# EDGAR Filing Document

**Accession Number:** 0000914209
**File Stem:** 0001133228-26-007343
**Filing Date:** 2026-4
**Character Count:** 389972
**Document Hash:** eddfa62164b1129bb7bdf53de898c261
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-007343.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001133228-26-007343

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM ASSET ALLOCATION FUNDS
- **CENTRAL INDEX KEY:** 0000914209

**ORGANIZATION NAME:**
- **EIN:** 046746612
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07121
- **FILM NUMBER:** 26919918

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

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

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

## Series and Classes Contracts Data

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

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000217944 | Class P Shares  |  |
| C000236748 | Class Y Shares  | PMIYX           |
| C000236749 | Class R6 Shares | PMIVX           |
| C000236750 | Class A Shares  | PMIAX           |
| C000236751 | Class R Shares  | PMIRX           |
| C000236752 | Class C Shares  | PMICX           |
| C000236753 | Class R5 Shares |  |

?xml version='1.0' encoding='ASCII'? 2026-03-1874300185600_PutnamMulti-AssetIncomeFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-07121**

**Putnam Asset Allocation Funds**

(Exact name of registrant as specified in charter)

**100 Federal Street, Boston, Massachusetts 02110**

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

Registrant's telephone number, including area code: **(617) 292-1000**

Date of fiscal year end: **August 31**

Date of reporting period: **February 28, 2026** 

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Putnam Multi-Asset Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PMIAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Multi-Asset Income Fund for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $41 | 0.80% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $861093537 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1862 |
| **Portfolio Turnover Rate** | 53% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>†</sup> **(% of Total Net Assets)**

![image](ts6630img003.jpg)

U.S. Money Markets, if any, represent the market value weights of cash, short-term securities, and derivative notional offsets in the portfolio. Holdings and allocations may vary over time.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Multi-Asset Income Fund PAGE 1 39362-STSA-0426

32.631.920.84.33.42.12.01.20.50.20.20.20.10.10.00.00.4 ------

---

| | |
|:---|:---|
| **Putnam Multi-Asset Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PMICX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Multi-Asset Income Fund for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $79 | 1.55% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $861093537 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1862 |
| **Portfolio Turnover Rate** | 53% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>†</sup> **(% of Total Net Assets)**

![image](ts6631img003.jpg)

U.S. Money Markets, if any, represent the market value weights of cash, short-term securities, and derivative notional offsets in the portfolio. Holdings and allocations may vary over time.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Multi-Asset Income Fund PAGE 1 39362-STSC-0426

32.631.920.84.33.42.12.01.20.50.20.20.20.10.10.00.00.4 ------

---

| | |
|:---|:---|
| **Putnam Multi-Asset Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class P  | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Multi-Asset Income Fund for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class P | $22 | 0.42% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $861093537 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1862 |
| **Portfolio Turnover Rate** | 53% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>†</sup> **(% of Total Net Assets)**

![image](ts6632img003.jpg)

U.S. Money Markets, if any, represent the market value weights of cash, short-term securities, and derivative notional offsets in the portfolio. Holdings and allocations may vary over time.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Multi-Asset Income Fund PAGE 1 39362-STSP-0426

------

---

| | |
|:---|:---|
| **Putnam Multi-Asset Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PMIRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Multi-Asset Income Fund for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $54 | 1.05% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $861093537 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1862 |
| **Portfolio Turnover Rate** | 53% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>†</sup> **(% of Total Net Assets)**

![image](ts6633img003.jpg)

U.S. Money Markets, if any, represent the market value weights of cash, short-term securities, and derivative notional offsets in the portfolio. Holdings and allocations may vary over time.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Multi-Asset Income Fund PAGE 1 39362-STSR-0426

32.631.920.84.33.42.12.01.20.50.20.20.20.10.10.00.00.4 ------

---

| | |
|:---|:---|
| **Putnam Multi-Asset Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PMILX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Multi-Asset Income Fund for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R5 | $28 | 0.55% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $861093537 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1862 |
| **Portfolio Turnover Rate** | 53% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>†</sup> **(% of Total Net Assets)**

![image](ts6634img003.jpg)

U.S. Money Markets, if any, represent the market value weights of cash, short-term securities, and derivative notional offsets in the portfolio. Holdings and allocations may vary over time.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Multi-Asset Income Fund PAGE 1 39362-STSR5-0426

32.631.920.84.33.42.12.01.20.50.20.20.20.10.10.00.00.4 ------

---

| | |
|:---|:---|
| **Putnam Multi-Asset Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PMIVX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Multi-Asset Income Fund for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $24 | 0.46% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $861093537 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1862 |
| **Portfolio Turnover Rate** | 53% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>†</sup> **(% of Total Net Assets)**

![image](ts6635img003.jpg)

U.S. Money Markets, if any, represent the market value weights of cash, short-term securities, and derivative notional offsets in the portfolio. Holdings and allocations may vary over time.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Multi-Asset Income Fund PAGE 1 39362-STSR6-0426

32.631.920.84.33.42.12.01.20.50.20.20.20.10.10.00.00.4 ------

---

| | |
|:---|:---|
| **Putnam Multi-Asset Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PMIYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Multi-Asset Income Fund for the period September 1, 2025, to February 28, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class Y | $28 | 0.55% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $861093537 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1862 |
| **Portfolio Turnover Rate** | 53% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

**Portfolio Composition**<sup>†</sup> **(% of Total Net Assets)**

![image](ts6636img003.jpg)

U.S. Money Markets, if any, represent the market value weights of cash, short-term securities, and derivative notional offsets in the portfolio. Holdings and allocations may vary over time.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Multi-Asset Income Fund PAGE 1 39362-STSY-0426

32.631.920.84.33.42.12.01.20.50.20.20.20.10.10.00.00.4 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Putnam

#### Multi-Asset

#### Income

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

February

28,

2026

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Consolidated

Financial

Highlights

and

Consolidated

Schedule

of

Investments

#### 2
Consolidated

Financial

Statements

#### 65
Notes

to

Consolidated

Financial

Statements

#### 70
Changes

In

and

Disagreements

with

Accountants

#### 86
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2023

#### a

#### 2025\*

#### 2024

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$11.04

$10.79

$9.70

$9.64

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.20 0.43 0.35 0.20 Net

realized

and

unrealized

gains

(losses)

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

0.52 0.27 1.11 (0.02)

Total

from

investment

operations

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

0.72 0.70 1.46 0.18 Less

distributions

from:

Net

investment

income

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

(0.20)

(0.45)

(0.37)

(0.12)

Net

asset

value,

end

of

period

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

$11.56

$11.04

$10.79

$9.70

Total

return

d

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

6.56%

6.70%

15.38%

1.85%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.99%

1.10%

1.11%

0.71%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.80%

0.88%

0.83%

0.46%

Net

investment

income

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

3.64%

3.91%

3.43%

2.05%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$151,280

$144,905

$147,709

$142,258

Portfolio

turnover

rate

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

53%

101%

143%

109%

\*

Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025. See

Note

1(g).

a

For

the

period

February

10,

2023

(commencement

of

operations)

to

August

31,

2023. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2023

#### a

#### 2025\*

#### 2024

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$11.05

$10.79

$9.70

$9.64

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.16 0.35 0.25 0.16 Net

realized

and

unrealized

gains

(losses)

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

0.52 0.28 1.13 (0.02)

Total

from

investment

operations

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

0.68 0.63 1.38 0.14 Less

distributions

from:

Net

investment

income

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

(0.16)

(0.37)

(0.29)

(0.08)

Net

asset

value,

end

of

period

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

$11.57

$11.05

$10.79

$9.70

Total

return

d

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

6.16%

5.95%

14.50%

1.44%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

1.74%

1.85%

1.86%

1.13%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.55%

1.63%

1.58%

0.88%

Net

investment

income

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

2.90%

3.16%

2.52%

1.64%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$3,322

$3,680

$6,629

$12,028

Portfolio

turnover

rate

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

53%

101%

143%

109%

\*

Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025. See

Note

1(g).

a

For

the

period

February

10,

2023

(commencement

of

operations)

to

August

31,

2023. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### P

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.06

$10.80

$9.71

$9.59

$11.28

$10.49

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.22 0.47 0.40 0.34 0.07 0.04 Net

realized

and

unrealized

gains

(losses)

0.52 0.28 1.10 0.05 (1.30)

0.96 Total

from

investment

operations

........

0.74 0.75 1.50 0.39 (1.23)

1.00 Less

distributions

from:

Net

investment

income

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

(0.22)

(0.49)

(0.41)

(0.15)

(0.08)

(0.21)

Net

realized

gains

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

—

—

—

(0.12)

(0.38)

—

Total

distributions

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

(0.22)

(0.49)

(0.41)

(0.27)

(0.46)

(0.21)

Net

asset

value,

end

of

period

..........

$11.58

$11.06

$10.80

$9.71

$9.59

$11.28

Total

return

c

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

6.75%

7.23%

15.85%

4.23%

(11.37)%

9.68%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.56%

0.69%

0.69%

1.78%

2.90%

1.13%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

0.42%

0.47%

0.41%

0.41%

0.23%

0.20%

Net

investment

income

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

3.75%

4.32%

3.92%

3.58%

0.66%

0.40%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$677,124

$46,813

$33,945

$20,177

$17,224

$15,322

Portfolio

turnover

rate

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

53%

101%

143%

109%

124%

144%

\*

Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025. See

Note

1(g).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2023

#### a

#### 2025\*

#### 2024

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$11.04

$10.79

$9.70

$9.64

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.19 0.40 0.32 0.18 Net

realized

and

unrealized

gains

(losses)

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

0.52 0.27 1.12 (0.02)

Total

from

investment

operations

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

0.71 0.67 1.44 0.16 Less

distributions

from:

Net

investment

income

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

(0.18)

(0.42)

(0.35)

(0.10)

Net

asset

value,

end

of

period

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

$11.57

$11.04

$10.79

$9.70

Total

return

d

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

6.43%

6.44%

15.10%

1.71%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

1.24%

1.34%

1.36%

0.85%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.05%

1.12%

1.08%

0.60%

Net

investment

income

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

3.39%

3.67%

3.22%

1.91%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$1,654

$1,544

$1,556

$2,306

Portfolio

turnover

rate

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

53%

101%

143%

109%

\*

Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025. See

Note

1(g).

a

For

the

period

February

10,

2023

(commencement

of

operations)

to

August

31,

2023. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2023

#### a

#### 2025\*

#### 2024

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$11.05

$10.80

$9.71

$9.64

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.22 0.45 0.38 0.21 Net

realized

and

unrealized

gains

(losses)

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

0.51 0.28 1.11 (0.01)

Total

from

investment

operations

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

0.73 0.73 1.49 0.20 Less

distributions

from:

Net

investment

income

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

(0.21)

(0.48)

(0.40)

(0.13)

Net

asset

value,

end

of

period

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

$11.57

$11.05

$10.80

$9.71

Total

return

d

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

6.69%

6.98%

15.68%

2.09%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.73%

0.84%

0.83%

0.56%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.55%

0.62%

0.55%

0.31%

Net

investment

income

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

3.89%

4.17%

3.72%

2.21%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$12

$12

$12

$10

Portfolio

turnover

rate

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

53%

101%

143%

109%

#### \*
Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025. See

Note

1(g).

#### a
For

the

period

February

10,

2023

(commencement

of

operations)

to

August

31,

2023. #### b
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### c
Based

on

average

daily

shares

outstanding.

#### d
Total

return

is

not

annualized

for

periods

less

than

one

year.

#### e
Ratios

are

annualized

for

periods

less

than

one

year.

#### f
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2023

#### a

#### 2025\*

#### 2024

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$11.05

$10.79

$9.70

$9.64

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.22 0.46 0.37 0.22 Net

realized

and

unrealized

gains

(losses)

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

0.52 0.29 1.13 (0.02)

Total

from

investment

operations

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

0.74 0.75 1.50 0.20 Less

distributions

from:

Net

investment

income

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

(0.22)

(0.49)

(0.41)

(0.14)

Net

asset

value,

end

of

period

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

$11.57

$11.05

$10.79

$9.70

Total

return

d

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

6.74%

7.17%

15.81%

2.05%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.64%

0.73%

0.73%

0.50%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.46%

0.51%

0.45%

0.25%

Net

investment

income

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

3.98%

4.28%

3.71%

2.26%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$1,048

$752

$3,894

$4,925

Portfolio

turnover

rate

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

53%

101%

143%

109%

#### \*
Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025. See

Note

1(g).

#### a
For

the

period

February

10,

2023

(commencement

of

operations)

to

August

31,

2023. #### b
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### c
Based

on

average

daily

shares

outstanding.

#### d
Total

return

is

not

annualized

for

periods

less

than

one

year.

#### e
Ratios

are

annualized

for

periods

less

than

one

year.

#### f
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026
(unaudited)

#### Year

#### Ended

#### August

#### 31,

#### Year

#### Ended

#### August

#### 31,

#### 2023

#### a

#### 2025\*

#### 2024

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$11.05

$10.79

$9.70

$9.64

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.22 0.45 0.37 0.21 Net

realized

and

unrealized

gains

(losses)

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

0.51 0.29 1.12 (0.02)

Total

from

investment

operations

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

0.73 0.74 1.49 0.19 Less

distributions

from:

Net

investment

income

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

(0.21)

(0.48)

(0.40)

(0.13)

Net

asset

value,

end

of

period

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

$11.57

$11.05

$10.79

$9.70

Total

return

d

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

6.68%

7.05%

15.66%

1.98%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.74%

0.85%

0.86%

0.57%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.55%

0.63%

0.58%

0.32%

Net

investment

income

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

3.89%

4.16%

3.62%

2.19%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$26,653

$25,161

$34,753

$39,854

Portfolio

turnover

rate

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

53%

101%

143%

109%

#### \*
Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025. See

Note

1(g).

#### a
For

the

period

February

10,

2023

(commencement

of

operations)

to

August

31,

2023. #### b
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### c
Based

on

average

daily

shares

outstanding.

#### d
Total

return

is

not

annualized

for

periods

less

than

one

year.

#### e
Ratios

are

annualized

for

periods

less

than

one

year.

#### f
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited),

February

28,

2026

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 26.2%

#### Aerospace

#### &

#### Defense

#### 0.4%
a

AeroVironment,

Inc.

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

United

States

$

5,045

a

Astronics

Corp.

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

United

States

552

44,502

a

Firefly

Aerospace,

Inc.

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

United

States

1,110

21,390

General

Dynamics

Corp.

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

United

States

164,957

General

Electric

Co.

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

United

States

581

198,853

a

Kratos

Defense

&

Security

Solutions,

Inc.

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

United

States

9,738

Lockheed

Martin

Corp.

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

United

States

5,171

3,402,932

Moog,

Inc.,

A

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

United

States

14,509

Rheinmetall

AG

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

Germany

209,687

Rolls-Royce

Holdings

plc

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

United

Kingdom

13,471

242,237

RTX

Corp.

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

United

States

970

196,541

Safran

SA

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

France

112,767

a

V2X,

Inc.

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

United

States

20,507

4,643,665

#### Air

#### Freight

#### &

#### Logistics

#### 0.5%
Deutsche

Post

AG

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

Germany

2,143

126,191

FedEx

Corp.

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

United

States

588

227,556

Hub

Group,

Inc.,

A

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

United

States

591

25,454

United

Parcel

Service,

Inc.,

B

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

United

States

26,966

3,126,977

3,506,178

#### Automobile

#### Components

#### 0.2%
a

Adient

plc

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

United

States

905

22,010

BorgWarner,

Inc.

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

United

States

3,717

213,988

Dana,

Inc.

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

United

States

1,904

65,193

a

Dauch

Corp.

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

United

States

1,030

6,798

Denso

Corp.

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

Japan

3,700

53,087

a

Gentherm,

Inc.

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

United

States

8,782

Sumitomo

Electric

Industries

Ltd.

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

Japan

5,800

383,260

Visteon

Corp.

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

United

States

508

48,600

801,718

#### Automobiles

#### 1.2%
Bayerische

Motoren

Werke

AG

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

Germany

610

63,930

Ford

Motor

Co.

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

United

States

208,269

2,934,510

Mercedes-Benz

Group

AG

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

Germany

4,410

305,122

Stellantis

NV

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

United

States

9,200

74,930

Stellantis

NV

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

United

States

21,754

176,509

a

Tesla,

Inc.

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

United

States

9,316

3,749,783

Toyota

Motor

Corp.

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

Japan

25,800

625,092

7,929,876

#### Banks

#### 1.5%
b

ABN

AMRO

Bank

NV,

CVA,

144A,

Reg

S

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

Netherlands

5,239

175,469

Amalgamated

Financial

Corp.

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

United

States

603

23,209

Ameris

Bancorp

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

United

States

9,552

ANZ

Group

Holdings

Ltd.

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

Australia

18,014

512,691

Associated

Banc-Corp.

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

United

States

9,059

a

Axos

Financial,

Inc.

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

United

States

620

53,828

Banco

Bilbao

Vizcaya

Argentaria

SA

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

Spain

12,944

299,804

Banco

BPM

SpA

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

Italy

17,472

257,365

Banco

de

Sabadell

SA

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

Spain

88,412

332,874

Bank

Leumi

Le-Israel

BM

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

Israel

5,783

140,004

Bank

of

America

Corp.

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

United

States

3,726

185,667

Bank

of

Hawaii

Corp.

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

United

States

25,307

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

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

United

States

566

28,725

Banner

Corp.

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

United

States

8,298

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Banks
(continued)

Beacon

Financial

Corp.

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

United

States

$

9,814

BNP

Paribas

SA

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

France

5,234

587,682

BOC

Hong

Kong

Holdings

Ltd.

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

China

35,000

200,191

CaixaBank

SA

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

Spain

34,457

424,692

Cathay

General

Bancorp

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

United

States

988

49,113

Central

Pacific

Financial

Corp.

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

United

States

563

17,932

Citigroup,

Inc.

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

United

States

2,369

261,040

Citizens

Financial

Group,

Inc.

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

United

States

2,958

178,042

Credit

Agricole

SA

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

France

12,721

281,045

a

Customers

Bancorp,

Inc.

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

United

States

669

45,117

Danske

Bank

A/S

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

Denmark

3,868

201,811

DBS

Group

Holdings

Ltd.

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

Singapore

2,300

103,604

Enterprise

Financial

Services

Corp.

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

United

States

27,065

Financial

Institutions,

Inc.

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

United

States

9,383

First

Bancorp

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

United

States

2,375

50,184

First

Financial

Corp.

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

United

States

10,454

First

Merchants

Corp.

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

United

States

4,260

Flushing

Financial

Corp.

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

United

States

1,004

15,492

Hancock

Whitney

Corp.

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

United

States

674

44,356

Hanmi

Financial

Corp.

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

United

States

574

14,987

Heritage

Commerce

Corp.

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

United

States

849

10,553

Hilltop

Holdings,

Inc.

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

United

States

1,062

39,751

Hope

Bancorp,

Inc.

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

United

States

1,210

13,625

HSBC

Holdings

plc

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

United

Kingdom

50,713

947,877

Independent

Bank

Corp.

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

United

States

12,718

Intesa

Sanpaolo

SpA

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

Italy

72,670

498,629

JPMorgan

Chase

&

Co.

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

United

States

581

174,474

Mercantile

Bank

Corp.

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

United

States

9,970

Metropolitan

Bank

Holding

Corp.

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

United

States

10,940

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

8,100

150,369

National

Bank

Holdings

Corp.,

A

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

United

States

870

34,791

Nordea

Bank

Abp

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

Finland

23,580

456,286

Northrim

BanCorp,

Inc.

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

United

States

7,634

Northwest

Bancshares,

Inc.

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

United

States

727

9,051

OFG

Bancorp

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

United

States

648

25,972

Origin

Bancorp,

Inc.

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

United

States

10,275

Oversea-Chinese

Banking

Corp.

Ltd.

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

Singapore

4,400

74,462

Pathward

Financial,

Inc.

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

United

States

45,123

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

872

185,169

Popular,

Inc.

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

United

States

1,504

203,581

Preferred

Bank

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

United

States

22,456

Regions

Financial

Corp.

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

United

States

6,449

179,476

Shore

Bancshares,

Inc.

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

United

States

8,472

Simmons

First

National

Corp.,

A

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

United

States

1,122

22,339

SmartFinancial,

Inc.

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

United

States

4,784

Southern

Missouri

Bancorp,

Inc.

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

United

States

9,658

Swedbank

AB,

A

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

Sweden

5,717

219,608

a

Third

Coast

Bancshares,

Inc.

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

United

States

8,675

Towne

Bank

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

United

States

8,873

Truist

Financial

Corp.

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

United

States

3,418

168,542

Trustmark

Corp.

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

United

States

864

36,798

United

Community

Banks,

Inc.

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

United

States

9,522

United

Overseas

Bank

Ltd.

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

Singapore

8,600

250,926

Univest

Financial

Corp.

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

United

States

12,078

US

Bancorp

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

United

States

51,251

2,801,380

Valley

National

Bancorp

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

United

States

830

10,466

WaFd,

Inc.

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

United

States

8,662

Wells

Fargo

&

Co.

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

United

States

23,185

1,888,418

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Banks
(continued)

Westamerica

BanCorp

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

United

States

$

11,092

WSFS

Financial

Corp.

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

United

States

10,479

Zions

Bancorp

NA

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

United

States

3,395

194,466

13,406,536

#### Beverages

#### 0.4%
Coca-Cola

Co.

(The)

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

United

States

2,412

196,723

Diageo

plc

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

United

Kingdom

3,807

85,378

Keurig

Dr.

Pepper,

Inc.

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

United

States

6,634

200,878

PepsiCo,

Inc.

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

United

States

21,326

3,619,875

4,102,854

#### Biotechnology

#### 0.1%
AbbVie,

Inc.

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

United

States

3,932

912,539

a

ACADIA

Pharmaceuticals,

Inc.

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

United

States

2,090

51,330

a

ADMA

Biologics,

Inc.

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

United

States

554

8,626

a

Alkermes

plc

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

United

States

1,775

53,427

Amgen,

Inc.

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

United

States

191,751

a

Amicus

Therapeutics,

Inc.

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

United

States

686

9,858

a

Arrowhead

Pharmaceuticals,

Inc.

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

United

States

1,105

69,913

a,c

Avidity

Biosciences,

Inc.

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

United

States

9,144

a

BioCryst

Pharmaceuticals,

Inc.

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

United

States

6,772

59,255

a

Capricor

Therapeutics,

Inc.

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

United

States

11,312

a

CareDx,

Inc.

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

United

States

7,935

a

Corvus

Pharmaceuticals,

Inc.

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

United

States

6,957

a

Enanta

Pharmaceuticals,

Inc.

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

United

States

772

11,040

a

Exelixis,

Inc.

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

United

States

3,958

174,389

a

ImmunityBio,

Inc.

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

United

States

6,574

64,294

a

Inhibrx

Biosciences,

Inc.

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

United

States

574

42,551

a

Ironwood

Pharmaceuticals,

Inc.,

A

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

United

States

6,758

23,112

a

Kodiak

Sciences,

Inc.

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

United

States

10,077

a

Kura

Oncology,

Inc.

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

United

States

4,474

39,058

a

Mineralys

Therapeutics,

Inc.

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

United

States

1,065

31,162

a

Monte

Rosa

Therapeutics,

Inc.

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

United

States

2,232

39,618

a

Olema

Pharmaceuticals,

Inc.

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

United

States

566

13,697

a

Praxis

Precision

Medicines,

Inc.

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

United

States

9,766

a

Precigen,

Inc.

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

United

States

9,176

34,777

a

Protagonist

Therapeutics,

Inc.

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

United

States

671

61,786

a

PTC

Therapeutics,

Inc.

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

United

States

7,365

a

Puma

Biotechnology,

Inc.

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

United

States

1,907

10,870

Regeneron

Pharmaceuticals,

Inc.

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

United

States

182,129

a

Rhythm

Pharmaceuticals,

Inc.

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

United

States

552

51,187

a

Rigel

Pharmaceuticals,

Inc.

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

United

States

10,109

a

Scholar

Rock

Holding

Corp.

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

United

States

8,323

a

Stoke

Therapeutics,

Inc.

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

United

States

1,429

52,030

a

Tango

Therapeutics,

Inc.

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

United

States

1,243

13,847

a

Travere

Therapeutics,

Inc.

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

United

States

1,494

44,506

a

Zymeworks,

Inc.

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

United

States

617

14,370

2,342,110

#### Broadline

#### Retail

#### 0.5%
a

Amazon.com,

Inc.

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

United

States

19,533

4,101,930

eBay,

Inc.

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

United

States

2,091

189,988

Prosus

NV

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

China

501

25,752

Wesfarmers

Ltd.

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

Australia

1,441

81,637

4,399,307

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Building

#### Products

#### 0.1%
Apogee

Enterprises,

Inc.

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

United

States

$

10,194

Cie

de

Saint-Gobain

SA

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

France

2,514

254,773

a

Gibraltar

Industries,

Inc.

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

United

States

8,141

a

Janus

International

Group,

Inc.

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

United

States

1,360

9,466

a

Resideo

Technologies,

Inc.

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

United

States

15,248

Trane

Technologies

plc

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

United

States

504

233,009

UFP

Industries,

Inc.

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

United

States

606

62,363

593,194

#### Capital

#### Markets

#### 0.7%
3i

Group

plc

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

United

Kingdom

2,791

124,690

Ameriprise

Financial,

Inc.

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

United

States

185,697

b

Amundi

SA,

144A,

Reg

S

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

France

2,226

212,345

Bank

of

New

York

Mellon

Corp.

(The)

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

United

States

1,538

183,176

Charles

Schwab

Corp.

(The)

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

United

States

1,629

155,081

Daiwa

Securities

Group,

Inc.

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

Japan

12,900

135,570

Goldman

Sachs

Group,

Inc.

(The)

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

United

States

676

581,069

Invesco

Ltd.

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

United

States

6,340

166,488

Janus

Henderson

Group

plc

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

United

States

3,766

196,209

Japan

Exchange

Group,

Inc.

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

Japan

8,900

121,120

Morgan

Stanley

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

United

States

11,149

1,856,420

Nomura

Holdings,

Inc.

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

Japan

12,400

115,122

Northern

Trust

Corp.

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

United

States

1,299

185,874

State

Street

Corp.

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

United

States

21,855

2,810,990

a

StoneX

Group,

Inc.

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

United

States

531

67,703

UBS

Group

AG

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

Switzerland

4,989

207,292

Virtus

Investment

Partners,

Inc.

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

United

States

19,094

7,323,940

#### Chemicals

#### 0.3%
Avient

Corp.

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

United

States

15,648

Balchem

Corp.

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

United

States

43,906

BASF

SE

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

Germany

4,681

268,128

Cabot

Corp.

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

United

States

11,193

CF

Industries

Holdings,

Inc.

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

United

States

2,065

205,550

Corteva,

Inc.

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

United

States

2,330

186,680

Eastman

Chemical

Co.

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

United

States

3,018

227,889

Evonik

Industries

AG

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

Germany

10,352

179,992

a

Ingevity

Corp.

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

United

States

13,542

Innospec,

Inc.

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

United

States

19,604

a

Intrepid

Potash,

Inc.

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

United

States

13,050

Linde

plc

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

United

States

210,853

LyondellBasell

Industries

NV,

A

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

United

States

12,587

724,004

Mativ

Holdings,

Inc.

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

United

States

789

8,553

Minerals

Technologies,

Inc.

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

United

States

583

41,171

NewMarket

Corp.

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

United

States

165,893

a

Perimeter

Solutions,

Inc.

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

United

States

2,031

47,688

a

Rayonier

Advanced

Materials,

Inc.

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

United

States

1,438

13,618

Sherwin-Williams

Co.

(The)

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

United

States

504

182,745

2,579,707

#### Commercial

#### Services

#### &

#### Supplies

#### 0.0%

#### †
Brink's

Co.

(The)

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

United

States

514

60,020

a

Cimpress

plc

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

Ireland

8,474

a

CoreCivic,

Inc.

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

United

States

517

9,141

HNI

Corp.

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

United

States

9,307

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Commercial

#### Services

#### &

#### Supplies
(continued)

a

OPENLANE,

Inc.

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

United

States

$

10,178

97,120

#### Communications

#### Equipment

#### 0.7%
a

Arista

Networks,

Inc.

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

United

States

8,445

1,127,408

a

BK

Technologies

Corp.

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

United

States

11,060

a

Calix,

Inc.

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

United

States

568

29,405

a

Ciena

Corp.

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

United

States

758

264,315

Cisco

Systems,

Inc.

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

United

States

42,725

3,394,929

a

Extreme

Networks,

Inc.

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

United

States

2,976

41,604

a

NETGEAR,

Inc.

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

United

States

1,438

29,652

a

NetScout

Systems,

Inc.

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

United

States

11,246

a

Viavi

Solutions,

Inc.

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

United

States

641

19,044

a

Vistance

Networks,

Inc.

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

United

States

517

9,084

4,937,747

#### Construction

#### &

#### Engineering

#### 0.1%
Argan,

Inc.

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

United

States

78,517

a

Dycom

Industries,

Inc.

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

United

States

13,861

Obayashi

Corp.

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

Japan

4,200

118,570

Primoris

Services

Corp.

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

United

States

73,551

a

Sterling

Infrastructure,

Inc.

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

United

States

95,901

Tutor

Perini

Corp.

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

United

States

821

61,879

Vinci

SA

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

France

2,839

471,235

913,514

#### Construction

#### Materials

#### 0.1%
Holcim

AG

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

United

States

4,294

394,753

#### Consumer

#### Finance

#### 0.0%

#### †
Ally

Financial,

Inc.

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

United

States

4,146

163,518

Bread

Financial

Holdings,

Inc.

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

United

States

763

54,066

a

Enova

International,

Inc.

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

United

States

48,946

a

LendingClub

Corp.

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

United

States

2,553

38,065

OneMain

Holdings,

Inc.

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

United

States

2,669

146,848

PROG

Holdings,

Inc.

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

United

States

906

31,900

483,343

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.1%
Andersons,

Inc.

(The)

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

United

States

11,360

Coles

Group

Ltd.

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

Australia

6,845

100,385

Costco

Wholesale

Corp.

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

United

States

178,910

Dollar

General

Corp.

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

United

States

1,180

184,363

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

4,839

238,831

Target

Corp.

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

United

States

1,872

213,015

Tesco

plc

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

United

Kingdom

13,687

88,603

a

United

Natural

Foods,

Inc.

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

United

States

12,953

Walmart,

Inc.

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

United

States

1,361

174,140

1,202,560

#### Containers

#### &

#### Packaging

#### 0.0%

#### †
Greif,

Inc.,

A

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

United

States

10,246

a

O-I

Glass,

Inc.

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

United

States

730

9,782

20,028

#### Distributors

#### 0.0%

#### †
a

GigaCloud

Technology,

Inc.,

A

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

United

States

13,745

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Distributors
(continued)

Gold.com,

Inc.

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

United

States

$

16,379

30,124

#### Diversified

#### Consumer

#### Services

#### 0.2%
ADT,

Inc.

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

United

States

237,685

1,906,234

a

Coursera,

Inc.

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

United

States

7,461

47,825

a

Frontdoor,

Inc.

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

United

States

11,451

a

Laureate

Education,

Inc.

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

United

States

1,733

56,045

Perdoceo

Education

Corp.

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

United

States

9,972

a

Stride,

Inc.

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

United

States

11,138

a

Udemy,

Inc.

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

United

States

1,827

9,190

2,051,855

#### Diversified

#### REITs

#### 0.0%

#### †
Alexander

&

Baldwin,

Inc.

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

United

States

835

17,360

American

Assets

Trust,

Inc.

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

United

States

512

9,994

Broadstone

Net

Lease,

Inc.

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

United

States

544

10,548

Covivio

SA

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

France

3,056

223,998

261,900

#### Diversified

#### Telecommunication

#### Services

#### 0.6%
a

Altice

France

SA

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

France

905

16,967

AT&T,

Inc.

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

United

States

106,204

2,974,774

a

Bandwidth,

Inc.,

A

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

United

States

766

11,352

Comcast

Corp.,

A

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

United

States

20,035

620,284

HKT

Trust

&

HKT

Ltd.

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

Hong

Kong

223,000

351,528

IDT

Corp.,

B

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

United

States

18,189

b

Infrastrutture

Wireless

Italiane

SpA,

144A,

Reg

S

...........

Italy

10,347

109,785

a

Lumen

Technologies,

Inc.

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

United

States

1,205

8,568

Singapore

Telecommunications

Ltd.

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

Singapore

39,100

155,562

Telstra

Group

Ltd.

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

Australia

57,774

212,972

Verizon

Communications,

Inc.

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

United

States

4,375

219,363

4,699,344

#### Electric

#### Utilities

#### 0.5%
Constellation

Energy

Corp.

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

United

States

588

193,969

Duke

Energy

Corp.

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

United

States

1,568

205,173

Edison

International

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

United

States

44,484

3,324,734

Enel

SpA

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

Italy

44,450

534,509

Eversource

Energy

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

United

States

2,556

194,793

Exelon

Corp.

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

United

States

4,005

198,127

Iberdrola

SA

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

Spain

2,381

56,199

Kansai

Electric

Power

Co.,

Inc.

(The)

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

Japan

3,200

57,798

NRG

Energy,

Inc.

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

United

States

1,170

209,383

a

Oklo,

Inc.,

A

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

United

States

6,421

Origin

Energy

Ltd.

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

Australia

31,755

274,679

Portland

General

Electric

Co.

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

United

States

23,581

TXNM

Energy,

Inc.

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

United

States

9,738

5,289,104

#### Electrical

#### Equipment

#### 0.8%
ABB

Ltd.

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

Switzerland

4,697

437,461

Allient,

Inc.

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

United

States

26,665

a

Bloom

Energy

Corp.,

A

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

United

States

985

153,335

EnerSys

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

United

States

64,466

Fujikura

Ltd.

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

Japan

3,200

546,408

GE

Vernova,

Inc.

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

United

States

1,027

897,187

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Electrical

#### Equipment
(continued)

Mitsubishi

Electric

Corp.

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

Japan

1,800

$

68,513

a

NANO

Nuclear

Energy,

Inc.

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

United

States

563

14,970

a

Nextpower,

Inc.,

A

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

United

States

671

70,522

a

Power

Solutions

International,

Inc.

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

United

States

30,060

Rockwell

Automation,

Inc.

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

United

States

176,833

Vertiv

Holdings

Co.,

A

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

United

States

14,686

3,743,315

a

Vicor

Corp.

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

United

States

34,238

6,263,973

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.0%

#### †
Advanced

Energy

Industries,

Inc.

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

United

States

85,906

a

Arlo

Technologies,

Inc.

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

United

States

1,721

27,002

a

Daktronics,

Inc.

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

United

States

5,697

a

Fabrinet

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

Thailand

10,367

a

Insight

Enterprises,

Inc.

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

United

States

9,442

a

Itron,

Inc.

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

United

States

559

52,518

a

Kimball

Electronics,

Inc.

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

United

States

7,472

a

nLight,

Inc.

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

United

States

559

31,410

a

Ouster,

Inc.

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

United

States

1,640

31,078

a

Sanmina

Corp.

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

United

States

16,923

a

ScanSource,

Inc.

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

United

States

8,239

a

TTM

Technologies,

Inc.

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

United

States

777

80,994

367,048

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%

#### †
Halliburton

Co.

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

United

States

5,790

208,440

Kodiak

Gas

Services,

Inc.

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

United

States

13,479

Liberty

Energy,

Inc.,

A

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

United

States

554

15,562

a

National

Energy

Services

Reunited

Corp.

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

United

States

1,163

29,133

a

Oceaneering

International,

Inc.

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

United

States

1,616

57,368

a

Oil

States

International,

Inc.

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

United

States

1,918

25,107

Patterson-UTI

Energy,

Inc.

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

United

States

1,498

12,748

SLB

Ltd.

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

United

States

3,461

177,688

TechnipFMC

plc

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

United

Kingdom

3,345

221,807

a

Transocean

Ltd.

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

United

States

12,826

83,112

Weatherford

International

plc

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

United

States

1,979

208,705

1,053,149

#### Entertainment

#### 0.0%

#### †
Cinemark

Holdings,

Inc.

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

United

States

597

16,859

a

Eventbrite,

Inc.,

A

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

United

States

3,341

14,767

a

Netflix,

Inc.

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

United

States

2,070

199,217

a

Spotify

Technology

SA

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

United

States

102,988

Walt

Disney

Co.

(The)

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

United

States

1,547

164,044

497,875

#### Financial

#### Services

#### 0.3%
Banca

Mediolanum

SpA

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

Italy

1,233

26,446

Banco

Latinoamericano

de

Comercio

Exterior

SA,

E

.........

Panama

17,160

Corebridge

Financial,

Inc.

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

United

States

6,193

160,027

Equitable

Holdings,

Inc.

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

United

States

3,607

145,074

Essent

Group

Ltd.

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

United

States

8,396

Jackson

Financial,

Inc.,

A

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

United

States

634

69,410

M&G

plc

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

United

Kingdom

73,552

314,063

Mastercard,

Inc.,

A

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

United

States

168,093

a

NMI

Holdings,

Inc.,

A

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

United

States

772

30,347

Pagseguro

Digital

Ltd.,

A

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

Brazil

4,958

52,604

a

Payoneer

Global,

Inc.

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

United

States

1,546

6,679

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Financial

#### Services
(continued)

PennyMac

Financial

Services,

Inc.

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

United

States

$

20,133

a

Sony

Financial

Group,

Inc.

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

Japan

1,000

1,023

a

StoneCo

Ltd.,

A

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

Brazil

2,584

43,411

Western

Union

Co.

(The)

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

United

States

187,779

1,808,312

2,871,178

#### Food

#### Products

#### 0.3%
Archer-Daniels-Midland

Co.

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

United

States

2,997

206,913

Calavo

Growers,

Inc.

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

United

States

9,716

Cal-Maine

Foods,

Inc.

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

United

States

538

46,865

Conagra

Brands,

Inc.

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

United

States

10,021

192,904

Dole

plc

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

United

States

1,873

30,043

General

Mills,

Inc.

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

United

States

3,978

179,925

Ingredion,

Inc.

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

United

States

775

91,031

Kraft

Heinz

Co.

(The)

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

United

States

7,885

194,050

Nestle

SA

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

United

States

4,358

476,157

a

Seneca

Foods

Corp.,

A

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

United

States

15,705

a

Simply

Good

Foods

Co.

(The)

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

United

States

4,419

Smithfield

Foods,

Inc.

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

United

States

24,970

621,254

Tyson

Foods,

Inc.,

A

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

United

States

2,928

190,291

b

WH

Group

Ltd.,

144A,

Reg

S

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

Hong

Kong

307,000

386,134

2,645,407

#### Gas

#### Utilities

#### 0.0%

#### †
National

Fuel

Gas

Co.

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

United

States

2,057

187,249

Naturgy

Energy

Group

SA

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

Spain

5,262

163,771

New

Jersey

Resources

Corp.

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

United

States

976

52,938

Northwest

Natural

Holding

Co.

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

United

States

9,972

Spire,

Inc.

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

United

States

10,810

424,740

#### Ground

#### Transportation

#### 0.1%
CSX

Corp.

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

United

States

4,568

195,008

a

Lyft,

Inc.,

A

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

United

States

9,922

137,320

Norfolk

Southern

Corp.

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

United

States

585

184,123

Union

Pacific

Corp.

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

United

States

885

234,507

750,958

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.2%
Abbott

Laboratories

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

United

States

1,629

189,534

a

AtriCure,

Inc.

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

United

States

8,659

a

Avanos

Medical,

Inc.

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

United

States

709

9,997

a

Axogen,

Inc.

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

United

States

958

30,397

a

Glaukos

Corp.

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

United

States

38,046

a

Haemonetics

Corp.

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

United

States

8,612

Hoya

Corp.

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

Japan

2,300

415,444

a

Intuitive

Surgical,

Inc.

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

United

States

167,669

a

Lantheus

Holdings,

Inc.

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

United

States

866

64,872

a

LivaNova

plc

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

United

States

585

41,301

Medtronic

plc

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

United

States

9,815

958,533

a

Novocure

Ltd.

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

United

States

3,698

50,552

Sonova

Holding

AG

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

Switzerland

80,037

2,063,653

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.0%

#### †
a

AMN

Healthcare

Services,

Inc.

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

United

States

544

10,597

a

Castle

Biosciences,

Inc.

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

United

States

1,218

36,016

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

Cigna

Group

(The)

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

United

States

$

94,192

a

Cross

Country

Healthcare,

Inc.

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

United

States

563

4,898

CVS

Health

Corp.

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

United

States

2,180

174,182

a

GeneDx

Holdings

Corp.,

A

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

United

States

7,174

a

Guardant

Health,

Inc.

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

United

States

789

74,087

a

HealthEquity,

Inc.

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

United

States

7,802

a

Hims

&

Hers

Health,

Inc.

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

United

States

4,792

a

Omada

Health,

Inc.

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

United

States

608

7,466

Select

Medical

Holdings

Corp.

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

United

States

577

8,638

UnitedHealth

Group,

Inc.

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

United

States

538

157,779

587,623

#### Health

#### Care

#### REITs

#### 0.0%

#### †
American

Healthcare

REIT,

Inc.

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

United

States

10,082

CareTrust

REIT,

Inc.

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

United

States

1,810

73,522

LTC

Properties,

Inc.

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

United

States

9,920

National

Health

Investors,

Inc.

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

United

States

10,257

Omega

Healthcare

Investors,

Inc.

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

United

States

3,962

191,246

Sabra

Health

Care

REIT,

Inc.

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

United

States

10,028

305,055

#### Health

#### Care

#### Technology

#### 0.0%

#### †
HealthStream,

Inc.

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

United

States

9,023

a

Phreesia,

Inc.

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

United

States

2,659

32,785

a

Teladoc

Health,

Inc.

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

United

States

8,138

42,806

a

Waystar

Holding

Corp.

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

United

States

8,028

92,642

#### Hotel

#### &

#### Resort

#### REITs

#### 0.0%

#### †
Apple

Hospitality

REIT,

Inc.

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

United

States

721

8,839

DiamondRock

Hospitality

Co.

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

United

States

1,079

10,833

Ryman

Hospitality

Properties,

Inc.

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

United

States

43,549

Xenia

Hotels

&

Resorts,

Inc.

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

United

States

634

9,688

72,909

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.0%

#### †
a

Airbnb,

Inc.,

A

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

United

States

1,508

203,746

Aristocrat

Leisure

Ltd.

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

Australia

1,219

41,674

Booking

Holdings,

Inc.

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

United

States

131,420

Brightstar

Lottery

plc

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

United

States

2,584

35,039

a

Brinker

International,

Inc.

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

United

States

64,022

Carnival

Corp.

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

United

States

6,197

195,515

a

DoorDash,

Inc.,

A

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

United

States

66,706

FDJ

United

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

France

7,194

218,227

Galaxy

Entertainment

Group

Ltd.

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

Macau

14,000

74,496

Golden

Entertainment,

Inc.

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

United

States

10,202

Las

Vegas

Sands

Corp.

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

United

States

3,223

182,809

a

Life

Time

Group

Holdings,

Inc.

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

United

States

8,532

Monarch

Casino

&

Resort,

Inc.

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

United

States

10,475

Red

Rock

Resorts,

Inc.,

A

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

United

States

9,567

1,252,430

#### Household

#### Durables

#### 0.1%
Garmin

Ltd.

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

United

States

895

226,283

a

Hovnanian

Enterprises,

Inc.,

A

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

United

States

11,808

KB

Home

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

United

States

10,809

a

M/I

Homes,

Inc.

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

United

States

44,496

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Household

#### Durables
(continued)

a

Sonos,

Inc.

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

United

States

3,470

$

53,438

a

Taylor

Morrison

Home

Corp.,

A

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

United

States

866

57,061

a

Tri

Pointe

Homes,

Inc.

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

United

States

1,468

67,968

471,863

#### Household

#### Products

#### 0.1%
Colgate-Palmolive

Co.

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

United

States

2,236

221,677

Kimberly-Clark

Corp.

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

United

States

1,719

191,565

Procter

&

Gamble

Co.

(The)

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

United

States

1,173

196,126

Reckitt

Benckiser

Group

plc

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

United

Kingdom

2,830

249,320

858,688

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.1%
AES

Corp.

(The)

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

United

States

12,577

217,331

a,c

Glow

Energy

PCL

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

Thailand

35,800

Vistra

Corp.

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

United

States

1,100

191,279

408,621

#### Industrial

#### Conglomerates

#### 0.0%

#### †
3M

Co.

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

United

States

1,110

183,505

Hitachi

Ltd.

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

Japan

5,100

166,960

Honeywell

International,

Inc.

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

United

States

779

189,757

Siemens

AG

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

Germany

105,827

646,049

#### Industrial

#### REITs

#### 0.0%

#### †
Prologis,

Inc.

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

United

States

1,448

206,441

#### Insurance

#### 0.8%
AIA

Group

Ltd.

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

Hong

Kong

1,000

11,031

Allianz

SE

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

Germany

1,256

564,041

Allstate

Corp.

(The)

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

United

States

872

187,061

American

International

Group,

Inc.

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

United

States

2,405

193,578

AXA

SA

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

France

6,883

336,593

Axis

Capital

Holdings

Ltd.

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

United

States

1,809

191,247

CNO

Financial

Group,

Inc.

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

United

States

1,163

48,625

Dai-ichi

Life

Holdings,

Inc.

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

Japan

22,000

225,750

Everest

Group

Ltd.

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

United

States

564

189,216

Fidelis

Insurance

Holdings

Ltd.

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

United

Kingdom

574

10,941

a

Genworth

Financial,

Inc.,

A

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

United

States

6,070

51,231

a

Hamilton

Insurance

Group

Ltd.,

B

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

United

States

1,770

55,914

a

Heritage

Insurance

Holdings,

Inc.

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

United

States

1,463

40,774

Horace

Mann

Educators

Corp.

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

United

States

11,487

Legal

&

General

Group

plc

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

United

Kingdom

109,282

399,180

Lincoln

National

Corp.

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

United

States

4,335

148,691

MetLife,

Inc.

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

United

States

22,275

1,605,359

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

65,915

NN

Group

NV

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

Netherlands

2,074

170,104

Phoenix

Group

Holdings

plc

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

United

Kingdom

29,938

309,222

Prudential

Financial,

Inc.

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

United

States

13,115

1,290,254

a

SiriusPoint

Ltd.

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

United

States

1,140

24,100

Suncorp

Group

Ltd.

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

Australia

4,572

47,587

Swiss

Re

AG

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

United

States

81,506

Tokio

Marine

Holdings,

Inc.

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

Japan

3,800

157,820

Travelers

Cos.,

Inc.

(The)

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

United

States

628

193,826

Universal

Insurance

Holdings,

Inc.

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

United

States

17,374

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Insurance
(continued)

Unum

Group

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

United

States

2,180

$

156,371

6,784,798

#### Interactive

#### Media

#### &

#### Services

#### 2.2%
Alphabet,

Inc.,

A

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

United

States

37,053

11,551,643

b

Autotrader

Group

plc,

144A,

Reg

S

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

United

Kingdom

3,840

25,436

a

Cargurus,

Inc.,

A

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

United

States

1,245

38,222

a

EverQuote,

Inc.,

A

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

United

States

1,396

22,057

a

fuboTV,

Inc.

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

United

States

9,751

11,409

a

Grindr,

Inc.

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

Singapore

835

9,503

LY

Corp.

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

Japan

41,300

102,083

Meta

Platforms,

Inc.,

A

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

United

States

9,926

6,433,835

18,194,188

#### IT

#### Services

#### 0.0%

#### †
Accenture

plc,

A

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

United

States

611

127,528

Capgemini

SE

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

France

16,303

Fujitsu

Ltd.

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

Japan

2,400

53,503

197,334

#### Leisure

#### Products

#### 0.0%

#### †
Hasbro,

Inc.

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

United

States

1,984

197,587

Polaris,

Inc.

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

United

States

817

49,625

247,212

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.0%

#### †
a

10X

Genomics,

Inc.,

A

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

United

States

2,394

55,182

a

CryoPort,

Inc.

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

United

States

4,185

Mesa

Laboratories,

Inc.

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

United

States

33,993

93,360

#### Machinery

#### 0.7%
Alamo

Group,

Inc.

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

United

States

11,744

Albany

International

Corp.,

A

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

United

States

11,415

Atmus

Filtration

Technologies,

Inc.

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

United

States

1,077

69,499

a

Blue

Bird

Corp.

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

United

States

973

56,697

Caterpillar,

Inc.

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

United

States

254,048

Cummins,

Inc.

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

United

States

4,911

2,867,386

ESCO

Technologies,

Inc.

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

United

States

19,965

FANUC

Corp.

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

Japan

9,600

434,689

Federal

Signal

Corp.

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

United

States

9,431

Franklin

Electric

Co.,

Inc.

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

United

States

10,759

GEA

Group

AG

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

Germany

860

66,679

Hyster-Yale,

Inc.

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

United

States

10,202

Kennametal,

Inc.

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

United

States

12,728

Komatsu

Ltd.

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

Japan

11,500

552,004

Lincoln

Electric

Holdings,

Inc.

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

United

States

680

195,194

a

Microvast

Holdings,

Inc.

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

United

States

8,671

19,423

Mueller

Water

Products,

Inc.,

A

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

United

States

12,211

a

Proto

Labs,

Inc.

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

United

States

17,817

Sandvik

AB

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

Sweden

1,963

86,512

a

SPX

Technologies,

Inc.

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

United

States

11,347

Tennant

Co.

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

United

States

7,202

Terex

Corp.

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

United

States

844

58,059

Toro

Co.

(The)

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

United

States

1,897

187,537

Watts

Water

Technologies,

Inc.,

A

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

United

States

81,199

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Machinery
(continued)

Worthington

Enterprises,

Inc.

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

United

States

$

10,586

5,074,333

#### Marine

#### Transportation

#### 0.2%
AP

Moller

-

Maersk

A/S,

B

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

United

States

360,014

Matson,

Inc.

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

United

States

68,778

Nippon

Yusen

KK

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

Japan

3,200

109,876

SITC

International

Holdings

Co.

Ltd.

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

China

83,000

354,054

892,722

#### Media

#### 0.0%

#### †
a

Ibotta,

Inc.,

A

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

United

States

10,462

New

York

Times

Co.

(The),

A

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

United

States

2,487

198,438

Publicis

Groupe

SA

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

France

694

61,797

a

PubMatic,

Inc.,

A

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

United

States

1,227

9,939

280,636

#### Metals

#### &

#### Mining

#### 0.3%
a

Alpha

Metallurgical

Resources,

Inc.

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

United

States

8,946

BHP

Group

Ltd.,

(AUD

Traded)

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

Australia

8,031

325,860

BHP

Group

Ltd.,

(GBP

Traded)

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

Australia

950

38,841

a

Coeur

Mining,

Inc.

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

United

States

1,581

42,924

Commercial

Metals

Co.

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

United

States

12,241

a

Constellium

SE,

A

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

United

States

2,498

62,175

Fortescue

Ltd.

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

Australia

24,329

365,451

Freeport-McMoRan,

Inc.

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

United

States

5,089

346,459

Hecla

Mining

Co.

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

United

States

3,416

85,093

Rio

Tinto

Ltd.

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

Australia

47,433

Rio

Tinto

plc

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

Australia

6,364

630,479

Southern

Copper

Corp.

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

Mexico

1,009

220,265

SunCoke

Energy,

Inc.

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

United

States

1,254

7,148

2,193,315

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.6%
AGNC

Investment

Corp.

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

United

States

85,413

957,480

Annaly

Capital

Management,

Inc.

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

United

States

55,934

1,299,906

Chimera

Investment

Corp.

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

United

States

769

10,466

Ladder

Capital

Corp.,

A

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

United

States

866

8,980

MFA

Financial,

Inc.

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

United

States

1,021

10,322

Rithm

Capital

Corp.

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

United

States

195,699

1,966,775

Starwood

Property

Trust,

Inc.

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

United

States

9,888

176,105

4,430,034

#### Multi-Utilities

#### 0.1%
Avista

Corp.

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

United

States

950

38,589

Black

Hills

Corp.

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

United

States

671

49,426

E.ON

SE

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

Germany

10,245

238,236

Engie

SA

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

France

15,876

542,373

Northwestern

Energy

Group,

Inc.

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

United

States

10,074

Public

Service

Enterprise

Group,

Inc.

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

United

States

2,335

200,973

1,079,671

#### Office

#### REITs

#### 0.0%

#### †
COPT

Defense

Properties

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

United

States

9,852

Empire

State

Realty

Trust,

Inc.,

A

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

United

States

1,471

8,649

18,501

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.9%
Aker

BP

ASA

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

Norway

9,296

$

282,437

Antero

Midstream

Corp.

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

United

States

9,935

223,339

BP

plc

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

United

States

4,864

31,526

California

Resources

Corp.

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

United

States

11,356

Cheniere

Energy,

Inc.

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

United

States

856

201,785

Chevron

Corp.

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

United

States

5,461

1,019,896

ConocoPhillips

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

United

States

1,805

204,795

DHT

Holdings,

Inc.

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

United

States

723

14,091

Dorian

LPG

Ltd.

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

United

States

13,316

ENEOS

Holdings,

Inc.

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

Japan

3,200

30,530

Eni

SpA

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

Italy

3,659

85,455

Equinor

ASA

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

Norway

7,200

215,742

Exxon

Mobil

Corp.

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

United

States

16,653

2,539,583

a

Gulfport

Energy

Corp.

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

United

States

9,807

HF

Sinclair

Corp.

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

United

States

4,008

200,440

Kinder

Morgan,

Inc.

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

United

States

6,150

204,610

Marathon

Petroleum

Corp.

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

United

States

1,121

222,193

Murphy

Oil

Corp.

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

United

States

821

27,216

OMV

AG

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

Austria

2,396

155,213

Peabody

Energy

Corp.

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

United

States

1,698

53,555

Permian

Resources

Corp.,

A

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

United

States

12,512

228,844

Phillips

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

United

States

646

99,697

Repsol

SA

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

Spain

10,020

226,759

Scorpio

Tankers,

Inc.

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

Monaco

875

69,195

Shell

plc

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

United

States

2,967

124,267

SM

Energy

Co.

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

United

States

8,931

206,574

Teekay

Corp.

Ltd.

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

United

States

2,812

36,415

Teekay

Tankers

Ltd.,

A

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

Canada

766

59,955

TotalEnergies

SE

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

France

3,028

242,548

Valero

Energy

Corp.

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

United

States

1,070

218,965

Williams

Cos.,

Inc.

(The)

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

United

States

2,769

206,900

Woodside

Energy

Group

Ltd.

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

Australia

22,314

455,585

World

Kinect

Corp.

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

United

States

9,481

7,932,070

#### Paper

#### &

#### Forest

#### Products

#### 0.0%

#### †
Sylvamo

Corp.

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

United

States

566

26,206

UPM-Kymmene

OYJ

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

Finland

5,414

172,410

198,616

#### Passenger

#### Airlines

#### 0.0%

#### †
Delta

Air

Lines,

Inc.

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

United

States

2,642

173,579

International

Consolidated

Airlines

Group

SA

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

United

Kingdom

2,977

16,836

a

Joby

Aviation,

Inc.

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

United

States

3,191

32,101

Singapore

Airlines

Ltd.

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

Singapore

10,500

59,548

a

SkyWest,

Inc.

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

United

States

549

57,140

a

Sun

Country

Airlines

Holdings,

Inc.

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

United

States

662

13,028

352,232

#### Personal

#### Care

#### Products

#### 0.0%

#### †
Kenvue,

Inc.

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

United

States

9,918

189,632

L'Oreal

SA

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

France

58,568

Unilever

plc

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

United

Kingdom

33,655

281,855

#### Pharmaceuticals

#### 2.2%
a

Arvinas,

Inc.

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

United

States

3,640

48,303

Astellas

Pharma,

Inc.

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

Japan

22,800

379,427

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Pharmaceuticals
(continued)

AstraZeneca

plc

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

United

Kingdom

694

$

146,040

a

Atrium

Therapeutics,

Inc.

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

United

States

Bristol-Myers

Squibb

Co.

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

United

States

54,854

3,421,244

Daiichi

Sankyo

Co.

Ltd.

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

Japan

10,200

200,889

Eli

Lilly

&

Co.

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

United

States

4,369

4,596,144

GSK

plc

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

United

States

10,926

324,647

Johnson

&

Johnson

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

United

States

2,005

498,102

a

Maze

Therapeutics,

Inc.

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

United

States

1,082

49,328

Merck

&

Co.,

Inc.

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

United

States

31,478

3,897,606

Novartis

AG

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

United

States

5,515

927,302

Novo

Nordisk

A/S,

B

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

Denmark

11,723

443,405

Pfizer,

Inc.

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

United

States

63,556

1,757,323

Roche

Holding

AG

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

United

States

175,132

Sanofi

SA

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

United

States

1,222

119,513

a

Supernus

Pharmaceuticals,

Inc.

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

United

States

892

48,819

Takeda

Pharmaceutical

Co.

Ltd.

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

Japan

5,300

198,364

17,231,775

#### Professional

#### Services

#### 0.3%
Automatic

Data

Processing,

Inc.

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

United

States

10,763

2,307,157

a

IBEX

Holdings

Ltd.

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

United

States

10,722

Korn

Ferry

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

United

States

24,316

a

Legalzoom.com,

Inc.

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

United

States

4,124

28,992

Maximus,

Inc.

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

United

States

8,166

Robert

Half,

Inc.

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

United

States

6,081

148,498

a

Upwork,

Inc.

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

United

States

2,436

32,691

2,560,542

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.0%

#### †
a

Cushman

&

Wakefield

Ltd.

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

United

States

3,323

44,561

Kennedy-Wilson

Holdings,

Inc.

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

United

States

946

10,292

54,853

#### Residential

#### REITs

#### 0.0%

#### †
Equity

Residential

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

United

States

2,850

180,149

Invitation

Homes,

Inc.

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

United

States

6,484

170,789

Sun

Communities,

Inc.

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

United

States

1,348

183,948

534,886

#### Retail

#### REITs

#### 0.1%
Alexander's,

Inc.

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

United

States

7,977

CBL

&

Associates

Properties,

Inc.

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

United

States

11,107

Kite

Realty

Group

Trust

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

United

States

11,306

Link

REIT

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

Hong

Kong

6,700

33,124

NNN

REIT,

Inc.

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

United

States

4,275

193,743

Simon

Property

Group,

Inc.

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

United

States

4,124

840,677

SITE

Centers

Corp.

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

United

States

3,514

21,646

Tanger,

Inc.

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

United

States

10,451

Urban

Edge

Properties

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

United

States

10,264

1,140,295

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 3.2%
a

Ambarella,

Inc.

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

United

States

830

50,082

Applied

Materials,

Inc.

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

United

States

749

278,853

ASML

Holding

NV

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

Netherlands

927

1,348,236

Broadcom,

Inc.

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

United

States

6,679

2,134,274

a

CEVA,

Inc.

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

United

States

4,673

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

a

Credo

Technology

Group

Holding

Ltd.

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

United

States

810

$

90,939

a

Impinj,

Inc.

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

United

States

35,694

Infineon

Technologies

AG

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

Germany

690

37,187

Lam

Research

Corp.

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

United

States

11,382

2,662,136

a

MaxLinear,

Inc.,

A

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

United

States

615

10,719

Micron

Technology,

Inc.

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

United

States

757

312,164

a

Navitas

Semiconductor

Corp.,

A

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

United

States

870

7,830

NVIDIA

Corp.

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

United

States

79,821

14,143,483

QUALCOMM,

Inc.

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

United

States

20,296

2,889,339

a

Rambus,

Inc.

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

United

States

727

72,453

Renesas

Electronics

Corp.

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

Japan

7,500

141,441

a

Rigetti

Computing,

Inc.

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

United

States

1,365

23,778

SCREEN

Holdings

Co.

Ltd.

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

Japan

58,311

a

Semtech

Corp.

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

United

States

10,646

Skyworks

Solutions,

Inc.

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

United

States

3,018

179,812

Tokyo

Electron

Ltd.

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

Japan

2,300

647,162

25,139,212

#### Software

#### 0.9%
a

ACI

Worldwide,

Inc.

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

United

States

17,221

a

Adobe,

Inc.

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

United

States

601

157,708

a

Alarm.com

Holdings,

Inc.

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

United

States

8,996

a

Appian

Corp.,

A

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

United

States

8,908

a

Arteris,

Inc.

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

United

States

1,979

33,623

a

Autodesk,

Inc.

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

United

States

663

163,012

a

Blend

Labs,

Inc.,

A

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

United

States

10,228

17,183

a

Cerence,

Inc.

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

United

States

1,105

8,741

a

Commvault

Systems,

Inc.

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

United

States

29,948

a

Daily

Journal

Corp.

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

United

States

6,624

a

DocuSign,

Inc.,

A

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

United

States

3,193

143,909

a

Domo,

Inc.,

B

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

United

States

1,962

7,044

InterDigital,

Inc.

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

United

States

77,704

Intuit,

Inc.

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

United

States

122,300

a

LiveRamp

Holdings,

Inc.

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

United

States

1,252

34,017

Microsoft

Corp.

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

United

States

17,429

6,845,065

OneSpan,

Inc.

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

United

States

766

8,457

a

PagerDuty,

Inc.

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

United

States

4,570

32,264

a

Palantir

Technologies,

Inc.,

A

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

United

States

997

136,778

a

Q2

Holdings,

Inc.

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

United

States

10,635

a

Rapid7,

Inc.

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

United

States

2,258

14,045

Salesforce,

Inc.

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

United

States

788

153,495

SAP

SE

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

Germany

1,436

288,481

a

SEMrush

Holdings,

Inc.,

A

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

United

States

821

9,704

a

ServiceNow,

Inc.

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

United

States

1,352

146,030

a

Weave

Communications,

Inc.

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

United

States

1,346

6,784

a

Workiva,

Inc.,

A

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

United

States

6,651

8,495,327

#### Specialized

#### REITs

#### 0.5%
American

Tower

Corp.

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

United

States

970

186,104

EPR

Properties

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

United

States

3,646

216,609

Farmland

Partners,

Inc.

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

United

States

852

11,110

Millrose

Properties,

Inc.,

A

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

United

States

46,984

1,473,418

Outfront

Media,

Inc.

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

United

States

2,318

66,782

Public

Storage

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

United

States

659

202,353

Rayonier,

Inc.

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

United

States

8,338

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Specialized

#### REITs
(continued)

VICI

Properties,

Inc.,

A

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

United

States

61,208

$

1,849,094

4,013,808

#### Specialty

#### Retail

#### 0.6%
a

Abercrombie

&

Fitch

Co.,

A

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

United

States

641

62,690

American

Eagle

Outfitters,

Inc.

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

United

States

824

20,246

Best

Buy

Co.,

Inc.

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

United

States

4,332

268,454

Buckle,

Inc.

(The)

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

United

States

9,585

Fast

Retailing

Co.

Ltd.

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

Japan

175,385

Gap,

Inc.

(The)

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

United

States

6,944

194,710

H

&

M

Hennes

&

Mauritz

AB,

B

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

Sweden

3,213

68,500

Home

Depot,

Inc.

(The)

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

United

States

178,177

Industria

de

Diseno

Textil

SA

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

Spain

2,258

150,783

Ross

Stores,

Inc.

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

United

States

1,066

219,212

a

Sally

Beauty

Holdings,

Inc.

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

United

States

891

14,318

TJX

Cos.,

Inc.

(The)

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

United

States

18,225

2,946,254

a

Urban

Outfitters,

Inc.

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

United

States

14,299

a

Victoria's

Secret

&

Co.

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

United

States

988

61,948

4,384,561

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 1.7%
Apple,

Inc.

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

United

States

50,606

13,369,093

Canon,

Inc.

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

Japan

7,500

226,664

a

IonQ,

Inc.

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

United

States

1,468

56,327

NetApp,

Inc.

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

United

States

1,702

168,549

a

Sandisk

Corp.

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

United

States

1,239

787,211

14,607,844

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.2%
Carter's,

Inc.

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

United

States

1,096

36,771

Cie

Financiere

Richemont

SA

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

Switzerland

91,940

G-III

Apparel

Group

Ltd.

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

United

States

13,215

Hermes

International

SCA

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

France

218,715

LVMH

Moet

Hennessy

Louis

Vuitton

SE

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

France

846

540,612

NIKE,

Inc.,

B

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

United

States

2,779

172,798

Tapestry,

Inc.

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

United

States

1,361

211,595

1,285,646

#### Tobacco

#### 0.2%
British

American

Tobacco

plc

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

United

Kingdom

9,031

563,944

Imperial

Brands

plc

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

United

Kingdom

3,716

166,436

Philip

Morris

International,

Inc.

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

United

States

1,502

280,619

1,010,999

#### Trading

#### Companies

#### &

#### Distributors

#### 0.2%
a

DNOW,

Inc.

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

United

States

915

10,779

a

Hudson

Technologies,

Inc.

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

United

States

1,096

7,793

ITOCHU

Corp.

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

Japan

12,400

179,537

Marubeni

Corp.

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

Japan

9,500

363,544

McGrath

RentCorp

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

United

States

11,317

Mitsubishi

Corp.

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

Japan

9,600

323,957

Mitsui

&

Co.

Ltd.

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

Japan

15,100

566,095

a

NPK

International,

Inc.

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

United

States

688

9,928

Sumitomo

Corp.

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

Japan

5,800

246,286

Toyota

Tsusho

Corp.

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

Japan

900

40,231

1,759,467

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Transportation

#### Infrastructure

#### 0.1%
b

Aena

SME

SA,

144A,

Reg

S

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

Spain

12,939

$

407,814

#### Water

#### Utilities

#### 0.0%

#### †
American

States

Water

Co.

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

United

States

9,689

California

Water

Service

Group

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

United

States

9,106

H2O

America

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

United

States

9,897

United

Utilities

Group

plc

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

United

Kingdom

3,234

60,619

89,311

#### Wireless

#### Telecommunication

#### Services

#### 0.0%

#### †
KDDI

Corp.

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

Japan

5,800

99,630

SoftBank

Corp.

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

Japan

61,200

83,710

Tele2

AB,

B

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

Sweden

8,910

188,038

Vodafone

Group

plc

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

United

Kingdom

77,051

118,646

490,024

#### Total

#### Common

#### Stocks

#### (Cost

#### $208,282,190)

#### ...................................

#### 225,308,020

#### Management

#### Investment

#### Companies

#### 0.2%

#### Capital

#### Markets

#### 0.2%
State

Street

SPDR

S&P

500

ETF

Trust

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

United

States

2,097

1,438,521

State

Street

SPDR

S&P

MidCap

ETF

Trust

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

United

States

195,846

1,634,367

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $1,634,379)

#### ...................

#### 1,634,367

#### Convertible

#### Preferred

#### Stocks

#### 0.0%

#### †

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
Boeing

Co.

(The),

6%

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

United

States

5,039

367,494

#### Financial

#### Services

#### 0.0%

#### †
Apollo

Global

Management,

Inc.,

6.75%

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

United

States

707

39,635

#### Software

#### 0.0%

#### †
Oracle

Corp.,

D,

6.5%

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

United

States

1,462

67,237

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $452,417)

#### ............................

#### 474,366

#### Preferred

#### Stocks

#### 0.0%

#### †

#### Automobiles

#### 0.0%

#### †
d

Volkswagen

AG,

6.32%

...............................

Germany

670

79,664

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $84,375)

#### ........................................

#### 79,664

#### Rights

#### 0.0%

#### †

#### Biotechnology

#### 0.0%

#### †
a,c

Akero

Therapeutics,

Inc.,

CVR,

6/30/31

...................

United

States

a,c

Blueprint

Medicines

Corp.,

CVR,

12/31/28

.................

United

States

a,c

Icosavax,

Inc.,

CVR,

2/19/31

...........................

United

Kingdom

a,c

Pfizer,

Inc.,

CVR,

3/31/32

.............................

United

States

514

a,c

Sage

Therapeutics,

Inc.,

CVR,

12/31/30

..................

United

States

1,071

1,046

#### Total

#### Rights

#### (Cost

#### $1,049)

#### ..................................................

#### 1,046
Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Convertible

#### Bonds

#### 0.2%

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.1%
Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375 %

,

12/15/28

..

United

States

214,000

$

367,417

#### Food

#### Products

#### 0.1%
Post

Holdings,

Inc.

,

Senior

Note

,

2.5 %

,

8/15/27

.............

United

States

270,000

305,640

#### Health

#### Care

#### Technology

#### 0.0%

#### †
Teladoc

Health,

Inc.

,

Senior

Note

,

1.25 %

,

6/01/27

...........

United

States

70,000

66,885

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.0%

#### †
b,e

DoorDash,

Inc.

,

Senior

Note

,

144A,

0.84%

,

5/15/30

..........

United

States

300,000

289,650

#### Pharmaceuticals

#### 0.0%

#### †
b

Zoetis,

Inc.

,

Senior

Note

,

144A,

0.25 %

,

6/15/29

.............

United

States

290,000

305,225

#### Software

#### 0.0%

#### †
Guidewire

Software,

Inc.

,

Senior

Note

,

1.25 %

,

11/01/29

.......

United

States

74,000

73,926

e

Unity

Software,

Inc.

,

Senior

Note

,

4.44%

,

11/15/26

..........

United

States

70,000

67,865

141,791

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.0%

#### †
Seagate

HDD

Cayman

,

Senior

Note

,

3.5 %

,

6/01/28

..........

United

States

45,000

222,086

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $1,675,125)
...................................

#### 1,698,694

#### Corporate

#### Bonds

#### 26.8%

#### Aerospace

#### &

#### Defense

#### 1.4%
ATI,

Inc.

,

Senior

Bond,

5.125%,

10/01/31

.......................

United

States

15,000

15,083

Senior

Note,

5.875%,

12/01/27

.......................

United

States

135,000

135,537

Senior

Note,

7.25%,

8/15/30

.........................

United

States

75,000

78,613

b

Axon

Enterprise,

Inc.

,

Senior

Note,

144A,

6.125%,

3/15/30

...................

United

States

55,000

56,822

Senior

Note,

144A,

6.25%,

3/15/33

....................

United

States

425,000

440,841

b

BAE

Systems

plc

,

Senior

Bond,

144A,

5.3%,

3/26/34

.....................

United

Kingdom

1,400,000

1,474,502

Senior

Bond,

144A,

5.5%,

3/26/54

.....................

United

Kingdom

200,000

206,165

Senior

Note,

144A,

5.125%,

3/26/29

...................

United

Kingdom

400,000

414,454

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

.........................

United

States

519,000

498,042

Senior

Bond,

6.125%,

2/15/33

........................

United

States

163,000

178,229

Senior

Bond,

3.6%,

5/01/34

..........................

United

States

46,000

42,451

Senior

Bond,

3.25%,

2/01/35

.........................

United

States

45,000

40,136

Senior

Bond,

3.5%,

3/01/39

..........................

United

States

80,000

67,134

Senior

Bond,

6.875%,

3/15/39

........................

United

States

480,000

550,549

Senior

Bond,

5.875%,

2/15/40

........................

United

States

45,000

47,206

Senior

Bond,

3.9%,

5/01/49

..........................

United

States

671,000

513,989

Senior

Bond,

6.858%,

5/01/54

........................

United

States

479,000

549,696

Senior

Bond,

3.95%,

8/01/59

.........................

United

States

768,000

551,109

Senior

Note,

6.259%,

5/01/27

........................

United

States

7,000

7,173

Senior

Note,

6.298%,

5/01/29

........................

United

States

8,000

8,527

b

Bombardier,

Inc.

,

Senior

Bond,

144A,

7.45%,

5/01/34

....................

Canada

565,000

637,927

Senior

Note,

144A,

7.5%,

2/01/29

.....................

Canada

5,000

5,202

Senior

Note,

144A,

8.75%,

11/15/30

...................

Canada

295,000

316,415

Senior

Note,

144A,

7%,

6/01/32

......................

Canada

5,000

5,273

Senior

Note,

144A,

6.75%,

6/15/33

....................

Canada

45,000

47,475

b

Carpenter

Technology

Corp.

,

Senior

Note

,

144A,

5.625 %

,

3/01/34

United

States

465,000

474,732

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Aerospace

#### &

#### Defense
(continued)

b

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5 %

,

2/15/32

...............................

Italy

550,000

$

563,677

Howmet

Aerospace,

Inc.

,

f

Senior

Bond,

4.75%,

4/15/36

.........................

United

States

75,000

75,264

Senior

Bond,

5.95%,

2/01/37

.........................

United

States

1,508,000

1,649,344

Senior

Note,

3%,

1/15/29

...........................

United

States

37,000

36,124

Spirit

AeroSystems,

Inc.

,

Senior

Bond

,

4.6 %

,

6/15/28

........

United

States

115,000

116,046

b

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

145,000

150,995

Senior

Secured

Note,

144A,

7.125%,

12/01/31

...........

United

States

15,000

15,740

Senior

Secured

Note,

144A,

6.625%,

3/01/32

............

United

States

300,000

311,173

Senior

Secured

Note,

144A,

6%,

1/15/33

................

United

States

495,000

504,125

Senior

Secured

Note,

144A,

6.25%,

1/31/34

.............

United

States

20,000

20,702

Senior

Sub.

Note,

144A,

6.75%,

1/31/34

................

United

States

435,000

451,807

11,258,279

#### Automobile

#### Components

#### 0.3%
b

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

8.25 %

,

4/15/31

United

States

115,000

120,366

b

American

Axle

&

Manufacturing,

Inc.

,

Senior

Secured

Note

,

144A,

6.375 %

,

10/15/32

..................................

United

States

245,000

249,504

b

Clarios

Global

LP

/

Clarios

US

Finance

Co.

,

Senior

Note

,

144A,

6.75 %

,

9/15/32

...................................

United

States

420,000

436,212

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

10/15/29

........................................

United

States

80,000

72,337

b

Forvia

SE

,

Senior

Note

,

144A,

6.75 %

,

9/15/33

..............

France

735,000

757,539

b,g

IHO

Verwaltungs

GmbH

,

Senior

Secured

Note,

144A,

PIK,

7.75%,

11/15/30

.........

Germany

400,000

421,593

Senior

Secured

Note,

144A,

PIK,

8%,

11/15/32

...........

Germany

590,000

629,788

2,687,339

#### Automobiles

#### 0.3%
b

Hyundai

Capital

America

,

Senior

Bond,

144A,

6.375%,

4/08/30

...................

United

States

867,000

932,605

Senior

Note,

144A,

6.5%,

1/16/29

.....................

United

States

140,000

148,733

Senior

Note,

144A,

5.35%,

3/19/29

....................

United

States

90,000

93,189

Senior

Note,

144A,

4.55%,

9/26/29

....................

United

States

50,000

50,728

Senior

Note,

144A,

5.4%,

1/08/31

.....................

United

States

46,000

48,154

Senior

Note,

144A,

5.4%,

6/23/32

.....................

United

States

35,000

36,761

b

Nissan

Motor

Co.

Ltd.

,

Senior

Bond

,

144A,

8.125 %

,

7/17/35

...

Japan

445,000

486,339

1,796,509

#### Banks

#### 2.2%
b

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Sub.

Bond

,

144A,

2.57%

to

11/24/30,

FRN

thereafter

,

11/25/35

..............

Australia

445,000

407,057

Banco

Santander

SA

,

Sub.

Bond

,

6.921 %

,

8/08/33

..........

Spain

400,000

445,006

Bank

of

America

Corp.

,

Senior

Bond,

2.496%

to

2/12/30,

FRN

thereafter,

2/13/31

...

United

States

675,000

634,098

Senior

Bond,

5.468%

to

1/22/34,

FRN

thereafter,

1/23/35

...

United

States

173,000

181,361

Senior

Note,

5.162%

to

1/23/30,

FRN

thereafter,

1/24/31

....

United

States

430,000

446,393

Sub.

Bond,

5.425%

to

8/14/34,

FRN

thereafter,

8/15/35

.....

United

States

917,000

939,797

Sub.

Bond,

6.11%,

1/29/37

..........................

United

States

100,000

108,024

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

1,061,000

1,004,562

Bank

of

Montreal

,

Sub.

Bond

,

3.803%

to

12/14/27,

FRN

thereafter

,

12/15/32

................................

Canada

39,000

38,720

Bank

of

Nova

Scotia

(The)

,

Junior

Sub.

Bond

,

7.35%

to

4/26/30,

FRN

thereafter

,

4/27/85

.............................

Canada

400,000

420,785

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

b

Banque

Federative

du

Credit

Mutuel

SA

,

Senior

Preferred

Note

,

144A,

4.541 %

,

1/15/31

..............................

France

400,000

$

402,370

Barclays

plc

,

Senior

Note

,

5.367%

to

2/24/30,

FRN

thereafter

,

2/25/31

.........................................

United

Kingdom

400,000

415,285

b

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

5.673%

to

3/14/29,

FRN

thereafter

,

3/15/30

......................

Spain

600,000

625,810

Citigroup,

Inc.

,

h

Junior

Sub.

Bond,

6.625%

to

2/14/31,

FRN

thereafter,

Perpetual

.......................................

United

States

105,000

108,615

h

CC,

Junior

Sub.

Bond,

7.125%

to

8/14/29,

FRN

thereafter,

Perpetual

.......................................

United

States

417,000

432,175

h

GG,

Junior

Sub.

Bond,

6.875%

to

8/14/30,

FRN

thereafter,

Perpetual

.......................................

United

States

532,000

545,808

Senior

Note,

4.503%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

571,000

575,475

Sub.

Bond,

6.174%

to

5/24/33,

FRN

thereafter,

5/25/34

.....

United

States

332,000

354,525

Sub.

Bond,

4.75%,

5/18/46

..........................

United

States

503,000

449,462

b

Commonwealth

Bank

of

Australia

,

Sub.

Bond

,

144A,

5.837 %

,

3/13/34

.........................................

Australia

695,000

740,290

Fifth

Third

Bancorp

,

Senior

Note,

6.339%

to

7/26/28,

FRN

thereafter,

7/27/29

....

United

States

138,000

145,133

Senior

Note,

4.895%

to

9/05/29,

FRN

thereafter,

9/06/30

....

United

States

245,000

250,167

JPMorgan

Chase

&

Co.

,

i

W,

Junior

Sub.

Bond,

FRN,

4.914%,

(3-month

SOFR

+

1.262%),

5/15/47

.................................

United

States

78,000

71,300

Senior

Bond,

5.502%

to

1/23/35,

FRN

thereafter,

1/24/36

...

United

States

64,000

67,342

Senior

Note,

5.14%

to

1/23/30,

FRN

thereafter,

1/24/31

.....

United

States

164,000

170,210

Sub.

Bond,

2.956%

to

5/12/30,

FRN

thereafter,

5/13/31

.....

United

States

1,180,000

1,123,070

Sub.

Bond,

5.717%

to

9/13/32,

FRN

thereafter,

9/14/33

.....

United

States

1,228,000

1,301,504

Sub.

Bond,

5.576%

to

7/22/35,

FRN

thereafter,

7/23/36

.....

United

States

1,117,000

1,162,100

Lloyds

Banking

Group

plc

,

Sub.

Bond

,

3.369%

to

12/13/41,

FRN

thereafter

,

12/14/46

................................

United

Kingdom

200,000

151,606

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond,

5.373%

to

7/20/35,

FRN

thereafter,

7/21/36

...

United

States

29,000

30,078

Sub.

Bond,

4.626%

to

6/05/32,

FRN

thereafter,

6/06/33

.....

United

States

817,000

815,379

Toronto-Dominion

Bank

(The)

,

Junior

Sub.

Bond

,

8.125%

to

10/30/27,

FRN

thereafter

,

10/31/82

.....................

Canada

200,000

209,411

Truist

Financial

Corp.

,

Senior

Bond

,

5.711%

to

1/23/34,

FRN

thereafter

,

1/24/35

.................................

United

States

289,000

306,739

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

........................................

United

States

179,000

158,558

Wells

Fargo

Bank

NA

,

Sub.

Bond

,

6.6 %

,

1/15/38

............

United

States

500,000

565,984

Westpac

Banking

Corp.

,

Sub.

Bond,

4.421%,

7/24/39

.........................

Australia

66,000

61,802

Sub.

Bond,

2.963%,

11/16/40

........................

Australia

344,000

268,608

16,134,609

#### Biotechnology

#### 0.6%
f

AbbVie,

Inc.

,

Senior

Bond,

4.75%,

3/15/36

.........................

United

States

25,000

25,141

Senior

Note,

4.4%,

3/15/33

..........................

United

States

70,000

70,314

Amgen,

Inc.

,

Senior

Bond,

5.25%,

3/02/33

.........................

United

States

290,000

303,738

Senior

Bond,

4.663%,

6/15/51

........................

United

States

69,000

60,290

Senior

Bond,

5.65%,

3/02/53

.........................

United

States

305,000

304,666

Senior

Bond,

5.75%,

3/02/63

.........................

United

States

227,000

225,173

Senior

Note,

5.25%,

3/02/30

.........................

United

States

640,000

667,990

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Biotechnology
(continued)

Biogen,

Inc.

,

Senior

Bond

,

2.25 %

,

5/01/30

.................

United

States

965,000

$

895,393

b

Genmab

A/S

/

Genmab

Finance

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

12/15/32

..............................

Denmark

1,035,000

1,074,840

b

Grifols

SA

,

Senior

Note,

Reg

S,

3.875%,

10/15/28

.................

Spain

210,000

EUR

246,956

Senior

Note,

144A,

4.75%,

10/15/28

...................

Spain

915,000

904,180

Regeneron

Pharmaceuticals,

Inc.

,

Senior

Bond

,

1.75 %

,

9/15/30

United

States

995,000

897,192

5,675,873

#### Broadline

#### Retail

#### 0.1%
b

Kohl's

Corp.

,

Senior

Secured

Note

,

144A,

%

,

6/01/30

......

United

States

30,000

32,683

b

Wayfair

LLC

,

Senior

Secured

Note,

144A,

7.25%,

10/31/29

............

United

States

75,000

77,557

Senior

Secured

Note,

144A,

7.75%,

9/15/30

.............

United

States

690,000

726,090

Senior

Secured

Note,

144A,

6.75%,

11/15/32

............

United

States

90,000

91,797

928,127

#### Building

#### Products

#### 0.2%
b

Builders

FirstSource,

Inc.

,

Senior

Bond,

144A,

6.375%,

3/01/34

...................

United

States

40,000

41,251

Senior

Bond,

144A,

6.75%,

5/15/35

....................

United

States

35,000

36,568

Carlisle

Cos.,

Inc.

,

Senior

Bond

,

5.25 %

,

9/15/35

............

United

States

175,000

180,666

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

1/31/31

............

United

States

310,000

316,776

Senior

Secured

Note,

144A,

6.125%,

7/31/32

............

United

States

35,000

35,946

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

..............

United

States

305,000

307,722

b

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

....................

United

States

205,000

213,231

Senior

Secured

Note,

144A,

6.375%,

3/01/32

............

United

States

605,000

629,169

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

11/15/31

..................................

United

States

75,000

79,726

b

Standard

Building

Solutions,

Inc.

,

Senior

Note,

144A,

6.5%,

8/15/32

.....................

United

States

310,000

319,553

Senior

Note,

144A,

6.25%,

8/01/33

....................

United

States

315,000

321,097

b

Standard

Industries,

Inc.

,

Senior

Bond

,

144A,

4.375 %

,

7/15/30

.

United

States

130,000

125,508

2,607,213

#### Capital

#### Markets

#### 1.1%
Ares

Capital

Corp.

,

Senior

Note

,

%

,

1/15/27

..............

United

States

77,000

78,799

b

Aretec

Group,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

8/15/30

..

United

States

23,000

24,499

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25 %

,

3/15/27

..

United

States

93,000

91,361

Deutsche

Bank

AG

,

Senior

Non-Preferred

Note,

2.311%

to

11/15/26,

FRN

thereafter,

11/16/27

........................................

Germany

254,000

250,945

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

5.065%

to

1/20/36,

FRN

thereafter,

1/21/37

...

United

States

430,000

433,192

Senior

Note,

4.153%

to

10/20/28,

FRN

thereafter,

10/21/29

..

United

States

382,000

382,167

Intercontinental

Exchange,

Inc.

,

Senior

Note

,

4.35 %

,

6/15/29

...

United

States

350,000

354,555

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note,

144A,

6.125%,

11/01/32

...........

United

States

185,000

186,246

Senior

Secured

Note,

144A,

6.75%,

5/01/33

.............

United

States

1,445,000

1,483,942

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

4.5 %

,

9/15/26

....

United

States

170,000

170,038

b

KKR

Group

Finance

Co.

VI

LLC

,

Senior

Bond

,

144A,

3.75 %

,

7/01/29

.........................................

United

States

303,000

298,598

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Capital

#### Markets
(continued)

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

........................

United

States

91,000

$

96,538

Senior

Note,

5.2%,

3/15/30

..........................

United

States

106,000

108,298

b

Senior

Note,

144A,

4%,

3/15/29

......................

United

States

680,000

670,970

Morgan

Stanley

,

Senior

Bond,

5.073%

to

1/29/36,

FRN

thereafter,

1/30/37

...

United

States

70,000

70,624

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

247,000

252,186

Senior

Note,

5.23%

to

1/14/30,

FRN

thereafter,

1/15/31

.....

United

States

1,061,000

1,098,945

Senior

Note,

4.493%

to

1/15/31,

FRN

thereafter,

1/16/32

....

United

States

70,000

70,421

Sub.

Bond,

5.948%

to

1/18/33,

FRN

thereafter,

1/19/38

.....

United

States

654,000

689,666

Sub.

Bond,

5.942%

to

2/06/34,

FRN

thereafter,

2/07/39

.....

United

States

712,000

750,669

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625 %

,

9/01/30

............

United

States

585,000

560,154

S&P

Global,

Inc.

,

Senior

Bond

,

2.5 %

,

12/01/29

.............

United

States

555,000

527,827

b

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875 %

,

7/15/32

United

States

465,000

482,905

b

UBS

Group

AG

,

Senior

Note

,

144A,

5.428%

to

2/07/29,

FRN

thereafter

,

2/08/30

.................................

Switzerland

200,000

207,337

9,340,882

#### Chemicals

#### 0.3%
b

Avient

Corp.

,

Senior

Note

,

144A,

6.25 %

,

11/01/31

...........

United

States

30,000

30,998

b

Braskem

Netherlands

Finance

BV

,

Senior

Bond

,

144A,

%

,

10/15/34

........................................

Brazil

210,000

85,632

Celanese

US

Holdings

LLC

,

Senior

Note

,

1.4 %

,

8/05/26

......

United

States

110,000

108,570

CF

Industries,

Inc.

,

Senior

Bond

,

4.95 %

,

6/01/43

............

United

States

120,000

110,296

b

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875 %

,

9/01/28

...

United

States

775,000

762,436

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

370,000

243,671

b

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

575,000

613,028

b

SCIH

Salt

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

5/01/29

...................

United

States

60,000

59,899

Senior

Secured

Note,

144A,

4.875%,

5/01/28

............

United

States

80,000

79,753

b

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

9/30/33

.........................................

United

States

625,000

632,141

2,726,424

#### Commercial

#### Services

#### &

#### Supplies

#### 0.6%
b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

%

,

2/01/28

......

United

States

95,000

95,085

b

Clean

Harbors,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

2/01/31

.....

United

States

310,000

318,534

b

GFL

Environmental,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/31

...

United

States

155,000

162,766

b

Madison

IAQ

LLC

,

Senior

Secured

Note

,

144A,

4.125 %

,

6/30/28

United

States

45,000

44,446

b

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note,

144A,

9.29%,

4/15/29

.............

United

States

20,000

20,057

Senior

Secured

Note,

144A,

9.5%,

2/15/33

..............

United

States

725,000

710,529

Republic

Services,

Inc.

,

Senior

Note

,

%

,

11/15/29

..........

United

States

645,000

668,995

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

.........................................

United

States

600,000

618,839

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5 %

,

11/30/30

........................................

United

States

30,000

32,137

Waste

Connections,

Inc.

,

Senior

Bond

,

%

,

3/01/34

..........

United

States

865,000

894,584

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/33

........

United

States

615,000

641,596

b

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625 %

,

4/01/32

...

Canada

445,000

464,536

4,672,104

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Communications

#### Equipment

#### 0.3%
Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

.........................

United

States

407,000

$

374,606

Senior

Note,

4.85%,

8/15/30

.........................

United

States

37,000

38,018

Senior

Note,

5.2%,

8/15/32

..........................

United

States

106,000

110,701

b

Viasat,

Inc.

,

Senior

Note

,

144A,

7.5 %

,

5/30/31

..............

United

States

1,250,000

1,234,735

1,758,060

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
b

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

8/15/32

...........

United

States

35,000

36,744

MasTec,

Inc.

,

Senior

Note

,

5.9 %

,

6/15/29

.................

United

States

226,000

237,252

273,996

#### Consumer

#### Finance

#### 0.8%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond,

3.3%,

1/30/32

..........................

Ireland

655,000

612,272

Senior

Note,

5.1%,

1/19/29

..........................

Ireland

150,000

154,048

Senior

Note,

4.125%,

2/28/29

........................

Ireland

450,000

450,313

b

Aircastle

Ltd.

/

Aircastle

Ireland

DAC

,

Senior

Note

,

144A,

5.25 %

,

3/15/30

.........................................

United

States

150,000

154,890

Ally

Financial,

Inc.

,

Senior

Bond

,

%

,

11/01/31

.............

United

States

226,000

256,573

American

Express

Co.

,

Senior

Note

,

5.098%

to

2/15/27,

FRN

thereafter

,

2/16/28

.................................

United

States

295,000

298,076

b

Avolon

Holdings

Funding

Ltd.

,

Senior

Note,

144A,

5.75%,

11/15/29

...................

Ireland

147,000

153,709

Senior

Note,

144A,

4.9%,

10/10/30

....................

Ireland

1,035,000

1,050,174

Capital

One

Financial

Corp.

,

Senior

Note,

4.493%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

105,000

105,041

Senior

Note,

7.624%

to

10/29/30,

FRN

thereafter,

10/30/31

..

United

States

371,000

418,269

Sub.

Bond,

2.359%

to

7/28/31,

FRN

thereafter,

7/29/32

.....

United

States

385,000

339,459

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

5/15/30

.........................................

United

States

815,000

872,351

b

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

880,000

909,261

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.8 %

,

3/05/27

.......

United

States

205,000

207,820

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond,

5.45%,

9/06/34

.........................

United

States

205,000

210,501

Senior

Note,

4.2%,

10/27/28

.........................

United

States

40,000

40,163

Senior

Note,

5.8%,

1/07/29

..........................

United

States

105,000

109,679

Senior

Note,

4.9%,

10/06/29

.........................

United

States

221,000

226,035

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note,

144A,

5.15%,

3/17/30

....................

United

Kingdom

657,000

671,687

Senior

Note,

144A,

6.5%,

3/26/31

.....................

United

Kingdom

86,000

92,845

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

.......................

United

States

110,000

108,826

Senior

Note,

7.5%,

5/15/31

..........................

United

States

70,000

72,325

Senior

Note,

7.125%,

11/15/31

.......................

United

States

915,000

936,103

Senior

Note,

6.5%,

3/15/33

..........................

United

States

50,000

49,593

8,500,013

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.2%
b

7-Eleven,

Inc.

,

Senior

Bond,

144A,

1.8%,

2/10/31

.....................

United

States

30,000

26,684

Senior

Note,

144A,

1.3%,

2/10/28

.....................

United

States

734,000

697,880

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond

,

144A,

3.55 %

,

7/26/27

.........................................

Canada

146,000

145,355

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
(continued)

b

US

Foods,

Inc.

,

Senior

Note,

144A,

7.25%,

1/15/32

....................

United

States

325,000

$

340,779

Senior

Note,

144A,

5.75%,

4/15/33

....................

United

States

230,000

234,832

1,445,530

#### Containers

#### &

#### Packaging

#### 0.3%
AptarGroup,

Inc.

,

Senior

Note

,

4.75 %

,

3/30/31

.............

United

States

230,000

233,499

Berry

Global,

Inc.

,

Senior

Secured

Note

,

1.65 %

,

1/15/27

......

United

States

143,000

140,343

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

...............................

United

States

500,000

504,168

b

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/30

...................

United

States

315,000

310,674

Senior

Secured

Note,

144A,

7.875%,

4/15/30

............

United

States

90,000

92,185

b

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5 %

,

5/15/30

...........

Canada

705,000

669,624

WestRock

MWV

LLC

,

Senior

Bond

,

8.2 %

,

1/15/30

...........

United

States

310,000

355,232

2,305,725

#### Distributors

#### 0.1%
b

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

Senior

Note,

144A,

3.875%,

11/15/29

..................

United

States

330,000

319,763

Senior

Secured

Note,

144A,

4%,

1/15/28

................

United

States

55,000

54,245

374,008

#### Diversified

#### Consumer

#### Services

#### 0.0%

#### †
Service

Corp.

International

,

Senior

Note

,

%

,

5/15/31

........

United

States

220,000

210,445

#### Diversified

#### REITs

#### 0.1%
f

Equinix

Asia

Financing

Corp.

Pte.

Ltd.

,

Senior

Note

,

4.4 %

,

3/15/31

.........................................

United

States

320,000

319,835

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond

,

6.75 %

,

12/01/33

........................................

United

States

121,000

132,128

VICI

Properties

LP

,

Senior

Bond,

5.75%,

4/01/34

.........................

United

States

90,000

93,556

Senior

Note,

4.75%,

2/15/28

.........................

United

States

115,000

116,182

Senior

Note,

5.125%,

11/15/31

.......................

United

States

13,000

13,242

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note,

144A,

3.75%,

2/15/27

....................

United

States

41,000

40,810

Senior

Note,

144A,

4.5%,

1/15/28

.....................

United

States

133,000

133,568

Senior

Note,

144A,

3.875%,

2/15/29

...................

United

States

758,000

747,541

1,596,862

#### Diversified

#### Telecommunication

#### Services

#### 0.8%
b

Altice

France

SA

,

Senior

Secured

Note

,

144A,

6.875 %

,

7/15/32

.

France

152,439

146,519

b

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

9.25 %

,

12/15/30

........................................

United

States

195,000

204,825

AT&T,

Inc.

,

Senior

Bond,

2.25%,

2/01/32

.........................

United

States

108,000

96,483

Senior

Bond,

2.55%,

12/01/33

........................

United

States

161,000

139,685

Senior

Bond,

5.125%,

4/30/36

........................

United

States

775,000

786,723

Senior

Bond,

4.75%,

5/15/46

.........................

United

States

12,000

10,567

Senior

Bond,

3.55%,

9/15/55

.........................

United

States

69,000

46,767

b

Black

Pearl

Compute

LLC

,

Senior

Secured

Note

,

144A,

6.125 %

,

2/15/31

.........................................

United

States

90,000

92,223

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.375%,

6/01/29

...................

United

States

215,000

214,634

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Diversified

#### Telecommunication

#### Services
(continued)

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.,

(continued)

Senior

Bond,

144A,

4.75%,

3/01/30

....................

United

States

95,000

$

91,907

Senior

Bond,

144A,

4.75%,

2/01/32

....................

United

States

2,695,000

2,508,119

Senior

Note,

144A,

7%,

2/01/33

......................

United

States

60,000

61,392

b

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125 %

,

11/15/30

........................................

United

States

1,360,000

1,419,288

Comcast

Corp.

,

Senior

Bond

,

3.45 %

,

2/01/50

..............

United

States

63,000

43,388

b

Frontier

Communications

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

5/15/30

...............................

United

States

60,000

61,906

b

IHS

Holding

Ltd.

,

Senior

Note

,

Reg

S,

8.25 %

,

11/29/31

.......

Nigeria

200,000

213,213

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/28

.........

United

States

119,000

127,680

b

SV

RNO

Property

Owner

LLC

,

Senior

Secured

Note

,

144A,

5.875 %

,

3/01/31

...................................

United

States

205,000

206,063

Verizon

Communications,

Inc.

,

Senior

Bond,

5.875%,

11/30/55

.......................

United

States

200,000

201,479

Senior

Note,

4.75%,

1/15/33

.........................

United

States

255,000

258,684

b

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5 %

,

8/15/30

....................................

United

Kingdom

260,000

237,218

b

WULF

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.75 %

,

10/15/30

........................................

United

States

555,000

588,175

7,756,938

#### Electric

#### Utilities

#### 1.7%
American

Electric

Power

Co.,

Inc.

,

C,

Junior

Sub.

Bond,

5.8%

to

3/14/31,

FRN

thereafter,

3/15/56

United

States

307,000

308,559

D,

Junior

Sub.

Bond,

6.05%

to

3/14/36,

FRN

thereafter,

3/15/56

.........................................

United

States

250,000

250,979

J,

Senior

Bond,

4.3%,

12/01/28

.......................

United

States

195,000

196,956

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65 %

,

1/15/32

...................................

United

States

511,000

467,746

b

Buffalo

Energy

Mexico

Holdings

/

Buffalo

Energy

Infrastructure

/

Buffalo

Energy

,

Senior

Secured

Bond

,

144A,

7.875 %

,

2/15/39

Mexico

198,268

217,122

b

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375 %

,

2/15/32

....................

United

Kingdom

775,000

773,223

DTE

Electric

Co.

,

Senior

Bond,

5.25%,

5/15/35

.........................

United

States

555,000

576,608

A,

Senior

Bond,

4.85%,

3/01/36

.......................

United

States

70,000

70,500

Duke

Energy

Carolinas

LLC

,

Senior

Bond

,

4.25 %

,

12/15/41

...

United

States

51,000

45,657

Duke

Energy

Corp.

,

Senior

Bond,

5.75%,

9/15/33

.........................

United

States

158,000

169,020

Senior

Bond,

5.8%,

6/15/54

..........................

United

States

21,000

20,839

Senior

Note,

4.85%,

1/05/29

.........................

United

States

246,000

252,154

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

3.65 %

,

2/01/29

........

United

States

20,000

19,930

b

Enel

Finance

International

NV

,

Senior

Note

,

144A,

4.375 %

,

9/30/30

.........................................

Italy

510,000

512,758

b

Evergy

Missouri

West,

Inc.

,

Senior

Note

,

144A,

5.15 %

,

12/15/27

United

States

243,000

247,659

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

............

United

States

92,000

94,441

Exelon

Corp.

,

Senior

Bond,

5.625%,

6/15/35

........................

United

States

292,000

308,345

Senior

Note,

5.15%,

3/15/29

.........................

United

States

246,000

254,338

FirstEnergy

Transmission

LLC

,

Senior

Note

,

4.55 %

,

1/15/30

...

United

States

50,000

50,763

Georgia

Power

Co.

,

Senior

Bond,

4.95%,

5/17/33

.........................

United

States

114,000

117,778

Senior

Bond,

5.25%,

3/15/34

.........................

United

States

36,000

37,613

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond,

5.9%,

3/15/55

..........................

United

States

432,000

$

439,560

Senior

Note,

5.3%,

3/15/32

..........................

United

States

457,000

479,587

Northern

States

Power

Co.

,

Senior

Bond

,

5.05 %

,

5/15/35

.....

United

States

434,000

446,024

b

NRG

Energy,

Inc.

,

h

Junior

Sub.

Bond,

144A,

10.25%

to

3/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

70,000

77,106

Senior

Bond,

144A,

6.25%,

11/01/34

...................

United

States

245,000

253,500

Senior

Bond,

144A,

6%,

1/15/36

......................

United

States

495,000

504,050

Senior

Note,

144A,

3.375%,

2/15/29

...................

United

States

335,000

323,060

Senior

Secured

Bond,

144A,

7%,

3/15/33

...............

United

States

280,000

311,777

Senior

Secured

Note,

144A,

2.45%,

12/02/27

............

United

States

683,000

662,090

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond,

4.95%,

9/15/52

..................

United

States

159,000

145,258

Senior

Secured

Note,

3.7%,

11/15/28

..................

United

States

70,000

69,715

Pacific

Gas

and

Electric

Co.

,

Senior

Bond,

5.9%,

6/15/32

..........................

United

States

311,000

330,014

Senior

Bond,

6.95%,

3/15/34

.........................

United

States

22,000

24,797

Senior

Bond,

4.95%,

7/01/50

.........................

United

States

64,000

55,445

Senior

Bond,

6.75%,

1/15/53

.........................

United

States

355,000

383,845

Senior

Note,

2.1%,

8/01/27

..........................

United

States

36,000

35,101

Senior

Note,

3.3%,

12/01/27

.........................

United

States

170,000

168,049

Senior

Note,

6.1%,

1/15/29

..........................

United

States

255,000

267,866

Senior

Note,

5.55%,

5/15/29

.........................

United

States

31,000

32,235

PG&E

Corp.

,

Junior

Sub.

Bond,

7.375%

to

3/14/30,

FRN

thereafter,

3/15/55

United

States

45,000

46,582

Senior

Secured

Bond,

5.25%,

7/01/30

..................

United

States

145,000

145,205

Southern

Co.

(The)

,

Senior

Bond,

5.7%,

3/15/34

..........................

United

States

107,000

113,845

Senior

Note,

5.5%,

3/15/29

..........................

United

States

31,000

32,319

Virginia

Electric

and

Power

Co.

,

Senior

Bond,

5.05%,

8/15/34

.........................

United

States

348,000

355,051

f

Senior

Bond,

4.95%,

3/15/36

.........................

United

States

135,000

134,832

C,

Senior

Bond,

4.9%,

9/15/35

.......................

United

States

395,000

396,334

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

4.375%,

5/01/29

...................

United

States

515,000

509,754

Senior

Note,

144A,

7.75%,

10/15/31

...................

United

States

135,000

142,726

Senior

Note,

144A,

6.875%,

4/15/32

...................

United

States

180,000

189,448

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

..............

United

States

320,000

320,335

Senior

Secured

Bond,

144A,

6.95%,

10/15/33

............

United

States

137,000

153,672

Senior

Secured

Bond,

144A,

6%,

4/15/34

...............

United

States

75,000

79,554

Senior

Secured

Bond,

144A,

5.7%,

12/30/34

.............

United

States

519,000

538,192

Senior

Secured

Bond,

144A,

5.25%,

10/15/35

............

United

States

430,000

431,183

Senior

Secured

Note,

144A,

3.7%,

1/30/27

..............

United

States

151,000

150,491

Senior

Secured

Note,

144A,

4.6%,

10/15/30

.............

United

States

405,000

407,771

Wisconsin

Electric

Power

Co.

,

Senior

Bond

,

4.6 %

,

10/01/34

...

United

States

242,000

244,414

Xcel

Energy,

Inc.

,

Senior

Bond

,

5.6 %

,

4/15/35

..............

United

States

285,000

298,013

14,691,788

#### Electrical

#### Equipment

#### 0.0%

#### †
b

Energizer

Gamma

Acquisition

BV

,

Senior

Note

,

Reg

S,

3.5 %

,

6/30/29

.........................................

United

States

100,000

EUR

115,516

b

Sensata

Technologies

BV

,

Senior

Note

,

144A,

5.875 %

,

9/01/30

.

United

States

235,000

238,150

b

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125 %

,

11/15/28

........................................

United

States

301,000

299,983

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electrical

#### Equipment
(continued)

f

Vertiv

Holdings

Co.

,

Senior

Bond,

4.85%,

3/15/36

.........................

United

States

100,000

$

99,654

Senior

Bond,

5.8%,

3/15/56

..........................

United

States

30,000

30,073

783,376

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.2%
Amphenol

Corp.

,

Senior

Note

,

4.4 %

,

2/15/33

...............

United

States

415,000

416,142

CDW

LLC

/

CDW

Finance

Corp.

,

Senior

Note

,

3.25 %

,

2/15/29

..

United

States

385,000

372,146

b

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

......

United

States

560,000

543,941

1,332,229

#### Energy

#### Equipment

#### &

#### Services

#### 0.6%
b

Archrock

Services

LP

/

Archrock

Partners

Finance

Corp.

,

Senior

Note

,

144A,

%

,

2/01/34

............................

United

States

570,000

577,404

b

Borr

IHC

Ltd.

/

Borr

Finance

LLC

,

Senior

Secured

Note

,

144A,

10.375 %

,

11/15/30

.................................

Mexico

419,854

439,011

b

Kodiak

Gas

Services

LLC

,

Senior

Bond,

144A,

6.75%,

10/01/35

...................

United

States

120,000

125,448

Senior

Note,

144A,

7.25%,

2/15/29

....................

United

States

245,000

254,204

Senior

Note,

144A,

6.5%,

10/01/33

....................

United

States

305,000

314,679

b

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

8/15/31

...

United

States

35,000

36,278

b

Transocean

Aquila

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

9/30/28

United

States

14,462

14,892

Transocean

International

Ltd.

,

Senior

Bond,

6.8%,

3/15/38

..........................

United

States

320,000

310,270

b

Senior

Note,

144A,

8.5%,

5/15/31

.....................

United

States

295,000

312,145

b

Senior

Secured

Note,

144A,

8.75%,

2/15/30

.............

United

States

493,500

516,626

b

Senior

Secured

Note,

144A,

7.875%,

10/15/32

...........

United

States

410,000

440,432

b

Weatherford

International

Ltd.

,

Senior

Note,

144A,

8.625%,

4/30/30

...................

United

States

38,000

39,178

Senior

Note,

144A,

6.75%,

10/15/33

...................

United

States

480,000

502,087

3,882,654

#### Entertainment

#### 0.2%
b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

.........................................

France

865,000

896,067

Discovery

Global

Holdings,

Inc.

,

Senior

Bond

,

5.05 %

,

3/15/42

..

United

States

60,000

42,300

b

Live

Nation

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

5/15/27

....................................

United

States

70,000

70,378

Netflix,

Inc.

,

Senior

Bond,

5.875%,

11/15/28

.......................

United

States

45,000

47,351

b

Senior

Bond,

144A,

5.375%,

11/15/29

..................

United

States

365,000

380,927

b

Pinewood

Finco

plc

,

Senior

Secured

Note

,

144A,

%

,

3/27/30

..

United

Kingdom

100,000

GBP

136,347

1,573,370

#### Financial

#### Services

#### 0.7%
Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85 %

,

4/05/29

.......

United

States

180,000

178,038

b

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note,

144A,

6.5%,

10/01/30

....................

United

States

85,000

84,769

Senior

Note,

144A,

6.75%,

12/01/32

...................

United

States

1,030,000

1,020,199

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25 %

,

10/01/30

United

States

765,000

832,564

b

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375 %

,

4/01/32

.........................................

United

States

120,000

121,001

b

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

%

,

2/15/27

........

Ireland

30,000

30,360

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note,

144A,

9.5%,

2/15/29

.....................

United

States

95,000

100,363

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Financial

#### Services
(continued)

b

Jefferson

Capital

Holdings

LLC,

(continued)

Senior

Note,

144A,

8.25%,

5/15/30

....................

United

States

810,000

$

849,255

b

Osaic

Holdings,

Inc.

,

Senior

Note,

144A,

8%,

8/01/33

......................

United

States

930,000

927,471

Senior

Secured

Note,

144A,

6.75%,

8/01/32

.............

United

States

95,000

95,937

b

Petronas

Capital

Ltd.

,

Senior

Bond

,

Reg

S,

2.48 %

,

1/28/32

....

Malaysia

680,000

621,891

b

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875 %

,

11/01/29

..................................

United

States

835,000

839,087

b

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

1/31/30

........

United

States

145,000

147,719

b

Rocket

Cos.,

Inc.

,

Senior

Note,

144A,

7.125%,

2/01/32

...................

United

States

75,000

78,478

Senior

Note,

144A,

6.375%,

8/01/33

...................

United

States

765,000

791,599

b

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

5.5 %

,

5/15/33

...........................

United

States

255,000

EUR

298,990

7,017,721

#### Food

#### Products

#### 0.7%
b,g

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75 %

,

10/01/29

United

States

32,742

33,783

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625 %

,

7/01/29

...................................

United

States

80,000

83,317

b

Froneri

Lux

FinCo

SARL

,

Senior

Secured

Note

,

144A,

%

,

8/01/32

.........................................

United

Kingdom

715,000

719,482

b

Industrial

F&B

Investments

III,

Inc.

,

Senior

Secured

Note

,

144A,

7.75 %

,

2/11/33

....................................

United

States

95,000

97,577

JBS

NV

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

Holdings

,

Senior

Note,

3%,

2/02/29

...........................

United

States

187,000

181,770

Senior

Note,

6.75%,

3/15/34

.........................

United

States

462,000

515,356

Senior

Note,

5.95%,

4/20/35

.........................

United

States

34,000

36,083

Kellanova

,

Senior

Bond,

4.5%,

4/01/46

..........................

United

States

16,000

14,393

B,

Senior

Bond,

7.45%,

4/01/31

.......................

United

States

21,000

24,204

Kraft

Heinz

Foods

Co.

,

Senior

Bond,

6.875%,

1/26/39

........................

United

States

40,000

45,136

Senior

Bond,

4.625%,

10/01/39

.......................

United

States

40,000

36,666

Senior

Bond,

5%,

6/04/42

...........................

United

States

565,000

518,596

b

Mars,

Inc.

,

Senior

Bond,

144A,

5.65%,

5/01/45

....................

United

States

665,000

680,943

Senior

Bond,

144A,

5.7%,

5/01/55

.....................

United

States

740,000

750,931

Senior

Bond,

144A,

5.8%,

5/01/65

.....................

United

States

29,000

29,728

Senior

Note,

144A,

5%,

3/01/32

......................

United

States

15,000

15,542

Senior

Note,

144A,

5.2%,

3/01/35

.....................

United

States

703,000

728,185

Pilgrim's

Pride

Corp.

,

Senior

Note

,

3.5 %

,

3/01/32

...........

United

States

432,000

405,638

4,917,330

#### Gas

#### Utilities

#### 0.0%

#### †
CenterPoint

Energy

Resources

Corp.

,

Senior

Bond

,

5.4 %

,

7/01/34

.........................................

United

States

99,000

103,477

#### Ground

#### Transportation

#### 0.1%
b

Ashtead

Capital,

Inc.

,

Senior

Bond,

144A,

4.375%,

8/15/27

...................

United

Kingdom

200,000

199,783

Senior

Note,

144A,

4%,

5/01/28

......................

United

Kingdom

200,000

198,921

b

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/01/30

.........................................

United

States

50,000

52,407

Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

5.55 %

,

3/15/56

United

States

200,000

200,889

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Ground

#### Transportation
(continued)

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Note

,

144A,

4.4 %

,

7/01/27

...............................

United

States

45,000

$

45,214

b

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Note

,

144A,

5.3 %

,

4/03/29

.........................................

Ireland

490,000

506,001

b

Transnet

SOC

Ltd.

,

Senior

Note

,

Reg

S,

8.25 %

,

2/06/28

......

South

Africa

200,000

210,961

b

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

8/01/32

...................................

United

States

115,000

121,079

1,535,255

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.3%
b

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375 %

,

10/01/28

........................................

United

States

40,000

41,500

b,i

Bausch

+

Lomb

Netherlands

BV

and

Bausch

&

Lomb,

Inc.

,

Senior

Secured

Note

,

144A,

FRN

,

5.891 %

,

(3-month

EURIBOR

+

3.875 %),

1/15/31

..................................

United

States

100,000

EUR

120,042

GE

HealthCare

Technologies,

Inc.

,

Senior

Note,

5.65%,

11/15/27

........................

United

States

110,000

113,059

Senior

Note,

4.8%,

8/14/29

..........................

United

States

220,000

225,659

b

Insulet

Corp.

,

Senior

Note

,

144A,

6.5 %

,

4/01/33

............

United

States

65,000

67,643

b

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

...................

United

States

575,000

575,328

Senior

Secured

Note,

144A,

3.875%,

4/01/29

............

United

States

1,740,000

1,712,432

2,855,663

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.8%
b

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note,

144A,

5.25%,

5/15/30

.............

United

States

540,000

519,249

Senior

Secured

Note,

144A,

10.875%,

1/15/32

...........

United

States

331,000

359,127

Senior

Secured

Note,

144A,

9.75%,

1/15/34

.............

United

States

350,000

369,274

b

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

7/15/32

.........................................

United

States

345,000

360,661

CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

675,000

710,376

Senior

Bond,

1.875%,

2/28/31

........................

United

States

625,000

557,383

Senior

Bond,

4.78%,

3/25/38

.........................

United

States

707,000

675,839

b

DaVita,

Inc.

,

Senior

Note,

144A,

6.875%,

9/01/32

...................

United

States

960,000

998,122

Senior

Note,

144A,

6.75%,

7/15/33

....................

United

States

15,000

15,585

HCA,

Inc.

,

Senior

Bond,

5.25%,

6/15/26

.........................

United

States

23,000

23,016

Senior

Bond,

5.6%,

4/01/34

..........................

United

States

50,000

52,560

Senior

Bond,

6%,

4/01/54

...........................

United

States

274,000

274,410

Senior

Note,

3.625%,

3/15/32

........................

United

States

238,000

226,844

Senior

Note,

4.6%,

11/15/32

.........................

United

States

65,000

65,124

Humana,

Inc.

,

Senior

Note

,

5.75 %

,

3/01/28

................

United

States

156,000

160,315

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.809 %

,

5/08/27

.........................................

United

States

200,000

201,831

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

705,000

686,645

Tenet

Healthcare

Corp.

,

b

Senior

Note,

144A,

6%,

11/15/33

......................

United

States

645,000

666,959

Senior

Secured

Note,

6.125%,

6/15/30

.................

United

States

275,000

280,828

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

4.625 %

,

7/15/35

......

United

States

250,000

248,588

7,452,736

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### REITs

#### 0.1%
b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/32

....................

United

States

780,000

$

835,382

#### Health

#### Care

#### Technology

#### 0.1%
b

AthenaHealth

Group,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/30

...

United

States

90,000

84,709

b

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

6/01/32

.............

United

States

960,000

988,729

1,073,438

#### Hotel

#### &

#### Resort

#### REITs

#### 0.1%
b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note,

144A,

7.25%,

7/15/28

....................

United

States

20,000

20,552

Senior

Note,

144A,

6.5%,

4/01/32

.....................

United

States

685,000

709,250

Senior

Note,

144A,

6.5%,

6/15/33

.....................

United

States

40,000

41,575

f

Senior

Note,

144A,

5.75%,

3/15/34

....................

United

States

155,000

156,254

b

XHR

LP

,

Senior

Note

,

144A,

6.625 %

,

5/15/30

..............

United

States

25,000

25,955

953,586

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.3%
b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

%

,

10/15/30

.....................................

Canada

580,000

557,346

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

6/15/31

......

United

States

195,000

190,897

b

Caesars

Entertainment,

Inc.

,

Senior

Note,

144A,

6%,

10/15/32

.....................

United

States

35,000

34,243

Senior

Secured

Note,

144A,

7%,

2/15/30

................

United

States

130,000

133,348

b

Carnival

Corp.

,

Senior

Note,

144A,

5.125%,

5/01/29

...................

United

States

255,000

258,779

Senior

Note,

144A,

5.75%,

3/15/30

....................

United

States

1,044,000

1,080,475

Senior

Note,

144A,

5.875%,

6/15/31

...................

United

States

80,000

83,656

Senior

Note,

144A,

5.75%,

8/01/32

....................

United

States

1,110,000

1,153,345

Senior

Note,

144A,

6.125%,

2/15/33

...................

United

States

1,470,000

1,522,723

Senior

Secured

Note,

144A,

4%,

8/01/28

................

United

States

291,000

289,158

b

Churchill

Downs,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

4/01/30

.....

United

States

90,000

90,769

b

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/30

.................

United

States

920,000

868,494

b

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

.........................

Canada

70,000

71,202

b

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

9/15/33

.........................................

United

States

750,000

768,150

Hyatt

Hotels

Corp.

,

Senior

Note,

5.25%,

6/30/29

.........................

United

States

110,000

113,700

Senior

Note,

5.375%,

12/15/31

.......................

United

States

325,000

337,424

b

Light

&

Wonder

International,

Inc.

,

Senior

Note,

144A,

7.25%,

11/15/29

...................

United

States

195,000

200,099

Senior

Note,

144A,

7.5%,

9/01/31

.....................

United

States

15,000

15,695

Marriott

International,

Inc.

,

Senior

Note

,

4.5 %

,

5/01/33

........

United

States

270,000

269,193

b

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.25 %

,

4/15/30

..

United

States

495,000

516,178

b

NCL

Corp.

Ltd.

,

Senior

Note,

144A,

7.75%,

2/15/29

....................

United

States

50,000

53,459

Senior

Note,

144A,

6.75%,

2/01/32

....................

United

States

470,000

484,344

Senior

Note,

144A,

6.25%,

9/15/33

....................

United

States

35,000

35,349

b

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

1/15/27

.

United

States

75,000

75,316

b

Rivers

Enterprise

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

10/15/30

...................................

United

States

285,000

291,341

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

5.625%,

9/30/31

...................

United

States

55,000

56,708

Senior

Note,

144A,

6.25%,

3/15/32

....................

United

States

795,000

829,263

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

b

Royal

Caribbean

Cruises

Ltd.,

(continued)

Senior

Note,

144A,

6%,

2/01/33

......................

United

States

125,000

$

129,518

b

Scientific

Games

Holdings

LP

/

Scientific

Games

US

FinCo,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

3/01/30

....................

United

States

75,000

68,034

b

Station

Casinos

LLC

,

Senior

Note

,

144A,

6.625 %

,

3/15/32

.....

United

States

70,000

71,712

b

Viking

Cruises

Ltd.

,

Senior

Note,

144A,

7%,

2/15/29

......................

United

States

30,000

30,066

Senior

Note,

144A,

9.125%,

7/15/31

...................

United

States

515,000

548,194

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125 %

,

2/15/31

.........................

United

States

185,000

199,879

11,428,057

#### Household

#### Durables

#### 0.5%
b

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note

,

144A,

6.875 %

,

8/01/33

.........................

United

States

570,000

575,833

DR

Horton,

Inc.

,

Senior

Bond

,

%

,

10/15/34

...............

United

States

628,000

643,988

b

K. Hovnanian

Enterprises,

Inc.

,

Senior

Note,

144A,

8%,

4/01/31

......................

United

States

180,000

185,267

Senior

Note,

144A,

8.375%,

10/01/33

..................

United

States

180,000

184,743

b

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75 %

,

12/15/28

........

United

States

100,000

104,399

Newell

Brands,

Inc.

,

Senior

Note,

6.375%,

5/15/30

........................

United

States

30,000

30,116

Senior

Note,

6.625%,

5/15/32

........................

United

States

330,000

330,186

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond,

144A,

5.125%,

8/01/30

...................

United

States

190,000

191,811

Senior

Note,

144A,

5.75%,

1/15/28

....................

United

States

35,000

35,729

Senior

Note,

144A,

5.75%,

11/15/32

...................

United

States

430,000

444,655

Toll

Brothers

Finance

Corp.

,

Senior

Bond,

4.35%,

2/15/28

.........................

United

States

75,000

75,527

Senior

Bond,

3.8%,

11/01/29

.........................

United

States

357,000

353,691

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note,

144A,

4.875%,

9/15/28

...................

United

States

385,000

381,439

Senior

Note,

144A,

6.75%,

1/15/34

....................

United

States

645,000

649,548

4,186,932

#### Household

#### Products

#### 0.0%

#### †
b

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375 %

,

3/31/29

..

United

States

30,000

29,167

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.6%
b

AES

Andes

SA

,

Senior

Note

,

144A,

6.25 %

,

3/14/32

..........

Chile

200,000

208,343

b

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467 %

,

7/31/28

.........................................

United

States

600,000

639,370

b

Clearway

Energy

Operating

LLC

,

Senior

Bond,

144A,

3.75%,

1/15/32

....................

United

States

415,000

386,211

Senior

Note,

144A,

3.75%,

2/15/31

....................

United

States

205,000

194,334

Senior

Note,

144A,

5.75%,

1/15/34

....................

United

States

315,000

319,299

Constellation

Energy

Generation

LLC

,

Senior

Bond,

6.125%,

1/15/34

........................

United

States

216,000

236,663

Senior

Bond,

6.5%,

10/01/53

.........................

United

States

252,000

278,237

Senior

Bond,

5.75%,

3/15/54

.........................

United

States

113,000

113,695

Senior

Note,

4.4%,

1/15/31

..........................

United

States

715,000

720,038

b

Senior

Note,

144A,

5%,

2/01/31

......................

United

States

315,000

319,822

b

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

,

Senior

Secured

Bond

,

144A,

7.25 %

,

1/31/41

......

Mexico

198,101

206,852

Southern

Power

Co.

,

B,

Senior

Bond,

4.9%,

10/01/35

.......................

United

States

410,000

408,757

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers
(continued)

Southern

Power

Co.,

(continued)

A,

Senior

Note,

4.25%,

10/01/30

......................

United

States

385,000

$

387,100

b

Talen

Energy

Supply

LLC

,

Senior

Bond,

144A,

6.5%,

2/01/36

.....................

United

States

430,000

442,360

Senior

Note,

144A,

6.25%,

2/01/34

....................

United

States

445,000

453,094

b,h

Vistra

Corp.

,

Junior

Sub.

Bond

,

144A,

8%

to

10/14/26,

FRN

thereafter

,

Perpetual

...............................

United

States

65,000

66,257

5,380,432

#### Insurance

#### 0.5%
b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note,

144A,

8.5%,

6/15/29

.....................

United

States

85,000

84,872

Senior

Secured

Note,

144A,

7.5%,

11/06/30

.............

United

States

85,000

86,552

b

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

5.875%,

11/01/29

..................

United

States

105,000

102,533

Senior

Note,

144A,

7.375%,

10/01/32

..................

United

States

25,000

24,750

Senior

Secured

Note,

144A,

7%,

1/15/31

................

United

States

1,105,000

1,125,824

Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

4.85 %

,

12/15/29

......

United

States

80,000

81,983

b

Asurion

LLC

and

Asurion

Co-Issuer,

Inc.

,

Senior

Secured

Note,

144A,

8%,

12/31/32

...............

United

States

530,000

557,119

Senior

Secured

Note,

144A,

8.375%,

2/01/34

............

United

States

605,000

602,451

b

Athene

Global

Funding

,

Secured

Note,

144A,

5.526%,

7/11/31

..................

United

States

175,000

180,637

Secured

Note,

144A,

5.322%,

11/13/31

.................

United

States

476,000

483,435

Senior

Secured

Bond,

144A,

5.543%,

8/22/35

............

United

States

75,000

74,746

Athene

Holding

Ltd.

,

Senior

Bond

,

6.25 %

,

4/01/54

...........

United

States

25,000

23,357

Brown

&

Brown,

Inc.

,

Senior

Note,

4.9%,

6/23/30

..........................

United

States

484,000

492,265

Senior

Note,

5.25%,

6/23/32

.........................

United

States

42,000

42,816

CNA

Financial

Corp.

,

Senior

Bond

,

5.125 %

,

2/15/34

.........

United

States

69,000

70,130

b

CNO

Global

Funding

,

Secured

Note

,

144A,

4.95 %

,

9/09/29

....

United

States

305,000

310,830

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5 %

,

6/04/29

.......

United

States

280,000

288,403

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

3/15/30

...........................

Canada

35,000

36,341

b

Massachusetts

Mutual

Life

Insurance

Co.

,

Sub.

Bond

,

144A,

3.729 %

,

10/15/70

..................................

United

States

116,000

75,864

b

Metropolitan

Life

Global

Funding

I

,

Senior

Secured

Bond

,

144A,

2.95 %

,

4/09/30

...................................

United

States

325,000

311,828

5,056,736

#### Interactive

#### Media

#### &

#### Services

#### 0.0%

#### †
Alphabet,

Inc.

,

Senior

Bond

,

4.8 %

,

2/15/36

................

United

States

210,000

213,532

Meta

Platforms,

Inc.

,

Senior

Bond

,

5.55 %

,

8/15/64

..........

United

States

124,000

116,928

330,460

#### IT

#### Services

#### 0.0%

#### †
b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

7/01/32

...............

United

States

215,000

190,742

b

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

6/01/31

.........................................

United

States

65,000

63,629

254,371

#### Leisure

#### Products

#### 0.1%
Brunswick

Corp.

,

Senior

Bond,

2.4%,

8/18/31

..........................

United

States

242,000

215,138

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Leisure

#### Products
(continued)

Brunswick

Corp.,

(continued)

Senior

Note,

5.85%,

3/18/29

.........................

United

States

212,000

$

220,555

435,693

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.0%

#### †
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

................

United

States

86,000

86,305

Thermo

Fisher

Scientific,

Inc.

,

Senior

Bond

,

4.902 %

,

2/12/36

...

United

States

230,000

234,078

320,383

#### Machinery

#### 0.0%

#### †
b

Chart

Industries,

Inc.

,

Senior

Note

,

144A,

9.5 %

,

1/01/31

......

United

States

25,000

26,317

b

Terex

Corp.

,

Senior

Note,

144A,

5%,

5/15/29

......................

United

States

320,000

320,496

Senior

Note,

144A,

6.25%,

10/15/32

...................

United

States

35,000

36,071

382,884

#### Media

#### 1.0%
b

Block

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

10.25 %

,

3/01/31

...................................

United

States

410,000

377,280

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond,

5.85%,

12/01/35

.................

United

States

345,000

347,363

Senior

Secured

Bond,

3.5%,

6/01/41

...................

United

States

470,000

338,906

Senior

Secured

Bond,

4.8%,

3/01/50

...................

United

States

385,000

293,644

Senior

Secured

Note,

2.25%,

1/15/29

..................

United

States

92,000

86,874

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

....................

United

States

30,000

30,256

Senior

Secured

Note,

144A,

7.875%,

4/01/30

............

United

States

40,000

42,176

Senior

Secured

Note,

144A,

7.5%,

3/15/33

..............

United

States

120,000

129,609

Directv

Financing

LLC

,

b

Senior

Secured

Note,

144A,

8.875%,

2/01/30

............

United

States

1,100,000

1,102,278

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

8/15/27

............

United

States

13,000

13,023

Senior

Secured

Note,

144A,

10%,

2/15/31

...............

United

States

60,000

61,412

Discovery

Communications

LLC

,

Senior

Note

,

4.125 %

,

5/15/29

.

United

States

75,000

74,018

EchoStar

Corp.

,

Senior

Secured

Note

,

10.75 %

,

11/30/29

......

United

States

100,000

109,252

b

EW

Scripps

Co.

(The)

,

Secured

Note

,

144A,

9.875 %

,

8/15/30

..

United

States

770,000

773,898

b

Gray

Media,

Inc.

,

Secured

Note,

144A,

9.625%,

7/15/32

..................

United

States

480,000

499,093

Senior

Bond,

144A,

5.375%,

11/15/31

..................

United

States

85,000

66,999

Senior

Secured

Note,

144A,

7.25%,

8/15/33

.............

United

States

415,000

428,824

b

McGraw-Hill

Education,

Inc.

,

Senior

Note,

144A,

8%,

8/01/29

......................

United

States

120,000

119,237

Senior

Secured

Note,

144A,

5.75%,

8/01/28

.............

United

States

65,000

64,955

Senior

Secured

Note,

144A,

7.375%,

9/01/31

............

United

States

90,000

92,040

b

Nexstar

Media,

Inc.

,

Senior

Note

,

144A,

4.75 %

,

11/01/28

......

United

States

240,000

238,967

Omnicom

Group,

Inc.

,

Senior

Note

,

2.4 %

,

3/01/31

...........

United

States

62,000

56,551

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond,

144A,

4.625%,

3/15/30

...................

United

States

45,000

44,181

Senior

Secured

Note,

144A,

7.375%,

2/15/31

............

United

States

40,000

42,079

Paramount

Global

,

Senior

Bond,

4.2%,

6/01/29

..........................

United

States

164,000

157,596

Senior

Note,

3.7%,

6/01/28

..........................

United

States

38,000

36,807

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

...................................

United

States

900,000

937,800

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Media
(continued)

b

Sirius

XM

Radio

LLC

,

Senior

Bond

,

144A,

3.875 %

,

9/01/31

....

United

States

705,000

$

647,046

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375 %

,

7/15/33

...................................

United

States

575,000

672,631

b

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375 %

,

8/01/32

...................................

United

States

475,000

503,026

b

VZ

Secured

Financing

BV

,

Senior

Secured

Note

,

144A,

%

,

1/15/32

.........................................

Netherlands

685,000

609,451

8,997,272

#### Metals

#### &

#### Mining

#### 0.5%
b

Big

River

Steel

LLC

/

BRS

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625 %

,

1/31/29

..............................

United

States

70,000

70,431

b

Cleveland-Cliffs,

Inc.

,

Senior

Note,

144A,

7%,

3/15/32

......................

United

States

60,000

61,012

Senior

Note,

144A,

7.625%,

1/15/34

...................

United

States

565,000

580,222

Commercial

Metals

Co.

,

Senior

Bond

,

4.375 %

,

3/15/32

.......

United

States

490,000

469,764

b

Constellium

SE

,

Senior

Note

,

Reg

S,

3.125 %

,

7/15/29

........

United

States

100,000

EUR

117,903

b

First

Quantum

Minerals

Ltd.

,

Senior

Note

,

144A,

%

,

3/01/33

..

Zambia

290,000

309,971

b

Fortescue

Treasury

Pty.

Ltd.

,

Senior

Bond

,

144A,

6.125 %

,

4/15/32

.........................................

Australia

300,000

314,473

b

Glencore

Funding

LLC

,

Senior

Bond,

144A,

2.5%,

9/01/30

.....................

Australia

290,000

268,984

Senior

Bond,

144A,

5.634%,

4/04/34

...................

Australia

255,000

269,814

b

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

4/01/29

....

Canada

70,000

70,607

b

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

%

,

4/01/31

......

Australia

300,000

315,793

b

Novelis

Corp.

,

Senior

Bond,

144A,

4.75%,

1/30/30

....................

United

States

480,000

465,482

Senior

Bond,

144A,

3.875%,

8/15/31

...................

United

States

350,000

320,222

Senior

Note,

144A,

6.875%,

1/30/30

...................

United

States

250,000

258,204

Senior

Note,

144A,

6.375%,

8/15/33

...................

United

States

315,000

318,652

b

TMS

International

Corp.

,

Senior

Note

,

144A,

6.25 %

,

4/15/29

...

United

States

80,000

78,808

United

States

Steel

Corp.

,

Senior

Bond

,

6.65 %

,

6/01/37

......

United

States

35,000

36,838

4,327,180

#### 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

80,000

79,662

#### Multi-Utilities

#### 0.1%
Ameren

Corp.

,

Senior

Note

,

%

,

1/15/29

..................

United

States

165,000

169,691

Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2 %

,

3/15/42

....................................

United

States

24,000

21,040

Dominion

Energy,

Inc.

,

Junior

Sub.

Bond

,

6.2%

to

2/14/36,

FRN

thereafter

,

2/15/56

.................................

United

States

315,000

320,814

DTE

Energy

Co.

,

Senior

Bond

,

5.85 %

,

6/01/34

.............

United

States

66,000

71,012

NiSource,

Inc.

,

Senior

Note

,

5.2 %

,

7/01/29

................

United

States

174,000

180,224

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448 %

,

6/01/53

.....

United

States

299,000

293,744

Sempra,

Inc.

,

Senior

Bond

,

5.5 %

,

8/01/33

.................

United

States

65,000

68,588

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95 %

,

9/15/34

.

United

States

478,000

485,892

1,611,005

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.9%
b

Aker

BP

ASA

,

Senior

Bond

,

144A,

5.8 %

,

10/01/54

...........

Norway

250,000

234,977

b

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

9.75 %

,

2/15/31

.....................

United

States

180,000

191,887

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Canadian

Natural

Resources

Ltd.

,

Senior

Bond,

7.2%,

1/15/32

..........................

Canada

270,000

$

305,578

Senior

Note,

5%,

12/15/29

..........................

Canada

241,000

248,788

Cheniere

Energy

Partners

LP

,

Senior

Bond,

3.25%,

1/31/32

.........................

United

States

446,000

415,951

Senior

Note,

4.5%,

10/01/29

.........................

United

States

606,000

609,743

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927 %

,

8/15/30

...................................

United

States

72,000

76,934

b

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25 %

,

10/01/29

........................................

Australia

335,000

310,761

b

Crescent

Energy

Finance

LLC

,

Senior

Note,

144A,

7.875%,

4/15/32

...................

United

States

310,000

315,994

Senior

Note,

144A,

7.375%,

1/15/33

...................

United

States

320,000

318,131

Senior

Note,

144A,

8.375%,

1/15/34

...................

United

States

310,000

320,641

b

DT

Midstream,

Inc.

,

Senior

Bond

,

144A,

5.8 %

,

12/15/34

......

United

States

149,000

157,154

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond,

5.8%,

1/15/35

..........................

United

States

696,000

747,591

Senior

Bond,

5.65%,

10/15/54

........................

United

States

188,000

185,847

Enbridge,

Inc.

,

Senior

Bond

,

4.25 %

,

12/01/26

..............

Canada

64,000

64,090

Energy

Transfer

LP

,

h

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

904,000

916,332

Senior

Bond,

6.5%,

2/01/42

..........................

United

States

14,000

14,993

Senior

Note,

5.25%,

7/01/29

.........................

United

States

279,000

289,356

Senior

Note,

5.2%,

4/01/30

..........................

United

States

441,000

458,695

b

Expand

Energy

Corp.

,

Senior

Note

,

144A,

6.75 %

,

4/15/29

.....

United

States

175,000

175,511

b

Global

Partners

LP

/

GLP

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

7/01/33

...................................

United

States

130,000

134,754

b

Hess

Midstream

Operations

LP

,

Senior

Note,

144A,

6.5%,

6/01/29

.....................

United

States

305,000

315,746

Senior

Note,

144A,

4.25%,

2/15/30

....................

United

States

595,000

583,653

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Note

,

144A,

8.375 %

,

11/01/33

..................................

United

States

785,000

828,846

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond,

Reg

S,

5.375%,

4/24/30

..................

Kazakhstan

200,000

206,094

Senior

Bond,

Reg

S,

6.375%,

10/24/48

.................

Kazakhstan

200,000

205,423

Kinder

Morgan,

Inc.

,

Senior

Bond

,

7.75 %

,

1/15/32

...........

United

States

547,000

643,281

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875 %

,

6/15/30

......

United

States

630,000

638,760

Occidental

Petroleum

Corp.

,

Senior

Bond,

7.5%,

5/01/31

..........................

United

States

144,000

164,056

Senior

Bond,

6.2%,

3/15/40

..........................

United

States

420,000

438,048

ONEOK,

Inc.

,

Senior

Note

,

4.75 %

,

10/15/31

...............

United

States

331,000

335,871

b

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25 %

,

5/21/30

.

Indonesia

200,000

204,119

SM

Energy

Co.

,

Senior

Bond

,

6.75 %

,

9/15/26

..............

United

States

65,000

65,100

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note,

5.026%,

10/01/29

.......................

Canada

658,000

672,954

Senior

Note,

5.584%,

10/01/34

.......................

Canada

69,000

70,310

b

Sunoco

LP

,

Senior

Note,

144A,

5.375%,

7/15/31

...................

United

States

155,000

155,556

Senior

Note,

144A,

6.25%,

7/01/33

....................

United

States

560,000

577,061

Senior

Note,

144A,

5.625%,

7/15/34

...................

United

States

25,000

25,027

Targa

Resources

Corp.

,

Senior

Note

,

4.35 %

,

4/15/31

........

United

States

165,000

165,051

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond,

5%,

1/15/28

...........................

United

States

201,000

201,117

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.,

(continued)

Senior

Bond,

4.875%,

2/01/31

........................

United

States

113,000

$

114,483

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5 %

,

10/15/29

........................................

United

States

105,000

103,948

b

Transcontinental

Gas

Pipe

Line

Co.

LLC

,

Senior

Bond

,

144A,

5.1 %

,

3/15/36

....................................

United

States

255,000

260,089

b

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

1/15/30

...................................

United

States

695,000

718,141

b

Venture

Global

LNG,

Inc.

,

h

Junior

Sub.

Bond,

144A,

9%

to

9/29/29,

FRN

thereafter,

Perpetual

.......................................

United

States

350,000

306,359

Senior

Secured

Note,

144A,

9.5%,

2/01/29

..............

United

States

440,000

472,174

Senior

Secured

Note,

144A,

8.375%,

6/01/31

............

United

States

305,000

312,539

Senior

Secured

Note,

144A,

9.875%,

2/01/32

............

United

States

300,000

318,052

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

.............

United

States

20,000

22,695

Senior

Secured

Bond,

144A,

6.75%,

1/15/36

.............

United

States

180,000

191,845

Senior

Secured

Note,

144A,

7.5%,

5/01/33

..............

United

States

285,000

316,296

Senior

Secured

Note,

144A,

6.5%,

1/15/34

..............

United

States

25,000

26,324

Viper

Energy

Partners

LLC

,

Senior

Bond,

5.7%,

8/01/35

..........................

United

States

227,000

235,621

Senior

Note,

4.9%,

8/01/30

..........................

United

States

219,000

223,556

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6 %

,

3/15/35

........

United

States

276,000

290,191

16,902,094

#### Paper

#### &

#### Forest

#### Products

#### 0.1%
b

Georgia-Pacific

LLC

,

Senior

Note

,

144A,

4.95 %

,

6/30/32

......

United

States

421,000

437,586

b

Magnera

Corp.

,

Senior

Secured

Note,

144A,

4.75%,

11/15/29

............

United

States

200,000

185,984

Senior

Secured

Note,

144A,

7.25%,

11/15/31

............

United

States

190,000

186,168

809,738

#### Passenger

#### Airlines

#### 0.3%
b

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

..............

United

States

12,084

12,108

Senior

Secured

Note,

144A,

5.75%,

4/20/29

.............

United

States

825,000

834,889

b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021 %

,

10/20/29

........................................

United

States

735,000

747,644

b

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875 %

,

12/15/29

.....

United

States

415,000

441,981

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

United

States

95,000

94,991

2,131,613

#### Personal

#### Care

#### Products

#### 0.3%
b

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Note,

144A,

6.625%,

7/15/30

...................

United

States

310,000

314,309

Senior

Secured

Note,

144A,

4.75%,

1/15/29

.............

United

States

75,000

73,821

Kenvue,

Inc.

,

Senior

Note,

4.85%,

5/22/32

.........................

United

States

13,000

13,445

Senior

Note,

4.9%,

3/22/33

..........................

United

States

728,000

752,228

b

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/32

...

France

930,000

958,502

2,112,305

#### Pharmaceuticals

#### 0.7%
Bristol-Myers

Squibb

Co.

,

Senior

Bond

,

4.125 %

,

6/15/39

......

United

States

645,000

593,214

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Pharmaceuticals
(continued)

Merck

&

Co.,

Inc.

,

Senior

Bond,

4.75%,

12/04/35

........................

United

States

170,000

$

171,613

Senior

Note,

4.45%,

12/04/32

........................

United

States

115,000

116,585

Novartis

Capital

Corp.

,

Senior

Note

,

4.1 %

,

11/05/30

.........

United

States

250,000

251,709

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond,

4.75%,

5/19/33

.........................

United

States

840,000

857,718

Senior

Bond,

5.3%,

5/19/53

..........................

United

States

90,000

86,233

Royalty

Pharma

plc

,

Senior

Bond,

5.4%,

9/02/34

..........................

United

States

253,000

262,192

Senior

Bond,

5.2%,

9/25/35

..........................

United

States

285,000

289,737

Senior

Note,

2.2%,

9/02/30

..........................

United

States

293,000

269,301

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Bond,

4.1%,

10/01/46

.........................

Israel

345,000

265,396

Senior

Note,

6.75%,

3/01/28

.........................

Israel

230,000

238,857

Senior

Note,

8.125%,

9/15/31

........................

Israel

1,385,000

1,591,677

Wyeth

LLC

,

Senior

Bond

,

5.95 %

,

4/01/37

.................

United

States

6,000

6,565

Zoetis,

Inc.

,

Senior

Bond,

2%,

5/15/30

...........................

United

States

72,000

66,532

Senior

Bond,

5%,

8/17/35

...........................

United

States

817,000

833,776

5,901,105

#### Professional

#### Services

#### 0.2%
b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

515,000

530,595

Paychex,

Inc.

,

Senior

Note

,

5.1 %

,

4/15/30

.................

United

States

490,000

500,531

1,031,126

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.0%

#### †
b

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp.

,

Secured

Note

,

144A,

%

,

4/15/30

.....................

United

States

51,000

51,592

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.6%
Broadcom,

Inc.

,

Senior

Bond,

4.15%,

11/15/30

........................

United

States

465,000

466,625

Senior

Bond,

4.95%,

1/15/36

.........................

United

States

55,000

55,827

Senior

Bond,

5.7%,

1/15/56

..........................

United

States

460,000

472,700

b

Senior

Bond,

144A,

3.187%,

11/15/36

..................

United

States

66,000

56,962

b

Senior

Bond,

144A,

4.926%,

5/15/37

...................

United

States

465,000

465,314

Senior

Note,

5.05%,

7/12/29

.........................

United

States

251,000

259,745

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Bond,

144A,

6.4%,

1/25/38

..............

United

States

400,000

435,483

Senior

Secured

Note,

144A,

5.5%,

1/25/31

..............

United

States

400,000

417,675

Senior

Secured

Note,

144A,

5.9%,

1/25/33

..............

United

States

600,000

636,282

Intel

Corp.

,

Senior

Bond

,

4.15 %

,

8/05/32

..................

United

States

610,000

596,974

Marvell

Technology,

Inc.

,

Senior

Note,

5.75%,

2/15/29

.........................

United

States

135,000

141,143

Senior

Note,

4.75%,

7/15/30

.........................

United

States

40,000

40,790

Senior

Note,

5.95%,

9/15/33

.........................

United

States

130,000

139,714

b

Qnity

Electronics,

Inc.

,

Senior

Note,

144A,

6.25%,

8/15/33

....................

United

States

385,000

400,226

Senior

Secured

Note,

144A,

5.75%,

8/15/32

.............

United

States

520,000

532,697

5,118,157

#### Software

#### 0.3%
b

Cloud

Software

Group,

Inc.

,

Secured

Note,

144A,

9%,

9/30/29

.....................

United

States

40,000

39,214

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Software
(continued)

b

Cloud

Software

Group,

Inc.,

(continued)

Senior

Secured

Note,

144A,

6.5%,

3/31/29

..............

United

States

60,000

$

58,893

b

McAfee

Corp.

,

Senior

Note

,

144A,

7.375 %

,

2/15/30

..........

United

States

95,000

77,842

Oracle

Corp.

,

Senior

Bond,

5.7%,

2/04/36

..........................

United

States

130,000

130,121

Senior

Bond,

3.65%,

3/25/41

.........................

United

States

768,000

570,919

Senior

Bond,

6.7%,

2/04/56

..........................

United

States

45,000

43,667

Senior

Note,

4.45%,

9/26/30

.........................

United

States

590,000

578,825

Senior

Note,

4.8%,

9/26/32

..........................

United

States

620,000

606,060

b

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/29

......

United

States

65,000

54,485

ServiceNow,

Inc.

,

Senior

Bond

,

1.4 %

,

9/01/30

..............

United

States

176,000

155,963

Synopsys,

Inc.

,

Senior

Bond,

5.15%,

4/01/35

.........................

United

States

843,000

863,712

Senior

Bond,

5.7%,

4/01/55

..........................

United

States

8,000

8,001

b

UKG,

Inc.

,

Senior

Secured

Note

,

144A,

6.875 %

,

2/01/31

......

United

States

90,000

87,376

3,275,078

#### Specialized

#### REITs

#### 0.5%
American

Tower

Corp.

,

Senior

Bond,

3.125%,

1/15/27

........................

United

States

251,000

249,110

Senior

Bond,

2.9%,

1/15/30

..........................

United

States

511,000

488,444

Senior

Bond,

2.7%,

4/15/31

..........................

United

States

502,000

466,547

Senior

Note,

4.7%,

12/15/32

.........................

United

States

45,000

45,530

Crown

Castle,

Inc.

,

Senior

Bond,

3.65%,

9/01/27

.........................

United

States

82,000

81,637

Senior

Bond,

3.8%,

2/15/28

..........................

United

States

69,000

68,739

Senior

Bond,

4.75%,

5/15/47

.........................

United

States

27,000

23,847

Senior

Note,

4.9%,

9/01/29

..........................

United

States

1,005,000

1,025,199

EPR

Properties

,

Senior

Bond

,

4.5 %

,

6/01/27

...............

United

States

43,000

43,094

Equinix,

Inc.

,

Senior

Bond

,

3.2 %

,

11/18/29

................

United

States

220,000

212,708

b

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

1/15/33

.......

United

States

755,000

771,967

b

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/30

..

United

States

755,000

775,008

4,251,830

#### Specialty

#### Retail

#### 0.2%
Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875 %

,

11/01/35

.....

United

States

95,000

96,882

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond,

3.15%,

1/15/32

.........................

United

States

274,000

254,962

Senior

Bond,

4.1%,

1/15/52

..........................

United

States

350,000

255,310

b

PetSmart

LLC

/

PetSmart

Finance

Corp.

,

Senior

Secured

Note

,

144A,

7.5 %

,

9/15/32

...............................

United

States

390,000

394,926

1,002,080

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.2%
Hewlett

Packard

Enterprise

Co.

,

Senior

Note,

4.55%,

10/15/29

........................

United

States

493,000

499,006

Senior

Note,

4.85%,

10/15/31

........................

United

States

83,000

84,196

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note,

144A,

3.125%,

7/15/29

...................

United

States

30,000

26,865

Senior

Note,

144A,

5.875%,

7/15/30

...................

United

States

500,000

515,032

1,125,099

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.2%
b

Beach

Acquisition

Bidco

LLC

,

g

Senior

Note,

144A,

PIK,

10%,

7/15/33

..................

United

States

650,809

$

716,785

Senior

Secured

Note,

144A,

5.25%,

7/15/32

.............

United

States

100,000

EUR

121,507

b

Crocs,

Inc.

,

Senior

Note

,

144A,

4.25 %

,

3/15/29

.............

United

States

255,000

248,652

Tapestry,

Inc.

,

Senior

Bond,

3.05%,

3/15/32

.........................

United

States

214,000

199,200

Senior

Bond,

5.5%,

3/11/35

..........................

United

States

96,000

99,612

Senior

Note,

5.1%,

3/11/30

..........................

United

States

244,000

251,989

1,637,745

#### Tobacco

#### 0.4%
BAT

Capital

Corp.

,

Senior

Bond,

4.39%,

8/15/37

.........................

United

Kingdom

503,000

470,009

Senior

Note,

4.625%,

3/22/33

........................

United

Kingdom

1,140,000

1,145,129

Philip

Morris

International,

Inc.

,

Senior

Note,

5.125%,

2/15/30

........................

United

States

1,128,000

1,172,275

Senior

Note,

4.375%,

4/30/30

........................

United

States

90,000

91,189

Senior

Note,

4.75%,

11/01/31

........................

United

States

94,000

96,702

2,975,304

#### Trading

#### Companies

#### &

#### Distributors

#### 0.4%
b

Aviation

Capital

Group

LLC

,

Senior

Note,

144A,

5.375%,

7/15/29

...................

United

States

156,000

161,178

Senior

Note,

144A,

5.125%,

4/10/30

...................

United

States

635,000

652,807

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875 %

,

7/01/30

.....

United

States

490,000

490,128

b

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

.....................

United

States

420,000

440,443

Secured

Note,

144A,

8.625%,

5/15/32

..................

United

States

295,000

315,913

b

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

6/15/29

......

United

States

40,000

41,319

b

Imola

Merger

Corp.

,

Senior

Secured

Note

,

144A,

4.75 %

,

5/15/29

United

States

75,000

73,784

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/30/32

.........................................

United

States

605,000

627,147

b

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

144A,

6.125 %

,

3/15/34

.........................................

United

States

240,000

251,720

b

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

6.375%,

3/15/29

...................

United

States

20,000

20,586

Senior

Note,

144A,

6.625%,

3/15/32

...................

United

States

80,000

83,321

Senior

Note,

144A,

6.375%,

3/15/33

...................

United

States

30,000

31,299

3,189,645

#### Wireless

#### Telecommunication

#### Services

#### 0.6%
b

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

%

,

9/15/29

............................

United

Kingdom

200,000

212,485

b

Digicel

International

Finance

Ltd.

/

DIFL

US

LLC

,

Senior

Secured

Note

,

144A,

8.625 %

,

8/01/32

.........................

Bermuda

260,000

270,357

Rogers

Communications,

Inc.

,

Senior

Note,

3.8%,

3/15/32

..........................

Canada

1,488,000

1,424,757

Sub.

Bond,

7.125%

to

4/14/35,

FRN

thereafter,

4/15/55

.....

Canada

90,000

95,365

NC5,

Sub.

Bond,

7%

to

4/14/30,

FRN

thereafter,

4/15/55

....

Canada

185,000

193,589

T-Mobile

USA,

Inc.

,

Senior

Bond,

2.875%,

2/15/31

........................

United

States

65,000

61,049

Senior

Bond,

5.05%,

7/15/33

.........................

United

States

38,000

39,210

Senior

Bond,

5%,

2/15/36

...........................

United

States

710,000

714,831

Senior

Note,

3.375%,

4/15/29

........................

United

States

138,000

135,527

Senior

Note,

3.875%,

4/15/30

........................

United

States

8,000

7,940

Senior

Note,

5.125%,

5/15/32

........................

United

States

575,000

597,453

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Wireless

#### Telecommunication

#### Services
(continued)

T-Mobile

USA,

Inc.,

(continued)

Senior

Note,

6.7%,

12/15/33

.........................

United

States

612,000

$

692,837

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625 %

,

7/15/29

.........................................

United

Kingdom

530,000

561,267

5,006,667

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $228,462,773)
...................................

#### 230,398,353
j

#### Senior

#### Floating

#### Rate

#### Interests

#### 0.4%

#### Automobile

#### Components

#### 0.0%

#### †
k

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan,

7.678%,

(3-month

SOFR

+

3.75%),

10/04/28

........

United

States

44,385

44,265

k

#### Chemicals

#### 0.0%

#### †
Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan,

11.211%,

(1-month

SOFR

+

7.438%),

3/15/30

............

United

States

18,926

17,885

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1,

7.036%,

(3-month

SOFR

+

3.25%),

4/03/28

..

Netherlands

33,449

33,501

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2,

6.917%,

(3-month

SOFR

+

3.25%),

4/03/28

..

Netherlands

34,304

34,144

85,530

a

a

a

a

a

a

#### Commercial

#### Services

#### &

#### Supplies

#### 0.0%

#### †
k

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B,

6.423%,

(1-month

SOFR

+

2.75%),

10/23/28

..

United

States

28,656

28,722

k

#### Containers

#### &

#### Packaging

#### 0.0%

#### †
g

Kleopatra

Finco

SARL,

First

Lien,

Debtor-In-Possession

Roll-Up

Term

Loan,

PIK,

6.675%,

(1-month

SOFR

+

3%),

8/07/26

....

Luxembourg

23,541

21,226

Kleopatra

Finco

SARL,

First

Lien,

Initial

USD

Debtor-In-

Possession

Term

Loan,

6.675%,

(1-month

SOFR

+

3%),

8/07/26

.........................................

Luxembourg

15,647

14,108

l

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

Term

Loan,

B,

9.044%,

(6-month

SOFR

+

4.75%),

3/12/26

............

Luxembourg

48,852

7,878

f

Mauser

Packaging

Solutions

Holding

Co.,

First

Lien,

2025

CME

Term

Loan,

7.164%,

(3-month

SOFR

+

3.5%),

4/15/30

......

United

States

260,000

256,303

299,515

a

a

a

a

a

a

#### Distributors

#### 0.1%
f,k

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

7.672%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

452,563

449,763

k

#### Food

#### Products

#### 0.2%
f

Froneri

US,

Inc.,

First

Lien,

CME

Term

Loan,

B6,

5.877%,

(6-month

SOFR

+

2.25%),

9/30/32

.....................

United

States

370,157

362,291

f

TreeHouse

Foods,

Inc.,

First

Lien,

CME

Term

Loan,

B,

7.667%,

(12-month

SOFR

+

4.25%),

2/11/33

....................

United

States

557,500

550,763

913,054

a

a

a

a

a

a

k

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
Bausch

+

Lomb

Corp.,

First

Lien,

2025-2

Refinancing

CME

Term

Loan,

7.423%,

(1-month

SOFR

+

3.75%),

1/15/31

.........

United

States

61,111

61,249

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan,

5.423%,

(1-month

SOFR

+

1.75%),

10/23/28

........

United

States

7,462

7,481

68,730

a

a

a

a

a

a

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

j

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

k

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.0%

#### †
f

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

6.923%,

(1-month

SOFR

+

3.25%),

1/29/29

..............

United

States

363,546

$

362,217

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

6.652%,

(3-month

SOFR

+

3%),

4/04/29

...

United

States

34,475

33,852

396,069

a

a

a

a

a

a

#### IT

#### Services

#### 0.0%

#### †
k

Fortress

Intermediate

3,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.668%,

(1-month

SOFR

+

3%),

6/27/31

................

United

States

54,451

53,090

k

#### Media

#### 0.0%

#### †
Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.787%,

(1-month

SOFR

+

4%),

8/23/28

.........................................

United

States

54,606

54,913

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.178%,

(3-month

SOFR

+

5.25%),

8/02/29

.......

United

States

79,100

79,297

134,210

a

a

a

a

a

a

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
k

Apollo

Commercial

Real

Estate

Finance,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.917%,

(1-month

SOFR

+

3.25%),

6/13/30

.

United

States

8,955

8,976

k

#### Pharmaceuticals

#### 0.1%
f

1261229

BC

Ltd.,

First

Lien,

Initial

CME

Term

Loan,

9.923%,

(1-month

SOFR

+

6.25%),

10/08/30

....................

United

States

1,059,775

1,035,930

Endo

Finance

Holdings

LP,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.423%,

(1-month

SOFR

+

3.75%),

4/23/31

.....

United

States

79,988

80,177

1,116,107

a

a

a

a

a

a

k

#### Software

#### 0.0%

#### †
Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan,

7.423%,

(1-month

SOFR

+

3.75%),

11/28/28

....................

United

States

56,007

52,250

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.167%,

(3-month

SOFR

+

2.5%),

2/10/31

.............................

United

States

9,875

9,374

61,624

a

a

a

a

a

a

#### Specialty

#### Retail

#### 0.0%

#### †
k

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

6.923%,

(1-month

SOFR

+

3.25%),

10/19/29

.............

United

States

97,628

96,713

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.0%

#### †
k

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.16%,

(3-month

SOFR

+

3.5%),

3/02/28

......................

United

States

59,097

47,573

#### Wireless

#### Telecommunication

#### Services

#### 0.0%

#### †
k

Connect

Finco

SARL,

First

Lien,

Amendment

No.

CME

Term

Loan,

8.173%,

(1-month

SOFR

+

4.5%),

9/13/29

..........

United

Kingdom

44,213

44,240

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $3,886,161)
.........................

#### 3,848,181

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 3.5%
b

Angola

Government

Bond

,

Senior

Bond,

144A,

9.375%,

5/08/48

...................

Angola

200,000

181,659

Senior

Bond,

Reg

S,

8.75%,

4/14/32

...................

Angola

440,000

432,213

Argentina

Government

Bond

,

Senior

Bond,

4.125%,

7/09/35

........................

Argentina

880,000

665,544

Senior

Note,

0.75%,

7/09/30

.........................

Argentina

237,600

201,960

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

b

Argentina

Provincia

de

Cordoba

,

Senior

Note

,

144A,

8.6 %

,

2/03/35

.........................................

Argentina

170,000

$

165,702

b

Bahrain

Government

Bond

,

Senior

Bond

,

Reg

S,

7.375 %

,

5/14/30

Bahrain

410,000

431,514

b

Benin

Government

Bond

,

Senior

Bond,

144A,

7.96%,

2/13/38

....................

Benin

230,000

242,614

Senior

Bond,

144A,

8.375%,

1/23/41

...................

Benin

200,000

214,105

Brazil

Government

Bond

,

Senior

Bond,

4.5%,

5/30/29

..........................

Brazil

410,000

408,811

Senior

Bond,

6.125%,

3/15/34

........................

Brazil

660,000

677,886

Senior

Bond,

4.75%,

1/14/50

.........................

Brazil

550,000

413,517

b

Bulgaria

Government

Bond

,

Senior

Bond

,

Reg

S,

%

,

3/05/37

..

Bulgaria

230,000

232,836

Chile

Government

Bond

,

Senior

Bond,

5.65%,

1/13/37

.........................

Chile

480,000

515,232

Senior

Bond,

4.34%,

3/07/42

.........................

Chile

370,000

339,789

Colombia

Government

Bond

,

Senior

Bond,

8%,

11/14/35

...........................

Colombia

310,000

331,173

Senior

Bond,

5%,

6/15/45

...........................

Colombia

450,000

332,011

Senior

Note,

7.375%,

4/25/30

.........................

Colombia

410,000

432,365

b

Comision

Federal

de

Electricidad

,

Senior

Bond

,

Reg

S,

3.875 %

,

7/26/33

.........................................

Mexico

200,000

179,175

b

Costa

Rica

Government

Bond

,

Senior

Bond,

144A,

6.55%,

4/03/34

....................

Costa

Rica

400,000

436,146

Senior

Bond,

Reg

S,

7.158%,

3/12/45

..................

Costa

Rica

200,000

224,686

b

Dominican

Republic

Government

Bond

,

Senior

Bond,

Reg

S,

4.5%,

1/30/30

....................

Dominican

Republic

380,000

372,457

Senior

Bond,

Reg

S,

4.875%,

9/23/32

..................

Dominican

Republic

520,000

501,525

Senior

Bond,

Reg

S,

7.45%,

4/30/44

...................

Dominican

Republic

100,000

111,100

Senior

Bond,

Reg

S,

6.85%,

1/27/45

...................

Dominican

Republic

160,000

167,691

b

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5 %

,

8/17/30

.

Mexico

250,000

254,660

Ecopetrol

SA

,

Senior

Bond

,

4.625 %

,

11/02/31

..............

Colombia

260,000

233,112

b

Ecuador

Government

Bond

,

Senior

Bond,

Reg

S,

6.9%,

7/31/35

....................

Ecuador

130,575

118,823

Senior

Bond,

Reg

S,

6.9%,

7/31/35

....................

Ecuador

169,425

154,177

b

Egypt

Government

Bond

,

Senior

Bond,

Reg

S,

7.6%,

3/01/29

....................

Egypt

200,000

210,898

Senior

Bond,

Reg

S,

7.053%,

1/15/32

..................

Egypt

300,000

302,396

Senior

Bond,

Reg

S,

7.3%,

9/30/33

....................

Egypt

490,000

493,507

Senior

Note,

144A,

8.625%,

2/04/30

....................

Egypt

200,000

217,401

b

El

Salvador

Government

Bond

,

Senior

Bond,

144A,

7.65%,

6/15/35

....................

El

Salvador

330,000

341,550

Senior

Bond,

Reg

S,

8.625%,

2/28/29

..................

El

Salvador

210,000

226,537

b

Empresa

Nacional

del

Petroleo

,

Senior

Bond

,

144A,

5.95 %

,

7/30/34

.........................................

Chile

200,000

210,517

b

Eskom

Holdings

SOC

Ltd.

,

Senior

Bond

,

Reg

S,

6.35 %

,

8/10/28

South

Africa

200,000

206,785

b

Gabon

Government

Bond

,

Senior

Bond

,

Reg

S,

6.625 %

,

2/06/31

Gabon

200,000

166,198

Ghana

Government

Bond

,

b

Senior

Bond,

144A,

5%,

7/03/35

.......................

Ghana

370,000

336,367

b

Guatemala

Government

Bond

,

Senior

Bond,

Reg

S,

6.6%,

6/13/36

....................

Guatemala

600,000

652,926

Senior

Note,

144A,

7.05%,

10/04/32

....................

Guatemala

490,000

544,089

b

Honduras

Government

Bond

,

Senior

Bond

,

Reg

S,

6.25 %

,

1/19/27

.........................................

Honduras

150,000

152,070

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25 %

,

6/16/29

Hungary

600,000

616,850

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

Indonesia

Government

Bond

,

Senior

Bond,

4.65%,

9/20/32

.........................

Indonesia

390,000

$

393,258

b

Senior

Bond,

Reg

S,

7.75%,

1/17/38

...................

Indonesia

380,000

472,276

b

Iraq

Government

Bond

,

Senior

Bond

,

Reg

S,

5.8 %

,

1/15/28

....

Iraq

137,500

136,945

b

Istanbul

Metropolitan

Municipality

,

Senior

Note

,

Reg

S,

10.5 %

,

12/06/28

........................................

Turkiye

200,000

221,008

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125 %

,

6/15/33

.........................................

Ivory

Coast

1,020,000

1,017,537

Jamaica

Government

Bond

,

Senior

Bond

,

%

,

3/15/39

.......

Bermuda

170,000

206,606

b

Jordan

Government

Bond

,

Senior

Bond

,

Reg

S,

5.85 %

,

7/07/30

Jordan

270,000

272,004

Mexico

Government

Bond

,

Senior

Bond,

4.875%,

5/19/33

........................

Mexico

200,000

194,460

Senior

Bond,

4.28%,

8/14/41

.........................

Mexico

380,000

310,194

Senior

Bond,

5%,

4/27/51

...........................

Mexico

200,000

163,780

Senior

Bond,

6.338%,

5/04/53

........................

Mexico

200,000

194,630

b

Montenegro

Government

Bond

,

Senior

Note

,

Reg

S,

7.25 %

,

3/12/31

.........................................

Montenegro

400,000

429,144

b

Morocco

Government

Bond

,

Senior

Bond

,

Reg

S,

5.5 %

,

12/11/42

Morocco

210,000

204,341

b

Nigeria

Government

Bond

,

Senior

Bond,

144A,

8.631%,

1/13/36

...................

Nigeria

680,000

732,032

Senior

Bond,

Reg

S,

6.5%,

11/28/27

...................

Nigeria

400,000

406,431

b

Oman

Government

Bond

,

Senior

Bond,

Reg

S,

6%,

8/01/29

......................

Oman

290,000

304,845

Senior

Bond,

Reg

S,

7.375%,

10/28/32

.................

Oman

300,000

345,344

Senior

Bond,

Reg

S,

6.5%,

3/08/47

....................

Oman

250,000

271,473

Panama

Government

Bond

,

Senior

Bond,

6.4%,

2/14/35

..........................

Panama

420,000

449,358

Senior

Bond,

3.87%,

7/23/60

.........................

Panama

200,000

139,460

b

Paraguay

Government

Bond

,

Senior

Bond,

Reg

S,

4.95%,

4/28/31

...................

Paraguay

400,000

407,705

Senior

Bond,

Reg

S,

3.849%,

6/28/33

..................

Paraguay

240,000

229,333

Peru

Government

Bond

,

Senior

Bond,

2.783%,

1/23/31

........................

Peru

740,000

689,902

b

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

Senior

Bond

,

Reg

S,

5.45 %

,

5/21/28

...................

Indonesia

200,000

204,518

Petroleos

Mexicanos

,

Senior

Bond,

5.95%,

1/28/31

.........................

Mexico

310,000

303,996

Senior

Bond,

6.75%,

9/21/47

.........................

Mexico

30,000

24,972

Senior

Note,

10%,

2/07/33

...........................

Mexico

230,000

269,422

Philippines

Government

Bond

,

Senior

Bond,

3.75%,

1/14/29

.........................

Philippines

520,000

517,362

Senior

Bond,

4.2%,

3/29/47

..........................

Philippines

280,000

236,487

b

Romania

Government

Bond

,

Senior

Bond,

144A,

3%,

2/14/31

.......................

Romania

450,000

415,180

Senior

Bond,

144A,

7.125%,

1/17/33

...................

Romania

310,000

344,004

Senior

Bond,

Reg

S,

6.125%,

1/22/44

..................

Romania

380,000

380,378

b

Saudi

Arabia

Government

Bond

,

Senior

Bond

,

Reg

S,

4.5 %

,

10/26/46

........................................

Saudi

Arabia

510,000

440,063

b

Serbia

Government

Bond

,

Senior

Bond,

144A,

6.5%,

9/26/33

.....................

Serbia

200,000

218,928

Senior

Note,

Reg

S,

6.25%,

5/26/28

....................

Serbia

200,000

208,763

South

Africa

Government

Bond

,

Senior

Bond,

5.875%,

4/20/32

........................

South

Africa

200,000

206,959

Senior

Bond,

5%,

10/12/46

...........................

South

Africa

430,000

336,630

Senior

Bond,

7.3%,

4/20/52

..........................

South

Africa

200,000

202,895

b

Suriname

Government

Bond

,

Senior

Bond

,

144A,

8.5 %

,

11/06/35

Suriname

470,000

500,256

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

Turkiye

Government

Bond

,

Senior

Bond,

7.625%,

5/15/34

........................

Turkiye

410,000

$

440,309

Senior

Note,

8.6%,

9/24/27

..........................

Turkiye

200,000

212,526

Senior

Note,

9.125%,

7/13/30

.........................

Turkiye

390,000

442,517

b

Ukraine

Government

Bond

,

Senior

Bond,

144A,

2/01/35

..........................

Ukraine

30,270

17,358

Senior

Bond,

144A,

4.5%,

2/01/35

.....................

Ukraine

160,000

98,093

Senior

Bond,

144A,

2/01/36

..........................

Ukraine

25,225

14,420

Senior

Bond,

144A,

4.5%,

2/01/36

.....................

Ukraine

190,000

115,024

Senior

Note,

144A,

2/01/30

..........................

Ukraine

9,585

6,224

Senior

Note,

144A,

2/01/34

..........................

Ukraine

35,820

17,678

Senior

Note,

144A,

4.5%,

2/01/34

.....................

Ukraine

110,000

68,724

b

United

Arab

Emirates

Government

Bond

,

Senior

Bond

,

144A,

2.875 %

,

10/19/41

..................................

United

Arab

Emirates

570,000

443,485

Uruguay

Government

Bond

,

Senior

Bond,

7.875%,

1/15/33

........................

Uruguay

400,000

479,200

Senior

Bond,

5.1%,

6/18/50

..........................

Uruguay

60,000

57,759

b

Uzbekistan

Government

Bond

,

Senior

Note

,

Reg

S,

6.9 %

,

2/28/32

.........................................

Uzbekistan

520,000

563,624

b,l

Venezuela

Government

Bond

,

Senior

Bond,

Reg

S,

6%,

12/09/20

.....................

Venezuela

760,000

269,116

Senior

Bond,

Reg

S,

7.65%,

4/21/25

...................

Venezuela

690,000

268,134

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $29,499,011)
............

#### 30,167,644

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 2.8%
U.S.

Treasury

Bonds

,

4.25%,

11/15/40

..................................

United

States

2,360,000

2,338,428

m

2.75%,

8/15/42

...................................

United

States

5,000,000

3,990,039

3%,

2/15/49

.....................................

United

States

5,000,000

3,823,828

2%,

8/15/51

.....................................

United

States

1,370,000

819,806

2.875%,

5/15/52

..................................

United

States

220,000

159,921

3.625%,

2/15/53

..................................

United

States

470,000

394,709

U.S.

Treasury

Notes

,

2.75%,

2/15/28

...................................

United

States

2,080,000

2,055,381

1.25%,

9/30/28

...................................

United

States

2,100,000

1,990,119

2.375%,

3/31/29

..................................

United

States

1,160,000

1,125,472

1.5%,

2/15/30

....................................

United

States

90,000

83,584

2.75%,

8/15/32

...................................

United

States

660,000

624,899

3.375%,

5/15/33

..................................

United

States

2,770,000

2,705,998

3.875%,

8/15/33

..................................

United

States

1,650,000

1,662,182

4.375%,

5/15/34

..................................

United

States

1,180,000

1,225,310

4.25%,

11/15/34

..................................

United

States

830,000

852,873

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $24,090,757)
...............

#### 23,852,549

#### Asset-Backed

#### Securities

#### 1.7%

#### Automobiles

#### 0.0%

#### †
k

Volkswagen

Auto

Loan

Enhanced

Trust

,

2025-2

,

A2B

,

FRN

,

4.032 %

,

(30-day

SOFR

Average

+

0.37 %),

8/21/28

.

........

United

States

232,000

232,271

#### Banks

#### 0.1%
Capital

One

Multi-Asset

Execution

Trust

,

2023-A1

,

A

,

4.42 %

,

5/15/28

.

.........................................

United

States

625,000

625,778

#### Capital

#### Markets

#### 0.1%
b,k

Magnetite

XL

Ltd.

,

2024-40A

,

A1

,

144A,

FRN

,

5.122 %

,

(3-month

SOFR

+

1.45 %),

7/15/37

.

............................

United

States

500,000

501,625

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Consumer

#### Finance

#### 0.2%
Capital

One

Prime

Auto

Receivables

Trust

,

2025-1

,

A3

,

3.85 %

,

7/15/30

.

.........................................

United

States

162,000

$

162,643

GM

Financial

Consumer

Automobile

Receivables

Trust

,

2022-3

,

A4

,

3.71 %

,

12/16/27

.

...............................

United

States

110,885

110,827

Hyundai

Auto

Receivables

Trust

,

2023-B,

A3,

5.48%,

4/17/28

..........................

United

States

255,928

257,563

k

2026-A,

A2B,

FRN,

3.998%,

(30-day

SOFR

Average

+

0.34%),

2/15/29

.........................................

United

States

327,000

327,175

Nissan

Auto

Receivables

Owner

Trust

,

2025-B

,

A2A

,

%

,

7/17/28

.

United

States

327,000

327,580

Toyota

Auto

Receivables

Owner

Trust

,

2023-B,

A3,

4.71%,

2/15/28

..........................

United

States

36,230

36,368

k

2025-D,

A2B,

FRN,

3.978%,

(30-day

SOFR

Average

+

0.32%),

8/15/28

.........................................

United

States

174,000

174,117

World

Omni

Auto

Receivables

Trust

,

2026-A

,

A3

,

3.86 %

,

5/15/31

.

United

States

50,000

50,240

1,446,513

a

a

a

a

a

a

#### Financial

#### Services

#### 1.3%
b,k

Allegro

CLO

XII

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.11 %

,

(3-month

SOFR

+

1.44 %),

7/21/37

.

............................

United

States

250,000

250,625

b,k

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A

,

A1R

,

144A,

FRN

,

4.819 %

,

(3-month

SOFR

+

1.15 %),

4/22/35

.

....................

United

States

250,000

250,552

b

Bank

of

America

Auto

Trust

,

2023-2A

,

A4

,

144A,

5.66 %

,

11/15/29

.

United

States

175,000

178,184

b,k

Birch

Grove

CLO

Ltd.

,

2021-2A

,

A1R

,

144A,

FRN

,

5.068 %

,

(3-month

SOFR

+

1.4 %),

10/19/37

.

....................

United

States

125,000

125,393

b,k

Birch

Grove

CLO

Ltd.

,

2024-8A

,

A1

,

144A,

FRN

,

5.298 %

,

(3-month

SOFR

+

1.63 %),

4/20/37

.

....................

Jersey

150,000

150,562

b

BofA

Auto

Trust

,

2024-1A

,

A3

,

144A,

5.35 %

,

11/15/28

.

........

United

States

45,758

46,175

b,k

BRAVO

Residential

Funding

Trust

,

2025-HE1

,

A1

,

144A,

FRN

,

5.017 %

,

(30-day

SOFR

Average

+

1.35 %),

9/25/72

.

........

United

States

130,402

130,783

b,k

CBAM

Ltd.

,

2017-2A

,

AR

,

144A,

FRN

,

5.119 %

,

(3-month

SOFR

+

1.452 %),

7/17/34

.

.................................

United

States

200,000

200,406

b

Chase

Auto

Owner

Trust

,

2025-1A

,

A3

,

144A,

4.29 %

,

6/25/30

.

..

United

States

50,000

50,529

b,k

CIFC

Funding

Ltd.

,

2021-7A

,

AR

,

144A,

FRN

,

4.761 %

,

(3-month

SOFR

+

1.09 %),

1/23/35

.

............................

United

States

488,000

488,672

b

Compass

Datacenters

Issuer

II

LLC

,

2024-2A,

A1,

144A,

5.022%,

8/25/49

...................

United

States

181,000

182,822

2025-2A,

A1,

144A,

4.926%,

11/25/50

..................

United

States

259,000

261,281

b,k

Diameter

Capital

CLO

Ltd.

,

2024-7A

,

A1A

,

144A,

FRN

,

5.148 %

,

(3-month

SOFR

+

1.48 %),

7/20/37

.

....................

United

States

250,000

250,936

b,k

Elevation

CLO

Ltd.

,

2018-10A,

AR,

144A,

FRN,

4.588%,

(3-month

SOFR

+

0.92%),

10/20/31

........................................

United

States

2021-13A,

A1R,

144A,

FRN,

4.732%,

(3-month

SOFR

+

1.06%),

7/15/34

...................................

United

States

250,000

250,301

b

FIGRE

Trust

,

2025-FL1,

A1,

144A,

5.265%,

7/25/55

..................

United

States

124,371

125,206

2025-FL2,

A1,

144A,

5.053%,

11/25/55

.................

United

States

142,504

143,678

Ford

Credit

Auto

Owner

Trust

,

2022-C,

A4,

4.59%,

12/15/27

.........................

United

States

62,082

62,185

k

2025-B,

A2B,

FRN,

3.958%,

(30-day

SOFR

Average

+

0.3%),

6/15/28

.........................................

United

States

51,000

51,020

b,k

GoldenTree

Loan

Management

US

CLO

Ltd.

,

2021-11A

,

AR

,

144A,

FRN

,

4.748 %

,

(3-month

SOFR

+

1.08 %),

10/20/34

.

...

United

States

2,500,000

2,503,263

Honda

Auto

Receivables

Owner

Trust

,

2026-1

,

A2A

,

3.71 %

,

9/21/28

.

.........................................

United

States

194,000

193,947

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

J.P.

Morgan

Mortgage

Trust

,

k

2023-HE2,

A1,

144A,

FRN,

5.362%,

(30-day

SOFR

Average

+

1.7%),

3/20/54

....................................

United

States

135,504

$

136,066

2024-CES1,

A1A,

144A,

5.919%,

6/25/54

................

United

States

48,939

49,303

k

2025-HE3,

A1,

144A,

FRN,

5.012%,

(30-day

SOFR

Average

+

1.35%),

3/20/56

...................................

United

States

79,645

79,959

b,k

Madison

Park

Funding

XXX

Ltd.

,

2018-30A

,

A1R

,

144A,

FRN

,

5.031 %

,

(3-month

SOFR

+

1.36 %),

7/16/37

.

..............

United

States

250,000

250,769

b,f,k

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2022-51A

,

BR2

,

144A,

FRN

,

Zero

Cpn.,

(3-month

SOFR

+

1.4 %),

10/23/36

.

..

Jersey

250,000

250,125

b,k

Northwoods

Capital

Ltd.

,

2021-25A

,

B1R

,

144A,

FRN

,

5.268 %

,

(3-month

SOFR

+

1.6 %),

7/20/34

.

.....................

United

States

370,000

370,845

b,k

Oaktree

CLO

Ltd.

,

2021-1A

,

A1R

,

144A,

FRN

,

5.022 %

,

(3-month

SOFR

+

1.35 %),

1/15/38

.

............................

United

States

250,000

250,695

b

PK

Alift

Loan

Funding

LP

,

2025-2

,

A

,

144A,

4.75 %

,

3/15/43

.

..

United

States

237,708

239,586

b,f

PK

Alift

Loan

Funding

LP

,

2026-1

,

A

,

144A,

4.614 %

,

9/15/43

.

.

United

States

250,000

252,405

b,k

Signal

Peak

CLO

Ltd.

,

2018-5A

,

A1R

,

144A,

FRN

,

5.218 %

,

(3-month

SOFR

+

1.55 %),

4/25/37

.

....................

United

States

250,000

250,837

b,k

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A,

A,

144A,

FRN,

5.08%,

(3-month

SOFR

+

1.412%),

10/25/34

........................................

United

States

250,000

250,000

2021-4A,

AR,

144A,

FRN,

Zero

Cpn.,

(3-month

SOFR

+

1.03%),

10/25/34

........................................

United

States

250,000

250,000

b,k

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

4.572 %

,

(3-month

SOFR

+

0.9 %),

1/15/34

.

.....................

United

States

136,637

136,827

b,k

TCW

CLO

Ltd.

,

2020-1A

,

A1R3

,

144A,

FRN

,

4.718 %

,

(3-month

SOFR

+

1.05 %),

4/20/34

.

............................

United

States

2,450,000

2,452,754

b

Towd

Point

Mortgage

Trust

,

2024-CES4,

A1,

144A,

5.122%,

9/25/64

.................

United

States

65,185

65,376

k

2025-HE1,

A1A,

144A,

FRN,

5.017%,

(30-day

SOFR

Average

+

1.35%),

7/25/65

...................................

United

States

81,662

81,900

b,k

Venture

CLO

Ltd.

,

2021-41A

,

A1RR

,

144A,

FRN

,

4.798 %

,

(3-month

SOFR

+

1.13 %),

1/20/34

.

....................

United

States

290,000

290,347

b,k

Venture

XIX

CLO

Ltd.

,

2014-19A

,

ARR

,

144A,

FRN

,

5.194 %

,

(3-month

SOFR

+

1.522 %),

1/15/32

.

...................

United

States

62,280

62,455

b,k

Venture

XV

CLO

Ltd.

,

2013-15A

,

AR3

,

144A,

FRN

,

5.114 %

,

(3-month

SOFR

+

1.442 %),

7/15/32

.

...................

United

States

115,887

116,346

11,733,430

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $14,514,742)
.............................

#### 14,539,617

#### Commercial

#### Mortgage-Backed

#### Securities

#### 1.7%

#### Financial

#### Services

#### 1.7%
b,n

1301

Trust

,

2025-1301

,

A

,

144A,

FRN

,

5.059 %

,

8/11/42

.......

United

States

139,000

142,456

b,k

AREIT

Trust

,

2022-CRE6

,

A

,

144A,

FRN

,

4.91 %

,

(30-day

SOFR

Average

+

1.25 %),

1/20/37

...........................

United

States

125,655

125,787

n

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

AS

,

FRN

,

3.989 %

,

9/15/48

..............................

United

States

91,869

91,678

n,o

BANK

,

2020-BN26

,

XA

,

IO,

FRN

,

1.19 %

,

3/15/63

...........

United

States

3,716,134

131,290

BANK5

Trust

,

n,o

2025-5YR18,

XA,

IO,

FRN,

1.048%,

12/15/58

.............

United

States

14,901,993

666,912

2026-5YR20,

AS,

5.336%,

2/15/59

.....................

United

States

174,000

180,753

Barclays

Commercial

Mortgage

Trust

,

2019-C5

,

C

,

3.71 %

,

11/15/52

........................................

United

States

402,000

373,950

n

BBCMS

Mortgage

Trust

,

2023-C21,

A3,

FRN,

6.296%,

9/15/56

...................

United

States

73,000

78,621

o

2025-5C34,

XA,

IO,

FRN,

1.167%,

5/15/58

...............

United

States

1,630,499

71,938

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

Benchmark

Mortgage

Trust

,

2019-B13,

A2,

2.889%,

8/15/57

.......................

United

States

145,189

$

141,428

n,o

2020-B21,

XA,

IO,

FRN,

1.402%,

12/17/53

...............

United

States

5,372,582

281,117

n

2025-V16,

AS,

FRN,

5.859%,

8/15/58

...................

United

States

483,000

509,528

n,o

BMO

Mortgage

Trust

,

2025-5C10

,

XA

,

IO,

FRN

,

1.354 %

,

5/15/58

United

States

1,021,875

49,947

b,k

BX

Commercial

Mortgage

Trust

,

2026-CSMO

,

A

,

144A,

FRN

,

5.067 %

,

(1-month

SOFR

+

1.4 %),

2/15/42

...............

United

States

179,000

179,276

b

BX

Trust

,

n

2025-ARIA,

B,

144A,

FRN,

5.177%,

12/13/42

.............

United

States

130,000

133,269

k

2025-VOLT,

A,

144A,

FRN,

5.36%,

(1-month

SOFR

+

1.7%),

12/15/44

........................................

United

States

125,000

125,337

n

CGMS

Commercial

Mortgage

Trust

,

2017-B1

,

AS

,

FRN

,

3.711 %

,

8/15/50

.........................................

United

States

80,000

78,907

Citigroup

Commercial

Mortgage

Trust

,

n

2014-GC21,

C,

FRN,

4.78%,

5/10/47

...................

United

States

643,275

641,641

2016-C3,

A4,

3.154%,

11/15/49

.......................

United

States

953,000

944,782

n

2016-P6,

B,

FRN,

4.148%,

12/10/49

....................

United

States

368,000

345,901

COMM

Mortgage

Trust

,

b

2013-CR6,

B,

144A,

3.397%,

3/10/46

...................

United

States

158,017

157,068

n

2015-CR26,

B,

FRN,

4.613%,

10/10/48

.................

United

States

834,265

824,027

n

2015-DC1,

B,

FRN,

4.035%,

2/10/48

...................

United

States

352,000

337,642

n

2017-COR2,

C,

FRN,

4.587%,

9/10/50

..................

United

States

127,000

122,078

CSAIL

Commercial

Mortgage

Trust

,

2016-C6,

AS,

3.346%,

1/15/49

........................

United

States

171,000

170,411

n,o

2019-C15,

XA,

IO,

FRN,

0.987%,

3/15/52

................

United

States

5,143,084

116,924

n

CSMC

Trust

,

2016-NXSR

,

AS

,

FRN

,

4.049 %

,

12/15/49

.......

United

States

176,000

173,549

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

n

2013-C10,

C,

FRN,

4.206%,

12/15/47

..................

United

States

35,255

34,224

2016-JP3,

AS,

3.144%,

8/15/49

.......................

United

States

675,000

662,773

n

JPMBB

Commercial

Mortgage

Securities

Trust

,

2014-C18

,

B

,

FRN

,

4.525 %

,

2/15/47

..............................

United

States

659,563

655,585

n

JPMDB

Commercial

Mortgage

Securities

Trust

,

2018-C8

,

C

,

FRN

,

4.755 %

,

6/15/51

...................................

United

States

133,000

121,020

b,n,o

LCCM

Trust

,

2017-LC26

,

XA

,

IO,

144A,

FRN

,

1.502 %

,

7/12/50

.

United

States

2,879,256

34,313

b,n

MAD

Commercial

Mortgage

Trust

,

2025-11MD,

A,

144A,

FRN,

4.912%,

10/15/42

............

United

States

125,000

126,997

2025-11MD,

C,

144A,

FRN,

5.818%,

10/15/42

............

United

States

175,000

179,035

n

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

2013-C9,

B,

FRN,

3.708%,

5/15/46

....................

United

States

185,834

181,664

2015-C21,

B,

FRN,

3.854%,

3/15/48

...................

United

States

909,948

891,729

2015-C22,

B,

FRN,

3.883%,

4/15/48

...................

United

States

138,000

127,931

2016-C32,

AS,

FRN,

3.994%,

12/15/49

.................

United

States

1,022,000

1,015,400

o

2016-C32,

XA,

IO,

FRN,

0.633%,

12/15/49

...............

United

States

8,832,959

34,690

n

Morgan

Stanley

Capital

I

Trust

,

2018-L1

,

C

,

FRN

,

4.8 %

,

10/15/51

United

States

263,000

244,217

b

One

Bryant

Park

Trust

,

2019-OBP

,

A

,

144A,

2.516 %

,

9/15/54

..

United

States

125,000

117,508

b,k

SHRN

Trust

,

2025-MF18

,

A

,

144A,

FRN

,

4.86 %

,

(1-month

SOFR

+

1.2 %),

10/15/40

.................................

United

States

180,000

180,332

n,o

Wachovia

Bank

Commercial

Mortgage

Trust

,

2006-C29

,

IO,

FRN

,

0.293 %

,

11/15/48

..................................

United

States

6,963

Wells

Fargo

Commercial

Mortgage

Trust

,

2017-C39,

B,

4.025%,

9/15/50

........................

United

States

491,000

473,955

2019-C49,

B,

4.546%,

3/15/52

........................

United

States

581,000

573,432

n

2020-C56,

B,

FRN,

3.61%,

6/15/53

....................

United

States

904,000

830,696

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

n

WFRBS

Commercial

Mortgage

Trust

,

2014-C21

,

B

,

FRN

,

4.213 %

,

8/15/47

.........................................

United

States

746,505

$

736,362

14,418,089

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $13,829,644)
..............

#### 14,418,089

#### Mortgage-Backed

#### Securities

#### 17.8%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 0.8%
FHLMC

Pool,

Year,

2.5%,

10/01/36

....................

United

States

302,448

288,753

FHLMC

Pool,

Year,

2%,

3/01/51

......................

United

States

1,079,921

901,974

FHLMC

Pool,

Year,

2.5%,

1/01/52

-

4/01/52

.............

United

States

2,914,814

2,578,795

FHLMC

Pool,

Year,

3%,

3/01/43

-

8/01/52

...............

United

States

1,141,989

1,054,217

FHLMC

Pool,

Year,

3.5%,

8/01/43

.....................

United

States

159,067

154,052

FHLMC

Pool,

Year,

4%,

9/01/49

......................

United

States

864,247

853,707

FHLMC

Pool,

Year,

4.5%,

9/01/52

.....................

United

States

448,519

448,439

FHLMC

Pool,

Year,

5.5%,

12/01/52

....................

United

States

211,853

216,464

FHLMC

Pool,

Year,

6%,

9/01/53

......................

United

States

299,619

310,235

6,806,636

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 12.4%
FNMA,

3.5%,

6/01/56

................................

United

States

1,050,896

989,076

FNMA,

Year,

1.5%,

7/01/36

.........................

United

States

584,655

535,956

FNMA,

Year,

2%,

3/01/36

...........................

United

States

840,868

786,300

FNMA,

Year,

2%,

10/01/50

-

3/01/52

...................

United

States

4,383,890

3,686,610

FNMA,

Year,

2.5%,

11/01/51

-

3/01/52

.................

United

States

1,552,996

1,373,176

FNMA,

Year,

3%,

2/01/43

-

3/01/52

....................

United

States

826,163

762,903

FNMA,

Year,

3.5%,

6/01/42

-

6/01/52

..................

United

States

1,292,651

1,227,583

FNMA,

Year,

4.5%,

8/01/52

-

1/01/53

..................

United

States

436,891

436,724

FNMA,

Year,

5%,

1/01/49

-

8/01/49

....................

United

States

42,363

43,289

FNMA,

Year,

5.5%,

1/01/38

-

11/01/52

.................

United

States

552,286

568,190

FNMA,

Year,

6.5%,

4/01/53

.........................

United

States

166,184

173,305

p

Uniform

Mortgage-Backed

Securities,

1.5%,

TBA,

3/25/41

.....

United

States

1,460,000

1,331,918

p

Uniform

Mortgage-Backed

Securities,

2%,

TBA,

3/25/41

......

United

States

1,710,000

1,593,919

p

Uniform

Mortgage-Backed

Securities,

2%,

TBA,

3/25/56

......

United

States

15,100,000

12,513,409

p

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

3/25/41

.....

United

States

260,000

247,979

p

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

3/25/56

.....

United

States

10,680,000

9,255,336

p

Uniform

Mortgage-Backed

Securities,

3%,

TBA,

3/25/56

......

United

States

4,580,000

4,142,613

p

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

3/25/56

.....

United

States

3,300,000

3,110,299

p

Uniform

Mortgage-Backed

Securities,

4%,

TBA,

3/25/56

......

United

States

3,590,000

3,489,651

p

Uniform

Mortgage-Backed

Securities,

4.5%,

TBA,

3/25/41

.....

United

States

40,000

40,174

p

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

3/25/41

......

United

States

1,560,000

1,583,779

p

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

3/25/56

.....

United

States

36,000,000

36,582,805

p

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

3/25/56

......

United

States

13,920,000

14,279,756

p

Uniform

Mortgage-Backed

Securities,

6.5%,

TBA,

3/25/56

.....

United

States

7,590,000

7,884,224

106,638,974

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 4.6%
GNMA

II,

Year,

2.5%,

2/20/52

-

3/20/52

.................

United

States

985,631

870,198

GNMA

II,

Year,

3.5%,

3/20/47

........................

United

States

886,198

841,552

p

GNMA

II,

Single-family,

Year,

2%,

3/15/56

...............

United

States

4,170,000

3,534,040

p

GNMA

II,

Single-family,

Year,

2.5%,

3/15/56

.............

United

States

3,260,000

2,877,342

GNMA

II,

Single-family,

Year,

3%,

11/20/53

-

1/20/54

.......

United

States

776,836

716,324

p

GNMA

II,

Single-family,

Year,

3%,

3/15/56

...............

United

States

1,720,000

1,577,913

GNMA

II,

Single-family,

Year,

3.5%,

10/20/49

-

11/20/49

....

United

States

43,582

40,471

p

GNMA

II,

Single-family,

Year,

3.5%,

3/15/56

.............

United

States

1,250,000

1,173,422

GNMA

II,

Single-family,

Year,

4%,

12/20/52

..............

United

States

492,707

478,340

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate
(continued)

p

GNMA

II,

Single-family,

Year,

4%,

3/15/56

...............

United

States

2,040,000

$

1,962,860

p

GNMA

II,

Single-family,

Year,

4.5%,

3/15/56

.............

United

States

3,260,000

3,222,561

GNMA

II,

Single-family,

Year,

5%,

5/20/49

...............

United

States

34,769

35,299

p

GNMA

II,

Single-family,

Year,

5%,

3/15/56

...............

United

States

6,250,000

6,272,670

GNMA

II,

Single-family,

Year,

5.5%,

5/20/49

.............

United

States

13,235

13,594

p

GNMA

II,

Single-family,

Year,

5.5%,

3/15/56

.............

United

States

10,480,000

10,615,377

GNMA

II,

Single-family,

Year,

6%,

11/20/53

..............

United

States

833,459

868,291

p

GNMA

II,

Single-family,

Year,

6%,

3/15/56

...............

United

States

4,690,000

4,784,812

39,885,066

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $152,795,910)
.........................

#### 153,330,676

#### Residential

#### Mortgage-Backed

#### Securities

#### 1.0%

#### Financial

#### Services

#### 1.0%
b

A&D

Mortgage

Trust

,

2023-NQM2,

A1,

144A,

6.132%,

5/25/68

................

United

States

224,340

224,394

2023-NQM5,

A1,

144A,

7.049%,

11/25/68

...............

United

States

383,677

387,904

b,k

Chase

Home

Lending

Mortgage

Trust

,

2024-11,

A11,

144A,

FRN,

4.917%,

(30-day

SOFR

Average

+

1.25%),

11/25/55

..................................

United

States

92,739

93,110

2025-10,

A11,

144A,

FRN,

4.967%,

(30-day

SOFR

Average

+

1.3%),

7/25/56

....................................

United

States

88,316

88,675

2025-7,

A11,

144A,

FRN,

5.067%,

(30-day

SOFR

Average

+

1.4%),

5/25/56

....................................

United

States

49,133

49,385

b

COLT

Mortgage

Loan

Trust

,

2023-3

,

A1

,

144A,

7.18 %

,

9/25/68

.

United

States

486,988

492,003

b

Cross

Mortgage

Trust

,

2024-H3

,

A1

,

144A,

6.272 %

,

6/25/69

...

United

States

332,988

337,301

b,k

EFMT

,

2025-NQM4

,

A1F

,

144A,

FRN

,

4.867 %

,

(30-day

SOFR

Average

+

1.2 %),

9/25/70

............................

United

States

177,283

177,587

b,k

FHLMC

STACR

REMIC

Trust

,

2021-DNA5,

M2,

144A,

FRN,

5.317%,

(30-day

SOFR

Average

+

1.65%),

1/25/34

.................................

United

States

9,460

9,502

2021-DNA6,

M2,

144A,

FRN,

5.167%,

(30-day

SOFR

Average

+

1.5%),

10/25/41

.................................

United

States

35,994

36,100

2021-DNA7,

M2,

144A,

FRN,

5.467%,

(30-day

SOFR

Average

+

1.8%),

11/25/41

..................................

United

States

108,000

108,506

2022-DNA5,

M1A,

144A,

FRN,

6.617%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

.................................

United

States

174,377

177,110

2022-DNA6,

M1A,

144A,

FRN,

5.817%,

(30-day

SOFR

Average

+

2.15%),

9/25/42

.................................

United

States

34,369

34,508

2023-DNA1,

M1A,

144A,

FRN,

5.768%,

(30-day

SOFR

Average

+

2.1%),

3/25/43

..................................

United

States

13,289

13,436

2023-HQA2,

M1A,

144A,

FRN,

5.667%,

(30-day

SOFR

Average

+

2%),

6/25/43

....................................

United

States

4,040

4,045

2023-HQA3,

A1,

144A,

FRN,

5.517%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

..................................

United

States

31,816

32,085

2023-HQA3,

M1,

144A,

FRN,

5.517%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

.................................

United

States

7,286

7,322

2024-HQA2,

A1,

144A,

FRN,

4.917%,

(30-day

SOFR

Average

+

1.25%),

8/25/44

...................................

United

States

202,400

203,256

2025-DNA1,

A1,

144A,

FRN,

4.617%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

34,840

34,857

2025-DNA2,

A1,

144A,

FRN,

4.767%,

(30-day

SOFR

Average

+

1.1%),

5/25/45

....................................

United

States

93,413

93,652

2025-DNA2,

M1,

144A,

FRN,

4.867%,

(30-day

SOFR

Average

+

1.2%),

5/25/45

..................................

United

States

387,642

387,925

2025-DNA3,

M1,

144A,

FRN,

4.767%,

(30-day

SOFR

Average

+

1.1%),

9/25/45

..................................

United

States

142,136

142,213

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,k

FHLMC

STACR

REMIC

Trust,

(continued)

2025-DNA4,

M1,

144A,

FRN,

4.767%,

(30-day

SOFR

Average

+

1.1%),

10/25/45

.................................

United

States

86,175

$

86,524

k

FNMA

Connecticut

Avenue

Securities

Trust

,

2017-C06,

2M2,

FRN,

6.582%,

(30-day

SOFR

Average

+

2.914%),

2/25/30

..................................

United

States

239,676

245,750

2018-C04,

2M2,

FRN,

6.332%,

(30-day

SOFR

Average

+

2.664%),

12/25/30

.................................

United

States

51,855

53,225

b

2021-R03,

1M2,

144A,

FRN,

5.317%,

(30-day

SOFR

Average

+

1.65%),

12/25/41

..................................

United

States

35,000

35,167

b

2022-R02,

2M2,

144A,

FRN,

6.667%,

(30-day

SOFR

Average

+

3%),

1/25/42

.....................................

United

States

531,550

540,015

b

2022-R03,

1M2,

144A,

FRN,

7.167%,

(30-day

SOFR

Average

+

3.5%),

3/25/42

....................................

United

States

13,000

13,314

b

2022-R04,

1M2,

144A,

FRN,

6.767%,

(30-day

SOFR

Average

+

3.1%),

3/25/42

....................................

United

States

13,000

13,286

b

2022-R05,

2M1,

144A,

FRN,

5.567%,

(30-day

SOFR

Average

+

1.9%),

4/25/42

....................................

United

States

62,860

62,948

b

2023-R01,

1M1,

144A,

FRN,

6.067%,

(30-day

SOFR

Average

+

2.4%),

12/25/42

...................................

United

States

11,687

11,994

b

2023-R02,

1M1,

144A,

FRN,

5.967%,

(30-day

SOFR

Average

+

2.3%),

1/25/43

....................................

United

States

25,499

26,149

b

2023-R06,

1M1,

144A,

FRN,

5.367%,

(30-day

SOFR

Average

+

1.7%),

7/25/43

....................................

United

States

25,420

25,529

b

2023-R07,

2M1,

144A,

FRN,

5.617%,

(30-day

SOFR

Average

+

1.95%),

9/25/43

...................................

United

States

5,539

5,560

b

2024-R03,

2M1,

144A,

FRN,

4.817%,

(30-day

SOFR

Average

+

1.15%),

3/25/44

...................................

United

States

212,967

213,012

b

2024-R04,

1M1,

144A,

FRN,

4.767%,

(30-day

SOFR

Average

+

1.1%),

5/25/44

....................................

United

States

4,684

4,686

b

2024-R06,

1A1,

144A,

FRN,

4.817%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

...................................

United

States

38,524

38,651

b

2025-R01,

1A1,

144A,

FRN,

4.617%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

36,084

36,111

b

2025-R01,

1M1,

144A,

FRN,

4.767%,

(30-day

SOFR

Average

+

1.1%),

1/25/45

....................................

United

States

25,744

25,771

b

2025-R02,

1A1,

144A,

FRN,

4.667%,

(30-day

SOFR

Average

+

1%),

2/25/45

.....................................

United

States

87,521

87,636

b

2025-R02,

1M1,

144A,

FRN,

4.817%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

...................................

United

States

152,023

152,134

b

2025-R03,

2A1,

144A,

FRN,

5.117%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

...................................

United

States

114,076

114,738

b

2025-R04,

1A1,

144A,

FRN,

4.667%,

(30-day

SOFR

Average

+

1%),

5/25/45

.....................................

United

States

69,932

70,039

b

2025-R04,

1M1,

144A,

FRN,

4.867%,

(30-day

SOFR

Average

+

1.2%),

5/25/45

....................................

United

States

158,793

159,149

b

2025-R06,

1A1,

144A,

FRN,

4.567%,

(30-day

SOFR

Average

+

0.9%),

9/25/45

....................................

United

States

137,430

137,530

b

2026-R01,

2A1,

144A,

FRN,

4.517%,

(30-day

SOFR

Average

+

0.85%),

1/25/46

...................................

United

States

237,027

237,013

b

2026-R01,

2M1,

144A,

FRN,

4.667%,

(30-day

SOFR

Average

+

1%),

1/25/46

.....................................

United

States

279,834

279,976

b

GCAT

Trust

,

2020-NQM2

,

A3

,

144A,

3.935 %

,

4/25/65

........

United

States

12,970

12,768

b

HOMES

Trust

,

2024-NQM1

,

A1

,

144A,

5.915 %

,

7/25/69

......

United

States

71,817

72,677

b

Mill

City

Mortgage

Loan

Trust

,

2023-NQM1

,

A1

,

144A,

6.05 %

,

10/25/67

........................................

United

States

220,571

220,079

k

MortgageIT

Trust

,

2004-1

,

M2

,

FRN

,

4.793 %

,

(1-month

SOFR

+

1.119 %),

11/25/34

.................................

United

States

67,753

64,440

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

OBX

Trust

,

2023-NQM8,

A1,

144A,

7.045%,

9/25/63

................

United

States

90,014

$

90,906

k

2025-J2,

AF,

144A,

FRN,

4.967%,

(30-day

SOFR

Average

+

1.3%),

9/25/55

....................................

United

States

83,022

83,422

b,n

OLIT

,

2025-HB2

,

A

,

144A,

FRN

,

%

,

11/25/38

..............

United

States

138,537

136,033

b,k

Radian

Mortgage

Capital

Trust

,

2025-J3

,

A25

,

144A,

FRN

,

5.167 %

,

(30-day

SOFR

Average

+

1.5 %),

12/25/55

........

United

States

98,760

99,420

k

RALI

Trust

,

2006-QO5

,

1A1

,

FRN

,

4.218 %

,

(1-month

SOFR

+

0.544 %),

5/25/46

..................................

United

States

123,353

113,013

b,k

Sequoia

Mortgage

Trust

,

2026-2

,

A26F

,

144A,

FRN

,

4.809 %

,

(30-

day

SOFR

Average

+

1.15 %),

3/25/56

..................

United

States

238,000

238,589

b,k

Station

Place

Securitization

Trust

,

2025-1,

A,

144A,

FRN,

4.573%,

(1-month

SOFR

+

0.9%),

7/23/26

.........................................

United

States

427,000

433,754

2025-3,

A,

144A,

FRN,

4.573%,

(1-month

SOFR

+

0.9%),

9/23/26

.........................................

United

States

410,000

411,471

2025-7,

A,

144A,

FRN,

4.573%,

(1-month

SOFR

+

0.9%),

11/24/26

........................................

United

States

423,000

424,022

k

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR1

,

2A1

,

FRN

,

4.148 %

,

(1-month

SOFR

+

0.474 %),

1/25/37

.........

United

States

411,204

377,496

8,588,873

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $8,524,291)
................

#### 8,588,873

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 0.1%

#### Financial

#### Services

#### 0.1%
k

FHLMC

,

5466,

FG,

FRN,

4.617%,

(30-day

SOFR

Average

+

0.95%),

10/25/54

........................................

United

States

570,804

575,026

5471,

FD,

FRN,

4.517%,

(30-day

SOFR

Average

+

0.85%),

11/25/54

........................................

United

States

108,365

108,750

k

FNMA

,

2024-77,

DF,

FRN,

4.867%,

(30-day

SOFR

Average

+

1.2%),

10/25/53

........................................

United

States

128,844

130,493

2024-82,

FE,

FRN,

4.617%,

(30-day

SOFR

Average

+

0.95%),

11/25/54

........................................

United

States

156,119

156,948

2024-93,

FD,

FRN,

4.717%,

(30-day

SOFR

Average

+

1.05%),

12/25/54

........................................

United

States

225,369

226,778

1,197,995

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $1,194,113)
........

#### 1,197,995

#### Municipal

#### Bonds

#### 0.1%

#### California

#### 0.1%
California

Health

Facilities

Financing

Authority

,

State

of

California

Personal

Income

Tax

,

Revenue

,

2022

,

4.19 %

,

6/01/37

......

United

States

130,000

127,366

City

of

Orange

,

Revenue

,

2021

,

Refunding

,

2.65 %

,

6/01/34

....

United

States

60,000

53,072

County

of

Fresno

,

Revenue

,

2004

A

,

NATL

Insured

,

4.27 %,

8/15/32

.........................................

United

States

75,000

57,240

State

of

California

,

GO

,

4.35 %

,

11/01/32

..................

United

States

160,000

163,652

401,330

#### New

#### Jersey

#### 0.0%

#### †
New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2010

B

,

6.561 %

,

12/15/40

.............

United

States

25,000

28,726

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York

#### 0.0%

#### †
New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2026

,

4.66 %

,

2/01/36

....................

United

States

90,000

$

91,582

#### Ohio

#### 0.0%

#### †
JobsOhio

Beverage

System

,

Revenue,

Senior

Lien

,

2020

A

,

ETM,

2.833 %

,

1/01/38

...................................

United

States

70,000

61,266

#### Pennsylvania

#### 0.0%

#### †
Pennsylvania

Economic

Development

Financing

Authority

,

Revenue

,

2025

,

5.689 %

,

6/01/54

......................

United

States

85,000

87,693

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $660,381)
.......................................

#### 670,597

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $689,587,318)

#### .............................

#### 710,208,731

#### a

#### Short

#### Term

#### Investments

#### 0.3%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.2%
e,m

U.S.

Treasury

Bills,

3.53%,

7/16/26

......................

United

States

1,700,000

1,677,283

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $1,677,119)

#### ................

#### 1,677,283

#### Shares

#### Money

#### Market

#### Funds

#### 0.1%
q,r

JPM

USD

Treasury

CNAV

Fund,

3.176%

..................

Luxembourg

12,151

12,151

q,r,s

Putnam

Government

Money

Market

Fund,

Class

G,

3.508%

...

United

States

1,117,672

1,117,672

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $1,129,823)

#### .................................

#### 1,129,823

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $2,806,942

####)
...............................

#### 2,807,106

#### a

#### Total

#### Investments

#### (Cost

#### $692,394,260)

#### 82.8%

#### .................................

#### $713,015,837

#### TBA

#### Sale

#### Commitments

#### (0.8)%

#### ..............................................

#### (6,629,715)

#### Other

#### Assets,

#### less

#### Liabilities

#### 18.0%

#### ..........................................

#### 154,707,415

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $861,093,537

#### a

#### Principal

#### Amount

#### \*
t

#### TBA

#### Sale

#### Commitments

#### (0.8)%

#### Mortgage-Backed

#### Securities

#### (0.8)%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### (0.8)%
Uniform

Mortgage-Backed

Securities

,

4.5%,

TBA,

3/25/56

................................

United

States

(4,590,000)

(4,539,898)

5%,

TBA,

3/25/56

..................................

United

States

(2,080,000)

(2,089,817)

(6,629,715)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $(6,599,878))

#### .........................

#### $(6,629,715)
Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

\*

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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$176,687,957,

representing

20.5%

of

net

assets.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

d

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

e

The

rate

shown

represents

the

yield

at

period

end.

f

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(d).

g

Income

may

be

received

in

additional

securities

and/or

cash.

h

Perpetual

security

with

no

stated

maturity

date.

i

The

coupon

rate

shown

represents

the

rate

at

period

end.

j

See

Note

(f)

regarding

senior

floating

rate

interests.

k

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

l

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

.

m

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

February

28,

2026,

the

aggregate

value

of

these

securities

pledged

amounted

to

$4,989,158,

representing

0.6%

of

net

assets.

n

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.

o

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.

p

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

(d).

q

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

r

The

security

is

owned

by

Franklin

Multi-Asset

Income

Ltd.,

a

wholly-owned

subsidiary

of

the

Fund.

See

Note

1(g).

s

See

Note

(g)

regarding

investments

in

affiliated

management

investment

companies.

t

Security

sold

on

a

to-be-announced

(TBA)

basis

resulting

in

a

short

position.

As

such,

the

Fund

is

not

subject

to

fees

and

expenses

associated

with

short

sale

transactions.

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

At

February

28,

2026,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(e).

At

February

28,

2026,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

(e).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Equity

#### contracts
MSCI

EAFE

Index

............................

Short

$

4,431,140

3/20/26

$

(165,283)

MSCI

Emerging

Markets

Index

..................

Long

14,834,225

3/20/26

205,437

Russell

2000

E-Mini

Index

......................

Short

922,145

3/20/26

(24,540)

S&P

500

E-Mini

Index

.........................

Long

6,544,550

3/20/26

(37,504)

#### Interest

#### rate

#### contracts
Canada

Year

Bonds

........................

Long

9,365,756

6/19/26

44,600

Euro-BTP

..................................

Long

4,790,265

3/06/26

27,456

Euro-Bund

.................................

Long

18,927,211

3/06/26

144,320

Euro-OAT

..................................

Long

4,831,988

3/06/26

33,284

Japan

Year

Bonds

.........................

Long

17,858,035

3/13/26

46,132

Long

Gilt

...................................

Long

6,691,136

6/26/26

76,865

U.S.

Treasury

Year

Notes

....................

Short

1,763

200,651,438

6/18/26

(1,108,594)

U.S.

Treasury

Year

Ultra

Notes

................

Short

8,404,875

6/18/26

(47,366)

U.S.

Treasury

Year

Notes

.....................

Long

59,015,110

6/30/26

106,296

U.S.

Treasury

Year

Notes

.....................

Long

749

82,495,328

6/30/26

289,696

U.S.

Treasury

Long

Bonds

.....................

Long

671

79,492,531

6/18/26

610,371

U.S.

Treasury

Ultra

Bonds

......................

Long

3,039,844

6/18/26

25,324

Total

Futures

Contracts

......................................................................

$226,494

\*

As

of

period

end.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
British

Pound

......

BOFA

Sell

355,200

477,095

3/17/26

$

—

$

(1,604)

British

Pound

......

BZWS

Buy

103,100

138,479

3/17/26

—

British

Pound

......

GSCO

Sell

13,400

17,998

3/17/26

—

(61) British

Pound

......

MSCO

Buy

163,800

219,414

3/17/26

1,337

—

British

Pound

......

SSBT

Buy

53,100

70,893

3/17/26

670

—

British

Pound

......

TDOM

Sell

69,500

92,789

3/17/26

—

(875) Danish

Krone

......

BOFA

Buy

164,900

26,099

3/17/26

—

Danish

Krone

......

BZWS

Sell

13,000

2,058

3/17/26

—

—

Danish

Krone

......

CITI

Sell

99,500

15,750

3/17/26

—

Danish

Krone

......

MSCO

Sell

1,309,500

207,461

3/17/26

—

Danish

Krone

......

SSBT

Sell

65,100

10,287

3/17/26

—

(17) Danish

Krone

......

UBSW

Sell

259,100

40,944

3/17/26

—

(66) Euro

.............

BOFA

Sell

226,000

266,915

3/17/26

—

(326) Euro

.............

BZWS

Sell

406,000

479,969

3/17/26

(220) Euro

.............

CITI

Sell

30,200

35,700

3/17/26

—

(11) Euro

.............

GSCO

Sell

12,600

14,882

3/17/26

—

(18) Euro

.............

JPHQ

Sell

191,200

225,798

3/17/26

—

(293) Euro

.............

MSCO

Buy

21,000

24,761

3/17/26

—

Euro

.............

SSBT

Sell

341,100

402,188

3/17/26

—

(1,158)

Euro

.............

TDOM

Buy

95,600

111,351

3/17/26

1,695

—

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

Euro

.............

TDOM

Sell

327,700

389,998

3/17/26

$

2,498

$

—

Euro

.............

UBSW

Sell

124,800

147,149

3/17/26

—

(425) Norwegian

Krone

...

MSCO

Sell

466,200

45,952

3/17/26

—

(3,075)

Norwegian

Krone

...

SSBT

Sell

487,800

48,079

3/17/26

—

(3,219)

Norwegian

Krone

...

TDOM

Buy

65,700

6,455

3/17/26

—

Norwegian

Krone

...

TDOM

Sell

67,900

6,693

3/17/26

—

(448) Swedish

Krona

.....

BOFA

Sell

15,400

1,674

3/17/26

—

(33) Swedish

Krona

.....

BZWS

Buy

93,300

10,143

3/17/26

—

Swedish

Krona

.....

MSCO

Buy

27,000

2,922

3/17/26

—

Swedish

Krona

.....

SSBT

Buy

1,897,400

205,344

3/17/26

5,006

—

Swedish

Krona

.....

TDOM

Buy

408,200

44,174

3/17/26

1,080

—

Swedish

Krona

.....

TDOM

Sell

306,200

33,132

3/17/26

—

(814) Swiss

Franc

.......

BOFA

Buy

53,600

68,233

3/17/26

1,600

—

Swiss

Franc

.......

BZWS

Buy

4,200

5,347

3/17/26

—

Swiss

Franc

.......

MSCO

Buy

89,800

113,997

3/17/26

2,997

—

Swiss

Franc

.......

UBSW

Buy

36,300

46,068

3/17/26

1,225

—

Australian

Dollar

....

BOFA

Buy

82,600

55,188

4/15/26

3,583

—

Australian

Dollar

....

CITI

Buy

39,500

26,392

4/15/26

1,713

—

Australian

Dollar

....

MSCO

Sell

161,100

108,259

4/15/26

—

(6,365)

Australian

Dollar

....

TDOM

Buy

149,300

100,334

4/15/26

5,894

—

Australian

Dollar

....

UBSW

Sell

32,100

21,571

4/15/26

—

(1,268)

Israeli

New

Shekel

..

UBSW

Buy

213,800

68,152

4/15/26

—

Hong

Kong

Dollar

...

BZWS

Buy

3,600

5/13/26

—

—

Hong

Kong

Dollar

...

CITI

Buy

456,500

58,579

5/13/26

—

(55) Hong

Kong

Dollar

...

GSCO

Sell

399,900

51,324

5/13/26

—

Hong

Kong

Dollar

...

MSCO

Sell

193,200

24,794

5/13/26

—

Hong

Kong

Dollar

...

UBSW

Sell

709,600

91,055

5/13/26

—

Japanese

Yen

......

BZWS

Sell

5,612,700

36,058

5/13/26

—

(111) Japanese

Yen

......

CITI

Sell

10,537,300

67,685

5/13/26

—

(220) Japanese

Yen

......

MSCO

Buy

14,221,900

91,372

5/13/26

—

Japanese

Yen

......

SSBT

Sell

1,422,900

9,141

5/13/26

—

(28) Japanese

Yen

......

TDOM

Buy

25,928,000

166,553

5/13/26

533

—

Japanese

Yen

......

UBSW

Buy

5,460,800

35,083

5/13/26

—

Singapore

Dollar

....

BZWS

Buy

130,400

103,229

5/13/26

—

Singapore

Dollar

....

JPHQ

Buy

4,800

3,800

5/13/26

—

Singapore

Dollar

....

MSCO

Buy

39,500

31,272

5/13/26

—

Singapore

Dollar

....

SSBT

Buy

12,400

9,816

5/13/26

—

Singapore

Dollar

....

UBSW

Sell

69,200

54,776

5/13/26

—

(213) Total

Forward

Exchange

Contracts

...................................................

$32,759

$(20,923)

Net

unrealized

appreciation

(depreciation)

............................................

$11,836

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

At

February

28,

2026,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

(e).

#### Interest

#### Rate

#### Swap

#### Contracts

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount

#### \*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.32%

....

Annual

3/18/28

205,000

$

(441) $

$

(451) Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.47%

....

Annual

3/18/31

649,000

(6,989)

(342) (6,647)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.77%

....

Annual

3/18/36

1,743,000

(33,938)

(24,378)

(9,560)

Receive

Fixed

4.12%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/56

2,732,000

105,413

70,595

34,818

Total

Interest

Rate

Swap

Contracts

.................................

$64,045

$

45,885

$18,160

\*

In

U.S.

dollars

unless

otherwise

indicated.

See

Note

regarding

other

derivative

information.

See

A

bbreviations

on

.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Assets

and

Liabilities\*

February

28,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

#### Putnam

#### Multi-

#### Asset

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$691,276,588

Cost

-

Non-controlled

affiliates

(Note

g)

........................................................

1,117,672

Value

-

Unaffiliated

issuers

..................................................................

$711,898,165

Value

-

Non-controlled

affiliates

(Note

g)

.......................................................

1,117,672

Cash

....................................................................................

278,545,439

Receivables:

Investment

securities

sold

...................................................................

126,340

Receivable

for

sales

of

TBA

securities

(Note

d)

..................................................

6,599,878

Capital

shares

sold

........................................................................

9,716,632

Dividends

and

interest

.....................................................................

4,279,663

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

............................................................

190,563

Variation

margin

on

futures

contracts

...........................................................

544,430

Unrealized

appreciation

on

OTC

forward

exchange

contracts

..........................................

32,759

Prepaid

expenses

..........................................................................

159,738

Other

assets

..............................................................................

Total

assets

..........................................................................

1,013,211,335

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

12,872,368

Payable

for

purchases

of

TBA

securities

(Note

d)

................................................

131,748,856

Capital

shares

redeemed

...................................................................

351,135

Management

fees

.........................................................................

77,774

Administrative

fees

........................................................................

Distribution

fees

..........................................................................

32,050

Transfer

agent

fees

........................................................................

77,693

Trustees'

fees

and

expenses

.................................................................

166,951

Variation

margin

on

centrally

cleared

swap

contracts

...............................................

23,959

Unrealized

depreciation

on

OTC

forward

exchange

contracts

..........................................

20,923

TBA

sale

commitments,

at

value

(proceeds

$6,599,878)

(Note

1d)

.....................................

6,629,715

Accrued

expenses

and

other

liabilities

...........................................................

116,227

Total

liabilities

.........................................................................

152,117,798

Net

assets,

at

value

.................................................................

$861,093,537

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$916,452,664

Total

distributable

earnings

(losses)

.............................................................

(55,359,127)

Net

assets,

at

value

.................................................................

$861,093,537

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Assets

and

Liabilities\*

(continued)

February

28,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Putnam

#### Multi-

#### Asset

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$151,279,507

Shares

outstanding

........................................................................

13,082,044

Net

asset

value

per

share

a,b

..................................................................

$11.56

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.00%)

b

................................

$12.04

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$3,322,264

Shares

outstanding

........................................................................

287,044

Net

asset

value

and

maximum

offering

price

per

share

a,b

............................................

$11.57

#### Class

#### P:
Net

assets,

at

value

.......................................................................

$677,124,239

Shares

outstanding

........................................................................

58,475,673

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$11.58

#### Class

#### R:
Net

assets,

at

value

.......................................................................

$1,653,884

Shares

outstanding

........................................................................

143,000

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$11.57

#### Class

#### R5:
Net

assets,

at

value

.......................................................................

$12,404

Shares

outstanding

........................................................................

1,072

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$11.57

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$1,048,074

Shares

outstanding

........................................................................

90,582

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$11.57

#### Class

#### Y:
Net

assets,

at

value

.......................................................................

$26,653,165

Shares

outstanding

........................................................................

2,303,197

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$11.57

\*

Consolidated

financial

statement.

See

Note

1(g).

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Operations\*

for

the

six

months

ended

February

28,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

#### Putnam

#### Multi-

#### Asset

#### Income

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$12,222)

Unaffiliated

issuers

........................................................................

$747,167

Non-controlled

affiliates

(Note

g)

.............................................................

305,814

Interest:

Unaffiliated

issuers:

Paydown

gain

(loss)

.....................................................................

259,852

Paid

in

cash

a

...........................................................................

3,978,919

Total

investment

income

...................................................................

5,291,752

Expenses:

Management

fees

(Note

a)

...................................................................

533,643

Administrative

fees

(Note

b)

..................................................................

1,441

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

184,375

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

17,452

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

4,001

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

109,923

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

2,620

&nbsp;&nbsp;&nbsp;&nbsp;Class

P

................................................................................

2,932

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

1,192

&nbsp;&nbsp;&nbsp;&nbsp;Class

R5

...............................................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

...............................................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

................................................................................

18,926

Custodian

fe

es

.............................................................................

4,672

Reports

to

shareholders

fees

..................................................................

30,132

Registration

and

filing

fees

....................................................................

42,940

Professional

fees

...........................................................................

69,054

Trustees'

fees

and

expenses

(Note

f)

...........................................................

4,208

Other

....................................................................................

18,931

Total

expenses

.........................................................................

1,046,665

Expense

reductions

(Note

4)

...............................................................

(6,671)

Expenses

waived/paid

by

affiliates

(Note

g

and

h)

..............................................

(205,975)

Net

expenses

.........................................................................

834,019

Net

investment

income

................................................................

4,457,733

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Operations\*

(continued)

for

the

six

months

ended

February

28,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Putnam

#### Multi-

#### Asset

#### Income

#### Fund
Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

3,571,094

Foreign

currency

transactions

................................................................

Forward

exchange

contracts

.................................................................

(12,408)

Futures

contracts

.........................................................................

164,582

TBA

sale

commitments

.....................................................................

(48,725)

Swap

contracts

...........................................................................

894

Net

realized

gain

(loss)

..................................................................

3,675,505

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

6,215,340

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

(255) Forward

exchange

contracts

.................................................................

25,920

Futures

contracts

.........................................................................

281,894

TBA

sale

commitments

.....................................................................

(28,017)

Swap

contracts

...........................................................................

34,339

Net

change

in

unrealized

appreciation

(depreciation)

............................................

6,529,221

Net

realized

and

unrealized

gain

(loss)

............................................................

10,204,726

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$14,662,459

\*

Consolidated

financial

statement.

See

Note

1(g).

a

Includes

amortization

of

premium

and

accretion

of

discount.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026

#### (unaudited)\*

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### a
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$4,457,733

$9,137,528

Net

realized

gain

(loss)

.................................................

3,675,505

7,152,603

Net

change

in

unrealized

appreciation

(depreciation)

...........................

6,529,221

(1,636,243)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

14,662,459

14,653,888

Distributions

to

shareholders:

Class

A

.............................................................

(2,604,037)

(6,036,883)

Class

C

.............................................................

(48,977)

(172,750)

Class

P

.............................................................

(1,269,133)

(1,937,247)

Class

R

.............................................................

(26,419)

(58,978)

Class

R5

............................................................

(228) (513) Class

R6

............................................................

(16,778)

(92,248)

Class

Y

.............................................................

(479,080)

(1,364,653)

Total

distributions

to

shareholders

..........................................

(4,444,652)

(9,663,272)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

(480,193)

(5,977,438)

Class

C

.............................................................

(519,772)

(3,018,473)

Class

P

.............................................................

628,410,089

11,592,931

Class

R

.............................................................

35,628

(47,409)

Class

R6

............................................................

255,997

(3,127,380)

Class

Y

.............................................................

307,301

(10,043,007)

Total

capital

share

transactions

............................................

628,009,050

(10,620,776)

Net

increase

(decrease)

in

net

assets

...................................

638,226,857

(5,630,160)

Net

assets:

Beginning

of

period

.....................................................

222,866,680

228,496,840

End

of

period

..........................................................

$861,093,537

$222,866,680

\*

Consolidated

financial

statement

.

See

Note

1(g).

a

Includes

the

consolidated

operations

of

Franklin

Multi-Asset

Income

Ltd.

from

July

7,

2025

through

August

31,

2025. See

Note

1(g).

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

#### Putnam

#### Multi-Asset

#### Income

#### Fund

franklintempleton.com

Semiannual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
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.

The

Trust

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. Putnam

Multi-Asset

Income

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers seven

classes

of

shares:

Class

A,

Class

C,

Class

P,

Class

R,

Class

R5,

Class

R6

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

July

15,

2026,

Putnam

Multi-Asset

Income

Fund

was

renamed

Franklin

Multi-Asset

Income

Fund.

The

following

summarizes

the

Fund

's

significant

accounting

policies.

a. #### 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

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,

exchange

traded

funds,

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.

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.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

are

centrally

cleared

or

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

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

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.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

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

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

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

p.m.

Eastern

time.

At

February

28,

2026,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

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.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Consolidated

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Stripped

#### Securities
The

Fund

may

invest

in

stripped

securities

which

represent

a

participation

in

securities

that

may

be

structured

in

classes

with

rights

to

receive

different

portions

of

the

interest

and

principal.

Interest-only

securities

receive

all

of

the

interest

and

principal-only

securities

receive

all

of

the

principal.

If

the

interest

only

securities

experience

greater

than

anticipated

prepayments

of

principal,

the

Fund

may

fail

to

recoup

fully

its

initial

investment

in

these

securities.

Conversely,

principal-

only

securities

increase

in

value

if

prepayments

are

greater

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

fair

value

of

these

securities

is

highly

sensitive

to

changes

in

interest

rates.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

d. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery

and to-be-

announced

(TBA)

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

The

Fund

may

also

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

mortgage-backed

securities

it

owns

under

delayed

delivery

arrangements

or

to

take

a

short

position

in

mortgage-backed

securities.

Proceeds

of

TBA

sale

commitments

are

not

received

until

the

contractual

settlement

date.

During

the

time

a

TBA

sale

commitment

is

outstanding,

either

equivalent

deliverable

securities

or

an

offsetting

TBA

purchase

commitment

deliverable

on

or

before

the

sale

commitment

date

are

held

as

"cover"

for

the

transaction,

or

other

liquid

assets

in

an

amount

equal

to

the

notional

value

of

the

TBA

sale

commitment

are

segregated.

If

the

TBA

sale

commitment

is

closed

through

the

acquisition

of

an

offsetting

TBA

purchase

commitment,

the

Fund

realizes

a

gain

or

loss.

If

the

Fund

delivers

securities

under

the

commitment,

the

Fund

realizes

a

gain

or

a

loss

from

the

sale

of

the

securities

based

upon

the

unit

price

established

at

the

date

the

commitment

was

entered

into.

TBA

commitments,

which

are

accounted

for

as

purchase

and

sale

transactions,

may

be

considered

securities

themselves,

and

involve

a

risk

of

loss

due

to

changes

in

the

value

of

the

security

prior

to

the

settlement

date

as

well

as

the

risk

that

the

counterparty

to

the

transaction

will

not

perform

its

obligations.

Counterparty

risk

is

mitigated

by

having

a

master

agreement

between

the

Fund

and

the

counterparty.

Unsettled

TBA

commitments

are

valued

at

their

fair

value

according

to

the

procedures

described

in

the

Financial

Instrument

Valuation

note.

The

contract

is

marked

to

market

daily

and

the

change

in

fair

value

is

recorded

by

the

Fund

as

an

unrealized

gain

or

loss.

Based

on

market

circumstances,

the

investment

manager

will

determine

whether

to

take

delivery

of

the

underlying

securities

or

to

dispose

of

the

TBA

commitments

prior

to

settlement.

e. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Consolidated

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/

or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

counterparty

under

the

ISDA

agreement.

At

February

28,

2026,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

of

$5,075.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

or

at

the

broker and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

commodity

price, interest

rate

and

equity

price

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund entered

into

interest

rate

swap

contracts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

appreciation

or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Interest

rate

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

See

Note

regarding

other

derivative

information.

f. #### Senior

#### Floating

#### Rate

#### Interests
The

Fund

invests

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the Fund

invests

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

g. #### Investments

#### in

#### Franklin

#### Multi-Asset

#### Income

#### Ltd.

#### (FT

#### Subsidiary)
The Fund

invests

in

certain

financial

instruments,

warrants

or

commodities

through

its

investments

in

FT

Subsidiary.

FT

Subsidiary,

a

Cayman

Islands

exempted

company

with

limited

liability,

is

a

wholly-owned

subsidiary

of

the

Fund.

FT

Subsidiary

is

able

to

invest

in

certain

financial

instruments

consistent

with

the

investment

objective

of

the

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

Fund.

At

February

28,

2026,

FT

Subsidiary's

investments,

as

well

as

any

other

assets

and

liabilities

of

FT

Subsidiary

are

reflected

in

the

Fund's

Consolidated

Schedule

of

Investments

and

Consolidated

Statement

of

Assets

and

Liabilities.

All

intercompany

transactions

and

balances

have

been

eliminated.

At

February

28,

2026,

the

net

assets

of

FT

Subsidiary

were

$1,117,807,

representing 0.13% of

the

Fund's

consolidated

net

assets.

The

Fund's

investment

in

FT

Subsidiary

is

limited

to

25%

of

consolidated

assets.

h. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and if

applicable,

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

In

some

cases,

the

Fund

may

be

entitled

to

reclaim

all

or

a

portion

of

such

taxes,

and

such

reclaim

amounts,

if

any,

are

reflected

as

a

dividend

receivable

in

the

Statement

of

Assets

and

Liabilities

and

dividend

income

in

the

Statement

of

Operations.

In

many

cases,

however,

the

Fund

may

not

receive

such

amounts

for

an

extended

period

of

time,

depending

on

the

country

of

investment.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

February

28,

2026, the Fund

has

determined

that

no

tax

liability

is

required

in

its

consolidated

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

i. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

separately

in

the

Consolidated

Statement

of

Operations.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

j. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

g. #### Investments

#### in

#### Franklin

#### Multi-Asset

#### Income

#### Ltd.

#### (FT

#### Subsidiary)
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

k. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

February

28,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

595,132

$6,724,151

1,160,275

$12,484,017

Shares

issued

in

reinvestment

of

distributions

..........

225,276

2,549,451

550,533

5,899,318

Shares

redeemed

...............................

(861,432)

(9,753,795)

(2,276,681)

(24,360,773)

Net

increase

(decrease)

..........................

(41,024)

$(480,193)

(565,873)

$(5,977,438)

#### Class

#### C

#### Shares:
Shares

sold

...................................

17,197

$194,472

30,066

$323,867

Shares

issued

in

reinvestment

of

distributions

..........

4,306

48,727

16,030

171,750

Shares

redeemed

a

..............................

(67,424)

(762,971)

(327,269)

(3,514,090)

Net

increase

(decrease)

..........................

(45,921)

$(519,772)

(281,173)

$(3,018,473)

#### Class

#### P

#### Shares:
Shares

sold

...................................

57,739,033

$668,818,482

4,359,398

$47,202,041

Shares

issued

in

reinvestment

of

distributions

..........

111,336

1,268,934

180,481

1,937,194

Shares

redeemed

...............................

(3,609,147)

(41,677,327)

(3,447,595)

(37,546,304)

Net

increase

(decrease)

..........................

54,241,222

$628,410,089

1,092,284

$11,592,931

#### Class

#### R

#### Shares:
Shares

sold

...................................

7,712

$87,278

4,975

$53,044

Shares

issued

in

reinvestment

of

distributions

..........

2,319

26,255

5,460

58,525

Shares

redeemed

...............................

(6,865)

(77,905)

(14,745)

(158,978)

Net

increase

(decrease)

..........................

3,166

$35,628

(4,310)

$(47,409)

#### Class

#### R6

#### Shares:
Shares

sold

...................................

26,425

$301,024

30,657

$329,123

Shares

issued

in

reinvestment

of

distributions

..........

1,464

16,589

8,561

91,725

Shares

redeemed

...............................

(5,415)

(61,616)

(331,839)

(3,548,228)

Net

increase

(decrease)

..........................

22,474

$255,997

(292,621)

$(3,127,380)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays Advisers

a

management

fee

(based

on

the

Fund's

average

net

assets

and

computed

and

paid

monthly)

at

annual

rates

that

may

vary

based

on

the

average

of

the

aggregate

net

assets

of

all

open-end

mutual

funds

sponsored

by

Putnam

Management

(including

open-end

funds

managed

by

affiliates

of

Putnam

Management

that

have

been

deemed

to

be

sponsored

by

Putnam

Management

for

this

purpose)

(excluding

net

assets

of

such

funds

that

are

invested

in,

or

that

are

invested

in

by,

other

such

funds

to

the

extent

necessary

to

avoid

"double

counting"

of

those

assets).

Such

annual

rates

may

vary

as

follows:

For

the

period

ended

February

28,

2026,

the

annualized

gross

effective

investment

management

fee

rate

was 0.441%

of

the

Fund's

average daily

net

assets.

#### Six

#### Months

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### Y

#### Shares:
Shares

sold

...................................

171,532

$1,954,003

187,789

$2,028,074

Shares

issued

in

reinvestment

of

distributions

..........

41,551

470,741

125,454

1,344,290

Shares

redeemed

...............................

(186,980)

(2,117,443)

(1,255,706)

(13,415,371)

Net

increase

(decrease)

..........................

26,103

$307,301

(942,463)

$(10,043,007)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Putnam

Advisory

Company,

LLC

(PAC)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.630%

of

the

first

$5

billion,

0.580%

of

the

next

$5

billion,

0.530%

of

the

next

$10

billion,

0.480%

of

the

next

$10

billion,

0.430%

of

the

next

$50

billion,

0.410%

of

the

next

$50

billion,

0.400%

of

the

next

$100

billion

and

0.395%

of

any

excess

thereafter.

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

Advisers

retained

Putnam

Management

as

subadvisor

for

the

Fund.

Pursuant

to

the

agreement,

Putnam

Management

provides

certain

advisory

and

related

services

to

the

Fund.

Advisers

pays

a

monthly

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

Under

a

subadvisory

agreement,

PAC

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by

Advisers based

on

the

average

net

assets

managed

by

PAC,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

The

Fund

reimburses

Advisers

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

#### Maximum

#### %

#### Approved

#### %
Class

A

...................................................................

0.35%

0.25%

Class

C

...................................................................

1.00%

1.00%

Class

R

...................................................................

1.00%

0.50%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$3,575

CDSC

retained

..............................................................................

$302

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

A,

Class

C,

Class

R

and

Class

Y shares

that

included

(1) a

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

of

the

Fund;

(2) a

specified

rate

of

the

Fund's

assets

attributable

to

defined

contribution

plan

accounts;

and

(3) a

specified

rate

based

on

the

average

net

assets

in

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund's

retail

and

defined

contribution

accounts

for

these

share

classes

will

not

exceed

an

annual

rate

of

0.25%

of

the

Fund's

average

assets

attributable

to

such

accounts.

Class P

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class P

shares

at

an

annual

rate

of

0.01%.

Class R5

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R5

shares

at

an

annual

rate

of

0.15%.

Class R6

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R6

shares

at

an

annual

rate

of

0.05%.

f. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Consolidated

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. g. #### 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.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Consolidated

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

February

28,

2026,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

#### &nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Multi-Asset

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Government

Money

Market

Fund,

Class

G,

3.508%

.

$—

$79,852,429

$(78,734,757)

$—

$—

$1,117,672

1,117,672

$63,012

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

h. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers has

contractually

agreed,

through

December

30,

2026,

to

waive

fees

and/or

reimburse

the

Fund's

expenses

to

the

extent

necessary

to

limit

the

cumulative

expenses

of

the

Fund,

exclusive

of

brokerage,

interest,

taxes,

investment-related

expenses,

extraordinary

expenses,

acquired

fund

fees

and

expenses

and

payments

under

the

Fund's

investor

servicing

contract,

investment

management

contract

and

distribution

plans,

on

a

fiscal

year-to-date

basis

to

an

annual

rate

of

0.20%

of

the

Fund's

average

net

assets

over

such

fiscal

year-to-date

period.

Advisers

has

also

contractually

agreed

to

waive

fees

(and,

to

the

extent

necessary,

bear

other

expenses)

of

the

Fund

through December

30,

2026,

to

the

extent

that

total

expenses

of

the

Fund

(excluding

brokerage,

interest,

taxes,

investment-

related

expenses,

payments

under

distribution

plans,

extraordinary

expenses,

payments

under

the

Fund's

investor

servicing

contract

and

acquired

fund

fees

and

expenses,

but

including

payments

under

the

Fund's

investment

management

contract)

would

exceed

an

annual

rate

of

0.40%

of

the

Fund's

average

net

assets.

i. #### Other

#### Affiliated

#### Transactions
At

February

28,

2026,

one

or

more

of

the

funds

in

Putnam

Target

Date

Funds

owned

5%

or

more

of

the

Fund's

outstanding

shares,

totaling

70.6%

of

the

Fund's

outstanding

shares.

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into arrangements

with PSERV

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

fees.

During

the

period

ended

February

28,

2026,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

August

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

#### &nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

Putnam

Short

Term

Investment

Fund,

Class

P,

3.852%

......

11,277,701

243,247,847

(254,525,548)

—

—

—

—

242,802

#### Total

#### Affiliated

#### Securities

#### ...
$11,277,701

$323,100,276

$(333,260,305)

$—

$—

$1,117,672

$305,814

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$

48,624,183

Long

term

................................................................................

31,255,425

Total

capital

loss

carryforwards

...............................................................

$79,879,608

3. #### Transactions

#### with

#### Affiliates
(continued)

g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

At

February

28,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales

and

passive

foreign

investment

company

shares.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

February

28,

2026,

aggregated

$613,231,243 and

$155,223,079,

respectively.

7. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
At

February

28,

2026,

the

Fund

had 17.3%

of

its

portfolio

invested

in

high

yield

securities,

senior

secured

floating

rate

loans,

or

other

securities

rated

below

investment

grade and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

February

28,

2026,

the

aggregate

value

of

these

securities

was $545,127

representing 0.1%

of

the

Fund's

net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying Schedule

of

Investments.

8. #### Other

#### Derivative

#### Information
At

February

28,

2026,

investments

in

derivative

contracts

are

reflected

in

the Consolidated

Statement of

Assets

and

Liabilities

as

follows:

Cost

of

investments

..........................................................................

$686,071,764

Unrealized

appreciation

........................................................................

$25,355,738

Unrealized

depreciation

........................................................................

(4,739,005)

Net

unrealized

appreciation

(depreciation)

..........................................................

$20,616,733

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Consolidated

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Consolidated

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### Multi-Asset

#### Income

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

1,404,344

a

Variation

margin

on

futures

contracts

$

1,155,960

a

Variation

margin

on

centrally

cleared

swap

contracts

34,818

a

Variation

margin

on

centrally

cleared

swap

contracts

16,658

a

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

32,759

Unrealized

depreciation

on

OTC

forward

exchange

contracts

20,923

5. #### Income

#### Taxes
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

For

the

period

ended

February

28,

2026,

the

effect

of

derivative

contracts

in

the Consolidated

Statement

of

Operations

was

as

follows:

For

the

period

ended

February

28,

2026,

the

average

month

end

notional

amount

of

futures

contracts

and

swap

contracts

represented

$107,673,446

and

$2,426,571,

respectively. The

average

month

end

contract

value

of

forward

exchange

contracts

was

$4,071,887.

See

Note

1(e)

regarding

derivative

financial

instruments.

See

Abbreviations

on

.

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Consolidated

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Consolidated

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

Equity

contracts

...........

Variation

margin

on

futures

contracts

$

205,437

a

Variation

margin

on

futures

contracts

$

227,327

a

Total

....................

$1,677,358

$1,420,868

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

and

centrally

cleared

swap

contracts

as

reported

in

the

Consolidated

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Consolidated

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Consolidated

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Consolidated

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Putnam

#### Multi-Asset

#### Income

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$57,463

Futures

contracts

$253,248

Swap

contracts

894

Swap

contracts

34,339

Foreign

exchange

contracts

.....

Forward

exchange

contracts

(12,408)

Forward

exchange

contracts

25,920

Equity

contracts

..............

Futures

contracts

(100,556)

Futures

contracts

28,646

Commodity

contracts

..........

Futures

contracts

207,675

Futures

contracts

—

Total

.......................

$153,068

$342,153

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

9. #### Credit

#### Facility
The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

29,

2027. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Consolidated

Statement

of

Operations.

During

the

period

ended

February

28,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

10. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

February

28,

2026,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Multi-Asset

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

...................

$

4,078,974

$

564,691

$

—

$

4,643,665

Air

Freight

&

Logistics

...................

3,379,987

126,191

—

3,506,178

Automobile

Components

.................

365,371

436,347

—

801,718

Automobiles

..........................

6,684,293

1,245,583

—

7,929,876

Banks

...............................

7,291,147

6,115,389

—

13,406,536

Beverages

...........................

4,017,476

85,378

—

4,102,854

Biotechnology

.........................

2,332,966

—

9,144

2,342,110

Broadline

Retail

.......................

4,291,918

107,389

—

4,399,307

Building

Products

......................

338,421

254,773

—

593,194

Capital

Markets

........................

6,407,801

916,139

—

7,323,940

Chemicals

...........................

2,131,587

448,120

—

2,579,707

Commercial

Services

&

Supplies

...........

97,120

—

—

97,120

Communications

Equipment

..............

4,937,747

—

—

4,937,747

Construction

&

Engineering

...............

323,709

589,805

—

913,514

Construction

Materials

..................

—

394,753

—

394,753

Consumer

Finance

.....................

483,343

—

—

483,343

Consumer

Staples

Distribution

&

Retail

......

1,013,572

188,988

—

1,202,560

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Containers

&

Packaging

.................

$

20,028

$

—

$

—

$

20,028

Distributors

...........................

30,124

—

—

30,124

Diversified

Consumer

Services

............

2,051,855

—

—

2,051,855

Diversified

REITs

......................

37,902

223,998

—

261,900

Diversified

Telecommunication

Services

.....

3,852,530

846,814

—

4,699,344

Electric

Utilities

........................

4,365,919

923,185

—

5,289,104

Electrical

Equipment

....................

5,211,591

1,052,382

—

6,263,973

Electronic

Equipment,

Instruments

&

Components

........................

367,048

—

—

367,048

Energy

Equipment

&

Services

.............

1,053,149

—

—

1,053,149

Entertainment

.........................

497,875

—

—

497,875

Financial

Services

......................

2,529,646

341,532

—

2,871,178

Food

Products

........................

2,169,250

476,157

—

2,645,407

Gas

Utilities

..........................

424,740

—

—

424,740

Ground

Transportation

..................

750,958

—

—

750,958

Health

Care

Equipment

&

Supplies

.........

1,568,172

495,481

—

2,063,653

Health

Care

Providers

&

Services

..........

587,623

—

—

587,623

Health

Care

REITs

.....................

305,055

—

—

305,055

Health

Care

Technology

.................

92,642

—

—

92,642

Hotel

&

Resort

REITs

...................

72,909

—

—

72,909

Hotels,

Restaurants

&

Leisure

.............

918,033

334,397

—

1,252,430

Household

Durables

....................

471,863

—

—

471,863

Household

Products

....................

609,368

249,320

—

858,688

Independent

Power

and

Renewable

Electricity

Producers

..........................

408,610

—

408,621

Industrial

Conglomerates

................

373,262

272,787

—

646,049

Industrial

REITs

.......................

206,441

—

—

206,441

Insurance

............................

4,416,049

2,368,749

—

6,784,798

Interactive

Media

&

Services

..............

18,066,669

127,519

—

18,194,188

IT

Services

...........................

127,528

69,806

—

197,334

Leisure

Products

.......................

247,212

—

—

247,212

Life

Sciences

Tools

&

Services

............

93,360

—

—

93,360

Machinery

............................

3,934,449

1,139,884

—

5,074,333

Marine

Transportation

...................

68,778

823,944

—

892,722

Media

...............................

218,839

61,797

—

280,636

Metals

&

Mining

.......................

785,251

1,408,064

—

2,193,315

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

4,430,034

—

—

4,430,034

Multi-Utilities

..........................

537,298

542,373

—

1,079,671

Office

REITs

..........................

18,501

—

—

18,501

Oil,

Gas

&

Consumable

Fuels

.............

6,082,008

1,850,062

—

7,932,070

Paper

&

Forest

Products

.................

26,206

172,410

—

198,616

Passenger

Airlines

.....................

275,848

76,384

—

352,232

Personal

Care

Products

.................

189,632

92,223

—

281,855

Pharmaceuticals

.......................

14,317,056

2,914,719

—

17,231,775

Professional

Services

...................

2,560,542

—

—

2,560,542

Real

Estate

Management

&

Development

....

54,853

—

—

54,853

Residential

REITs

......................

534,886

—

—

534,886

Retail

REITs

..........................

1,107,171

33,124

—

1,140,295

Semiconductors

&

Semiconductor

Equipment

.

22,906,875

2,232,337

—

25,139,212

Software

.............................

8,206,846

288,481

—

8,495,327

Specialized

REITs

......................

4,013,808

—

—

4,013,808

Specialty

Retail

........................

3,989,893

394,668

—

4,384,561

Technology

Hardware,

Storage

&

Peripherals

.

14,381,180

226,664

—

14,607,844

10. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

11. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the consolidated

financial

statements.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Textiles,

Apparel

&

Luxury

Goods

..........

$

434,379

$

851,267

$

—

$

1,285,646

Tobacco

.............................

280,619

730,380

—

1,010,999

Trading

Companies

&

Distributors

..........

39,817

1,719,650

—

1,759,467

Transportation

Infrastructure

..............

—

407,814

—

407,814

Water

Utilities

.........................

28,692

60,619

—

89,311

Wireless

Telecommunication

Services

.......

—

490,024

—

490,024

Management

Investment

Companies

.........

1,634,367

—

—

1,634,367

Convertible

Preferred

Stocks

................

474,366

—

—

474,366

Preferred

Stocks

.........................

—

79,664

—

79,664

Rights

.................................

—

—

1,046

1,046

Convertible

Bonds

.......................

—

1,698,694

—

1,698,694

Corporate

Bonds

........................

—

230,398,353

—

230,398,353

Senior

Floating

Rate

Interests

...............

—

3,848,181

—

3,848,181

Foreign

Government

and

Agency

Securities

....

—

30,167,644

—

30,167,644

U.S.

Government

and

Agency

Securities

.......

—

23,852,549

—

23,852,549

Asset-Backed

Securities

...................

—

14,539,617

—

14,539,617

Commercial

Mortgage-Backed

Securities

......

—

14,418,089

—

14,418,089

Mortgage-Backed

Securities

................

—

153,330,676

—

153,330,676

Residential

Mortgage-Backed

Securities

.......

—

8,588,873

—

8,588,873

Agency

Commercial

Mortgage-Backed

Securities

—

1,197,995

—

1,197,995

Municipal

Bonds

.........................

—

670,597

—

670,597

Short

Term

Investments

...................

1,129,823

1,677,283

—

2,807,106

Total

Investments

in

Securities

...........

$192,764,860

$520,240,776

b

$10,201

$713,015,837

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$32,759

$—

$32,759

Futures

Contracts

.......................

1,609,781

—

—

1,609,781

Swap

Contracts

.........................

—

34,818

—

34,818

Total

Other

Financial

Instruments

.........

$1,609,781

$67,577

$—

$1,677,358

#### Liabilities:
Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

6,629,715

$

—

$

6,629,715

Forward

Exchange

Contracts

...............

—

20,923

—

20,923

Futures

Contracts

........................

1,383,287

—

—

1,383,287

Swap

Contracts

.........................

—

16,658

—

16,658

Total

Other

Financial

Instruments

.........

$1,383,287

$6,667,296

$—

$8,050,583

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$35,835,258,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

10. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Multi-Asset

#### Income

#### Fund
(continued)

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Consolidated

Statement

of

Assets

and

Liabilities

and

the Consolidated

Statement

of

Operations,

along

with

the

related

notes

to

the consolidated

financial

statements.

The Consolidated

Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Consolidated

Financial

Highlights.

12. #### Subsequent

#### Events
The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

consolidated

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

#### Abbreviations

#### Counterparty

#### BOFA
Bank

of

America

NA

#### BZWS
Barclays

Bank

plc

#### CITI
Citibank

NA

#### GSCO
Goldman

Sachs

Group,

Inc.

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MSCO
Morgan

Stanley

#### SSBT
State

Street

Bank

and

Trust

Co.

#### TDOM
Toronto

Dominion

Bank

#### UBSW
UBS

AG

#### Cu

#### r

#### rency

#### AUD
Australian

Dollar

#### CAD
Canadian

Dollar

#### CHF
Swiss

Franc

#### EUR
Euro

#### GBP
British

Pound

#### JPY
Japanese

Yen

#### NOK
Norwegian

Krone

#### SEK
Swedish

Krona

#### USD
United

States

Dollar

#### Selected

#### Portfolio

#### CLO
Collateralized

Loan

Obligation

#### CME
Chicago

Mercantile

Exchange

#### CVR
Contingent

Value

Right

#### ETF
Exchange-Traded

Fund

#### ETM
Escrowed

to

Maturity

#### 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

#### GO
General

Obligation

#### NATL
National

Reinsurance

Corp.

#### PIK
Payment-In-Kind

#### REMIC
Real

Estate

Mortgage

Investment

Conduit

#### SOFR
Secured

Overnight

Financing

Rate

#### STACR
Structured

Agency

Credit

Risk

11. #### Operating

#### Segments
(continued)

Putnam

Asset

Allocation

Funds

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

consolidated

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

39362-SFSOI

04/26©

2026

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act"))
 are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based
 on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities
 Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting
 and administrative services for the Registrant that are subject to Franklin Templeton's oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pmaif-efp23720_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](pmaif-efp23720_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
| **Putnam Asset Allocation Funds** | **Putnam Asset Allocation Funds** |
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | April 29, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | April 29, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | April 29, 2026 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Asset Allocation Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | April 29, 2026 |
| /s/ Jonathan S. Horwitz | /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz | Jonathan S. Horwitz |
| Principal Executive Officer | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Asset Allocation Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | April 29, 2026 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Principal Financial Officer | Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Asset Allocation Funds** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **February 28, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Asset Allocation Funds | Putnam Asset Allocation Funds |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: April 29, 2026 | Date: April 29, 2026 |

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This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.