Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

38954_Q3PH

1

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

2

Notes

to

Schedule

of

Investments

69

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited),

June

30,

2025

Putnam

Dynamic

Asset

Allocation

Balanced

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

72.9%

Aerospace

&

Defense

2.0%

a

AeroVironment,

Inc.

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

United

States

547

$

155,868

Airbus

SE

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

France

19,935

4,170,417

a

Astronics

Corp.

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

United

States

3,638

121,800

a

Axon

Enterprise,

Inc.

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

United

States

466

385,820

Curtiss-Wright

Corp.

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

United

States

1,906

931,176

Dassault

Aviation

SA

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

France

706

249,622

General

Dynamics

Corp.

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

United

States

5,173

1,508,757

General

Electric

Co.

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

United

States

15,896

4,091,472

Lockheed

Martin

Corp.

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

United

States

20,846

9,654,617

Moog,

Inc.,

A

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

United

States

393

71,121

Northrop

Grumman

Corp.

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

United

States

9,777

4,888,305

a

Rocket

Lab

Corp.

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

United

States

3,781

135,246

RTX

Corp.

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

United

States

72,310

10,558,706

Textron,

Inc.

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

United

States

9,121

732,325

Thales

SA

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

France

12,296

3,630,696

TransDigm

Group,

Inc.

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

United

States

2,053

3,121,874

a

V2X,

Inc.

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

United

States

3,073

149,194

44,557,016

Air

Freight

&

Logistics

0.3%

Expeditors

International

of

Washington,

Inc.

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

United

States

6,107

697,725

FedEx

Corp.

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

United

States

20,611

4,685,086

Hub

Group,

Inc.,

A

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

United

States

5,594

187,008

United

Parcel

Service,

Inc.,

B

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

United

States

7,111

717,784

6,287,603

Automobile

Components

0.1%

a

Adient

plc

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

United

States

8,450

164,437

Aisin

Corp.

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

Japan

66,900

855,812

a

American

Axle

&

Manufacturing

Holdings,

Inc.

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

United

States

45,542

185,811

Dana,

Inc.

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

United

States

24,623

422,284

a

Dorman

Products,

Inc.

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

United

States

582

71,394

a

Gentherm

,

Inc.

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

United

States

2,481

70,188

a

Visteon

Corp.

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

United

States

4,767

444,761

2,214,687

Automobiles

1.1%

General

Motors

Co.

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

United

States

102,538

5,045,895

Subaru

Corp.

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

Japan

44,300

768,002

a

Tesla,

Inc.

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

United

States

57,962

18,412,209

Toyota

Motor

Corp.

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

Japan

18,000

310,014

24,536,120

Banks

3.7%

Abu

Dhabi

Islamic

Bank

PJSC

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

United

Arab

Emirates

178,174

1,043,169

AIB

Group

plc

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

Ireland

83,608

690,004

Amalgamated

Financial

Corp.

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

United

States

5,651

176,311

Ameris

Bancorp

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

United

States

1,168

75,570

Associated

Banc-Corp.

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

United

States

3,355

81,828

a

Axos

Financial,

Inc.

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

United

States

6,327

481,105

Banco

Bilbao

Vizcaya

Argentaria

SA

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

Spain

76,601

1,179,523

Banco

de

Sabadell

SA

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

Spain

96,252

306,423

Banco

Santander

SA

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

Spain

291,810

2,416,443

Bank

Hapoalim

BM

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

Israel

56,696

1,089,021

Bank

Leumi

Le-Israel

BM

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

Israel

71,748

1,334,911

Bank

of

America

Corp.

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

United

States

192,882

9,127,176

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

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

United

States

4,140

183,319

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Banks

(continued)

Banner

Corp.

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

United

States

1,018

$

65,305

Barclays

plc

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

United

Kingdom

381,464

1,762,658

Berkshire

Hills

Bancorp,

Inc.

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

United

States

4,008

100,360

BNP

Paribas

SA

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

France

28,422

2,549,502

BOC

Hong

Kong

Holdings

Ltd.

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

China

42,500

185,013

Cathay

General

Bancorp

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

United

States

9,444

429,985

Central

Pacific

Financial

Corp.

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

United

States

5,056

141,720

Citigroup,

Inc.

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

United

States

246,151

20,952,373

Citizens

Financial

Group,

Inc.

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

United

States

17,087

764,643

Credit

Agricole

SA

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

France

20,611

389,925

a

Customers

Bancorp,

Inc.

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

United

States

6,686

392,736

Enterprise

Financial

Services

Corp.

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

United

States

4,413

243,156

Erste

Group

Bank

AG

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

Austria

8,948

761,701

FB

Financial

Corp.

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

United

States

1,516

68,675

Financial

Institutions,

Inc.

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

United

States

2,782

71,442

First

Bancorp

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

United

States

20,696

431,098

First

Financial

Corp.

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

United

States

1,558

84,428

First

Horizon

Corp.

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

United

States

34,120

723,344

First

Merchants

Corp.

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

United

States

838

32,095

Hancock

Whitney

Corp.

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

United

States

8,512

488,589

Hanmi

Financial

Corp.

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

United

States

5,436

134,160

Heritage

Commerce

Corp.

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

United

States

7,950

78,943

Hilltop

Holdings,

Inc.

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

United

States

9,701

294,425

Hope

Bancorp,

Inc.

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

United

States

3,152

33,821

HSBC

Holdings

plc

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

United

Kingdom

253,356

3,064,643

Independent

Bank

Corp.

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

United

States

2,538

82,257

Intesa

Sanpaolo

SpA

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

Italy

270,973

1,560,916

JPMorgan

Chase

&

Co.

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

United

States

15,175

4,399,384

Lloyds

Banking

Group

plc

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

United

Kingdom

1,865,172

1,961,262

Mercantile

Bank

Corp.

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

United

States

1,510

70,079

a

Metropolitan

Bank

Holding

Corp.

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

United

States

1,196

83,720

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

260,600

3,552,914

National

Bank

Holdings

Corp.,

A

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

United

States

2,014

75,747

National

Bank

of

Greece

SA

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

Greece

128,114

1,633,550

NatWest

Group

plc

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

United

Kingdom

483,353

3,394,566

Northrim

BanCorp

,

Inc.

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

United

States

979

91,302

Northwest

Bancshares,

Inc.

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

United

States

5,516

70,494

OceanFirst

Financial

Corp.

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

United

States

6,417

113,003

OFG

Bancorp

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

United

States

6,093

260,780

Pacific

Premier

Bancorp,

Inc.

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

United

States

5,513

116,269

Pathward

Financial,

Inc.

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

United

States

4,782

378,352

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

26,441

4,929,131

Popular,

Inc.

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

United

States

6,578

724,961

Preferred

Bank

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

United

States

2,396

207,362

Simmons

First

National

Corp.,

A

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

United

States

10,553

200,085

Sumitomo

Mitsui

Financial

Group,

Inc.

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

Japan

64,200

1,616,618

a

Third

Coast

Bancshares,

Inc.

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

United

States

2,258

73,769

Towne

Bank

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

United

States

2,165

74,000

Trustmark

Corp.

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

United

States

8,033

292,883

UniCredit

SpA

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

Italy

25,953

1,741,015

Univest

Financial

Corp.

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

United

States

3,269

98,201

Veritex

Holdings,

Inc.

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

United

States

11,494

299,993

Webster

Financial

Corp.

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

United

States

12,750

696,150

Wells

Fargo

&

Co.

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

United

States

12,043

964,885

Westamerica

BanCorp

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

United

States

1,398

67,719

WSFS

Financial

Corp.

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

United

States

1,235

67,925

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Banks

(continued)

Zions

Bancorp

NA

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

United

States

14,068

$

730,692

83,059,527

Beverages

0.7%

Asahi

Group

Holdings

Ltd.

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

Japan

83,100

1,110,809

a

Boston

Beer

Co.,

Inc.

(The),

A

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

United

States

2,928

558,692

Carlsberg

A/S,

B

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

Denmark

1,717

243,270

Coca-Cola

Co.

(The)

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

United

States

114,551

8,104,483

Coca-Cola

Consolidated,

Inc.

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

United

States

5,970

666,551

Coca-Cola

Europacific

Partners

plc

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

United

Kingdom

14,684

1,361,501

Coca-Cola

HBC

AG

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

Italy

18,143

947,838

Keurig

Dr

Pepper,

Inc.

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

United

States

20,479

677,036

a

Monster

Beverage

Corp.

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

United

States

13,624

853,407

PepsiCo,

Inc.

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

United

States

5,018

662,577

15,186,164

Biotechnology

1.5%

AbbVie,

Inc.

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

United

States

46,665

8,661,957

a

ACADIA

Pharmaceuticals,

Inc.

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

United

States

18,897

407,608

a

ADMA

Biologics,

Inc.

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

United

States

10,552

192,152

a

Agios

Pharmaceuticals,

Inc.

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

United

States

9,555

317,799

a

Akero

Therapeutics,

Inc.

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

United

States

1,533

81,801

a

Alkermes

plc

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

United

States

2,444

69,923

a

Alnylam

Pharmaceuticals,

Inc.

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

United

States

2,379

775,768

Amgen,

Inc.

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

United

States

2,522

704,168

a

Arcturus

Therapeutics

Holdings,

Inc.

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

United

States

6,573

85,515

a

BioCryst

Pharmaceuticals,

Inc.

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

United

States

38,115

341,510

a

Biohaven

Ltd.

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

United

States

4,793

67,629

a

Blueprint

Medicines

Corp.

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

United

States

830

106,389

a

CareDx

,

Inc.

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

United

States

3,901

76,226

a

Catalyst

Pharmaceuticals,

Inc.

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

United

States

4,993

108,348

CSL

Ltd.

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

United

States

591

93,355

a

Exelixis

,

Inc.

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

United

States

76,575

3,375,043

a

Genmab

A/S

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

Denmark

2,428

504,219

a

Humacyte

,

Inc.

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

United

States

82,786

173,023

a

Incyte

Corp.

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

United

States

42,518

2,895,476

a

Inhibrx

Biosciences,

Inc.

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

United

States

4,269

60,919

a

Insmed

,

Inc.

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

United

States

8,972

902,942

a

Keros

Therapeutics,

Inc.

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

United

States

21,084

281,471

a

Kiniksa

Pharmaceuticals

International

plc,

A

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

United

States

13,185

364,829

a

Mineralys

Therapeutics,

Inc.

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

United

States

4,537

61,386

a

Monte

Rosa

Therapeutics,

Inc.

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

United

States

16,262

73,342

a

Natera

,

Inc.

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

United

States

4,355

735,734

a

Neurocrine

Biosciences,

Inc.

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

United

States

31,592

3,970,798

a

Nurix

Therapeutics,

Inc.

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

United

States

6,408

72,987

a

Protagonist

Therapeutics,

Inc.

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

United

States

7,845

433,593

a

Prothena

Corp.

plc

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

Ireland

10,748

65,240

a

PTC

Therapeutics,

Inc.

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

United

States

7,943

387,936

Regeneron

Pharmaceuticals,

Inc.

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

United

States

9,286

4,875,150

a

Relay

Therapeutics,

Inc.

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

United

States

59,943

207,403

a

Rhythm

Pharmaceuticals,

Inc.

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

United

States

1,308

82,653

a

Sage

Therapeutics,

Inc.

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

United

States

27,904

254,485

a

Scholar

Rock

Holding

Corp.

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

United

States

2,217

78,526

a

Stoke

Therapeutics,

Inc.

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

United

States

11,372

129,072

a

Summit

Therapeutics,

Inc.

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

United

States

15,801

336,245

a

Tango

Therapeutics,

Inc.

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

United

States

23,807

121,892

a

Travere

Therapeutics,

Inc.

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

United

States

4,301

63,655

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Biotechnology

(continued)

a

Vir

Biotechnology,

Inc.

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

United

States

40,882

$

206,045

32,804,212

Broadline

Retail

3.0%

a

Amazon.com,

Inc.

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

United

States

280,860

61,617,876

eBay,

Inc.

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

United

States

10,005

744,972

a

Etsy,

Inc.

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

United

States

14,590

731,834

JD.com,

Inc.,

A

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

China

29,450

480,987

Next

plc

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

United

Kingdom

2,115

361,229

Prosus

NV

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

China

37,040

2,078,185

Ryohin

Keikaku

Co.

Ltd.

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

Japan

24,000

1,151,010

67,166,093

Building

Products

0.7%

Allegion

plc

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

United

States

4,930

710,512

Apogee

Enterprises,

Inc.

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

United

States

4,418

179,371

Cie

de

Saint-Gobain

SA

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

France

32,767

3,849,311

a

Gibraltar

Industries,

Inc.

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

United

States

1,300

76,700

Johnson

Controls

International

plc

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

United

States

52,063

5,498,894

Owens

Corning

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

United

States

4,913

675,636

a

Resideo

Technologies,

Inc.

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

United

States

5,270

116,256

Trane

Technologies

plc

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

United

States

10,749

4,701,720

UFP

Industries,

Inc.

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

United

States

4,367

433,905

16,242,305

Capital

Markets

2.9%

3i

Group

plc

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

United

Kingdom

32,152

1,819,553

Ameriprise

Financial,

Inc.

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

United

States

1,273

679,438

Bank

of

New

York

Mellon

Corp.

(The)

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

United

States

7,699

701,456

BlackRock,

Inc.

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

United

States

3,171

3,327,172

Charles

Schwab

Corp.

(The)

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

United

States

57,713

5,265,734

CME

Group,

Inc.

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

United

States

18,494

5,097,316

Deutsche

Bank

AG

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

Germany

24,396

723,230

Deutsche

Boerse

AG

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

Germany

11,130

3,636,055

b

Euronext

NV,

144A,

Reg

S

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

Netherlands

19,281

3,303,645

Goldman

Sachs

Group,

Inc.

(The)

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

United

States

23,544

16,663,266

Intercontinental

Exchange,

Inc.

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

United

States

3,775

692,599

London

Stock

Exchange

Group

plc

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

United

Kingdom

17,484

2,556,986

Morgan

Stanley

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

United

States

5,283

744,163

Nasdaq,

Inc.

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

United

States

30,382

2,716,758

Northern

Trust

Corp.

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

United

States

6,464

819,571

S&P

Global,

Inc.

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

United

States

3,267

1,722,656

SBI

Holdings,

Inc.

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

Japan

55,000

1,916,483

State

Street

Corp.

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

United

States

86,208

9,167,359

a

StoneX

Group,

Inc.

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

United

States

4,914

447,862

UBS

Group

AG

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

Switzerland

24,117

818,815

Virtu

Financial,

Inc.,

A

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

United

States

20,832

933,065

Virtus

Investment

Partners,

Inc.

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

United

States

1,234

223,848

63,977,030

Chemicals

1.3%

Air

Liquide

SA

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

France

3,473

716,136

Akzo

Nobel

NV

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

Netherlands

18,774

1,317,253

Avient

Corp.

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

United

States

3,538

114,313

a

Axalta

Coating

Systems

Ltd.

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

United

States

21,785

646,797

Balchem

Corp.

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

United

States

459

73,073

Cabot

Corp.

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

United

States

890

66,750

CF

Industries

Holdings,

Inc.

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

United

States

8,573

788,716

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Chemicals

(continued)

Corteva,

Inc.

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

United

States

67,996

$

5,067,742

DuPont

de

Nemours,

Inc.

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

United

States

40,478

2,776,386

Eastman

Chemical

Co.

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

United

States

20,369

1,520,749

Ecolab,

Inc.

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

United

States

2,679

721,830

Huntsman

Corp.

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

United

States

56,809

591,950

a

Ingevity

Corp.

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

United

States

1,613

69,504

Innospec,

Inc.

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

United

States

2,394

201,311

a

Intrepid

Potash,

Inc.

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

United

States

1,929

68,923

Linde

plc

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

United

States

5,906

2,770,977

LyondellBasell

Industries

NV,

A

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

United

States

11,853

685,815

Mativ

Holdings,

Inc.

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

United

States

5,803

39,576

Minerals

Technologies,

Inc.

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

United

States

5,520

303,986

Mosaic

Co.

(The)

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

United

States

19,523

712,199

NewMarket

Corp.

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

United

States

1,083

748,201

Nippon

Sanso

Holdings

Corp.

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

Japan

21,700

821,161

NOF

Corp.

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

Japan

57,700

1,105,690

a

Perimeter

Solutions,

Inc.

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

United

States

26,093

363,215

PPG

Industries,

Inc.

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

United

States

15,892

1,807,715

a

Rayonier

Advanced

Materials,

Inc.

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

United

States

17,742

68,307

Sherwin-Williams

Co.

(The)

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

United

States

8,405

2,885,941

Shin-Etsu

Chemical

Co.

Ltd.

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

Japan

51,300

1,694,028

28,748,244

Commercial

Services

&

Supplies

0.4%

ACCO

Brands

Corp.

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

United

States

18,568

66,473

a

BrightView

Holdings,

Inc.

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

United

States

7,529

125,358

Brink's

Co.

(The)

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

United

States

4,205

375,465

a

Cimpress

plc

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

Ireland

1,570

73,790

a

Copart,

Inc.

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

United

States

48,597

2,384,655

a

CoreCivic

,

Inc.

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

United

States

6,485

136,639

a

GEO

Group,

Inc.

(The)

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

United

States

2,818

67,491

HNI

Corp.

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

United

States

1,455

71,557

Interface,

Inc.,

A

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

United

States

14,798

309,722

a

OPENLANE,

Inc.

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

United

States

3,013

73,668

Republic

Services,

Inc.,

A

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

United

States

2,750

678,178

Steelcase,

Inc.,

A

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

United

States

6,968

72,676

TOPPAN

Holdings,

Inc.

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

Japan

30,800

836,744

UniFirst

Corp.

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

United

States

362

68,136

Veralto

Corp.

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

United

States

6,732

679,595

Waste

Connections,

Inc.

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

United

States

13,186

2,462,090

Waste

Management,

Inc.

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

United

States

2,965

678,451

9,160,688

Communications

Equipment

0.8%

a

Arista

Networks,

Inc.

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

United

States

15,861

1,622,739

a

Calix,

Inc.

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

United

States

5,238

278,609

Cisco

Systems,

Inc.

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

United

States

113,577

7,879,972

a

CommScope

Holding

Co.,

Inc.

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

United

States

6,125

50,715

a

Extreme

Networks,

Inc.

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

United

States

24,508

439,919

a

F5,

Inc.

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

United

States

2,417

711,372

Juniper

Networks,

Inc.

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

United

States

18,258

729,042

Motorola

Solutions,

Inc.

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

United

States

10,222

4,297,942

a

NETGEAR,

Inc.

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

United

States

10,671

310,206

a

NetScout

Systems,

Inc.

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

United

States

3,588

89,018

Telefonaktiebolaget

LM

Ericsson,

B

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

Sweden

93,132

795,843

Ubiquiti,

Inc.

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

United

States

2,702

1,112,278

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Communications

Equipment

(continued)

a

Viavi

Solutions,

Inc.

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

United

States

7,245

$

72,957

18,390,612

Construction

&

Engineering

0.3%

ACS

Actividades

de

Construccion

y

Servicios

SA

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

Spain

2,060

143,186

Argan,

Inc.

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

United

States

2,057

453,527

a

Limbach

Holdings,

Inc.

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

United

States

707

99,051

Primoris

Services

Corp.

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

United

States

6,258

487,748

a

Sterling

Infrastructure,

Inc.

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

United

States

2,700

622,971

a

Tutor

Perini

Corp.

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

United

States

10,902

509,996

Vinci

SA

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

France

24,904

3,672,602

5,989,081

Construction

Materials

0.5%

a

Amrize

Ltd.

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

United

States

15,655

780,925

Buzzi

SpA

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

Italy

18,353

1,017,859

CRH

plc,

(GBP

Traded)

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

United

States

19,418

1,792,470

CRH

plc,

(USD

Traded)

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

United

States

40,791

3,744,614

Heidelberg

Materials

AG

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

Germany

2,742

645,732

Holcim

AG

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

United

States

15,655

1,162,527

Vulcan

Materials

Co.

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

United

States

7,775

2,027,875

11,172,002

Consumer

Finance

0.6%

Ally

Financial,

Inc.

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

United

States

18,617

725,132

American

Express

Co.

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

United

States

2,293

731,421

Bread

Financial

Holdings,

Inc.

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

United

States

7,954

454,333

Capital

One

Financial

Corp.

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

United

States

36,596

7,786,165

a

Enova

International,

Inc.

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

United

States

3,972

442,957

a

LendingClub

Corp.

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

United

States

29,046

349,423

PROG

Holdings,

Inc.

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

United

States

8,628

253,232

SLM

Corp.

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

United

States

20,645

676,950

Synchrony

Financial

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

United

States

11,592

773,650

12,193,263

Consumer

Staples

Distribution

&

Retail

1.5%

a

BJ's

Wholesale

Club

Holdings,

Inc.

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

United

States

23,110

2,491,951

Coles

Group

Ltd.

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

Australia

5,930

81,313

Costco

Wholesale

Corp.

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

United

States

1,636

1,619,542

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

33,551

1,401,306

a

Maplebear

,

Inc.

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

United

States

37,583

1,700,255

Marks

&

Spencer

Group

plc

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

United

Kingdom

14,734

71,711

a

Sprouts

Farmers

Market,

Inc.

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

United

States

4,862

800,480

Target

Corp.

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

United

States

25,061

2,472,267

Tesco

plc

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

United

Kingdom

602,628

3,322,603

a

United

Natural

Foods,

Inc.

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

United

States

2,586

60,280

Walmart,

Inc.

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

United

States

194,268

18,995,525

33,017,233

Containers

&

Packaging

0.2%

Ball

Corp.

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

United

States

29,542

1,657,011

Crown

Holdings,

Inc.

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

United

States

7,190

740,426

a

O-I

Glass,

Inc.

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

United

States

6,290

92,715

Packaging

Corp.

of

America

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

United

States

3,583

675,216

Sealed

Air

Corp.

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

United

States

21,462

665,966

3,831,334

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

8

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Diversified

Consumer

Services

0.1%

ADT,

Inc.

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

United

States

81,509

$

690,381

a

Coursera,

Inc.

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

United

States

42,427

371,660

a

Duolingo,

Inc.,

A

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

United

States

1,686

691,294

a

Frontdoor

,

Inc.

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

United

States

8,348

492,031

a

Laureate

Education,

Inc.

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

United

States

19,281

450,790

a

Udemy,

Inc.

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

United

States

9,886

69,499

2,765,655

Diversified

REITs

0.0%

†

Alexander

&

Baldwin,

Inc.

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

United

States

7,742

138,040

Broadstone

Net

Lease,

Inc.

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

United

States

5,018

80,539

Covivio

SA

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

France

1,402

88,892

WP

Carey,

Inc.

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

United

States

11,360

708,637

1,016,108

Diversified

Telecommunication

Services

0.4%

AT&T,

Inc.

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

United

States

139,828

4,046,622

a

Bandwidth,

Inc.,

A

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

United

States

8,673

137,901

Deutsche

Telekom

AG

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

Germany

27,882

1,020,582

IDT

Corp.,

B

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

United

States

3,659

249,983

Koninklijke

KPN

NV

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

Netherlands

59,169

288,638

a

Lumen

Technologies,

Inc.

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

United

States

116,004

508,097

Telstra

Group

Ltd.

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

Australia

287,944

918,145

Verizon

Communications,

Inc.

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

United

States

15,687

678,776

7,848,744

Electric

Utilities

1.5%

ALLETE,

Inc.

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

United

States

1,693

108,470

American

Electric

Power

Co.,

Inc.

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

United

States

6,687

693,843

Duke

Energy

Corp.

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

United

States

5,912

697,616

Edison

International

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

United

States

105,888

5,463,821

Exelon

Corp.

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

United

States

130,078

5,647,987

Iberdrola

SA

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

Spain

273,763

5,266,661

NextEra

Energy,

Inc.

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

United

States

75,988

5,275,087

NRG

Energy,

Inc.

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

United

States

31,583

5,071,598

Otter

Tail

Corp.

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

United

States

890

68,610

PG&E

Corp.

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

United

States

88,920

1,239,545

Portland

General

Electric

Co.

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

United

States

2,755

111,936

PPL

Corp.

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

United

States

85,991

2,914,235

a

Tokyo

Electric

Power

Co.

Holdings,

Inc.

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

Japan

150,400

500,640

TXNM

Energy,

Inc.

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

United

States

1,450

81,664

33,141,713

Electrical

Equipment

0.7%

ABB

Ltd.

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

Switzerland

30,490

1,827,230

Allient

,

Inc.

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

United

States

3,742

135,872

AMETEK,

Inc.

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

United

States

3,965

717,506

Eaton

Corp.

plc

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

United

States

2,205

787,163

EnerSys

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

United

States

4,420

379,103

GE

Vernova

,

Inc.

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

United

States

2,138

1,131,323

a

Generac

Holdings,

Inc.

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

United

States

5,665

811,285

Mitsubishi

Electric

Corp.

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

Japan

85,800

1,845,470

a

NANO

Nuclear

Energy,

Inc.

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

United

States

7,630

263,159

a

NEXTracker,

Inc.,

A

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

United

States

2,067

112,383

a

NuScale

Power

Corp.,

A

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

United

States

3,487

137,946

Powell

Industries,

Inc.

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

United

States

898

188,984

Prysmian

SpA

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

Italy

23,819

1,686,367

Schneider

Electric

SE

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

United

States

7,176

1,926,647

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Electrical

Equipment

(continued)

a

SES

AI

Corp.

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

United

States

117,728

$

104,578

Vertiv

Holdings

Co.,

A

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

United

States

32,775

4,208,638

a

Vicor

Corp.

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

United

States

1,612

73,120

16,336,774

Electronic

Equipment,

Instruments

&

Components

0.2%

a

Arlo

Technologies,

Inc.

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

United

States

15,822

268,341

Belden,

Inc.

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

United

States

765

88,587

Benchmark

Electronics,

Inc.

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

United

States

1,937

75,214

a

FARO

Technologies,

Inc.

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

United

States

803

35,268

a

Itron

,

Inc.

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

United

States

4,140

544,948

a

Keysight

Technologies,

Inc.

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

United

States

4,261

698,207

a

nLight

,

Inc.

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

United

States

5,255

103,418

a

Plexus

Corp.

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

United

States

532

71,985

a

Sanmina

Corp.

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

United

States

1,102

107,809

a

ScanSource,

Inc.

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

United

States

1,907

79,732

a

TTM

Technologies,

Inc.

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

United

States

11,372

464,205

a

Zebra

Technologies

Corp.,

A

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

United

States

2,336

720,329

3,258,043

Energy

Equipment

&

Services

0.3%

ChampionX

Corp.

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

United

States

18,823

467,563

Halliburton

Co.

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

United

States

159,187

3,244,231

Kodiak

Gas

Services,

Inc.

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

United

States

1,888

64,702

a

Oceaneering

International,

Inc.

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

United

States

15,226

315,483

a

Oil

States

International,

Inc.

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

United

States

18,060

96,802

TechnipFMC

plc

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

United

Kingdom

24,910

857,900

Weatherford

International

plc

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

United

States

14,938

751,531

5,798,212

Entertainment

1.7%

Cinemark

Holdings,

Inc.

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

United

States

2,412

72,794

a

Live

Nation

Entertainment,

Inc.

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

United

States

13,913

2,104,759

a

Netflix,

Inc.

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

United

States

18,910

25,322,948

Nexon

Co.

Ltd.

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

Japan

25,200

507,568

Nintendo

Co.

Ltd.

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

Japan

25,300

2,429,555

a

ROBLOX

Corp.,

A

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

United

States

13,582

1,428,827

a

Spotify

Technology

SA

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

United

States

6,242

4,789,736

Universal

Music

Group

NV

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

Netherlands

43,107

1,398,415

38,054,602

Financial

Services

2.7%

Apollo

Global

Management,

Inc.

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

United

States

26,559

3,767,925

Banco

Latinoamericano

de

Comercio

Exterior

SA,

E

.........

Panama

3,049

122,875

a

Berkshire

Hathaway,

Inc.,

B

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

United

States

6,272

3,046,749

Compass

Diversified

Holdings

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

United

States

9,174

57,613

Corebridge

Financial,

Inc.

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

United

States

21,471

762,221

Equitable

Holdings,

Inc.

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

United

States

86,829

4,871,107

Essent

Group

Ltd.

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

United

States

1,501

91,156

EXOR

NV

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

Netherlands

10,768

1,087,003

a

Fiserv,

Inc.

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

United

States

4,181

720,846

Global

Payments,

Inc.

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

United

States

8,688

695,388

Investor

AB,

B

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

Sweden

44,081

1,306,269

Jackson

Financial,

Inc.,

A

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

United

States

5,960

529,188

Mastercard,

Inc.,

A

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

United

States

43,378

24,375,833

Merchants

Bancorp

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

United

States

4,016

132,809

MGIC

Investment

Corp.

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

United

States

28,156

783,863

a

Mr.

Cooper

Group,

Inc.

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

United

States

4,410

658,016

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

10

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Financial

Services

(continued)

a

NMI

Holdings,

Inc.,

A

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

United

States

7,250

$

305,878

Pagseguro

Digital

Ltd.,

A

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

Brazil

43,491

419,253

a

Payoneer

Global,

Inc.

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

United

States

9,576

65,596

a

PayPal

Holdings,

Inc.

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

United

States

106,813

7,938,342

a

Paysafe

Ltd.

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

United

States

5,780

72,944

PennyMac

Financial

Services,

Inc.

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

United

States

2,077

206,952

Visa,

Inc.,

A

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

United

States

22,384

7,947,439

Western

Union

Co.

(The)

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

United

States

70,207

591,143

60,556,408

Food

Products

0.4%

Ajinomoto

Co.,

Inc.

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

Japan

15,600

423,121

Associated

British

Foods

plc

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

United

Kingdom

44,970

1,270,599

Calavo

Growers,

Inc.

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

United

States

2,647

70,384

Cal-Maine

Foods,

Inc.

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

United

States

4,675

465,770

Danone

SA

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

France

14,267

1,167,374

Dole

plc

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

United

States

22,137

309,697

Fresh

Del

Monte

Produce,

Inc.

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

United

States

6,681

216,598

Hormel

Foods

Corp.

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

United

States

23,014

696,173

Ingredion,

Inc.

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

United

States

4,922

667,522

Mondelez

International,

Inc.,

A

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

United

States

10,530

710,143

Nestle

SA

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

United

States

6,723

668,443

Nissin

Foods

Holdings

Co.

Ltd.

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

Japan

9,600

199,441

a

Seneca

Foods

Corp.,

A

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

United

States

789

80,028

a

Simply

Good

Foods

Co.

(The)

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

United

States

2,097

66,244

Tyson

Foods,

Inc.,

A

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

United

States

12,391

693,153

b

WH

Group

Ltd.,

144A,

Reg

S

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

Hong

Kong

1,690,000

1,628,809

9,333,499

Gas

Utilities

0.1%

National

Fuel

Gas

Co.

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

United

States

8,531

722,661

New

Jersey

Resources

Corp.

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

United

States

9,132

409,296

Northwest

Natural

Holding

Co.

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

United

States

2,097

83,293

Spire,

Inc.

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

United

States

911

66,494

1,281,744

Ground

Transportation

0.5%

Canadian

National

Railway

Co.

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

Canada

7,363

767,201

Canadian

Pacific

Kansas

City

Ltd.

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

Canada

37,277

2,954,948

CSX

Corp.

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

United

States

22,600

737,438

a

Lyft,

Inc.,

A

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

United

States

41,963

661,337

a

Uber

Technologies,

Inc.

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

United

States

21,467

2,002,871

Union

Pacific

Corp.

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

United

States

21,682

4,988,594

12,112,389

Health

Care

Equipment

&

Supplies

1.1%

Abbott

Laboratories

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

United

States

5,130

697,731

a

AngioDynamics

,

Inc.

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

United

States

8,960

88,883

a

AtriCure

,

Inc.

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

United

States

2,259

74,027

a

Avanos

Medical,

Inc.

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

United

States

5,484

67,124

a

Axogen

,

Inc.

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

United

States

9,011

97,769

Becton

Dickinson

&

Co.

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

United

States

8,446

1,454,824

BioMerieux

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

France

2,566

354,920

a

Bioventus,

Inc.,

A

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

United

States

11,030

73,019

a

Boston

Scientific

Corp.

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

United

States

29,178

3,134,009

a

Dexcom,

Inc.

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

United

States

7,942

693,257

a

Edwards

Lifesciences

Corp.

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

United

States

8,850

692,158

a

Glaukos

Corp.

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

United

States

1,147

118,474

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

(continued)

a

Hologic,

Inc.

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

United

States

12,283

$

800,360

Hoya

Corp.

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

Japan

30,300

3,598,492

a

IDEXX

Laboratories,

Inc.

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

United

States

3,102

1,663,727

a

Insulet

Corp.

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

United

States

2,119

665,747

a

Intuitive

Surgical,

Inc.

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

United

States

8,048

4,373,364

a

Lantheus

Holdings,

Inc.

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

United

States

5,153

421,825

a

LivaNova

plc

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

United

States

5,480

246,710

Medtronic

plc

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

United

States

54,622

4,761,400

a

Novocure

Ltd.

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

United

States

20,153

358,723

Olympus

Corp.

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

Japan

39,400

468,006

a

Surmodics

,

Inc.

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

United

States

2,222

66,016

24,970,565

Health

Care

Providers

&

Services

1.1%

a

Addus

HomeCare

Corp.

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

United

States

587

67,616

Cardinal

Health,

Inc.

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

United

States

4,481

752,808

a

Castle

Biosciences,

Inc.

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

United

States

16,154

329,865

Cencora

,

Inc.

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

United

States

2,367

709,745

Chemed

Corp.

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

United

States

1,192

580,421

Cigna

Group

(The)

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

United

States

17,549

5,801,348

Elevance

Health,

Inc.

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

United

States

1,681

653,842

Fresenius

SE

&

Co.

KGaA

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

Germany

2,552

128,424

a

GeneDx

Holdings

Corp.,

A

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

United

States

1,007

92,956

a

Guardant

Health,

Inc.

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

United

States

12,480

649,459

a

Hims

&

Hers

Health,

Inc.

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

United

States

7,571

377,414

Humana,

Inc.

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

United

States

2,716

664,008

McKesson

Corp.

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

United

States

9,544

6,993,652

a

Option

Care

Health,

Inc.

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

United

States

7,269

236,097

Select

Medical

Holdings

Corp.

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

United

States

12,139

184,270

Sonic

Healthcare

Ltd.

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

Australia

37,912

669,192

a

Tenet

Healthcare

Corp.

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

United

States

4,113

723,888

UnitedHealth

Group,

Inc.

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

United

States

15,641

4,879,523

Universal

Health

Services,

Inc.,

B

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

United

States

3,544

641,996

25,136,524

Health

Care

REITs

0.1%

American

Healthcare

REIT,

Inc.

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

United

States

2,812

103,313

CareTrust

REIT,

Inc.

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

United

States

17,178

525,647

LTC

Properties,

Inc.

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

United

States

968

33,502

National

Health

Investors,

Inc.

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

United

States

980

68,718

Omega

Healthcare

Investors,

Inc.

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

United

States

18,487

677,548

Sabra

Health

Care

REIT,

Inc.

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

United

States

4,902

90,393

1,499,121

Health

Care

Technology

0.3%

a

Doximity,

Inc.,

A

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

United

States

13,087

802,757

a

Health

Catalyst,

Inc.

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

United

States

15,526

58,533

HealthStream,

Inc.

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

United

States

3,236

89,540

a

Phreesia,

Inc.

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

United

States

10,667

303,583

a

Teladoc

Health,

Inc.

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

United

States

34,128

297,255

a

Veeva

Systems,

Inc.,

A

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

United

States

18,726

5,392,713

a

Waystar

Holding

Corp.

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

United

States

5,144

210,235

7,154,616

Hotel

&

Resort

REITs

0.0%

†

Apple

Hospitality

REIT,

Inc.

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

United

States

5,663

66,087

Ryman

Hospitality

Properties,

Inc.

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

United

States

4,086

403,166

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

12

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Hotel

&

Resort

REITs

(continued)

Xenia

Hotels

&

Resorts,

Inc.

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

United

States

3,016

$

37,911

507,164

Hotels,

Restaurants

&

Leisure

1.7%

Accor

SA

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

France

25,989

1,362,043

a

Airbnb,

Inc.,

A

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

United

States

5,324

704,578

Aristocrat

Leisure

Ltd.

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

Australia

30,335

1,299,697

Booking

Holdings,

Inc.

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

United

States

141

816,283

a

Brinker

International,

Inc.

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

United

States

3,485

628,450

a

Chipotle

Mexican

Grill,

Inc.,

A

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

United

States

69,937

3,926,963

Compass

Group

plc

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

United

Kingdom

81,287

2,753,354

a

DoorDash

,

Inc.,

A

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

United

States

50,763

12,513,587

a

DraftKings,

Inc.,

A

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

United

States

52,012

2,230,795

b

FDJ

United,

144A,

Reg

S

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

France

7,761

304,544

Golden

Entertainment,

Inc.

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

United

States

2,444

71,927

Hilton

Worldwide

Holdings,

Inc.

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

United

States

24,321

6,477,655

InterContinental

Hotels

Group

plc

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

United

Kingdom

3,353

383,366

International

Game

Technology

plc

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

United

States

25,715

406,554

a

Life

Time

Group

Holdings,

Inc.

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

United

States

2,445

74,157

a

MakeMyTrip

Ltd.

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

India

4,788

469,320

Monarch

Casino

&

Resort,

Inc.

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

United

States

908

78,487

Red

Rock

Resorts,

Inc.,

A

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

United

States

1,729

89,960

Starbucks

Corp.

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

United

States

26,280

2,408,036

36,999,756

Household

Durables

0.5%

DR

Horton,

Inc.

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

United

States

5,654

728,914

Garmin

Ltd.

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

United

States

3,404

710,483

a

Hovnanian

Enterprises,

Inc.,

A

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

United

States

694

72,558

KB

Home

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

United

States

1,306

69,179

a

M/I

Homes,

Inc.

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

United

States

2,956

331,427

PulteGroup,

Inc.

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

United

States

56,750

5,984,855

a

Sonos,

Inc.

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

United

States

7,008

75,756

Sony

Group

Corp.

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

Japan

90,300

2,347,829

a

Taylor

Morrison

Home

Corp.,

A

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

United

States

8,129

499,283

Toll

Brothers,

Inc.

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

United

States

6,637

757,481

a

Tri

Pointe

Homes,

Inc.

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

United

States

13,900

444,105

12,021,870

Household

Products

0.7%

Clorox

Co.

(The)

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

United

States

5,118

614,518

Colgate-Palmolive

Co.

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

United

States

59,569

5,414,822

Energizer

Holdings,

Inc.

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

United

States

2,882

58,101

Kimberly-Clark

Corp.

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

United

States

17,293

2,229,414

Procter

&

Gamble

Co.

(The)

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

United

States

38,997

6,213,002

Reckitt

Benckiser

Group

plc

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

United

Kingdom

11,553

787,071

Unilever

Indonesia

Tbk

.

PT

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

Indonesia

5,060,100

452,374

15,769,302

Independent

Power

and

Renewable

Electricity

Producers

0.1%

RWE

AG

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

Germany

7,537

314,958

Vistra

Corp.

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

United

States

4,418

856,252

1,171,210

Industrial

Conglomerates

0.4%

3M

Co.

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

United

States

4,583

697,716

DCC

plc

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

United

Kingdom

5,167

335,341

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Industrial

Conglomerates

(continued)

Honeywell

International,

Inc.

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

United

States

20,643

$

4,807,342

Jardine

Matheson

Holdings

Ltd.

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

Hong

Kong

15,700

754,585

Sekisui

Chemical

Co.

Ltd.

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

Japan

22,600

409,301

Siemens

AG

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

Germany

3,856

990,445

Smiths

Group

plc

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

United

Kingdom

15,311

472,258

8,466,988

Industrial

REITs

0.2%

First

Industrial

Realty

Trust,

Inc.

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

United

States

13,238

637,145

Prologis,

Inc.

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

United

States

25,831

2,715,355

3,352,500

Insurance

1.9%

Aflac,

Inc.

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

United

States

6,567

692,556

AIA

Group

Ltd.

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

Hong

Kong

171,800

1,556,241

Allianz

SE

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

Germany

5,361

2,175,674

Allstate

Corp.

(The)

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

United

States

24,968

5,026,308

American

International

Group,

Inc.

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

United

States

50,896

4,356,189

AXA

SA

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

France

4,167

204,621

Axis

Capital

Holdings

Ltd.

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

United

States

7,663

795,573

a

Brighthouse

Financial,

Inc.

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

United

States

11,352

610,397

Chubb

Ltd.

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

United

States

2,259

654,477

CNO

Financial

Group,

Inc.

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

United

States

10,836

418,053

Dai-ichi

Life

Holdings,

Inc.

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

Japan

30,900

234,921

a

Enstar

Group

Ltd.

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

United

States

1,301

437,604

Everest

Group

Ltd.

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

United

States

1,996

678,341

Fidelis

Insurance

Holdings

Ltd.

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

United

Kingdom

5,206

86,315

a

Genworth

Financial,

Inc.,

A

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

United

States

58,231

453,037

Globe

Life,

Inc.

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

United

States

14,191

1,763,799

a

Hamilton

Insurance

Group

Ltd.,

B

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

United

States

16,819

363,627

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

1,936

328,868

a

Heritage

Insurance

Holdings,

Inc.

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

United

States

3,826

95,420

Horace

Mann

Educators

Corp.

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

United

States

4,846

208,233

Mercury

General

Corp.

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

United

States

595

40,067

MetLife,

Inc.

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

United

States

80,593

6,481,289

Muenchener

Rueckversicherungs

-Gesellschaft

AG

in

Muenchen

Germany

1,850

1,201,269

NN

Group

NV

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

Netherlands

1,950

129,751

Old

Republic

International

Corp.

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

United

States

19,437

747,158

b

Poste

Italiane

SpA

,

144A,

Reg

S

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

Italy

7,269

156,181

Primerica,

Inc.

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

United

States

2,509

686,638

Progressive

Corp.

(The)

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

United

States

12,224

3,262,097

Prudential

Financial,

Inc.

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

United

States

6,244

670,855

Prudential

plc

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

Hong

Kong

145,424

1,820,163

QBE

Insurance

Group

Ltd.

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

Australia

18,257

281,142

Reinsurance

Group

of

America,

Inc.

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

United

States

3,419

678,193

a

SiriusPoint

Ltd.

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

Sweden

5,340

108,883

Talanx

AG

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

Germany

6,084

788,740

Travelers

Cos.,

Inc.

(The)

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

United

States

2,407

643,969

Unipol

Assicurazioni

SpA

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

Italy

5,902

116,888

Universal

Insurance

Holdings,

Inc.

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

United

States

4,654

129,055

Unum

Group

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

United

States

8,458

683,068

W

R

Berkley

Corp.

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

United

States

9,430

692,822

Willis

Towers

Watson

plc

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

United

States

2,217

679,510

Zurich

Insurance

Group

AG

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

Switzerland

1,225

857,161

41,995,153

Interactive

Media

&

Services

4.0%

Alphabet,

Inc.,

A

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

United

States

174,067

30,675,827

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

14

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Interactive

Media

&

Services

(continued)

Alphabet,

Inc.,

C

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

United

States

61,928

$

10,985,408

b

Auto

Trader

Group

plc,

144A,

Reg

S

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

United

Kingdom

57,833

655,063

a

Cargurus

,

Inc.,

A

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

United

States

11,838

396,218

a

EverQuote

,

Inc.,

A

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

United

States

13,146

317,870

a

fuboTV

,

Inc.

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

United

States

21,369

82,484

a

Grindr,

Inc.

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

Singapore

10,061

228,385

LY

Corp.

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

Japan

292,700

1,077,898

Meta

Platforms,

Inc.,

A

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

United

States

60,032

44,309,019

b

Scout24

SE,

144A,

Reg

S

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

Germany

2,413

333,112

Tencent

Holdings

Ltd.

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

China

14,300

921,429

a

ZipRecruiter,

Inc.,

A

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

United

States

12,375

61,999

90,044,712

IT

Services

0.5%

Accenture

plc,

A

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

Ireland

21,554

6,442,275

Fujitsu

Ltd.

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

Japan

7,800

189,223

a

GoDaddy,

Inc.,

A

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

United

States

3,649

657,039

NEC

Corp.

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

Japan

10,100

294,668

a

Shopify,

Inc.,

A

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

Canada

16,250

1,874,438

a

Snowflake,

Inc.,

A

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

United

States

4,113

920,366

a

Twilio,

Inc.,

A

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

United

States

5,901

733,848

a

Unisys

Corp.

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

United

States

17,828

80,761

VeriSign,

Inc.

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

United

States

2,481

716,513

11,909,131

Leisure

Products

0.1%

Bandai

Namco

Holdings,

Inc.

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

Japan

20,000

716,784

Hasbro,

Inc.

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

United

States

10,147

749,052

a

Latham

Group,

Inc.

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

United

States

11,248

71,762

1,537,598

Life

Sciences

Tools

&

Services

0.4%

Danaher

Corp.

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

United

States

3,507

692,773

Lonza

Group

AG

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

Switzerland

3,429

2,452,296

Thermo

Fisher

Scientific,

Inc.

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

United

States

12,075

4,895,929

8,040,998

Machinery

0.9%

Alamo

Group,

Inc.

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

United

States

432

94,340

Albany

International

Corp.,

A

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

United

States

1,059

74,268

Allison

Transmission

Holdings,

Inc.

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

United

States

6,527

620,000

Atmus

Filtration

Technologies,

Inc.

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

United

States

4,802

174,889

a

Blue

Bird

Corp.

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

United

States

4,728

204,060

Caterpillar,

Inc.

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

United

States

2,095

813,300

Cummins,

Inc.

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

United

States

2,093

685,458

Deere

&

Co.

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

United

States

1,366

694,597

Donaldson

Co.,

Inc.

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

United

States

9,794

679,214

Ebara

Corp.

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

Japan

40,500

776,696

ESCO

Technologies,

Inc.

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

United

States

562

107,831

Federal

Signal

Corp.

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

United

States

806

85,775

Flowserve

Corp.

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

United

States

13,644

714,263

Franklin

Electric

Co.,

Inc.

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

United

States

795

71,343

GEA

Group

AG

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

Germany

10,774

755,258

Graco,

Inc.

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

United

States

8,239

708,307

Hoshizaki

Corp.

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

Japan

4,000

137,832

Hyster-Yale,

Inc.

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

United

States

2,258

89,823

Ingersoll

Rand,

Inc.

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

United

States

38,753

3,223,475

Komatsu

Ltd.

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

Japan

5,800

191,363

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Machinery

(continued)

Lincoln

Electric

Holdings,

Inc.

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

United

States

3,427

$

710,486

Makita

Corp.

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

Japan

4,400

135,511

Mueller

Industries,

Inc.

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

United

States

7,377

586,250

Mueller

Water

Products,

Inc.,

A

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

United

States

3,796

91,256

Otis

Worldwide

Corp.

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

United

States

25,806

2,555,310

Parker-Hannifin

Corp.

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

United

States

1,026

716,630

Pentair

plc

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

United

States

7,106

729,502

a

Proto

Labs,

Inc.

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

United

States

2,700

108,108

Rational

AG

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

Germany

238

199,991

REV

Group,

Inc.

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

United

States

5,353

254,749

Schindler

Holding

AG

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

Switzerland

2,962

1,102,961

a

SPX

Technologies,

Inc.

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

United

States

493

82,666

Tennant

Co.

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

United

States

929

71,979

Watts

Water

Technologies,

Inc.,

A

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

United

States

2,164

532,106

Westinghouse

Air

Brake

Technologies

Corp.

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

United

States

3,460

724,351

Worthington

Enterprises,

Inc.

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

United

States

1,760

112,006

19,615,954

Marine

Transportation

0.1%

Costamare

,

Inc.

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

Monaco

16,337

148,830

a

Kirby

Corp.

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

United

States

6,298

714,256

Matson,

Inc.

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

United

States

3,519

391,841

Safe

Bulkers,

Inc.

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

Monaco

17,040

61,514

SITC

International

Holdings

Co.

Ltd.

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

China

160,000

512,615

1,829,056

Media

0.3%

a

Charter

Communications,

Inc.,

A

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

United

States

7,691

3,144,158

Comcast

Corp.,

A

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

United

States

61,091

2,180,338

Informa

plc

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

United

Kingdom

38,026

420,993

a

Magnite

,

Inc.

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

United

States

8,937

215,560

New

York

Times

Co.

(The),

A

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

United

States

13,452

753,043

a

PubMatic,

Inc.,

A

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

United

States

6,598

82,079

a

Trade

Desk,

Inc.

(The),

A

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

United

States

9,002

648,054

7,444,225

Metals

&

Mining

0.7%

a

Alpha

Metallurgical

Resources,

Inc.

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

United

States

1,663

187,054

ArcelorMittal

SA

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

Luxembourg

8,468

268,895

BHP

Group

Ltd.,

(AUD

Traded)

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

Australia

64,675

1,555,925

BHP

Group

Ltd.,

(GBP

Traded)

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

Australia

5,192

124,311

BlueScope

Steel

Ltd.

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

Australia

22,912

349,145

a

Boliden

AB

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

Sweden

4,269

133,404

Carpenter

Technology

Corp.

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

United

States

836

231,054

Commercial

Metals

Co.

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

United

States

1,534

75,028

a

Constellium

SE,

A

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

United

States

28,976

385,381

Fortescue

Ltd.

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

Australia

99,031

995,483

Freeport-McMoRan,

Inc.

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

United

States

107,285

4,650,805

Glencore

plc

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

Australia

488,758

1,904,515

Hecla

Mining

Co.

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

United

States

14,420

86,376

Norsk

Hydro

ASA

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

Norway

38,997

223,312

Northern

Star

Resources

Ltd.

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

Australia

55,745

688,570

Nucor

Corp.

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

United

States

6,031

781,256

Rio

Tinto

plc

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

Australia

17,353

1,010,016

Royal

Gold,

Inc.

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

United

States

1,953

347,322

Southern

Copper

Corp.

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

Mexico

7,566

765,452

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

16

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Metals

&

Mining

(continued)

SunCoke

Energy,

Inc.

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

United

States

11,408

$

97,995

14,861,299

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.1%

BrightSpire

Capital,

Inc.,

A

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

United

States

22,581

114,034

Chimera

Investment

Corp.

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

United

States

5,771

80,044

Ladder

Capital

Corp.,

A

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

United

States

6,417

68,983

MFA

Financial,

Inc.

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

United

States

7,786

73,656

Rithm

Capital

Corp.

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

United

States

60,359

681,453

TPG

RE

Finance

Trust,

Inc.

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

United

States

16,588

128,059

1,146,229

Multi-Utilities

0.3%

Avista

Corp.

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

United

States

8,953

339,767

Black

Hills

Corp.

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

United

States

6,379

357,862

Consolidated

Edison,

Inc.

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

United

States

6,561

658,396

Dominion

Energy,

Inc.

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

United

States

12,108

684,344

E.ON

SE

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

Germany

59,339

1,093,359

Engie

SA

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

France

80,550

1,893,151

Northwestern

Energy

Group,

Inc.

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

United

States

1,215

62,330

Public

Service

Enterprise

Group,

Inc.

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

United

States

8,739

735,649

Sembcorp

Industries

Ltd.

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

Singapore

49,100

264,506

Unitil

Corp.

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

United

States

1,342

69,985

6,159,349

Office

REITs

0.1%

COPT

Defense

Properties

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

United

States

2,667

73,556

Empire

State

Realty

Trust,

Inc.,

A

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

United

States

9,010

72,891

Vornado

Realty

Trust

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

United

States

70,908

2,711,522

2,857,969

Oil,

Gas

&

Consumable

Fuels

1.9%

Antero

Midstream

Corp.

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

United

States

36,837

698,061

Berry

Corp.

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

United

States

26,414

73,167

BP

plc

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

United

States

181,231

902,947

Cheniere

Energy,

Inc.

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

United

States

32,456

7,903,685

ConocoPhillips

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

United

States

38,621

3,465,849

Core

Natural

Resources,

Inc.

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

United

States

3,690

257,341

Coterra

Energy,

Inc.

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

United

States

27,879

707,569

Dorian

LPG

Ltd.

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

United

States

3,381

82,429

ENEOS

Holdings,

Inc.

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

Japan

187,500

929,406

Eni

SpA

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

Italy

17,203

277,899

Equinor

ASA

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

Norway

65,013

1,641,842

Excelerate

Energy,

Inc.,

A

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

United

States

2,408

70,603

Exxon

Mobil

Corp.

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

United

States

83,700

9,022,860

a

Gulfport

Energy

Corp.

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

United

States

373

75,036

Inpex

Corp.

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

Japan

101,900

1,430,387

International

Seaways,

Inc.

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

United

States

1,885

68,765

Marathon

Petroleum

Corp.

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

United

States

4,295

713,442

Murphy

Oil

Corp.

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

United

States

12,061

271,372

Peabody

Energy

Corp.

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

United

States

4,627

62,094

Repsol

SA

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

Spain

21,496

314,409

Scorpio

Tankers,

Inc.

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

Monaco

9,785

382,887

Shell

plc,

(EUR

Traded)

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

United

States

138,178

4,852,742

Shell

plc,

(GBP

Traded)

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

United

States

14,629

510,399

Teekay

Corp.

Ltd.

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

United

States

34,775

286,894

Teekay

Tankers

Ltd.,

A

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

Canada

8,253

344,315

TotalEnergies

SE

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

France

39,707

2,426,997

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Valero

Energy

Corp.

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

United

States

24,647

$

3,313,050

Williams

Cos.,

Inc.

(The)

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

United

States

11,802

741,284

World

Kinect

Corp.

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

United

States

2,599

73,682

41,901,413

Paper

&

Forest

Products

0.0%

†

Louisiana-Pacific

Corp.

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

United

States

7,533

647,763

Sylvamo

Corp.

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

United

States

5,219

261,472

909,235

Passenger

Airlines

0.4%

Delta

Air

Lines,

Inc.

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

United

States

13,879

682,569

Qantas

Airways

Ltd.

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

Australia

196,833

1,390,541

Ryanair

Holdings

plc

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

Italy

12,233

346,997

Ryanair

Holdings

plc,

ADR

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

Italy

30,279

1,746,190

a

SkyWest,

Inc.

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

United

States

4,581

471,706

Southwest

Airlines

Co.

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

United

States

132,565

4,300,409

a

Sun

Country

Airlines

Holdings,

Inc.

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

United

States

9,571

112,459

a

United

Airlines

Holdings,

Inc.

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

United

States

8,791

700,027

9,750,898

Personal

Care

Products

0.1%

Unilever

plc

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

United

Kingdom

48,411

2,954,342

Pharmaceuticals

2.9%

a

Alumis

,

Inc.

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

United

States

13,307

39,921

a

Arvinas

,

Inc.

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

United

States

42,052

309,503

AstraZeneca

plc

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

United

Kingdom

12,678

1,764,387

AstraZeneca

plc,

ADR

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

United

Kingdom

50,003

3,494,209

Bristol-Myers

Squibb

Co.

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

United

States

71,002

3,286,683

Chugai

Pharmaceutical

Co.

Ltd.

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

Japan

15,500

809,376

a

Corcept

Therapeutics,

Inc.

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

United

States

5,495

403,333

Daiichi

Sankyo

Co.

Ltd.

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

Japan

67,100

1,554,580

Eli

Lilly

&

Co.

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

United

States

24,526

19,118,753

Galderma

Group

AG

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

Switzerland

3,517

511,216

GSK

plc

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

United

States

32,801

625,399

Haleon

plc

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

United

States

339,771

1,746,298

Ipsen

SA

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

France

3,051

363,428

Johnson

&

Johnson

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

United

States

36,918

5,639,224

Merck

&

Co.,

Inc.

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

United

States

106,522

8,432,282

Merck

KGaA

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

Germany

503

65,218

Novartis

AG

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

United

States

42,473

5,155,250

Novo

Nordisk

A/S,

B

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

Denmark

27,468

1,903,369

Otsuka

Holdings

Co.

Ltd.

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

Japan

13,100

649,489

Roche

Holding

AG

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

United

States

9,434

3,079,445

Sanofi

SA

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

United

States

47,179

4,567,574

a

WaVe

Life

Sciences

Ltd.

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

United

States

11,214

72,891

63,591,828

Professional

Services

0.7%

Automatic

Data

Processing,

Inc.

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

United

States

31,159

9,609,436

Booz

Allen

Hamilton

Holding

Corp.,

A

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

United

States

2,674

278,444

Broadridge

Financial

Solutions,

Inc.

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

United

States

2,858

694,580

Heidrick

&

Struggles

International,

Inc.

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

United

States

2,324

106,346

a

IBEX

Holdings

Ltd.

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

United

States

3,495

101,704

Korn

Ferry

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

United

States

3,663

268,608

a

Legalzoom.com,

Inc.

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

United

States

38,876

346,385

Leidos

Holdings,

Inc.

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

United

States

4,328

682,785

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

18

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Professional

Services

(continued)

Maximus,

Inc.

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

United

States

1,064

$

74,693

a

Paylocity

Holding

Corp.

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

United

States

3,429

621,301

Recruit

Holdings

Co.

Ltd.

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

Japan

35,900

2,111,158

a

Upwork,

Inc.

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

United

States

24,118

324,146

Verisk

Analytics,

Inc.,

A

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

United

States

1,107

344,830

Wolters

Kluwer

NV

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

Netherlands

4,411

737,687

16,302,103

Real

Estate

Management

&

Development

0.3%

a

Anywhere

Real

Estate,

Inc.

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

United

States

20,419

73,917

a

CBRE

Group,

Inc.,

A

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

United

States

26,995

3,782,539

a

CoStar

Group,

Inc.

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

United

States

26,427

2,124,731

a

Cushman

&

Wakefield

plc

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

United

States

32,011

354,362

a

Jones

Lang

LaSalle,

Inc.

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

United

States

3,032

775,525

7,111,074

Residential

REITs

0.2%

AvalonBay

Communities,

Inc.

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

United

States

3,325

676,637

Camden

Property

Trust

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

United

States

5,837

657,772

Equity

LifeStyle

Properties,

Inc.

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

United

States

10,385

640,443

Equity

Residential

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

United

States

9,754

658,297

Essex

Property

Trust,

Inc.

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

United

States

2,412

683,561

Invitation

Homes,

Inc.

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

United

States

20,211

662,921

Mid-America

Apartment

Communities,

Inc.

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

United

States

4,325

640,143

NexPoint

Residential

Trust,

Inc.

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

United

States

2,359

78,602

4,698,376

Retail

REITs

0.4%

Brixmor

Property

Group,

Inc.

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

United

States

27,127

706,387

CBL

&

Associates

Properties,

Inc.

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

United

States

2,801

71,117

Curbline

Properties

Corp.

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

United

States

8,495

193,941

Kite

Realty

Group

Trust

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

United

States

8,918

201,993

Simon

Property

Group,

Inc.

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

United

States

37,922

6,096,341

SITE

Centers

Corp.

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

United

States

25,303

286,177

Tanger

,

Inc.

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

United

States

2,390

73,086

Urban

Edge

Properties

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

United

States

19,638

366,445

7,995,487

Semiconductors

&

Semiconductor

Equipment

7.0%

a

Ambarella,

Inc.

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

United

States

5,831

385,225

Applied

Materials,

Inc.

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

United

States

4,342

794,890

ASML

Holding

NV

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

Netherlands

7,461

5,978,774

a

Astera

Labs,

Inc.

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

United

States

7,343

663,954

Broadcom,

Inc.

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

United

States

102,657

28,297,402

a

CEVA,

Inc.

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

United

States

3,275

71,984

a

Cirrus

Logic,

Inc.

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

United

States

6,960

725,615

a

Credo

Technology

Group

Holding

Ltd.

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

United

States

9,475

877,290

a

Impinj

,

Inc.

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

United

States

3,071

341,096

KLA

Corp.

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

United

States

878

786,460

Lam

Research

Corp.

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

United

States

9,504

925,119

Marvell

Technology,

Inc.

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

United

States

12,830

993,042

a

MaxLinear

,

Inc.,

A

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

United

States

6,317

89,765

NVIDIA

Corp.

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

United

States

609,442

96,285,742

QUALCOMM,

Inc.

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

United

States

87,906

13,999,910

a

Rambus,

Inc.

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

United

States

8,784

562,352

a

Rigetti

Computing,

Inc.

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

United

States

4,898

58,090

SCREEN

Holdings

Co.

Ltd.

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

Japan

9,400

764,327

SK

Hynix,

Inc.

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

South

Korea

5,226

1,126,107

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

19

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Taiwan

49,000

$

1,791,898

155,519,042

Software

6.7%

a

8x8,

Inc.

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

United

States

30,481

59,743

A10

Networks,

Inc.

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

United

States

5,572

107,818

a

ACI

Worldwide,

Inc.

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

United

States

4,720

216,695

Adeia

,

Inc.

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

United

States

6,005

84,911

a

Adobe,

Inc.

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

United

States

26,244

10,153,279

a

Alarm.com

Holdings,

Inc.

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

United

States

1,421

80,386

a

AppLovin

Corp.,

A

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

United

States

3,602

1,260,988

a

Atlassian

Corp.,

A

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

United

States

29,105

5,910,934

a

Aurora

Innovation,

Inc.,

A

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

United

States

5,917

31,005

a

Autodesk,

Inc.

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

United

States

8,724

2,700,689

a

Blend

Labs,

Inc.,

A

..................................

United

States

95,990

316,767

a

Cadence

Design

Systems,

Inc.

.........................

United

States

19,765

6,090,585

a

Check

Point

Software

Technologies

Ltd.

..................

Israel

1,700

376,125

a

Commvault

Systems,

Inc.

.............................

United

States

3,189

555,938

a

DocuSign,

Inc.,

A

...................................

United

States

7,640

595,080

a

Dropbox,

Inc.,

A

....................................

United

States

24,837

710,338

a

D-Wave

Quantum,

Inc.

...............................

Canada

8,698

127,339

a

Fortinet,

Inc.

.......................................

United

States

6,673

705,470

a

HubSpot,

Inc.

......................................

United

States

4,044

2,251,012

InterDigital

,

Inc.

.....................................

United

States

2,205

494,427

Intuit,

Inc.

.........................................

United

States

1,034

814,409

a

Life360,

Inc.

.......................................

United

States

5,745

374,861

a

LiveRamp

Holdings,

Inc.

..............................

United

States

11,688

386,172

a

Manhattan

Associates,

Inc.

............................

United

States

5,532

1,092,404

Microsoft

Corp.

.....................................

United

States

180,265

89,665,614

a

Nice

Ltd.

..........................................

Israel

1,081

183,244

OneSpan

,

Inc.

......................................

United

States

4,541

75,789

Oracle

Corp.

.......................................

United

States

17,973

3,929,437

Oracle

Corp.

Japan

..................................

Japan

3,500

417,167

a

Palantir

Technologies,

Inc.,

A

...........................

United

States

9,546

1,301,311

Pegasystems,

Inc.

...................................

United

States

14,084

762,367

a

PROS

Holdings,

Inc.

.................................

United

States

5,758

90,170

a

Q2

Holdings,

Inc.

...................................

United

States

2,052

192,047

a

Rapid7,

Inc.

.......................................

United

States

8,803

203,613

a

RingCentral,

Inc.,

A

..................................

United

States

26,521

751,870

Salesforce,

Inc.

.....................................

United

States

17,097

4,662,181

SAP

SE

..........................................

Germany

6,561

2,006,219

a

ServiceNow,

Inc.

....................................

United

States

7,800

8,019,024

a

Teradata

Corp.

.....................................

United

States

29,258

652,746

a

Weave

Communications,

Inc.

..........................

United

States

11,317

94,157

a

Workday,

Inc.,

A

....................................

United

States

2,534

608,160

a

Xperi

,

Inc.

.........................................

United

States

10,449

82,652

a

Zoom

Communications,

Inc.,

A

.........................

United

States

8,380

653,472

149,848,615

Specialized

REITs

0.4%

American

Tower

Corp.

................................

United

States

24,854

5,493,231

Millrose

Properties,

Inc.,

A

.............................

United

States

24,245

691,225

Outfront

Media,

Inc.

.................................

United

States

23,787

388,204

PotlatchDeltic

Corp.

.................................

United

States

1,799

69,028

Public

Storage

.....................................

United

States

2,237

656,380

VICI

Properties,

Inc.,

A

...............................

United

States

21,730

708,398

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

20

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Specialized

REITs

(continued)

Weyerhaeuser

Co.

..................................

United

States

26,465

$

679,886

8,686,352

Specialty

Retail

0.8%

a

Abercrombie

&

Fitch

Co.,

A

............................

United

States

3,965

328,500

American

Eagle

Outfitters,

Inc.

.........................

United

States

6,017

57,884

a,b

Auto1

Group

SE,

144A,

Reg

S

.........................

Germany

16,975

549,573

a

AutoZone,

Inc.

.....................................

United

States

170

631,079

Avolta

AG

.........................................

Switzerland

3,851

209,768

Best

Buy

Co.,

Inc.

...................................

United

States

9,749

654,450

Buckle,

Inc.

(The)

...................................

United

States

1,867

84,669

Fast

Retailing

Co.

Ltd.

................................

Japan

4,800

1,645,748

Gap,

Inc.

(The)

.....................................

United

States

25,033

545,970

a

Genesco,

Inc.

......................................

United

States

3,089

60,822

Home

Depot,

Inc.

(The)

...............................

United

States

6,263

2,296,266

Industria

de

Diseno

Textil

SA

...........................

Spain

3,798

198,129

J

Jill,

Inc.

.........................................

United

States

4,396

64,357

Ross

Stores,

Inc.

...................................

United

States

4,498

573,855

a

Sally

Beauty

Holdings,

Inc.

............................

United

States

8,406

77,840

TJX

Cos.,

Inc.

(The)

.................................

United

States

76,511

9,448,343

Upbound

Group,

Inc.

.................................

United

States

2,940

73,794

a

Urban

Outfitters,

Inc.

.................................

United

States

1,978

143,484

a

Victoria's

Secret

&

Co.

...............................

United

States

12,064

223,425

Williams-Sonoma,

Inc.

...............................

United

States

4,021

656,911

18,524,867

Technology

Hardware,

Storage

&

Peripherals

3.5%

Apple,

Inc.

........................................

United

States

348,911

71,586,070

a

IonQ

,

Inc.

.........................................

United

States

11,150

479,115

NetApp,

Inc.

.......................................

United

States

7,134

760,128

Seagate

Technology

Holdings

plc

.......................

United

States

28,691

4,140,972

76,966,285

Textiles,

Apparel

&

Luxury

Goods

0.2%

adidas

AG

.........................................

Germany

1,272

296,923

Asics

Corp.

........................................

Japan

23,000

586,509

Cie

Financiere

Richemont

SA

..........................

Switzerland

416

78,721

a

Deckers

Outdoor

Corp.

...............................

United

States

2,792

287,771

a

G-III

Apparel

Group

Ltd.

..............................

United

States

2,801

62,742

a

Hanesbrands,

Inc.

...................................

United

States

13,513

61,890

Hermes

International

SCA

.............................

France

545

1,477,422

Kontoor

Brands,

Inc.

.................................

United

States

950

62,671

a

Lululemon

Athletica,

Inc.

..............................

United

States

4,034

958,398

LVMH

Moet

Hennessy

Louis

Vuitton

SE

..................

France

442

231,334

Pandora

A/S

.......................................

Denmark

6,921

1,219,448

5,323,829

Tobacco

1.0%

Imperial

Brands

plc

..................................

United

Kingdom

39,273

1,551,683

Philip

Morris

International,

Inc.

.........................

United

States

111,359

20,281,815

Turning

Point

Brands,

Inc.

.............................

United

States

5,103

386,654

22,220,152

Trading

Companies

&

Distributors

0.3%

AerCap

Holdings

NV

.................................

Ireland

3,800

444,600

Applied

Industrial

Technologies,

Inc.

.....................

United

States

1,247

289,865

Boise

Cascade

Co.

..................................

United

States

3,307

287,114

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

21

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Trading

Companies

&

Distributors

(continued)

Bunzl

plc

..........................................

United

Kingdom

5,319

$

169,498

a

DNOW,

Inc.

.......................................

United

States

19,760

293,041

a

Hudson

Technologies,

Inc.

............................

United

States

14,385

116,806

McGrath

RentCorp

..................................

United

States

943

109,350

Mitsubishi

Corp.

....................................

Japan

41,400

827,250

Mitsui

&

Co.

Ltd.

....................................

Japan

87,900

1,791,400

a

NPK

International,

Inc.

...............................

United

States

11,061

94,129

United

Rentals,

Inc.

..................................

United

States

4,009

3,020,381

7,443,434

Transportation

Infrastructure

0.0%

†

b

Aena

SME

SA

,

144A,

Reg

S

...........................

Spain

30,930

825,639

Water

Utilities

0.0%

†

American

States

Water

Co.

............................

United

States

986

75,587

California

Water

Service

Group

.........................

United

States

1,898

86,321

H2O

America

......................................

United

States

1,835

95,365

257,273

Wireless

Telecommunication

Services

0.3%

KDDI

Corp.

........................................

Japan

88,000

1,511,012

SoftBank

Group

Corp.

................................

Japan

15,800

1,148,755

T-Mobile

US,

Inc.

...................................

United

States

20,203

4,813,567

7,473,334

Total

Common

Stocks

(Cost

$983,937,629)

...................................

1,622,831,972

Convertible

Preferred

Stocks

0.0%

†

Aerospace

&

Defense

0.0%

†

Boeing

Co.

(The),

6%

................................

United

States

5,386

366,248

Electric

Utilities

0.0%

†

PG&E

Corp.,

A,

6%

..................................

United

States

2,928

110,093

Financial

Services

0.0%

†

Apollo

Global

Management,

Inc.,

6.75%

..................

United

States

2,332

174,550

Total

Convertible

Preferred

Stocks

(Cost

$532,300)

............................

650,891

Preferred

Stocks

0.0%

†

Technology

Hardware,

Storage

&

Peripherals

0.0%

†

c

Samsung

Electronics

Co.

Ltd.,

2.2%

.....................

South

Korea

25,561

937,703

Total

Preferred

Stocks

(Cost

$949,317)

.......................................

937,703

Rights

Rights

0.0%

†

Biotechnology

0.0%

†

a,d

Icosavax

,

Inc.,

CVR,

5/31/25

...........................

United

Kingdom

4,444

1,333

Pharmaceuticals

0.0%

†

a,d

CinCor

Pharma,

Inc.,

CVR,

5/31/25

......................

United

Kingdom

2,325

7,115

Total

Rights

(Cost

$8,492)

..................................................

8,448

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

22

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

0.0%

†

Consumer

Staples

Distribution

&

Retail

0.0%

†

Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375

%

,

12/15/28

..

United

States

125,000

$

195,125

Energy

Equipment

&

Services

0.0%

†

Nabors

Industries,

Inc.

,

Senior

Note

,

1.75

%

,

6/15/29

.........

United

States

110,000

63,525

Food

Products

0.0%

†

Post

Holdings,

Inc.

,

Senior

Note

,

2.5

%

,

8/15/27

.............

United

States

166,000

189,904

Software

0.0%

†

b

Guidewire

Software,

Inc.

,

Senior

Note

,

144A,

1.25

%

,

11/01/29

..

United

States

239,000

282,379

Total

Convertible

Bonds

(Cost

$690,001)

.....................................

730,933

Corporate

Bonds

12.5%

Aerospace

&

Defense

0.4%

ATI,

Inc.

,

Senior

Bond,

5.125%,

10/01/31

.......................

United

States

50,000

48,911

Senior

Note,

5.875%,

12/01/27

.......................

United

States

295,000

296,622

Senior

Note,

4.875%,

10/01/29

.......................

United

States

75,000

73,521

Senior

Note,

7.25%,

8/15/30

.........................

United

States

225,000

235,967

b

Axon

Enterprise,

Inc.

,

Senior

Note,

144A,

6.125%,

3/15/30

...................

United

States

180,000

185,555

Senior

Note,

144A,

6.25%,

3/15/33

....................

United

States

135,000

139,342

Boeing

Co.

(The)

,

Senior

Bond,

3.2%,

3/01/29

..........................

United

States

105,000

99,979

Senior

Bond,

2.95%,

2/01/30

.........................

United

States

91,000

84,402

Senior

Bond,

6.125%,

2/15/33

........................

United

States

290,000

306,571

Senior

Bond,

5.875%,

2/15/40

........................

United

States

150,000

149,749

Senior

Bond,

3.375%,

6/15/46

........................

United

States

215,000

147,332

Senior

Note,

2.196%,

2/04/26

........................

United

States

1,388,000

1,366,533

Senior

Note,

2.7%,

2/01/27

..........................

United

States

340,000

330,580

Senior

Note,

6.259%,

5/01/27

........................

United

States

174,000

179,085

Senior

Note,

6.298%,

5/01/29

........................

United

States

265,000

280,231

Senior

Note,

6.388%,

5/01/31

........................

United

States

205,000

220,404

b

Bombardier,

Inc.

,

Senior

Note,

144A,

7.875%,

4/15/27

...................

Canada

8,000

8,051

Senior

Note,

144A,

7.5%,

2/01/29

.....................

Canada

30,000

31,522

Senior

Note,

144A,

8.75%,

11/15/30

...................

Canada

185,000

200,508

Senior

Note,

144A,

7.25%,

7/01/31

....................

Canada

30,000

31,529

Senior

Note,

144A,

7%,

6/01/32

......................

Canada

70,000

72,984

Senior

Note,

144A,

6.75%,

6/15/33

....................

Canada

155,000

160,805

b

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5

%

,

2/15/32

...............................

Italy

345,000

349,618

Howmet

Aerospace,

Inc.

,

Senior

Note,

3%,

1/15/29

...........................

United

States

805,000

770,212

Senior

Note,

4.85%,

10/15/31

........................

United

States

265,000

268,702

RTX

Corp.

,

Senior

Bond,

4.125%,

11/16/28

.......................

United

States

857,000

853,838

Senior

Bond,

5.15%,

2/27/33

.........................

United

States

110,000

112,491

Senior

Bond,

4.875%,

10/15/40

.......................

United

States

125,000

117,892

Spirit

AeroSystems,

Inc.

,

b

Secured

Note,

144A,

9.75%,

11/15/30

..................

United

States

335,000

369,874

Senior

Bond,

4.6%,

6/15/28

..........................

United

States

375,000

368,895

b

Senior

Secured

Note,

144A,

9.375%,

11/30/29

...........

United

States

75,000

79,669

b

TransDigm

,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

190,000

197,277

Senior

Secured

Note,

144A,

7.125%,

12/01/31

...........

United

States

45,000

47,204

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

23

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Aerospace

&

Defense

(continued)

b

TransDigm,

Inc.,

(continued)

Senior

Secured

Note,

144A,

6.625%,

3/01/32

............

United

States

135,000

$

139,947

Senior

Secured

Note,

144A,

6%,

1/15/33

................

United

States

255,000

256,550

8,582,352

Automobile

Components

0.1%

b

Adient

Global

Holdings

Ltd.

,

Senior

Note,

144A,

8.25%,

4/15/31

....................

United

States

365,000

383,868

Senior

Note,

144A,

7.5%,

2/15/33

.....................

United

States

80,000

81,879

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

........................................

United

States

280,000

217,178

b,e

IHO

Verwaltungs

GmbH

,

Senior

Secured

Note,

144A,

PIK,

7.75%,

11/15/30

.........

Germany

200,000

205,415

Senior

Secured

Note,

144A,

PIK,

8%,

11/15/32

...........

Germany

200,000

204,711

1,093,051

Automobiles

0.1%

b

Hyundai

Capital

America

,

Senior

Bond,

144A,

6.375%,

4/08/30

...................

United

States

41,000

43,575

Senior

Note,

144A,

4.875%,

11/01/27

..................

United

States

395,000

396,905

Senior

Note,

144A,

6.5%,

1/16/29

.....................

United

States

775,000

817,649

Senior

Note,

144A,

5.35%,

3/19/29

....................

United

States

215,000

219,161

Senior

Note,

144A,

4.55%,

9/26/29

....................

United

States

100,000

99,133

Senior

Note,

144A,

5.4%,

1/08/31

.....................

United

States

107,000

109,362

1,685,785

Banks

1.8%

b

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note,

144A,

4.988%

to

12/02/27,

FRN

thereafter,

12/03/28

................................

Netherlands

500,000

506,881

Sub.

Bond,

144A,

4.75%,

7/28/25

.....................

Netherlands

200,000

200,042

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

202,641

Banco

Santander

SA

,

Senior

Non-Preferred

Bond,

4.379%,

4/12/28

............

Spain

400,000

399,151

Sub.

Bond,

5.179%,

11/19/25

........................

Spain

600,000

600,717

Sub.

Bond,

3.225%

to

8/21/31,

FRN

thereafter,

11/22/32

....

Spain

1,400,000

1,257,008

Bank

of

America

Corp.

,

Senior

Bond,

2.496%

to

2/12/30,

FRN

thereafter,

2/13/31

...

United

States

672,000

613,930

Senior

Note,

1.734%

to

7/21/26,

FRN

thereafter,

7/22/27

....

United

States

2,328,000

2,263,245

g

Sub.

Bond,

FRN,

5.34%,

(3-month

SOFR

+

1.022%),

9/15/26

United

States

125,000

124,832

Sub.

Bond,

6.11%,

1/29/37

..........................

United

States

1,572,000

1,661,085

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

2,112,000

1,933,297

L,

Sub.

Bond,

4.183%,

11/25/27

......................

United

States

555,000

552,889

Bank

of

Nova

Scotia

(The)

,

Junior

Sub.

Bond

,

7.35%

to

4/26/30,

FRN

thereafter

,

4/27/85

.............................

Canada

310,000

313,065

Barclays

plc

,

Senior

Note

,

5.367%

to

2/24/30,

FRN

thereafter

,

2/25/31

.........................................

United

Kingdom

230,000

235,000

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

375,000

330,587

b

BPCE

SA

,

Senior

Non-Preferred

Note

,

144A,

5.975%

to

1/17/26,

FRN

thereafter

,

1/18/27

.............................

France

1,000,000

1,006,907

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

24

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Banks

(continued)

b

CaixaBank

SA

,

h

Senior

Non-Preferred

Note,

144A,

4.634%

to

7/02/28,

FRN

thereafter,

7/03/29

.................................

Spain

590,000

$

591,600

Senior

Non-Preferred

Note,

144A,

5.673%

to

3/14/29,

FRN

thereafter,

3/15/30

.................................

Spain

280,000

289,658

Citigroup,

Inc.

,

Senior

Bond,

3.887%

to

1/09/27,

FRN

thereafter,

1/10/28

...

United

States

609,000

603,648

Senior

Bond,

3.668%

to

7/23/27,

FRN

thereafter,

7/24/28

...

United

States

2,674,000

2,632,736

Sub.

Bond,

4.45%,

9/29/27

..........................

United

States

776,000

776,905

Sub.

Bond,

4.75%,

5/18/46

..........................

United

States

415,000

354,539

b

Commonwealth

Bank

of

Australia

,

Sub.

Bond

,

144A,

5.837

%

,

3/13/34

.........................................

Australia

525,000

542,197

b

Credit

Agricole

SA

,

Sub.

Bond

,

144A,

4%

to

1/09/28,

FRN

thereafter

,

1/10/33

.................................

France

250,000

242,986

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125

%

,

3/09/28

...

United

States

1,137,000

1,180,729

Huntington

Bancshares,

Inc.

,

Sub.

Bond

,

2.487%

to

8/14/31,

FRN

thereafter

,

8/15/36

.................................

United

States

781,000

656,363

ING

Groep

NV

,

Senior

Note

,

6.083%

to

9/10/26,

FRN

thereafter

,

9/11/27

.........................................

Netherlands

345,000

351,412

JPMorgan

Chase

&

Co.

,

f

KK,

Junior

Sub.

Bond,

3.65%

to

5/31/26,

FRN

thereafter,

Perpetual

.......................................

United

States

127,000

125,256

g

W,

Junior

Sub.

Bond,

FRN,

5.588%,

(3-month

SOFR

+

1.262%),

5/15/47

.................................

United

States

368,000

326,644

Senior

Bond,

3.782%

to

1/31/27,

FRN

thereafter,

2/01/28

...

United

States

140,000

138,834

Senior

Note,

6.07%

to

10/21/26,

FRN

thereafter,

10/22/27

...

United

States

360,000

367,920

Sub.

Bond,

3.625%,

12/01/27

........................

United

States

2,616,000

2,581,332

Sub.

Bond,

2.956%

to

5/12/30,

FRN

thereafter,

5/13/31

.....

United

States

1,000,000

924,955

Sub.

Bond,

5.717%

to

9/13/32,

FRN

thereafter,

9/14/33

.....

United

States

1,198,000

1,249,095

Lloyds

Banking

Group

plc

,

Sub.

Bond

,

4.65

%

,

3/24/26

........

United

Kingdom

445,000

444,665

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Bond,

3.85%,

3/01/26

.........................

Japan

575,000

573,302

Senior

Note,

5.159%

to

4/23/30,

FRN

thereafter,

4/24/31

....

Japan

650,000

665,742

Morgan

Stanley

Bank

NA

,

Senior

Note

,

5.016%

to

1/11/28,

FRN

thereafter

,

1/12/29

.................................

United

States

905,000

919,270

NatWest

Group

plc

,

Senior

Note

,

5.847%

to

3/01/26,

FRN

thereafter

,

3/02/27

.................................

United

Kingdom

395,000

398,531

PNC

Financial

Services

Group,

Inc.

(The)

,

Sub.

Bond

,

4.626%

to

6/05/32,

FRN

thereafter

,

6/06/33

......................

United

States

1,380,000

1,339,870

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

6.833%

to

11/20/25,

FRN

thereafter

,

11/21/26

.....................

United

Kingdom

1,300,000

1,310,739

Toronto-Dominion

Bank

(The)

,

Sub.

Bond

,

3.625%

to

9/14/26,

FRN

thereafter

,

9/15/31

.............................

Canada

965,000

954,297

Truist

Bank

,

Sub.

Bond

,

4.632

%

,

9/17/29

..................

United

States

540,000

533,984

Truist

Financial

Corp.

,

Senior

Note,

4.26%

to

7/27/25,

FRN

thereafter,

7/28/26

.....

United

States

640,000

639,752

Senior

Note,

5.435%

to

1/23/29,

FRN

thereafter,

1/24/30

....

United

States

340,000

350,260

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

........................................

United

States

1,227,000

1,041,772

Wells

Fargo

&

Co.

,

Senior

Bond,

3.35%

to

3/01/32,

FRN

thereafter,

3/02/33

....

United

States

3,684,000

3,365,437

Senior

Note,

4.54%

to

8/14/25,

FRN

thereafter,

8/15/26

.....

United

States

429,000

428,919

Senior

Note,

5.574%

to

7/24/28,

FRN

thereafter,

7/25/29

....

United

States

340,000

351,119

Westpac

Banking

Corp.

,

Senior

Bond,

2.7%,

8/19/26

..........................

Australia

78,000

76,801

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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)

Westpac

Banking

Corp.,

(continued)

Sub.

Bond,

2.963%,

11/16/40

........................

Australia

359,000

$

266,000

40,195,134

Biotechnology

0.1%

AbbVie,

Inc.

,

Senior

Note

,

4.8

%

,

3/15/29

..................

United

States

510,000

520,125

Amgen,

Inc.

,

Senior

Bond,

4.663%,

6/15/51

........................

United

States

512,000

438,734

Senior

Bond,

5.65%,

3/02/53

.........................

United

States

36,000

35,174

Senior

Bond,

5.75%,

3/02/63

.........................

United

States

230,000

223,776

Senior

Note,

5.15%,

3/02/28

.........................

United

States

740,000

756,331

Senior

Note,

5.25%,

3/02/30

.........................

United

States

75,000

77,300

b

Grifols

SA

,

Senior

Note

,

Reg

S,

3.875

%

,

10/15/28

...........

Spain

620,000

EUR

700,439

2,751,879

Broadline

Retail

0.1%

b

Kohl's

Corp.

,

Senior

Secured

Note

,

144A,

10

%

,

6/01/30

......

United

States

275,000

285,354

b

Match

Group

Holdings

II

LLC

,

Senior

Note

,

144A,

4.625

%

,

6/01/28

.........................................

United

States

424,000

414,046

b

Wayfair

LLC

,

Senior

Secured

Note,

144A,

7.25%,

10/31/29

............

United

States

245,000

245,722

Senior

Secured

Note,

144A,

7.75%,

9/15/30

.............

United

States

245,000

247,133

1,192,255

Building

Products

0.2%

b

Builders

FirstSource

,

Inc.

,

Senior

Bond,

144A,

6.375%,

3/01/34

...................

United

States

120,000

122,439

Senior

Bond,

144A,

6.75%,

5/15/35

....................

United

States

115,000

118,549

b

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

8/01/28

...................................

United

States

225,000

207,670

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

30,000

30,281

Senior

Secured

Note,

144A,

6.125%,

7/31/32

............

United

States

125,000

127,153

Johnson

Controls

International

plc

,

Senior

Bond,

4.95%,

7/02/64

.........................

United

States

515,000

430,821

Senior

Note,

3.9%,

2/14/26

..........................

United

States

284,000

282,905

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/01/32

..............

United

States

250,000

256,571

b

MIWD

Holdco

II

LLC

/

MIWD

Finance

Corp.

,

Senior

Note

,

144A,

5.5

%

,

2/01/30

....................................

United

States

265,000

252,576

b

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

....................

United

States

85,000

87,758

Senior

Secured

Note,

144A,

6.375%,

3/01/32

............

United

States

170,000

174,921

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875

%

,

11/15/31

..................................

United

States

225,000

236,076

b

Standard

Building

Solutions,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

8/15/32

.........................................

United

States

280,000

287,080

b

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

4.375%,

7/15/30

...................

United

States

305,000

288,977

Senior

Bond,

144A,

3.375%,

1/15/31

...................

United

States

90,000

80,776

Senior

Note,

Reg

S,

2.25%,

11/21/26

..................

United

States

180,000

EUR

210,114

3,318,715

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

26

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Capital

Markets

0.8%

Ares

Capital

Corp.

,

Senior

Note,

3.875%,

1/15/26

........................

United

States

504,000

$

501,439

Senior

Note,

2.15%,

7/15/26

.........................

United

States

421,000

410,344

Senior

Note,

7%,

1/15/27

...........................

United

States

195,000

201,266

Senior

Note,

2.875%,

6/15/27

........................

United

States

449,000

434,126

b

Aretec

Group,

Inc.

,

Senior

Secured

Note

,

144A,

10

%

,

8/15/30

..

United

States

85,000

93,514

b

Blackstone

Holdings

Finance

Co.

LLC

,

Senior

Bond

,

144A,

1.6

%

,

3/30/31

.........................................

United

States

270,000

230,785

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25

%

,

3/15/27

..

United

States

193,000

187,761

Deutsche

Bank

AG

,

Senior

Preferred

Note

,

1.686

%

,

3/19/26

...

Germany

1,491,000

1,463,704

b

Dresdner

Funding

Trust

I

,

Junior

Sub.

Bond

,

144A,

8.151

%

,

6/30/31

.........................................

United

States

125,000

138,209

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

4.223%

to

4/30/28,

FRN

thereafter,

5/01/29

...

United

States

2,554,000

2,539,850

Sub.

Bond,

5.95%,

1/15/27

..........................

United

States

220,000

226,146

Intercontinental

Exchange,

Inc.

,

Senior

Bond,

1.85%,

9/15/32

.........................

United

States

297,000

246,755

Senior

Note,

4%,

9/15/27

...........................

United

States

182,000

181,245

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note,

144A,

6.125%,

11/01/32

...........

United

States

595,000

601,052

Senior

Secured

Note,

144A,

6.75%,

5/01/33

.............

United

States

215,000

221,199

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

5.03

%

,

3/16/26

...

United

States

405,000

405,766

b

KKR

Group

Finance

Co.

III

LLC

,

Senior

Bond

,

144A,

5.125

%

,

6/01/44

.........................................

United

States

340,000

310,193

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

........................

United

States

377,000

402,207

Senior

Note,

5.2%,

3/15/30

..........................

United

States

401,000

407,436

Moody's

Corp.

,

Senior

Bond,

2%,

8/19/31

...........................

United

States

962,000

835,300

Senior

Bond,

5%,

8/05/34

...........................

United

States

295,000

298,467

Morgan

Stanley

,

Senior

Bond,

3.772%

to

1/23/28,

FRN

thereafter,

1/24/29

...

United

States

2,599,000

2,562,269

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

680,000

692,025

Senior

Note,

4.994%

to

4/11/28,

FRN

thereafter,

4/12/29

....

United

States

389,000

394,711

Sub.

Bond,

3.95%,

4/23/27

..........................

United

States

817,000

812,228

Sub.

Bond,

5.297%

to

4/19/32,

FRN

thereafter,

4/20/37

.....

United

States

150,000

149,498

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625

%

,

9/01/30

............

United

States

249,000

233,731

Nasdaq,

Inc.

,

Senior

Bond,

5.55%,

2/15/34

.........................

United

States

63,000

65,665

Senior

Note,

5.35%,

6/28/28

.........................

United

States

203,000

209,069

b

Neuberger

Berman

Group

LLC

/

Neuberger

Berman

Finance

Corp.

,

Senior

Bond

,

144A,

4.875

%

,

4/15/45

..............

United

States

305,000

261,140

S&P

Global,

Inc.

,

Senior

Bond,

2.5%,

12/01/29

.........................

United

States

91,000

84,650

Senior

Bond,

1.25%,

8/15/30

.........................

United

States

188,000

161,930

Senior

Note,

4.75%,

8/01/28

.........................

United

States

86,000

87,264

b,h

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875

%

,

7/15/32

United

States

185,000

187,010

b

UBS

Group

AG

,

f

Junior

Sub.

Bond,

Reg

S,

6.875%

to

8/06/25,

FRN

thereafter,

Perpetual

.......................................

Switzerland

381,000

381,590

Senior

Bond,

144A,

3.869%

to

1/11/28,

FRN

thereafter,

1/12/29

Switzerland

342,000

336,797

Senior

Note,

144A,

1.305%

to

2/01/26,

FRN

thereafter,

2/02/27

Switzerland

395,000

387,589

Senior

Note,

144A,

5.428%

to

2/07/29,

FRN

thereafter,

2/08/30

Switzerland

455,000

467,395

17,811,325

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

27

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Chemicals

0.3%

b

Avient

Corp.

,

Senior

Note,

144A,

7.125%,

8/01/30

...................

United

States

180,000

$

185,788

Senior

Note,

144A,

6.25%,

11/01/31

...................

United

States

100,000

100,997

Celanese

US

Holdings

LLC

,

Senior

Bond,

6.629%,

7/15/32

........................

United

States

170,000

178,342

Senior

Note,

1.4%,

8/05/26

..........................

United

States

300,000

289,384

Senior

Note,

6.415%,

7/15/27

........................

United

States

808,000

837,289

b

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375

%

,

10/03/31

........................................

Germany

225,000

233,768

CF

Industries,

Inc.

,

Senior

Bond,

4.95%,

6/01/43

.........................

United

States

435,000

387,245

b

Senior

Bond,

144A,

4.5%,

12/01/26

....................

United

States

396,000

396,366

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

230,000

235,951

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

474,000

449,881

Senior

Bond,

2.95%,

6/15/31

.........................

United

States

252,000

212,245

International

Flavors

&

Fragrances,

Inc.

,

Senior

Bond,

4.45%,

9/26/28

.........................

United

States

525,000

525,017

b

Senior

Bond,

144A,

2.3%,

11/01/30

....................

United

States

85,000

75,151

b

Senior

Note,

144A,

1.832%,

10/15/27

..................

United

States

20,000

18,853

Nutrien

Ltd.

,

Senior

Bond,

4.2%,

4/01/29

..........................

Canada

233,000

230,689

Senior

Bond,

4.125%,

3/15/35

........................

Canada

675,000

614,890

Senior

Bond,

5.25%,

1/15/45

.........................

Canada

143,000

132,176

b

Olympus

Water

US

Holding

Corp.

,

Senior

Secured

Note,

Reg

S,

3.875%,

10/01/28

...........

United

States

105,000

EUR

121,428

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

210,000

225,477

b

SCIH

Salt

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

5/01/29

...................

United

States

200,000

195,708

Senior

Secured

Note,

144A,

4.875%,

5/01/28

............

United

States

255,000

248,603

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

340,000

229,343

Westlake

Corp.

,

Senior

Bond

,

2.875

%

,

8/15/41

.............

United

States

396,000

266,612

b

WR

Grace

Holdings

LLC

,

Senior

Note

,

144A,

5.625

%

,

8/15/29

.

United

States

150,000

135,919

7,132,276

Commercial

Services

&

Supplies

0.2%

b

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875

%

,

2/15/31

...................................

United

States

305,000

318,902

b

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

,

Senior

Note

,

144A,

6

%

,

6/01/29

.......................

United

States

345,000

335,851

b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

5

%

,

2/01/28

......

United

States

314,000

313,038

b

Clean

Harbors,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

2/01/31

.....

United

States

130,000

133,284

b

GFL

Environmental,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

1/15/31

.........................................

United

States

70,000

73,337

b

Madison

IAQ

LLC

,

Senior

Note,

144A,

5.875%,

6/30/29

...................

United

States

375,000

369,150

Senior

Secured

Note,

144A,

4.125%,

6/30/28

............

United

States

120,000

116,664

b

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Secured

Note

,

144A,

6.25

%

,

1/15/28

...................

United

States

290,000

290,715

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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)

Commercial

Services

&

Supplies

(continued)

Republic

Services,

Inc.

,

Senior

Note

,

5

%

,

11/15/29

..........

United

States

1,360,000

$

1,399,340

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/01/29

.........................................

United

States

380,000

380,287

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5

%

,

11/30/30

........................................

United

States

100,000

108,374

Waste

Connections,

Inc.

,

Senior

Bond,

3.5%,

5/01/29

..........................

United

States

497,000

486,467

Senior

Bond,

3.2%,

6/01/32

..........................

United

States

92,000

84,063

Senior

Bond,

5%,

3/01/34

...........................

United

States

220,000

222,438

Waste

Management,

Inc.

,

Senior

Note

,

4.875

%

,

2/15/29

......

United

States

323,000

331,002

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/01/33

........

United

States

235,000

244,545

b

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625

%

,

4/01/32

...

Canada

100,000

104,185

5,311,642

Communications

Equipment

0.1%

b

CommScope

LLC

,

Senior

Note

,

144A,

7.125

%

,

7/01/28

.......

United

States

195,000

191,791

Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

.........................

United

States

179,000

158,950

Senior

Bond,

5.55%,

8/15/35

.........................

United

States

675,000

688,487

Senior

Note,

4.85%,

8/15/30

.........................

United

States

205,000

207,268

1,246,496

Construction

&

Engineering

0.0%

†

b

Arcosa

,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

8/15/32

...........

United

States

110,000

114,229

Consumer

Finance

0.4%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond,

3.65%,

7/21/27

.........................

Ireland

900,000

886,672

Senior

Bond,

3.3%,

1/30/32

..........................

Ireland

1,245,000

1,128,656

Senior

Bond,

6.95%

to

12/09/29,

FRN

thereafter,

3/10/55

...

Ireland

150,000

155,966

Ally

Financial,

Inc.

,

Senior

Bond,

8%,

11/01/31

..........................

United

States

807,000

919,298

Senior

Note,

4.75%,

6/09/27

.........................

United

States

442,000

444,616

Senior

Note,

2.2%,

11/02/28

.........................

United

States

312,000

287,836

American

Express

Co.

,

Senior

Bond,

5.667%

to

4/24/35,

FRN

thereafter,

4/25/36

...

United

States

805,000

833,914

Senior

Note,

5.098%

to

2/15/27,

FRN

thereafter,

2/16/28

....

United

States

380,000

384,451

Capital

One

Financial

Corp.

,

Sub.

Bond

,

2.359%

to

7/28/31,

FRN

thereafter

,

7/29/32

.................................

United

States

1,934,000

1,640,666

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note,

144A,

9.25%,

4/01/29

.............

United

States

200,000

212,936

Senior

Secured

Note,

144A,

8.5%,

5/15/30

..............

United

States

240,000

257,621

b

FirstCash

,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/32

.........

United

States

560,000

580,184

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

4.125

%

,

8/17/27

.....

United

States

220,000

215,111

General

Motors

Financial

Co.,

Inc.

,

Senior

Note

,

4.9

%

,

10/06/29

United

States

513,000

512,330

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note,

144A,

6.4%,

3/26/29

.....................

United

Kingdom

30,000

31,342

Senior

Note,

144A,

5.15%,

3/17/30

....................

United

Kingdom

138,000

138,018

Senior

Note,

144A,

6.5%,

3/26/31

.....................

United

Kingdom

45,000

47,659

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

.......................

United

States

315,000

310,069

Senior

Note,

7.5%,

5/15/31

..........................

United

States

230,000

240,480

Senior

Note,

7.125%,

11/15/31

.......................

United

States

230,000

239,461

9,467,286

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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)

Consumer

Staples

Distribution

&

Retail

0.1%

b

7-Eleven,

Inc.

,

Senior

Note

,

144A,

1.3

%

,

2/10/28

............

United

States

715,000

$

659,617

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond,

144A,

3.55%,

7/26/27

....................

Canada

458,000

450,819

Senior

Bond,

144A,

2.95%,

1/25/30

....................

Canada

328,000

306,630

b

US

Foods,

Inc.

,

Senior

Note,

144A,

7.25%,

1/15/32

....................

United

States

55,000

57,986

Senior

Note,

144A,

5.75%,

4/15/33

....................

United

States

185,000

185,269

1,660,321

Containers

&

Packaging

0.2%

b

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc

,

Senior

Note,

Reg

S,

3%,

9/01/29

......................

United

States

175,000

EUR

185,337

Senior

Note,

144A,

4%,

9/01/29

......................

United

States

200,000

182,764

b

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note,

144A,

5.25%,

8/15/27

....................

United

States

255,000

113,917

Senior

Secured

Note,

144A,

4.125%,

8/15/26

............

United

States

245,000

230,227

Berry

Global,

Inc.

,

Senior

Secured

Note,

1.57%,

1/15/26

..................

United

States

809,000

794,640

Senior

Secured

Note,

1.65%,

1/15/27

..................

United

States

273,000

261,945

Senior

Secured

Note,

5.5%,

4/15/28

...................

United

States

23,000

23,617

b

Senior

Secured

Note,

144A,

4.875%,

7/15/26

............

United

States

21,000

20,991

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/32

...............................

United

States

290,000

297,799

b

Graham

Packaging

Co.,

Inc.

,

Senior

Note

,

144A,

7.125

%

,

8/15/28

United

States

250,000

249,705

b

Graphic

Packaging

International

LLC

,

Senior

Note,

Reg

S,

2.625%,

2/01/29

..................

United

States

150,000

EUR

169,596

Senior

Note,

144A,

3.5%,

3/01/29

.....................

United

States

155,000

146,301

b

Intelligent

Packaging

Ltd.

Finco

,

Inc.

/

Intelligent

Packaging

Ltd.

Co-Issuer

LLC

,

Senior

Secured

Note

,

144A,

6

%

,

9/15/28

....

Canada

530,000

530,000

b

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/27

...................

United

States

185,000

183,839

Senior

Secured

Note,

144A,

7.875%,

4/15/27

............

United

States

275,000

279,851

b

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5

%

,

5/15/30

...........

Canada

465,000

475,731

WestRock

MWV

LLC

,

Senior

Bond,

8.2%,

1/15/30

..........................

United

States

690,000

791,062

Senior

Bond,

7.95%,

2/15/31

.........................

United

States

154,000

178,602

5,115,924

Distributors

0.0%

†

b

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

Senior

Note,

144A,

3.875%,

11/15/29

..................

United

States

225,000

213,012

Senior

Secured

Note,

144A,

4%,

1/15/28

................

United

States

155,000

151,709

b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75

%

,

3/15/31

..

Canada

155,000

163,139

527,860

Diversified

Consumer

Services

0.0%

†

Service

Corp.

International

,

Senior

Bond

,

3.375

%

,

8/15/30

....

United

States

100,000

91,985

Diversified

REITs

0.1%

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond,

3.25%,

1/15/32

.........................

United

States

336,000

295,980

Senior

Note,

5.375%,

4/15/26

........................

United

States

148,000

148,125

VICI

Properties

LP

,

Senior

Note,

4.75%,

2/15/28

.........................

United

States

658,000

661,885

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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)

Diversified

REITs

(continued)

VICI

Properties

LP,

(continued)

Senior

Note,

5.125%,

11/15/31

.......................

United

States

615,000

$

616,194

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

2/15/27

...................................

United

States

263,000

259,065

1,981,249

Diversified

Telecommunication

Services

0.5%

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

AT&T,

Inc.

,

Senior

Bond,

2.55%,

12/01/33

........................

United

States

804,000

673,162

Senior

Bond,

4.75%,

5/15/46

.........................

United

States

1,045,000

913,204

Senior

Bond,

3.55%,

9/15/55

.........................

United

States

2,055,000

1,387,714

Senior

Note,

4.1%,

2/15/28

..........................

United

States

165,000

164,348

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.375%,

6/01/29

...................

United

States

180,000

179,467

Senior

Bond,

144A,

4.75%,

3/01/30

....................

United

States

1,255,000

1,216,782

Senior

Bond,

144A,

4.25%,

2/01/31

....................

United

States

160,000

149,569

Senior

Bond,

144A,

4.75%,

2/01/32

....................

United

States

240,000

227,796

Deutsche

Telekom

International

Finance

BV

,

Senior

Bond

,

8.75

%

,

6/15/30

.........................................

Germany

435,000

513,733

b

Frontier

Communications

Holdings

LLC

,

Senior

Secured

Note,

144A,

5.875%,

10/15/27

...........

United

States

165,000

165,166

Senior

Secured

Note,

144A,

8.75%,

5/15/30

.............

United

States

170,000

177,942

b

Iliad

Holding

SASU

,

Senior

Secured

Note

,

144A,

7

%

,

4/15/32

..

France

200,000

205,166

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875

%

,

11/15/28

.........

United

States

455,000

488,573

Telefonica

Emisiones

SA

,

Senior

Bond

,

4.895

%

,

3/06/48

......

Spain

1,130,000

950,519

Verizon

Communications,

Inc.

,

Senior

Bond,

4.4%,

11/01/34

.........................

United

States

755,000

716,852

Senior

Bond,

3.7%,

3/22/61

..........................

United

States

957,000

661,081

b

Senior

Bond,

144A,

5.401%,

7/02/37

...................

United

States

2,010,000

2,023,085

Senior

Note,

2.1%,

3/22/28

..........................

United

States

360,000

341,172

b

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5

%

,

8/15/30

....................................

United

Kingdom

200,000

186,003

11,675,334

Electric

Utilities

0.5%

American

Electric

Power

Co.,

Inc.

,

J

,

Senior

Bond

,

4.3

%

,

12/01/28

........................................

United

States

1,094,000

1,095,025

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65

%

,

1/15/32

...................................

United

States

181,000

159,371

b

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375

%

,

2/15/32

....................

United

Kingdom

265,000

265,668

Commonwealth

Edison

Co.

,

Senior

Bond

,

5.9

%

,

3/15/36

......

United

States

133,000

142,184

Duke

Energy

Corp.

,

Senior

Bond,

3.15%,

8/15/27

.........................

United

States

416,000

407,718

Senior

Bond,

4.2%,

6/15/49

..........................

United

States

781,000

609,935

Duke

Energy

Indiana

LLC

,

Senior

Bond

,

6.45

%

,

4/01/39

......

United

States

210,000

230,263

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

3.65

%

,

2/01/29

........

United

States

427,000

418,995

Evergy

Kansas

Central,

Inc.

,

Senior

Bond

,

5.7

%

,

3/15/53

.....

United

States

169,000

166,991

b

Evergy

Missouri

West,

Inc.

,

Senior

Note

,

144A,

5.15

%

,

12/15/27

United

States

680,000

692,187

Eversource

Energy

,

Senior

Note

,

5.45

%

,

3/01/28

............

United

States

75,000

76,966

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25

%

,

5/01/30

United

States

265,000

254,585

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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)

Electric

Utilities

(continued)

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

5.45

%

,

3/15/35

.........................................

United

States

1,645,000

$

1,677,596

b

NRG

Energy,

Inc.

,

f

Junior

Sub.

Bond,

144A,

10.25%

to

3/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

215,000

238,880

Senior

Bond,

144A,

6.25%,

11/01/34

...................

United

States

255,000

259,966

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond,

5.3%,

6/01/42

...................

United

States

175,000

167,474

Senior

Secured

Bond,

3.75%,

4/01/45

..................

United

States

760,000

585,059

Pacific

Gas

and

Electric

Co.

,

Senior

Note,

2.1%,

8/01/27

..........................

United

States

99,000

93,792

Senior

Note,

6.1%,

1/15/29

..........................

United

States

1,000,000

1,036,418

Senior

Note,

5.55%,

5/15/29

.........................

United

States

670,000

681,039

PG&E

Corp.

,

Junior

Sub.

Bond,

7.375%

to

3/14/30,

FRN

thereafter,

3/15/55

United

States

150,000

142,428

Senior

Secured

Bond,

5.25%,

7/01/30

..................

United

States

300,000

285,980

Public

Service

Electric

and

Gas

Co.

,

Senior

Bond

,

5.5

%

,

3/01/40

United

States

160,000

162,683

Southern

Co.

(The)

,

Senior

Note

,

5.5

%

,

3/15/29

............

United

States

425,000

442,601

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5%,

7/31/27

......................

United

States

155,000

154,913

Senior

Note,

144A,

7.75%,

10/15/31

...................

United

States

225,000

239,299

Senior

Note,

144A,

6.875%,

4/15/32

...................

United

States

150,000

156,920

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

..............

United

States

387,000

381,458

Senior

Secured

Bond,

144A,

6%,

4/15/34

...............

United

States

415,000

431,324

Wisconsin

Electric

Power

Co.

,

Senior

Bond

,

4.6

%

,

10/01/34

...

United

States

340,000

336,682

11,994,400

Electrical

Equipment

0.0%

†

b

Energizer

Gamma

Acquisition

BV

,

Senior

Note

,

Reg

S,

3.5

%

,

6/30/29

.........................................

United

States

185,000

EUR

208,707

b

Sensata

Technologies

BV

,

Senior

Note

,

144A,

5.875

%

,

9/01/30

.

United

States

225,000

225,488

434,195

Electronic

Equipment,

Instruments

&

Components

0.0%

†

CDW

LLC

/

CDW

Finance

Corp.

,

Senior

Note

,

3.25

%

,

2/15/29

..

United

States

260,000

246,491

b

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

4

%

,

3/01/29

......

United

States

355,000

339,505

585,996

Energy

Equipment

&

Services

0.1%

b

Aris

Water

Holdings

LLC

,

Senior

Note

,

144A,

7.25

%

,

4/01/30

..

United

States

275,000

283,954

b

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875

%

,

8/15/31

...

United

States

375,000

278,849

b

Precision

Drilling

Corp.

,

Senior

Note,

144A,

7.125%,

1/15/26

...................

Canada

68,000

68,245

Senior

Note,

144A,

6.875%,

1/15/29

...................

Canada

150,000

148,302

b

Transocean

Aquila

Ltd.

,

Senior

Secured

Note

,

144A,

8

%

,

9/30/28

United

States

48,923

49,440

b

Transocean

Poseidon

Ltd.

,

Senior

Secured

Note

,

144A,

6.875

%

,

2/01/27

.........................................

United

States

112,875

113,134

b

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375

%

,

2/01/28

...................................

United

States

122,143

124,159

Transocean,

Inc.

,

Senior

Bond,

6.8%,

3/15/38

..........................

United

States

320,000

225,295

b

Senior

Secured

Note,

144A,

8.75%,

2/15/30

.............

United

States

80,000

82,333

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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)

Energy

Equipment

&

Services

(continued)

b

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625

%

,

4/30/30

.........................................

United

States

235,000

$

242,376

1,616,087

Entertainment

0.2%

b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

.........................................

France

590,000

612,600

b

Cinemark

USA,

Inc.

,

Senior

Note

,

144A,

5.25

%

,

7/15/28

......

United

States

185,000

184,257

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

135,000

142,343

b

Senior

Bond,

Reg

S,

3.875%,

11/15/29

.................

United

States

725,000

EUR

892,777

b

Senior

Bond,

144A,

5.375%,

11/15/29

..................

United

States

878,000

917,487

b

Pinewood

Finco

plc

,

Senior

Secured

Note

,

144A,

6

%

,

3/27/30

..

United

Kingdom

135,000

GBP

183,652

Walt

Disney

Co.

(The)

,

Senior

Bond

,

7.75

%

,

12/01/45

........

United

States

382,000

481,915

Warnermedia

Holdings,

Inc.

,

Senior

Note

,

3.755

%

,

3/15/27

....

United

States

82,000

76,523

3,613,408

Financial

Services

0.2%

b

Benteler

International

AG

,

Senior

Secured

Note

,

144A,

10.5

%

,

5/15/28

.........................................

Austria

320,000

337,076

b

Boost

Newco

Borrower

LLC

,

Senior

Secured

Note

,

144A,

7.5

%

,

1/15/31

.........................................

United

States

230,000

244,312

Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85

%

,

4/05/29

.......

United

States

402,000

394,058

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25

%

,

10/01/30

United

States

210,000

233,035

b

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375

%

,

4/01/32

.........................................

United

States

385,000

389,455

b

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

8

%

,

2/15/27

........

Ireland

85,000

87,698

Global

Payments,

Inc.

,

Senior

Note

,

2.15

%

,

1/15/27

.........

United

States

72,000

69,673

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note,

144A,

9.5%,

2/15/29

.....................

United

States

305,000

322,792

Senior

Note,

144A,

8.25%,

5/15/30

....................

United

States

195,000

202,203

b

Nationstar

Mortgage

Holdings,

Inc.

,

Senior

Bond,

144A,

5.75%,

11/15/31

...................

United

States

550,000

559,016

Senior

Note,

144A,

7.125%,

2/01/32

...................

United

States

240,000

249,452

b

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95

%

,

1/03/31

.....

Malaysia

450,000

459,406

b

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875

%

,

11/01/29

..................................

United

States

530,000

529,147

b

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.875

%

,

1/31/30

........

United

States

490,000

505,606

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

8/01/33

.......

United

States

300,000

307,335

b

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

5/15/33

...........................

United

States

100,000

EUR

122,148

5,012,412

Food

Products

0.2%

b,e

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75

%

,

10/01/29

United

States

93,776

98,405

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625

%

,

7/01/29

...................................

United

States

240,000

250,395

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

3

%

,

2/02/29

......................

United

States

183,000

173,972

b,h

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

,

Senior

Bond

,

144A,

5.5

%

,

1/15/36

.

United

States

1,015,000

1,017,126

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

24,000

20,574

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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)

Food

Products

(continued)

Kellanova,

(continued)

B,

Senior

Bond,

7.45%,

4/01/31

.......................

United

States

99,000

$

113,484

b

Mars,

Inc.

,

Senior

Bond,

144A,

5.65%,

5/01/45

....................

United

States

95,000

95,285

Senior

Bond,

144A,

5.7%,

5/01/55

.....................

United

States

80,000

79,862

Senior

Bond,

144A,

5.8%,

5/01/65

.....................

United

States

50,000

49,953

Senior

Note,

144A,

4.6%,

3/01/28

.....................

United

States

645,000

650,377

Senior

Note,

144A,

4.65%,

4/20/31

....................

United

States

52,000

52,693

Senior

Note,

144A,

5%,

3/01/32

......................

United

States

830,000

841,453

Senior

Note,

144A,

5.2%,

3/01/35

.....................

United

States

105,000

106,311

3,692,662

Gas

Utilities

0.0%

†

Southern

California

Gas

Co.

,

Senior

Bond

,

5.05

%

,

9/01/34

....

United

States

250,000

251,806

Ground

Transportation

0.2%

b

Ashtead

Capital,

Inc.

,

Senior

Bond,

144A,

4.375%,

8/15/27

...................

United

Kingdom

1,000,000

996,350

Senior

Bond,

144A,

2.45%,

8/12/31

....................

United

Kingdom

280,000

241,778

Senior

Note,

144A,

4.25%,

11/01/29

...................

United

Kingdom

255,000

249,826

b,h

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25

%

,

8/01/30

.........................................

United

States

170,000

173,710

CSX

Corp.

,

Senior

Bond

,

4.1

%

,

3/15/44

..................

United

States

446,000

371,999

b

ERAC

USA

Finance

LLC

,

Senior

Bond

,

144A,

3.3

%

,

12/01/26

..

United

States

143,000

140,977

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Bond,

144A,

3.4%,

11/15/26

....................

United

States

216,000

212,742

Senior

Note,

144A,

4.4%,

7/01/27

.....................

United

States

255,000

254,711

Ryder

System,

Inc.

,

Senior

Note

,

4.95

%

,

9/01/29

............

United

States

595,000

605,754

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

917,000

936,249

b

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125

%

,

8/01/32

...................................

United

States

325,000

339,968

4,729,237

Health

Care

Equipment

&

Supplies

0.1%

b

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note,

144A,

8.375%,

10/01/28

...........

United

States

145,000

151,525

g

Senior

Secured

Note,

144A,

FRN,

5.872%,

(3-month

EURIBOR

+

3.875%),

1/15/31

................................

United

States

100,000

EUR

118,755

Becton

Dickinson

&

Co.

,

Senior

Bond

,

2.823

%

,

5/20/30

.......

United

States

731,000

676,967

DH

Europe

Finance

II

SARL

,

Senior

Bond

,

3.4

%

,

11/15/49

....

United

States

333,000

237,043

GE

HealthCare

Technologies,

Inc.

,

Senior

Note,

5.65%,

11/15/27

........................

United

States

230,000

237,021

Senior

Note,

4.8%,

8/14/29

..........................

United

States

480,000

487,175

b

Insulet

Corp.

,

Senior

Note

,

144A,

6.5

%

,

4/01/33

............

United

States

85,000

88,680

b

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

...................

United

States

145,000

143,975

Senior

Secured

Note,

144A,

3.875%,

4/01/29

............

United

States

255,000

244,784

2,385,925

Health

Care

Providers

&

Services

0.3%

Centene

Corp.

,

Senior

Bond

,

3

%

,

10/15/30

................

United

States

205,000

183,304

b

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note,

144A,

5.625%,

3/15/27

............

United

States

145,000

142,913

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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)

Health

Care

Providers

&

Services

(continued)

b

CHS/Community

Health

Systems,

Inc.,

(continued)

Senior

Secured

Note,

144A,

5.25%,

5/15/30

.............

United

States

340,000

$

301,817

Senior

Secured

Note,

144A,

10.875%,

1/15/32

...........

United

States

200,000

212,224

b

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

7/15/32

.........................................

United

States

215,000

222,872

CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

380,000

392,886

Senior

Bond,

4.78%,

3/25/38

.........................

United

States

253,000

232,340

b

DaVita,

Inc.

,

Senior

Note,

144A,

6.875%,

9/01/32

...................

United

States

580,000

601,347

Senior

Note,

144A,

6.75%,

7/15/33

....................

United

States

45,000

46,495

HCA,

Inc.

,

Senior

Bond,

4.5%,

2/15/27

..........................

United

States

116,000

116,049

Senior

Bond,

4.125%,

6/15/29

........................

United

States

242,000

237,830

Senior

Note,

5.45%,

4/01/31

.........................

United

States

700,000

722,023

Senior

Note,

3.625%,

3/15/32

........................

United

States

815,000

752,071

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.809

%

,

5/08/27

.........................................

United

States

310,000

316,598

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

......

Italy

450,000

432,175

Tenet

Healthcare

Corp.

,

Senior

Secured

Note,

5.125%,

11/01/27

................

United

States

485,000

484,539

Senior

Secured

Note,

4.25%,

6/01/29

..................

United

States

190,000

184,410

Senior

Secured

Note,

6.125%,

6/15/30

.................

United

States

300,000

305,590

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

3.95

%

,

10/15/42

......

United

States

512,000

415,592

6,303,075

Health

Care

REITs

0.0%

†

b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/32

....................

United

States

500,000

523,681

Health

Care

Technology

0.0%

†

b

AthenaHealth

Group,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/30

...

United

States

355,000

349,751

b

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

6/01/32

.............

United

States

630,000

647,305

997,056

Hotel

&

Resort

REITs

0.0%

†

b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note,

144A,

7.25%,

7/15/28

....................

United

States

70,000

72,506

Senior

Note,

144A,

6.5%,

4/01/32

.....................

United

States

265,000

272,717

Senior

Note,

144A,

6.5%,

6/15/33

.....................

United

States

140,000

144,112

b

XHR

LP

,

Senior

Note

,

144A,

6.625

%

,

5/15/30

..............

United

States

80,000

81,609

570,944

Hotels,

Restaurants

&

Leisure

0.4%

b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

4

%

,

10/15/30

.....................................

Canada

250,000

233,230

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

6/15/31

......

United

States

410,000

393,219

b

Caesars

Entertainment,

Inc.

,

Senior

Note,

144A,

4.625%,

10/15/29

..................

United

States

415,000

396,400

Senior

Note,

144A,

6%,

10/15/32

.....................

United

States

120,000

117,760

Senior

Secured

Note,

144A,

7%,

2/15/30

................

United

States

345,000

357,491

Senior

Secured

Note,

144A,

6.5%,

2/15/32

..............

United

States

40,000

41,070

b

Carnival

Corp.

,

Senior

Note,

144A,

5.75%,

3/01/27

....................

United

States

330,000

332,931

Senior

Note,

144A,

5.75%,

3/15/30

....................

United

States

295,000

300,182

Senior

Note,

144A,

5.875%,

6/15/31

...................

United

States

275,000

280,328

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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)

Hotels,

Restaurants

&

Leisure

(continued)

b

Carnival

Corp.,

(continued)

Senior

Note,

144A,

6.125%,

2/15/33

...................

United

States

130,000

$

133,091

Senior

Secured

Note,

144A,

4%,

8/01/28

................

United

States

547,000

535,718

b

Churchill

Downs,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

4/01/30

.....

United

States

235,000

235,919

b

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/30

.................

United

States

350,000

323,262

b

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75

%

,

11/15/29

.........................

Canada

195,000

191,007

Hyatt

Hotels

Corp.

,

Senior

Bond,

4.85%,

3/15/26

.........................

United

States

641,000

641,292

Senior

Note,

5.75%,

1/30/27

.........................

United

States

272,000

277,704

b

Light

&

Wonder

International,

Inc.

,

Senior

Note,

144A,

7.25%,

11/15/29

...................

United

States

375,000

386,580

Senior

Note,

144A,

7.5%,

9/01/31

.....................

United

States

45,000

47,117

Marriott

International,

Inc.

,

GG

,

Senior

Bond

,

3.5

%

,

10/15/32

...

United

States

795,000

723,095

b

NCL

Corp.

Ltd.

,

Senior

Note,

144A,

7.75%,

2/15/29

....................

United

States

140,000

148,947

Senior

Note,

144A,

6.75%,

2/01/32

....................

United

States

95,000

97,114

Senior

Secured

Note,

144A,

8.125%,

1/15/29

............

United

States

100,000

105,481

b

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

5.625

%

,

1/15/27

.

United

States

245,000

244,427

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

5.625%,

9/30/31

...................

United

States

175,000

176,179

Senior

Note,

144A,

6.25%,

3/15/32

....................

United

States

50,000

51,425

Senior

Note,

144A,

6%,

2/01/33

......................

United

States

400,000

407,961

b

Scientific

Games

Holdings

LP

/

Scientific

Games

US

FinCo

,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

3/01/30

....................

United

States

235,000

226,652

b

Six

Flags

Entertainment

Corp.

,

Senior

Note

,

144A,

7.25

%

,

5/15/31

.........................................

United

States

265,000

272,502

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

105,000

108,366

b

Station

Casinos

LLC

,

Senior

Note

,

144A,

6.625

%

,

3/15/32

.....

United

States

175,000

179,049

b

Viking

Cruises

Ltd.

,

Senior

Note,

144A,

7%,

2/15/29

......................

United

States

100,000

100,940

Senior

Note,

144A,

9.125%,

7/15/31

...................

United

States

250,000

269,406

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Bond,

144A,

5.125%,

10/01/29

..................

United

States

210,000

208,626

Senior

Note,

144A,

7.125%,

2/15/31

...................

United

States

425,000

453,512

8,997,983

Household

Durables

0.1%

DR

Horton,

Inc.

,

Senior

Bond,

5%,

10/15/34

..........................

United

States

295,000

291,845

Senior

Note,

1.3%,

10/15/26

.........................

United

States

1,056,000

1,015,606

b

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75

%

,

12/15/28

........

United

States

295,000

306,849

Newell

Brands,

Inc.

,

Senior

Note,

6.375%,

5/15/30

........................

United

States

100,000

97,532

Senior

Note,

6.625%,

5/15/32

........................

United

States

135,000

129,122

b

Senior

Note,

144A,

8.5%,

6/01/28

.....................

United

States

145,000

152,643

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond,

144A,

5.125%,

8/01/30

...................

United

States

175,000

174,500

Senior

Note,

144A,

5.875%,

6/15/27

...................

United

States

90,000

91,578

Senior

Note,

144A,

5.75%,

1/15/28

....................

United

States

115,000

116,806

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35

%

,

2/15/28

.....

United

States

221,000

219,908

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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)

Household

Durables

(continued)

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

..............................

United

States

200,000

$

193,846

2,790,235

Household

Products

0.0%

†

b

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

3/31/29

..

United

States

100,000

94,671

Independent

Power

and

Renewable

Electricity

Producers

0.1%

b

AES

Andes

SA

,

Senior

Note

,

144A,

6.25

%

,

3/14/32

..........

Chile

210,000

214,412

AES

Corp.

(The)

,

Senior

Note,

1.375%,

1/15/26

........................

United

States

320,000

313,952

Senior

Note,

5.45%,

6/01/28

.........................

United

States

230,000

235,095

Senior

Note,

2.45%,

1/15/31

.........................

United

States

481,000

420,750

b

Calpine

Corp.

,

Senior

Bond

,

144A,

5

%

,

2/01/31

.............

United

States

155,000

153,441

Constellation

Energy

Generation

LLC

,

Senior

Note

,

5.6

%

,

3/01/28

United

States

340,000

351,904

b,f

Vistra

Corp.

,

Junior

Sub.

Bond,

144A,

8%

to

10/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

95,000

97,363

Junior

Sub.

Bond,

144A,

7%

to

12/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

190,000

192,409

1,979,326

Industrial

REITs

0.0%

†

Prologis

LP

,

Senior

Bond,

2.25%,

4/15/30

.........................

United

States

236,000

214,668

Senior

Note,

2.125%,

4/15/27

........................

United

States

106,000

102,491

Senior

Note,

1.75%,

2/01/31

.........................

United

States

545,000

472,986

790,145

Insurance

0.4%

b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note,

144A,

8.5%,

6/15/29

.....................

United

States

275,000

286,979

Senior

Secured

Note,

144A,

7.5%,

11/06/30

.............

United

States

275,000

284,263

b

AEGON

Funding

Co.

LLC

,

Senior

Note

,

144A,

5.5

%

,

4/16/27

..

Netherlands

410,000

415,147

b

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

5.875%,

11/01/29

..................

United

States

340,000

335,406

Senior

Note,

144A,

7.375%,

10/01/32

..................

United

States

85,000

87,726

Senior

Secured

Note,

144A,

7%,

1/15/31

................

United

States

360,000

372,659

b

Athene

Global

Funding

,

Secured

Note,

144A,

5.349%,

7/09/27

..................

United

States

540,000

548,571

Secured

Note,

144A,

1.985%,

8/19/28

..................

United

States

905,000

835,583

Secured

Note,

144A,

5.526%,

7/11/31

..................

United

States

360,000

368,037

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond,

4.3%,

5/15/43

..........................

United

States

176,000

155,134

Senior

Bond,

2.85%,

10/15/50

........................

United

States

812,000

524,478

Brown

&

Brown,

Inc.

,

Senior

Note,

4.7%,

6/23/28

..........................

United

States

170,000

171,486

Senior

Note,

4.9%,

6/23/30

..........................

United

States

400,000

403,943

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

240,000

241,984

Secured

Note,

144A,

2.65%,

1/06/29

...................

United

States

304,000

284,184

Secured

Note,

144A,

4.95%,

9/09/29

...................

United

States

378,000

382,123

b

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.2

%

,

6/24/29

United

States

315,000

322,531

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85

%

,

4/17/28

...

Canada

1,124,000

1,134,307

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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)

Insurance

(continued)

b

HUB

International

Ltd.

,

Senior

Secured

Note

,

144A,

7.25

%

,

6/15/30

.........................................

United

States

265,000

$

277,129

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Note,

144A,

10.5%,

12/15/30

...................

Canada

245,000

261,324

Senior

Secured

Note,

144A,

8.5%,

3/15/30

..............

Canada

110,000

116,672

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.375

%

,

3/15/29

..

United

States

393,000

394,657

b

MetLife

Capital

Trust

IV

,

Junior

Sub.

Bond

,

144A,

8.252

%

,

12/15/37

........................................

United

States

300,000

329,624

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467

%

,

12/08/28

........................................

United

States

435,000

450,319

9,196,219

Interactive

Media

&

Services

0.1%

Meta

Platforms,

Inc.

,

Senior

Bond

,

5.4

%

,

8/15/54

...........

United

States

431,000

420,632

b

Snap,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/33

............

United

States

595,000

610,917

1,031,549

IT

Services

0.1%

b

Ahead

DB

Holdings

LLC

,

Senior

Note

,

144A,

6.625

%

,

5/01/28

..

United

States

145,000

145,542

b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

7/01/32

...............

United

States

535,000

527,488

b

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

6/01/31

.........................................

United

States

200,000

209,773

b

Gartner,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

10/01/30

...........

United

States

265,000

248,147

1,130,950

Leisure

Products

0.0%

†

b

Mattel,

Inc.

,

Senior

Note

,

144A,

3.375

%

,

4/01/26

............

United

States

100,000

98,773

Life

Sciences

Tools

&

Services

0.0%

†

Illumina,

Inc.

,

Senior

Note

,

4.65

%

,

9/09/26

................

United

States

186,000

186,270

Machinery

0.1%

Caterpillar,

Inc.

,

Senior

Bond

,

5.2

%

,

5/15/35

...............

United

States

555,000

566,033

b

Chart

Industries,

Inc.

,

Senior

Note

,

144A,

9.5

%

,

1/01/31

......

United

States

85,000

90,799

b

Daimler

Truck

Finance

North

America

LLC

,

Senior

Note

,

144A,

5.125

%

,

9/25/27

...................................

Germany

480,000

486,989

Oshkosh

Corp.

,

Senior

Bond

,

4.6

%

,

5/15/28

...............

United

States

263,000

263,467

Otis

Worldwide

Corp.

,

Senior

Note

,

2.565

%

,

2/15/30

.........

United

States

298,000

275,028

b

Terex

Corp.

,

Senior

Note,

144A,

5%,

5/15/29

......................

United

States

150,000

146,515

Senior

Note,

144A,

6.25%,

10/15/32

...................

United

States

185,000

185,499

2,014,330

Media

0.4%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond,

4.8%,

3/01/50

...................

United

States

730,000

584,489

Senior

Secured

Bond,

3.7%,

4/01/51

...................

United

States

327,000

217,991

Senior

Secured

Note,

4.908%,

7/23/25

.................

United

States

58,000

57,997

Senior

Secured

Note,

2.25%,

1/15/29

..................

United

States

731,000

673,377

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

....................

United

States

105,000

99,306

Senior

Secured

Note,

144A,

7.875%,

4/01/30

............

United

States

250,000

258,289

Comcast

Corp.

,

Senior

Bond,

3.999%,

11/01/49

.......................

United

States

307,000

233,539

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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)

Media

(continued)

Comcast

Corp.,

(continued)

Senior

Bond,

3.45%,

2/01/50

.........................

United

States

557,000

$

382,253

Senior

Bond,

2.987%,

11/01/63

.......................

United

States

189,000

106,369

b

CSC

Holdings

LLC

,

Senior

Note

,

144A,

11.75

%

,

1/31/29

......

United

States

245,000

233,186

b

Directv

Financing

LLC

,

Senior

Secured

Note

,

144A,

8.875

%

,

2/01/30

.........................................

United

States

95,000

93,241

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

8/15/27

............

United

States

100,000

99,736

Senior

Secured

Note,

144A,

10%,

2/15/31

...............

United

States

200,000

194,304

EchoStar

Corp.

,

Senior

Secured

Note

,

10.75

%

,

11/30/29

......

United

States

340,000

350,489

b

Gray

Media,

Inc.

,

Senior

Bond

,

144A,

5.375

%

,

11/15/31

......

United

States

290,000

217,702

Interpublic

Group

of

Cos.,

Inc.

(The)

,

Senior

Bond

,

4.65

%

,

10/01/28

........................................

United

States

1,275,000

1,281,748

b

McGraw-Hill

Education,

Inc.

,

Senior

Note,

144A,

8%,

8/01/29

......................

United

States

360,000

366,794

Senior

Secured

Note,

144A,

5.75%,

8/01/28

.............

United

States

125,000

125,839

Senior

Secured

Note,

144A,

7.375%,

9/01/31

............

United

States

300,000

313,171

b

News

Corp.

,

Senior

Bond,

144A,

5.125%,

2/15/32

...................

United

States

119,000

116,536

Senior

Note,

144A,

3.875%,

5/15/29

...................

United

States

125,000

119,690

b

Nexstar

Media,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

11/01/28

......

United

States

150,000

146,212

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond,

144A,

4.625%,

3/15/30

...................

United

States

205,000

195,944

Senior

Note,

144A,

5%,

8/15/27

......................

United

States

75,000

74,672

Senior

Secured

Note,

144A,

7.375%,

2/15/31

............

United

States

135,000

143,029

Paramount

Global

,

Senior

Bond,

2.9%,

1/15/27

..........................

United

States

169,000

164,603

Senior

Bond,

4.2%,

6/01/29

..........................

United

States

175,000

170,304

Senior

Note,

3.7%,

6/01/28

..........................

United

States

123,000

119,427

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

2/15/33

...................................

United

States

580,000

586,430

b

Sirius

XM

Radio

LLC

,

Senior

Bond,

144A,

3.875%,

9/01/31

...................

United

States

275,000

244,623

Senior

Note,

144A,

4%,

7/15/28

......................

United

States

235,000

225,868

TCI

Communications,

Inc.

,

Senior

Bond

,

7.125

%

,

2/15/28

.....

United

States

328,000

351,776

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375

%

,

7/15/33

...................................

United

States

249,000

290,071

b

VZ

Secured

Financing

BV

,

Senior

Secured

Note

,

144A,

5

%

,

1/15/32

.........................................

Netherlands

510,000

454,129

b

Ziggo

Bond

Co.

BV

,

Senior

Bond

,

144A,

5.125

%

,

2/28/30

.....

Netherlands

220,000

192,301

9,485,435

Metals

&

Mining

0.2%

ArcelorMittal

SA

,

Senior

Bond

,

7

%

,

10/15/39

...............

Luxembourg

400,000

443,480

b

Big

River

Steel

LLC

/

BRS

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625

%

,

1/31/29

..............................

United

States

222,000

223,936

b

Cleveland-Cliffs,

Inc.

,

Senior

Note

,

144A,

7

%

,

3/15/32

........

United

States

190,000

179,343

Commercial

Metals

Co.

,

Senior

Bond,

4.375%,

3/15/32

........................

United

States

85,000

78,361

Senior

Note,

4.125%,

1/15/30

........................

United

States

170,000

163,330

b

Constellium

SE

,

Senior

Note

,

144A,

6.375

%

,

8/15/32

........

United

States

265,000

269,587

b

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Bond

,

144A,

6.125

%

,

4/15/32

...................................

Australia

205,000

208,665

b

Glencore

Funding

LLC

,

Senior

Bond,

144A,

4%,

3/27/27

......................

Australia

340,000

337,350

Senior

Bond,

144A,

2.5%,

9/01/30

.....................

Australia

668,000

602,132

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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)

Metals

&

Mining

(continued)

b

Glencore

Funding

LLC,

(continued)

Senior

Bond,

144A,

5.634%,

4/04/34

...................

Australia

265,000

$

270,231

b

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

4/01/29

....

Canada

215,000

218,509

b

Novelis

Corp.

,

Senior

Bond,

144A,

4.75%,

1/30/30

....................

United

States

130,000

124,647

Senior

Bond,

144A,

3.875%,

8/15/31

...................

United

States

50,000

44,968

Senior

Note,

144A,

6.875%,

1/30/30

...................

United

States

195,000

201,738

b

TMS

International

Corp.

,

Senior

Note

,

144A,

6.25

%

,

4/15/29

...

United

States

230,000

218,876

United

States

Steel

Corp.

,

Senior

Bond

,

6.65

%

,

6/01/37

......

United

States

110,000

117,151

3,702,304

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

265,000

252,104

b

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

,

Senior

Note

,

144A,

5.25

%

,

10/01/25

..............

United

States

65,000

65,017

317,121

Multi-Utilities

0.1%

Ameren

Corp.

,

Senior

Note

,

5

%

,

1/15/29

..................

United

States

220,000

224,068

Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2

%

,

3/15/42

....................................

United

States

255,000

216,369

Dominion

Energy,

Inc.

,

Senior

Note

,

4.6

%

,

5/15/28

..........

United

States

515,000

518,537

NiSource,

Inc.

,

Senior

Bond

,

5.85

%

,

4/01/55

...............

United

States

320,000

316,978

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448

%

,

6/01/53

.....

United

States

258,000

246,245

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95

%

,

9/15/34

.

United

States

1,595,000

1,581,736

3,103,933

Oil,

Gas

&

Consumable

Fuels

0.8%

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

1,715,000

1,697,236

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927

%

,

8/15/30

...................................

United

States

225,000

237,648

b

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25

%

,

10/01/29

........................................

Australia

80,000

59,718

b,h

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375

%

,

1/15/34

.........................................

United

States

405,000

405,530

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

122,000

121,809

Senior

Bond,

4.5%,

6/10/44

..........................

Canada

815,000

668,722

b

Encino

Acquisition

Partners

Holdings

LLC

,

Senior

Note

,

144A,

8.5

%

,

5/01/28

....................................

United

States

370,000

380,418

Energy

Transfer

LP

,

f

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

1,375,000

1,373,754

Senior

Bond,

3.75%,

5/15/30

.........................

United

States

1,308,000

1,255,484

Senior

Note,

5.5%,

6/01/27

..........................

United

States

86,000

87,574

Expand

Energy

Corp.

,

Senior

Bond,

4.75%,

2/01/32

.........................

United

States

545,000

530,315

b

Senior

Note,

144A,

6.75%,

4/15/29

....................

United

States

545,000

551,865

b

Global

Partners

LP

/

GLP

Finance

Corp.

,

Senior

Note

,

144A,

7.125

%

,

7/01/33

...................................

United

States

435,000

441,414

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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)

Oil,

Gas

&

Consumable

Fuels

(continued)

b

Hess

Midstream

Operations

LP

,

Senior

Note,

144A,

5.875%,

3/01/28

...................

United

States

145,000

$

147,252

Senior

Note,

144A,

5.125%,

6/15/28

...................

United

States

215,000

213,643

Senior

Note,

144A,

6.5%,

6/01/29

.....................

United

States

115,000

118,344

Senior

Note,

144A,

5.5%,

10/15/30

....................

United

States

125,000

125,640

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Note

,

144A,

8.375

%

,

11/01/33

..................................

United

States

130,000

134,987

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375

%

,

4/24/30

.........................................

Kazakhstan

300,000

302,751

Kinder

Morgan,

Inc.

,

Senior

Bond,

7.75%,

1/15/32

.........................

United

States

580,000

669,919

Senior

Note,

5%,

2/01/29

...........................

United

States

410,000

416,523

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

......

United

States

485,000

489,418

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5

%

,

4/15/32

....

United

States

295,000

295,348

Occidental

Petroleum

Corp.

,

Senior

Bond,

7.5%,

5/01/31

..........................

United

States

397,000

437,234

Senior

Bond,

6.2%,

3/15/40

..........................

United

States

705,000

690,541

Senior

Note,

8.5%,

7/15/27

..........................

United

States

185,000

195,821

ONEOK,

Inc.

,

Senior

Note

,

4.75

%

,

10/15/31

...............

United

States

920,000

911,382

Ovintiv

,

Inc.

,

Senior

Note

,

5.65

%

,

5/15/28

.................

United

States

1,045,000

1,074,586

b

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25

%

,

5/21/30

.

Indonesia

295,000

298,173

b,h

Raizen

Fuels

Finance

SA

,

Senior

Note

,

144A,

6.25

%

,

7/08/32

..

Brazil

250,000

248,437

b

Sitio

Royalties

Operating

Partnership

LP

/

Sitio

Finance

Corp.

,

Senior

Note

,

144A,

7.875

%

,

11/01/28

...................

United

States

210,000

220,016

SM

Energy

Co.

,

Senior

Bond

,

6.75

%

,

9/15/26

..............

United

States

135,000

135,173

b

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

144A,

5.026

%

,

10/01/29

..................................

Canada

500,000

501,776

Spectra

Energy

Partners

LP

,

Senior

Note

,

3.375

%

,

10/15/26

...

United

States

425,000

419,181

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25

%

,

7/01/33

.............

United

States

285,000

289,937

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

4.875

%

,

2/01/31

............

United

States

202,000

200,489

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5

%

,

10/15/29

........................................

United

States

325,000

315,177

b

Venture

Global

LNG,

Inc.

,

f

Junior

Sub.

Bond,

144A,

9%

to

9/29/29,

FRN

thereafter,

Perpetual

.......................................

United

States

260,000

253,019

Senior

Secured

Note,

144A,

9.5%,

2/01/29

..............

United

States

230,000

250,701

Senior

Secured

Note,

144A,

8.375%,

6/01/31

............

United

States

300,000

311,805

Senior

Secured

Note,

144A,

9.875%,

2/01/32

............

United

States

210,000

226,923

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

.............

United

States

65,000

70,414

Senior

Secured

Note,

144A,

7.5%,

5/01/33

..............

United

States

65,000

69,649

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

345,000

366,338

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6

%

,

3/15/35

........

United

States

321,000

330,135

18,834,549

Paper

&

Forest

Products

0.0%

†

b

Magnera

Corp.

,

Senior

Note

,

144A,

4.75

%

,

11/15/29

.........

United

States

105,000

92,887

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

125,000

126,940

374,975

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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)

Passenger

Airlines

0.1%

b

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

..............

United

States

76,667

$

76,539

Senior

Secured

Note,

144A,

5.75%,

4/20/29

.............

United

States

230,000

229,942

b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021

%

,

10/20/29

........................................

United

States

425,000

420,814

b

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875

%

,

12/15/29

.....

United

States

160,000

166,737

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

4/15/29

United

States

270,000

262,266

1,156,298

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

225,000

220,086

Senior

Secured

Note,

144A,

6.625%,

7/15/30

............

United

States

140,000

143,325

Kenvue

,

Inc.

,

Senior

Note,

4.85%,

5/22/32

.........................

United

States

85,000

86,070

Senior

Note,

4.9%,

3/22/33

..........................

United

States

480,000

487,332

b

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5

%

,

3/31/32

...

France

610,000

622,970

1,559,783

Pharmaceuticals

0.4%

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

565,000

578,641

Eli

Lilly

&

Co.

,

Senior

Bond,

4.875%,

2/27/53

........................

United

States

261,000

239,356

Senior

Note,

4.75%,

2/12/30

.........................

United

States

562,000

576,369

b

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

4/15/31

.........................................

United

States

120,000

127,177

Merck

&

Co.,

Inc.

,

Senior

Bond

,

3.7

%

,

2/10/45

.............

United

States

805,000

636,260

Novartis

Capital

Corp.

,

Senior

Bond

,

4

%

,

11/20/45

..........

United

States

994,000

830,208

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond,

4.75%,

5/19/33

.........................

United

States

1,441,000

1,437,252

Senior

Bond,

5.3%,

5/19/53

..........................

United

States

171,000

161,553

Senior

Note,

4.45%,

5/19/28

.........................

United

States

131,000

132,076

b

Roche

Holdings,

Inc.

,

Senior

Bond

,

144A,

4

%

,

11/28/44

......

United

States

1,210,000

1,014,163

Royalty

Pharma

plc

,

Senior

Note

,

5.15

%

,

9/02/29

...........

United

States

520,000

531,064

Teva

Pharmaceutical

Finance

Netherlands

II

BV

,

Senior

Note

,

4.375

%

,

5/09/30

...................................

Israel

420,000

EUR

505,264

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

5.125%,

5/09/29

........................

Israel

465,000

468,028

Senior

Note,

7.875%,

9/15/29

........................

Israel

200,000

218,424

Senior

Note,

8.125%,

9/15/31

........................

Israel

200,000

226,722

Viatris

,

Inc.

,

Senior

Note

,

2.3

%

,

6/22/27

...................

United

States

565,000

538,613

Zoetis,

Inc.

,

Senior

Bond,

3%,

9/12/27

...........................

United

States

242,000

236,476

Senior

Bond,

2%,

5/15/30

...........................

United

States

160,000

143,854

8,803,398

Professional

Services

0.0%

†

b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/33

..

United

States

340,000

351,287

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

165,800

155,052

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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)

Semiconductors

&

Semiconductor

Equipment

0.2%

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note,

3.875%,

1/15/27

........................

United

States

783,000

$

777,897

Senior

Note,

3.5%,

1/15/28

..........................

United

States

2,010,000

1,972,503

Broadcom,

Inc.

,

b

Senior

Bond,

144A,

3.187%,

11/15/36

..................

United

States

107,000

88,746

Senior

Note,

5.05%,

7/12/29

.........................

United

States

545,000

558,299

Senior

Note,

5.05%,

4/15/30

.........................

United

States

275,000

281,793

Marvell

Technology,

Inc.

,

Senior

Note

,

4.75

%

,

7/15/30

........

United

States

190,000

190,898

3,870,136

Software

0.3%

Atlassian

Corp.

,

Senior

Bond,

5.5%,

5/15/34

..........................

United

States

68,000

69,861

Senior

Note,

5.25%,

5/15/29

.........................

United

States

347,000

356,407

Cadence

Design

Systems,

Inc.

,

Senior

Note

,

4.3

%

,

9/10/29

....

United

States

505,000

505,207

b

Cloud

Software

Group,

Inc.

,

Secured

Note,

144A,

9%,

9/30/29

.....................

United

States

140,000

145,244

Senior

Secured

Note,

144A,

6.5%,

3/31/29

..............

United

States

240,000

242,390

b

McAfee

Corp.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

..........

United

States

315,000

297,790

Oracle

Corp.

,

Senior

Bond,

2.875%,

3/25/31

........................

United

States

418,000

381,391

Senior

Bond,

5.375%,

7/15/40

........................

United

States

199,000

194,510

Senior

Bond,

3.65%,

3/25/41

.........................

United

States

412,000

325,035

Senior

Bond,

4%,

11/15/47

..........................

United

States

1,759,000

1,347,570

b

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/29

......

United

States

215,000

208,823

ServiceNow,

Inc.

,

Senior

Bond

,

1.4

%

,

9/01/30

..............

United

States

674,000

584,356

Synopsys,

Inc.

,

Senior

Note

,

4.85

%

,

4/01/30

...............

United

States

510,000

517,241

b

UKG,

Inc.

,

Senior

Secured

Note

,

144A,

6.875

%

,

2/01/31

......

United

States

295,000

306,269

5,482,094

Specialized

REITs

0.3%

American

Tower

Corp.

,

Senior

Bond,

3.55%,

7/15/27

.........................

United

States

788,000

776,883

Senior

Bond,

2.9%,

1/15/30

..........................

United

States

413,000

385,022

Senior

Bond,

2.7%,

4/15/31

..........................

United

States

724,000

649,654

Senior

Note,

2.75%,

1/15/27

.........................

United

States

844,000

824,229

Senior

Note,

4.9%,

3/15/30

..........................

United

States

210,000

213,062

Crown

Castle,

Inc.

,

Senior

Bond,

3.7%,

6/15/26

..........................

United

States

187,000

185,420

Senior

Bond,

3.65%,

9/01/27

.........................

United

States

591,000

581,015

Senior

Bond,

3.8%,

2/15/28

..........................

United

States

450,000

442,195

Senior

Note,

1.05%,

7/15/26

.........................

United

States

385,000

370,894

Equinix,

Inc.

,

Senior

Bond,

3.2%,

11/18/29

.........................

United

States

266,000

252,511

Senior

Note,

2.9%,

11/18/26

.........................

United

States

1,563,000

1,532,294

b

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

1/15/33

.......

United

States

480,000

493,875

Weyerhaeuser

Co.

,

Senior

Bond

,

7.375

%

,

3/15/32

..........

United

States

39,000

44,058

6,751,112

Specialty

Retail

0.1%

Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875

%

,

11/01/35

.....

United

States

440,000

456,950

b,e

BCPE

Ulysses

Intermediate,

Inc.

,

Senior

Note

,

144A,

PIK,

7.75

%

,

4/01/27

.........................................

United

States

140,000

135,414

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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)

Specialty

Retail

(continued)

b,e

Carvana

Co.

,

Senior

Secured

Note,

144A,

PIK,

9%,

12/01/28

...........

United

States

193,369

$

198,536

Senior

Secured

Note,

144A,

PIK,

9%,

6/01/31

............

United

States

200,000

226,551

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

3.15

%

,

1/15/32

.....

United

States

430,000

385,646

Home

Depot,

Inc.

(The)

,

Senior

Bond,

4.95%,

6/25/34

.........................

United

States

397,000

402,002

Senior

Bond,

5.3%,

6/25/54

..........................

United

States

397,000

381,458

b

Specialty

Building

Products

Holdings

LLC

/

SBP

Finance

Corp.

,

Senior

Secured

Note

,

144A,

7.75

%

,

10/15/29

.............

United

States

120,000

118,036

b

White

Cap

Buyer

LLC

,

Senior

Note

,

144A,

6.875

%

,

10/15/28

...

United

States

430,000

429,675

2,734,268

Technology

Hardware,

Storage

&

Peripherals

0.2%

Apple,

Inc.

,

Senior

Bond,

3.85%,

5/04/43

.........................

United

States

556,000

466,002

Senior

Bond,

4.375%,

5/13/45

........................

United

States

1,550,000

1,370,385

Hewlett

Packard

Enterprise

Co.

,

Senior

Bond,

5%,

10/15/34

..........................

United

States

105,000

101,899

Senior

Bond,

5.6%,

10/15/54

.........................

United

States

210,000

194,097

Senior

Note,

4.55%,

10/15/29

........................

United

States

835,000

831,017

Senior

Note,

4.85%,

10/15/31

........................

United

States

210,000

209,550

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note

,

144A,

5.875

%

,

7/15/30

...................................

United

States

270,000

274,706

Seagate

HDD

Cayman

,

Senior

Note

,

3.125

%

,

7/15/29

........

United

States

90,000

81,572

3,529,228

Textiles,

Apparel

&

Luxury

Goods

0.1%

b,h

Beach

Acquisition

Bidco

LLC

,

e

Senior

Note,

144A,

PIK,

10%,

7/15/33

..................

United

States

300,000

311,705

Senior

Secured

Note,

144A,

5.25%,

7/15/32

.............

United

States

205,000

EUR

243,508

b

Crocs,

Inc.

,

Senior

Note

,

144A,

4.25

%

,

3/15/29

.............

United

States

160,000

152,781

b

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/31

..........

United

States

345,000

365,605

b

Levi

Strauss

&

Co.

,

Senior

Bond

,

144A,

3.5

%

,

3/01/31

.......

United

States

385,000

352,677

PVH

Corp.

,

Senior

Note

,

5.5

%

,

6/13/30

...................

United

States

460,000

463,451

b

Under

Armour

,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

7/15/30

.......

United

States

235,000

238,573

2,128,300

Tobacco

0.1%

Philip

Morris

International,

Inc.

,

Senior

Note,

5.125%,

2/15/30

........................

United

States

806,000

829,559

Senior

Note,

4.375%,

4/30/30

........................

United

States

120,000

119,743

Senior

Note,

4.75%,

11/01/31

........................

United

States

380,000

383,041

1,332,343

Trading

Companies

&

Distributors

0.2%

Air

Lease

Corp.

,

Senior

Bond,

4.625%,

10/01/28

.......................

United

States

490,000

493,425

Senior

Bond,

3.25%,

10/01/29

........................

United

States

1,272,000

1,212,471

Senior

Note,

5.85%,

12/15/27

........................

United

States

110,000

113,819

Senior

Note,

2.1%,

9/01/28

..........................

United

States

252,000

235,363

b

Aircastle

Ltd.

,

Senior

Note

,

144A,

5.25

%

,

8/11/25

...........

United

States

680,000

679,968

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875

%

,

7/01/30

.....

United

States

265,000

258,010

b

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

.....................

United

States

220,000

232,689

Secured

Note,

144A,

8.625%,

5/15/32

..................

United

States

155,000

164,911

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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)

Trading

Companies

&

Distributors

(continued)

b

Foundation

Building

Materials,

Inc.

,

Senior

Note

,

144A,

6

%

,

3/01/29

.........................................

United

States

280,000

$

257,061

b

Herc

Holdings,

Inc.

,

Senior

Note,

144A,

5.5%,

7/15/27

.....................

United

States

240,000

240,212

Senior

Note,

144A,

6.625%,

6/15/29

...................

United

States

130,000

133,492

Senior

Note,

144A,

7%,

6/15/30

......................

United

States

70,000

73,149

Senior

Note,

144A,

7.25%,

6/15/33

....................

United

States

45,000

47,180

b

Imola

Merger

Corp.

,

Senior

Secured

Note

,

144A,

4.75

%

,

5/15/29

United

States

240,000

231,871

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/30/32

.........................................

United

States

445,000

459,553

b

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

144A,

6.125

%

,

3/15/34

.........................................

United

States

195,000

201,098

b

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

6.375%,

3/15/29

...................

United

States

55,000

56,655

Senior

Note,

144A,

6.625%,

3/15/32

...................

United

States

265,000

275,711

Senior

Note,

144A,

6.375%,

3/15/33

...................

United

States

110,000

113,772

5,480,410

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

620,000

620,202

Wireless

Telecommunication

Services

0.3%

b

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

9

%

,

9/15/29

............................

United

Kingdom

465,000

467,966

Rogers

Communications,

Inc.

,

Senior

Note

,

5

%

,

2/15/29

......

Canada

1,430,000

1,450,591

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

155,000

141,147

Senior

Bond,

2.25%,

11/15/31

........................

United

States

1,231,000

1,067,775

Senior

Bond,

5.05%,

7/15/33

.........................

United

States

69,000

69,496

Senior

Note,

3.75%,

4/15/27

.........................

United

States

1,210,000

1,197,918

Senior

Note,

4.95%,

3/15/28

.........................

United

States

660,000

671,282

Senior

Note,

3.375%,

4/15/29

........................

United

States

340,000

327,382

Senior

Note,

3.875%,

4/15/30

........................

United

States

119,000

115,611

Senior

Note,

5.125%,

5/15/32

........................

United

States

351,000

358,076

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625

%

,

7/15/29

.........................................

United

Kingdom

335,000

358,281

6,231,535

Total

Corporate

Bonds

(Cost

$283,724,814)

...................................

277,980,196

Senior

Floating

Rate

Interests

0.3%

i

Automobile

Components

0.0%

†

Clarios

Global

LP,

First

Lien,

Amendment

No.

6

Dollar

CME

Term

Loan,

7.077%,

(1-month

SOFR

+

2.75%),

1/28/32

.........

United

States

137,215

137,515

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan,

8.191%,

(1-month

SOFR

+

3.75%),

10/04/28

........

United

States

153,745

147,502

285,017

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

207,690

207,452

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

45

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

i

Building

Products

(continued)

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan,

6.827%,

(1-month

SOFR

+

2.5%),

8/04/31

..

United

States

44,663

$

44,647

252,099

a

a

a

a

a

a

i

Chemicals

0.1%

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan,

11.864%,

(1-month

SOFR

+

7.438%),

3/15/30

............

United

States

183,529

180,088

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1,

7.51%,

(3-month

SOFR

+

3.25%),

4/03/28

...

Netherlands

256,359

257,882

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2,

7.55%,

(3-month

SOFR

+

3.25%),

4/03/28

...

Netherlands

93,582

94,137

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.642%,

(3-month

SOFR

+

4.25%),

4/23/29

..............

United

States

142,414

124,741

WR

Grace

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.546%,

(3-month

SOFR

+

3.25%),

9/22/28

..............

United

States

128

128

656,976

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

73,072

73,209

Communications

Equipment

0.0%

†

h,i

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

9.577%,

(1-month

SOFR

+

5.25%),

12/18/29

....................

United

States

290,000

293,957

Consumer

Finance

0.0%

†

h,i

Shift4

Payments

LLC,

First

Lien,

CME

Term

Loan,

6.803%,

(12-month

SOFR

+

2.75%),

5/07/32

....................

United

States

50,000

50,461

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

148,816

138,080

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

75,268

75,625

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

0.0%

†

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

384,748

385,600

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

217,409

217,298

Medline

Borrower

LP,

First

Lien,

Dollar

Incremental

CME

Term

Loan,

6.577%,

(1-month

SOFR

+

2.25%),

10/23/28

........

United

States

125,614

125,900

343,198

a

a

a

a

a

a

i

Hotels,

Restaurants

&

Leisure

0.1%

h

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

7.827%,

(1-month

SOFR

+

3.5%),

1/29/29

...............

United

States

297,348

297,360

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B,

9.074%,

(3-month

SOFR

+

4.75%),

11/01/29

.............

Canada

96,712

94,681

IRB

Holding

Corp.,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B,

6.827%,

(1-month

SOFR

+

2.5%),

12/15/27

...

United

States

160,598

160,766

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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

Senior

Floating

Rate

Interests

(continued)

i

Hotels,

Restaurants

&

Leisure

(continued)

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

7.285%,

(3-month

SOFR

+

3%),

4/04/29

...

United

States

113,849

$

113,882

666,689

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

163,763

164,377

Life

Sciences

Tools

&

Services

0.0%

†

i

Lonza

Group

AG,

First

Lien,

USD

CME

Term

Loan,

B,

8.324%,

(3-month

SOFR

+

3.925%),

7/03/28

....................

Switzerland

235

215

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

94,755

95,227

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

128,804

128,045

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.791%,

(3-month

SOFR

+

5.25%),

8/02/29

.......

United

States

270,815

269,215

397,260

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

32,000

32,120

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

124,088

122,072

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

176,583

175,686

h

American

Airlines,

Inc.,

First

Lien,

2025

Incremental

CME

Term

Loan,

7.58%,

(3-month

SOFR

+

3.25%),

5/28/32

..........

United

States

10,000

10,078

185,764

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

150,000

144,996

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.327%,

(1-month

SOFR

+

4%),

4/23/31

.......

United

States

253,088

253,246

398,242

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

43,794

43,891

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan,

8.577%,

(1-month

SOFR

+

4.25%),

11/28/28

....................

United

States

181,702

182,329

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.311%,

(1-month

SOFR

+

3%),

2/10/31

...............................

United

States

29,700

29,846

256,066

a

a

a

a

a

a

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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)

i

Specialty

Retail

0.1%

LBM

Acquisition

LLC,

First

Lien,

Amendment

No.

3

Incremental

CME

Term

Loan,

8.162%,

(1-month

SOFR

+

3.75%),

6/06/31

.

United

States

108,621

$

101,832

PetSmart

LLC,

First

Lien,

Initial

CME

Term

Loan,

8.177%,

(1-month

SOFR

+

3.75%),

2/11/28

.....................

United

States

136,348

135,240

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

7.577%,

(1-month

SOFR

+

3.25%),

10/19/29

.............

United

States

222,114

221,240

458,312

a

a

a

a

a

a

i

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

h

Beach

Acquisition

Bidco

LLC,

First

Lien,

CME

Term

Loan,

B,

7.316%,

(12-month

SOFR

+

3.25%),

6/25/32

.............

United

States

12,637

12,716

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.776%,

(3-month

SOFR

+

3.5%),

3/02/28

......................

United

States

183,147

172,253

184,969

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

25,000

24,726

Foundation

Building

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

8.28%,

(3-month

SOFR

+

4%),

1/29/31

.................

United

States

243,158

238,729

263,455

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

138,250

131,779

Total

Senior

Floating

Rate

Interests

(Cost

$6,007,373)

.........................

5,986,283

Foreign

Government

and

Agency

Securities

0.7%

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

360,000

EUR

363,128

Brazil

Government

Bond

,

Senior

Bond,

3.875%,

6/12/30

........................

Brazil

446,000

421,058

Senior

Bond,

3.75%,

9/12/31

.........................

Brazil

630,000

569,356

b

Bulgaria

Government

Bond

,

Senior

Bond,

Reg

S,

5%,

3/05/37

......................

Bulgaria

100,000

97,861

Senior

Note,

Reg

S,

3.625%,

9/05/32

...................

Bulgaria

140,000

EUR

171,145

Chile

Government

Bond

,

Senior

Bond,

5.65%,

1/13/37

.........................

Chile

200,000

206,520

Senior

Note,

4.85%,

1/22/29

.........................

Chile

210,000

213,308

Colombia

Government

Bond

,

Senior

Bond,

3.125%,

4/15/31

........................

Colombia

750,000

617,713

Senior

Bond,

7.5%,

2/02/34

..........................

Colombia

360,000

358,854

b

Comision

Federal

de

Electricidad

,

Senior

Bond

,

Reg

S,

3.875

%

,

7/26/33

.........................................

Mexico

400,000

340,419

b

Corp.

Nacional

del

Cobre

de

Chile

,

Senior

Bond

,

144A,

6.33

%

,

1/13/35

.........................................

Chile

250,000

260,045

b

Dominican

Republic

Government

Bond

,

Senior

Bond,

144A,

6.95%,

3/15/37

....................

Dominican

Republic

320,000

325,824

Senior

Bond,

Reg

S,

5.95%,

1/25/27

...................

Dominican

Republic

262,000

264,908

b

Electricite

de

France

SA

,

f

Junior

Sub.

Bond,

144A,

9.125%

to

6/14/33,

FRN

thereafter,

Perpetual

........................................

France

200,000

226,085

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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

Foreign

Government

and

Agency

Securities

(continued)

b

Electricite

de

France

SA,

(continued)

Senior

Bond,

144A,

5.75%,

1/13/35

....................

France

130,000

$

132,890

Senior

Note,

144A,

5.65%,

4/22/29

.....................

France

835,000

866,623

b

Guatemala

Government

Bond

,

Senior

Bond,

Reg

S,

6.6%,

6/13/36

....................

Guatemala

460,000

467,705

Senior

Note,

144A,

7.05%,

10/04/32

....................

Guatemala

350,000

372,668

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25

%

,

6/16/29

Hungary

330,000

333,091

b

Indonesia

Government

Bond

,

Senior

Bond

,

Reg

S,

4.35

%

,

1/08/27

.........................................

Indonesia

650,000

652,557

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125

%

,

6/15/33

.........................................

Ivory

Coast

310,000

282,349

b

Kazakhstan

Government

Bond

,

Senior

Bond

,

Reg

S,

4.714

%

,

4/09/35

.........................................

Kazakhstan

370,000

360,591

Mexico

Government

Bond

,

Senior

Bond

,

2.659

%

,

5/24/31

.....

Mexico

820,000

711,350

Panama

Government

Bond

,

Senior

Note

,

7.5

%

,

3/01/31

......

Panama

500,000

533,270

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

245,000

245,135

Senior

Bond,

Reg

S,

4.95%,

4/28/31

...................

Paraguay

205,000

204,098

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.......

Peru

750,000

673,612

b

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

Senior

Bond

,

Reg

S,

5.45

%

,

5/21/28

...................

Indonesia

325,000

331,220

Petroleos

Mexicanos

,

Senior

Note

,

6.7

%

,

2/16/32

...........

Mexico

188,000

174,835

Philippines

Government

Bond

,

Senior

Bond

,

5.5

%

,

2/04/35

....

Philippines

450,000

466,770

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95

%

,

4/23/30

.

India

350,000

335,710

b

Romania

Government

Bond

,

Senior

Bond,

Reg

S,

5.625%,

2/22/36

..................

Romania

310,000

EUR

348,726

Senior

Note,

144A,

3%,

2/27/27

.......................

Romania

510,000

493,314

South

Africa

Government

Bond

,

Senior

Bond,

4.85%,

9/27/27

.........................

South

Africa

287,000

286,668

Senior

Bond,

5.875%,

4/20/32

........................

South

Africa

300,000

294,053

b

Southern

Gas

Corridor

CJSC

,

Senior

Bond

,

Reg

S,

6.875

%

,

3/24/26

.........................................

Azerbaijan

320,000

324,609

Uruguay

Government

Bond

,

Senior

Bond

,

7.875

%

,

1/15/33

....

Uruguay

675,000

802,670

Total

Foreign

Government

and

Agency

Securities

(Cost

$14,182,739)

............

14,514,820

U.S.

Government

and

Agency

Securities

0.0%

†

j

U.S.

Treasury

Notes

,

0.25%,

10/31/25

..................................

United

States

504,000

497,346

4%,

12/15/27

....................................

121,000

121,872

Total

U.S.

Government

and

Agency

Securities

(Cost

$619,218)

..................

619,218

Asset-Backed

Securities

1.3%

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

774,000

776,721

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

500,000

501,077

Consumer

Staples

Distribution

&

Retail

0.0%

†

CVS

Pass-Through

Trust

,

6.036%,

12/10/28

..................................

United

States

13,780

13,978

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

49

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

(continued)

Consumer

Staples

Distribution

&

Retail

(continued)

CVS

Pass-Through

Trust,

(continued)

b

2013,

144A,

4.704%,

1/10/36

.........................

United

States

218,884

$

209,834

223,812

a

a

a

a

a

a

Financial

Services

1.2%

b,i

AGL

Core

CLO

31

Ltd.

,

2024-31A

,

A

,

144A,

FRN

,

5.669

%

,

(

3-month

SOFR

+

1.4

%

),

7/20/37

.

.....................

United

States

350,000

350,295

b,i

Allegro

CLO

XII

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.709

%

,

(

3-month

SOFR

+

1.44

%

),

7/21/37

.

....................

United

States

370,000

371,775

b,i

Bain

Capital

CLO

Ltd.

,

2024-1A

,

A1

,

144A,

FRN

,

5.811

%

,

(

3-month

SOFR

+

1.55

%

),

4/16/37

.

....................

Jersey

339,000

341,351

b,i

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A,

A1,

144A,

FRN,

5.592%,

(3-month

SOFR

+

1.32%),

4/22/35

.........................................

United

States

300,000

300,000

h

2022-2A,

A1R,

144A,

FRN,

Zero

Cpn

.,

(3-month

SOFR

+

1.15%),

4/22/35

...................................

United

States

300,000

300,225

b,i

BDS

Ltd.

,

2021-FL10

,

A

,

144A,

FRN

,

5.779

%

,

(

1-month

SOFR

+

1.464

%

),

12/16/36

.

.................................

United

States

432,267

432,852

b,i

Birch

Grove

CLO

2

Ltd.

,

2021-2A

,

A1R

,

144A,

FRN

,

5.669

%

,

(

3-month

SOFR

+

1.4

%

),

10/19/37

.

....................

United

States

500,000

500,472

b,i

Birch

Grove

CLO

8

Ltd.

,

2024-8A

,

A1

,

144A,

FRN

,

5.899

%

,

(

3-month

SOFR

+

1.63

%

),

4/20/37

.

....................

Jersey

450,000

451,649

b,i

Black

Diamond

CLO

Ltd.

,

2021-1A

,

A1A

,

144A,

FRN

,

5.784

%

,

(

3-month

SOFR

+

1.512

%

),

11/22/34

.

...................

United

States

454,000

454,268

b,i

BRAVO

Residential

Funding

Trust

,

2021-HE3

,

A2

,

144A,

FRN

,

5.305

%

,

(

30-day

SOFR

Average

+

1

%

),

8/25/69

.

..........

United

States

303,130

300,907

b,i

BXMT

Ltd.

,

2021-FL4

,

A

,

144A,

FRN

,

5.478

%

,

(

1-month

SOFR

+

1.164

%

),

5/15/38

.

.................................

United

States

520,378

517,144

b,i

Cathedral

Lake

VIII

Ltd.

,

2021-8A

,

A1

,

144A,

FRN

,

5.751

%

,

(

3-month

SOFR

+

1.482

%

),

1/20/35

.

...................

United

States

690,000

690,555

b,i

CBAM

Ltd.

,

2017-2A

,

AR

,

144A,

FRN

,

5.731

%

,

(

3-month

SOFR

+

1.452

%

),

7/17/34

.

.................................

United

States

309,000

309,462

b,i

CIFC

Funding

Ltd.

,

2014-2RA,

AR,

144A,

FRN,

5.635%,

(

3-month

SOFR

+

1.36%),

10/24/37

........................................

United

States

400,000

401,800

2020-1A,

A1R,

144A,

FRN,

5.668%,

(3-month

SOFR

+

1.412%),

7/15/36

..................................

United

States

690,000

691,488

2021-4A,

AR,

144A,

FRN,

5.639%,

(3-month

SOFR

+

1.36%),

7/23/37

.........................................

United

States

550,000

551,521

b,i

Crown

Point

CLO

10

Ltd.

,

2021-10A

,

A

,

144A,

FRN

,

5.701

%

,

(

3-month

SOFR

+

1.432

%

),

7/20/34

.

...................

United

States

350,000

350,757

b,i

Danby

Park

CLO

Ltd.

,

2022-1A

,

AR

,

144A,

FRN

,

5.629

%

,

(

3-month

SOFR

+

1.36

%

),

10/21/37

.

...................

Jersey

670,000

671,308

b,i

Diameter

Capital

CLO

7

Ltd.

,

2024-7A

,

A1A

,

144A,

FRN

,

5.749

%

,

(

3-month

SOFR

+

1.48

%

),

7/20/37

.

....................

United

States

400,000

400,520

b,i

Elevation

CLO

Ltd.

,

2018-10A,

AR,

144A,

FRN,

5.189%,

(

3-month

SOFR

+

0.92%),

10/20/31

........................................

United

States

337,147

337,045

2021-13A,

A1R,

144A,

FRN,

5.316%,

(3-month

SOFR

+

1.06%),

7/15/34

...................................

United

States

615,000

613,418

b,i

Ellington

CLO

III

Ltd.

,

2018-3A

,

B

,

144A,

FRN

,

6.531

%

,

(

3-month

SOFR

+

2.262

%

),

7/20/30

.

...........................

United

States

300,000

300,843

b,i

Elmwood

CLO

27

Ltd.

,

2024-3A

,

A

,

144A,

FRN

,

5.789

%

,

(

3-month

SOFR

+

1.52

%

),

4/18/37

.

....................

United

States

422,000

424,725

b,i

Elmwood

CLO

33

Ltd.

,

2024-9RA

,

AR

,

144A,

FRN

,

5.649

%

,

(

3-month

SOFR

+

1.38

%

),

10/21/37

.

...................

United

States

350,000

351,226

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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

Asset-Backed

Securities

(continued)

Financial

Services

(continued)

b,i

Elmwood

CLO

I

Ltd.

,

2019-1A

,

A1RR

,

144A,

FRN

,

5.789

%

,

(

3-month

SOFR

+

1.52

%

),

4/20/37

.

....................

United

States

425,000

$

427,730

b,i

Elmwood

CLO

III

Ltd.

,

2019-3A

,

A1RR

,

144A,

FRN

,

5.649

%

,

(

3-month

SOFR

+

1.38

%

),

7/18/37

.

....................

United

States

500,000

501,524

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

GoldenTree

Loan

Management

US

CLO

9

Ltd.

,

2021-9A

,

AR

,

144A,

FRN

,

5.769

%

,

(

3-month

SOFR

+

1.5

%

),

4/20/37

.

.....

United

States

300,000

301,662

b,i

HalseyPoint

CLO

3

Ltd.

,

2020-3A

,

A1R

,

144A,

FRN

,

5.76

%

,

(

3-month

SOFR

+

1.48

%

),

7/30/37

.

....................

United

States

274,000

275,430

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

300,000

300,736

b

Home

Partners

of

America

Trust

,

2021-2

,

C

,

144A,

2.402

%

,

12/17/26

.

........................................

United

States

420,443

403,403

b,i

ICG

US

CLO

Ltd.

,

2017-1A

,

ARR

,

144A,

FRN

,

5.714

%

,

(

3-month

SOFR

+

1.432

%

),

7/28/34

.

...........................

United

States

550,000

551,183

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

216,179

217,221

b,i

Jamestown

CLO

IX

Ltd.

,

2016-9A,

A1RR,

144A,

FRN,

5.783%,

(3-month

SOFR

+

1.502%),

7/25/34

..................................

United

States

400,000

401,362

2016-9A,

A2RR,

144A,

FRN,

6.393%,

(

3-month

SOFR

+

2.112%),

7/25/34

..................................

United

States

310,000

310,581

b,i

KKR

CLO

43

Ltd.

,

2022-43A

,

A1R

,

144A,

FRN

,

6.006

%

,

(

3-month

SOFR

+

1.75

%

),

1/15/36

.

............................

Jersey

300,000

300,678

b,i

KKR

CLO

52

Ltd.

,

2023-52A

,

A2

,

144A,

FRN

,

6.511

%

,

(

3-month

SOFR

+

2.25

%

),

7/16/36

.

............................

United

States

400,000

400,000

b,i

KKR

CLO

54

Ltd.

,

2024-54A

,

A

,

144A,

FRN

,

5.641

%

,

(

3-month

SOFR

+

1.32

%

),

1/15/38

.

............................

United

States

364,000

365,020

b,i

KREF

Ltd.

,

2022-FL3

,

A

,

144A,

FRN

,

5.768

%

,

(

1-month

SOFR

+

1.45

%

),

2/17/39

.

..................................

United

States

258,863

259,341

i

Long

Beach

Mortgage

Loan

Trust

,

2004-1

,

A2

,

FRN

,

5.234

%

,

(

1-month

SOFR

+

0.914

%

),

2/25/34

.

...................

United

States

309,506

309,832

b,i

Madison

Park

Funding

XXX

Ltd.

,

2018-30A

,

A1R

,

144A,

FRN

,

5.621

%

,

(

3-month

SOFR

+

1.36

%

),

7/16/37

.

..............

United

States

380,000

381,365

b,i

Magnetite

XXXVII

Ltd.

,

2023-37A

,

A

,

144A,

FRN

,

5.919

%

,

(

3-month

SOFR

+

1.65

%

),

10/20/36

.

...................

United

States

400,000

401,680

b,i

MF1

Ltd.

,

2021-FL6

,

A

,

144A,

FRN

,

5.529

%

,

(

1-month

SOFR

+

1.214

%

),

7/16/36

.

.................................

United

States

287,560

287,761

i

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

,

2004-HE6

,

M1

,

FRN

,

5.259

%

,

(

1-month

SOFR

+

0.939

%

),

8/25/34

.

.............

United

States

119,326

116,468

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

500,000

502,000

b,i

Oaktree

CLO

Ltd.

,

2021-1A

,

A1R

,

144A,

FRN

,

5.606

%

,

(

3-month

SOFR

+

1.35

%

),

1/15/38

.

............................

United

States

272,000

273,233

b,i

OHA

Loan

Funding

Ltd.

,

2016-1A

,

A1R2

,

144A,

FRN

,

5.729

%

,

(

3-month

SOFR

+

1.46

%

),

7/20/37

.

....................

United

States

526,000

528,503

b,i

Palmer

Square

CLO

Ltd.

,

2021-3A

,

B

,

144A,

FRN

,

6.168

%

,

(

3-month

SOFR

+

1.912

%

),

1/15/35

.

...................

United

States

650,000

650,000

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

475,000

475,454

i

Park

Place

Securities,

Inc.

,

2004-WCW2

,

M3

,

FRN

,

5.484

%

,

(

1-month

SOFR

+

1.164

%

),

10/25/34

.

..................

United

States

153,679

151,953

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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

PRMI

Securitization

Trust

,

2024-CMG1

,

A1

,

144A,

FRN

,

5.763

%

,

(

30-day

SOFR

Average

+

1.45

%

),

7/25/54

.

...............

United

States

508,148

$

509,039

b,i

Rockland

Park

CLO

Ltd.

,

2021-1A

,

B

,

144A,

FRN

,

6.181

%

,

(

3-month

SOFR

+

1.912

%

),

4/20/34

.

...................

United

States

500,000

501,111

b,i

RR

29

Ltd.

,

2024-29RA

,

A1R

,

144A,

FRN

,

5.646

%

,

(

3-month

SOFR

+

1.39

%

),

7/15/39

.

............................

United

States

350,000

350,664

b,i

Shackleton

XIV

CLO

Ltd.

,

2019-14A

,

BR

,

144A,

FRN

,

6.331

%

,

(

3-month

SOFR

+

2.062

%

),

7/20/34

.

...................

United

States

350,000

350,975

b,i

Signal

Peak

CLO

5

Ltd.

,

2018-5A

,

A1R

,

144A,

FRN

,

5.832

%

,

(

3-month

SOFR

+

1.55

%

),

4/25/37

.

....................

United

States

250,000

250,918

b,i

Sound

Point

CLO

XXVI

Ltd.

,

2020-1A

,

AR

,

144A,

FRN

,

5.701

%

,

(

3-month

SOFR

+

1.432

%

),

7/20/34

.

...................

United

States

508,000

508,619

b,i

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.693

%

,

(

3-month

SOFR

+

1.412

%

),

10/25/34

.

..................

United

States

450,000

450,574

b,i

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

5.156

%

,

(

3-month

SOFR

+

0.9

%

),

1/15/34

.

.....................

United

States

585,535

583,996

b,i

Symphony

CLO

XXXII

Ltd.

,

2022-32A

,

A1

,

144A,

FRN

,

5.599

%

,

(

3-month

SOFR

+

1.32

%

),

4/23/35

.

....................

United

States

250,000

250,228

b,i

TICP

CLO

XII

Ltd.

,

2018-12A

,

BR

,

144A,

FRN

,

6.168

%

,

(

3-month

SOFR

+

1.912

%

),

7/15/34

.

...........................

United

States

400,000

400,829

b,i

Trinitas

CLO

XVIII

Ltd.

,

2021-18A

,

A1

,

144A,

FRN

,

5.701

%

,

(

3-month

SOFR

+

1.432

%

),

1/20/35

.

...................

United

States

300,000

300,675

b,i

Venture

XV

CLO

Ltd.

,

2013-15A

,

AR3

,

144A,

FRN

,

5.698

%

,

(

3-month

SOFR

+

1.442

%

),

7/15/32

.

...................

United

States

218,976

219,208

b,i

Voya

CLO

Ltd.

,

2019-3A

,

AR

,

144A,

FRN

,

5.621

%

,

(

3-month

SOFR

+

1.342

%

),

10/17/32

.

..........................

United

States

293,414

293,708

b,i

Warwick

Capital

CLO

3

Ltd.

,

2024-3A

,

A1

,

144A,

FRN

,

5.919

%

,

(

3-month

SOFR

+

1.65

%

),

4/20/37

.

....................

Jersey

350,000

350,811

b,i

Wind

River

CLO

Ltd.

,

2021-4A,

A,

144A,

FRN,

5.701%,

(

3-month

SOFR

+

1.432%),

1/20/35

.........................................

United

States

360,000

360,257

h

2021-4A,

AR,

144A,

FRN,

Zero

Cpn

.,

(3-month

SOFR

+

1.23%),

1/20/35

.........................................

United

States

360,000

360,270

b,i

Wise

CLO

Ltd.

,

2023-2A,

A,

144A,

FRN,

6.056%,

(3-month

SOFR

+

1.8%),

1/15/37

.........................................

Jersey

250,000

250,702

2024-2A,

A,

144A,

FRN,

5.716%,

(3-month

SOFR

+

1.46%),

7/15/37

.........................................

United

States

500,000

502,357

27,055,978

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$28,464,313)

.............................

28,557,588

Commercial

Mortgage-Backed

Securities

0.9%

Financial

Services

0.9%

b,k,l

Arbor

Multifamily

Mortgage

Securities

Trust

,

2020-MF1

,

XA

,

IO,

144A,

FRN

,

1.046

%

,

5/15/53

.........................

United

States

5,087,741

182,674

k,l

BANK

,

2020-BN26

,

XA

,

IO,

FRN

,

1.306

%

,

3/15/63

..........

United

States

2,603,152

109,358

k,l

BANK5

,

2024-5YR7

,

XA

,

IO,

FRN

,

1.57

%

,

6/15/57

..........

United

States

7,539,271

349,403

Barclays

Commercial

Mortgage

Trust

,

k,l

2019-C4,

XA,

IO,

FRN,

1.661%,

8/15/52

.................

United

States

9,901,958

473,415

2019-C5,

C,

3.71%,

11/15/52

.........................

United

States

473,000

419,968

k,l

BBCMS

Mortgage

Trust

,

2021-C9

,

XA

,

IO,

FRN

,

1.7

%

,

2/15/54

.

United

States

2,678,384

181,335

k,l

Benchmark

Mortgage

Trust

,

2020-B22,

XA,

IO,

FRN,

1.615%,

1/15/54

................

United

States

2,589,448

170,214

2024-V10,

XA,

IO,

FRN,

1.522%,

9/15/57

................

United

States

5,153,750

248,058

l

CFCRE

Commercial

Mortgage

Trust

,

b

2011-C2,

D,

144A,

FRN,

5.08%,

12/15/47

...............

United

States

48,092

46,463

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

l

CFCRE

Commercial

Mortgage

Trust,

(continued)

2017-C8,

B,

FRN,

4.199%,

6/15/50

....................

United

States

169,000

$

162,129

Citigroup

Commercial

Mortgage

Trust

,

2016-P4

,

AS

,

3.075

%

,

7/10/49

.........................................

United

States

798,000

766,771

COMM

Mortgage

Trust

,

l

2013-CR13,

C,

FRN,

5.109%,

11/10/46

.................

United

States

124,954

117,349

b,l

2013-CR13,

D,

144A,

FRN,

5.109%,

11/10/46

............

United

States

537,000

306,847

l

2014-CR17,

C,

FRN,

4.941%,

5/10/47

..................

United

States

392,000

359,503

b,l

2014-CR17,

D,

144A,

FRN,

5.005%,

5/10/47

.............

United

States

442,000

354,707

l

2014-CR20,

C,

FRN,

4.826%,

11/10/47

.................

United

States

836,450

809,679

2014-UBS3,

AM,

4.012%,

6/10/47

.....................

United

States

298,947

286,957

l

2014-UBS5,

AM,

FRN,

4.193%,

9/10/47

.................

United

States

202,818

200,661

l

2014-UBS6,

C,

FRN,

4.557%,

12/10/47

.................

United

States

216,109

213,490

l

2015-CR22,

B,

FRN,

3.926%,

3/10/48

..................

United

States

297,000

283,626

l

2015-LC19,

C,

FRN,

4.242%,

2/10/48

..................

United

States

731,000

707,927

l

2015-LC21,

B,

FRN,

4.518%,

7/10/48

...................

United

States

393,508

390,579

b,k,l

Credit

Suisse

Commercial

Mortgage

Trust

,

2007-C2

,

AX

,

IO,

144A,

FRN

,

0.03

%

,

1/15/49

..........................

United

States

2,899,697

522

CSAIL

Commercial

Mortgage

Trust

,

l

2015-C1,

AS,

FRN,

3.791%,

4/15/50

...................

United

States

663,575

659,702

l

2015-C1,

C,

FRN,

3.959%,

4/15/50

....................

United

States

538,000

491,060

l

2015-C2,

AS,

FRN,

3.849%,

6/15/57

...................

United

States

436,901

431,395

l

2015-C2,

B,

FRN,

4.208%,

6/15/57

....................

United

States

375,000

362,888

l

2016-C7,

AS,

FRN,

3.958%,

11/15/49

...................

United

States

399,000

389,272

2019-C17,

AS,

3.278%,

9/15/52

.......................

United

States

430,000

389,873

k,l

2020-C19,

XA,

IO,

FRN,

1.206%,

3/15/53

................

United

States

10,322,816

394,473

k,l

2021-C20,

XA,

IO,

FRN,

1.113%,

3/15/54

................

United

States

3,850,030

162,105

b,l

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.53

%

,

8/10/44

.........................................

United

States

844,577

811,609

k,l

GS

Mortgage

Securities

Trust

,

2014-GC22,

XA,

IO,

FRN,

0.744%,

6/10/47

..............

United

States

845,054

4,950

2014-GC24,

XA,

IO,

FRN,

0.403%,

9/10/47

..............

United

States

691,470

9

2019-GC38,

XA,

IO,

FRN,

1.169%,

2/10/52

..............

United

States

7,634,847

238,399

l

JPMBB

Commercial

Mortgage

Securities

Trust

,

2013-C12,

C,

FRN,

4.071%,

7/15/45

...................

United

States

292,987

281,579

2014-C18,

B,

FRN,

4.652%,

2/15/47

...................

United

States

475,020

461,068

2014-C23,

B,

FRN,

4.7%,

9/15/47

.....................

United

States

322,000

301,058

2014-C23,

C,

FRN,

4.7%,

9/15/47

.....................

United

States

700,400

641,191

k

2014-C25,

XA,

IO,

FRN,

0.614%,

11/15/47

...............

United

States

1,225,943

15

k

2015-C33,

XA,

IO,

FRN,

1.017%,

12/15/48

...............

United

States

3,531,330

3,967

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549

%

,

3/10/50

.........................................

United

States

846,000

825,143

l

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

2013-C10,

B,

FRN,

4.112%,

7/15/46

....................

United

States

664,239

627,329

b

2013-C9,

D,

144A,

FRN,

3.927%,

5/15/46

...............

United

States

316,000

290,997

2015-C22,

C,

FRN,

4.191%,

4/15/48

...................

United

States

520,000

452,085

2015-C24,

B,

FRN,

4.449%,

5/15/48

...................

United

States

375,000

373,282

Morgan

Stanley

Capital

I

Trust

,

l

2016-BNK2,

C,

FRN,

4.005%,

11/15/49

.................

United

States

148,000

127,516

2018-L1,

A3,

4.139%,

10/15/51

.......................

United

States

335,000

331,489

b,m

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

8

%

,

12/28/38

..

United

States

417,718

35

k,l

Wachovia

Bank

Commercial

Mortgage

Trust

,

2006-C29

,

IO,

FRN

,

0.488

%

,

11/15/48

..................................

United

States

18,865

40

l

Wells

Fargo

Commercial

Mortgage

Trust

,

b

2013-LC12,

D,

144A,

FRN,

3.915%,

7/15/46

.............

United

States

312,000

176,286

2016-C33,

B,

FRN,

4.506%,

3/15/59

...................

United

States

596,000

586,935

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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

(continued)

Financial

Services

(continued)

l

Wells

Fargo

Commercial

Mortgage

Trust,

(continued)

k

2016-LC25,

XA,

IO,

FRN,

0.959%,

12/15/59

..............

United

States

9,334,192

$

76,289

k

2024-5C1,

XA,

IO,

FRN,

1.258%,

7/15/57

................

United

States

8,889,228

324,579

l

WFRBS

Commercial

Mortgage

Trust

,

b,m

2011-C3,

D,

144A,

FRN,

5.415%,

3/15/44

...............

United

States

257,303

86,840

2013-C11,

C,

FRN,

4.145%,

3/15/45

...................

United

States

1,149,000

1,099,829

k

2013-C14,

XA,

IO,

FRN,

0.456%,

6/15/46

................

United

States

201,813

2

b

2013-C15,

D,

144A,

FRN,

4.286%,

8/15/46

..............

United

States

299,515

154,250

k

2014-C22,

XA,

IO,

FRN,

0.393%,

9/15/57

................

United

States

2,473,629

540

2014-C23,

B,

FRN,

4.372%,

10/15/57

...................

United

States

206,000

193,259

18,892,973

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$19,942,093)

..............

18,892,973

Mortgage-Backed

Securities

9.8%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

0.5%

FHLMC

Pool,

30

Year,

2.5%,

8/01/50

-

8/01/51

.............

United

States

4,100,655

3,417,271

FHLMC

Pool,

30

Year,

3%,

1/01/48

......................

United

States

7,586,350

6,698,650

FHLMC

Pool,

30

Year,

4%,

9/01/45

......................

United

States

104,762

99,743

FHLMC

Pool,

30

Year,

5.5%,

5/01/53

.....................

United

States

938,028

944,807

FHLMC

Pool,

30

Year,

6%,

5/01/53

......................

United

States

873,823

894,574

FHLMC

Pool,

30

Year,

6.5%,

5/01/53

.....................

United

States

222,905

230,469

12,285,514

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

6.6%

FNMA,

2.73%,

9/01/29

...............................

United

States

367,755

347,609

FNMA,

3.5%,

6/01/56

-

2/01/57

.........................

United

States

4,849,275

4,365,508

FNMA,

4%,

1/01/57

..................................

United

States

617,695

576,710

FNMA,

5.28%,

12/01/28

..............................

United

States

294,000

303,265

FNMA,

30

Year,

2.5%,

7/01/50

-

8/01/51

..................

United

States

20,469,123

17,161,067

FNMA,

30

Year,

3%,

4/01/46

-

4/01/52

....................

United

States

10,371,394

9,160,075

FNMA,

30

Year,

3.5%,

4/01/52

.........................

United

States

2,251,818

2,054,066

FNMA,

30

Year,

6.5%,

3/01/53

-

5/01/53

..................

United

States

2,618,607

2,719,753

n

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

7/25/40

.....

United

States

19,000,000

17,744,705

n

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

7/25/55

.....

United

States

39,000,000

32,342,042

n

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

7/25/55

.....

United

States

14,000,000

12,606,157

n

Uniform

Mortgage-Backed

Securities,

4%,

TBA,

7/25/55

......

United

States

2,000,000

1,859,922

n

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

7/25/55

......

United

States

36,000,000

35,284,843

n

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

7/25/55

......

United

States

1,000,000

1,016,279

n

Uniform

Mortgage-Backed

Securities,

6.5%,

TBA,

7/25/55

.....

United

States

9,000,000

9,293,696

146,835,697

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

2.7%

GNMA

I,

Single-family,

30

Year,

4.5%,

5/15/47

..............

United

States

251,929

244,058

GNMA

II,

30

Year,

5.5%,

7/20/53

........................

United

States

1,739,675

1,771,778

GNMA

II,

Single-family,

30

Year,

3%,

8/20/49

-

1/20/54

.......

United

States

26,748,715

23,758,603

n

GNMA

II,

Single-family,

30

Year,

3%,

7/15/55

...............

United

States

14,000,000

12,385,405

n

GNMA

II,

Single-family,

30

Year,

4%,

7/15/55

...............

United

States

3,000,000

2,789,798

GNMA

II,

Single-family,

30

Year,

4.5%,

5/20/49

.............

United

States

69,938

67,291

n

GNMA

II,

Single-family,

30

Year,

4.5%,

7/15/55

.............

United

States

10,000,000

9,573,705

n

GNMA

II,

Single-family,

30

Year,

5%,

7/15/55

...............

United

States

5,000,000

4,912,299

GNMA

II,

Single-family,

30

Year,

5.5%,

6/20/53

-

7/15/55

......

United

States

3,657,798

3,678,518

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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

Mortgage-Backed

Securities

(continued)

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

(continued)

GNMA

II,

Single-family,

30

Year,

6%,

12/20/48

-

4/20/49

......

United

States

526,626

$

550,781

59,732,236

Total

Mortgage-Backed

Securities

(Cost

$225,137,055)

.........................

218,853,447

Residential

Mortgage-Backed

Securities

1.2%

Financial

Services

1.2%

b

A&D

Mortgage

Trust

,

2023-NQM4

,

A1

,

144A,

7.472

%

,

9/25/68

.

United

States

239,182

243,278

i

Alternative

Loan

Trust

,

2005-59,

1A1,

FRN,

5.096%,

(1-month

SOFR

+

0.774%),

11/20/35

........................................

United

States

145,188

142,757

2005-65CB,

2A1,

FRN,

4.859%,

(1-month

SOFR

+

0.539%),

12/25/35

........................................

United

States

725,727

452,514

2006-24CB,

A19,

FRN,

4.934%,

(1-month

SOFR

+

0.614%),

8/25/36

.........................................

United

States

343,005

140,466

2006-OA10,

4A1,

FRN,

4.814%,

(1-month

SOFR

+

0.494%),

8/25/46

.........................................

United

States

693,033

592,747

2006-OA19,

A1,

FRN,

4.612%,

(

1-month

SOFR

+

0.294%),

2/20/47

.........................................

United

States

366,104

294,095

2006-OA7,

1A2,

FRN,

5.339%,

(12-month

average

of

1-year

CMT

+

0.94%),

6/25/46

.............................

United

States

325,363

319,407

i

American

Home

Mortgage

Investment

Trust

,

2007-1

,

GA1C

,

FRN

,

4.624

%

,

(

1-month

SOFR

+

0.304

%

),

5/25/47

.............

United

States

1,041,057

612,213

b

Angel

Oak

Mortgage

Trust

,

2024-9

,

A1

,

144A,

5.138

%

,

9/25/69

.

United

States

405,004

403,156

b,l

Arroyo

Mortgage

Trust

,

2019-1,

A3,

144A,

FRN,

4.208%,

1/25/49

................

United

States

53,881

52,873

2019-3,

A3,

144A,

FRN,

3.416%,

10/25/48

...............

United

States

86,545

82,714

i

BankUnited

Trust

,

2005-1

,

1A1

,

FRN

,

5.034

%

,

(

1-month

SOFR

+

0.714

%

),

9/25/45

..................................

United

States

60,731

56,945

b

BRAVO

Residential

Funding

Trust

,

2023-NQM5

,

A1

,

144A,

6.505

%

,

6/25/63

...................................

United

States

158,157

159,302

b,l

Bunker

Hill

Loan

Depositary

Trust

,

2020-1

,

A2

,

144A,

FRN

,

2.6

%

,

2/25/55

.........................................

United

States

500,000

482,466

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

147,000

147,367

l

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2005-2

,

1A2A

,

FRN

,

6.259

%

,

5/25/35

.........................................

United

States

81,604

80,597

b,i

Connecticut

Avenue

Securities

Trust

,

2019-HRP1,

M2,

144A,

FRN,

6.57%,

(30-day

SOFR

Average

+

2.264%),

11/25/39

.................................

United

States

7,880

7,881

2021-R03,

1M1,

144A,

FRN,

5.155%,

(30-day

SOFR

Average

+

0.85%),

12/25/41

..................................

United

States

2,386

2,382

2021-R03,

1M2,

144A,

FRN,

5.955%,

(30-day

SOFR

Average

+

1.65%),

12/25/41

..................................

United

States

234,000

235,527

2022-R01,

1M1,

144A,

FRN,

5.305%,

(30-day

SOFR

Average

+

1%),

12/25/41

....................................

United

States

65,523

65,492

2022-R01,

1M2,

144A,

FRN,

6.205%,

(30-day

SOFR

Average

+

1.9%),

12/25/41

...................................

United

States

212,000

213,850

2022-R02,

2M1,

144A,

FRN,

5.505%,

(30-day

SOFR

Average

+

1.2%),

1/25/42

....................................

United

States

159,364

159,379

2022-R02,

2M2,

144A,

FRN,

7.305%,

(

30-day

SOFR

Average

+

3%),

1/25/42

.....................................

United

States

450,000

460,536

2022-R03,

1M2,

144A,

FRN,

7.805%,

(30-day

SOFR

Average

+

3.5%),

3/25/42

....................................

United

States

104,000

108,125

2022-R04,

1M2,

144A,

FRN,

7.405%,

(30-day

SOFR

Average

+

3.1%),

3/25/42

....................................

United

States

102,000

105,150

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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

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

34,010

$

34,147

2022-R05,

2M2,

144A,

FRN,

7.305%,

(30-day

SOFR

Average

+

3%),

4/25/42

.....................................

United

States

901,000

925,655

2022-R06,

1M1,

144A,

FRN,

7.055%,

(30-day

SOFR

Average

+

2.75%),

5/25/42

...................................

United

States

111,462

114,105

2022-R07,

1M1,

144A,

FRN,

7.256%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

...................................

United

States

213,916

219,413

2022-R08,

1M1,

144A,

FRN,

6.855%,

(

30-day

SOFR

Average

+

2.55%),

7/25/42

...................................

United

States

160,138

163,789

2022-R09,

2M1,

144A,

FRN,

6.806%,

(30-day

SOFR

Average

+

2.5%),

9/25/42

....................................

United

States

114,748

116,582

2023-R01,

1M1,

144A,

FRN,

6.706%,

(30-day

SOFR

Average

+

2.4%),

12/25/42

...................................

United

States

36,047

36,995

2023-R02,

1M1,

144A,

FRN,

6.605%,

(30-day

SOFR

Average

+

2.3%),

1/25/43

....................................

United

States

72,537

74,068

2023-R06,

1M1,

144A,

FRN,

6.005%,

(30-day

SOFR

Average

+

1.7%),

7/25/43

....................................

United

States

47,309

47,589

2023-R07,

2M1

,

144A,

FRN,

6.256%,

(30-day

SOFR

Average

+

1.95%),

9/25/43

...................................

United

States

23,890

24,090

2024-R02,

1M1,

144A,

FRN,

5.405%,

(30-day

SOFR

Average

+

1.1%),

2/25/44

....................................

United

States

6,171

6,171

2024-R03,

2M1,

144A,

FRN,

5.456%,

(30-day

SOFR

Average

+

1.15%),

3/25/44

...................................

United

States

31,784

31,796

2024-R04,

1M1,

144A,

FRN,

5.405%,

(30-day

SOFR

Average

+

1.1%),

5/25/44

....................................

United

States

64,337

64,343

2024-R05,

2M1,

144A,

FRN,

5.305%,

(30-day

SOFR

Average

+

1%),

7/25/44

.....................................

United

States

14,433

14,424

2024-R06,

1A1,

144A,

FRN,

5.455%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

...................................

United

States

260,880

261,921

2024-R06,

1M1,

144A,

FRN,

5.355%,

(30-day

SOFR

Average

+

1.05%),

9/25/44

...................................

United

States

43,947

43,961

2025-R01,

1A1,

144A,

FRN,

5.256%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

238,975

238,751

2025-R01,

1M1,

144A,

FRN,

5.406%,

(30-day

SOFR

Average

+

1.1%),

1/25/45

....................................

United

States

239,158

239,465

2025-R02,

1A1,

144A,

FRN,

5.306%,

(

30-day

SOFR

Average

+

1%),

2/25/45

.....................................

United

States

234,138

234,422

2025-R02,

1M1,

144A,

FRN,

5.456%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

...................................

United

States

685,191

686,050

2025-R03,

2A1,

144A,

FRN,

5.755%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

...................................

United

States

49,273

49,597

2025-R04,

1A1,

144A,

FRN,

5.305%,

(30-day

SOFR

Average

+

1%),

5/25/45

.....................................

United

States

193,516

193,689

2025-R04,

1M1,

144A,

FRN,

5.505%,

(30-day

SOFR

Average

+

1.2%),

5/25/45

....................................

United

States

512,450

513,727

b

Cross

Mortgage

Trust

,

2024-H4

,

A1

,

144A,

6.147

%

,

7/25/69

...

United

States

176,983

178,690

b,l

CSMC

Trust

,

2021-RPL4,

A1,

144A,

FRN,

4.118%,

12/27/60

............

United

States

217,545

216,831

2021-RPL7,

A1,

144A,

FRN,

4.197%,

7/27/61

.............

United

States

197,014

195,414

i

FHLMC

STACR

Debt

Notes

,

2015-DNA3

,

M3

,

FRN

,

9.12

%

,

(

30-

day

SOFR

Average

+

4.814

%

),

4/25/28

.................

United

States

203,349

205,711

b,i

FHLMC

STACR

REMIC

Trust

,

2021-DNA5,

M2,

144A,

FRN,

5.955%,

(

30-day

SOFR

Average

+

1.65%),

1/25/34

.................................

United

States

49,877

50,108

2021-DNA6,

M2,

144A,

FRN,

5.805%,

(30-day

SOFR

Average

+

1.5%),

10/25/41

.................................

United

States

281,099

282,271

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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

FHLMC

STACR

REMIC

Trust,

(continued)

2021-DNA7,

M2,

144A,

FRN,

6.105%,

(30-day

SOFR

Average

+

1.8%),

11/25/41

..................................

United

States

714,000

$

719,499

2021-HQA4,

M1,

144A,

FRN,

5.255%,

(30-day

SOFR

Average

+

0.95%),

12/25/41

................................

United

States

69,019

68,921

2022-DNA2,

M1A,

144A,

FRN,

5.605%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

..................................

United

States

127,608

127,711

2022-DNA3,

M1B,

144A,

FRN,

7.205%,

(30-day

SOFR

Average

+

2.9%),

4/25/42

..................................

United

States

24,000

24,738

2022-DNA5,

M1A,

144A,

FRN,

7.255%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

.................................

United

States

404,518

413,714

2022-DNA6,

M1A,

144A,

FRN,

6.455%,

(30-day

SOFR

Average

+

2.15%),

9/25/42

.................................

United

States

38,606

38,906

2022-DNA6,

M1B,

144A,

FRN,

8.005%,

(30-day

SOFR

Average

+

3.7%),

9/25/42

..................................

United

States

24,000

25,300

2022-HQA1,

M1A,

144A,

FRN,

6.405%,

(

30-day

SOFR

Average

+

2.1%),

3/25/42

..................................

United

States

12,825

12,903

2022-HQA2,

M1A,

144A,

FRN,

6.955%,

(30-day

SOFR

Average

+

2.65%),

7/25/42

.................................

United

States

553,076

565,200

2022-HQA3,

M1A,

144A,

FRN,

6.605%,

(30-day

SOFR

Average

+

2.3%),

8/25/42

..................................

United

States

201,994

205,786

2023-DNA1,

M1A,

144A,

FRN,

6.406%,

(30-day

SOFR

Average

+

2.1%),

3/25/43

..................................

United

States

134,229

136,265

2023-HQA2,

M1A,

144A,

FRN,

6.305%,

(30-day

SOFR

Average

+

2%),

6/25/43

....................................

United

States

53,298

53,604

2023-HQA3,

A1,

144A,

FRN,

6.155%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

..................................

United

States

80,704

81,705

2023-HQA3,

M1,

144A,

FRN,

6.155%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

.................................

United

States

63,409

63,936

2024-DNA1,

A1,

144A,

FRN,

5.655%,

(30-day

SOFR

Average

+

1.35%),

2/25/44

...................................

United

States

91,532

92,042

2024-DNA2,

A1,

144A,

FRN,

5.555%,

(30-day

SOFR

Average

+

1.25%),

5/25/44

...................................

United

States

96,894

97,368

2025-DNA1,

A1,

144A,

FRN,

5.255%,

(

30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

881,175

880,294

i

FNMA

Connecticut

Avenue

Securities

,

2015-C04,

1M2,

FRN,

10.12%,

(30-day

SOFR

Average

+

5.814%),

4/25/28

..................................

United

States

565,498

574,518

2016-C01,

1M2,

FRN,

11.17%,

(

30-day

SOFR

Average

+

6.864%),

8/25/28

..................................

United

States

236,357

243,332

2016-C01,

2M2,

FRN,

11.37%,

(30-day

SOFR

Average

+

7.064%),

8/25/28

..................................

United

States

176,559

181,707

2016-C02,

1M2,

FRN,

10.42%,

(30-day

SOFR

Average

+

6.114%),

9/25/28

..................................

United

States

102,942

105,051

2016-C03,

2M2,

FRN,

10.32%,

(30-day

SOFR

Average

+

6.014%),

10/25/28

.................................

United

States

33,494

34,422

2016-C04,

1M2,

FRN,

8.67%,

(30-day

SOFR

Average

+

4.364%),

1/25/29

..................................

United

States

461,568

473,098

2016-C05,

2M2,

FRN,

8.87%,

(30-day

SOFR

Average

+

4.564%),

1/25/29

..................................

United

States

378,051

387,294

2016-C06,

1M2,

FRN,

8.67%,

(30-day

SOFR

Average

+

4.364%),

4/25/29

..................................

United

States

188,908

194,024

2016-C07,

2M2,

FRN,

8.77%,

(30-day

SOFR

Average

+

4.464%),

5/25/29

..................................

United

States

278,454

287,482

2017-C02,

2M2C,

FRN,

8.07%,

(30-day

SOFR

Average

+

3.764%),

9/25/29

..................................

United

States

93,435

94,808

2017-C06,

1M2B,

FRN,

7.07%,

(30-day

SOFR

Average

+

2.764%),

2/25/30

..................................

United

States

4,463

4,470

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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)

i

FNMA

Connecticut

Avenue

Securities,

(continued)

2017-C06,

2M2,

FRN,

7.22%,

(30-day

SOFR

Average

+

2.914%),

2/25/30

..................................

United

States

162,933

$

165,991

2017-C06,

2M2C,

FRN,

7.22%,

(30-day

SOFR

Average

+

2.914%),

2/25/30

..................................

United

States

89,743

91,427

2018-C02,

2M2,

FRN,

6.62%,

(

30-day

SOFR

Average

+

2.314%),

8/25/30

..................................

United

States

10,821

11,001

b

Imperial

Fund

Mortgage

Trust

,

2022-NQM5

,

A1

,

144A,

5.39

%

,

8/25/67

.........................................

United

States

132,804

132,354

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

219,788

219,952

2024-CES1,

A1A,

144A,

5.919%,

6/25/54

................

United

States

151,428

152,399

2024-VIS2,

A1,

144A,

5.853%,

11/25/64

.................

United

States

289,264

291,267

i

2025-1,

A11,

144A,

FRN,

5.555%,

(

30-day

SOFR

Average

+

1.25%),

6/25/55

...................................

United

States

239,200

239,425

i

2025-2,

A11,

144A,

FRN,

5.555%,

(30-day

SOFR

Average

+

1.25%),

7/25/55

...................................

United

States

387,553

387,919

b

MFA

Trust

,

2023-INV2

,

A1

,

144A,

6.775

%

,

10/25/58

.........

United

States

133,028

134,526

b

Mill

City

Mortgage

Loan

Trust

,

2023-NQM2

,

A1

,

144A,

6.24

%

,

12/25/67

........................................

United

States

480,699

481,532

b,l

Morgan

Stanley

Resecuritization

Trust

,

2015-R4

,

CB1

,

144A,

FRN

,

4.289

%

,

8/26/47

..............................

United

States

38,728

38,686

b,i

New

Residential

Mortgage

Loan

Trust

,

2018-4A

,

A1M

,

144A,

FRN

,

5.334

%

,

(

1-month

SOFR

+

1.014

%

),

1/25/48

.........

United

States

134,900

132,216

b

PRPM

Trust

,

2024-NQM2

,

A1

,

144A,

6.327

%

,

6/25/69

........

United

States

1,220,871

1,243,617

b,l

Residential

Mortgage

Loan

Trust

,

2020-2

,

A2

,

144A,

FRN

,

2.508

%

,

5/25/60

...................................

United

States

467,227

462,770

b,l

RMF

Proprietary

Issuance

Trust

,

2022-3

,

A

,

144A,

FRN

,

4

%

,

8/25/62

.........................................

United

States

212,353

205,333

b,l

Starwood

Mortgage

Residential

Trust

,

2020-3

,

A3

,

144A,

FRN

,

2.591

%

,

4/25/65

...................................

United

States

757,000

678,602

b,i

Station

Place

Securitization

Trust

,

2024-10,

A,

144A,

FRN,

5.22%,

(1-month

SOFR

+

0.9%),

10/27/25

........................................

United

States

950,000

955,047

2024-5,

A,

144A,

FRN,

5.22%,

(1-month

SOFR

+

0.9%),

8/04/25

.........................................

United

States

955,000

955,619

2025-1,

A,

144A,

FRN,

5.221%,

(1-month

SOFR

+

0.9%),

7/23/26

.........................................

United

States

967,000

977,584

i

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR7

,

1A1

,

FRN

,

5.284

%

,

(

1-month

SOFR

+

0.964

%

),

5/25/47

.........

United

States

438,586

356,712

b,l

Towd

Point

Mortgage

Trust

,

2016-5

,

M2

,

144A,

FRN

,

3.375

%

,

10/25/56

........................................

United

States

282,000

266,538

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

i

2005-AR11,

A1B3,

FRN,

5.234%,

(1-month

SOFR

+

0.914%),

8/25/45

.........................................

United

States

93,081

92,794

i

2005-AR9,

A1C3,

FRN,

5.394%,

(1-month

SOFR

+

1.074%),

7/25/45

.........................................

United

States

123,197

123,835

l

2007-HY2,

1A1,

FRN,

4.252%,

12/25/36

................

United

States

288,360

262,109

26,332,347

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$26,559,135)

...............

26,332,347

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

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

Agency

Commercial

Mortgage-Backed

Securities

0.7%

Financial

Services

0.7%

FHLMC

,

l

3117,

AF,

FRN,

Zero

Cpn

.,

2/15/36

.....................

United

States

3,302

$

2,885

3391,

Strip,

4/15/37

................................

United

States

1,930

1,676

i

3408,

EK,

FRN,

8.014%,

(

30-day

SOFR

Average

+

25.332%),

4/15/37

.........................................

United

States

24,480

28,497

i

406,

F30,

FRN,

5.455%,

(30-day

SOFR

Average

+

1.15%),

10/25/53

........................................

United

States

439,692

441,861

i,k

4326,

GS,

IO,

FRN,

1.632%,

(30-day

SOFR

Average

+

5.936%),

4/15/44

..................................

United

States

4,194,777

437,764

k

5010,

IA,

IO,

3.5%,

9/25/50

..........................

United

States

2,867,368

529,450

k

5024,

HI,

IO,

4.5%,

10/25/50

.........................

United

States

3,711,660

846,909

k

5036,

IK,

IO,

4%,

4/25/50

............................

United

States

3,892,133

797,981

k

5079,

BI,

IO,

5.5%,

2/25/51

..........................

United

States

2,483,870

437,702

k

5121,

KI,

IO,

4%,

6/25/51

............................

United

States

3,906,342

869,880

k

5134,

IB,

IO,

4%,

8/25/51

............................

United

States

4,554,481

938,161

k

5138,

YI,

IO,

4.5%,

12/25/49

.........................

United

States

5,160,955

1,331,376

k

5142,

AI,

IO,

3.5%,

9/25/51

..........................

United

States

4,141,680

801,448

FNMA

,

2006-84,

OT,

Strip,

9/25/36

..........................

United

States

644

538

2007-14,

KO,

Strip,

3/25/37

..........................

United

States

5,124

4,312

k

2020-96,

JI,

IO,

3%,

1/25/51

..........................

United

States

6,619,052

1,118,382

k

2021-28,

NI,

IO,

3%,

5/25/41

.........................

United

States

5,950,690

613,308

k

2021-45,

MI,

IO,

2.5%,

2/25/49

........................

United

States

6,050,919

774,500

k

2021-65,

LI,

IO,

3.5%,

10/25/51

.......................

United

States

3,469,377

610,366

i

2024-89,

FA,

FRN,

5.505%,

(

30-day

SOFR

Average

+

1.2%),

12/25/54

........................................

United

States

785,386

787,391

i

2024-98,

FA,

FRN,

5.455%,

(30-day

SOFR

Average

+

1.15%),

12/25/53

........................................

United

States

554,594

555,015

i

2025-41,

FA,

FRN,

5.455%,

(30-day

SOFR

Average

+

1.15%),

6/25/54

.........................................

United

States

378,406

378,991

b,l

FREMF

Mortgage

Trust

,

2015-K51

,

B

,

144A,

FRN

,

4.104

%

,

10/25/48

........................................

United

States

682,000

678,908

GNMA

,

k,l

2015-H26,

EI,

IO,

FRN,

1.755%,

10/20/65

...............

United

States

824,479

26,014

k,l

2016-H16,

LI,

IO,

FRN,

3.137%,

7/20/66

................

United

States

3,863,943

175,044

k

2021-117,

MI,

IO,

3.5%,

5/20/42

.......................

United

States

5,852,021

938,015

k

2021-214,

AI,

IO,

4%,

12/20/51

.......................

United

States

3,034,314

616,376

i

2023-152,

FB,

FRN,

5.452%,

(

30-day

SOFR

Average

+

1.15%),

4/20/51

.........................................

United

States

628,691

639,088

i

2024-78,

QF,

FRN,

5.402%,

(30-day

SOFR

Average

+

1.1%),

5/20/54

.........................................

United

States

759,813

762,549

16,144,387

a

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$13,275,360)

.......

16,144,387

Total

Long

Term

Investments

(Cost

$1,604,029,839)

...........................

2,233,041,206

a

Short

Term

Investments

6.0%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

1.1%

o,p

U.S.

Treasury

Bills

,

4.22%,

10/02/25

...................................

United

States

24,300,000

24,035,050

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

59

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

(continued)

o,p

U.S.

Treasury

Bills,

(continued)

4.15%,

12/04/25

...................................

United

States

1,900,000

$

1,866,223

25,901,273

Total

U.S.

Government

and

Agency

Securities

(Cost

$25,914,954)

...............

25,901,273

a

a

a

Commercial

Papers

0.7%

b,o

Atlantic

Asset

Securitization

LLC,

144A,

4.34%,

7/02/25

......

United

States

5,000,000

4,998,794

b,o

GTA

Funding

LLC,

144A,

4.37%,

7/18/25

..................

United

States

5,000,000

4,989,088

b,o

ING

US

Funding

LLC,

144A,

4.43%,

8/28/25

...............

Netherlands

5,000,000

4,963,994

Total

Commercial

Papers

(Cost

$14,954,261)

.................................

14,951,876

Shares

Money

Market

Funds

4.2%

q,r

Putnam

Short

Term

Investment

Fund,

Class

P,

4.581%

.......

United

States

93,459,147

93,459,147

Total

Money

Market

Funds

(Cost

$93,459,147)

................................

93,459,147

Total

Short

Term

Investments

(Cost

$134,328,362

)

.............................

134,312,296

a

Total

Investments

(Cost

$1,738,358,201)

106.3%

..............................

$2,367,353,502

TBA

Sale

Commitments

(0.8)%

..............................................

(17,216,159)

Other

Assets,

less

Liabilities

(5.5)%

.........................................

(122,358,772)

Net

Assets

100.0%

.........................................................

$2,227,778,571

a

a

a

Principal

Amount

*

s

TBA

Sale

Commitments

(0.8)%

Mortgage-Backed

Securities

(0.8)%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(0.7)%

Uniform

Mortgage-Backed

Securities

,

3%,

TBA,

7/25/55

..................................

United

States

(4,000,000)

(3,461,812)

4.5%,

TBA,

7/25/55

................................

United

States

(6,000,000)

(5,739,935)

5.5%,

TBA,

7/25/55

................................

United

States

(7,000,000)

(6,999,492)

(16,201,239)

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

(0.1)%

GNMA

II,

Single-family,

30

Year,

6%,

7/15/55

...............

United

States

(1,000,000)

(

1,014,920)

Total

TBA

Sale

Commitments

(Proceeds

$(16,957,617))

........................

$(17,216,159)

*

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

$189,692,848,

representing

8.5%

of

net

assets.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

60

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.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

Perpetual

security

with

no

stated

maturity

date.

g

The

coupon

rate

shown

represents

the

rate

at

period

end.

h

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

i

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

j

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

k

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

l

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

m

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

n

Security

purchased

on

a

to-be-announced

(TBA)

basis.

o

The

rate

shown

represents

the

yield

at

period

end.

p

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

June

30,

2025,

the

aggregate

value

of

these

securities

pledged

amounted

to

$22,781,524,

representing

1.0%

net

assets.

q

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

r

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

s

Security

sold

on

a

to-be-announced

(TBA)

basis

resulting

in

a

short

position.

As

such,

the

Fund

is

not

subject

to

fees

and

expenses

associated

with

short

sale

transactions.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Equity

contracts

MSCI

EAFE

Index

............................

Short

3

$

402,255

9/19/25

$

(2,135)

S&P

500

E-Mini

Index

.........................

Short

870

272,038,125

9/19/25

(9,639,182)

Interest

rate

contracts

U.S.

Treasury

10

Year

Notes

....................

Short

35

3,924,375

9/19/25

(40,732)

U.S.

Treasury

10

Year

Ultra

Notes

................

Short

10

1,142,656

9/19/25

(19,314)

U.S.

Treasury

2

Year

Notes

.....................

Long

602

125,230,110

9/30/25

435,119

U.S.

Treasury

5

Year

Notes

.....................

Long

787

85,783,000

9/30/25

879,069

U.S.

Treasury

Long

Bonds

.....................

Long

459

53,000,156

9/19/25

1,440,864

U.S.

Treasury

Ultra

Bonds

......................

Long

194

23,110,250

9/19/25

746,850

Total

Futures

Contracts

......................................................................

$(6,199,461)

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Australian

Dollar

....

BZWS

Buy

182,300

114,985

7/16/25

$

5,026

$

—

Australian

Dollar

....

MSCO

Buy

1,163,200

735,561

7/16/25

30,190

—

Australian

Dollar

....

MSCO

Sell

822,900

537,855

7/16/25

—

(3,872)

Australian

Dollar

....

SSBT

Buy

3,025,200

1,908,015

7/16/25

83,520

—

Australian

Dollar

....

SSBT

Sell

1,093,800

705,572

7/16/25

—

(14,493)

Australian

Dollar

....

UBSW

Buy

522,400

329,514

7/16/25

14,390

—

Australian

Dollar

....

WPAC

Buy

7,786,200

4,913,847

7/16/25

211,924

—

Canadian

Dollar

....

BOFA

Sell

239,000

167,895

7/16/25

—

(7,749)

Canadian

Dollar

....

BZWS

Sell

19,200

14,129

7/16/25

19

—

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

61

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)

Canadian

Dollar

....

JPHQ

Sell

1,280,300

899,238

7/16/25

$

—

$

(

41,669)

Canadian

Dollar

....

UBSW

Sell

6,124,500

4,301,729

7/16/25

—

(199,240)

Israeli

New

Shekel

..

BZWS

Buy

358,600

97,541

7/16/25

8,929

—

Israeli

New

Shekel

..

CITI

Buy

33,100

8,980

7/16/25

848

—

Israeli

New

Shekel

..

GSCO

Sell

93,200

26,357

7/16/25

—

(1,314)

Israeli

New

Shekel

..

HSBK

Buy

1,391,000

392,773

7/16/25

20,219

—

Israeli

New

Shekel

..

UBSW

Buy

981,600

266,292

7/16/25

25,148

—

New

Zealand

Dollar

.

MSCO

Buy

198,300

117,385

7/16/25

3,545

—

Hong

Kong

Dollar

...

BOFA

Sell

4,243,300

547,880

8/20/25

4,690

—

Hong

Kong

Dollar

...

CITI

Sell

287,700

37,168

8/20/25

339

—

Hong

Kong

Dollar

...

GSCO

Sell

1,053,200

136,002

8/20/25

1,181

—

Hong

Kong

Dollar

...

HSBK

Sell

6,991,800

900,822

8/20/25

5,794

—

Hong

Kong

Dollar

...

MSCO

Sell

690,400

89,117

8/20/25

738

—

Japanese

Yen

......

BOFA

Buy

128,139,900

874,806

8/20/25

20,157

—

Japanese

Yen

......

BOFA

Sell

37,596,400

260,751

8/20/25

—

(1,833)

Japanese

Yen

......

BZWS

Sell

96,262,200

668,918

8/20/25

—

(

3,404)

Japanese

Yen

......

GSCO

Sell

16,613,800

116,046

8/20/25

11

—

Japanese

Yen

......

HSBK

Buy

40,359,100

283,712

8/20/25

—

(1,833)

Japanese

Yen

......

HSBK

Sell

5,053,800

35,689

8/20/25

392

—

Japanese

Yen

......

JPHQ

Buy

28,937,400

197,542

8/20/25

4,564

—

Japanese

Yen

......

MSCO

Buy

418,403,200

2,885,168

8/20/25

38,215

(1,141)

Japanese

Yen

......

MSCO

Sell

168,112,000

1,174,605

8/20/25

2,857

(2,393)

Japanese

Yen

......

SSBT

Sell

8,859,100

62,445

8/20/25

571

—

Japanese

Yen

......

UBSW

Buy

18,832,300

128,565

8/20/25

2,965

—

Singapore

Dollar

....

BZWS

Sell

3,300

2,564

8/20/25

—

(41)

Singapore

Dollar

....

HSBK

Buy

1,507,400

1,161,209

8/20/25

28,798

—

Singapore

Dollar

....

JPHQ

Buy

1,248,800

961,986

8/20/25

23,870

—

Singapore

Dollar

....

MSCO

Buy

135,600

104,452

8/20/25

2,596

—

Singapore

Dollar

....

SSBT

Buy

2,286,200

1,761,081

8/20/25

43,744

—

British

Pound

......

BOFA

Sell

1,239,000

1,674,154

9/17/25

—

(27,416)

British

Pound

......

BZWS

Buy

283,200

383,545

9/17/25

5,386

—

British

Pound

......

BZWS

Sell

275,500

374,493

9/17/25

—

(3,863)

British

Pound

......

HSBK

Buy

338,800

455,856

9/17/25

9,433

—

British

Pound

......

HSBK

Sell

3,190,300

4,307,782

9/17/25

—

(73,591)

British

Pound

......

JPHQ

Sell

476,700

643,518

9/17/25

—

(11,155)

British

Pound

......

MSCO

Buy

115,100

156,787

9/17/25

1,284

—

British

Pound

......

MSCO

Sell

2,519,500

3,403,879

9/17/25

—

(56,256)

British

Pound

......

SSBT

Buy

403,100

553,235

9/17/25

359

—

British

Pound

......

SSBT

Sell

2,879,500

3,887,829

9/17/25

—

(66,710)

British

Pound

......

UBSW

Sell

3,364,600

4,542,816

9/17/25

—

(77,931)

Danish

Krone

......

BOFA

Buy

6,295,800

974,010

9/17/25

25,862

—

Danish

Krone

......

BOFA

Sell

2,916,900

448,576

9/17/25

—

(14,674)

Danish

Krone

......

CITI

Sell

1,709,000

262,811

9/17/25

—

(8,605)

Danish

Krone

......

MSCO

Sell

2,277,100

350,174

9/17/25

—

(11,466)

Danish

Krone

......

UBSW

Sell

1,021,800

157,067

9/17/25

—

(5,211)

Euro

.............

BOFA

Buy

166,400

196,401

9/17/25

633

—

Euro

.............

BOFA

Sell

1,187,900

1,369,303

9/17/25

—

(37,284)

Euro

.............

BZWS

Sell

2,274,800

2,609,592

9/17/25

—

(83,990)

Euro

.............

CITI

Sell

819,200

939,546

9/17/25

—

(30,466)

Euro

.............

GSCO

Sell

118,300

135,672

9/17/25

—

(4,407)

Euro

.............

HSBK

Buy

963,700

1,121,704

9/17/25

19,410

—

Euro

.............

HSBK

Sell

1,763,900

2,031,436

9/17/25

—

(57,193)

Euro

.............

JPHQ

Sell

312,400

358,240

9/17/25

—

(11,671)

Euro

.............

MSCO

Buy

363,500

428,745

9/17/25

1,674

—

Euro

.............

MSCO

Sell

11,783,300

13,523,363

9/17/25

—

(429,198)

Euro

.............

SSBT

Buy

173,500

200,141

9/17/25

5,300

—

Euro

.............

SSBT

Sell

960,700

1,135,107

9/17/25

—

(2,454)

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

62

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

.............

UBSW

Sell

9,500

10,897

9/17/25

$

—

$

(352)

Euro

.............

WPAC

Sell

157,800

180,963

9/17/25

—

(5,887)

Norwegian

Krone

...

BZWS

Sell

186,600

18,403

9/17/25

—

(119)

Norwegian

Krone

...

JPHQ

Sell

9,282,100

915,191

9/17/25

—

(6,151)

Norwegian

Krone

...

MSCO

Sell

1,309,400

129,145

9/17/25

—

(826)

Swedish

Krona

.....

BOFA

Buy

474,600

49,762

9/17/25

662

—

Swedish

Krona

.....

BZWS

Buy

5,751,900

602,963

9/17/25

8,146

—

Swedish

Krona

.....

HSBK

Buy

12,502,200

1,310,484

9/17/25

17,809

—

Swedish

Krona

.....

SSBT

Buy

3,041,800

318,828

9/17/25

4,347

—

Swiss

Franc

.......

BOFA

Buy

205,600

258,996

9/17/25

2,690

—

Swiss

Franc

.......

BOFA

Sell

324,200

410,386

9/17/25

—

(2,252)

Swiss

Franc

.......

BZWS

Buy

57,000

70,240

9/17/25

2,309

—

Swiss

Franc

.......

BZWS

Sell

16,200

20,000

9/17/25

—

(619)

Swiss

Franc

.......

GSCO

Buy

603,600

743,799

9/17/25

24,457

—

Swiss

Franc

.......

GSCO

Sell

206,200

254,319

9/17/25

—

(8,130)

Swiss

Franc

.......

HSBK

Buy

472,300

581,994

9/17/25

19,144

—

Swiss

Franc

.......

HSBK

Sell

254,200

320,579

9/17/25

—

(2,964)

Swiss

Franc

.......

JPHQ

Buy

546,400

673,198

9/17/25

22,255

—

Swiss

Franc

.......

MSCO

Buy

1,324,100

1,633,350

9/17/25

51,951

—

Swiss

Franc

.......

MSCO

Sell

667,700

835,139

9/17/25

79

(14,782)

Swiss

Franc

.......

SSBT

Buy

2,008,000

2,474,012

9/17/25

81,750

—

Swiss

Franc

.......

SSBT

Sell

85,100

107,411

9/17/25

—

(903)

Swiss

Franc

.......

UBSW

Buy

1,007,300

1,240,227

9/17/25

41,854

—

Swiss

Franc

.......

UBSW

Sell

40,600

50,509

9/17/25

—

(1,166)

Total

Forward

Exchange

Contracts

...................................................

$932,034

$(1,336,674)

Net

unrealized

appreciation

(depreciation)

............................................

$(404,640)

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

*

In

U.S.

dollars

unless

otherwise

indicated.

Credit

Default

Swap

Contracts

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

Centrally

Cleared

Swap

Contracts

Contracts

to

Sell

Protection

(c)(d)

Traded

Index

CDX.NA.HY.44

.

5.00%

Quarterly

6/20/30

13,114,000

$

1,006,493

$

632,436

$

374,057

Non-

Investment

Grade

CDX.NA.IG.44

..

1.00%

Quarterly

6/20/30

124,747,000

2,800,963

2,051,463

749,500

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$3,807,456

$2,683,899

$1,123,557

Total

Credit

Default

Swap

Contracts

....................................

$3,807,456

$

2,683,899

$1,123,557

(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.

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

63

At

June

30,

2025,

the

Fund

had

the

following interest

rate swap

contracts

outstanding.

(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

103,976,000

$

(494,492)

$

171,699

$

(666,191)

Receive

Fixed

3.58%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/27

51,910,000

227,061

67,698

159,363

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.65%

....

Annual

9/17/30

25,498,000

(303,465)

87,319

(390,784)

Receive

Fixed

3.63%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/30

19,025,000

209,123

61,303

147,820

Receive

Fixed

3.88%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/35

38,779,000

634,048

117,816

516,232

Receive

Fixed

3.9%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/35

6,881,000

123,928

44,699

79,229

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.05%

....

Annual

9/17/55

8,115,000

(201,235)

32,791

(234,026)

Receive

Fixed

4.03%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/55

21,124,000

449,947

35,060

414,887

Total

Interest

Rate

Swap

Contracts

.................................

$644,915

$

618,385

$26,530

*

In

U.S.

dollars

unless

otherwise

indicated.

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

64

At

June

30,

2025,

the

Fund

had

the

following total

return swap

contracts

outstanding.

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

87,852,378

$

765,772

BCFTDEAL

Index

#

....................

1-day

SOFR

+

0.45%

At

Maturity

BZWS

6/11/26

133,310,362

1,599,677

Short

(b)

GSGLPWDS

Index

#

...................

1-day

SOFR

-

0.25%

Monthly

GSCO

12/17/25

84,075,087

(411,125)

BCFTDEAS

Index

#

....................

1-day

SOFR

+

0.25%

At

Maturity

BZWS

6/11/26

134,140,321

(1,218,671)

Total

Return

Swap

Contracts

....................................................................

$735,653

*

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

the

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

33,184

$

536,001

0.60%

Engie

SA

Utilities

22,691

530,714

0.60%

Empire

Co

Ltd

Consumer

Staples

12,758

528,369

0.60%

Novartis

AG

Health

Care

4,330

523,143

0.59%

ConocoPhillips

Energy

5,751

516,104

0.58%

AT&T

Inc

Communication

Services

17,786

514,716

0.58%

Exxon

Mobil

Corp

Energy

4,775

514,695

0.58%

Netflix

Inc

Communication

Services

384

513,725

0.58%

Iberdrola

SA

Utilities

26,834

513,122

0.58%

PayPal

Holdings

Inc

Financials

6,875

510,982

0.58%

TotalEnergies

SE

Energy

8,347

510,481

0.58%

D'ieteren

Group

Consumer

Discretionary

2,360

505,203

0.57%

Inpex

Corp

Energy

35,986

504,496

0.57%

Endesa

SA

Utilities

15,970

504,080

0.57%

SS&C

Technologies

Holdings

Inc

Industrials

6,056

501,478

0.57%

MSCI

Inc

Financials

867

499,816

0.56%

Graco

Inc

Industrials

5,793

498,017

0.56%

Dai

Nippon

Printing

Co

Ltd

Industrials

32,652

495,058

0.56%

Amadeus

IT

Group

SA

Consumer

Discretionary

5,885

493,772

0.56%

Telenor

ASA

Communication

Services

31,859

493,322

0.56%

Osaka

Gas

Co

Ltd

Utilities

19,270

492,675

0.56%

PepsiCo

Inc

Consumer

Staples

3,709

489,727

0.55%

Veralto

Corp

Industrials

4,842

488,772

0.55%

Weyerhaeuser

Co

Real

Estate

18,755

481,808

0.54%

Avery

Dennison

Corp

Materials

2,727

478,541

0.54%

FactSet

Research

Systems

Inc

Financials

1,053

470,843

0.53%

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

65

Common

stocks

Sector

Shares

Value

Percentage

value

A

BASKET

(GSGLPWDL)

OF

COMMON

STOCKS

(continued)

Verisk

Analytics

Inc

Industrials

1,508

$

469,802

0.53%

Smiths

Group

PLC

Industrials

15,242

469,123

0.53%

Kirin

Holdings

Co

Ltd

Consumer

Staples

33,458

467,775

0.53%

Elisa

Oyj

Communication

Services

8,449

466,929

0.53%

Automatic

Data

Processing

Inc

Industrials

1,506

464,547

0.52%

Danone

SA

Consumer

Staples

5,692

463,424

0.52%

George

Weston

Ltd

Consumer

Staples

2,309

462,069

0.52%

Garmin

Ltd

Consumer

Discretionary

2,208

460,956

0.52%

Chevron

Corp

Energy

3,177

454,958

0.51%

Rio

Tinto

PLC

Materials

7,798

453,618

0.51%

Telia

Co

AB

Communication

Services

126,560

451,110

0.51%

Philip

Morris

International

Inc

Consumer

Staples

2,464

448,741

0.51%

Fairfax

Financial

Holdings

Ltd

Financials

249

447,729

0.50%

Tokyo

Gas

Co

Ltd

Utilities

13,286

440,773

0.50%

BOC

Hong

Kong

Holdings

Ltd

Financials

101,448

440,684

0.50%

Allegion

plc

Industrials

3,053

440,037

0.50%

VeriSign

Inc

Information

Technology

1,519

438,822

0.49%

Keysight

Technologies

Inc

Information

Technology

2,674

438,179

0.49%

Hartford

Insurance

Group

Inc/The

Financials

3,447

437,380

0.49%

Airbnb

Inc

Consumer

Discretionary

3,260

431,397

0.49%

Royal

Bank

of

Canada

Financials

3,277

430,975

0.49%

United

Utilities

Group

PLC

Utilities

26,307

411,511

0.46%

Crown

Holdings

Inc

Materials

3,982

410,081

0.46%

Meta

Platforms

Inc

Communication

Services

547

403,832

0.46%

A

BASKET

(

BCFTDEAL

)

OF

COMMON

STOCKS

Booking

Holdings

Inc

Consumer

Discretionary

148

857,714

1.27%

Pegasystems

Inc

Information

Technology

15,840

857,417

1.27%

Netflix

Inc

Communication

Services

639

855,088

1.27%

Virtu

Financial

Inc

Financials

19,014

851,614

1.26%

Axis

Capital

Holdings

Ltd

Financials

8,183

849,551

1.26%

Johnson

Controls

International

plc

Industrials

8,038

849,007

1.26%

Uber

Technologies

Inc

Industrials

9,081

847,244

1.26%

NRG

Energy

Inc

Utilities

5,192

833,710

1.24%

Exelixis

Inc

Health

Care

18,879

832,105

1.23%

Valero

Energy

Corp

Energy

6,071

816,109

1.21%

Freeport-McMoRan

Inc

Materials

18,641

808,066

1.20%

Unum

Group

Financials

9,664

780,428

1.16%

Equitable

Holdings

Inc

Financials

13,895

779,483

1.16%

MGIC

Investment

Corp

Financials

27,616

768,831

1.14%

Cheniere

Energy

Inc

Energy

3,100

754,894

1.12%

Natera

Inc

Health

Care

4,430

748,368

1.11%

QUALCOMM

Inc

Information

Technology

4,693

747,401

1.11%

DoorDash

Inc

Consumer

Discretionary

3,015

743,276

1.10%

Howmet

Aerospace

Inc

Industrials

3,951

735,443

1.09%

Spotify

Technology

SA

Communication

Services

946

725,704

1.08%

Wintrust

Financial

Corp

Financials

5,707

707,566

1.05%

American

International

Group

Inc

Financials

8,162

698,553

1.04%

General

Motors

Co

Consumer

Discretionary

14,167

697,155

1.03%

Ventas

Inc

Real

Estate

10,873

686,641

1.02%

Allison

Transmission

Holdings

Inc

Industrials

7,223

686,066

1.02%

AutoNation

Inc

Consumer

Discretionary

3,437

682,702

1.01%

State

Street

Corp

Financials

6,387

679,150

1.01%

Vornado

Realty

Trust

Real

Estate

17,331

662,728

0.98%

Synchrony

Financial

Financials

9,823

655,591

0.97%

Cadence

Design

Systems

Inc

Information

Technology

2,086

642,881

0.95%

eBay

Inc

Consumer

Discretionary

8,542

636,052

0.94%

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

66

Common

stocks

Sector

Shares

Value

Percentage

value

A

BASKET

(BCFTDEAL)

OF

COMMON

STOCKS

(continued)

Docusign

Inc

Information

Technology

8,152

$

634,953

0.94%

Tapestry

Inc

Consumer

Discretionary

7,079

621,615

0.92%

Regeneron

Pharmaceuticals

Inc

Health

Care

1,171

614,554

0.91%

Pure

Storage

Inc

Information

Technology

10,405

599,136

0.89%

Curtiss-Wright

Corp

Industrials

1,196

584,142

0.87%

Duolingo

Inc

Consumer

Discretionary

1,418

581,367

0.86%

Arista

Networks

Inc

Information

Technology

5,463

558,881

0.83%

Cirrus

Logic

Inc

Information

Technology

5,249

547,274

0.81%

GoDaddy

Inc

Information

Technology

2,978

536,183

0.80%

Textron

Inc

Industrials

6,675

535,905

0.80%

Meta

Platforms

Inc

Communication

Services

722

532,789

0.79%

Jacobs

Solutions

Inc

Industrials

4,020

528,474

0.78%

Southwest

Airlines

Co

Industrials

16,257

527,384

0.78%

Toll

Brothers

Inc

Consumer

Discretionary

4,574

522,048

0.77%

Boyd

Gaming

Corp

Consumer

Discretionary

6,616

517,601

0.77%

Applied

Materials

Inc

Information

Technology

2,817

515,727

0.77%

American

Tower

Corp

Real

Estate

2,277

503,371

0.75%

Affiliated

Managers

Group

Inc

Financials

2,543

500,394

0.74%

Louisiana-Pacific

Corp

Materials

5,808

499,423

0.74%

A

BASKET

(

GSGLPWDS

)

OF

COMMON

STOCKS

Keppel

Ltd

Industrials

87,952

512,391

0.61%

Westlake

Corp

Materials

6,573

499,078

0.59%

Infrastrutture

Wireless

Italiane

SpA

Communication

Services

40,259

490,540

0.58%

Imperial

Brands

PLC

Consumer

Staples

12,434

490,197

0.58%

Ferrovial

SE

Industrials

9,109

483,926

0.57%

Air

Products

and

Chemicals

Inc

Materials

1,711

482,652

0.57%

Swisscom

AG

Communication

Services

682

482,256

0.57%

Allianz

SE

Financials

1,185

478,529

0.57%

Thomson

Reuters

Corp

Industrials

2,376

476,883

0.56%

Orange

SA

Communication

Services

31,338

475,097

0.56%

RELX

PLC

Industrials

8,711

469,983

0.56%

Masco

Corp

Industrials

7,287

469,008

0.55%

Straumann

Holding

AG

Health

Care

3,602

468,553

0.55%

Coca-Cola

Co/The

Consumer

Staples

6,603

467,191

0.55%

Realty

Income

Corp

Real

Estate

8,101

466,673

0.55%

Hermes

International

SCA

Consumer

Discretionary

173

466,608

0.55%

Investor

AB

Financials

15,884

466,242

0.55%

Equifax

Inc

Industrials

1,793

464,969

0.55%

Singapore

Telecommunications

Ltd

Communication

Services

154,614

463,727

0.55%

Visa

Inc

Financials

1,298

461,000

0.54%

International

Paper

Co

Materials

9,751

456,645

0.54%

Aeon

Co

Ltd

Consumer

Staples

14,696

449,695

0.53%

Waste

Connections

Inc

Industrials

2,406

449,216

0.53%

Wilmar

International

Ltd

Consumer

Staples

197,533

445,113

0.53%

Paychex

Inc

Industrials

2,979

433,297

0.51%

Pernod

Ricard

SA

Consumer

Staples

4,355

432,506

0.51%

Haleon

PLC

Health

Care

83,410

427,940

0.51%

Martin

Marietta

Materials

Inc

Materials

772

423,770

0.50%

Atmos

Energy

Corp

Utilities

2,741

422,353

0.50%

Nutrien

Ltd

Materials

7,153

415,990

0.49%

EssilorLuxottica

SA

Health

Care

1,485

405,902

0.48%

Swire

Pacific

Ltd

Industrials

46,361

397,171

0.47%

REA

Group

Ltd

Communication

Services

2,429

382,762

0.45%

SAP

SE

Information

Technology

1,254

380,073

0.45%

Antofagasta

PLC

Materials

14,921

369,983

0.44%

Walmart

Inc

Consumer

Staples

3,775

369,115

0.44%

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

67

Common

stocks

Sector

Shares

Value

Percentage

value

A

BASKET

(GSGLPWDS)

OF

COMMON

STOCKS

(continued)

Bureau

Veritas

SA

Industrials

10,715

$

363,986

0.43%

Royalty

Pharma

PLC

Health

Care

10,096

363,775

0.43%

Saputo

Inc

Consumer

Staples

17,720

361,939

0.43%

Hess

Corp

Energy

2,605

360,903

0.43%

Marriott

International

Inc/MD

Consumer

Discretionary

1,315

359,360

0.42%

Diamondback

Energy

Inc

Energy

2,590

355,899

0.42%

Redeia

Corp

SA

Utilities

16,669

355,141

0.42%

Ingersoll

Rand

Inc

Industrials

4,256

354,000

0.42%

Acciona

SA

Utilities

1,957

351,039

0.41%

Metso

Oyj

Industrials

26,824

345,725

0.41%

CAR

Group

Ltd

Communication

Services

13,944

341,951

0.40%

Southern

Co/The

Utilities

3,723

341,886

0.40%

Dominion

Energy

Inc

Utilities

6,048

341,809

0.40%

Salmar

ASA

Consumer

Staples

7,891

340,612

0.40%

A

BASKET

(

BCFTDEAS

)

OF

COMMON

STOCKS

SoFi

Technologies

Inc

Financials

48,770

888,106

1.32%

Royal

Caribbean

Cruises

Ltd

Consumer

Discretionary

2,707

847,760

1.26%

Take-Two

Interactive

Software

Inc

Communication

Services

3,490

847,595

1.26%

DT

Midstream

Inc

Energy

7,696

845,878

1.26%

BWX

Technologies

Inc

Industrials

5,852

842,997

1.25%

Blue

Owl

Capital

Inc

Financials

43,079

827,539

1.23%

Diamondback

Energy

Inc

Energy

5,995

823,666

1.23%

Micron

Technology

Inc

Information

Technology

6,447

794,644

1.18%

Lithia

Motors

Inc

Consumer

Discretionary

2,317

782,575

1.16%

Ares

Management

Corp

Financials

4,296

744,079

1.11%

Dell

Technologies

Inc

Information

Technology

6,055

742,315

1.10%

Gen

Digital

Inc

Information

Technology

25,182

740,347

1.10%

Kinsale

Capital

Group

Inc

Financials

1,529

740,064

1.10%

MKS

Inc

Information

Technology

7,224

717,794

1.07%

Air

Products

and

Chemicals

Inc

Materials

2,540

716,422

1.07%

Tyler

Technologies

Inc

Information

Technology

1,188

704,349

1.05%

Domino's

Pizza

Inc

Consumer

Discretionary

1,562

703,639

1.05%

Roivant

Sciences

Ltd

Health

Care

62,381

703,031

1.05%

Carnival

Corp

Consumer

Discretionary

24,835

698,358

1.04%

Jack

Henry

&

Associates

Inc

Financials

3,834

690,787

1.03%

Digital

Realty

Trust

Inc

Real

Estate

3,911

681,887

1.01%

Aon

PLC

Financials

1,900

677,929

1.01%

Texas

Instruments

Inc

Information

Technology

2,978

618,252

0.92%

Equifax

Inc

Industrials

2,329

604,034

0.90%

Norwegian

Cruise

Line

Holdings

Ltd

Consumer

Discretionary

29,562

599,521

0.89%

RPM

International

Inc

Materials

5,335

586,003

0.87%

Watsco

Inc

Industrials

1,290

569,629

0.85%

Monolithic

Power

Systems

Inc

Information

Technology

765

559,450

0.83%

LPL

Financial

Holdings

Inc

Financials

1,487

557,761

0.83%

Affirm

Holdings

Inc

Financials

7,977

551,548

0.82%

Entegris

Inc

Information

Technology

6,672

538,117

0.80%

Atmos

Energy

Corp

Utilities

3,428

528,355

0.79%

Ross

Stores

Inc

Consumer

Discretionary

4,140

528,194

0.79%

Amdocs

Ltd

Information

Technology

5,745

524,150

0.78%

Expand

Energy

Corp

Energy

4,452

520,565

0.77%

Royal

Gold

Inc

Materials

2,903

516,315

0.77%

NIKE

Inc

Consumer

Discretionary

7,258

515,576

0.77%

NU

Holdings

Ltd/Cayman

Islands

Financials

37,436

513,616

0.76%

Avis

Budget

Group

Inc

Industrials

2,963

500,837

0.74%

PTC

Inc

Information

Technology

2,890

498,103

0.74%

Fox

Corp

Communication

Services

9,475

489,202

0.73%

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

(unaudited)

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

68

See

A

bbreviations

on

page

73

.

Common

stocks

Sector

Shares

Value

Percentage

value

A

BASKET

(BCFTDEAS)

OF

COMMON

STOCKS

(continued)

Marriott

International

Inc/MD

Consumer

Discretionary

1,789

$

488,838

0.73%

MicroStrategy

Inc

Information

Technology

1,187

479,880

0.71%

DR

Horton

Inc

Consumer

Discretionary

3,646

470,033

0.70%

elf

Beauty

Inc

Consumer

Staples

3,767

468,808

0.70%

Somnigroup

International

Inc

Consumer

Discretionary

6,454

439,165

0.65%

Arthur

J

Gallagher

&

Co

Financials

1,371

438,897

0.65%

Liberty

Broadband

Corp

Communication

Services

4,461

438,876

0.65%

Healthcare

Realty

Trust

Inc

Real

Estate

27,220

431,711

0.64%

Bunge

Global

SA

Consumer

Staples

5,333

428,127

0.64%

Putnam

Asset

Allocation

Funds

69

Quarterly

Schedule

of

Investments

Notes

to

Schedule

of

Investments

(unaudited)

1.

Organization

Putnam

Asset

Allocation

Funds (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of four

separate

funds,

one

of

which is

included

in

this

report

(Fund).

The Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The Fund’s

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The Fund’s

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets. 

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Putnam

Asset

Allocation

Funds

Notes

to

Schedule

of

Investments

(unaudited)

70

Quarterly

Schedule

of

Investments

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund’s

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the Fund.

As

a

result,

differences

may

arise

between

the

value

of

the Fund’s

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences, an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At June

30,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund’s NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund’s

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

3.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

June

30,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

4. Fair

Value

Measurements

The Fund

follows a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.581%

......

$108,641,599

$556,536,535

$(571,718,987)

$—

$—

$93,459,147

93,459,147

$4,071,813

Total

Affiliated

Securities

...

$108,641,599

$556,536,535

$(571,718,987)

$—

$—

$93,459,147

$4,071,813

2. Financial

Instrument

Valuation

(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Schedule

of

Investments

(unaudited)

71

Quarterly

Schedule

of

Investments

A

summary

of

inputs

used

as

of

June

30,

2025,

in

valuing

the Fund's

assets

and

liabilities carried

at

fair

value,

is

as

follows:  

Level

1

Level

2

Level

3

Total

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

36,506,281

$

8,050,735

$

—

$

44,557,016

Air

Freight

&

Logistics

...................

6,287,603

—

—

6,287,603

Automobile

Components

.................

1,358,875

855,812

—

2,214,687

Automobiles

..........................

23,458,104

1,078,016

—

24,536,120

Banks

...............................

50,825,750

32,233,777

—

83,059,527

Beverages

...........................

12,884,247

2,301,917

—

15,186,164

Biotechnology

.........................

32,206,638

597,574

—

32,804,212

Broadline

Retail

.......................

63,094,682

4,071,411

—

67,166,093

Building

Products

......................

12,392,994

3,849,311

—

16,242,305

Capital

Markets

........................

49,202,263

14,774,767

—

63,977,030

Chemicals

...........................

23,093,976

5,654,268

—

28,748,244

Commercial

Services

&

Supplies

...........

8,323,944

836,744

—

9,160,688

Communications

Equipment

..............

17,594,769

795,843

—

18,390,612

Construction

&

Engineering

...............

2,173,293

3,815,788

—

5,989,081

Construction

Materials

..................

6,553,414

4,618,588

—

11,172,002

Consumer

Finance

.....................

12,193,263

—

—

12,193,263

Consumer

Staples

Distribution

&

Retail

......

28,140,300

4,876,933

—

33,017,233

Containers

&

Packaging

.................

3,831,334

—

—

3,831,334

Diversified

Consumer

Services

............

2,765,655

—

—

2,765,655

Diversified

REITs

......................

927,216

88,892

—

1,016,108

Diversified

Telecommunication

Services

.....

5,621,379

2,227,365

—

7,848,744

Electric

Utilities

........................

27,374,412

5,767,301

—

33,141,713

Electrical

Equipment

....................

9,051,060

7,285,714

—

16,336,774

Electronic

Equipment,

Instruments

&

Components

........................

3,258,043

—

—

3,258,043

Energy

Equipment

&

Services

.............

5,798,212

—

—

5,798,212

Entertainment

.........................

33,719,064

4,335,538

—

38,054,602

Financial

Services

......................

58,163,136

2,393,272

—

60,556,408

Food

Products

........................

3,975,712

5,357,787

—

9,333,499

Gas

Utilities

..........................

1,281,744

—

—

1,281,744

Ground

Transportation

..................

12,112,389

—

—

12,112,389

Health

Care

Equipment

&

Supplies

.........

20,549,147

4,421,418

—

24,970,565

Health

Care

Providers

&

Services

..........

24,338,908

797,616

—

25,136,524

Health

Care

REITs

.....................

1,499,121

—

—

1,499,121

Health

Care

Technology

.................

7,154,616

—

—

7,154,616

Hotel

&

Resort

REITs

...................

507,164

—

—

507,164

Hotels,

Restaurants

&

Leisure

.............

30,896,752

6,103,004

—

36,999,756

Household

Durables

....................

9,674,041

2,347,829

—

12,021,870

Household

Products

....................

14,529,857

1,239,445

—

15,769,302

Independent

Power

and

Renewable

Electricity

Producers

..........................

856,252

314,958

—

1,171,210

Industrial

Conglomerates

................

5,505,058

2,961,930

—

8,466,988

Industrial

REITs

.......................

3,352,500

—

—

3,352,500

Insurance

............................

32,472,401

9,522,752

—

41,995,153

Interactive

Media

&

Services

..............

87,057,210

2,987,502

—

90,044,712

IT

Services

...........................

11,425,240

483,891

—

11,909,131

Leisure

Products

.......................

820,814

716,784

—

1,537,598

Life

Sciences

Tools

&

Services

............

5,588,702

2,452,296

—

8,040,998

Machinery

............................

16,316,342

3,299,612

—

19,615,954

Marine

Transportation

...................

1,829,056

—

—

1,829,056

Media

...............................

7,023,232

420,993

—

7,444,225

Metals

&

Mining

.......................

7,607,723

7,253,576

—

14,861,299

4. Fair

Value

Measurements

(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Schedule

of

Investments

(unaudited)

72

Quarterly

Schedule

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

$

1,146,229

$

—

$

—

$

1,146,229

Multi-Utilities

..........................

2,908,333

3,251,016

—

6,159,349

Office

REITs

..........................

2,857,969

—

—

2,857,969

Oil,

Gas

&

Consumable

Fuels

.............

28,614,385

13,287,028

—

41,901,413

Paper

&

Forest

Products

.................

909,235

—

—

909,235

Passenger

Airlines

.....................

8,013,360

1,737,538

—

9,750,898

Personal

Care

Products

.................

—

2,954,342

—

2,954,342

Pharmaceuticals

.......................

40,796,799

22,795,029

—

63,591,828

Professional

Services

...................

13,453,258

2,848,845

—

16,302,103

Real

Estate

Management

&

Development

....

7,111,074

—

—

7,111,074

Residential

REITs

......................

4,698,376

—

—

4,698,376

Retail

REITs

..........................

7,995,487

—

—

7,995,487

Semiconductors

&

Semiconductor

Equipment

.

145,857,936

9,661,106

—

155,519,042

Software

.............................

147,241,985

2,606,630

—

149,848,615

Specialized

REITs

......................

8,686,352

—

—

8,686,352

Specialty

Retail

........................

15,921,649

2,603,218

—

18,524,867

Technology

Hardware,

Storage

&

Peripherals

.

76,966,285

—

—

76,966,285

Textiles,

Apparel

&

Luxury

Goods

..........

1,433,472

3,890,357

—

5,323,829

Tobacco

.............................

20,668,469

1,551,683

—

22,220,152

Trading

Companies

&

Distributors

..........

4,655,286

2,788,148

—

7,443,434

Transportation

Infrastructure

..............

—

825,639

—

825,639

Water

Utilities

.........................

257,273

—

—

257,273

Wireless

Telecommunication

Services

.......

4,813,567

2,659,767

—

7,473,334

Convertible

Preferred

Stocks

................

650,891

—

—

650,891

Preferred

Stocks

.........................

—

937,703

—

937,703

Rights

.................................

—

—

8,448

8,448

Convertible

Bonds

.......................

—

730,933

—

730,933

Corporate

Bonds

........................

—

277,980,196

—

277,980,196

Senior

Floating

Rate

Interests

...............

—

5,986,283

—

5,986,283

Foreign

Government

and

Agency

Securities

....

—

14,514,820

—

14,514,820

U.S.

Government

and

Agency

Securities

.......

—

619,218

—

619,218

Asset-Backed

Securities

...................

—

28,557,588

—

28,557,588

Commercial

Mortgage-Backed

Securities

......

—

18,892,973

—

18,892,973

Mortgage-Backed

Securities

................

—

218,853,447

—

218,853,447

Residential

Mortgage-Backed

Securities

.......

—

26,332,347

—

26,332,347

Agency

Commercial

Mortgage-Backed

Securities

—

16,144,387

—

16,144,387

Short

Term

Investments

...................

93,459,147

40,853,149

—

134,312,296

Total

Investments

in

Securities

...........

$1,482,290,705

$885,054,349

a

$8,448

$2,367,353,502

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$932,034

$—

$932,034

Futures

Contracts

.......................

3,501,902

—

—

3,501,902

Swap

Contracts

.........................

—

4,806,537

—

4,806,537

Total

Other

Financial

Instruments

.........

$3,501,902

$5,738,571

$—

$9,240,473

Liabilities:

Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

17,216,159

$

—

$

17,216,159

Forward

Exchange

Contracts

...............

—

1,336,674

—

1,336,674

Futures

Contracts

........................

9,701,363

—

—

9,701,363

Swap

Contracts

.........................

—

2,920,797

—

2,920,797

Total

Other

Financial

Instruments

.........

$9,701,363

$21,473,630

$—

$31,174,993

4. Fair

Value

Measurements

(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Schedule

of

Investments

(unaudited)

73

Quarterly

Schedule

of

Investments

A

reconciliation

of

assets

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

Abbreviations

a

Includes

foreign

securities

valued

at

$235,088,368,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

Counterparty

BOFA

Bank

of

America

NA

BZWS

Barclays

Bank

plc

CITI

Citibank

NA

GSCO

Goldman

Sachs

Group,

Inc.

HSBK

HSBC

Bank

plc

JPHQ

JPMorgan

Chase

Bank

NA

MSCO

Morgan

Stanley

SSBT

State

Street

Bank

and

Trust

Co.

UBSW

UBS

AG

WPAC

Westpac

Banking

Corp.

Cu

r

rency

AUD

Australian

Dollar

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

Index

CDX.NA.HY.

Series

number

CDX

North

America

High

Yield

Index

CDX.NA.IG.

Series

number

CDX

North

America

Investment

Grade

Index

Selected

Portfolio

ADR

American

Depositary

Receipt

CLO

Collateralized

Loan

Obligation

CMT

Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

CVR

Contingent

Value

Right

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

PIK

Payment-In-Kind

PJSC

Public

Joint

Stock

Company

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

STACR

Structured

Agency

Credit

Risk

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

SOFR

........................

4.45%

4. Fair

Value

Measurements

(continued)

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.