

+

2.15%),

9/25/42

.................................

United

States

30,311

30,546

2022-DNA6,

M1B,

144A,

FRN,

8.005%,

(30-day

SOFR

Average

+

3.7%),

9/25/42

..................................

United

States

18,000

18,975

2022-HQA1,

M1A,

144A,

FRN,

6.405%,

(30-day

SOFR

Average

+

2.1%),

3/25/42

..................................

United

States

6,887

6,929

2022-HQA2,

M1A,

144A,

FRN,

6.955%,

(30-day

SOFR

Average

+

2.65%),

7/25/42

.................................

United

States

410,228

419,221

2022-HQA3,

M1A,

144A,

FRN,

6.605%,

(30-day

SOFR

Average

+

2.3%),

8/25/42

..................................

United

States

155,654

158,576

2023-DNA1,

M1A,

144A,

FRN,

6.406%,

(30-day

SOFR

Average

+

2.1%),

3/25/43

..................................

United

States

98,114

99,601

2023-HQA2,

M1A,

144A,

FRN,

6.305%,

(30-day

SOFR

Average

+

2%),

6/25/43

....................................

United

States

40,875

41,110

2023-HQA3,

A1,

144A,

FRN,

6.155%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

..................................

United

States

61,661

62,426

2023-HQA3,

M1,

144A,

FRN,

6.155%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

.................................

United

States

44,084

44,451

2025-DNA1,

A1,

144A,

FRN,

5.255%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

553,350

552,797

FNMA

,

k,l

2001-79,

BI,

IO,

FRN,

0.244%,

3/25/45

.................

United

States

44,129

219

k,l

2002-W8,

1,

IO,

FRN,

0.29%,

6/25/42

..................

United

States

144,490

1,761

2003-34,

P1,

Strip,

4/25/43

...........................

United

States

4,654

4,237

i

FNMA

Connecticut

Avenue

Securities

,

2015-C04,

1M2,

FRN,

10.12%,

(30-day

SOFR

Average

+

5.814%),

4/25/28

..................................

United

States

350,436

356,026

2016-C01,

1M2,

FRN,

11.17%,

(30-day

SOFR

Average

+

6.864%),

8/25/28

..................................

United

States

143,220

147,447

2016-C01,

2M2,

FRN,

11.37%,

(30-day

SOFR

Average

+

7.064%),

8/25/28

..................................

United

States

97,341

100,179

2016-C02,

1M2,

FRN,

10.42%,

(30-day

SOFR

Average

+

6.114%),

9/25/28

..................................

United

States

63,144

64,437

2016-C03,

2M2,

FRN,

10.32%,

(30-day

SOFR

Average

+

6.014%),

10/25/28

.................................

United

States

22,497

23,120

2016-C04,

1M2,

FRN,

8.67%,

(30-day

SOFR

Average

+

4.364%),

1/25/29

..................................

United

States

300,336

307,838

2016-C05,

2M2,

FRN,

8.87%,

(30-day

SOFR

Average

+

4.564%),

1/25/29

..................................

United

States

244,783

250,768

2016-C06,

1M2,

FRN,

8.67%,

(30-day

SOFR

Average

+

4.364%),

4/25/29

..................................

United

States

160,650

165,000

2016-C07,

2M2,

FRN,

8.77%,

(30-day

SOFR

Average

+

4.464%),

5/25/29

..................................

United

States

225,807

233,128

2017-C02,

2M2C,

FRN,

8.07%,

(30-day

SOFR

Average

+

3.764%),

9/25/29

..................................

United

States

46,226

46,905

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

58

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

i

FNMA

Connecticut

Avenue

Securities,

(continued)

2017-C06,

1M2B,

FRN,

7.07%,

(30-day

SOFR

Average

+

2.764%),

2/25/30

..................................

United

States

3,385

$

3,391

2017-C06,

2M2,

FRN,

7.22%,

(30-day

SOFR

Average

+

2.914%),

2/25/30

..................................

United

States

118,162

120,379

2017-C06,

2M2C,

FRN,

7.22%,

(30-day

SOFR

Average

+

2.914%),

2/25/30

..................................

United

States

70,270

71,589

2018-C02,

2M2,

FRN,

6.62%,

(30-day

SOFR

Average

+

2.314%),

8/25/30

..................................

United

States

8,258

8,396

b

J.P.

Morgan

Mortgage

Trust

,

i

2024-10,

A11,

144A,

FRN,

5.555%,

(30-day

SOFR

Average

+

1.25%),

3/25/55

...................................

United

States

147,330

147,440

2024-CES1,

A1A,

144A,

5.919%,

6/25/54

................

United

States

101,175

101,824

2024-VIS2,

A1,

144A,

5.853%,

11/25/64

.................

United

States

198,301

199,674

i

2025-1,

A11,

144A,

FRN,

5.555%,

(30-day

SOFR

Average

+

1.25%),

6/25/55

...................................

United

States

184,000

184,173

b

MFA

Trust

,

2023-INV2

,

A1

,

144A,

6.775

%

,

10/25/58

.........

United

States

178,207

180,214

b

Mill

City

Mortgage

Loan

Trust

,

2023-NQM2

,

A1

,

144A,

6.24

%

,

12/25/67

........................................

United

States

393,554

394,237

b,l

Morgan

Stanley

Resecuritization

Trust

,

2015-R4

,

CB1

,

144A,

FRN

,

4.289

%

,

8/26/47

..............................

United

States

38,728

38,686

b

OBX

Trust

,

2023-NQM4

,

A1

,

144A,

6.113

%

,

3/25/63

.........

United

States

312,311

313,352

b

PRPM

Trust

,

2024-NQM2

,

A1

,

144A,

6.327

%

,

6/25/69

........

United

States

821,195

836,495

b,l

Residential

Mortgage

Loan

Trust

,

2020-2

,

A2

,

144A,

FRN

,

2.508

%

,

5/25/60

...................................

United

States

99,668

98,717

b,l

Starwood

Mortgage

Residential

Trust

,

2020-2,

M1E,

144A,

FRN,

3%,

4/25/60

..................

United

States

323,000

316,009

2020-3,

A3,

144A,

FRN,

2.591%,

4/25/65

................

United

States

407,000

364,849

b,i

Station

Place

Securitization

Trust

,

2024-10,

A,

144A,

FRN,

5.22%,

(1-month

SOFR

+

0.9%),

10/27/25

........................................

United

States

650,000

653,453

2024-5,

A,

144A,

FRN,

5.22%,

(1-month

SOFR

+

0.9%),

8/04/25

.........................................

United

States

660,000

660,428

2025-1,

A,

144A,

FRN,

5.221%,

(1-month

SOFR

+

0.9%),

7/23/26

.........................................

United

States

646,000

653,071

i

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR7

,

1A1

,

FRN

,

5.284

%

,

(

1-month

SOFR

+

0.964

%

),

5/25/47

.........

United

States

495,992

403,402

b,l

Towd

Point

Mortgage

Trust

,

2016-5

,

M2

,

144A,

FRN

,

3.375

%

,

10/25/56

........................................

United

States

177,000

167,295

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

i

2005-AR11,

A1B3,

FRN,

5.234%,

(1-month

SOFR

+

0.914%),

8/25/45

.........................................

United

States

111,698

111,353

i

2005-AR9,

A1C3,

FRN,

5.394%,

(1-month

SOFR

+

1.074%),

7/25/45

.........................................

United

States

83,568

83,999

l

2007-HY2,

1A1,

FRN,

4.252%,

12/25/36

................

United

States

192,012

174,533

17,850,453

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$17,865,561)

...............

17,850,453

Agency

Commercial

Mortgage-Backed

Securities

0.4%

Financial

Services

0.4%

FHLMC

,

i

3065,

DC,

FRN,

6.605%,

(30-day

SOFR

Average

+

19.517%),

3/15/35

.........................................

United

States

12,005

12,458

i

406,

F30,

FRN,

5.455%,

(30-day

SOFR

Average

+

1.15%),

10/25/53

........................................

United

States

302,692

304,185

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

59

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

FHLMC,

(continued)

i,k

4326,

GS,

IO,

FRN,

1.632%,

(30-day

SOFR

Average

+

5.936%),

4/15/44

..................................

United

States

2,689,973

$

280,724

k

5010,

IA,

IO,

3.5%,

9/25/50

..........................

United

States

1,829,458

337,803

k

5024,

HI,

IO,

4.5%,

10/25/50

.........................

United

States

2,321,979

529,818

k

5036,

IK,

IO,

4%,

4/25/50

............................

United

States

2,485,611

509,610

k

5079,

BI,

IO,

5.5%,

2/25/51

..........................

United

States

1,595,463

281,149

k

5121,

KI,

IO,

4%,

6/25/51

............................

United

States

2,545,820

566,914

k

5134,

IB,

IO,

4%,

8/25/51

............................

United

States

3,045,116

627,253

k

5138,

YI,

IO,

4.5%,

12/25/49

.........................

United

States

3,302,760

852,016

k

5142,

AI,

IO,

3.5%,

9/25/51

..........................

United

States

2,994,190

579,399

FNMA

,

k

2020-96,

JI,

IO,

3%,

1/25/51

..........................

United

States

4,227,351

714,270

k

2021-28,

NI,

IO,

3%,

5/25/41

.........................

United

States

3,808,482

392,521

k

2021-45,

MI,

IO,

2.5%,

2/25/49

........................

United

States

3,869,182

495,244

k

2021-65,

LI,

IO,

3.5%,

10/25/51

.......................

United

States

2,185,719

384,533

i

2024-89,

FA,

FRN,

5.505%,

(30-day

SOFR

Average

+

1.2%),

12/25/54

........................................

United

States

459,026

460,198

i

2024-98,

FA,

FRN,

5.455%,

(30-day

SOFR

Average

+

1.15%),

12/25/53

........................................

United

States

328,777

329,026

i

2025-41,

FA,

FRN,

5.455%,

(30-day

SOFR

Average

+

1.15%),

6/25/54

.........................................

United

States

212,853

213,183

b,l

FREMF

Mortgage

Trust

,

2015-K51

,

B

,

144A,

FRN

,

4.104

%

,

10/25/48

........................................

United

States

472,000

469,860

GNMA

,

k,l

2015-H26,

EI,

IO,

FRN,

1.755%,

10/20/65

...............

United

States

726,759

22,931

k,l

2016-H16,

LI,

IO,

FRN,

3.137%,

7/20/66

................

United

States

2,414,282

109,372

k

2021-117,

MI,

IO,

3.5%,

5/20/42

.......................

United

States

3,744,292

600,169

k

2021-214,

AI,

IO,

4%,

12/20/51

.......................

United

States

2,230,582

453,109

k

2022-60,

IY,

IO,

3%,

2/20/52

.........................

United

States

4,161,492

631,164

i

2023-152,

FB,

FRN,

5.452%,

(30-day

SOFR

Average

+

1.15%),

4/20/51

.........................................

United

States

432,438

439,589

i

2024-78,

QF,

FRN,

5.402%,

(30-day

SOFR

Average

+

1.1%),

5/20/54

.........................................

United

States

443,633

445,230

11,041,728

a

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$9,071,028)

........

11,041,728

Total

Long

Term

Investments

(Cost

$1,850,651,697)

...........................

2,739,162,628

a

Short

Term

Investments

4.5%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.5%

o,p

U.S.

Treasury

Bills

,

4.22%,

10/02/25

...................................

United

States

11,200,000

11,077,883

4.15%,

12/04/25

...................................

United

States

3,100,000

3,044,890

14,122,773

Total

U.S.

Government

and

Agency

Securities

(Cost

$14,127,978)

...............

14,122,773

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

60

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

4.0%

q,r

Putnam

Short

Term

Investment

Fund,

Class

P,

4.581%

.......

United

States

112,436,460

$

112,436,460

Total

Money

Market

Funds

(Cost

$112,436,460)

...............................

112,436,460

Total

Short

Term

Investments

(Cost

$126,564,438

)

.............................

126,559,233

a

Total

Investments

(Cost

$1,977,216,135)

101.9%

..............................

$2,865,721,861

TBA

Sale

Commitments

(0.5)%

..............................................

(14,437,395)

Other

Assets,

less

Liabilities

(1.4)%

.........................................

(38,345,910)

Net

Assets

100.0%

.........................................................

$2,812,938,556

a

a

a

Principal

Amount

*

s

TBA

Sale

Commitments

(0.5)%

Mortgage-Backed

Securities

(0.5)%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(0.5)%

Uniform

Mortgage-Backed

Securities

,

3%,

TBA,

7/25/55

..................................

United

States

(3,000,000)

(2,596,359)

4.5%,

TBA,

7/25/55

................................

United

States

(4,000,000)

(3,826,624)

5.5%,

TBA,

7/25/55

................................

United

States

(7,000,000)

(6,999,492)

(13,422,475)

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

(0.0)%

†

GNMA

II,

Single-family,

30

Year,

6%,

7/15/55

...............

United

States

(1,000,000)

(1,014,920)

Total

TBA

Sale

Commitments

(Proceeds

$(14,228,164))

........................

$(14,437,395)

*

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

$168,679,075,

representing

6.0%

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

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

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

$11,214,179,

representing

0.4%

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

Growth

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

61

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

............................

Long

134

$

17,967,390

9/19/25

$

104,290

MSCI

Emerging

Markets

Index

..................

Long

200

12,335,000

9/19/25

205,586

S&P

500

E-Mini

Index

.........................

Short

343

107,251,812

9/19/25

(3,589,765)

S&P

MidCap

400

E-Mini

Index

..................

Long

6

1,875,300

9/19/25

227

Interest

rate

contracts

U.S.

Treasury

10

Year

Notes

....................

Short

294

32,964,750

9/19/25

(495,683)

U.S.

Treasury

10

Year

Ultra

Notes

................

Long

6

685,594

9/19/25

11,146

U.S.

Treasury

2

Year

Notes

.....................

Long

321

66,775,524

9/30/25

231,437

U.S.

Treasury

5

Year

Notes

.....................

Long

398

43,382,000

9/30/25

444,348

U.S.

Treasury

Long

Bonds

.....................

Long

248

28,636,250

9/19/25

780,205

U.S.

Treasury

Ultra

Bonds

......................

Long

97

11,555,125

9/19/25

373,425

Total

Futures

Contracts

......................................................................

$(1,934,784)

*

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

Brazilian

Real

......

GSCO

Buy

24,689,900

4,275,900

7/02/25

$

268,449

$

—

Brazilian

Real

......

GSCO

Sell

24,689,900

4,315,924

7/02/25

—

(228,424)

Australian

Dollar

....

BZWS

Buy

479,000

302,127

7/16/25

13,206

—

Australian

Dollar

....

MSCO

Buy

10,451,500

6,595,331

7/16/25

285,048

—

Australian

Dollar

....

MSCO

Sell

1,428,600

933,746

7/16/25

—

(6,722)

Australian

Dollar

....

SSBT

Buy

8,608,500

5,429,441

7/16/25

237,663

—

Australian

Dollar

....

SSBT

Sell

9,324,400

5,665,212

7/16/25

—

(473,180)

Australian

Dollar

....

TDOM

Buy

5,567,600

3,511,847

7/16/25

153,387

—

Australian

Dollar

....

UBSW

Buy

944,300

595,635

7/16/25

26,012

—

Australian

Dollar

....

WPAC

Buy

659,000

415,893

7/16/25

17,937

—

Canadian

Dollar

....

BOFA

Sell

2,594,500

1,822,608

7/16/25

—

(84,122)

Canadian

Dollar

....

BZWS

Sell

25,500

18,765

7/16/25

25

—

Canadian

Dollar

....

JPHQ

Sell

1,600

1,124

7/16/25

—

(52)

Canadian

Dollar

....

TDOM

Sell

6,879,000

4,831,576

7/16/25

—

(223,884)

Canadian

Dollar

....

UBSW

Sell

798,300

560,710

7/16/25

—

(25,970)

Israeli

New

Shekel

..

BZWS

Buy

647,900

176,231

7/16/25

16,132

—

Israeli

New

Shekel

..

CITI

Buy

121,100

32,853

7/16/25

3,102

—

Israeli

New

Shekel

..

HSBK

Buy

2,564,300

722,529

7/16/25

38,819

—

Israeli

New

Shekel

..

MSCO

Buy

55,600

15,087

7/16/25

1,421

—

Israeli

New

Shekel

..

SSBT

Buy

125,300

33,994

7/16/25

3,208

—

Israeli

New

Shekel

..

UBSW

Buy

1,788,000

485,055

7/16/25

45,808

—

Mexican

Peso

......

BOFA

Buy

1,642,900

79,074

7/16/25

8,346

—

Mexican

Peso

......

BZWS

Buy

1,143,800

55,052

7/16/25

5,810

—

Mexican

Peso

......

GSCO

Buy

10,733,200

516,608

7/16/25

54,514

—

Mexican

Peso

......

MSCO

Sell

1,251,100

60,877

7/16/25

—

(5,695)

Mexican

Peso

......

UBSW

Buy

10,236,900

492,875

7/16/25

51,839

—

New

Zealand

Dollar

.

MSCO

Buy

352,200

208,438

7/16/25

6,346

—

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

62

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)

South

African

Rand

..

GSCO

Buy

459,900

24,408

7/16/25

$

1,540

$

—

South

African

Rand

..

MSCO

Buy

4,483,400

243,503

7/16/25

9,456

—

South

African

Rand

..

MSCO

Sell

1,115,400

60,964

7/16/25

—

(1,968)

South

African

Rand

..

SSBT

Sell

8,555,500

456,584

7/16/25

—

(26,128)

Chinese

Yuan

......

SSBT

Buy

4,827,900

675,495

8/20/25

1,632

—

Hong

Kong

Dollar

...

BOFA

Buy

2,576,800

328,474

8/20/25

1,385

—

Hong

Kong

Dollar

...

CITI

Buy

3,708,200

479,066

8/20/25

—

(4,375)

Hong

Kong

Dollar

...

GSCO

Buy

10,465,400

1,343,326

8/20/25

—

(3,638)

Hong

Kong

Dollar

...

HSBK

Buy

10,846,700

1,395,149

8/20/25

—

(6,651)

Hong

Kong

Dollar

...

HSBK

Sell

20,534,500

2,636,806

8/20/25

8,161

—

Hong

Kong

Dollar

...

JPHQ

Buy

652,600

84,242

8/20/25

—

(702)

Japanese

Yen

......

BOFA

Buy

304,253,700

2,077,129

8/20/25

47,861

—

Japanese

Yen

......

BOFA

Sell

64,623,800

448,214

8/20/25

—

(3,137)

Japanese

Yen

......

BZWS

Buy

45,384,400

309,833

8/20/25

7,144

—

Japanese

Yen

......

BZWS

Sell

161,002,500

1,118,782

8/20/25

—

(5,703)

Japanese

Yen

......

GSCO

Sell

28,480,800

198,936

8/20/25

19

—

Japanese

Yen

......

HSBK

Buy

73,354,600

515,660

8/20/25

—

(3,331)

Japanese

Yen

......

HSBK

Sell

8,591,400

60,672

8/20/25

667

—

Japanese

Yen

......

MSCO

Buy

604,559,000

4,170,676

8/20/25

53,662

(1,934)

Japanese

Yen

......

MSCO

Sell

183,174,200

1,281,084

8/20/25

4,433

(2,687)

Japanese

Yen

......

SSBT

Sell

15,112,600

106,524

8/20/25

973

—

New

Taiwan

Dollar

..

BZWS

Sell

24,477,600

827,365

8/20/25

—

(24,105)

Singapore

Dollar

....

BZWS

Buy

27,300

21,029

8/20/25

523

—

Singapore

Dollar

....

HSBK

Buy

2,072,100

1,596,219

8/20/25

39,586

—

Singapore

Dollar

....

SSBT

Buy

3,644,900

2,807,700

8/20/25

69,741

—

Singapore

Dollar

....

UBSW

Buy

8,700

6,701

8/20/25

168

—

South

Korean

Won

..

JPHQ

Sell

1,217,286,700

864,243

8/20/25

—

(38,254)

British

Pound

......

BOFA

Sell

3,092,500

4,177,819

9/17/25

—

(69,242)

British

Pound

......

BZWS

Buy

521,300

706,008

9/17/25

9,915

—

British

Pound

......

BZWS

Sell

362,400

492,618

9/17/25

—

(5,082)

British

Pound

......

CITI

Sell

2,593,500

3,501,712

9/17/25

—

(60,051)

British

Pound

......

GSCO

Sell

2,621,300

3,537,654

9/17/25

—

(62,287)

British

Pound

......

HSBK

Buy

587,600

790,616

9/17/25

16,360

—

British

Pound

......

HSBK

Sell

895,400

1,209,036

9/17/25

—

(20,654)

British

Pound

......

JPHQ

Sell

809,800

1,093,183

9/17/25

—

(18,949)

British

Pound

......

MSCO

Buy

178,100

242,605

9/17/25

1,987

—

British

Pound

......

MSCO

Sell

2,416,800

3,265,794

9/17/25

—

(53,298)

British

Pound

......

SSBT

Buy

678,600

931,346

9/17/25

604

—

British

Pound

......

SSBT

Sell

5,704,000

7,701,398

9/17/25

—

(132,145)

British

Pound

......

TDOM

Sell

72,700

98,151

9/17/25

—

(1,691)

British

Pound

......

UBSW

Sell

1,010,400

1,364,222

9/17/25

—

(23,403)

Danish

Krone

......

BOFA

Buy

12,305,100

1,902,521

9/17/25

51,722

—

Danish

Krone

......

BZWS

Buy

3,070,400

472,217

9/17/25

15,411

—

Danish

Krone

......

CITI

Buy

3,526,400

542,293

9/17/25

17,755

—

Danish

Krone

......

JPHQ

Buy

4,849,000

745,717

9/17/25

24,381

—

Danish

Krone

......

MSCO

Buy

4,351,700

669,207

9/17/25

21,912

—

Danish

Krone

......

SSBT

Buy

406,900

62,578

9/17/25

2,044

—

Euro

.............

BOFA

Buy

302,800

357,393

9/17/25

1,151

—

Euro

.............

BOFA

Sell

7,007,800

8,045,306

9/17/25

—

(252,605)

Euro

.............

BZWS

Sell

3,904,000

4,478,802

9/17/25

—

(143,909)

Euro

.............

GSCO

Sell

144,600

165,834

9/17/25

—

(5,386)

Euro

.............

HSBK

Buy

1,654,700

1,925,910

9/17/25

33,414

—

Euro

.............

HSBK

Sell

2,855,900

3,285,648

9/17/25

—

(96,013)

Euro

.............

JPHQ

Sell

626,000

717,857

9/17/25

—

(23,388)

Euro

.............

MSCO

Buy

647,000

762,959

9/17/25

3,151

—

Euro

.............

MSCO

Sell

6,749,500

7,746,212

9/17/25

—

(245,846)

Euro

.............

SSBT

Buy

316,800

365,445

9/17/25

9,677

—

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

63

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)

Euro

.............

SSBT

Sell

2,960,100

3,449,643

9/17/25

$

—

$

(55,401)

Euro

.............

UBSW

Sell

22,900

26,268

9/17/25

—

(848)

Euro

.............

WPAC

Sell

3,385,500

3,882,458

9/17/25

—

(126,300)

Norwegian

Krone

...

JPHQ

Sell

10,324,500

1,017,968

9/17/25

—

(6,842)

Norwegian

Krone

...

MSCO

Sell

2,179,100

214,923

9/17/25

—

(1,375)

Polish

Zloty

........

GSCO

Buy

892,200

236,783

9/17/25

10,291

—

Polish

Zloty

........

HSBK

Buy

210,300

56,519

9/17/25

1,719

—

Polish

Zloty

........

MSCO

Buy

907,000

240,659

9/17/25

10,514

—

Polish

Zloty

........

SSBT

Buy

710,800

188,659

9/17/25

8,181

—

Swedish

Krona

.....

BOFA

Buy

1,089,700

114,256

9/17/25

1,519

—

Swedish

Krona

.....

BZWS

Buy

10,366,800

1,086,736

9/17/25

14,682

—

Swedish

Krona

.....

HSBK

Buy

22,644,800

2,373,634

9/17/25

32,257

—

Swedish

Krona

.....

MSCO

Buy

17,650,300

1,850,489

9/17/25

24,762

—

Swedish

Krona

.....

SSBT

Buy

6,402,100

671,040

9/17/25

9,149

—

Swiss

Franc

.......

BOFA

Buy

283,500

357,163

9/17/25

3,673

—

Swiss

Franc

.......

BOFA

Sell

461,800

584,636

9/17/25

—

(3,139)

Swiss

Franc

.......

BZWS

Buy

81,800

100,801

9/17/25

3,313

—

Swiss

Franc

.......

BZWS

Sell

27,800

34,321

9/17/25

—

(1,063)

Swiss

Franc

.......

GSCO

Sell

358,700

442,406

9/17/25

—

(14,143)

Swiss

Franc

.......

HSBK

Buy

833,200

1,026,715

9/17/25

33,773

—

Swiss

Franc

.......

HSBK

Sell

429,900

542,156

9/17/25

—

(5,016)

Swiss

Franc

.......

JPHQ

Buy

116,900

144,028

9/17/25

4,761

—

Swiss

Franc

.......

MSCO

Buy

2,513,100

3,100,048

9/17/25

98,601

—

Swiss

Franc

.......

MSCO

Sell

1,144,600

1,431,512

9/17/25

135

(25,459)

Swiss

Franc

.......

SSBT

Buy

2,336,100

2,878,257

9/17/25

95,108

—

Swiss

Franc

.......

SSBT

Sell

114,600

144,646

9/17/25

—

(1,216)

Swiss

Franc

.......

UBSW

Buy

1,988,500

2,448,319

9/17/25

82,624

—

Swiss

Franc

.......

UBSW

Sell

53,000

65,935

9/17/25

—

(1,523)

Brazilian

Real

......

GSCO

Buy

2,380,700

424,208

10/02/25

3,782

—

Total

Forward

Exchange

Contracts

...................................................

$2,132,351

$(2,626,936)

Net

unrealized

appreciation

(depreciation)

............................................

$(494,585)

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

Counter-

party

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

10,144,000

$

778,547

$

489,205

$

289,342

Non-

Investment

Grade

CDX.NA.IG.44

..

1.00%

Quarterly

6/20/30

64,700,000

1,452,719

1,070,019

382,700

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$2,231,266

$1,559,224

$672,042

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

64

At

June

30,

2025,

the

Fund

had

the

following interest

rate swap

contracts

outstanding.

Credit

Default

Swap

Contracts

(continued)

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

OTC

Swap

Contracts

Contracts

to

Buy

Protection

(c)

Traded

Index

CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

1,000

$

33

$

(62)

$

95

Contracts

to

Sell

Protection

(c)(d)

Traded

Index

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

1,000

(33)

64

(97)

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$—

$2

$(2)

Total

Credit

Default

Swap

Contracts

....................................

$2,231,266

$

1,559,226

$672,040

(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.

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

33,091,000

$

(157,375)

$

54,644

$

(212,019)

Receive

Fixed

3.58%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/27

36,557,000

159,906

47,676

112,230

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.63%

....

Annual

9/17/30

3,293,000

(36,197)

(10,634)

(25,563)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.65%

....

Annual

9/17/30

48,777,000

(580,520)

167,040

(747,560)

Receive

Fixed

3.88%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/35

25,240,000

412,681

78,489

334,192

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.05%

....

Annual

9/17/55

59,000

(1,463)

333

(1,796)

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

65

At

June

30,

2025,

the

Fund

had

the

following total

return swap

contracts

outstanding.

Interest

Rate

Swap

Contracts

(continued)

Description

Payment

Frequency

Maturity

Date

Notional

Amount*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

(continued)

Receive

Fixed

4.03%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/55

11,311,000

$

240,927

$

17,829

$

223,098

Total

Interest

Rate

Swap

Contracts

.................................

$37,959

$

355,377

$(317,418)

*

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

111,978,670

$

976,070

BCFTDEAL

Index

#

....................

1-day

SOFR

+

0.45%

At

Maturity

BZWS

6/11/26

80,415,771

—

Short

(b)

GSGLPWDS

Index

#

...................

1-day

SOFR

-

0.25%

Monthly

GSCO

12/17/25

107,163,713

(524,027)

BCFTDEAS

Index

#

....................

1-day

SOFR

+

0.25%

At

Maturity

BZWS

6/11/26

80,215,751

—

Total

Return

Swap

Contracts

....................................................................

$452,043

*

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

42,298

$

683,199

0.60%

Engie

SA

Utilities

28,922

676,460

0.60%

Empire

Co

Ltd

Consumer

Staples

16,262

673,471

0.60%

Novartis

AG

Health

Care

5,519

666,810

0.59%

ConocoPhillips

Energy

7,330

657,837

0.58%

AT&T

Inc

Communication

Services

22,670

656,069

0.58%

Exxon

Mobil

Corp

Energy

6,086

656,042

0.58%

Netflix

Inc

Communication

Services

489

654,805

0.58%

Iberdrola

SA

Utilities

34,203

654,037

0.58%

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

66

Common

stocks

Sector

Shares

Value

Percentage

value

A

BASKET

(GSGLPWDL)

OF

COMMON

STOCKS

(continued)

PayPal

Holdings

Inc

Financials

8,764

$

651,309

0.58%

TotalEnergies

SE

Energy

10,639

650,671

0.58%

D'ieteren

Group

Consumer

Discretionary

3,008

643,943

0.57%

Inpex

Corp

Energy

45,869

643,042

0.57%

Endesa

SA

Utilities

20,355

642,512

0.57%

SS&C

Technologies

Holdings

Inc

Industrials

7,720

639,195

0.57%

MSCI

Inc

Financials

1,105

637,077

0.56%

Graco

Inc

Industrials

7,384

634,784

0.56%

Dai

Nippon

Printing

Co

Ltd

Industrials

41,619

631,012

0.56%

Amadeus

IT

Group

SA

Consumer

Discretionary

7,501

629,373

0.56%

Telenor

ASA

Communication

Services

40,608

628,800

0.56%

Osaka

Gas

Co

Ltd

Utilities

24,562

627,975

0.56%

PepsiCo

Inc

Consumer

Staples

4,727

624,218

0.55%

Veralto

Corp

Industrials

6,171

622,999

0.55%

Weyerhaeuser

Co

Real

Estate

23,905

614,123

0.54%

Avery

Dennison

Corp

Materials

3,476

609,960

0.54%

FactSet

Research

Systems

Inc

Financials

1,342

600,147

0.53%

Verisk

Analytics

Inc

Industrials

1,922

598,820

0.53%

Smiths

Group

PLC

Industrials

19,428

597,955

0.53%

Kirin

Holdings

Co

Ltd

Consumer

Staples

42,646

596,237

0.53%

Elisa

Oyj

Communication

Services

10,769

595,158

0.53%

Automatic

Data

Processing

Inc

Industrials

1,920

592,122

0.52%

Danone

SA

Consumer

Staples

7,255

590,691

0.52%

George

Weston

Ltd

Consumer

Staples

2,943

588,964

0.52%

Garmin

Ltd

Consumer

Discretionary

2,815

587,545

0.52%

Chevron

Corp

Energy

4,050

579,900

0.51%

Rio

Tinto

PLC

Materials

9,939

578,192

0.51%

Telia

Co

AB

Communication

Services

161,317

574,995

0.51%

Philip

Morris

International

Inc

Consumer

Staples

3,140

571,976

0.51%

Fairfax

Financial

Holdings

Ltd

Financials

317

570,686

0.50%

Tokyo

Gas

Co

Ltd

Utilities

16,935

561,819

0.50%

BOC

Hong

Kong

Holdings

Ltd

Financials

129,308

561,706

0.50%

Allegion

plc

Industrials

3,892

560,881

0.50%

VeriSign

Inc

Information

Technology

1,937

559,333

0.49%

Keysight

Technologies

Inc

Information

Technology

3,408

558,513

0.49%

Hartford

Insurance

Group

Inc/The

Financials

4,394

557,494

0.49%

Airbnb

Inc

Consumer

Discretionary

4,155

549,868

0.49%

Royal

Bank

of

Canada

Financials

4,177

549,330

0.49%

United

Utilities

Group

PLC

Utilities

33,532

524,521

0.46%

Crown

Holdings

Inc

Materials

5,076

522,699

0.46%

Meta

Platforms

Inc

Communication

Services

697

514,733

0.46%

A

BASKET

(

BCFTDEAL

)

OF

COMMON

STOCKS

Booking

Holdings

Inc

Consumer

Discretionary

177

1,023,524

1.28%

Pegasystems

Inc

Information

Technology

18,902

1,023,170

1.28%

Netflix

Inc

Communication

Services

762

1,020,391

1.27%

Virtu

Financial

Inc

Financials

22,689

1,016,246

1.27%

Axis

Capital

Holdings

Ltd

Financials

9,765

1,013,783

1.26%

Johnson

Controls

International

plc

Industrials

9,592

1,013,134

1.26%

Uber

Technologies

Inc

Industrials

10,836

1,011,030

1.26%

NRG

Energy

Inc

Utilities

6,196

994,880

1.24%

Exelixis

Inc

Health

Care

22,529

992,965

1.24%

Valero

Energy

Corp

Energy

7,245

973,877

1.21%

Freeport-McMoRan

Inc

Materials

22,244

964,278

1.20%

Unum

Group

Financials

11,532

931,297

1.16%

Equitable

Holdings

Inc

Financials

16,581

930,170

1.16%

MGIC

Investment

Corp

Financials

32,955

917,458

1.14%

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

67

Common

stocks

Sector

Shares

Value

Percentage

value

A

BASKET

(BCFTDEAL)

OF

COMMON

STOCKS

(continued)

Cheniere

Energy

Inc

Energy

3,699

$

900,827

1.12%

Natera

Inc

Health

Care

5,286

893,040

1.11%

QUALCOMM

Inc

Information

Technology

5,600

891,886

1.11%

Doordash

Inc

Consumer

Discretionary

3,598

886,964

1.11%

Howmet

Aerospace

Inc

Industrials

4,715

877,617

1.09%

Spotify

Technology

SA

Communication

Services

1,129

865,995

1.08%

Wintrust

Financial

Corp

Financials

6,810

844,351

1.05%

American

International

Group

Inc

Financials

9,739

833,595

1.04%

General

Motors

Co

Consumer

Discretionary

16,906

831,926

1.04%

Ventas

Inc

Real

Estate

12,975

819,380

1.02%

Allison

Transmission

Holdings

Inc

Industrials

8,619

818,694

1.02%

AutoNation

Inc

Consumer

Discretionary

4,101

814,680

1.02%

State

Street

Corp

Financials

7,621

810,440

1.01%

Vornado

Realty

Trust

Real

Estate

20,681

790,845

0.99%

Synchrony

Financial

Financials

11,722

782,328

0.98%

Cadence

Design

Systems

Inc

Information

Technology

2,490

767,161

0.96%

eBay

Inc

Consumer

Discretionary

10,194

759,011

0.95%

Docusign

Inc

Information

Technology

9,728

757,700

0.94%

Tapestry

Inc

Consumer

Discretionary

8,448

741,783

0.92%

Regeneron

Pharmaceuticals

Inc

Health

Care

1,397

733,357

0.91%

Pure

Storage

Inc

Information

Technology

12,417

714,958

0.89%

Curtiss-Wright

Corp

Industrials

1,427

697,067

0.87%

Duolingo

Inc

Consumer

Discretionary

1,692

693,755

0.86%

Arista

Networks

Inc

Information

Technology

6,519

666,921

0.83%

Cirrus

Logic

Inc

Information

Technology

6,264

653,071

0.81%

GoDaddy

Inc

Information

Technology

3,553

639,836

0.80%

Textron

Inc

Industrials

7,965

639,504

0.80%

Meta

Platforms

Inc

Communication

Services

861

635,786

0.79%

Jacobs

Solutions

Inc

Industrials

4,798

630,637

0.79%

Southwest

Airlines

Co

Industrials

19,400

629,336

0.78%

Toll

Brothers

Inc

Consumer

Discretionary

5,458

622,969

0.78%

Boyd

Gaming

Corp

Consumer

Discretionary

7,895

617,661

0.77%

Applied

Materials

Inc

Information

Technology

3,362

615,426

0.77%

American

Tower

Corp

Real

Estate

2,718

600,681

0.75%

Affiliated

Managers

Group

Inc

Financials

3,035

597,128

0.74%

Louisiana-Pacific

Corp

Materials

6,931

595,970

0.74%

A

BASKET

(

GSGLPWDS

)

OF

COMMON

STOCKS

Keppel

Ltd

Industrials

112,106

653,104

0.61%

Westlake

Corp

Materials

8,378

636,134

0.59%

Infrastrutture

Wireless

Italiane

SpA

Communication

Services

51,315

625,252

0.58%

Imperial

Brands

PLC

Consumer

Staples

15,848

624,815

0.58%

Ferrovial

SE

Industrials

11,610

616,821

0.57%

Air

Products

and

Chemicals

Inc

Materials

2,181

615,197

0.57%

Swisscom

AG

Communication

Services

870

614,693

0.57%

Allianz

SE

Financials

1,510

609,943

0.57%

Thomson

Reuters

Corp

Industrials

3,029

607,844

0.56%

Orange

SA

Communication

Services

39,944

605,567

0.56%

RELX

PLC

Industrials

11,104

599,050

0.56%

Masco

Corp

Industrials

9,288

597,807

0.55%

Straumann

Holding

AG

Health

Care

4,591

597,226

0.55%

Coca-Cola

Co/The

Consumer

Staples

8,417

595,490

0.55%

Realty

Income

Corp

Real

Estate

10,325

594,830

0.55%

Hermes

International

SCA

Consumer

Discretionary

220

594,747

0.55%

Investor

AB

Financials

20,246

594,281

0.55%

Equifax

Inc

Industrials

2,285

592,658

0.55%

Singapore

Telecommunications

Ltd

Communication

Services

197,074

591,075

0.55%

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

68

Common

stocks

Sector

Shares

Value

Percentage

value

A

BASKET

(GSGLPWDS)

OF

COMMON

STOCKS

(continued)

Visa

Inc

Financials

1,655

$

587,600

0.54%

International

Paper

Co

Materials

12,429

582,048

0.54%

Aeon

Co

Ltd

Consumer

Staples

18,732

573,190

0.53%

Waste

Connections

Inc

Industrials

3,067

572,580

0.53%

Wilmar

International

Ltd

Consumer

Staples

251,779

567,350

0.53%

Paychex

Inc

Industrials

3,797

552,288

0.51%

Pernod

Ricard

SA

Consumer

Staples

5,551

551,280

0.51%

Haleon

PLC

Health

Care

106,315

545,461

0.51%

Martin

Marietta

Materials

Inc

Materials

984

540,146

0.50%

Atmos

Energy

Corp

Utilities

3,493

538,339

0.50%

Nutrien

Ltd

Materials

9,118

530,229

0.49%

EssilorLuxottica

SA

Health

Care

1,892

517,371

0.48%

Swire

Pacific

Ltd

Industrials

59,093

506,242

0.47%

REA

Group

Ltd

Communication

Services

3,096

487,876

0.45%

SAP

SE

Information

Technology

1,599

484,448

0.45%

Antofagasta

PLC

Materials

19,018

471,588

0.44%

Walmart

Inc

Consumer

Staples

4,812

470,481

0.44%

Bureau

Veritas

SA

Industrials

13,657

463,943

0.43%

Royalty

Pharma

PLC

Health

Care

12,869

463,675

0.43%

Saputo

Inc

Consumer

Staples

22,587

461,335

0.43%

Hess

Corp

Energy

3,320

460,013

0.43%

Marriott

International

Inc/MD

Consumer

Discretionary

1,677

458,047

0.42%

Diamondback

Energy

Inc

Energy

3,302

453,636

0.42%

Redeia

Corp

SA

Utilities

21,247

452,669

0.42%

Ingersoll

Rand

Inc

Industrials

5,425

451,216

0.42%

Acciona

SA

Utilities

2,495

447,441

0.41%

Metso

Oyj

Industrials

34,190

440,668

0.41%

CAR

Group

Ltd

Communication

Services

17,773

435,858

0.40%

Southern

Co/The

Utilities

4,745

435,775

0.40%

Dominion

Energy

Inc

Utilities

7,708

435,676

0.40%

Salmar

ASA

Consumer

Staples

10,058

434,151

0.40%

A

BASKET

(

BCFTDEAS

)

OF

COMMON

STOCKS

Keppel

Ltd

Financials

58,198

1,059,792

1.32%

Westlake

Corp

Consumer

Discretionary

3,231

1,011,647

1.26%

Infrastrutture

Wireless

Italiane

SpA

Communication

Services

4,165

1,011,449

1.26%

Imperial

Brands

PLC

Energy

9,184

1,009,400

1.26%

Ferrovial

SE

Industrials

6,983

1,005,963

1.25%

Air

Products

and

Chemicals

Inc

Financials

51,406

987,516

1.23%

Swisscom

AG

Energy

7,154

982,895

1.23%

Allianz

SE

Information

Technology

7,694

948,262

1.18%

Thomson

Reuters

Corp

Consumer

Discretionary

2,764

933,860

1.16%

Orange

SA

Financials

5,127

887,922

1.11%

RELX

PLC

Information

Technology

7,225

885,818

1.10%

Masco

Corp

Information

Technology

30,050

883,469

1.10%

Straumann

Holding

AG

Financials

1,825

883,131

1.10%

Coca-Cola

Co/The

Information

Technology

8,621

856,555

1.07%

Realty

Income

Corp

Materials

3,031

854,918

1.07%

Hermes

International

SCA

Information

Technology

1,418

840,511

1.05%

Investor

AB

Consumer

Discretionary

1,863

839,665

1.05%

Equifax

Inc

Health

Care

74,440

838,939

1.05%

Singapore

Telecommunications

Ltd

Consumer

Discretionary

29,636

833,362

1.04%

Visa

Inc

Financials

4,575

824,328

1.03%

International

Paper

Co

Real

Estate

4,668

813,708

1.01%

Aeon

Co

Ltd

Financials

2,268

808,984

1.01%

Waste

Connections

Inc

Information

Technology

3,553

737,770

0.92%

Wilmar

International

Ltd

Industrials

2,779

720,804

0.90%

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Growth

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

69

See

A

bbreviations

on

page

75

.

Common

stocks

Sector

Shares

Value

Percentage

value

A

BASKET

(BCFTDEAS)

OF

COMMON

STOCKS

(continued)

Paychex

Inc

Consumer

Discretionary

35,277

$

715,419

0.89%

Pernod

Ricard

SA

Materials

6,366

699,287

0.87%

Haleon

PLC

Industrials

1,539

679,747

0.85%

Martin

Marietta

Materials

Inc

Information

Technology

913

667,601

0.83%

Atmos

Energy

Corp

Financials

1,775

665,586

0.83%

Nutrien

Ltd

Financials

9,519

658,171

0.82%

EssilorLuxottica

SA

Information

Technology

7,962

642,144

0.80%

Swire

Pacific

Ltd

Utilities

4,091

630,495

0.79%

REA

Group

Ltd

Consumer

Discretionary

4,940

630,303

0.79%

SAP

SE

Information

Technology

6,855

625,477

0.78%

Antofagasta

PLC

Energy

5,312

621,200

0.77%

Walmart

Inc

Materials

3,465

616,127

0.77%

Bureau

Veritas

SA

Consumer

Discretionary

8,661

615,245

0.77%

Royalty

Pharma

PLC

Financials

44,672

612,907

0.76%

Saputo

Inc

Industrials

3,535

597,658

0.74%

Hess

Corp

Information

Technology

3,449

594,395

0.74%

Marriott

International

Inc/MD

Communication

Services

11,307

583,773

0.73%

Diamondback

Energy

Inc

Consumer

Discretionary

2,135

583,339

0.73%

Redeia

Corp

SA

Information

Technology

1,417

572,649

0.71%

Ingersoll

Rand

Inc

Consumer

Discretionary

4,351

560,899

0.70%

Acciona

SA

Consumer

Staples

4,496

559,437

0.70%

Metso

Oyj

Consumer

Discretionary

7,701

524,063

0.65%

CAR

Group

Ltd

Financials

1,636

523,744

0.65%

Southern

Co/The

Communication

Services

5,323

523,718

0.65%

Dominion

Energy

Inc

Real

Estate

32,482

515,168

0.64%

Salmar

ASA

Consumer

Staples

6,364

510,892

0.64%

Putnam

Asset

Allocation

Funds

Notes

to

Schedule

of

Investments

(unaudited)

70

Quarterly

Schedule

of

Investments

1.

Organization

Putnam

Asset

Allocation

Funds (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of four

separate

funds,

one

of

which is

included

in

this

report

(Fund).

The Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the 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)

71

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:

    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

Growth

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.581%

......

$139,744,403

$247,823,457

$(275,131,400)

$—

$—

$112,436,460

112,436,460

$4,698,878

Total

Affiliated

Securities

...

$139,744,403

$247,823,457

$(275,131,400)

$—

$—

$112,436,460

$4,698,878

2. Financial

Instrument

Valuation

(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Schedule

of

Investments

(unaudited)

72

Quarterly

Schedule

of

Investments

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.

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

Growth

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

46,602,047

$

14,067,722

$

—

$

60,669,769

Air

Freight

&

Logistics

...................

8,224,541

—

—

8,224,541

Automobile

Components

.................

1,930,029

1,495,432

—

3,425,461

Automobiles

..........................

30,227,275

6,491,319

—

36,718,594

Banks

...............................

68,498,981

77,463,703

—

145,962,684

Beverages

...........................

17,299,985

3,957,678

—

21,257,663

Biotechnology

.........................

41,650,194

1,039,774

—

42,689,968

Broadline

Retail

.......................

82,506,448

11,004,034

—

93,510,482

Building

Products

......................

16,370,070

6,608,100

—

22,978,170

Capital

Markets

........................

62,994,431

26,817,810

—

89,812,241

Chemicals

...........................

30,931,867

9,668,558

—

40,600,425

Commercial

Services

&

Supplies

...........

11,048,723

1,456,153

—

12,504,876

Communications

Equipment

..............

22,650,769

2,835,280

—

25,486,049

Construction

&

Engineering

...............

3,099,972

7,948,269

—

11,048,241

Construction

Materials

..................

9,140,486

9,466,555

—

18,607,041

Consumer

Finance

.....................

16,132,067

695,035

—

16,827,102

Consumer

Staples

Distribution

&

Retail

......

37,407,478

8,396,502

—

45,803,980

Containers

&

Packaging

.................

4,777,321

—

—

4,777,321

Diversified

Consumer

Services

............

3,650,860

—

—

3,650,860

Diversified

REITs

......................

1,175,571

155,847

—

1,331,418

Diversified

Telecommunication

Services

.....

7,036,489

3,886,042

—

10,922,531

Electric

Utilities

........................

35,056,774

11,487,721

—

46,544,495

Electrical

Equipment

....................

11,312,725

12,458,318

—

23,771,043

Electronic

Equipment,

Instruments

&

Components

........................

4,340,236

1,118,831

—

5,459,067

Energy

Equipment

&

Services

.............

7,271,750

—

—

7,271,750

Entertainment

.........................

44,383,818

7,349,120

—

51,732,938

Financial

Services

......................

74,279,028

5,482,927

—

79,761,955

Food

Products

........................

5,095,740

9,262,430

—

14,358,170

Gas

Utilities

..........................

1,669,038

—

—

1,669,038

Ground

Transportation

..................

15,454,824

—

—

15,454,824

Health

Care

Equipment

&

Supplies

.........

26,741,331

7,561,115

—

34,302,446

Health

Care

Providers

&

Services

..........

31,371,781

3,122,313

—

34,494,094

Health

Care

REITs

.....................

1,995,768

—

—

1,995,768

Health

Care

Technology

.................

8,918,134

—

—

8,918,134

Putnam

Asset

Allocation

Funds

Notes

to

Schedule

of

Investments

(unaudited)

73

Quarterly

Schedule

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

Dynamic

Asset

Allocation

Growth

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Hotel

&

Resort

REITs

...................

$

721,390

$

—

$

—

$

721,390

Hotels,

Restaurants

&

Leisure

.............

41,144,269

12,478,026

—

53,622,295

Household

Durables

....................

12,785,238

4,898,305

—

17,683,543

Household

Products

....................

18,283,264

2,398,986

—

20,682,250

Independent

Power

and

Renewable

Electricity

Producers

..........................

1,044,054

2,592,084

—

3,636,138

Industrial

Conglomerates

................

7,246,811

5,085,604

—

12,332,415

Industrial

REITs

.......................

4,424,665

—

—

4,424,665

Insurance

............................

41,613,153

18,610,623

—

60,223,776

Interactive

Media

&

Services

..............

110,660,732

15,734,843

—

126,395,575

IT

Services

...........................

14,917,879

3,261,974

—

18,179,853

Leisure

Products

.......................

1,015,376

1,243,621

—

2,258,997

Life

Sciences

Tools

&

Services

............

7,433,406

3,288,322

—

10,721,728

Machinery

............................

21,052,895

7,126,635

—

28,179,530

Marine

Transportation

...................

2,621,879

—

—

2,621,879

Media

...............................

8,998,438

732,714

—

9,731,152

Metals

&

Mining

.......................

10,002,771

15,206,875

—

25,209,646

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

1,499,204

—

—

1,499,204

Multi-Utilities

..........................

3,705,491

5,657,541

—

9,363,032

Office

REITs

..........................

3,660,413

—

—

3,660,413

Oil,

Gas

&

Consumable

Fuels

.............

36,965,805

24,213,002

—

61,178,807

Paper

&

Forest

Products

.................

1,158,604

—

—

1,158,604

Passenger

Airlines

.....................

11,257,947

3,025,055

—

14,283,002

Personal

Care

Products

.................

—

5,875,025

—

5,875,025

Pharmaceuticals

.......................

51,661,671

38,050,120

—

89,711,791

Professional

Services

...................

16,646,531

5,473,703

—

22,120,234

Real

Estate

Management

&

Development

....

9,387,242

1,566,978

—

10,954,220

Residential

REITs

......................

5,747,906

—

—

5,747,906

Retail

REITs

..........................

10,087,782

—

—

10,087,782

Semiconductors

&

Semiconductor

Equipment

.

185,854,497

38,416,840

—

224,271,337

Software

.............................

189,263,326

4,539,072

—

193,802,398

Specialized

REITs

......................

11,118,845

—

—

11,118,845

Specialty

Retail

........................

20,523,365

4,454,685

—

24,978,050

Technology

Hardware,

Storage

&

Peripherals

.

97,612,678

6,884,882

—

104,497,560

Textiles,

Apparel

&

Luxury

Goods

..........

1,906,683

7,431,514

—

9,338,197

Tobacco

.............................

26,367,503

2,689,299

—

29,056,802

Trading

Companies

&

Distributors

..........

6,546,722

4,852,608

—

11,399,330

Transportation

Infrastructure

..............

—

3,361,590

—

3,361,590

Water

Utilities

.........................

1,987,398

—

—

1,987,398

Wireless

Telecommunication

Services

.......

10,891,849

8,584,015

—

19,475,864

Management

Investment

Companies

.........

7,054,250

—

—

7,054,250

Convertible

Preferred

Stocks

................

776,941

—

—

776,941

Preferred

Stocks

:

Banks

...............................

1,682,544

—

—

1,682,544

Technology

Hardware,

Storage

&

Peripherals

.

—

1,585,595

—

1,585,595

Rights

.................................

—

—

13,017

13,017

Convertible

Bonds

.......................

—

880,382

—

880,382

Corporate

Bonds

........................

—

217,268,639

—

217,268,639

Senior

Floating

Rate

Interests

...............

—

7,063,468

—

7,063,468

Foreign

Government

and

Agency

Securities

....

—

10,059,408

—

10,059,408

U.S.

Government

and

Agency

Securities

.......

—

385,404

—

385,404

4. Fair

Value

Measurements

(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Schedule

of

Investments

(unaudited)

74

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.

Level

1

Level

2

Level

3

Total

Putnam

Dynamic

Asset

Allocation

Growth

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Asset-Backed

Securities

...................

$

—

$

19,665,431

$

—

$

19,665,431

Commercial

Mortgage-Backed

Securities

......

—

12,743,106

—

12,743,106

Mortgage-Backed

Securities

................

—

122,996,900

—

122,996,900

Residential

Mortgage-Backed

Securities

.......

—

17,850,453

—

17,850,453

Agency

Commercial

Mortgage-Backed

Securities

—

11,041,728

—

11,041,728

Short

Term

Investments

...................

112,436,460

14,122,773

—

126,559,233

Total

Investments

in

Securities

...........

$1,921,014,428

$944,694,416

a

$13,017

$2,865,721,861

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$2,132,351

$—

$2,132,351

Futures

Contracts

.......................

2,150,664

—

—

2,150,664

Swap

Contracts

.........................

—

2,317,727

—

2,317,727

Total

Other

Financial

Instruments

.........

$2,150,664

$4,450,078

$—

$6,600,742

Liabilities:

Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

14,437,395

$

—

$

14,437,395

Forward

Exchange

Contracts

...............

—

2,626,936

—

2,626,936

Futures

Contracts

........................

4,085,448

—

—

4,085,448

Swap

Contracts

.........................

—

1,511,062

—

1,511,062

Total

Other

Financial

Instruments

.........

$4,085,448

$18,575,393

$—

$22,660,841

a

Includes

foreign

securities

valued

at

$509,770,562,

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.

4. Fair

Value

Measurements

(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Schedule

of

Investments

(unaudited)

75

Quarterly

Schedule

of

Investments

Abbreviations

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

AED

Emirati

Dirham

AUD

Australian

Dollar

CHF

Swiss

Franc

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

SAR

Saudi

Riyal

SEK

Swedish

Krona

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

CMT

Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

CVR

Contingent

Value

Right

ETF

Exchange-Traded

Fund

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

ICE

Intercontinental

Exchange

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

TBA

To-Be-Announced

T-Note

Treasury

Note

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%

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.