# EDGAR Filing Document

**Accession Number:** 0000914209
**File Stem:** 0001133228-25-013006
**Filing Date:** 2025-12
**Character Count:** 561661
**Document Hash:** b5e666c28c20d0926db611b9bc4c581e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013006.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001133228-25-013006

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**EFFECTIVENESS DATE**: 20251201

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07121
- **FILM NUMBER:** 251538425

**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 Dynamic Asset Allocation Balanced Fund (Series ID: S000000778)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000002307 | Class A shares | PABAX           |
| C000002309 | Class C shares | AABCX           |
| C000002311 | Class R shares | PAARX           |
| C000002312 | Class Y shares | PABYX           |
| C000117945 | Class R5       |  |
| C000117946 | Class R6       |  |
| C000174661 | Class P Shares |  |

?xml version='1.0' encoding='ASCII'? 2025-10-2074300184700_PutnamDynamicAssetAllocationBalancedFund_ClassA_TSRAnnual

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, NY 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: **September 30**

Date of reporting period: **September 30, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Balanced Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PABAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Dynamic Asset Allocation Balanced Fund for the period October 1, 2024, to September 30, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class A | $95 | 0.90% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class A shares of Putnam Dynamic Asset Allocation Balanced Fund returned 11.91%. The Fund compares its performance to the Russell 3000 Index and the Putnam Balanced Blended Benchmark†, which returned 17.41% and 11.62%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Security selection decisions within these strategies: | Security selection decisions within these strategies: |
| ↑ | Quantitative Large Cap Core Equity strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection decisions within the U.S. Large Cap Growth Equity strategy |

---

**Use of derivatives and the impact on performance:**

The Fund utilized futures to help manage exposure to market risk, hedge prepayment and interest-rate risks and gain exposure to interest rates, which had a negative effect on performance over the period.

Putnam Dynamic Asset Allocation Balanced Fund PAGE 1 38954-ATSA-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 9/30/2015 — 9/30/2025

![image](ts5334img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 11.91 | 9.79 | 8.56 |
| **Class A (with sales charge)**  | 5.48 | 8.50 | 7.92 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Putnam Balanced Blended Benchmark**<sup>†</sup>  | 11.62 | 9.13 | 9.26 |

---

† The Putnam Balanced Blended Benchmark is comprised of 50% Russell 3000 Index, 35% Bloomberg U.S. Aggregate Index, 10% MSCI EAFE Index-NR, and 5% JPMorgan Developed High Yield Index.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2334863119 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2125 |
| **Total Management Fee Paid** | $10896225 |
| **Portfolio Turnover Rate** | 158% |

---

Putnam Dynamic Asset Allocation Balanced Fund PAGE 2 38954-ATSA-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

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

![image](ts5334img004.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%.

**HOW HAS THE FUND CHANGED?**

Effective July 7, 2025, the Fund will use a wholly-owned subsidiary to hold the Fund's commodity investments, if any. As a result, the Fund's prospectus was amended to include the following: "The Fund generally expects to invest in commodity futures, swaps on commodity futures and other commodity-related derivative instruments primarily through a wholly-owned and controlled Subsidiary (as described below) and to invest in other types of derivatives directly."

Effective July 7, 2025, the Fund's Prospectus was amended to include risk disclosure concerning the risk of exposure to physical commodities and commodity futures through investment in its wholly-owned and controlled subsidiary and concerning tax risk relating to investment through a subsidiary, and the risks associated with investing in a subsidiary that invests primarily in commodity-related instruments.

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney and Thomas Nelson.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Dynamic Asset Allocation Balanced Fund PAGE 3 38954-ATSA-1125

9425101851147412382125151343015936132491495519143214231000011496136471604616514189922504520630248523359839447100001107112346134041415715666185041537917439217222424770.511.47.91.21.00.70.60.60.40.10.00.00.00.00.05.6 ------

---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Balanced Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [AABCX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Dynamic Asset Allocation Balanced Fund for the period October 1, 2024, to September 30, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class C | $174 | 1.65% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class C shares of Putnam Dynamic Asset Allocation Balanced Fund returned 11.11%. The Fund compares its performance to the Russell 3000 Index and the Putnam Balanced Blended Benchmark†, which returned 17.41% and 11.62%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Security selection decisions within these strategies: | Security selection decisions within these strategies: |
| ↑ | Quantitative Large Cap Core Equity strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection decisions within the U.S. Large Cap Growth Equity strategy |

---

**Use of derivatives and the impact on performance:**

The Fund utilized futures to help manage exposure to market risk, hedge prepayment and interest-rate risks and gain exposure to interest rates, which had a negative effect on performance over the period.

Putnam Dynamic Asset Allocation Balanced Fund PAGE 1 38954-ATSC-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 9/30/2015 — 9/30/2025

![image](ts5335img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 11.11 | 8.96 | 7.91 |
| **Class C (with sales charge)**  | 10.11 | 8.96 | 7.91 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Putnam Balanced Blended Benchmark**<sup>†</sup>  | 11.62 | 9.13 | 9.26 |

---

† The Putnam Balanced Blended Benchmark is comprised of 50% Russell 3000 Index, 35% Bloomberg U.S. Aggregate Index, 10% MSCI EAFE Index-NR, and 5% JPMorgan Developed High Yield Index.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Class C share performance reflects conversion to class A shares after eight years.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2334863119 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2125 |
| **Total Management Fee Paid** | $10896225 |
| **Portfolio Turnover Rate** | 158% |

---

Putnam Dynamic Asset Allocation Balanced Fund PAGE 2 38954-ATSC-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

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

![image](ts5335img004.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%.

**HOW HAS THE FUND CHANGED?**

Effective July 7, 2025, the Fund will use a wholly-owned subsidiary to hold the Fund's commodity investments, if any. As a result, the Fund's prospectus was amended to include the following: "The Fund generally expects to invest in commodity futures, swaps on commodity futures and other commodity-related derivative instruments primarily through a wholly-owned and controlled Subsidiary (as described below) and to invest in other types of derivatives directly."

Effective July 7, 2025, the Fund's Prospectus was amended to include risk disclosure concerning the risk of exposure to physical commodities and commodity futures through investment in its wholly-owned and controlled subsidiary and concerning tax risk relating to investment through a subsidiary, and the risks associated with investing in a subsidiary that invests primarily in commodity-related instruments.

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney and Thomas Nelson.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Dynamic Asset Allocation Balanced Fund PAGE 3 38954-ATSC-1125

10000107191199312848128841373016169133441494419128214071000011496136471604616514189922504520630248523359839447100001107112346134041415715666185041537917439217222424770.511.47.91.21.00.70.60.60.40.10.00.00.00.00.05.6 ------

---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Balanced Fund**  | ![image](img2199_202405220716489.jpg) |
| Class P  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Dynamic Asset Allocation Balanced Fund for the period October 1, 2024, to September 30, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class P | $58 | 0.55% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class P shares of Putnam Dynamic Asset Allocation Balanced Fund returned 12.30%. The Fund compares its performance to the Russell 3000 Index and the Putnam Balanced Blended Benchmark†, which returned 17.41% and 11.62%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Security selection decisions within these strategies: | Security selection decisions within these strategies: |
| ↑ | Quantitative Large Cap Core Equity strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection decisions within the U.S. Large Cap Growth Equity strategy |

---

**Use of derivatives and the impact on performance:**

The Fund utilized futures to help manage exposure to market risk, hedge prepayment and interest-rate risks and gain exposure to interest rates, which had a negative effect on performance over the period.

Putnam Dynamic Asset Allocation Balanced Fund PAGE 1 38954-ATSP-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class P** 9/30/2015 — 9/30/2025

![image](ts5340img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class P**  | 12.30 | 10.19 | 8.96 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Putnam Balanced Blended Benchmark**<sup>†</sup>  | 11.62 | 9.13 | 9.26 |

---

† The Putnam Balanced Blended Benchmark is comprised of 50% Russell 3000 Index, 35% Bloomberg U.S. Aggregate Index, 10% MSCI EAFE Index-NR, and 5% JPMorgan Developed High Yield Index.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class P shares on 8/31/2016. Returns for periods before 8/31/2016 are based on the Fund's Class Y performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2334863119 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2125 |
| **Total Management Fee Paid** | $10896225 |
| **Portfolio Turnover Rate** | 158% |

---

Putnam Dynamic Asset Allocation Balanced Fund PAGE 2 38954-ATSP-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

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

![image](ts5340img004.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%.

**HOW HAS THE FUND CHANGED?**

Effective July 7, 2025, the Fund will use a wholly-owned subsidiary to hold the Fund's commodity investments, if any. As a result, the Fund's prospectus was amended to include the following: "The Fund generally expects to invest in commodity futures, swaps on commodity futures and other commodity-related derivative instruments primarily through a wholly-owned and controlled Subsidiary (as described below) and to invest in other types of derivatives directly."

Effective July 7, 2025, the Fund's Prospectus was amended to include risk disclosure concerning the risk of exposure to physical commodities and commodity futures through investment in its wholly-owned and controlled subsidiary and concerning tax risk relating to investment through a subsidiary, and the risks associated with investing in a subsidiary that invests primarily in commodity-related instruments.

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney and Thomas Nelson.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Dynamic Asset Allocation Balanced Fund PAGE 3 38954-ATSP-1125

10000108331225613285134721451317287144161633820995235771000011496136471604616514189922504520630248523359839447100001107112346134041415715666185041537917439217222424770.511.47.91.21.00.70.60.60.40.10.00.00.00.00.05.6 ------

---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Balanced Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PAARX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Dynamic Asset Allocation Balanced Fund for the period October 1, 2024, to September 30, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class R | $122 | 1.15% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class R shares of Putnam Dynamic Asset Allocation Balanced Fund returned 11.63%. The Fund compares its performance to the Russell 3000 Index and the Putnam Balanced Blended Benchmark†, which returned 17.41% and 11.62%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Security selection decisions within these strategies: | Security selection decisions within these strategies: |
| ↑ | Quantitative Large Cap Core Equity strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection decisions within the U.S. Large Cap Growth Equity strategy |

---

**Use of derivatives and the impact on performance:**

The Fund utilized futures to help manage exposure to market risk, hedge prepayment and interest-rate risks and gain exposure to interest rates, which had a negative effect on performance over the period.

Putnam Dynamic Asset Allocation Balanced Fund PAGE 1 38954-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 9/30/2015 — 9/30/2025

![image](ts5336img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 11.63 | 9.51 | 8.29 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Putnam Balanced Blended Benchmark**<sup>†</sup>  | 11.62 | 9.13 | 9.26 |

---

† The Putnam Balanced Blended Benchmark is comprised of 50% Russell 3000 Index, 35% Bloomberg U.S. Aggregate Index, 10% MSCI EAFE Index-NR, and 5% JPMorgan Developed High Yield Index.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2334863119 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2125 |
| **Total Management Fee Paid** | $10896225 |
| **Portfolio Turnover Rate** | 158% |

---

Putnam Dynamic Asset Allocation Balanced Fund PAGE 2 38954-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

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

![image](ts5336img004.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%.

**HOW HAS THE FUND CHANGED?**

Effective July 7, 2025, the Fund will use a wholly-owned subsidiary to hold the Fund's commodity investments, if any. As a result, the Fund's prospectus was amended to include the following: "The Fund generally expects to invest in commodity futures, swaps on commodity futures and other commodity-related derivative instruments primarily through a wholly-owned and controlled Subsidiary (as described below) and to invest in other types of derivatives directly."

Effective July 7, 2025, the Fund's Prospectus was amended to include risk disclosure concerning the risk of exposure to physical commodities and commodity futures through investment in its wholly-owned and controlled subsidiary and concerning tax risk relating to investment through a subsidiary, and the risks associated with investing in a subsidiary that invests primarily in commodity-related instruments.

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney and Thomas Nelson.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Dynamic Asset Allocation Balanced Fund PAGE 3 38954-ATSR-1125

10000107751211513042131501407216660138181555419858221671000011496136471604616514189922504520630248523359839447100001107112346134041415715666185041537917439217222424770.511.47.91.21.00.70.60.60.40.10.00.00.00.00.05.6 ------

---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Balanced Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAADX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Dynamic Asset Allocation Balanced Fund for the period October 1, 2024, to September 30, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class R5 | $73 | 0.69% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class R5 shares of Putnam Dynamic Asset Allocation Balanced Fund returned 12.15%. The Fund compares its performance to the Russell 3000 Index and the Putnam Balanced Blended Benchmark†, which returned 17.41% and 11.62%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Security selection decisions within these strategies: | Security selection decisions within these strategies: |
| ↑ | Quantitative Large Cap Core Equity strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection decisions within the U.S. Large Cap Growth Equity strategy |

---

**Use of derivatives and the impact on performance:**

The Fund utilized futures to help manage exposure to market risk, hedge prepayment and interest-rate risks and gain exposure to interest rates, which had a negative effect on performance over the period.

Putnam Dynamic Asset Allocation Balanced Fund PAGE 1 38954-ATSR5-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 9/30/2015 — 9/30/2025

![image](ts5337img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5**  | 12.15 | 10.04 | 8.82 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Putnam Balanced Blended Benchmark**<sup>†</sup>  | 11.62 | 9.13 | 9.26 |

---

† The Putnam Balanced Blended Benchmark is comprised of 50% Russell 3000 Index, 35% Bloomberg U.S. Aggregate Index, 10% MSCI EAFE Index-NR, and 5% JPMorgan Developed High Yield Index.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2334863119 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2125 |
| **Total Management Fee Paid** | $10896225 |
| **Portfolio Turnover Rate** | 158% |

---

Putnam Dynamic Asset Allocation Balanced Fund PAGE 2 38954-ATSR5-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

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

![image](ts5337img004.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%.

**HOW HAS THE FUND CHANGED?**

Effective July 7, 2025, the Fund will use a wholly-owned subsidiary to hold the Fund's commodity investments, if any. As a result, the Fund's prospectus was amended to include the following: "The Fund generally expects to invest in commodity futures, swaps on commodity futures and other commodity-related derivative instruments primarily through a wholly-owned and controlled Subsidiary (as described below) and to invest in other types of derivatives directly."

Effective July 7, 2025, the Fund's Prospectus was amended to include risk disclosure concerning the risk of exposure to physical commodities and commodity futures through investment in its wholly-owned and controlled subsidiary and concerning tax risk relating to investment through a subsidiary, and the risks associated with investing in a subsidiary that invests primarily in commodity-related instruments.

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney and Thomas Nelson.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Dynamic Asset Allocation Balanced Fund PAGE 3 38954-ATSR5-1125

10000108281223213242134091443317168142961618620764232871000011496136471604616514189922504520630248523359839447100001107112346134041415715666185041537917439217222424770.511.47.91.21.00.70.60.60.40.10.00.00.00.00.05.6 ------

---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Balanced Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PAAEX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Dynamic Asset Allocation Balanced Fund for the period October 1, 2024, to September 30, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class R6 | $63 | 0.59% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class R6 shares of Putnam Dynamic Asset Allocation Balanced Fund returned 12.22%. The Fund compares its performance to the Russell 3000 Index and the Putnam Balanced Blended Benchmark†, which returned 17.41% and 11.62%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Security selection decisions within these strategies: | Security selection decisions within these strategies: |
| ↑ | Quantitative Large Cap Core Equity strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection decisions within the U.S. Large Cap Growth Equity strategy |

---

**Use of derivatives and the impact on performance:**

The Fund utilized futures to help manage exposure to market risk, hedge prepayment and interest-rate risks and gain exposure to interest rates, which had a negative effect on performance over the period.

Putnam Dynamic Asset Allocation Balanced Fund PAGE 1 38954-ATSR6-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 9/30/2015 — 9/30/2025

![image](ts5338img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 12.22 | 10.14 | 8.92 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Putnam Balanced Blended Benchmark**<sup>†</sup>  | 11.62 | 9.13 | 9.26 |

---

† The Putnam Balanced Blended Benchmark is comprised of 50% Russell 3000 Index, 35% Bloomberg U.S. Aggregate Index, 10% MSCI EAFE Index-NR, and 5% JPMorgan Developed High Yield Index.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2334863119 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2125 |
| **Total Management Fee Paid** | $10896225 |
| **Portfolio Turnover Rate** | 158% |

---

Putnam Dynamic Asset Allocation Balanced Fund PAGE 2 38954-ATSR6-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

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

![image](ts5338img004.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%.

**HOW HAS THE FUND CHANGED?**

Effective July 7, 2025, the Fund will use a wholly-owned subsidiary to hold the Fund's commodity investments, if any. As a result, the Fund's prospectus was amended to include the following: "The Fund generally expects to invest in commodity futures, swaps on commodity futures and other commodity-related derivative instruments primarily through a wholly-owned and controlled Subsidiary (as described below) and to invest in other types of derivatives directly."

Effective July 7, 2025, the Fund's Prospectus was amended to include risk disclosure concerning the risk of exposure to physical commodities and commodity futures through investment in its wholly-owned and controlled subsidiary and concerning tax risk relating to investment through a subsidiary, and the risks associated with investing in a subsidiary that invests primarily in commodity-related instruments.

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney and Thomas Nelson.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Dynamic Asset Allocation Balanced Fund PAGE 3 38954-ATSR6-1125

10000108451225713281134621449617261143961631120941234991000011496136471604616514189922504520630248523359839447100001107112346134041415715666185041537917439217222424770.511.47.91.21.00.70.60.60.40.10.00.00.00.00.05.6 ------

---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Balanced Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PABYX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Dynamic Asset Allocation Balanced Fund for the period October 1, 2024, to September 30, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class Y | $69 | 0.65% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class Y shares of Putnam Dynamic Asset Allocation Balanced Fund returned 12.18%. The Fund compares its performance to the Russell 3000 Index and the Putnam Balanced Blended Benchmark†, which returned 17.41% and 11.62%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Security selection decisions within these strategies: | Security selection decisions within these strategies: |
| ↑ | Quantitative Large Cap Core Equity strategy |
| ↑ | Fundamental International Equity strategy |
| ↑ | Quantitative International Equity strategy |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection decisions within the U.S. Large Cap Growth Equity strategy |

---

**Use of derivatives and the impact on performance:**

The Fund utilized futures to help manage exposure to market risk, hedge prepayment and interest-rate risks and gain exposure to interest rates, which had a negative effect on performance over the period.

Putnam Dynamic Asset Allocation Balanced Fund PAGE 1 38954-ATSY-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 9/30/2015 — 9/30/2025

![image](ts5339img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class Y**  | 12.18 | 10.06 | 8.83 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Putnam Balanced Blended Benchmark**<sup>†</sup>  | 11.62 | 9.13 | 9.26 |

---

† The Putnam Balanced Blended Benchmark is comprised of 50% Russell 3000 Index, 35% Bloomberg U.S. Aggregate Index, 10% MSCI EAFE Index-NR, and 5% JPMorgan Developed High Yield Index.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2334863119 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2125 |
| **Total Management Fee Paid** | $10896225 |
| **Portfolio Turnover Rate** | 158% |

---

Putnam Dynamic Asset Allocation Balanced Fund PAGE 2 38954-ATSY-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

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

![image](ts5339img004.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%.

**HOW HAS THE FUND CHANGED?**

Effective July 7, 2025, the Fund will use a wholly-owned subsidiary to hold the Fund's commodity investments, if any. As a result, the Fund's prospectus was amended to include the following: "The Fund generally expects to invest in commodity futures, swaps on commodity futures and other commodity-related derivative instruments primarily through a wholly-owned and controlled Subsidiary (as described below) and to invest in other types of derivatives directly."

Effective July 7, 2025, the Fund's Prospectus was amended to include risk disclosure concerning the risk of exposure to physical commodities and commodity futures through investment in its wholly-owned and controlled subsidiary and concerning tax risk relating to investment through a subsidiary, and the risks associated with investing in a subsidiary that invests primarily in commodity-related instruments.

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective March 31, 2025, the portfolio managers for the Fund are Adrian Chan, Brett Goldstein, Jacqueline Kenney and Thomas Nelson.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Dynamic Asset Allocation Balanced Fund PAGE 3 38954-ATSY-1125

10000108371223713238134121442717175143031619220774233031000011496136471604616514189922504520630248523359839447100001107112346134041415715666185041537917439217222424770.511.47.91.21.00.70.60.60.40.10.00.00.00.00.05.6 ------

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

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Gregory G. McGreevey and Manoj P. Singh possess the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Gregory G. McGreevey and Manoj P. Singh as the Audit Committee's financial experts. Gregory G. McGreevey and Manoj P. Singh are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending September 30, 2024 and September 30, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $432,816 in September 30, 2024 and $344,200 in September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in September 30, 2024 and $0 in September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $68,435 in September 30, 2024 and $76,978 in September 30, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in September 30, 2024 and $0 in September 30, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds' independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by the fund's investment manager and certain of its affiliates of the fund's independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by the fund's investment manager or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $960,797 in September 30, 2024 and $583,796 in September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) 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

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

September

30,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Consolidated

Financial

Highlights

and

Consolidated

Schedule

of

Investments

#### 2
Consolidated

Financial

Statements

#### 76
Notes

to

Consolidated

Financial

Statements

#### 81
Report

of

Independent

Registered

Public

Accounting

Firm

#### 100
Tax

Information

#### 101
Changes

In

and

Disagreements

with

Accountants

#### 102
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

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$17.49

$14.13

$13.31

$17.92

$15.34

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.27 0.28 0.25 0.21 0.18 Net

realized

and

unrealized

gains

(losses)

...........

1.59 3.61 1.43 (2.88)

2.67 Total

from

investment

operations

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

1.86 3.89 1.68 (2.67)

2.85 Less

distributions

from:

Net

investment

income

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

(0.46)

(0.30)

(0.23)

(0.18)

(0.17)

Net

realized

gains

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

(1.40)

(0.23)

(0.63)

(1.76)

(0.10)

Total

distributions

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

(1.86)

(0.53)

(0.86)

(1.94)

(0.27)

Net

asset

value,

end

of

year

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

$17.49

$17.49

$14.13

$13.31

$17.92

Total

return

c

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

11.91%

28.00%

12.88%

(16.86)%

18.66%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

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

0.90%

e

0.93%

0.96%

0.94%

0.94%

Net

investment

income

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

1.62%

1.75%

1.76%

1.32%

1.07%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$1,448,924

$1,391,066

$1,174,330

$1,120,970

$1,438,004

Portfolio

turnover

rate

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

158%

222%

302%

257%

253%

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Balanced

Ltd.

from

July

7,

2025

through

September

30,

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

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$16.83

$13.62

$12.86

$17.37

$14.88

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.14 0.15 0.14 0.09 0.05 Net

realized

and

unrealized

gains

(losses)

...........

1.53 3.47 1.37 (2.78)

2.59 Total

from

investment

operations

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

1.67 3.62 1.51 (2.69)

2.64 Less

distributions

from:

Net

investment

income

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

(0.39)

(0.18)

(0.12)

(0.06)

(0.05)

Net

realized

gains

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

(1.40)

(0.23)

(0.63)

(1.76)

(0.10)

Total

distributions

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

(1.79)

(0.41)

(0.75)

(1.82)

(0.15)

Net

asset

value,

end

of

year

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

$16.71

$16.83

$13.62

$12.86

$17.37

Total

return

c

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

11.11%

26.98%

11.99%

(17.47)%

17.76%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

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

1.65%

e

1.68%

1.71%

1.69%

1.69%

Net

investment

income

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

0.87%

0.98%

1.01%

0.56%

0.33%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$96,181

$113,561

$124,595

$151,985

$224,072

Portfolio

turnover

rate

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

158%

222%

302%

257%

253%

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Balanced

Ltd.

from

July

7,

2025

through

September

30,

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

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### P

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$17.55

$14.17

$13.34

$17.97

$15.38

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.33 0.34 0.27 0.27 0.25 Net

realized

and

unrealized

gains

(losses)

...........

1.60 3.63 1.47 (2.90)

2.68 Total

from

investment

operations

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

1.93 3.97 1.74 (2.63)

2.93 Less

distributions

from:

Net

investment

income

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

(0.50)

(0.36)

(0.28)

(0.24)

(0.24)

Net

realized

gains

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

(1.40)

(0.23)

(0.63)

(1.76)

(0.10)

Total

distributions

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

(1.90)

(0.59)

(0.91)

(2.00)

(0.34)

Net

asset

value,

end

of

year

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

$17.58

$17.55

$14.17

$13.34

$17.97

Total

return

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

12.30%

28.51%

13.33%

(16.61)%

19.12%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.55%

d

0.57%

0.59%

0.57%

0.56%

Net

investment

income

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

1.96%

2.13%

1.92%

1.70%

1.45%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$71,290

$48,119

$23,789

$265,860

$288,282

Portfolio

turnover

rate

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

158%

222%

302%

257%

253%

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Balanced

Ltd.

from

July

7,

2025

through

September

30,

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$17.30

$13.98

$13.18

$17.76

$15.20

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.22 0.23 0.21 0.17 0.14 Net

realized

and

unrealized

gains

(losses)

...........

1.58 3.58 1.41 (2.85)

2.65 Total

from

investment

operations

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

1.80 3.81 1.62 (2.68)

2.79 Less

distributions

from:

Net

investment

income

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

(0.44)

(0.26)

(0.19)

(0.14)

(0.13)

Net

realized

gains

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

(1.40)

(0.23)

(0.63)

(1.76)

(0.10)

Total

distributions

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

(1.84)

(0.49)

(0.82)

(1.90)

(0.23)

Net

asset

value,

end

of

year

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

$17.26

$17.30

$13.98

$13.18

$17.76

Total

return

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

11.63%

27.67%

12.57%

(17.06)%

18.39%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

1.15%

d

1.18%

1.21%

1.19%

1.19%

Net

investment

income

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

1.37%

1.49%

1.51%

1.07%

0.82%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$14,624

$12,751

$13,993

$15,388

$20,763

Portfolio

turnover

rate

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

158%

222%

302%

257%

253%

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Balanced

Ltd.

from

July

7,

2025

through

September

30,

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$17.63

$14.24

$13.34

$17.97

$15.38

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.30 0.33 0.27 0.24 0.23 Net

realized

and

unrealized

gains

(losses)

...........

1.62 3.63 1.46 (2.89)

2.67 Total

from

investment

operations

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

1.92 3.96 1.73 (2.65)

2.90 Less

distributions

from:

Net

investment

income

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

(0.49)

(0.34)

(0.20)

(0.22)

(0.21)

Net

realized

gains

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

(1.40)

(0.23)

(0.63)

(1.76)

(0.10)

Total

distributions

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

(1.89)

(0.57)

(0.83)

(1.98)

(0.31)

Net

asset

value,

end

of

year

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

$17.66

$17.63

$14.24

$13.34

$17.97

Total

return

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

12.15%

28.29%

13.22%

(16.73)%

18.95%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.69%

d

0.71%

0.73%

0.71%

0.70%

Net

investment

income

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

1.82%

1.99%

1.89%

1.54%

1.31%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$168

$57

$15

$7,691

$10,957

Portfolio

turnover

rate

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

158%

222%

302%

257%

253%

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Balanced

Ltd.

from

July

7,

2025

through

September

30,

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
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$17.54

$14.17

$13.34

$17.96

$15.37

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.32 0.33 0.30 0.26 0.24 Net

realized

and

unrealized

gains

(losses)

...........

1.60 3.62 1.44 (2.89)

2.68 Total

from

investment

operations

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

1.92 3.95 1.74 (2.63)

2.92 Less

distributions

from:

Net

investment

income

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

(0.50)

(0.35)

(0.28)

(0.23)

(0.23)

Net

realized

gains

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

(1.40)

(0.23)

(0.63)

(1.76)

(0.10)

Total

distributions

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

(1.90)

(0.58)

(0.91)

(1.99)

(0.33)

Net

asset

value,

end

of

year

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

$17.56

$17.54

$14.17

$13.34

$17.96

Total

return

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

12.22%

28.39%

13.30%

(16.60)%

19.08%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.59%

d

0.61%

0.63%

0.61%

0.60%

Net

investment

income

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

1.92%

2.06%

2.09%

1.64%

1.41%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$247,476

$250,354

$218,868

$230,311

$332,275

Portfolio

turnover

rate

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

158%

222%

302%

257%

253%

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Balanced

Ltd.

from

July

7,

2025

through

September

30,

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
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

#### d
Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$17.54

$14.17

$13.34

$17.97

$15.37

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.31 0.32 0.28 0.25 0.23 Net

realized

and

unrealized

gains

(losses)

...........

1.60 3.62 1.44 (2.90)

2.69 Total

from

investment

operations

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

1.91 3.94 1.72 (2.65)

2.92 Less

distributions

from:

Net

investment

income

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

(0.49)

(0.34)

(0.26)

(0.22)

(0.22)

Net

realized

gains

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

(1.40)

(0.23)

(0.63)

(1.76)

(0.10)

Total

distributions

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

(1.89)

(0.57)

(0.89)

(1.98)

(0.32)

Net

asset

value,

end

of

year

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

$17.56

$17.54

$14.17

$13.34

$17.97

Total

return

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

12.18%

28.30%

13.20%

(16.72)%

19.04%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.65%

d

0.68%

0.71%

0.69%

0.69%

Net

investment

income

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

1.87%

2.00%

2.01%

1.56%

1.32%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$456,200

$311,818

$228,740

$275,861

$387,168

Portfolio

turnover

rate

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

158%

222%

302%

257%

253%

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Balanced

Ltd.

from

July

7,

2025

through

September

30,

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
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

#### d
Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments,

September

30,

2025

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 74.4%

#### Aerospace

#### &

#### Defense

#### 1.9%
a

AeroVironment,

Inc.

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

United

States

588

$

185,155

Airbus

SE

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

France

21,692

5,065,646

a

Astronics

Corp.

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

United

States

4,524

206,339

a

Axon

Enterprise,

Inc.

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

United

States

330,832

a

Boeing

Co.

(The)

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

United

States

3,396

732,959

Curtiss-Wright

Corp.

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

United

States

1,503

816,039

General

Dynamics

Corp.

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

United

States

5,112

1,743,192

General

Electric

Co.

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

United

States

21,485

6,463,118

Leonardo

DRS,

Inc.

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

United

States

17,587

798,450

Lockheed

Martin

Corp.

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

United

States

21,820

10,892,762

Moog,

Inc.,

A

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

United

States

79,122

Northrop

Grumman

Corp.

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

United

States

8,791

5,356,532

RTX

Corp.

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

United

States

39,994

6,692,196

Thales

SA

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

France

11,299

3,571,775

TransDigm

Group,

Inc.

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

United

States

1,611

2,123,330

a

V2X,

Inc.

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

United

States

2,974

172,760

45,230,207

#### Air

#### Freight

#### &

#### Logistics

#### 0.3%
Expeditors

International

of

Washington,

Inc.

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

United

States

6,034

739,708

FedEx

Corp.

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

United

States

20,807

4,906,499

Hub

Group,

Inc.,

A

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

United

States

5,412

186,389

United

Parcel

Service,

Inc.,

B

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

United

States

9,069

757,534

6,590,130

#### Automobile

#### Components

#### 0.2%
a

Adient

plc

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

United

States

8,176

196,878

Aisin

Corp.

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

Japan

66,300

1,145,011

a

American

Axle

&

Manufacturing

Holdings,

Inc.

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

United

States

44,056

264,777

BorgWarner,

Inc.

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

United

States

17,505

769,520

Dana,

Inc.

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

United

States

22,656

454,026

a

Dorman

Products,

Inc.

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

United

States

514

80,122

a

Gentherm,

Inc.

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

United

States

2,401

81,778

Visteon

Corp.

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

United

States

3,883

465,416

3,457,528

#### Automobiles

#### 1.8%
General

Motors

Co.

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

United

States

102,538

6,251,742

Stellantis

NV

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

United

States

29,439

273,240

Subaru

Corp.

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

Japan

26,500

540,052

a

Tesla,

Inc.

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

United

States

77,555

34,490,259

Toyota

Motor

Corp.

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

Japan

17,800

341,875

41,897,168

#### Banks

#### 3.9%
Abu

Dhabi

Islamic

Bank

PJSC

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

United

Arab

Emirates

311,677

1,850,189

AIB

Group

plc

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

Ireland

82,840

755,231

Amalgamated

Financial

Corp.

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

United

States

5,467

148,429

Ameris

Bancorp

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

United

States

1,131

82,914

Associated

Banc-Corp.

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

United

States

3,246

83,455

a

Axos

Financial,

Inc.

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

United

States

5,602

474,209

Banco

Bilbao

Vizcaya

Argentaria

SA

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

Spain

68,493

1,319,835

Banco

de

Sabadell

SA

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

Spain

95,368

372,241

Banco

Santander

SA

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

Spain

289,129

3,034,212

Bank

Hapoalim

BM

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

Israel

56,176

1,141,900

Bank

Leumi

Le-Israel

BM

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

Israel

87,222

1,718,500

Bank

of

America

Corp.

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

United

States

192,284

9,919,932

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

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

United

States

4,140

$

177,689

Banner

Corp.

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

United

States

1,221

79,976

Barclays

plc

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

United

Kingdom

377,959

1,944,722

Beacon

Financial

Corp.

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

United

States

3,878

91,947

BNP

Paribas

SA

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

France

25,279

2,312,088

BOC

Hong

Kong

Holdings

Ltd.

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

China

42,000

196,761

Cathay

General

Bancorp

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

United

States

9,136

438,619

Central

Pacific

Financial

Corp.

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

United

States

4,892

148,423

Citigroup,

Inc.

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

United

States

234,263

23,777,694

Citizens

Financial

Group,

Inc.

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

United

States

14,763

784,801

Commonwealth

Bank

of

Australia

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

Australia

711

78,518

Credit

Agricole

SA

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

France

20,422

402,438

a

Customers

Bancorp,

Inc.

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

United

States

6,249

408,497

Enterprise

Financial

Services

Corp.

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

United

States

4,270

247,575

Erste

Group

Bank

AG

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

Austria

13,589

1,335,833

FB

Financial

Corp.

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

United

States

1,467

81,771

Financial

Institutions,

Inc.

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

United

States

2,692

73,222

First

Bancorp

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

United

States

21,877

482,388

First

Financial

Corp.

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

United

States

1,508

85,112

First

Horizon

Corp.

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

United

States

33,712

762,228

First

Merchants

Corp.

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

United

States

1,001

37,738

Hancock

Whitney

Corp.

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

United

States

8,235

515,593

Hanmi

Financial

Corp.

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

United

States

5,260

129,869

Heritage

Commerce

Corp.

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

United

States

7,691

76,372

Hilltop

Holdings,

Inc.

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

United

States

9,385

313,647

Hope

Bancorp,

Inc.

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

United

States

11,221

120,850

Horizon

Bancorp,

Inc.

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

United

States

4,942

79,121

HSBC

Holdings

plc

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

United

Kingdom

228,935

3,230,987

Independent

Bank

Corp.

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

United

States

2,456

76,075

Intesa

Sanpaolo

SpA

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

Italy

169,217

1,120,077

JPMorgan

Chase

&

Co.

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

United

States

15,996

5,045,618

Lloyds

Banking

Group

plc

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

United

Kingdom

1,848,034

2,091,208

Mercantile

Bank

Corp.

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

United

States

1,620

72,900

Metropolitan

Bank

Holding

Corp.

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

United

States

1,158

86,642

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

259,700

4,189,319

National

Bank

Holdings

Corp.,

A

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

United

States

2,160

83,462

National

Bank

of

Greece

SA

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

Greece

112,139

1,632,906

NatWest

Group

plc

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

United

Kingdom

220,908

1,560,351

Northrim

BanCorp,

Inc.

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

United

States

3,792

82,135

Northwest

Bancshares,

Inc.

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

United

States

6,596

81,724

OceanFirst

Financial

Corp.

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

United

States

6,209

109,092

OFG

Bancorp

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

United

States

5,896

256,417

Origin

Bancorp,

Inc.

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

United

States

2,278

78,637

Pathward

Financial,

Inc.

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

United

States

4,627

342,444

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

26,394

5,303,346

Popular,

Inc.

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

United

States

6,196

786,954

Preferred

Bank

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

United

States

2,319

209,614

Shore

Bancshares,

Inc.

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

United

States

3,299

54,137

Simmons

First

National

Corp.,

A

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

United

States

10,209

195,707

Sumitomo

Mitsui

Financial

Group,

Inc.

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

Japan

64,200

1,806,131

a

Third

Coast

Bancshares,

Inc.

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

United

States

2,185

82,964

Towne

Bank

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

United

States

2,321

80,237

Trustmark

Corp.

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

United

States

7,772

307,771

UniCredit

SpA

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

Italy

25,715

1,956,786

Univest

Financial

Corp.

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

United

States

3,164

94,983

US

Bancorp

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

United

States

15,570

752,498

Valley

National

Bancorp

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

United

States

7,542

79,945

Veritex

Holdings,

Inc.

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

United

States

11,120

372,854

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Banks
(continued)

Webster

Financial

Corp.

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

United

States

12,598

$

748,825

Wells

Fargo

&

Co.

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

United

States

11,899

997,374

Westamerica

BanCorp

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

United

States

1,668

83,383

WSFS

Financial

Corp.

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

United

States

1,474

79,493

Zions

Bancorp

NA

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

United

States

13,095

740,915

90,958,450

#### Beverages

#### 0.6%
a

Boston

Beer

Co.,

Inc.

(The),

A

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

United

States

3,356

709,526

Carlsberg

A/S,

B

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

Denmark

1,702

198,109

Coca-Cola

Co.

(The)

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

United

States

116,291

7,712,419

Coca-Cola

Consolidated,

Inc.

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

United

States

6,374

746,778

Coca-Cola

Europacific

Partners

plc

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

United

Kingdom

14,684

1,327,580

Coca-Cola

HBC

AG

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

Italy

17,977

848,130

Keurig

Dr

Pepper,

Inc.

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

United

States

28,093

716,652

a

Monster

Beverage

Corp.

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

United

States

13,461

906,060

PepsiCo,

Inc.

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

United

States

5,390

756,972

13,922,226

#### Biotechnology

#### 1.7%
AbbVie,

Inc.

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

United

States

49,498

11,460,767

a

ACADIA

Pharmaceuticals,

Inc.

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

United

States

19,671

419,779

a

ADMA

Biologics,

Inc.

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

United

States

4,959

72,699

a

Akero

Therapeutics,

Inc.

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

United

States

8,919

423,474

a

Alkermes

plc

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

United

States

16,966

508,980

a

Alnylam

Pharmaceuticals,

Inc.

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

United

States

1,663

758,328

Amgen,

Inc.

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

United

States

2,767

780,847

a

Arcturus

Therapeutics

Holdings,

Inc.

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

United

States

6,359

117,196

a

Arrowhead

Pharmaceuticals,

Inc.

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

United

States

2,876

99,193

a

BioCryst

Pharmaceuticals,

Inc.

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

United

States

50,222

381,185

a

CareDx,

Inc.

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

United

States

5,569

80,973

a

Catalyst

Pharmaceuticals,

Inc.

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

United

States

4,831

95,171

a

Exelixis,

Inc.

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

United

States

81,247

3,355,501

a

Genmab

A/S

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

Denmark

2,406

742,367

a

Incyte

Corp.

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

United

States

54,313

4,606,286

a

Inhibrx

Biosciences,

Inc.

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

United

States

3,241

109,157

a

Keros

Therapeutics,

Inc.

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

United

States

11,364

179,778

a

Kura

Oncology,

Inc.

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

United

States

33,264

294,386

a

MiMedx

Group,

Inc.

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

United

States

11,349

79,216

a

Mineralys

Therapeutics,

Inc.

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

United

States

5,435

206,095

a

Natera,

Inc.

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

United

States

4,540

730,804

a

Neurocrine

Biosciences,

Inc.

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

United

States

29,443

4,133,208

a

Precigen,

Inc.

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

United

States

111,870

368,052

a

Protagonist

Therapeutics,

Inc.

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

United

States

7,590

504,204

a

Prothena

Corp.

plc

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

Ireland

11,527

112,504

a

PTC

Therapeutics,

Inc.

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

United

States

7,684

471,567

a

Puma

Biotechnology,

Inc.

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

United

States

17,310

91,916

Regeneron

Pharmaceuticals,

Inc.

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

United

States

9,416

5,294,334

a

Relay

Therapeutics,

Inc.

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

United

States

56,009

292,367

a

Replimune

Group,

Inc.

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

United

States

15,198

63,680

a

Rhythm

Pharmaceuticals,

Inc.

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

United

States

5,317

536,964

a

Rigel

Pharmaceuticals,

Inc.

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

United

States

2,136

60,513

a

Scholar

Rock

Holding

Corp.

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

United

States

2,374

88,408

a

Stoke

Therapeutics,

Inc.

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

United

States

12,899

303,127

a

Tango

Therapeutics,

Inc.

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

United

States

11,253

94,525

a

Travere

Therapeutics,

Inc.

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

United

States

4,645

111,016

a

Vertex

Pharmaceuticals,

Inc.

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

United

States

1,990

779,364

a

Vir

Biotechnology,

Inc.

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

United

States

39,548

225,819

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Biotechnology
(continued)

a

Zymeworks,

Inc.

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

United

States

5,662

$

96,707

39,130,457

#### Broadline

#### Retail

#### 2.7%
Alibaba

Group

Holding

Ltd.

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

China

49,900

1,115,969

a

Amazon.com,

Inc.

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

United

States

259,636

57,008,277

eBay,

Inc.

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

United

States

9,886

899,132

a

Etsy,

Inc.

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

United

States

12,979

861,676

Next

plc

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

United

Kingdom

2,096

349,411

Prosus

NV

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

China

34,268

2,423,263

Ryohin

Keikaku

Co.

Ltd.

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

Japan

32,800

652,627

63,310,355

#### Building

#### Products

#### 0.6%
Allegion

plc

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

United

States

4,457

790,449

Apogee

Enterprises,

Inc.

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

United

States

4,275

186,262

Cie

de

Saint-Gobain

SA

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

France

31,093

3,368,975

a

Gibraltar

Industries,

Inc.

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

United

States

1,259

79,065

Johnson

Controls

International

plc

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

United

States

44,049

4,843,188

Owens

Corning

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

United

States

5,175

732,055

a

Resideo

Technologies,

Inc.

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

United

States

5,099

220,175

Trane

Technologies

plc

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

United

States

8,343

3,520,412

UFP

Industries,

Inc.

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

United

States

4,226

395,089

14,135,670

#### Capital

#### Markets

#### 2.8%
3i

Group

plc

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

United

Kingdom

31,857

1,756,053

Allfunds

Group

plc

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

United

Kingdom

71,243

531,770

Ameriprise

Financial,

Inc.

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

United

States

1,445

709,856

Bank

of

New

York

Mellon

Corp.

(The)

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

United

States

7,607

828,859

BlackRock,

Inc.

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

United

States

3,171

3,696,974

Charles

Schwab

Corp.

(The)

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

United

States

65,891

6,290,614

CME

Group,

Inc.

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

United

States

18,461

4,987,978

Deutsche

Bank

AG

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

Germany

54,648

1,935,402

Deutsche

Boerse

AG

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

Germany

8,443

2,260,961

b

Euronext

NV,

144A,

Reg

S

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

Netherlands

16,391

2,453,920

Goldman

Sachs

Group,

Inc.

(The)

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

United

States

21,443

17,076,133

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

Hong

Kong

5,400

306,561

Intercontinental

Exchange,

Inc.

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

United

States

4,397

740,807

London

Stock

Exchange

Group

plc

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

United

Kingdom

7,614

873,197

Morgan

Stanley

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

United

States

5,220

829,771

Nasdaq,

Inc.

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

United

States

30,382

2,687,288

Northern

Trust

Corp.

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

United

States

5,613

755,510

a

Robinhood

Markets,

Inc.,

A

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

United

States

3,325

476,073

S&P

Global,

Inc.

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

United

States

3,774

1,836,843

SBI

Holdings,

Inc.

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

Japan

33,400

1,454,152

State

Street

Corp.

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

United

States

85,387

9,905,746

a

StoneX

Group,

Inc.

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

United

States

4,755

479,875

UBS

Group

AG

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

Switzerland

23,896

982,449

Virtu

Financial,

Inc.,

A

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

United

States

20,583

730,696

Virtus

Investment

Partners,

Inc.

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

United

States

1,195

227,086

64,814,574

#### Chemicals

#### 1.4%
Air

Liquide

SA

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

France

5,091

1,060,744

Air

Water,

Inc.

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

Japan

28,700

492,993

Akzo

Nobel

NV

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

Netherlands

15,077

1,076,011

Avient

Corp.

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

United

States

3,424

112,821

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Chemicals
(continued)

a

Axalta

Coating

Systems

Ltd.

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

United

States

24,543

$

702,421

Balchem

Corp.

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

United

States

74,430

Cabot

Corp.

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

United

States

954

72,552

CF

Industries

Holdings,

Inc.

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

United

States

47,348

4,247,116

Corteva,

Inc.

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

United

States

67,996

4,598,569

DuPont

de

Nemours,

Inc.

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

United

States

40,489

3,154,093

Eastman

Chemical

Co.

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

United

States

20,369

1,284,265

Ecolab,

Inc.

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

United

States

2,647

724,907

a

Ingevity

Corp.

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

United

States

1,561

86,151

Innospec,

Inc.

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

United

States

2,317

178,780

a

Intrepid

Potash,

Inc.

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

United

States

2,631

80,456

Linde

plc

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

United

States

5,887

2,796,325

Mativ

Holdings,

Inc.

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

United

States

7,141

80,765

Minerals

Technologies,

Inc.

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

United

States

5,340

331,721

Mosaic

Co.

(The)

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

United

States

22,817

791,293

NewMarket

Corp.

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

United

States

2,175

1,801,357

NOF

Corp.

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

Japan

57,700

1,006,785

a

Perimeter

Solutions,

Inc.

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

United

States

21,562

482,773

PPG

Industries,

Inc.

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

United

States

22,715

2,387,574

a

Rayonier

Advanced

Materials,

Inc.

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

United

States

17,164

123,924

Sherwin-Williams

Co.

(The)

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

United

States

8,594

2,975,758

Shin-Etsu

Chemical

Co.

Ltd.

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

Japan

50,800

1,663,372

32,387,956

#### Commercial

#### Services

#### &

#### Supplies

#### 0.4%
Brink's

Co.

(The)

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

United

States

4,068

475,387

a

Cimpress

plc

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

Ireland

1,520

95,821

a

Copart,

Inc.

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

United

States

45,091

2,027,742

a

CoreCivic,

Inc.

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

United

States

6,275

127,696

a

GEO

Group,

Inc.

(The)

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

United

States

3,434

70,363

HNI

Corp.

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

United

States

1,749

81,941

Interface,

Inc.,

A

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

United

States

9,664

279,676

a

OPENLANE,

Inc.

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

United

States

2,916

83,922

Republic

Services,

Inc.,

A

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

United

States

3,348

768,299

Steelcase,

Inc.,

A

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

United

States

6,741

115,945

TOPPAN

Holdings,

Inc.

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

Japan

30,500

781,472

UniFirst

Corp.

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

United

States

80,251

Veralto

Corp.

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

United

States

7,050

751,601

Waste

Connections,

Inc.

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

United

States

11,814

2,076,901

Waste

Management,

Inc.

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

United

States

3,506

774,230

8,591,247

#### Communications

#### Equipment

#### 0.8%
a

Arista

Networks,

Inc.

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

United

States

42,540

6,198,503

a

Calix,

Inc.

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

United

States

5,068

311,023

a

Ciena

Corp.

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

United

States

5,827

848,819

Cisco

Systems,

Inc.

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

United

States

113,442

7,761,702

a

CommScope

Holding

Co.,

Inc.

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

United

States

8,438

130,620

a

Extreme

Networks,

Inc.

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

United

States

21,869

451,595

a

F5,

Inc.

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

United

States

2,389

772,101

Motorola

Solutions,

Inc.

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

United

States

1,610

736,237

a

NETGEAR,

Inc.

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

United

States

13,613

440,925

a

NetScout

Systems,

Inc.

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

United

States

3,472

89,682

Telefonaktiebolaget

LM

Ericsson,

B

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

Sweden

92,277

764,608

Ubiquiti,

Inc.

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

United

States

1,265

835,634

a

Viavi

Solutions,

Inc.

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

United

States

7,119

90,340

19,431,789

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Construction

#### &

#### Engineering

#### 0.3%
ACS

Actividades

de

Construccion

y

Servicios

SA

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

Spain

2,042

$

163,683

Argan,

Inc.

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

United

States

1,936

522,817

Primoris

Services

Corp.

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

United

States

4,748

652,043

a

Sterling

Infrastructure,

Inc.

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

United

States

2,082

707,213

a

Tutor

Perini

Corp.

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

United

States

7,610

499,140

Vinci

SA

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

France

25,566

3,552,957

6,097,853

#### Construction

#### Materials

#### 0.6%
Buzzi

SpA

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

United

States

8,995

495,669

CRH

plc,

(GBP

Traded)

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

United

States

19,418

2,342,753

CRH

plc,

(USD

Traded)

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

United

States

40,791

4,890,841

Heidelberg

Materials

AG

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

Germany

2,717

614,166

Holcim

AG

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

United

States

18,996

1,620,826

Vulcan

Materials

Co.

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

United

States

10,947

3,367,516

13,331,771

#### Consumer

#### Finance

#### 0.6%
Ally

Financial,

Inc.

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

United

States

18,120

710,304

American

Express

Co.

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

United

States

2,352

781,240

Bread

Financial

Holdings,

Inc.

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

United

States

7,583

422,904

Capital

One

Financial

Corp.

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

United

States

46,153

9,811,205

a

Enova

International,

Inc.

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

United

States

3,781

435,155

a

LendingClub

Corp.

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

United

States

26,208

398,100

PROG

Holdings,

Inc.

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

United

States

8,347

270,109

SLM

Corp.

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

United

States

27,194

752,730

Synchrony

Financial

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

United

States

10,150

721,157

14,302,904

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.2%
a

BJ's

Wholesale

Club

Holdings,

Inc.

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

United

States

23,110

2,155,007

Coles

Group

Ltd.

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

Australia

5,876

90,448

Costco

Wholesale

Corp.

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

United

States

790

731,248

Dollar

General

Corp.

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

United

States

7,327

757,245

a

Dollar

Tree,

Inc.

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

United

States

7,850

740,804

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

33,243

1,345,161

a

Maplebear,

Inc.

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

United

States

16,501

606,577

Marks

&

Spencer

Group

plc

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

United

Kingdom

14,599

71,625

Target

Corp.

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

United

States

26,798

2,403,781

Tesco

plc

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

United

Kingdom

306,962

1,839,835

a

United

Natural

Foods,

Inc.

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

United

States

3,127

117,638

Walmart,

Inc.

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

United

States

168,378

17,353,037

28,212,406

#### Containers

#### &

#### Packaging

#### 0.1%
Ball

Corp.

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

United

States

29,542

1,489,508

Crown

Holdings,

Inc.

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

United

States

7,935

766,442

a

O-I

Glass,

Inc.

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

United

States

6,086

78,935

Packaging

Corp.

of

America

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

United

States

3,556

774,959

3,109,844

#### Distributors

#### 0.0%

#### †
a

GigaCloud

Technology,

Inc.,

A

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

Hong

Kong

2,571

73,016

#### Diversified

#### Consumer

#### Services

#### 0.1%
ADT,

Inc.

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

United

States

86,659

754,800

a

Coursera,

Inc.

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

United

States

39,938

467,674

a

Duolingo,

Inc.,

A

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

United

States

2,484

799,451

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Diversified

#### Consumer

#### Services
(continued)

a

Frontdoor,

Inc.

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

United

States

7,955

$

535,292

a

Laureate

Education,

Inc.

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

United

States

17,276

544,885

a

Udemy,

Inc.

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

United

States

11,750

82,367

3,184,469

#### Diversified

#### REITs

#### 0.0%

#### †
Alexander

&

Baldwin,

Inc.

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

United

States

7,490

136,243

Broadstone

Net

Lease,

Inc.

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

United

States

4,855

86,759

WP

Carey,

Inc.

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

United

States

11,224

758,406

981,408

#### Diversified

#### Telecommunication

#### Services

#### 0.3%
AT&T,

Inc.

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

United

States

155,222

4,383,469

a

Bandwidth,

Inc.,

A

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

United

States

7,035

117,273

Deutsche

Telekom

AG

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

Germany

16,625

566,405

IDT

Corp.,

B

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

United

States

3,229

168,909

a

Lumen

Technologies,

Inc.

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

United

States

94,507

578,383

Telstra

Group

Ltd.

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

Australia

285,299

909,569

Verizon

Communications,

Inc.

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

United

States

16,447

722,846

7,446,854

#### Electric

#### Utilities

#### 1.5%
ALLETE,

Inc.

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

United

States

1,639

108,829

American

Electric

Power

Co.,

Inc.

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

United

States

6,607

743,287

Constellation

Energy

Corp.

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

United

States

6,096

2,006,011

Duke

Energy

Corp.

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

United

States

6,272

776,160

Edison

International

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

United

States

107,206

5,926,348

Enel

SpA

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

Italy

200,379

1,898,900

Exelon

Corp.

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

United

States

17,635

793,751

Iberdrola

SA

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

Spain

266,108

5,037,248

NextEra

Energy,

Inc.

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

United

States

75,988

5,736,334

NRG

Energy,

Inc.

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

United

States

45,011

7,289,531

a

Oklo,

Inc.,

A

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

United

States

2,033

226,944

Otter

Tail

Corp.

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

United

States

506

41,477

PG&E

Corp.

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

United

States

48,646

733,582

Portland

General

Electric

Co.

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

United

States

2,666

117,304

PPL

Corp.

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

United

States

85,991

3,195,425

a

Tokyo

Electric

Power

Co.

Holdings,

Inc.

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

Japan

150,400

704,499

TXNM

Energy,

Inc.

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

United

States

1,403

79,340

35,414,970

#### Electrical

#### Equipment

#### 1.2%
ABB

Ltd.

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

Switzerland

35,092

2,539,374

Allient,

Inc.

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

United

States

3,620

161,995

AMETEK,

Inc.

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

United

States

3,918

736,584

a

Bloom

Energy

Corp.,

A

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

United

States

1,198

101,315

Eaton

Corp.

plc

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

United

States

1,994

746,255

EnerSys

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

United

States

4,277

483,130

GE

Vernova,

Inc.

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

United

States

19,625

12,067,413

a

Generac

Holdings,

Inc.

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

United

States

4,148

694,375

Mitsubishi

Electric

Corp.

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

Japan

76,300

1,959,669

a

NANO

Nuclear

Energy,

Inc.

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

United

States

7,382

284,650

a

NEXTracker,

Inc.,

A

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

United

States

4,635

342,944

a

NuScale

Power

Corp.,

A

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

United

States

3,374

121,464

Powell

Industries,

Inc.

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

United

States

82,299

a

Power

Solutions

International,

Inc.

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

United

States

4,302

422,542

Prysmian

SpA

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

Italy

18,889

1,879,861

Rockwell

Automation,

Inc.

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

United

States

2,143

749,043

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Electrical

#### Equipment
(continued)

Schneider

Electric

SE

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

United

States

8,133

$

2,289,213

a

Siemens

Energy

AG

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

Germany

1,796

211,172

Vertiv

Holdings

Co.,

A

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

United

States

18,155

2,738,863

a

Vicor

Corp.

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

United

States

1,560

77,563

28,689,724

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.2%
a

Aeva

Technologies,

Inc.

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

United

States

6,625

96,063

a

Arlo

Technologies,

Inc.

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

United

States

15,306

259,437

a

Itron,

Inc.

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

United

States

3,899

485,660

Jabil,

Inc.

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

United

States

3,573

775,948

a

Keysight

Technologies,

Inc.

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

United

States

4,423

773,671

a

nLight,

Inc.

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

United

States

5,084

150,639

a

Ouster,

Inc.

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

United

States

8,042

217,536

a

Plexus

Corp.

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

United

States

571

82,618

a

Sanmina

Corp.

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

United

States

949

109,239

a

ScanSource,

Inc.

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

United

States

1,845

81,162

a

TTM

Technologies,

Inc.

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

United

States

10,844

624,614

a

Zebra

Technologies

Corp.,

A

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

United

States

2,309

686,142

4,342,729

#### Energy

#### Equipment

#### &

#### Services

#### 0.2%
Halliburton

Co.

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

United

States

34,920

859,032

Kodiak

Gas

Services,

Inc.

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

United

States

2,284

84,440

Liberty

Energy,

Inc.,

A

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

United

States

7,197

88,811

a

National

Energy

Services

Reunited

Corp.

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

United

States

10,653

109,300

a

Oceaneering

International,

Inc.

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

United

States

14,730

365,009

a

Oil

States

International,

Inc.

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

United

States

17,471

105,874

TechnipFMC

plc

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

United

Kingdom

103,318

4,075,895

5,688,361

#### Entertainment

#### 1.6%
Cinemark

Holdings,

Inc.

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

United

States

5,408

151,532

a

Live

Nation

Entertainment,

Inc.

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

United

States

11,443

1,869,786

a

Netflix,

Inc.

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

United

States

19,535

23,420,902

Nexon

Co.

Ltd.

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

Japan

25,000

548,640

Nintendo

Co.

Ltd.

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

Japan

25,300

2,188,937

a

ROBLOX

Corp.,

A

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

United

States

34,015

4,711,758

a

Spotify

Technology

SA

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

United

States

5,222

3,644,956

Universal

Music

Group

NV

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

Netherlands

51,251

1,481,024

38,017,535

#### Financial

#### Services

#### 2.4%
Apollo

Global

Management,

Inc.

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

United

States

26,559

3,539,518

Banco

Latinoamericano

de

Comercio

Exterior

SA,

E

.........

Panama

2,950

135,611

a

Berkshire

Hathaway,

Inc.,

B

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

United

States

4,648

2,336,735

Compass

Diversified

Holdings

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

United

States

14,264

94,428

Corebridge

Financial,

Inc.

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

United

States

21,912

702,279

Equitable

Holdings,

Inc.

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

United

States

85,789

4,356,365

Essent

Group

Ltd.

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

United

States

1,453

92,353

EXOR

NV

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

Netherlands

7,453

729,468

a

Fiserv,

Inc.

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

United

States

5,476

706,021

Investor

AB,

B

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

Sweden

59,686

1,868,431

Jackson

Financial,

Inc.,

A

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

United

States

6,099

617,402

Mastercard,

Inc.,

A

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

United

States

43,439

24,708,537

MGIC

Investment

Corp.

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

United

States

26,856

761,905

a

NMI

Holdings,

Inc.,

A

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

United

States

7,014

268,917

Pagseguro

Digital

Ltd.,

A

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

Brazil

45,313

453,130

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Financial

#### Services
(continued)

a

Payoneer

Global,

Inc.

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

United

States

12,630

$

76,411

a

PayPal

Holdings,

Inc.

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

United

States

105,533

7,077,043

a

Paysafe

Ltd.

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

United

States

5,592

72,249

PennyMac

Financial

Services,

Inc.

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

United

States

2,010

248,999

a

StoneCo

Ltd.,

A

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

Brazil

4,853

91,770

Visa,

Inc.,

A

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

United

States

19,847

6,775,369

55,712,941

#### Food

#### Products

#### 0.4%
Ajinomoto

Co.,

Inc.

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

Japan

15,500

444,373

Archer-Daniels-Midland

Co.

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

United

States

12,615

753,620

Associated

British

Foods

plc

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

United

Kingdom

44,557

1,231,169

Calavo

Growers,

Inc.

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

United

States

2,853

73,436

Cal-Maine

Foods,

Inc.

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

United

States

4,893

460,431

Dole

plc

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

United

States

19,883

267,228

Fresh

Del

Monte

Produce,

Inc.

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

United

States

6,464

224,430

Ingredion,

Inc.

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

United

States

5,780

705,796

Mondelez

International,

Inc.,

A

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

United

States

11,801

737,208

Nestle

SA

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

United

States

4,939

453,574

Nissin

Foods

Holdings

Co.

Ltd.

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

Japan

9,500

178,939

a

Seneca

Foods

Corp.,

A

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

United

States

764

82,466

a

Simply

Good

Foods

Co.

(The)

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

United

States

1,550

38,471

Smithfield

Foods,

Inc.

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

United

States

31,313

735,229

Tyson

Foods,

Inc.,

A

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

United

States

13,876

753,467

b

WH

Group

Ltd.,

144A,

Reg

S

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

Hong

Kong

1,484,500

1,607,641

8,747,478

#### Gas

#### Utilities

#### 0.1%
National

Fuel

Gas

Co.

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

United

States

8,429

778,587

New

Jersey

Resources

Corp.

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

United

States

8,835

425,405

Northwest

Natural

Holding

Co.

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

United

States

2,029

91,163

Spire,

Inc.

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

United

States

1,085

88,449

Tokyo

Gas

Co.

Ltd.

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

Japan

20,600

732,509

2,116,113

#### Ground

#### Transportation

#### 0.7%
Canadian

National

Railway

Co.

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

Canada

9,178

865,503

Canadian

Pacific

Kansas

City

Ltd.

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

Canada

37,277

2,776,764

CSX

Corp.

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

United

States

22,330

792,938

JB

Hunt

Transport

Services,

Inc.

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

United

States

5,233

702,112

a

Lyft,

Inc.,

A

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

United

States

41,085

904,281

Norfolk

Southern

Corp.

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

United

States

2,784

836,341

a

Uber

Technologies,

Inc.

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

United

States

7,978

781,605

Union

Pacific

Corp.

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

United

States

38,087

9,002,624

16,662,168

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.2%
Abbott

Laboratories

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

United

States

5,434

727,830

a

AtriCure,

Inc.

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

United

States

2,186

77,057

a

Avanos

Medical,

Inc.

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

United

States

6,577

76,030

a

Axogen,

Inc.

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

United

States

8,718

155,529

Becton

Dickinson

&

Co.

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

United

States

21,464

4,017,417

BioMerieux

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

France

2,543

341,318

a

Boston

Scientific

Corp.

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

United

States

28,053

2,738,814

a

Dexcom,

Inc.

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

United

States

10,036

675,322

a

Edwards

Lifesciences

Corp.

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

United

States

9,313

724,272

a

Glaukos

Corp.

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

United

States

2,794

227,851

a

Hologic,

Inc.

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

United

States

11,869

801,039

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Health

#### Care

#### Equipment

#### &

#### Supplies
(continued)

Hoya

Corp.

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

Japan

33,800

$

4,673,538

a

IDEXX

Laboratories,

Inc.

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

United

States

3,728

2,381,782

a

Insulet

Corp.

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

United

States

2,265

699,273

a

Intuitive

Surgical,

Inc.

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

United

States

7,485

3,347,517

a

Lantheus

Holdings,

Inc.

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

United

States

6,521

334,462

a

LivaNova

plc

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

United

States

5,302

277,719

Medtronic

plc

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

United

States

30,208

2,877,010

a

Novocure

Ltd.

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

United

States

33,644

434,680

Olympus

Corp.

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

Japan

92,000

1,163,158

a

Surmodics,

Inc.

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

United

States

2,399

71,706

26,823,324

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.8%
Cardinal

Health,

Inc.

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

United

States

5,024

788,567

a

Castle

Biosciences,

Inc.

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

United

States

15,628

355,850

Cencora,

Inc.

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

United

States

2,559

799,764

Cigna

Group

(The)

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

United

States

2,527

728,408

Fresenius

SE

&

Co.

KGaA

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

Germany

2,529

141,334

a

GeneDx

Holdings

Corp.,

A

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

United

States

975

105,047

a

Guardant

Health,

Inc.

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

United

States

10,666

666,412

a

Hims

&

Hers

Health,

Inc.

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

United

States

9,444

535,664

McKesson

Corp.

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

United

States

9,671

7,471,234

a

Option

Care

Health,

Inc.

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

United

States

7,033

195,236

Select

Medical

Holdings

Corp.

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

United

States

11,743

150,780

Sonic

Healthcare

Ltd.

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

Australia

37,564

532,052

a

Tenet

Healthcare

Corp.

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

United

States

3,968

805,663

UnitedHealth

Group,

Inc.

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

United

States

15,655

5,405,671

Universal

Health

Services,

Inc.,

B

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

United

States

3,991

815,920

19,497,602

#### Health

#### Care

#### REITs

#### 0.1%
American

Healthcare

REIT,

Inc.

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

United

States

2,722

114,351

CareTrust

REIT,

Inc.

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

United

States

16,396

568,613

LTC

Properties,

Inc.

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

United

States

1,159

42,721

National

Health

Investors,

Inc.

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

United

States

1,051

83,554

Omega

Healthcare

Investors,

Inc.

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

United

States

18,266

771,191

Sabra

Health

Care

REIT,

Inc.

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

United

States

4,743

88,410

1,668,840

#### Health

#### Care

#### Technology

#### 0.4%
a

Doximity,

Inc.,

A

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

United

States

10,770

787,826

HealthStream,

Inc.

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

United

States

3,131

88,419

a

LifeMD,

Inc.

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

United

States

14,044

95,359

a

Phreesia,

Inc.

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

United

States

10,320

242,726

a

Teladoc

Health,

Inc.

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

United

States

56,762

438,770

a

Veeva

Systems,

Inc.,

A

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

United

States

22,969

6,842,695

a

Waystar

Holding

Corp.

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

United

States

4,977

188,728

8,684,523

#### Hotel

#### &

#### Resort

#### REITs

#### 0.0%

#### †
Apple

Hospitality

REIT,

Inc.

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

United

States

6,078

72,997

DiamondRock

Hospitality

Co.

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

United

States

9,807

78,064

Ryman

Hospitality

Properties,

Inc.

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

United

States

3,953

354,149

Xenia

Hotels

&

Resorts,

Inc.

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

United

States

2,918

40,035

545,245

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.3%
Accor

SA

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

France

25,989

$

1,234,748

a

Airbnb,

Inc.,

A

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

United

States

6,029

732,041

Aristocrat

Leisure

Ltd.

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

Australia

35,532

1,644,900

Booking

Holdings,

Inc.

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

United

States

2,186,704

Brightstar

Lottery

plc

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

United

States

24,029

414,500

a

Brinker

International,

Inc.

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

United

States

3,860

488,985

Compass

Group

plc

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

United

Kingdom

80,860

2,756,175

a

DoorDash,

Inc.,

A

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

United

States

40,055

10,894,560

FDJ

United

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

France

2,766

92,750

Golden

Entertainment,

Inc.

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

United

States

3,260

76,871

Hilton

Worldwide

Holdings,

Inc.

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

United

States

24,321

6,309,840

InterContinental

Hotels

Group

plc

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

United

Kingdom

3,323

401,785

a

Life

Time

Group

Holdings,

Inc.

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

United

States

2,917

80,509

a

MakeMyTrip

Ltd.

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

India

4,788

448,157

Monarch

Casino

&

Resort,

Inc.

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

United

States

880

93,139

Red

Rock

Resorts,

Inc.,

A

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

United

States

1,673

102,153

Starbucks

Corp.

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

United

States

26,280

2,223,288

30,181,105

#### Household

#### Durables

#### 0.5%
Garmin

Ltd.

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

United

States

3,141

773,377

a

Hovnanian

Enterprises,

Inc.,

A

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

United

States

672

86,345

KB

Home

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

United

States

1,265

80,505

a

M/I

Homes,

Inc.

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

United

States

2,860

413,098

PulteGroup,

Inc.

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

United

States

49,904

6,593,815

a

Sonos,

Inc.

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

United

States

28,978

457,852

Sony

Group

Corp.

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

Japan

82,200

2,362,979

a

Taylor

Morrison

Home

Corp.,

A

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

United

States

7,864

519,103

a

Tri

Pointe

Homes,

Inc.

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

United

States

13,447

456,795

11,743,869

#### Household

#### Products

#### 0.8%
Colgate-Palmolive

Co.

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

United

States

107,473

8,591,392

Energizer

Holdings,

Inc.

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

United

States

3,463

86,194

Kimberly-Clark

Corp.

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

United

States

16,004

1,989,937

Procter

&

Gamble

Co.

(The)

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

United

States

39,601

6,084,694

Reckitt

Benckiser

Group

plc

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

United

Kingdom

11,447

881,442

Unilever

Indonesia

Tbk.

PT

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

Indonesia

5,060,100

540,473

18,174,132

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.1%
RWE

AG

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

Germany

7,468

332,167

Vistra

Corp.

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

United

States

3,673

719,614

1,051,781

#### Industrial

#### Conglomerates

#### 0.4%
3M

Co.

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

United

States

4,760

738,657

DCC

plc

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

United

Kingdom

5,120

329,584

Honeywell

International,

Inc.

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

United

States

21,100

4,441,550

Jardine

Matheson

Holdings

Ltd.

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

Hong

Kong

15,700

990,783

Sekisui

Chemical

Co.

Ltd.

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

Japan

22,400

417,013

Siemens

AG

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

Germany

4,597

1,241,089

Smiths

Group

plc

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

United

Kingdom

15,171

480,999

8,639,675

#### Industrial

#### REITs

#### 0.1%
Prologis,

Inc.

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

United

States

25,831

2,958,166

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Insurance

#### 1.8%
Aflac,

Inc.

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

United

States

7,049

$

787,373

AIA

Group

Ltd.

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

Hong

Kong

396,200

3,797,167

Allianz

SE

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

Germany

5,312

2,234,900

Allstate

Corp.

(The)

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

United

States

25,597

5,494,396

American

International

Group,

Inc.

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

United

States

52,322

4,109,370

AXA

SA

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

France

4,129

198,006

Axis

Capital

Holdings

Ltd.

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

United

States

7,572

725,398

a

Brighthouse

Financial,

Inc.

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

United

States

15,616

828,897

Chubb

Ltd.

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

United

States

2,690

759,252

CNO

Financial

Group,

Inc.

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

United

States

10,483

414,603

Dai-ichi

Life

Holdings,

Inc.

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

Japan

30,600

240,705

Everest

Group

Ltd.

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

United

States

2,213

775,059

Fidelis

Insurance

Holdings

Ltd.

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

United

Kingdom

5,037

91,422

a

Genworth

Financial,

Inc.,

A

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

United

States

55,422

493,256

Globe

Life,

Inc.

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

United

States

14,021

2,004,582

a

Hamilton

Insurance

Group

Ltd.,

B

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

United

States

16,271

403,521

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

2,160

392,321

a

Heritage

Insurance

Holdings,

Inc.

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

United

States

12,209

307,423

Horace

Mann

Educators

Corp.

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

United

States

4,689

211,802

MetLife,

Inc.

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

United

States

77,494

6,383,181

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

1,834

1,170,962

Old

Republic

International

Corp.

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

United

States

19,205

815,636

b

Poste

Italiane

SpA,

144A,

Reg

S

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

Italy

7,203

171,223

Primerica,

Inc.

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

United

States

2,829

785,302

Progressive

Corp.

(The)

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

United

States

2,960

730,972

Prudential

Financial,

Inc.

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

United

States

7,064

732,819

Prudential

plc

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

Hong

Kong

150,988

2,113,790

QBE

Insurance

Group

Ltd.

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

Australia

18,090

246,173

Reinsurance

Group

of

America,

Inc.

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

United

States

3,913

751,805

a

SiriusPoint

Ltd.

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

Sweden

5,167

93,471

a

Sony

Financial

Group,

Inc.

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

Japan

82,200

91,157

Talanx

AG

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

Germany

6,029

803,831

Travelers

Cos.,

Inc.

(The)

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

United

States

2,660

742,725

Unipol

Assicurazioni

SpA

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

Italy

5,848

125,718

Universal

Insurance

Holdings,

Inc.

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

United

States

4,503

118,429

Unum

Group

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

United

States

10,516

817,934

Zurich

Insurance

Group

AG

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

Switzerland

1,214

867,747

41,832,328

#### Interactive

#### Media

#### &

#### Services

#### 4.3%
Alphabet,

Inc.,

A

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

United

States

172,504

41,935,722

Alphabet,

Inc.,

C

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

United

States

45,784

11,150,693

b

Auto

Trader

Group

plc,

144A,

Reg

S

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

United

Kingdom

22,498

239,003

a

Cargurus,

Inc.,

A

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

United

States

11,453

426,395

a

EverQuote,

Inc.,

A

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

United

States

12,718

290,861

a

fuboTV,

Inc.

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

United

States

88,446

367,051

a

Grindr,

Inc.

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

Singapore

7,656

114,993

LY

Corp.

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

Japan

290,000

930,903

Meta

Platforms,

Inc.,

A

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

United

States

57,155

41,973,489

a

Reddit,

Inc.,

A

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

United

States

3,386

778,746

b

Scout24

SE,

144A,

Reg

S

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

Germany

2,391

299,968

Tencent

Holdings

Ltd.

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

China

23,400

1,993,905

a

ZipRecruiter,

Inc.,

A

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

United

States

19,073

80,488

100,582,217

#### IT

#### Services

#### 0.4%
Accenture

plc,

A

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

Ireland

17,616

4,344,106

Fujitsu

Ltd.

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

Japan

7,700

180,629

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### IT

#### Services
(continued)

a

GoDaddy,

Inc.,

A

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

United

States

5,273

$

721,505

International

Business

Machines

Corp.

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

United

States

3,012

849,866

NEC

Corp.

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

Japan

17,500

560,159

a

Shopify,

Inc.,

A

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

Canada

13,714

2,038,037

a

Snowflake,

Inc.,

A

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

United

States

4,064

916,635

VeriSign,

Inc.

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

United

States

2,684

750,366

10,361,303

#### Leisure

#### Products

#### 0.1%
Bandai

Namco

Holdings,

Inc.

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

Japan

19,800

658,776

Hasbro,

Inc.

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

United

States

10,026

760,472

Polaris,

Inc.

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

United

States

8,133

472,771

1,892,019

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.4%
a

10X

Genomics,

Inc.,

A

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

United

States

31,854

372,373

Lonza

Group

AG

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

Switzerland

3,606

2,411,110

Thermo

Fisher

Scientific,

Inc.

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

United

States

12,075

5,856,617

8,640,100

#### Machinery

#### 0.9%
Alamo

Group,

Inc.

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

United

States

79,987

Albany

International

Corp.,

A

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

United

States

1,417

75,526

Allison

Transmission

Holdings,

Inc.

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

United

States

8,318

706,032

Atmus

Filtration

Technologies,

Inc.

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

United

States

10,712

483,004

a

Blue

Bird

Corp.

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

United

States

4,574

263,234

Caterpillar,

Inc.

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

United

States

3,533

1,685,771

CNH

Industrial

NV

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

United

States

34,867

378,307

Cummins,

Inc.

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

United

States

1,887

797,012

Deere

&

Co.

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

United

States

1,625

743,047

Ebara

Corp.

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

Japan

40,500

923,179

ESCO

Technologies,

Inc.

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

United

States

545

115,055

Federal

Signal

Corp.

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

United

States

780

92,812

Franklin

Electric

Co.,

Inc.

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

United

States

854

81,301

GEA

Group

AG

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

Germany

10,675

789,225

Graco,

Inc.

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

United

States

8,739

742,465

Hoshizaki

Corp.

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

Japan

4,000

150,093

Hyster-Yale,

Inc.

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

United

States

2,185

80,539

Ingersoll

Rand,

Inc.

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

United

States

38,753

3,201,773

Komatsu

Ltd.

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

Japan

5,700

198,572

Lincoln

Electric

Holdings,

Inc.

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

United

States

3,049

719,046

a

Microvast

Holdings,

Inc.

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

United

States

106,923

411,654

Mueller

Water

Products,

Inc.,

A

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

United

States

3,673

93,735

Otis

Worldwide

Corp.

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

United

States

25,806

2,359,443

Parker-Hannifin

Corp.

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

United

States

1,014

768,764

Pentair

plc

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

United

States

7,021

777,646

a

Proto

Labs,

Inc.

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

United

States

2,613

130,728

Rational

AG

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

Germany

180,346

REV

Group,

Inc.

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

United

States

5,179

293,494

Schindler

Holding

AG

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

Switzerland

2,935

1,116,111

a

SPX

Technologies,

Inc.

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

United

States

89,281

Tennant

Co.

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

United

States

997

80,817

Watts

Water

Technologies,

Inc.,

A

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

United

States

2,094

584,812

Westinghouse

Air

Brake

Technologies

Corp.

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

United

States

3,812

764,192

Worthington

Enterprises,

Inc.

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

United

States

1,704

94,555

20,051,558

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Marine

#### Transportation

#### 0.1%
Costamare,

Inc.

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

Monaco

6,242

$

74,342

Matson,

Inc.

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

United

States

4,111

405,304

Safe

Bulkers,

Inc.

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

Monaco

12,992

57,684

SITC

International

Holdings

Co.

Ltd.

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

China

159,000

612,140

1,149,470

#### Media

#### 0.2%
a

Charter

Communications,

Inc.,

A

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

United

States

7,691

2,115,833

Comcast

Corp.,

A

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

United

States

64,641

2,031,020

Informa

plc

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

United

Kingdom

27,137

336,127

a

Magnite,

Inc.

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

United

States

8,646

188,310

New

York

Times

Co.

(The),

A

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

United

States

13,291

762,903

a

Nexxen

International

Ltd.

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

Israel

12,221

113,044

a

PubMatic,

Inc.,

A

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

United

States

10,020

82,966

5,630,203

#### Metals

#### &

#### Mining

#### 0.6%
a

Alpha

Metallurgical

Resources,

Inc.

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

United

States

1,610

264,185

ArcelorMittal

SA

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

Luxembourg

8,391

302,713

BHP

Group

Ltd.,

(AUD

Traded)

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

Australia

85,477

2,387,819

BHP

Group

Ltd.,

(GBP

Traded)

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

Australia

5,145

142,534

BlueScope

Steel

Ltd.

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

Australia

22,702

341,004

a

Boliden

AB

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

Sweden

4,230

172,662

a

Coeur

Mining,

Inc.

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

United

States

6,215

116,593

Commercial

Metals

Co.

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

United

States

1,485

85,061

a

Constellium

SE,

A

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

United

States

30,163

448,825

Fortescue

Ltd.

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

Australia

98,122

1,215,187

Freeport-McMoRan,

Inc.

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

United

States

107,079

4,199,638

Glencore

plc

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

Australia

520,565

2,397,529

Hecla

Mining

Co.

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

United

States

28,444

344,172

Norsk

Hydro

ASA

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

Norway

38,639

262,711

Northern

Star

Resources

Ltd.

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

Australia

12,701

198,330

Rio

Tinto

plc

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

Australia

17,194

1,133,127

Southern

Copper

Corp.

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

Mexico

7,105

862,263

SunCoke

Energy,

Inc.

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

United

States

11,036

90,054

14,964,407

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
BrightSpire

Capital,

Inc.,

A

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

United

States

21,845

118,619

Chimera

Investment

Corp.

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

United

States

5,583

73,807

Ladder

Capital

Corp.,

A

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

United

States

6,909

75,377

MFA

Financial,

Inc.

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

United

States

7,533

69,228

Rithm

Capital

Corp.

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

United

States

59,469

677,352

1,014,383

#### Multi-Utilities

#### 0.3%
Avista

Corp.

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

United

States

8,662

327,510

Black

Hills

Corp.

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

United

States

6,172

380,133

Consolidated

Edison,

Inc.

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

United

States

7,842

788,278

DTE

Energy

Co.

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

United

States

5,590

790,594

E.ON

SE

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

Germany

58,794

1,107,412

Engie

SA

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

France

74,853

1,609,080

Northwestern

Energy

Group,

Inc.

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

United

States

1,455

85,278

Public

Service

Enterprise

Group,

Inc.

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

United

States

9,251

772,088

Sembcorp

Industries

Ltd.

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

Singapore

48,600

227,069

6,087,442

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Office

#### REITs

#### 0.1%
COPT

Defense

Properties

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

United

States

2,581

$

75,004

Empire

State

Realty

Trust,

Inc.,

A

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

United

States

9,717

74,432

Vornado

Realty

Trust

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

United

States

70,908

2,873,901

3,023,337

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.9%
Antero

Midstream

Corp.

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

United

States

39,571

769,260

Berry

Corp.

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

United

States

25,552

96,587

BP

plc

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

United

States

181,231

1,040,565

California

Resources

Corp.

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

United

States

1,425

75,782

Cheniere

Energy,

Inc.

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

United

States

32,438

7,622,281

Chevron

Corp.

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

United

States

4,707

730,950

ConocoPhillips

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

United

States

39,164

3,704,523

Core

Natural

Resources,

Inc.

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

United

States

1,583

132,149

Coterra

Energy,

Inc.

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

United

States

30,378

718,440

Dorian

LPG

Ltd.

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

United

States

3,272

97,506

ENEOS

Holdings,

Inc.

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

Japan

185,800

1,176,710

Eni

SpA

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

Italy

17,045

298,221

Equinor

ASA

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

Norway

59,363

1,447,633

Excelerate

Energy,

Inc.,

A

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

United

States

3,195

80,482

Exxon

Mobil

Corp.

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

United

States

73,944

8,337,186

a

Gulfport

Energy

Corp.

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

United

States

80,355

Inpex

Corp.

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

Japan

101,000

1,818,573

International

Seaways,

Inc.

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

United

States

1,825

84,096

Kinder

Morgan,

Inc.

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

United

States

27,737

785,234

Marathon

Petroleum

Corp.

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

United

States

4,244

817,989

Murphy

Oil

Corp.

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

United

States

11,668

331,488

Peabody

Energy

Corp.

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

United

States

23,193

615,078

Repsol

SA

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

Spain

21,299

378,743

Scorpio

Tankers,

Inc.

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

Monaco

7,757

434,780

Shell

plc,

(EUR

Traded)

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

United

States

146,018

5,237,292

Shell

plc,

(GBP

Traded)

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

United

States

14,495

516,617

Teekay

Corp.

Ltd.

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

United

States

25,455

208,222

Teekay

Tankers

Ltd.,

A

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

Canada

7,779

393,228

TotalEnergies

SE

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

France

37,565

2,288,033

Valero

Energy

Corp.

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

United

States

24,210

4,121,995

Williams

Cos.,

Inc.

(The)

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

United

States

12,605

798,527

World

Kinect

Corp.

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

United

States

3,117

80,886

45,319,411

#### Paper

#### &

#### Forest

#### Products

#### 0.0%

#### †
Louisiana-Pacific

Corp.

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

United

States

7,977

708,677

Sylvamo

Corp.

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

United

States

5,050

223,311

931,988

#### Passenger

#### Airlines

#### 0.5%
Delta

Air

Lines,

Inc.

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

United

States

12,778

725,152

a

Joby

Aviation,

Inc.

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

United

States

22,181

358,001

Qantas

Airways

Ltd.

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

Australia

195,025

1,409,212

Ryanair

Holdings

plc

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

Italy

55,300

1,616,000

Ryanair

Holdings

plc,

ADR

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

Italy

19,698

1,186,213

a

SkyWest,

Inc.

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

United

States

4,999

503,000

Southwest

Airlines

Co.

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

United

States

132,565

4,230,149

a

Sun

Country

Airlines

Holdings,

Inc.

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

United

States

9,259

109,349

a

United

Airlines

Holdings,

Inc.

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

United

States

7,178

692,677

10,829,753

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Personal

#### Care

#### Products

#### 0.1%
Unilever

plc

........................................

United

Kingdom

48,253

$

2,852,170

#### Pharmaceuticals

#### 3.0%
a

Arvinas,

Inc.

.......................................

United

States

40,680

346,594

AstraZeneca

plc

....................................

United

Kingdom

15,837

2,426,246

AstraZeneca

plc,

ADR

................................

United

Kingdom

50,003

3,836,230

Bristol-Myers

Squibb

Co.

..............................

United

States

124,186

5,600,789

Chugai

Pharmaceutical

Co.

Ltd.

........................

Japan

15,400

682,752

a

Corcept

Therapeutics,

Inc.

............................

United

States

10,092

838,746

Daiichi

Sankyo

Co.

Ltd.

...............................

Japan

39,400

886,508

Eli

Lilly

&

Co.

......................................

United

States

17,818

13,595,134

Galderma

Group

AG

.................................

Switzerland

9,079

1,605,170

GSK

plc

..........................................

United

States

32,500

697,839

Ipsen

SA

..........................................

France

3,023

405,917

Johnson

&

Johnson

.................................

United

States

81,998

15,204,069

a

Maze

Therapeutics,

Inc.

..............................

United

States

3,454

89,562

Merck

&

Co.,

Inc.

...................................

United

States

37,982

3,187,829

Merck

KGaA

.......................................

Germany

1,522

197,472

Novartis

AG

.......................................

United

States

41,703

5,362,105

Novo

Nordisk

A/S,

ADR

...............................

Denmark

55,506

3,080,028

Novo

Nordisk

A/S,

B

.................................

Denmark

54,382

3,028,080

Otsuka

Holdings

Co.

Ltd.

.............................

Japan

13,000

693,300

Pfizer,

Inc.

.........................................

United

States

32,048

816,583

Roche

Holding

AG

..................................

United

States

8,221

2,737,458

Sanofi

SA

.........................................

United

States

54,545

5,165,079

a

Supernus

Pharmaceuticals,

Inc.

........................

United

States

10,368

495,487

a

WaVe

Life

Sciences

Ltd.

..............................

United

States

10,848

79,407

71,058,384

#### Professional

#### Services

#### 0.7%
Automatic

Data

Processing,

Inc.

........................

United

States

34,404

10,097,574

Broadridge

Financial

Solutions,

Inc.

......................

United

States

3,035

722,846

Experian

plc

.......................................

United

States

12,647

635,223

Heidrick

&

Struggles

International,

Inc.

...................

United

States

2,249

111,933

a

IBEX

Holdings

Ltd.

..................................

United

States

3,382

137,039

Korn

Ferry

........................................

United

States

3,545

248,079

a

Legalzoom.com,

Inc.

.................................

United

States

37,607

390,361

Leidos

Holdings,

Inc.

.................................

United

States

4,161

786,262

Maximus,

Inc.

......................................

United

States

1,030

94,111

a

Paylocity

Holding

Corp.

...............................

United

States

4,508

717,989

Recruit

Holdings

Co.

Ltd.

.............................

Japan

23,300

1,252,698

a

Upwork,

Inc.

.......................................

United

States

26,851

498,623

Verisk

Analytics,

Inc.,

A

...............................

United

States

2,753

692,407

16,385,145

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.3%
a

Anywhere

Real

Estate,

Inc.

............................

United

States

19,753

209,184

a

CBRE

Group,

Inc.,

A

.................................

United

States

27,730

4,369,139

a

CoStar

Group,

Inc.

..................................

United

States

26,618

2,245,761

a

Cushman

&

Wakefield

plc

.............................

United

States

30,485

485,321

7,309,405

#### Residential

#### REITs

#### 0.2%
Camden

Property

Trust

...............................

United

States

6,915

738,384

Equity

LifeStyle

Properties,

Inc.

.........................

United

States

12,131

736,352

Equity

Residential

...................................

United

States

11,545

747,308

Invitation

Homes,

Inc.

................................

United

States

24,363

714,567

Mid-America

Apartment

Communities,

Inc.

................

United

States

5,195

725,897

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Residential

#### REITs
(continued)

NexPoint

Residential

Trust,

Inc.

.........................

United

States

2,530

$

81,516

Sun

Communities,

Inc.

...............................

United

States

5,884

759,036

4,503,060

#### Retail

#### REITs

#### 0.4%
Brixmor

Property

Group,

Inc.

...........................

United

States

27,331

756,522

CBL

&

Associates

Properties,

Inc.

.......................

United

States

2,711

82,902

Curbline

Properties

Corp.

.............................

United

States

7,146

159,356

Kite

Realty

Group

Trust

...............................

United

States

8,627

192,382

Simon

Property

Group,

Inc.

............................

United

States

37,468

7,031,620

SITE

Centers

Corp.

..................................

United

States

31,900

287,419

Tanger,

Inc.

........................................

United

States

2,313

78,272

Urban

Edge

Properties

...............................

United

States

18,998

388,889

8,977,362

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 7.8%
a

Ambarella,

Inc.

.....................................

United

States

6,039

498,338

Applied

Materials,

Inc.

................................

United

States

4,558

933,205

ASML

Holding

NV

...................................

Netherlands

7,640

7,450,429

a

Astera

Labs,

Inc.

....................................

United

States

4,667

913,799

Broadcom,

Inc.

.....................................

United

States

100,490

33,152,656

a

CEVA,

Inc.

........................................

United

States

1,534

40,513

a

Cirrus

Logic,

Inc.

....................................

United

States

6,551

820,775

a

Credo

Technology

Group

Holding

Ltd.

....................

United

States

6,645

967,578

a

Impinj,

Inc.

........................................

United

States

2,804

506,823

KLA

Corp.

.........................................

United

States

796

858,565

Lam

Research

Corp.

.................................

United

States

17,928

2,400,559

Marvell

Technology,

Inc.

..............................

United

States

29,139

2,449,716

a

MaxLinear,

Inc.,

A

...................................

United

States

6,112

98,281

NVIDIA

Corp.

......................................

United

States

595,746

111,154,289

QUALCOMM,

Inc.

...................................

United

States

83,544

13,898,380

a

Rambus,

Inc.

......................................

United

States

7,329

763,682

Renesas

Electronics

Corp.

............................

Japan

66,200

761,644

a

Rigetti

Computing,

Inc.

...............................

United

States

5,278

157,232

SCREEN

Holdings

Co.

Ltd.

............................

Japan

5,800

525,551

SK

Hynix,

Inc.

......................................

South

Korea

6,239

1,546,635

Skyworks

Solutions,

Inc.

..............................

United

States

4,775

367,579

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.............

Taiwan

38,000

1,650,637

181,916,866

#### Software

#### 6.8%
a

8x8,

Inc.

..........................................

United

States

29,486

62,510

A10

Networks,

Inc.

..................................

United

States

4,482

81,348

a

ACI

Worldwide,

Inc.

..................................

United

States

4,566

240,948

Adeia,

Inc.

........................................

United

States

5,810

97,608

a

Adobe,

Inc.

........................................

United

States

32,626

11,508,821

a

Alarm.com

Holdings,

Inc.

.............................

United

States

1,376

73,038

a

AppLovin

Corp.,

A

...................................

United

States

8,849

6,358,360

a

Atlassian

Corp.,

A

...................................

United

States

4,375

698,688

a

Autodesk,

Inc.

......................................

United

States

20,230

6,426,464

a

Blend

Labs,

Inc.,

A

..................................

United

States

92,857

338,928

a

Cadence

Design

Systems,

Inc.

.........................

United

States

18,022

6,330,408

a

Cerence,

Inc.

......................................

United

States

8,082

100,702

a

Check

Point

Software

Technologies

Ltd.

..................

Israel

2,300

475,893

a

Commvault

Systems,

Inc.

.............................

United

States

3,086

582,575

a

Crowdstrike

Holdings,

Inc.,

A

...........................

United

States

1,719

842,963

a

DocuSign,

Inc.,

A

...................................

United

States

10,546

760,261

a

Domo,

Inc.,

B

......................................

United

States

17,410

275,774

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Software
(continued)

a

Dropbox,

Inc.,

A

....................................

United

States

24,749

$

747,667

a

Fortinet,

Inc.

.......................................

United

States

9,809

824,741

a

Guidewire

Software,

Inc.

..............................

United

States

3,025

695,327

a

HubSpot,

Inc.

......................................

United

States

4,044

1,891,783

InterDigital,

Inc.

.....................................

United

States

1,902

656,627

Intuit,

Inc.

.........................................

United

States

1,184

808,565

a

Life360,

Inc.

.......................................

United

States

1,170

124,371

a

LiveRamp

Holdings,

Inc.

..............................

United

States

11,307

306,872

a

Manhattan

Associates,

Inc.

............................

United

States

3,546

726,859

Microsoft

Corp.

.....................................

United

States

180,149

93,308,175

a

Nice

Ltd.

..........................................

Israel

2,093

303,201

OneSpan,

Inc.

......................................

United

States

4,953

78,703

Oracle

Corp.

.......................................

United

States

16,886

4,749,019

Oracle

Corp.

Japan

..................................

Japan

3,500

357,361

a

PagerDuty,

Inc.

.....................................

United

States

21,104

348,638

a

Palantir

Technologies,

Inc.,

A

...........................

United

States

13,403

2,444,975

Pegasystems,

Inc.

...................................

United

States

13,174

757,505

a

PROS

Holdings,

Inc.

.................................

United

States

5,571

127,632

a

Q2

Holdings,

Inc.

...................................

United

States

1,986

143,767

a

Rapid7,

Inc.

.......................................

United

States

20,450

383,438

a

RingCentral,

Inc.,

A

..................................

United

States

25,198

714,111

a

Rubrik,

Inc.,

A

......................................

United

States

11,295

929,014

Salesforce,

Inc.

.....................................

United

States

3,034

719,058

SAP

SE

..........................................

Germany

6,501

1,740,755

a

ServiceNow,

Inc.

....................................

United

States

6,907

6,356,374

a

Weave

Communications,

Inc.

..........................

United

States

10,949

73,139

a

Workday,

Inc.,

A

....................................

United

States

3,286

791,039

a

Workiva,

Inc.,

A

.....................................

United

States

1,019

87,716

a

Zoom

Communications,

Inc.,

A

.........................

United

States

9,110

751,575

a

Zscaler,

Inc.

.......................................

United

States

2,706

810,880

158,014,176

#### Specialized

#### REITs

#### 0.4%
American

Tower

Corp.

................................

United

States

26,341

5,065,901

EPR

Properties

.....................................

United

States

13,550

786,035

Farmland

Partners,

Inc.

...............................

United

States

6,951

75,627

Outfront

Media,

Inc.

.................................

United

States

23,012

421,580

PotlatchDeltic

Corp.

.................................

United

States

1,939

79,014

Public

Storage

.....................................

United

States

2,590

748,122

VICI

Properties,

Inc.,

A

...............................

United

States

23,069

752,280

Weyerhaeuser

Co.

..................................

United

States

30,722

761,598

8,690,157

#### Specialty

#### Retail

#### 0.9%
a

Abercrombie

&

Fitch

Co.,

A

............................

United

States

4,925

421,334

American

Eagle

Outfitters,

Inc.

.........................

United

States

7,234

123,774

a,b

Auto1

Group

SE,

144A,

Reg

S

.........................

Germany

16,975

580,703

a

AutoZone,

Inc.

.....................................

United

States

780,824

Avolta

AG

.........................................

Switzerland

3,816

208,368

Buckle,

Inc.

(The)

...................................

United

States

1,807

105,998

a

Chewy,

Inc.,

A

......................................

United

States

22,071

892,772

Fast

Retailing

Co.

Ltd.

................................

Japan

4,800

1,457,817

Gap,

Inc.

(The)

.....................................

United

States

33,406

714,554

Home

Depot,

Inc.

(The)

...............................

United

States

1,810

733,394

Industria

de

Diseno

Textil

SA

...........................

Spain

3,764

208,314

Ross

Stores,

Inc.

...................................

United

States

5,026

765,912

a

Sally

Beauty

Holdings,

Inc.

............................

United

States

8,132

132,389

TJX

Cos.,

Inc.

(The)

.................................

United

States

75,595

10,926,501

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Specialty

#### Retail
(continued)

a

Ulta

Beauty,

Inc.

....................................

United

States

1,465

$

800,989

Upbound

Group,

Inc.

.................................

United

States

2,874

67,913

a

Urban

Outfitters,

Inc.

.................................

United

States

1,914

136,717

a

Victoria's

Secret

&

Co.

...............................

United

States

11,671

316,751

Williams-Sonoma,

Inc.

...............................

United

States

3,660

715,347

20,090,371

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 4.2%
Apple,

Inc.

........................................

United

States

347,527

88,490,800

a

IonQ,

Inc.

.........................................

United

States

13,328

819,672

NetApp,

Inc.

.......................................

United

States

6,169

730,780

Seagate

Technology

Holdings

plc

.......................

United

States

28,691

6,772,797

96,814,049

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.2%
adidas

AG

.........................................

Germany

1,261

267,182

Asics

Corp.

........................................

Japan

22,800

596,619

Carter's,

Inc.

.......................................

United

States

9,917

279,858

Cie

Financiere

Richemont

SA

..........................

Switzerland

79,282

a

G-III

Apparel

Group

Ltd.

..............................

United

States

3,960

105,376

a

Hanesbrands,

Inc.

...................................

United

States

14,604

96,240

Hermes

International

SCA

.............................

France

540

1,327,881

Kontoor

Brands,

Inc.

.................................

United

States

923

73,628

a

Lululemon

Athletica,

Inc.

..............................

United

States

4,034

717,770

LVMH

Moet

Hennessy

Louis

Vuitton

SE

..................

France

139,076

Pandora

A/S

.......................................

Denmark

6,858

896,666

Tapestry,

Inc.

......................................

United

States

7,185

813,486

5,393,064

#### Tobacco

#### 0.8%
British

American

Tobacco

plc

...........................

United

Kingdom

41,618

2,213,550

Imperial

Brands

plc

..................................

United

Kingdom

41,440

1,760,431

Philip

Morris

International,

Inc.

.........................

United

States

93,247

15,124,663

Turning

Point

Brands,

Inc.

.............................

United

States

4,193

414,520

19,513,164

#### Trading

#### Companies

#### &

#### Distributors

#### 0.4%
AerCap

Holdings

NV

.................................

Ireland

3,800

459,800

Boise

Cascade

Co.

..................................

United

States

3,200

247,424

Bunzl

plc

..........................................

United

Kingdom

5,271

166,601

a

DNOW,

Inc.

.......................................

United

States

19,116

291,519

a

Hudson

Technologies,

Inc.

............................

United

States

13,916

138,186

McGrath

RentCorp

..................................

United

States

913

107,095

Mitsubishi

Corp.

....................................

Japan

41,000

977,416

Mitsui

&

Co.

Ltd.

....................................

Japan

87,100

2,162,799

a

NPK

International,

Inc.

...............................

United

States

6,962

78,740

United

Rentals,

Inc.

..................................

United

States

4,009

3,827,232

8,456,812

#### Transportation

#### Infrastructure

#### 0.0%

#### †
b

Aena

SME

SA,

144A,

Reg

S

...........................

Spain

30,646

837,841

#### Water

#### Utilities

#### 0.0%

#### †
American

States

Water

Co.

............................

United

States

1,065

78,086

California

Water

Service

Group

.........................

United

States

1,837

84,300

H2O

America

......................................

United

States

1,776

86,491

248,877

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Wireless

#### Telecommunication

#### Services

#### 0.3%
KDDI

Corp.

........................................

Japan

80,300

$

1,280,667

SoftBank

Group

Corp.

................................

Japan

13,300

1,678,201

T-Mobile

US,

Inc.

...................................

United

States

20,203

4,836,194

7,795,062

#### Total

#### Common

#### Stocks

#### (Cost

#### $997,081,448)

#### ...................................

#### 1,737,124,447

#### Convertible

#### Preferred

#### Stocks

#### 0.0%

#### †

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
Boeing

Co.

(The),

6%

................................

United

States

5,386

374,704

#### Electric

#### Utilities

#### 0.0%

#### †
PG&E

Corp.,

A,

6%

..................................

United

States

2,928

115,305

#### Financial

#### Services

#### 0.0%

#### †
Apollo

Global

Management,

Inc.,

6.75%

..................

United

States

2,332

163,893

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $532,300)

#### ............................

#### 653,902

#### Preferred

#### Stocks

#### 0.1%

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.1%
c

Samsung

Electronics

Co.

Ltd.,

1.65%

....................

South

Korea

43,900

2,083,539

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $1,689,102)

#### .....................................

#### 2,083,539

#### Rights

#### 0.0%

#### †

#### Biotechnology

#### 0.0%

#### †
a,d

Blueprint

Medicines

Corp.,

CVR,

12/31/28

.................

United

States

2,540

1,168

a,d

Icosavax,

Inc.,

CVR,

2/19/31

...........................

United

Kingdom

4,444

1,333

a,d

Sage

Therapeutics,

Inc.,

CVR,

12/31/30

..................

United

States

27,419

4,935

7,436

#### Pharmaceuticals

#### 0.0%

#### †
a,d

CinCor

Pharma,

Inc.,

CVR,

3/31/33

......................

United

Kingdom

2,325

7,115

#### Total

#### Rights

#### (Cost

#### $14,596)

#### .................................................

#### 14,551

#### Principal

#### Amount

#### \*

#### Convertible

#### Bonds

#### 0.0%

#### †

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.0%

#### †
Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375 %

,

12/15/28

..

United

States

125,000

181,000

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%

#### †
Nabors

Industries,

Inc.

,

Senior

Note

,

1.75 %

,

6/15/29

.........

United

States

110,000

84,700

#### Food

#### Products

#### 0.0%

#### †
Post

Holdings,

Inc.

,

Senior

Note

,

2.5 %

,

8/15/27

.............

United

States

166,000

186,667

#### Software

#### 0.0%

#### †
b

Guidewire

Software,

Inc.

,

Senior

Note

,

144A,

1.25 %

,

11/01/29

..

United

States

239,000

278,560

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $690,012)
.....................................

#### 730,927
Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds

#### 12.1%

#### Aerospace

#### &

#### Defense

#### 0.5%
ATI,

Inc.

,

Senior

Bond,

5.125%,

10/01/31

.......................

United

States

50,000

$

49,245

Senior

Note,

5.875%,

12/01/27

.......................

United

States

295,000

295,816

Senior

Note,

4.875%,

10/01/29

.......................

United

States

75,000

73,801

Senior

Note,

7.25%,

8/15/30

.........................

United

States

225,000

236,360

b

Axon

Enterprise,

Inc.

,

Senior

Note,

144A,

6.125%,

3/15/30

...................

United

States

180,000

185,315

Senior

Note,

144A,

6.25%,

3/15/33

....................

United

States

135,000

139,292

b

BAE

Systems

plc

,

Senior

Bond

,

144A,

5.3 %

,

3/26/34

.........

United

Kingdom

595,000

616,802

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

.........................

United

States

91,000

85,713

Senior

Bond,

6.125%,

2/15/33

........................

United

States

290,000

312,755

Senior

Bond,

6.875%,

3/15/39

........................

United

States

110,000

124,653

Senior

Bond,

5.875%,

2/15/40

........................

United

States

150,000

155,040

Senior

Bond,

3.375%,

6/15/46

........................

United

States

215,000

153,325

Senior

Note,

2.196%,

2/04/26

........................

United

States

1,388,000

1,377,663

Senior

Note,

2.7%,

2/01/27

..........................

United

States

340,000

333,195

Senior

Note,

6.259%,

5/01/27

........................

United

States

174,000

179,102

Senior

Note,

6.298%,

5/01/29

........................

United

States

1,760,000

1,868,296

b

Bombardier,

Inc.

,

Senior

Note,

144A,

7.875%,

4/15/27

...................

Canada

8,000

8,040

Senior

Note,

144A,

7.5%,

2/01/29

.....................

Canada

30,000

31,309

Senior

Note,

144A,

8.75%,

11/15/30

...................

Canada

185,000

199,734

Senior

Note,

144A,

7.25%,

7/01/31

....................

Canada

30,000

31,839

Senior

Note,

144A,

7%,

6/01/32

......................

Canada

65,000

68,018

Senior

Note,

144A,

6.75%,

6/15/33

....................

Canada

155,000

161,945

b

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5 %

,

2/15/32

...............................

Italy

345,000

351,357

Howmet

Aerospace,

Inc.

,

Senior

Note,

3%,

1/15/29

...........................

United

States

805,000

776,947

Senior

Note,

4.85%,

10/15/31

........................

United

States

265,000

272,113

RTX

Corp.

,

Senior

Bond,

4.125%,

11/16/28

.......................

United

States

857,000

856,526

Senior

Bond,

5.15%,

2/27/33

.........................

United

States

110,000

113,970

Senior

Bond,

4.875%,

10/15/40

.......................

United

States

125,000

120,506

Spirit

AeroSystems,

Inc.

,

b

Secured

Note,

144A,

9.75%,

11/15/30

..................

United

States

335,000

368,850

Senior

Bond,

4.6%,

6/15/28

..........................

United

States

375,000

374,843

b

Senior

Secured

Note,

144A,

9.375%,

11/30/29

...........

United

States

75,000

79,085

b

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

190,000

197,036

Senior

Secured

Note,

144A,

7.125%,

12/01/31

...........

United

States

45,000

46,995

Senior

Secured

Note,

144A,

6.625%,

3/01/32

............

United

States

135,000

139,157

Senior

Secured

Note,

144A,

6%,

1/15/33

................

United

States

255,000

258,051

Senior

Secured

Note,

144A,

6.25%,

1/31/34

.............

United

States

70,000

72,042

Senior

Sub.

Note,

144A,

6.75%,

1/31/34

................

United

States

235,000

243,148

10,957,884

#### Automobile

#### Components

#### 0.1%
b

Adient

Global

Holdings

Ltd.

,

Senior

Note,

144A,

8.25%,

4/15/31

....................

United

States

365,000

383,092

Senior

Note,

144A,

7.5%,

2/15/33

.....................

United

States

80,000

82,899

b,e

American

Axle

&

Manufacturing,

Inc.

,

Senior

Secured

Note

,

144A,

6.375 %

,

10/15/32

..................................

United

States

200,000

199,787

b

Clarios

Global

LP

/

Clarios

US

Finance

Co.

,

Senior

Note

,

144A,

6.75 %

,

9/15/32

...................................

United

States

205,000

209,671

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Automobile

#### Components
(continued)

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

10/15/29

........................................

United

States

280,000

$

241,161

b

Forvia

SE

,

Senior

Note

,

144A,

6.75 %

,

9/15/33

..............

France

240,000

243,644

b,f

IHO

Verwaltungs

GmbH

,

Senior

Secured

Note,

144A,

PIK,

7.75%,

11/15/30

.........

Germany

200,000

209,415

Senior

Secured

Note,

144A,

PIK,

8%,

11/15/32

...........

Germany

200,000

210,042

1,779,711

#### Automobiles

#### 0.1%
b

Hyundai

Capital

America

,

Senior

Bond,

144A,

6.375%,

4/08/30

...................

United

States

41,000

43,832

Senior

Note,

144A,

4.875%,

11/01/27

..................

United

States

395,000

399,501

Senior

Note,

144A,

6.5%,

1/16/29

.....................

United

States

775,000

821,785

Senior

Note,

144A,

5.35%,

3/19/29

....................

United

States

215,000

220,911

Senior

Note,

144A,

4.55%,

9/26/29

....................

United

States

100,000

100,243

Senior

Note,

144A,

5.4%,

1/08/31

.....................

United

States

107,000

110,379

b

Nissan

Motor

Co.

Ltd.

,

Senior

Bond

,

144A,

8.125 %

,

7/17/35

...

Japan

275,000

295,383

1,992,034

#### Banks

#### 1.7%
b

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note

,

144A,

4.988%

to

12/02/27,

FRN

thereafter

,

12/03/28

...................

Netherlands

500,000

507,939

b

ANZ

New

Zealand

Int'l

Ltd.

,

Senior

Bond

,

144A,

3.45 %

,

7/17/27

New

Zealand

200,000

197,921

b,g

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Junior

Sub.

Bond

,

144A,

6.75%

to

6/14/26,

FRN

thereafter

,

Perpetual

.........

Australia

200,000

202,759

Banco

Santander

SA

,

Senior

Non-Preferred

Bond,

4.379%,

4/12/28

............

Spain

400,000

401,128

Sub.

Bond,

5.179%,

11/19/25

........................

Spain

600,000

600,537

Sub.

Bond,

3.225%

to

8/21/31,

FRN

thereafter,

11/22/32

....

Spain

1,400,000

1,274,684

Bank

of

America

Corp.

,

Senior

Bond,

2.496%

to

2/12/30,

FRN

thereafter,

2/13/31

...

United

States

672,000

622,121

Senior

Note,

1.734%

to

7/21/26,

FRN

thereafter,

7/22/27

....

United

States

2,328,000

2,281,756

h

Sub.

Bond,

FRN,

5.059%,

(3-month

SOFR

+

1.022%),

9/15/26

United

States

125,000

125,645

Sub.

Bond,

6.11%,

1/29/37

..........................

United

States

1,572,000

1,696,367

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

2,112,000

1,973,913

L,

Sub.

Bond,

4.183%,

11/25/27

......................

United

States

555,000

555,335

Bank

of

Nova

Scotia

(The)

,

Junior

Sub.

Bond

,

7.35%

to

4/26/30,

FRN

thereafter

,

4/27/85

.............................

Canada

310,000

323,878

Barclays

plc

,

Senior

Note

,

5.367%

to

2/24/30,

FRN

thereafter

,

2/25/31

.........................................

United

Kingdom

230,000

237,222

b

BNP

Paribas

SA

,

Sub.

Bond,

144A,

4.375%,

5/12/26

....................

France

200,000

199,655

Sub.

Bond,

144A,

2.588%

to

8/11/30,

FRN

thereafter,

8/12/35

France

375,000

336,262

b

BPCE

SA

,

Senior

Non-Preferred

Note

,

144A,

5.975%

to

1/17/26,

FRN

thereafter

,

1/18/27

.............................

France

1,000,000

1,003,825

b

CaixaBank

SA

,

Senior

Non-Preferred

Note,

144A,

4.634%

to

7/02/28,

FRN

thereafter,

7/03/29

.................................

Spain

590,000

594,272

Senior

Non-Preferred

Note,

144A,

5.673%

to

3/14/29,

FRN

thereafter,

3/15/30

.................................

Spain

280,000

290,522

Citigroup,

Inc.

,

Senior

Bond,

3.887%

to

1/09/27,

FRN

thereafter,

1/10/28

...

United

States

609,000

606,639

Senior

Bond,

3.668%

to

7/23/27,

FRN

thereafter,

7/24/28

...

United

States

2,674,000

2,650,899

Senior

Note,

4.503%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

735,000

735,567

Sub.

Bond,

4.45%,

9/29/27

..........................

United

States

776,000

779,361

Sub.

Bond,

4.75%,

5/18/46

..........................

United

States

415,000

369,004

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

b

Commonwealth

Bank

of

Australia

,

Sub.

Bond

,

144A,

5.837 %

,

3/13/34

.........................................

Australia

525,000

$

552,091

b

Credit

Agricole

SA

,

Sub.

Bond

,

144A,

4%

to

1/09/28,

FRN

thereafter

,

1/10/33

.................................

France

250,000

246,303

b

Federation

des

Caisses

Desjardins

du

Quebec

,

Senior

Note

,

144A,

4.565 %

,

8/26/30

..............................

Canada

530,000

533,134

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125 %

,

3/09/28

...

United

States

1,137,000

1,180,817

Huntington

Bancshares,

Inc.

,

Sub.

Bond

,

2.487%

to

8/14/31,

FRN

thereafter

,

8/15/36

.................................

United

States

781,000

668,783

ING

Groep

NV

,

Senior

Note

,

6.083%

to

9/10/26,

FRN

thereafter

,

9/11/27

.........................................

Netherlands

345,000

350,944

JPMorgan

Chase

&

Co.

,

g

KK,

Junior

Sub.

Bond,

3.65%

to

5/31/26,

FRN

thereafter,

Perpetual

.......................................

United

States

127,000

125,762

h

W,

Junior

Sub.

Bond,

FRN,

5.473%,

(3-month

SOFR

+

1.262%),

5/15/47

.................................

United

States

368,000

323,061

Senior

Bond,

3.782%

to

1/31/27,

FRN

thereafter,

2/01/28

...

United

States

140,000

139,408

Senior

Note,

6.07%

to

10/21/26,

FRN

thereafter,

10/22/27

...

United

States

360,000

367,223

Sub.

Bond,

3.625%,

12/01/27

........................

United

States

2,616,000

2,595,676

Sub.

Bond,

2.956%

to

5/12/30,

FRN

thereafter,

5/13/31

.....

United

States

1,000,000

938,103

Sub.

Bond,

5.717%

to

9/13/32,

FRN

thereafter,

9/14/33

.....

United

States

1,198,000

1,267,461

Lloyds

Banking

Group

plc

,

Sub.

Bond

,

4.65 %

,

3/24/26

........

United

Kingdom

445,000

445,376

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Bond,

3.85%,

3/01/26

.........................

Japan

575,000

574,349

Senior

Note,

5.159%

to

4/23/30,

FRN

thereafter,

4/24/31

....

Japan

650,000

670,033

Morgan

Stanley

Bank

NA

,

Senior

Note

,

5.016%

to

1/11/28,

FRN

thereafter

,

1/12/29

.................................

United

States

905,000

921,412

NatWest

Group

plc

,

Senior

Note

,

5.847%

to

3/01/26,

FRN

thereafter

,

3/02/27

.................................

United

Kingdom

395,000

397,412

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond,

5.373%

to

7/20/35,

FRN

thereafter,

7/21/36

...

United

States

55,000

56,620

Sub.

Bond,

4.626%

to

6/05/32,

FRN

thereafter,

6/06/33

.....

United

States

1,380,000

1,370,155

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

6.833%

to

11/20/25,

FRN

thereafter

,

11/21/26

.....................

United

Kingdom

1,300,000

1,303,895

Toronto-Dominion

Bank

(The)

,

Sub.

Bond

,

3.625%

to

9/14/26,

FRN

thereafter

,

9/15/31

.............................

Canada

965,000

957,318

h

Truist

Bank

,

Sub.

Bond

,

FRN

,

4.632 %

,

(5-year

CMT

T-Note

+

1.15 %),

9/17/29

...................................

United

States

540,000

544,406

Truist

Financial

Corp.

,

Senior

Note

,

5.435%

to

1/23/29,

FRN

thereafter

,

1/24/30

.................................

United

States

340,000

351,868

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

........................................

United

States

1,227,000

1,058,086

Wells

Fargo

&

Co.

,

Senior

Bond,

3.35%

to

3/01/32,

FRN

thereafter,

3/02/33

....

United

States

3,684,000

3,430,316

Senior

Note,

5.574%

to

7/24/28,

FRN

thereafter,

7/25/29

....

United

States

340,000

352,435

Westpac

Banking

Corp.

,

Senior

Bond,

2.7%,

8/19/26

..........................

Australia

78,000

77,193

Sub.

Bond,

2.963%,

11/16/40

........................

Australia

359,000

275,007

40,641,858

#### Biotechnology

#### 0.1%
AbbVie,

Inc.

,

Senior

Note

,

4.8 %

,

3/15/29

..................

United

States

510,000

521,663

Amgen,

Inc.

,

Senior

Bond,

4.663%,

6/15/51

........................

United

States

512,000

447,572

Senior

Bond,

5.65%,

3/02/53

.........................

United

States

36,000

35,933

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Biotechnology
(continued)

Amgen,

Inc.,

(continued)

Senior

Bond,

5.75%,

3/02/63

.........................

United

States

230,000

$

229,629

Senior

Note,

5.15%,

3/02/28

.........................

United

States

740,000

757,387

Senior

Note,

5.25%,

3/02/30

.........................

United

States

75,000

77,761

b

Grifols

SA

,

Senior

Note

,

Reg

S,

3.875 %

,

10/15/28

...........

Spain

620,000

EUR

714,924

2,784,869

#### Broadline

#### Retail

#### 0.1%
b

Kohl's

Corp.

,

Senior

Secured

Note

,

144A,

%

,

6/01/30

......

United

States

140,000

152,432

b

Match

Group

Holdings

II

LLC

,

Senior

Note

,

144A,

4.625 %

,

6/01/28

.........................................

United

States

424,000

416,893

b

Wayfair

LLC

,

Senior

Secured

Note,

144A,

7.25%,

10/31/29

............

United

States

245,000

253,218

Senior

Secured

Note,

144A,

7.75%,

9/15/30

.............

United

States

245,000

257,555

1,080,098

#### Building

#### Products

#### 0.2%
b

Builders

FirstSource,

Inc.

,

Senior

Bond,

144A,

6.375%,

3/01/34

...................

United

States

120,000

123,763

Senior

Bond,

144A,

6.75%,

5/15/35

....................

United

States

115,000

120,219

b

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75 %

,

8/01/28

...................................

United

States

225,000

217,900

b

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

Reg

S,

6.375 %

,

12/15/30

.......................

United

States

100,000

EUR

123,030

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

1/31/31

............

United

States

30,000

30,486

Senior

Secured

Note,

144A,

6.125%,

7/31/32

............

United

States

125,000

128,143

Johnson

Controls

International

plc

,

Senior

Bond,

4.95%,

7/02/64

.........................

United

States

515,000

449,962

Senior

Note,

3.9%,

2/14/26

..........................

United

States

284,000

283,429

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

..............

United

States

250,000

256,969

b

MIWD

Holdco

II

LLC

/

MIWD

Finance

Corp.

,

Senior

Note

,

144A,

5.5 %

,

2/01/30

....................................

United

States

265,000

258,803

b

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

....................

United

States

85,000

88,438

Senior

Secured

Note,

144A,

6.375%,

3/01/32

............

United

States

170,000

176,226

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

11/15/31

..................................

United

States

225,000

237,810

b

Standard

Building

Solutions,

Inc.

,

Senior

Note,

144A,

6.5%,

8/15/32

.....................

United

States

280,000

287,573

Senior

Note,

144A,

6.25%,

8/01/33

....................

United

States

270,000

273,862

b

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

4.375%,

7/15/30

...................

United

States

305,000

292,626

Senior

Bond,

144A,

3.375%,

1/15/31

...................

United

States

90,000

81,580

Senior

Note,

Reg

S,

2.25%,

11/21/26

..................

United

States

131,923

EUR

154,126

3,584,945

#### Capital

#### Markets

#### 0.8%
Ares

Capital

Corp.

,

Senior

Note,

3.875%,

1/15/26

........................

United

States

504,000

503,156

Senior

Note,

2.15%,

7/15/26

.........................

United

States

421,000

413,700

Senior

Note,

7%,

1/15/27

...........................

United

States

195,000

200,782

Senior

Note,

2.875%,

6/15/27

........................

United

States

449,000

438,477

b

Aretec

Group,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

8/15/30

..

United

States

85,000

92,714

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Capital

#### Markets
(continued)

b

Blackstone

Holdings

Finance

Co.

LLC

,

Senior

Bond

,

144A,

1.6 %

,

3/30/31

.........................................

United

States

270,000

$

234,075

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25 %

,

3/15/27

..

United

States

193,000

189,395

Deutsche

Bank

AG

,

Senior

Preferred

Note

,

1.686 %

,

3/19/26

...

Germany

1,491,000

1,474,038

b

Dresdner

Funding

Trust

I

,

Junior

Sub.

Bond

,

144A,

8.151 %

,

6/30/31

.........................................

United

States

125,000

138,169

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

4.223%

to

4/30/28,

FRN

thereafter,

5/01/29

...

United

States

2,554,000

2,557,547

Sub.

Bond,

5.95%,

1/15/27

..........................

United

States

220,000

225,520

Intercontinental

Exchange,

Inc.

,

Senior

Bond,

1.85%,

9/15/32

.........................

United

States

297,000

251,329

Senior

Note,

4%,

9/15/27

...........................

United

States

182,000

182,040

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note,

144A,

6.125%,

11/01/32

...........

United

States

595,000

603,514

Senior

Secured

Note,

144A,

6.75%,

5/01/33

.............

United

States

215,000

223,474

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

4.5 %

,

9/15/26

....

United

States

390,000

390,836

b

KKR

Group

Finance

Co.

III

LLC

,

Senior

Bond

,

144A,

5.125 %

,

6/01/44

.........................................

United

States

340,000

323,060

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

........................

United

States

377,000

402,533

Senior

Note,

5.2%,

3/15/30

..........................

United

States

401,000

410,021

Moody's

Corp.

,

Senior

Bond,

2%,

8/19/31

...........................

United

States

962,000

845,913

Senior

Bond,

5%,

8/05/34

...........................

United

States

295,000

301,288

Morgan

Stanley

,

Senior

Bond,

3.772%

to

1/23/28,

FRN

thereafter,

1/24/29

...

United

States

2,599,000

2,576,754

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

680,000

694,729

Senior

Note,

4.994%

to

4/11/28,

FRN

thereafter,

4/12/29

....

United

States

389,000

396,817

Sub.

Bond,

3.95%,

4/23/27

..........................

United

States

817,000

815,465

Sub.

Bond,

5.297%

to

4/19/32,

FRN

thereafter,

4/20/37

.....

United

States

150,000

152,221

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625 %

,

9/01/30

............

United

States

677,000

646,442

Nasdaq,

Inc.

,

Senior

Bond,

5.55%,

2/15/34

.........................

United

States

63,000

66,182

Senior

Note,

5.35%,

6/28/28

.........................

United

States

203,000

209,361

b

Neuberger

Berman

Group

LLC

/

Neuberger

Berman

Finance

Corp.

,

Senior

Bond

,

144A,

4.875 %

,

4/15/45

..............

United

States

305,000

267,831

S&P

Global,

Inc.

,

Senior

Bond,

2.5%,

12/01/29

.........................

United

States

91,000

85,432

Senior

Bond,

1.25%,

8/15/30

.........................

United

States

188,000

163,861

Senior

Note,

4.75%,

8/01/28

.........................

United

States

86,000

87,635

b

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875 %

,

7/15/32

United

States

185,000

190,571

b

UBS

Group

AG

,

Senior

Bond,

144A,

3.869%

to

1/11/28,

FRN

thereafter,

1/12/29

Switzerland

342,000

339,172

Senior

Note,

144A,

1.305%

to

2/01/26,

FRN

thereafter,

2/02/27

Switzerland

395,000

391,086

Senior

Note,

144A,

5.428%

to

2/07/29,

FRN

thereafter,

2/08/30

Switzerland

455,000

470,185

17,955,325

#### Chemicals

#### 0.2%
b

Avient

Corp.

,

Senior

Note,

144A,

7.125%,

8/01/30

...................

United

States

125,000

128,558

Senior

Note,

144A,

6.25%,

11/01/31

...................

United

States

100,000

101,627

Celanese

US

Holdings

LLC

,

Senior

Note,

1.4%,

8/05/26

..........................

United

States

300,000

290,870

Senior

Note,

6.665%,

7/15/27

........................

United

States

478,000

490,660

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Chemicals
(continued)

b

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375 %

,

10/03/31

........................................

Germany

225,000

$

238,781

CF

Industries,

Inc.

,

Senior

Bond,

4.95%,

6/01/43

.........................

United

States

435,000

400,542

b

Senior

Bond,

144A,

4.5%,

12/01/26

....................

United

States

396,000

396,797

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

230,000

243,057

Huntsman

International

LLC

,

Senior

Bond,

4.5%,

5/01/29

..........................

United

States

474,000

453,814

Senior

Bond,

2.95%,

6/15/31

.........................

United

States

252,000

212,716

b

Olympus

Water

US

Holding

Corp.

,

Senior

Secured

Note,

Reg

S,

3.875%,

10/01/28

...........

United

States

105,000

EUR

123,248

Senior

Secured

Note,

144A,

9.75%,

11/15/28

............

United

States

215,000

225,777

b

Qnity

Electronics,

Inc.

,

Senior

Note,

144A,

6.25%,

8/15/33

....................

United

States

95,000

97,132

Senior

Secured

Note,

144A,

5.75%,

8/15/32

.............

United

States

160,000

161,420

b

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

210,000

225,145

b

SCIH

Salt

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

5/01/29

...................

United

States

200,000

196,258

Senior

Secured

Note,

144A,

4.875%,

5/01/28

............

United

States

255,000

249,392

b

SCIL

IV

LLC

/

SCIL

USA

Holdings

LLC

,

Senior

Secured

Note

,

144A,

5.375 %

,

11/01/26

.............................

United

States

200,000

200,005

b

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

9/30/33

.........................................

United

States

415,000

416,631

b

Vibrantz

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

2/15/30

...

United

States

300,000

169,769

b

WR

Grace

Holdings

LLC

,

Senior

Note

,

144A,

5.625 %

,

8/15/29

.

United

States

150,000

139,543

5,161,742

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
b

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875 %

,

2/15/31

...................................

United

States

305,000

320,058

b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

%

,

2/01/28

......

United

States

314,000

312,893

b

Clean

Harbors,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

2/01/31

.....

United

States

130,000

133,237

b

GFL

Environmental,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

1/15/31

.........................................

United

States

70,000

73,337

b

Madison

IAQ

LLC

,

Senior

Secured

Note

,

144A,

4.125 %

,

6/30/28

United

States

120,000

117,225

b

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Secured

Note

,

144A,

6.25 %

,

1/15/28

...................

United

States

290,000

290,162

Republic

Services,

Inc.

,

Senior

Note

,

%

,

11/15/29

..........

United

States

1,360,000

1,404,865

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

.........................................

United

States

380,000

389,800

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5 %

,

11/30/30

........................................

United

States

100,000

107,448

Waste

Connections,

Inc.

,

Senior

Bond,

3.5%,

5/01/29

..........................

United

States

497,000

488,717

Senior

Bond,

3.2%,

6/01/32

..........................

United

States

92,000

85,240

Senior

Bond,

5%,

3/01/34

...........................

United

States

220,000

224,750

Waste

Management,

Inc.

,

Senior

Note

,

4.875 %

,

2/15/29

......

United

States

323,000

331,803

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/33

........

United

States

235,000

244,000

b

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625 %

,

4/01/32

...

Canada

100,000

104,360

4,627,895

#### Communications

#### Equipment

#### 0.1%
b

CommScope

LLC

,

Senior

Note

,

144A,

7.125 %

,

7/01/28

.......

United

States

150,000

150,679

Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

.........................

United

States

179,000

161,860

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Communications

#### Equipment
(continued)

Motorola

Solutions,

Inc.,

(continued)

Senior

Bond,

5.55%,

8/15/35

.........................

United

States

675,000

$

703,574

Senior

Note,

4.85%,

8/15/30

.........................

United

States

205,000

208,993

b

Viasat,

Inc.

,

Senior

Note

,

144A,

7.5 %

,

5/30/31

..............

United

States

225,000

211,421

1,436,527

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
b

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

8/15/32

...........

United

States

110,000

114,985

#### Consumer

#### Finance

#### 0.5%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond,

3.65%,

7/21/27

.........................

Ireland

900,000

892,168

Senior

Bond,

3.3%,

1/30/32

..........................

Ireland

1,245,000

1,147,210

Senior

Bond,

6.95%

to

12/09/29,

FRN

thereafter,

3/10/55

...

Ireland

150,000

157,086

Ally

Financial,

Inc.

,

Senior

Bond,

8%,

11/01/31

..........................

United

States

807,000

920,345

Senior

Note,

4.75%,

6/09/27

.........................

United

States

442,000

444,501

Senior

Note,

2.2%,

11/02/28

.........................

United

States

312,000

291,684

American

Express

Co.

,

Senior

Bond,

5.667%

to

4/24/35,

FRN

thereafter,

4/25/36

...

United

States

805,000

850,904

Senior

Note,

5.098%

to

2/15/27,

FRN

thereafter,

2/16/28

....

United

States

380,000

385,145

b

Avolon

Holdings

Funding

Ltd.

,

Senior

Note,

144A,

5.75%,

11/15/29

...................

Ireland

829,000

861,681

Senior

Note,

144A,

4.9%,

10/10/30

....................

Ireland

350,000

352,092

Capital

One

Financial

Corp.

,

Senior

Note,

4.493%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

220,000

218,293

Sub.

Bond,

2.359%

to

7/28/31,

FRN

thereafter,

7/29/32

.....

United

States

1,934,000

1,669,801

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note,

144A,

9.25%,

4/01/29

.............

United

States

200,000

211,282

Senior

Secured

Note,

144A,

8.5%,

5/15/30

..............

United

States

240,000

255,071

b

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

560,000

579,520

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

4.125 %

,

8/17/27

.....

United

States

220,000

216,446

General

Motors

Financial

Co.,

Inc.

,

Senior

Note

,

4.9 %

,

10/06/29

United

States

513,000

519,091

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

5.15 %

,

3/17/30

.........................................

United

Kingdom

138,000

139,985

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

.......................

United

States

135,000

133,582

Senior

Note,

7.5%,

5/15/31

..........................

United

States

230,000

240,636

Senior

Note,

7.125%,

11/15/31

.......................

United

States

230,000

238,684

Senior

Note,

6.5%,

3/15/33

..........................

United

States

180,000

180,509

10,905,716

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.1%
b

7-Eleven,

Inc.

,

Senior

Note

,

144A,

1.3 %

,

2/10/28

............

United

States

715,000

668,688

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond,

144A,

3.55%,

7/26/27

....................

Canada

458,000

453,809

Senior

Bond,

144A,

2.95%,

1/25/30

....................

Canada

328,000

309,943

b

US

Foods,

Inc.

,

Senior

Note,

144A,

7.25%,

1/15/32

....................

United

States

55,000

57,651

Senior

Note,

144A,

5.75%,

4/15/33

....................

United

States

185,000

186,431

1,676,522

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Containers

#### &

#### Packaging

#### 0.2%
b

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc

,

Senior

Note,

Reg

S,

3%,

9/01/29

......................

United

States

175,000

EUR

$

190,137

Senior

Note,

144A,

4%,

9/01/29

......................

United

States

200,000

185,264

Berry

Global,

Inc.

,

Senior

Secured

Note,

1.57%,

1/15/26

..................

United

States

809,000

802,108

Senior

Secured

Note,

1.65%,

1/15/27

..................

United

States

273,000

264,555

Senior

Secured

Note,

5.5%,

4/15/28

...................

United

States

23,000

23,658

b

Senior

Secured

Note,

144A,

4.875%,

7/15/26

............

United

States

21,000

21,003

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

...............................

United

States

290,000

297,713

b

Graham

Packaging

Co.,

Inc.

,

Senior

Note

,

144A,

7.125 %

,

8/15/28

United

States

250,000

250,876

b

Graphic

Packaging

International

LLC

,

Senior

Note,

Reg

S,

2.625%,

2/01/29

..................

United

States

150,000

EUR

171,100

Senior

Note,

144A,

3.5%,

3/01/29

.....................

United

States

155,000

147,071

b

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/27

...................

United

States

185,000

185,580

Senior

Secured

Note,

144A,

7.875%,

4/15/27

............

United

States

275,000

278,039

b

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5 %

,

5/15/30

...........

Canada

465,000

455,946

WestRock

MWV

LLC

,

Senior

Bond,

8.2%,

1/15/30

..........................

United

States

690,000

791,480

Senior

Bond,

7.95%,

2/15/31

.........................

United

States

154,000

178,117

4,242,647

#### Distributors

#### 0.0%

#### †
b

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

Senior

Note,

144A,

3.875%,

11/15/29

..................

United

States

225,000

213,683

Senior

Secured

Note,

144A,

4%,

1/15/28

................

United

States

155,000

152,026

b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75 %

,

3/15/31

..

Canada

155,000

162,309

528,018

#### Diversified

#### Consumer

#### Services

#### 0.0%

#### †
Service

Corp.

International

,

Senior

Bond

,

3.375 %

,

8/15/30

....

United

States

100,000

92,751

#### Diversified

#### REITs

#### 0.1%
GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond

,

3.25 %

,

1/15/32

.........................................

United

States

336,000

302,565

VICI

Properties

LP

,

Senior

Note,

4.75%,

2/15/28

.........................

United

States

658,000

663,666

Senior

Note,

5.125%,

11/15/31

.......................

United

States

615,000

624,348

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

2/15/27

...................................

United

States

263,000

260,208

1,850,787

#### Diversified

#### Telecommunication

#### Services

#### 0.5%
b

Altice

France

SA

,

Senior

Secured

Note,

144A,

5.5%,

1/15/28

..............

France

200,000

177,000

Senior

Secured

Note,

144A,

5.125%,

7/15/29

............

France

200,000

171,810

AT&T,

Inc.

,

Senior

Bond,

2.55%,

12/01/33

........................

United

States

804,000

684,943

Senior

Bond,

4.75%,

5/15/46

.........................

United

States

1,045,000

933,802

Senior

Bond,

3.55%,

9/15/55

.........................

United

States

2,055,000

1,417,253

Senior

Note,

4.1%,

2/15/28

..........................

United

States

165,000

164,900

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.375%,

6/01/29

...................

United

States

180,000

178,936

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

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

1,255,000

$

1,205,235

Senior

Bond,

144A,

4.25%,

2/01/31

....................

United

States

160,000

147,497

Senior

Bond,

144A,

4.75%,

2/01/32

....................

United

States

240,000

222,148

Deutsche

Telekom

International

Finance

BV

,

Senior

Bond

,

8.75 %

,

6/15/30

.........................................

Germany

435,000

512,873

b

Frontier

Communications

Holdings

LLC

,

Senior

Secured

Note,

144A,

5.875%,

10/15/27

...........

United

States

165,000

165,022

Senior

Secured

Note,

144A,

8.75%,

5/15/30

.............

United

States

170,000

177,728

b

Maya

SAS

,

Senior

Secured

Note

,

144A,

%

,

4/15/32

.........

France

200,000

204,211

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/28

.........

United

States

455,000

489,509

Telefonica

Emisiones

SA

,

Senior

Bond

,

4.895 %

,

3/06/48

......

Spain

1,130,000

970,684

Verizon

Communications,

Inc.

,

Senior

Bond,

4.4%,

11/01/34

.........................

United

States

755,000

728,579

Senior

Bond,

3.7%,

3/22/61

..........................

United

States

957,000

674,692

b

Senior

Bond,

144A,

5.401%,

7/02/37

...................

United

States

2,010,000

2,042,964

Senior

Note,

2.1%,

3/22/28

..........................

United

States

360,000

343,432

b

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5 %

,

8/15/30

....................................

United

Kingdom

200,000

188,744

11,801,962

#### Electric

#### Utilities

#### 0.6%
American

Electric

Power

Co.,

Inc.

,

J

,

Senior

Bond

,

4.3 %

,

12/01/28

........................................

United

States

1,094,000

1,099,270

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65 %

,

1/15/32

...................................

United

States

181,000

162,482

b

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375 %

,

2/15/32

....................

United

Kingdom

265,000

271,798

Commonwealth

Edison

Co.

,

Senior

Bond

,

5.9 %

,

3/15/36

......

United

States

133,000

142,986

Duke

Energy

Corp.

,

Senior

Bond,

3.15%,

8/15/27

.........................

United

States

416,000

409,506

Senior

Bond,

4.2%,

6/15/49

..........................

United

States

781,000

629,484

Duke

Energy

Indiana

LLC

,

Senior

Bond

,

6.45 %

,

4/01/39

......

United

States

210,000

235,427

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

3.65 %

,

2/01/29

........

United

States

427,000

422,203

b

Enel

Finance

International

NV

,

Senior

Note

,

144A,

4.375 %

,

9/30/30

.........................................

Italy

540,000

536,508

Evergy

Kansas

Central,

Inc.

,

Senior

Bond

,

5.7 %

,

3/15/53

.....

United

States

169,000

171,433

b

Evergy

Missouri

West,

Inc.

,

Senior

Note

,

144A,

5.15 %

,

12/15/27

United

States

680,000

692,718

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

............

United

States

75,000

77,056

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25 %

,

5/01/30

United

States

265,000

259,689

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

5.45 %

,

3/15/35

.........................................

United

States

1,645,000

1,702,340

b

NRG

Energy,

Inc.

,

g

Junior

Sub.

Bond,

144A,

10.25%

to

3/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

215,000

235,032

Senior

Bond,

144A,

6.25%,

11/01/34

...................

United

States

255,000

261,558

e

Senior

Bond,

144A,

6%,

1/15/36

......................

United

States

470,000

470,361

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond,

5.3%,

6/01/42

...................

United

States

175,000

173,361

Senior

Secured

Bond,

3.75%,

4/01/45

..................

United

States

760,000

602,485

Pacific

Gas

and

Electric

Co.

,

Senior

Note,

2.1%,

8/01/27

..........................

United

States

99,000

95,188

Senior

Note,

6.1%,

1/15/29

..........................

United

States

1,000,000

1,046,453

Senior

Note,

5.55%,

5/15/29

.........................

United

States

670,000

689,932

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

PG&E

Corp.

,

Junior

Sub.

Bond,

7.375%

to

3/14/30,

FRN

thereafter,

3/15/55

United

States

150,000

$

154,370

Senior

Secured

Bond,

5.25%,

7/01/30

..................

United

States

300,000

296,031

Public

Service

Electric

and

Gas

Co.

,

Senior

Bond

,

5.5 %

,

3/01/40

United

States

160,000

165,307

Southern

Co.

(The)

,

Senior

Note

,

5.5 %

,

3/15/29

............

United

States

425,000

442,102

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5%,

7/31/27

......................

United

States

155,000

154,603

Senior

Note,

144A,

7.75%,

10/15/31

...................

United

States

225,000

238,257

Senior

Note,

144A,

6.875%,

4/15/32

...................

United

States

150,000

156,991

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

..............

United

States

387,000

384,181

Senior

Secured

Bond,

144A,

6%,

4/15/34

...............

United

States

415,000

437,863

Wisconsin

Electric

Power

Co.

,

Senior

Bond

,

4.6 %

,

10/01/34

...

United

States

340,000

338,833

13,155,808

#### Electrical

#### Equipment

#### 0.0%

#### †
b

Energizer

Gamma

Acquisition

BV

,

Senior

Note

,

Reg

S,

3.5 %

,

6/30/29

.........................................

United

States

185,000

EUR

214,390

b

Sensata

Technologies

BV

,

Senior

Note

,

144A,

5.875 %

,

9/01/30

.

United

States

225,000

227,162

441,552

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.0%

#### †
CDW

LLC

/

CDW

Finance

Corp.

,

Senior

Note

,

3.25 %

,

2/15/29

..

United

States

260,000

249,074

b

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

......

United

States

355,000

341,734

590,808

#### Energy

#### Equipment

#### &

#### Services

#### 0.1%
b

Kodiak

Gas

Services

LLC

,

Senior

Bond,

144A,

6.75%,

10/01/35

...................

United

States

100,000

102,738

Senior

Note,

144A,

7.25%,

2/15/29

....................

United

States

230,000

238,829

Senior

Note,

144A,

6.5%,

10/01/33

....................

United

States

175,000

178,290

b

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

8/15/31

...

United

States

375,000

349,526

b

Transocean

Aquila

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

9/30/28

United

States

48,923

50,360

Transocean

International

Ltd.

,

Senior

Bond,

6.8%,

3/15/38

..........................

United

States

320,000

271,256

b

Senior

Secured

Note,

144A,

8.75%,

2/15/30

.............

United

States

75,000

78,970

b

Transocean

Poseidon

Ltd.

,

Senior

Secured

Note

,

144A,

6.875 %

,

2/01/27

.........................................

United

States

96,750

96,944

b

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375 %

,

2/01/28

...................................

United

States

109,286

112,270

b

Weatherford

International

Ltd.

,

Senior

Note,

144A,

8.625%,

4/30/30

...................

United

States

345,000

352,920

e

Senior

Note,

144A,

6.75%,

10/15/33

...................

United

States

255,000

255,337

2,087,440

#### Entertainment

#### 0.2%
b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

.........................................

France

590,000

613,275

b

Cinemark

USA,

Inc.

,

Senior

Note

,

144A,

5.25 %

,

7/15/28

......

United

States

185,000

184,140

b

Live

Nation

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

5/15/27

....................................

United

States

120,000

121,211

Netflix,

Inc.

,

Senior

Bond,

5.875%,

11/15/28

.......................

United

States

135,000

142,380

b

Senior

Bond,

Reg

S,

3.875%,

11/15/29

.................

United

States

725,000

EUR

887,882

b

Senior

Bond,

144A,

5.375%,

11/15/29

..................

United

States

878,000

919,009

b

Pinewood

Finco

plc

,

Senior

Secured

Note

,

144A,

%

,

3/27/30

..

United

Kingdom

135,000

GBP

183,040

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Entertainment
(continued)

Walt

Disney

Co.

(The)

,

Senior

Bond

,

7.75 %

,

12/01/45

........

United

States

382,000

$

499,340

Warnermedia

Holdings,

Inc.

,

Senior

Bond

,

5.05 %

,

3/15/42

.....

United

States

310,000

247,673

3,797,950

#### Financial

#### Services

#### 0.2%
b

Boost

Newco

Borrower

LLC

,

Senior

Secured

Note

,

144A,

7.5 %

,

1/15/31

.........................................

United

States

230,000

244,177

Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85 %

,

4/05/29

.......

United

States

402,000

396,051

b

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note

,

144A,

6.5 %

,

10/01/30

...................................

United

States

285,000

286,405

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25 %

,

10/01/30

United

States

210,000

234,441

b

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375 %

,

4/01/32

.........................................

United

States

385,000

403,857

b

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

%

,

2/15/27

........

Ireland

85,000

87,070

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note,

144A,

9.5%,

2/15/29

.....................

United

States

305,000

322,333

Senior

Note,

144A,

8.25%,

5/15/30

....................

United

States

280,000

293,075

b

Nationstar

Mortgage

Holdings,

Inc.

,

Senior

Bond,

144A,

5.75%,

11/15/31

...................

United

States

320,000

324,409

Senior

Note,

144A,

7.125%,

2/01/32

...................

United

States

240,000

251,212

b

Osaic

Holdings,

Inc.

,

Senior

Note,

144A,

8%,

8/01/33

......................

United

States

235,000

243,753

Senior

Secured

Note,

144A,

6.75%,

8/01/32

.............

United

States

150,000

155,049

b

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95 %

,

1/03/31

.....

Malaysia

450,000

464,742

b

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875 %

,

11/01/29

..................................

United

States

530,000

537,680

b

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

1/31/30

........

United

States

490,000

506,262

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/33

.......

United

States

300,000

310,009

b

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

5.5 %

,

5/15/33

...........................

United

States

100,000

EUR

122,483

5,183,008

#### Food

#### Products

#### 0.2%
Bunge

Ltd.

Finance

Corp.

,

Senior

Note

,

3.2 %

,

4/21/31

.......

United

States

94,000

88,080

b,f

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75 %

,

10/01/29

United

States

93,776

96,272

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625 %

,

7/01/29

...................................

United

States

240,000

250,559

b

Froneri

Lux

FinCo

SARL

,

Senior

Secured

Note

,

144A,

%

,

8/01/32

.........................................

United

Kingdom

200,000

200,482

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

%

,

2/02/29

......................

United

States

183,000

175,531

b

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

,

Senior

Bond

,

144A,

5.5 %

,

1/15/36

.

United

States

1,015,000

1,037,163

b

JDE

Peet's

NV

,

Senior

Note

,

144A,

1.375 %

,

1/15/27

.........

Netherlands

150,000

144,386

Kellanova

,

Senior

Bond,

4.5%,

4/01/46

..........................

United

States

24,000

21,051

B,

Senior

Bond,

7.45%,

4/01/31

.......................

United

States

99,000

113,481

Kraft

Heinz

Foods

Co.

,

Senior

Bond,

6.875%,

1/26/39

........................

United

States

125,000

139,544

Senior

Bond,

4.625%,

10/01/39

.......................

United

States

125,000

114,444

b

Mars,

Inc.

,

Senior

Bond,

144A,

5.65%,

5/01/45

....................

United

States

95,000

96,435

Senior

Bond,

144A,

5.7%,

5/01/55

.....................

United

States

80,000

81,093

Senior

Bond,

144A,

5.8%,

5/01/65

.....................

United

States

50,000

51,033

Senior

Note,

144A,

4.6%,

3/01/28

.....................

United

States

645,000

653,026

Senior

Note,

144A,

4.65%,

4/20/31

....................

United

States

52,000

52,805

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Food

#### Products
(continued)

b

Mars,

Inc.,

(continued)

Senior

Note,

144A,

5%,

3/01/32

......................

United

States

830,000

$

849,499

Senior

Note,

144A,

5.2%,

3/01/35

.....................

United

States

105,000

107,379

4,272,263

#### Gas

#### Utilities

#### 0.0%

#### †
Southern

California

Gas

Co.

,

Senior

Bond

,

5.05 %

,

9/01/34

....

United

States

250,000

254,500

#### Ground

#### Transportation

#### 0.2%
b

Ashtead

Capital,

Inc.

,

Senior

Bond,

144A,

4.375%,

8/15/27

...................

United

Kingdom

1,000,000

1,000,319

Senior

Bond,

144A,

2.45%,

8/12/31

....................

United

Kingdom

280,000

248,487

Senior

Note,

144A,

4.25%,

11/01/29

...................

United

Kingdom

255,000

251,600

b

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/01/30

.........................................

United

States

170,000

176,869

CSX

Corp.

,

Senior

Bond

,

4.1 %

,

3/15/44

..................

United

States

446,000

378,633

b

ERAC

USA

Finance

LLC

,

Senior

Bond

,

144A,

3.3 %

,

12/01/26

..

United

States

143,000

141,631

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Bond,

144A,

3.4%,

11/15/26

....................

United

States

216,000

213,823

Senior

Note,

144A,

4.4%,

7/01/27

.....................

United

States

255,000

255,724

Ryder

System,

Inc.

,

Senior

Note

,

4.95 %

,

9/01/29

............

United

States

595,000

609,537

b

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Bond,

144A,

5.7%,

7/25/33

.....................

Ireland

200,000

209,305

Senior

Note,

144A,

5.3%,

4/03/29

.....................

Ireland

917,000

942,061

b

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

8/01/32

...................................

United

States

375,000

388,468

4,816,457

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.1%
b

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375 %

,

10/01/28

........................................

United

States

135,000

140,864

b,h

Bausch

+

Lomb

Netherlands

BV

and

Bausch

&

Lomb,

Inc.

,

Senior

Secured

Note

,

144A,

FRN

,

5.872 %

,

(3-month

EURIBOR

+

3.875 %),

1/15/31

..................................

United

States

100,000

EUR

119,201

Becton

Dickinson

&

Co.

,

Senior

Bond

,

2.823 %

,

5/20/30

.......

United

States

731,000

685,269

DH

Europe

Finance

II

SARL

,

Senior

Bond

,

3.4 %

,

11/15/49

....

United

States

333,000

245,793

GE

HealthCare

Technologies,

Inc.

,

Senior

Note,

5.65%,

11/15/27

........................

United

States

230,000

237,091

Senior

Note,

4.8%,

8/14/29

..........................

United

States

480,000

489,772

b

Insulet

Corp.

,

Senior

Note

,

144A,

6.5 %

,

4/01/33

............

United

States

45,000

46,824

b

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

...................

United

States

145,000

143,853

Senior

Secured

Note,

144A,

3.875%,

4/01/29

............

United

States

255,000

246,121

2,354,788

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.3%
b

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note,

144A,

5.25%,

5/15/30

.............

United

States

340,000

307,887

Senior

Secured

Note,

144A,

10.875%,

1/15/32

...........

United

States

200,000

212,069

Senior

Secured

Note,

144A,

9.75%,

1/15/34

.............

United

States

235,000

241,051

b

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

7/15/32

.........................................

United

States

215,000

223,521

CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

380,000

399,548

Senior

Bond,

4.78%,

3/25/38

.........................

United

States

253,000

237,230

Senior

Note,

5%,

9/15/32

...........................

United

States

687,000

695,679

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

b

DaVita,

Inc.

,

Senior

Note,

144A,

6.875%,

9/01/32

...................

United

States

580,000

$

599,619

Senior

Note,

144A,

6.75%,

7/15/33

....................

United

States

45,000

46,442

HCA,

Inc.

,

Senior

Bond,

4.5%,

2/15/27

..........................

United

States

116,000

116,243

Senior

Bond,

4.125%,

6/15/29

........................

United

States

242,000

239,969

Senior

Note,

5.45%,

4/01/31

.........................

United

States

700,000

727,803

Senior

Note,

3.625%,

3/15/32

........................

United

States

815,000

764,810

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.809 %

,

5/08/27

.........................................

United

States

310,000

316,449

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

450,000

444,685

Tenet

Healthcare

Corp.

,

Senior

Secured

Note,

4.25%,

6/01/29

..................

United

States

190,000

185,716

Senior

Secured

Note,

6.125%,

6/15/30

.................

United

States

300,000

304,202

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

3.95 %

,

10/15/42

......

United

States

512,000

430,390

6,493,313

#### Health

#### Care

#### REITs

#### 0.0%

#### †
b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/32

....................

United

States

500,000

531,664

#### Health

#### Care

#### Technology

#### 0.0%

#### †
b

AthenaHealth

Group,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/30

...

United

States

355,000

352,399

b

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

6/01/32

.............

United

States

630,000

648,516

1,000,915

#### Hotel

#### &

#### Resort

#### REITs

#### 0.0%

#### †
b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note,

144A,

7.25%,

7/15/28

....................

United

States

70,000

72,266

Senior

Note,

144A,

6.5%,

4/01/32

.....................

United

States

265,000

272,641

Senior

Note,

144A,

6.5%,

6/15/33

.....................

United

States

140,000

144,279

b

XHR

LP

,

Senior

Note

,

144A,

6.625 %

,

5/15/30

..............

United

States

80,000

82,298

571,484

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.4%
b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

%

,

10/15/30

.....................................

Canada

250,000

235,867

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

6/15/31

......

United

States

410,000

395,583

b

Caesars

Entertainment,

Inc.

,

Senior

Note,

144A,

4.625%,

10/15/29

..................

United

States

370,000

354,038

Senior

Note,

144A,

6%,

10/15/32

.....................

United

States

120,000

118,270

Senior

Secured

Note,

144A,

7%,

2/15/30

................

United

States

115,000

118,363

b

Carnival

Corp.

,

Senior

Note,

144A,

5.125%,

5/01/29

...................

United

States

590,000

590,000

Senior

Note,

144A,

5.75%,

3/15/30

....................

United

States

295,000

301,388

Senior

Note,

144A,

5.875%,

6/15/31

...................

United

States

275,000

281,980

Senior

Note,

144A,

5.75%,

8/01/32

....................

United

States

255,000

259,827

Senior

Note,

144A,

6.125%,

2/15/33

...................

United

States

130,000

133,337

Senior

Secured

Note,

144A,

4%,

8/01/28

................

United

States

547,000

539,534

b

Churchill

Downs,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

4/01/30

.....

United

States

235,000

234,949

b

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/30

.................

United

States

350,000

328,688

b

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

.........................

Canada

245,000

242,449

b

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

9/15/33

.........................................

United

States

485,000

491,826

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

Hyatt

Hotels

Corp.

,

Senior

Bond,

4.85%,

3/15/26

.........................

United

States

641,000

$

641,527

Senior

Note,

5.75%,

1/30/27

.........................

United

States

272,000

277,210

b

Light

&

Wonder

International,

Inc.

,

Senior

Note,

144A,

7.25%,

11/15/29

...................

United

States

375,000

385,142

Senior

Note,

144A,

7.5%,

9/01/31

.....................

United

States

45,000

46,833

Marriott

International,

Inc.

,

GG

,

Senior

Bond

,

3.5 %

,

10/15/32

...

United

States

795,000

737,089

b

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.25 %

,

4/15/30

..

United

States

325,000

337,930

b

NCL

Corp.

Ltd.

,

Senior

Note,

144A,

7.75%,

2/15/29

....................

United

States

140,000

149,146

Senior

Note,

144A,

6.75%,

2/01/32

....................

United

States

95,000

97,760

Senior

Note,

144A,

6.25%,

9/15/33

....................

United

States

115,000

115,667

b

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

1/15/27

.

United

States

245,000

245,015

b,e

Rivers

Enterprise

Lender

LLC

/

Rivers

Enterprise

Lender

Corp.

,

Senior

Secured

Note

,

144A,

6.25 %

,

10/15/30

.............

United

States

185,000

186,765

Royal

Caribbean

Cruises

Ltd.

,

e

Senior

Bond,

5.375%,

1/15/36

........................

United

States

140,000

140,871

b

Senior

Note,

144A,

5.625%,

9/30/31

...................

United

States

175,000

178,569

b

Senior

Note,

144A,

6.25%,

3/15/32

....................

United

States

50,000

51,635

b

Senior

Note,

144A,

6%,

2/01/33

......................

United

States

400,000

410,352

b

Scientific

Games

Holdings

LP

/

Scientific

Games

US

FinCo,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

3/01/30

....................

United

States

235,000

218,649

b

Station

Casinos

LLC

,

Senior

Note

,

144A,

6.625 %

,

3/15/32

.....

United

States

175,000

179,893

b

Viking

Cruises

Ltd.

,

Senior

Note,

144A,

7%,

2/15/29

......................

United

States

100,000

100,571

Senior

Note,

144A,

9.125%,

7/15/31

...................

United

States

250,000

268,514

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125 %

,

2/15/31

.........................

United

States

425,000

457,798

9,853,035

#### Household

#### Durables

#### 0.1%
b

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note

,

144A,

6.875 %

,

8/01/33

.........................

United

States

245,000

247,323

DR

Horton,

Inc.

,

Senior

Bond,

5%,

10/15/34

..........................

United

States

145,000

146,722

Senior

Bond,

5.5%,

10/15/35

.........................

United

States

150,000

155,622

Senior

Note,

1.3%,

10/15/26

.........................

United

States

1,056,000

1,026,962

b

K. Hovnanian

Enterprises,

Inc.

,

Senior

Note,

144A,

8%,

4/01/31

......................

United

States

100,000

102,607

Senior

Note,

144A,

8.375%,

10/01/33

..................

United

States

150,000

153,881

b

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75 %

,

12/15/28

........

United

States

295,000

309,881

Newell

Brands,

Inc.

,

Senior

Note,

6.375%,

5/15/30

........................

United

States

100,000

99,330

Senior

Note,

6.625%,

5/15/32

........................

United

States

135,000

133,570

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond,

144A,

5.125%,

8/01/30

...................

United

States

175,000

174,597

Senior

Note,

144A,

5.875%,

6/15/27

...................

United

States

90,000

91,168

Senior

Note,

144A,

5.75%,

1/15/28

....................

United

States

115,000

116,703

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35 %

,

2/15/28

.....

United

States

221,000

221,707

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875 %

,

9/15/28

..............................

United

States

200,000

196,007

3,176,080

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Household

#### Products

#### 0.0%

#### †
b

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375 %

,

3/31/29

..

United

States

100,000

$

96,037

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.1%
b

AES

Andes

SA

,

Senior

Note

,

144A,

6.25 %

,

3/14/32

..........

Chile

210,000

220,117

AES

Corp.

(The)

,

Senior

Note,

1.375%,

1/15/26

........................

United

States

320,000

317,079

Senior

Note,

5.45%,

6/01/28

.........................

United

States

230,000

235,625

b

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467 %

,

7/31/28

.........................................

United

States

180,000

192,541

b

Calpine

Corp.

,

Senior

Bond

,

144A,

%

,

2/01/31

.............

United

States

155,000

154,644

Constellation

Energy

Generation

LLC

,

Senior

Note

,

5.6 %

,

3/01/28

United

States

340,000

351,498

Southern

Power

Co.

,

B,

Senior

Bond,

4.9%,

10/01/35

.......................

United

States

45,000

44,404

A,

Senior

Note,

4.25%,

10/01/30

......................

United

States

180,000

179,004

b,g

Vistra

Corp.

,

Junior

Sub.

Bond,

144A,

8%

to

10/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

95,000

97,243

Junior

Sub.

Bond,

144A,

7%

to

12/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

190,000

193,040

1,985,195

#### Industrial

#### REITs

#### 0.0%

#### †
Prologis

LP

,

Senior

Bond,

2.25%,

4/15/30

.........................

United

States

236,000

217,569

Senior

Note,

2.125%,

4/15/27

........................

United

States

106,000

103,115

320,684

#### Insurance

#### 0.4%
b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note,

144A,

8.5%,

6/15/29

.....................

United

States

275,000

288,935

Senior

Secured

Note,

144A,

7.5%,

11/06/30

.............

United

States

275,000

286,696

b

AEGON

Funding

Co.

LLC

,

Senior

Note

,

144A,

5.5 %

,

4/16/27

..

Netherlands

410,000

417,421

b

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

5.875%,

11/01/29

..................

United

States

340,000

339,599

Senior

Note,

144A,

7.375%,

10/01/32

..................

United

States

85,000

87,693

Senior

Secured

Note,

144A,

7%,

1/15/31

................

United

States

360,000

372,246

b

Athene

Global

Funding

,

Secured

Note,

144A,

5.349%,

7/09/27

..................

United

States

540,000

550,288

Secured

Note,

144A,

1.985%,

8/19/28

..................

United

States

905,000

850,163

Secured

Note,

144A,

5.526%,

7/11/31

..................

United

States

360,000

371,346

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond,

4.3%,

5/15/43

..........................

United

States

176,000

158,905

Senior

Bond,

2.85%,

10/15/50

........................

United

States

812,000

533,299

Brown

&

Brown,

Inc.

,

Senior

Note,

4.7%,

6/23/28

..........................

United

States

170,000

171,715

Senior

Note,

4.9%,

6/23/30

..........................

United

States

400,000

405,693

CNO

Financial

Group,

Inc.

,

Senior

Note

,

5.25 %

,

5/30/29

......

United

States

210,000

213,738

b

CNO

Global

Funding

,

Secured

Note,

144A,

4.875%,

12/10/27

.................

United

States

240,000

243,200

Secured

Note,

144A,

2.65%,

1/06/29

...................

United

States

304,000

287,787

Secured

Note,

144A,

4.95%,

9/09/29

...................

United

States

378,000

385,814

b

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.2 %

,

6/24/29

United

States

315,000

323,651

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85 %

,

4/17/28

...

Canada

719,000

728,741

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

3/15/30

...........................

Canada

110,000

115,657

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Insurance
(continued)

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.375 %

,

3/15/29

..

United

States

393,000

$

396,706

b

MetLife

Capital

Trust

IV

,

Junior

Sub.

Bond

,

144A,

7.875 %

,

12/15/37

........................................

United

States

300,000

336,039

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467 %

,

12/08/28

........................................

United

States

435,000

451,615

8,316,947

#### Interactive

#### Media

#### &

#### Services

#### 0.0%

#### †
Meta

Platforms,

Inc.

,

Senior

Bond

,

5.4 %

,

8/15/54

...........

United

States

431,000

426,159

#### IT

#### Services

#### 0.0%

#### †
b

Ahead

DB

Holdings

LLC

,

Senior

Note

,

144A,

6.625 %

,

5/01/28

..

United

States

40,000

40,056

b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

7/01/32

...............

United

States

535,000

520,414

b

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

6/01/31

.........................................

United

States

200,000

209,658

b

Gartner,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

10/01/30

...........

United

States

155,000

146,422

916,550

#### Leisure

#### Products

#### 0.0%

#### †
b

Mattel,

Inc.

,

Senior

Note

,

144A,

3.375 %

,

4/01/26

............

United

States

100,000

99,299

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.0%

#### †
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

................

United

States

186,000

186,916

#### Machinery

#### 0.1%
Caterpillar,

Inc.

,

Senior

Bond

,

5.2 %

,

5/15/35

...............

United

States

555,000

574,427

b

Chart

Industries,

Inc.

,

Senior

Note

,

144A,

9.5 %

,

1/01/31

......

United

States

85,000

91,142

b

Daimler

Truck

Finance

North

America

LLC

,

Senior

Note

,

144A,

5.125 %

,

9/25/27

...................................

Germany

480,000

487,971

Oshkosh

Corp.

,

Senior

Bond

,

4.6 %

,

5/15/28

...............

United

States

263,000

265,285

Otis

Worldwide

Corp.

,

Senior

Note

,

2.565 %

,

2/15/30

.........

United

States

298,000

277,561

b

Terex

Corp.

,

Senior

Note,

144A,

5%,

5/15/29

......................

United

States

150,000

147,853

Senior

Note,

144A,

6.25%,

10/15/32

...................

United

States

185,000

188,610

2,032,849

#### Media

#### 0.5%
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond,

5.85%,

12/01/35

.................

United

States

75,000

75,745

Senior

Secured

Bond,

4.8%,

3/01/50

...................

United

States

730,000

578,557

Senior

Secured

Bond,

3.7%,

4/01/51

...................

United

States

327,000

215,879

Senior

Secured

Note,

2.25%,

1/15/29

..................

United

States

731,000

679,980

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

....................

United

States

105,000

104,902

Senior

Secured

Note,

144A,

7.875%,

4/01/30

............

United

States

140,000

147,105

Senior

Secured

Note,

144A,

7.5%,

3/15/33

..............

United

States

400,000

418,514

Comcast

Corp.

,

Senior

Bond,

3.999%,

11/01/49

.......................

United

States

307,000

236,956

Senior

Bond,

3.45%,

2/01/50

.........................

United

States

557,000

389,713

Senior

Bond,

2.987%,

11/01/63

.......................

United

States

189,000

108,016

b

CSC

Holdings

LLC

,

Senior

Note

,

144A,

11.75 %

,

1/31/29

......

United

States

245,000

206,184

b

Directv

Financing

LLC

,

Senior

Secured

Note,

144A,

8.875%,

2/01/30

............

United

States

210,000

207,684

Senior

Secured

Note,

144A,

8.875%,

2/01/30

............

United

States

95,000

94,297

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Media
(continued)

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

8/15/27

............

United

States

41,000

$

40,985

Senior

Secured

Note,

144A,

10%,

2/15/31

...............

United

States

200,000

199,856

Discovery

Communications

LLC

,

Senior

Note

,

4.125 %

,

5/15/29

.

United

States

260,000

250,491

EchoStar

Corp.

,

Senior

Secured

Note

,

10.75 %

,

11/30/29

......

United

States

340,000

374,323

b

EW

Scripps

Co.

(The)

,

Senior

Secured

Note

,

144A,

9.875 %

,

8/15/30

.........................................

United

States

500,000

469,782

b

Gray

Media,

Inc.

,

Secured

Note,

144A,

9.625%,

7/15/32

..................

United

States

340,000

347,654

Senior

Bond,

144A,

5.375%,

11/15/31

..................

United

States

290,000

218,046

Senior

Secured

Note,

144A,

7.25%,

8/15/33

.............

United

States

100,000

99,158

Interpublic

Group

of

Cos.,

Inc.

(The)

,

Senior

Bond

,

4.65 %

,

10/01/28

........................................

United

States

1,275,000

1,285,544

b

McGraw-Hill

Education,

Inc.

,

Senior

Note,

144A,

8%,

8/01/29

......................

United

States

360,000

366,941

Senior

Secured

Note,

144A,

5.75%,

8/01/28

.............

United

States

125,000

125,033

Senior

Secured

Note,

144A,

7.375%,

9/01/31

............

United

States

300,000

311,944

b

News

Corp.

,

Senior

Bond

,

144A,

5.125 %

,

2/15/32

...........

United

States

119,000

118,372

b

Nexstar

Media,

Inc.

,

Senior

Note

,

144A,

4.75 %

,

11/01/28

......

United

States

150,000

146,531

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond,

144A,

4.625%,

3/15/30

...................

United

States

155,000

149,102

Senior

Note,

144A,

5%,

8/15/27

......................

United

States

45,000

44,810

Senior

Secured

Note,

144A,

7.375%,

2/15/31

............

United

States

135,000

142,519

Paramount

Global

,

Senior

Bond,

2.9%,

1/15/27

..........................

United

States

169,000

165,592

Senior

Bond,

4.2%,

6/01/29

..........................

United

States

175,000

172,083

Senior

Note,

3.7%,

6/01/28

..........................

United

States

123,000

120,369

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

...................................

United

States

580,000

595,704

b

Sirius

XM

Radio

LLC

,

Senior

Bond,

144A,

3.875%,

9/01/31

...................

United

States

275,000

249,399

Senior

Note,

144A,

4%,

7/15/28

......................

United

States

100,000

96,710

TCI

Communications,

Inc.

,

Senior

Bond

,

7.125 %

,

2/15/28

.....

United

States

328,000

349,775

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375 %

,

7/15/33

...................................

United

States

249,000

292,224

b

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375 %

,

8/01/32

...................................

United

States

235,000

250,629

b

VZ

Secured

Financing

BV

,

Senior

Secured

Note

,

144A,

%

,

1/15/32

.........................................

Netherlands

510,000

461,761

b

Ziggo

Bond

Co.

BV

,

Senior

Bond

,

144A,

5.125 %

,

2/28/30

.....

Netherlands

220,000

199,618

11,108,487

#### Metals

#### &

#### Mining

#### 0.2%
ArcelorMittal

SA

,

Senior

Bond

,

%

,

10/15/39

...............

Luxembourg

400,000

449,592

b

Big

River

Steel

LLC

/

BRS

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625 %

,

1/31/29

..............................

United

States

222,000

222,267

b

Cleveland-Cliffs,

Inc.

,

Senior

Note,

144A,

7%,

3/15/32

......................

United

States

190,000

192,131

Senior

Note,

144A,

7.625%,

1/15/34

...................

United

States

115,000

118,572

Commercial

Metals

Co.

,

Senior

Bond,

4.375%,

3/15/32

........................

United

States

85,000

80,286

Senior

Note,

4.125%,

1/15/30

........................

United

States

170,000

163,245

b

Constellium

SE

,

Senior

Note

,

144A,

6.375 %

,

8/15/32

........

United

States

265,000

271,093

b

Fortescue

Treasury

Pty.

Ltd.

,

Senior

Bond

,

144A,

6.125 %

,

4/15/32

.........................................

Australia

205,000

211,992

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Metals

#### &

#### Mining
(continued)

b

Glencore

Funding

LLC

,

Senior

Bond,

144A,

4%,

3/27/27

......................

Australia

340,000

$

338,549

Senior

Bond,

144A,

2.5%,

9/01/30

.....................

Australia

668,000

609,741

Senior

Bond,

144A,

5.634%,

4/04/34

...................

Australia

265,000

275,924

b

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

4/01/29

....

Canada

215,000

216,930

b,e

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

%

,

4/01/31

......

Australia

130,000

131,764

b

Novelis

Corp.

,

Senior

Bond,

144A,

4.75%,

1/30/30

....................

United

States

130,000

125,514

Senior

Bond,

144A,

3.875%,

8/15/31

...................

United

States

50,000

45,626

Senior

Note,

144A,

6.875%,

1/30/30

...................

United

States

195,000

202,372

Senior

Note,

144A,

6.375%,

8/15/33

...................

United

States

305,000

308,376

b

TMS

International

Corp.

,

Senior

Note

,

144A,

6.25 %

,

4/15/29

...

United

States

230,000

223,233

United

States

Steel

Corp.

,

Senior

Bond

,

6.65 %

,

6/01/37

......

United

States

110,000

114,086

4,301,293

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
b

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

6/15/29

.........................

United

States

265,000

254,880

#### Multi-Utilities

#### 0.1%
Ameren

Corp.

,

Senior

Note

,

%

,

1/15/29

..................

United

States

220,000

225,023

Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2 %

,

3/15/42

....................................

United

States

255,000

223,070

Dominion

Energy,

Inc.

,

Senior

Note

,

4.6 %

,

5/15/28

..........

United

States

515,000

520,365

NiSource,

Inc.

,

Senior

Bond

,

5.85 %

,

4/01/55

...............

United

States

320,000

324,892

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448 %

,

6/01/53

.....

United

States

258,000

253,399

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95 %

,

9/15/34

.

United

States

1,595,000

1,600,885

3,147,634

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.7%
Cenovus

Energy,

Inc.

,

Senior

Bond

,

6.75 %

,

11/15/39

.........

Canada

25,000

27,645

Cheniere

Energy

Partners

LP

,

Senior

Note

,

4.5 %

,

10/01/29

....

United

States

1,715,000

1,709,996

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927 %

,

8/15/30

...................................

United

States

225,000

238,160

b

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375 %

,

1/15/34

.........................................

United

States

405,000

410,697

Devon

Energy

Corp.

,

Senior

Bond

,

7.95 %

,

4/15/32

..........

United

States

170,000

198,088

Enbridge,

Inc.

,

Senior

Bond

,

4.25 %

,

12/01/26

..............

Canada

122,000

122,060

Energy

Transfer

LP

,

g

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

1,375,000

1,374,263

Senior

Bond,

3.75%,

5/15/30

.........................

United

States

1,308,000

1,270,439

Senior

Note,

5.5%,

6/01/27

..........................

United

States

86,000

87,526

Expand

Energy

Corp.

,

Senior

Bond,

4.75%,

2/01/32

.........................

United

States

545,000

535,845

b

Senior

Note,

144A,

6.75%,

4/15/29

....................

United

States

545,000

550,735

b

Global

Partners

LP

/

GLP

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

7/01/33

...................................

United

States

440,000

451,334

b

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

6.5 %

,

6/01/29

United

States

90,000

92,877

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Note

,

144A,

8.375 %

,

11/01/33

..................................

United

States

240,000

252,231

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375 %

,

4/24/30

.........................................

Kazakhstan

300,000

308,936

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Kinder

Morgan,

Inc.

,

Senior

Bond,

7.75%,

1/15/32

.........................

United

States

580,000

$

674,803

Senior

Note,

5%,

2/01/29

...........................

United

States

410,000

419,370

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875 %

,

6/15/30

......

United

States

485,000

488,185

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5 %

,

4/15/32

....

United

States

295,000

298,029

Occidental

Petroleum

Corp.

,

Senior

Bond,

7.5%,

5/01/31

..........................

United

States

236,000

265,221

Senior

Bond,

6.2%,

3/15/40

..........................

United

States

705,000

717,042

Senior

Note,

8.5%,

7/15/27

..........................

United

States

185,000

194,142

ONEOK,

Inc.

,

Senior

Note

,

4.75 %

,

10/15/31

...............

United

States

920,000

920,775

b

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25 %

,

5/21/30

.

Indonesia

295,000

301,614

b

Raizen

Fuels

Finance

SA

,

Senior

Note

,

144A,

6.25 %

,

7/08/32

..

Brazil

250,000

244,313

SM

Energy

Co.

,

Senior

Bond

,

6.75 %

,

9/15/26

..............

United

States

135,000

135,053

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026 %

,

10/01/29

..................................

Canada

500,000

505,886

Spectra

Energy

Partners

LP

,

Senior

Note

,

3.375 %

,

10/15/26

...

United

States

425,000

421,927

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25 %

,

7/01/33

.............

United

States

400,000

407,427

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

4.875 %

,

2/01/31

............

United

States

202,000

202,640

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5 %

,

10/15/29

........................................

United

States

325,000

318,279

b

Venture

Global

LNG,

Inc.

,

g

Junior

Sub.

Bond,

144A,

9%

to

9/29/29,

FRN

thereafter,

Perpetual

.......................................

United

States

260,000

257,863

Senior

Secured

Note,

144A,

9.5%,

2/01/29

..............

United

States

230,000

253,609

Senior

Secured

Note,

144A,

8.375%,

6/01/31

............

United

States

300,000

315,203

Senior

Secured

Note,

144A,

9.875%,

2/01/32

............

United

States

210,000

228,763

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

.............

United

States

65,000

73,407

Senior

Secured

Bond,

144A,

6.75%,

1/15/36

.............

United

States

175,000

185,990

Senior

Secured

Note,

144A,

7.5%,

5/01/33

..............

United

States

65,000

71,866

Senior

Secured

Note,

144A,

6.5%,

1/15/34

..............

United

States

110,000

115,861

Viper

Energy

Partners

LLC

,

Senior

Bond,

5.7%,

8/01/35

..........................

United

States

222,000

225,850

Senior

Note,

4.9%,

8/01/30

..........................

United

States

275,000

277,268

b

Vital

Energy,

Inc.

,

Senior

Note

,

144A,

7.875 %

,

4/15/32

.......

United

States

245,000

237,998

b

Vnom

Sub,

Inc.

,

Senior

Note

,

144A,

5.375 %

,

11/01/27

........

United

States

70,000

70,056

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6 %

,

3/15/35

........

United

States

321,000

333,314

16,792,586

#### Paper

#### &

#### Forest

#### Products

#### 0.0%

#### †
b

Magnera

Corp.

,

Senior

Note,

144A,

4.75%,

11/15/29

...................

United

States

105,000

93,050

Senior

Secured

Note,

144A,

7.25%,

11/15/31

............

United

States

25,000

23,544

Mercer

International,

Inc.

,

Senior

Note,

5.125%,

2/01/29

........................

Germany

190,000

140,215

b

Senior

Note,

144A,

12.875%,

10/01/28

.................

Germany

125,000

113,913

370,722

#### Passenger

#### Airlines

#### 0.1%
b

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

..............

United

States

57,500

57,574

Senior

Secured

Note,

144A,

5.75%,

4/20/29

.............

United

States

230,000

231,053

b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021 %

,

10/20/29

........................................

United

States

425,000

425,411

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Passenger

#### Airlines
(continued)

b

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875 %

,

12/15/29

.....

United

States

250,000

$

263,128

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

United

States

270,000

266,070

1,243,236

#### Personal

#### Care

#### Products

#### 0.1%
b

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Secured

Note,

144A,

4.75%,

1/15/29

.............

United

States

225,000

220,536

Senior

Secured

Note,

144A,

6.625%,

7/15/30

............

United

States

140,000

143,236

Kenvue,

Inc.

,

Senior

Note,

4.85%,

5/22/32

.........................

United

States

85,000

86,268

Senior

Note,

4.9%,

3/22/33

..........................

United

States

480,000

488,139

b

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/32

...

France

610,000

625,632

1,563,811

#### Pharmaceuticals

#### 0.4%
b

1261229

BC

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

4/15/32

...

United

States

200,000

205,169

Bristol-Myers

Squibb

Co.

,

Senior

Note

,

4.9 %

,

2/22/29

........

United

States

565,000

580,285

Eli

Lilly

&

Co.

,

Senior

Bond,

4.875%,

2/27/53

........................

United

States

261,000

243,606

Senior

Note,

4.75%,

2/12/30

.........................

United

States

562,000

576,727

b

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

4/15/31

.........................................

United

States

120,000

128,894

Merck

&

Co.,

Inc.

,

Senior

Bond

,

3.7 %

,

2/10/45

.............

United

States

805,000

646,574

Novartis

Capital

Corp.

,

Senior

Bond

,

%

,

11/20/45

..........

United

States

994,000

843,082

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond,

4.75%,

5/19/33

.........................

United

States

1,441,000

1,456,236

Senior

Bond,

5.3%,

5/19/53

..........................

United

States

171,000

165,370

Senior

Note,

4.45%,

5/19/28

.........................

United

States

131,000

132,514

b

Roche

Holdings,

Inc.

,

Senior

Bond

,

144A,

%

,

11/28/44

......

United

States

1,210,000

1,031,529

Royalty

Pharma

plc

,

Senior

Bond,

5.2%,

9/25/35

..........................

United

States

415,000

414,807

Senior

Note,

5.15%,

9/02/29

.........................

United

States

520,000

533,718

Senior

Note,

4.45%,

3/25/31

.........................

United

States

55,000

54,558

Teva

Pharmaceutical

Finance

Netherlands

II

BV

,

Senior

Note

,

4.375 %

,

5/09/30

...................................

Israel

420,000

EUR

506,803

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

5.125%,

5/09/29

........................

Israel

465,000

467,889

Senior

Note,

8.125%,

9/15/31

........................

Israel

200,000

228,924

Viatris,

Inc.

,

Senior

Note

,

2.3 %

,

6/22/27

...................

United

States

565,000

544,077

Zoetis,

Inc.

,

Senior

Bond,

3%,

9/12/27

...........................

United

States

242,000

237,816

Senior

Bond,

2%,

5/15/30

...........................

United

States

160,000

145,549

9,144,127

#### Professional

#### Services

#### 0.0%

#### †
b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

340,000

351,152

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.0%

#### †
b

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp.

,

Secured

Note

,

144A,

%

,

4/15/30

.....................

United

States

165,800

167,923

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.2%
Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note,

3.875%,

1/15/27

........................

United

States

783,000

782,732

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.,

(continued)

Senior

Note,

3.5%,

1/15/28

..........................

United

States

2,010,000

$

1,987,175

Broadcom,

Inc.

,

b

Senior

Bond,

144A,

3.187%,

11/15/36

..................

United

States

107,000

91,353

Senior

Note,

5.05%,

7/12/29

.........................

United

States

545,000

561,519

Senior

Note,

5.05%,

4/15/30

.........................

United

States

275,000

284,510

Senior

Note,

4.2%,

10/15/30

.........................

United

States

115,000

114,833

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note

,

144A,

6.15 %

,

1/25/32

.........................................

United

States

200,000

213,931

Intel

Corp.

,

Senior

Bond

,

4.15 %

,

8/05/32

..................

United

States

1,270,000

1,225,549

Marvell

Technology,

Inc.

,

Senior

Note

,

4.75 %

,

7/15/30

........

United

States

190,000

192,540

5,454,142

#### Software

#### 0.2%
Cadence

Design

Systems,

Inc.

,

Senior

Note

,

4.3 %

,

9/10/29

....

United

States

505,000

508,425

b

Cloud

Software

Group,

Inc.

,

Secured

Note,

144A,

9%,

9/30/29

.....................

United

States

140,000

145,368

Senior

Secured

Note,

144A,

6.5%,

3/31/29

..............

United

States

195,000

196,973

b

McAfee

Corp.

,

Senior

Note

,

144A,

7.375 %

,

2/15/30

..........

United

States

315,000

292,558

Oracle

Corp.

,

Senior

Bond,

2.875%,

3/25/31

........................

United

States

418,000

383,918

Senior

Bond,

5.375%,

7/15/40

........................

United

States

199,000

195,331

Senior

Bond,

3.65%,

3/25/41

.........................

United

States

412,000

330,152

Senior

Bond,

4%,

11/15/47

..........................

United

States

1,759,000

1,364,138

Senior

Note,

4.45%,

9/26/30

.........................

United

States

165,000

164,957

b

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/29

......

United

States

215,000

209,642

ServiceNow,

Inc.

,

Senior

Bond

,

1.4 %

,

9/01/30

..............

United

States

674,000

590,420

Synopsys,

Inc.

,

Senior

Note

,

4.85 %

,

4/01/30

...............

United

States

510,000

519,633

b

UKG,

Inc.

,

Senior

Secured

Note

,

144A,

6.875 %

,

2/01/31

......

United

States

295,000

304,614

5,206,129

#### Specialized

#### REITs

#### 0.3%
American

Tower

Corp.

,

Senior

Bond,

3.55%,

7/15/27

.........................

United

States

788,000

780,641

Senior

Bond,

2.9%,

1/15/30

..........................

United

States

413,000

389,428

Senior

Bond,

2.7%,

4/15/31

..........................

United

States

724,000

660,935

Senior

Note,

2.75%,

1/15/27

.........................

United

States

844,000

829,392

Senior

Note,

4.9%,

3/15/30

..........................

United

States

210,000

214,238

Crown

Castle,

Inc.

,

Senior

Bond,

3.7%,

6/15/26

..........................

United

States

187,000

186,267

Senior

Bond,

3.65%,

9/01/27

.........................

United

States

591,000

585,000

Senior

Bond,

3.8%,

2/15/28

..........................

United

States

450,000

444,876

Senior

Note,

1.05%,

7/15/26

.........................

United

States

385,000

375,505

Equinix,

Inc.

,

Senior

Bond,

3.2%,

11/18/29

.........................

United

States

266,000

254,837

Senior

Note,

2.9%,

11/18/26

.........................

United

States

1,563,000

1,540,128

b

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

1/15/33

.......

United

States

480,000

489,967

b

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/30

..

United

States

555,000

564,857

7,316,071

#### Specialty

#### Retail

#### 0.1%
Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875 %

,

11/01/35

.....

United

States

440,000

458,349

b,f

Carvana

Co.

,

Senior

Secured

Note

,

144A,

PIK,

%

,

6/01/31

...

United

States

214,000

242,455

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

3.15 %

,

1/15/32

.....

United

States

430,000

394,095

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Specialty

#### Retail
(continued)

Home

Depot,

Inc.

(The)

,

Senior

Bond,

4.95%,

6/25/34

.........................

United

States

397,000

$

406,702

Senior

Bond,

5.3%,

6/25/54

..........................

United

States

397,000

388,826

b

Specialty

Building

Products

Holdings

LLC

/

SBP

Finance

Corp.

,

Senior

Secured

Note

,

144A,

7.75 %

,

10/15/29

.............

United

States

120,000

122,009

b

White

Cap

Buyer

LLC

,

Senior

Note

,

144A,

6.875 %

,

10/15/28

...

United

States

430,000

429,114

2,441,550

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.1%
Apple,

Inc.

,

Senior

Bond,

3.85%,

5/04/43

.........................

United

States

556,000

474,783

Senior

Bond,

4.375%,

5/13/45

........................

United

States

1,550,000

1,403,180

Hewlett

Packard

Enterprise

Co.

,

Senior

Note,

4.55%,

10/15/29

........................

United

States

835,000

839,759

Senior

Note,

4.85%,

10/15/31

........................

United

States

210,000

212,266

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note,

144A,

3.125%,

7/15/29

...................

United

States

90,000

78,269

Senior

Note,

144A,

5.875%,

7/15/30

...................

United

States

270,000

275,377

3,283,634

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
b

Beach

Acquisition

Bidco

LLC

,

f

Senior

Note,

144A,

PIK,

10%,

7/15/33

..................

United

States

300,000

324,349

Senior

Secured

Note,

144A,

5.25%,

7/15/32

.............

United

States

205,000

EUR

247,304

b

Crocs,

Inc.

,

Senior

Note

,

144A,

4.25 %

,

3/15/29

.............

United

States

160,000

153,559

b

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

%

,

2/15/31

..........

United

States

345,000

365,630

b

Levi

Strauss

&

Co.

,

Senior

Bond

,

144A,

3.5 %

,

3/01/31

.......

United

States

385,000

357,941

PVH

Corp.

,

Senior

Note

,

5.5 %

,

6/13/30

...................

United

States

60,000

61,151

b

Under

Armour,

Inc.

,

Senior

Note

,

144A,

7.25 %

,

7/15/30

.......

United

States

160,000

160,202

1,670,136

#### Tobacco

#### 0.1%
BAT

Capital

Corp.

,

Senior

Note

,

4.625 %

,

3/22/33

...........

United

Kingdom

370,000

366,311

Philip

Morris

International,

Inc.

,

Senior

Note,

5.125%,

2/15/30

........................

United

States

806,000

833,303

Senior

Note,

4.375%,

4/30/30

........................

United

States

120,000

120,593

Senior

Note,

4.75%,

11/01/31

........................

United

States

380,000

386,740

1,706,947

#### Trading

#### Companies

#### &

#### Distributors

#### 0.1%
Air

Lease

Corp.

,

Senior

Note,

5.85%,

12/15/27

........................

United

States

110,000

113,330

Senior

Note,

2.1%,

9/01/28

..........................

United

States

252,000

235,779

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875 %

,

7/01/30

.....

United

States

265,000

259,785

b

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

.....................

United

States

220,000

233,084

Secured

Note,

144A,

8.625%,

5/15/32

..................

United

States

155,000

167,539

b

Foundation

Building

Materials,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

.........................................

United

States

280,000

283,986

b

Herc

Holdings,

Inc.

,

Senior

Note,

144A,

5.5%,

7/15/27

.....................

United

States

240,000

239,579

Senior

Note,

144A,

6.625%,

6/15/29

...................

United

States

130,000

133,673

b

Imola

Merger

Corp.

,

Senior

Secured

Note

,

144A,

4.75 %

,

5/15/29

United

States

240,000

233,640

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/30/32

.........................................

United

States

445,000

461,864

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Trading

#### Companies

#### &

#### Distributors
(continued)

b

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

144A,

6.125 %

,

3/15/34

.........................................

United

States

195,000

$

203,009

b

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

6.375%,

3/15/29

...................

United

States

55,000

56,696

Senior

Note,

144A,

6.625%,

3/15/32

...................

United

States

265,000

275,724

Senior

Note,

144A,

6.375%,

3/15/33

...................

United

States

110,000

114,107

3,011,795

#### Transportation

#### Infrastructure

#### 0.0%

#### †
b,g

DP

World

Salaam

,

Junior

Sub.

Bond

,

Reg

S,

6%

to

12/31/25,

FRN

thereafter

,

Perpetual

...........................

United

Arab

Emirates

620,000

621,156

#### Wireless

#### Telecommunication

#### Services

#### 0.3%
b

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

%

,

9/15/29

............................

United

Kingdom

570,000

600,013

Rogers

Communications,

Inc.

,

Senior

Note

,

%

,

2/15/29

......

Canada

1,430,000

1,457,627

T-Mobile

USA,

Inc.

,

Senior

Bond,

2.875%,

2/15/31

........................

United

States

155,000

142,950

Senior

Bond,

2.25%,

11/15/31

........................

United

States

1,231,000

1,083,275

Senior

Bond,

5.05%,

7/15/33

.........................

United

States

24,000

24,523

Senior

Note,

3.75%,

4/15/27

.........................

United

States

1,210,000

1,203,311

Senior

Note,

4.95%,

3/15/28

.........................

United

States

660,000

672,787

Senior

Note,

3.375%,

4/15/29

........................

United

States

340,000

330,186

Senior

Note,

3.875%,

4/15/30

........................

United

States

119,000

116,724

Senior

Note,

5.125%,

5/15/32

........................

United

States

351,000

361,333

Senior

Note,

6.7%,

12/15/33

.........................

United

States

45,000

50,342

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625 %

,

7/15/29

.........................................

United

Kingdom

335,000

357,221

6,400,292

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $284,668,650)
...................................

#### 281,735,680
i

#### Senior

#### Floating

#### Rate

#### Interests

#### 0.4%

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
j

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

K,

6.252%,

(3-month

SOFR

+

2.25%),

3/22/30

............................

United

States

210,000

210,030

#### Air

#### Freight

#### &

#### Logistics

#### 0.0%

#### †
j

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B,

7.296%,

(3-month

SOFR

+

3%),

3/18/30

.......................

United

States

179,466

178,953

#### Automobile

#### Components

#### 0.0%

#### †
j

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan,

8.18%,

(1-month

SOFR

+

3.75%),

10/04/28

.........

United

States

153,745

151,841

#### Broadline

#### Retail

#### 0.0%

#### †
e,j

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B,

6.017%,

(12-month

SOFR

+

2.25%),

9/27/32

....................

Netherlands

150,882

151,212

#### Capital

#### Markets

#### 0.0%

#### †
e,j

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan,

6.199%,

(3-month

SOFR

+

2%),

12/15/31

................

United

States

330,000

328,041

j

#### Chemicals

#### 0.1%
Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.913%,

(1-month

SOFR

+

3.75%),

4/06/29

.....................

United

States

199,483

199,878

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan,

11.701%,

(1-month

SOFR

+

7.438%),

3/15/30

............

United

States

183,529

181,786

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

i

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

j

#### Chemicals
(continued)

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1,

7.5%,

(1-month

SOFR

+

3.25%),

4/03/28

....

Netherlands

256,184

$

256,932

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2,

7.424%,

(1-month

SOFR

+

3.25%),

4/03/28

..

Netherlands

93,346

93,536

e

Solstice

Advanced

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.517%,

(12-month

SOFR

+

1.75%),

9/17/32

.............

United

States

75,630

75,820

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.728%,

(3-month

SOFR

+

4.25%),

4/23/29

..............

United

States

102,151

82,794

890,746

a

a

a

a

a

a

j

#### Commercial

#### Services

#### &

#### Supplies

#### 0.0%

#### †
e

Clean

Harbors,

Inc.,

First

Lien,

CME

Term

Loan,

5.259%,

(12-month

SOFR

+

1.5%),

9/24/32

.....................

United

States

329,536

331,184

e

Prime

Security

Services

Borrower

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan,

B2,

6.005%,

(1-month

SOFR

+

1.75%),

3/08/32

...................................

United

States

330,000

327,396

658,580

a

a

a

a

a

a

#### Communications

#### Equipment

#### 0.0%

#### †
e,j

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.913%,

(1-month

SOFR

+

4.75%),

12/18/29

....................

United

States

290,000

293,922

j

#### Containers

#### &

#### Packaging

#### 0.0%

#### †
d,e

Kleopatra

Finco

SARL,

First

Lien,

USD

CME

Term

Loan,

B,

14.157%,

(1-month

SOFR

+

10%),

10/27/25

..............

Luxembourg

15,160

13,517

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B,

9.019%,

(6-month

SOFR

+

4.725%),

2/12/26

......

Luxembourg

148,816

74,362

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.509%,

(12-month

SOFR

+

2.75%),

9/27/32

......

United

States

163,205

163,103

250,982

a

a

a

a

a

a

#### Distributors

#### 0.0%

#### †
e,j

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

8.002%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

179,814

178,253

#### Entertainment

#### 0.0%

#### †
e,j

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1,

7.028%,

(1-month

SOFR

+

2.75%),

3/13/28

.....................

United

States

329,138

324,550

#### Financial

#### Services

#### 0.0%

#### †
e,j

Colossus

Acquireco

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.05%,

(1-day

SOFR

+

1.75%),

7/30/32

.................

United

States

330,000

328,350

#### Food

#### Products

#### 0.0%

#### †
e,j

Froneri

International

Ltd.,

First

Lien,

CME

Term

Loan,

6.594%,

(12-month

SOFR

+

2.5%),

7/16/32

.....................

United

Kingdom

296,722

296,451

j

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.1%
Bausch

+

Lomb

Corp.,

First

Lien,

Third

Amendment

CME

Term

Loan,

8.413%,

(1-month

SOFR

+

4.25%),

1/15/31

.........

United

States

207,388

207,777

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan,

6.163%,

(1-month

SOFR

+

2%),

10/23/28

...........

United

States

452,091

452,541

660,318

a

a

a

a

a

a

j

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.1%
e

1011778

BC

ULC,

First

Lien,

CME

Term

Loan,

B5,

5.913%,

(1-month

SOFR

+

1.75%),

9/20/30

.....................

Canada

330,000

329,312

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

i

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

j

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

e

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B,

6.413%,

(1-month

SOFR

+

2.25%),

2/06/30

...

United

States

330,000

$

329,912

e

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

7.413%,

(1-month

SOFR

+

3.25%),

1/29/29

..............

United

States

296,175

296,083

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B,

8.753%,

(3-month

SOFR

+

4.75%),

11/01/29

.............

Canada

27,754

26,835

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

7.036%,

(3-month

SOFR

+

2.75%),

4/04/29

.

United

States

113,848

113,041

1,095,183

a

a

a

a

a

a

#### Household

#### Products

#### 0.0%

#### †
e,j

Energizer

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.135%,

(1-month

SOFR

+

2%),

3/19/32

................

United

States

206,483

207,170

#### IT

#### Services

#### 0.0%

#### †
j

Fortress

Intermediate

3,

Inc.,

First

Lien,

CME

Term

Loan,

B,

7.255%,

(1-month

SOFR

+

3%),

6/27/31

................

United

States

163,763

164,786

#### Machinery

#### 0.0%

#### †
j

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B,

6.913%,

(1-month

SOFR

+

2.75%),

10/23/28

..

United

States

94,755

95,297

j

#### Media

#### 0.1%
e

Charter

Communications

Operating

LLC,

First

Lien,

CME

Term

Loan

B5,

6.541%,

(3-month

SOFR

+

2.25%),

12/15/31

......

United

States

330,000

330,238

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.278%,

(1-month

SOFR

+

4%),

8/23/28

.........................................

United

States

128,804

129,191

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.82%,

(3-month

SOFR

+

5.25%),

8/02/29

........

United

States

263,771

264,554

723,983

a

a

a

a

a

a

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
j

Apollo

Commercial

Real

Estate

Finance,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.4%,

(1-month

SOFR

+

3.25%),

6/13/30

...

United

States

31,920

32,169

j

#### Pharmaceuticals

#### 0.0%

#### †
1261229

BC

Ltd.,

First

Lien,

Initial

CME

Term

Loan,

10.413%,

(1-month

SOFR

+

6.25%),

10/08/30

....................

United

States

149,625

147,801

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.163%,

(1-month

SOFR

+

4%),

4/23/31

.......

United

States

252,450

253,266

401,067

a

a

a

a

a

a

j

#### Software

#### 0.0%

#### †
Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B,

7.252%,

(3-month

SOFR

+

3.25%),

8/16/32

.......

United

States

18,195

18,271

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan,

7.913%,

(1-month

SOFR

+

3.75%),

11/28/28

....................

United

States

181,248

181,853

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.81%,

(3-month

SOFR

+

2.5%),

2/10/31

.............................

United

States

29,700

29,704

229,828

a

a

a

a

a

a

j

#### Specialty

#### Retail

#### 0.0%

#### †
LBM

Acquisition

LLC,

First

Lien,

Amendment

No.

Incremental

CME

Term

Loan,

7.986%,

(1-month

SOFR

+

3.75%),

6/06/31

.

United

States

108,346

105,939

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

i

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

j

#### Specialty

#### Retail
(continued)

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

7.416%,

(1-month

SOFR

+

3.25%),

10/19/29

.............

United

States

221,556

$

221,851

327,790

a

a

a

a

a

a

j

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.0%

#### †
Beach

Acquisition

Bidco

LLC,

First

Lien,

CME

Term

Loan,

B1,

7.308%,

(3-month

SOFR

+

3.25%),

9/13/32

..............

United

States

12,637

12,713

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.796%,

(3-month

SOFR

+

3.5%),

3/02/28

......................

United

States

182,682

160,760

173,473

a

a

a

a

a

a

j

#### Trading

#### Companies

#### &

#### Distributors

#### 0.0%

#### †
Foundation

Building

Materials,

Inc.,

First

Lien,

2025

Incremental

CME

Term

Loan,

9.546%,

(3-month

SOFR

+

5.25%),

1/29/31

.

United

States

24,938

25,118

Foundation

Building

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

8.308%,

(3-month

SOFR

+

4%),

1/29/31

................

United

States

242,544

243,260

268,378

a

a

a

a

a

a

#### Wireless

#### Telecommunication

#### Services

#### 0.0%

#### †
j

Connect

Finco

SARL,

First

Lien,

Amendment

No.

CME

Term

Loan,

8.663%,

(1-month

SOFR

+

4.5%),

9/13/29

..........

United

Kingdom

137,900

136,425

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $8,833,167)
.........................

#### 8,757,778

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 0.6%
b

Bank

Gospodarstwa

Krajowego

,

Senior

Bond

,

Reg

S,

5.375 %

,

5/22/33

.........................................

Poland

200,000

207,191

b

Benin

Government

Bond

,

Senior

Bond

,

Reg

S,

4.95 %

,

1/22/35

.

Benin

360,000

EUR

389,703

Brazil

Government

Bond

,

Senior

Bond,

3.875%,

6/12/30

........................

Brazil

446,000

428,494

Senior

Bond,

3.75%,

9/12/31

.........................

Brazil

630,000

583,727

b

Bulgaria

Government

Bond

,

Senior

Bond,

Reg

S,

5%,

3/05/37

......................

Bulgaria

100,000

100,225

Senior

Note,

Reg

S,

3.625%,

9/05/32

...................

Bulgaria

140,000

EUR

169,535

Chile

Government

Bond

,

Senior

Bond,

5.65%,

1/13/37

.........................

Chile

200,000

210,630

Senior

Note,

4.85%,

1/22/29

.........................

Chile

210,000

215,124

Colombia

Government

Bond

,

Senior

Bond,

3.125%,

4/15/31

........................

Colombia

310,000

269,839

Senior

Bond,

7.5%,

2/02/34

..........................

Colombia

360,000

379,170

b

Comision

Federal

de

Electricidad

,

Senior

Bond

,

Reg

S,

3.875 %

,

7/26/33

.........................................

Mexico

400,000

353,661

b

Corp.

Nacional

del

Cobre

de

Chile

,

Senior

Bond

,

144A,

6.33 %

,

1/13/35

.........................................

Chile

250,000

267,188

b

Dominican

Republic

Government

Bond

,

Senior

Bond,

144A,

6.95%,

3/15/37

....................

Dominican

Republic

320,000

342,064

Senior

Bond,

Reg

S,

5.95%,

1/25/27

...................

Dominican

Republic

262,000

267,044

b

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5 %

,

8/17/30

.

Mexico

330,000

335,217

Ecopetrol

SA

,

Senior

Bond

,

4.625 %

,

11/02/31

..............

Colombia

180,000

161,559

b

Electricite

de

France

SA

,

g

Junior

Sub.

Bond,

144A,

9.125%

to

6/14/33,

FRN

thereafter,

Perpetual

........................................

France

200,000

232,044

Senior

Note,

144A,

5.65%,

4/22/29

.....................

France

835,000

871,289

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

b

Guatemala

Government

Bond

,

Senior

Bond,

Reg

S,

6.6%,

6/13/36

....................

Guatemala

460,000

$

487,461

Senior

Note,

144A,

7.05%,

10/04/32

....................

Guatemala

350,000

384,919

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25 %

,

6/16/29

Hungary

330,000

338,273

b

Indonesia

Government

Bond

,

Senior

Bond

,

Reg

S,

4.35 %

,

1/08/27

.........................................

Indonesia

650,000

653,537

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125 %

,

6/15/33

.........................................

Ivory

Coast

310,000

298,370

b

Kazakhstan

Government

Bond

,

Senior

Bond

,

Reg

S,

4.714 %

,

4/09/35

.........................................

Kazakhstan

370,000

368,374

Mexico

Government

Bond

,

Senior

Bond

,

2.659 %

,

5/24/31

.....

Mexico

580,000

516,722

Panama

Government

Bond

,

Senior

Note

,

7.5 %

,

3/01/31

......

Panama

500,000

550,300

b

Paraguay

Government

Bond

,

Senior

Bond,

144A,

3.849%,

6/28/33

...................

Paraguay

200,000

187,520

Senior

Bond,

Reg

S,

4.7%,

3/27/27

....................

Paraguay

245,000

247,433

Senior

Bond,

Reg

S,

4.95%,

4/28/31

...................

Paraguay

205,000

207,669

Peru

Government

Bond

,

Senior

Bond

,

2.783 %

,

1/23/31

.......

Peru

750,000

693,038

b

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

Senior

Bond

,

Reg

S,

5.45 %

,

5/21/28

...................

Indonesia

325,000

334,319

Petroleos

Mexicanos

,

Senior

Note

,

6.7 %

,

2/16/32

...........

Mexico

188,000

186,426

Philippines

Government

Bond

,

Senior

Bond

,

5.5 %

,

2/04/35

....

Philippines

450,000

479,383

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95 %

,

4/23/30

.

India

350,000

341,446

b

Romania

Government

Bond

,

Senior

Bond,

Reg

S,

5.625%,

2/22/36

..................

Romania

310,000

EUR

355,040

Senior

Note,

144A,

3%,

2/27/27

.......................

Romania

510,000

498,231

South

Africa

Government

Bond

,

Senior

Bond,

4.85%,

9/27/27

.........................

South

Africa

287,000

289,180

Senior

Bond,

5.875%,

4/20/32

........................

South

Africa

300,000

303,923

b

Southern

Gas

Corridor

CJSC

,

Senior

Bond

,

Reg

S,

6.875 %

,

3/24/26

.........................................

Azerbaijan

320,000

323,999

Uruguay

Government

Bond

,

Senior

Bond

,

7.875 %

,

1/15/33

....

Uruguay

675,000

810,675

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $14,010,306)
............

#### 14,639,942

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.0%

#### †
k

U.S.

Treasury

Bonds

,

4.125 %,

8/15/44

...................

United

States

147,000

136,489

h,k

U.S.

Treasury

Notes

,

FRN,

4.068%,

(3-month

Treasury

Bill

Index

+

0.17%),

10/31/25

United

States

78,600

78,584

FRN,

4.103%,

(3-month

Treasury

Bill

Index

+

0.205%),

10/31/26

........................................

United

States

121,000

120,991

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $336,064)
..................

#### 336,064

#### Asset-Backed

#### Securities

#### 1.3%

#### Capital

#### Markets

#### 0.1%
b,j

Magnetite

XL

Ltd.

,

2024-40A

,

A1

,

144A,

FRN

,

5.768 %

,

(3-month

SOFR

+

1.45 %),

7/15/37

.

............................

United

States

774,000

776,491

#### Commercial

#### Services

#### &

#### Supplies

#### 0.0%

#### †
b,j

Trestles

CLO

IV

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.757 %

,

(3-month

SOFR

+

1.432 %),

7/21/34

.

...........................

United

States

500,000

500,775

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.0%

#### †
CVS

Pass-Through

Trust

,

6.036%,

12/10/28

..................................

United

States

12,857

13,127

b

2013,

144A,

4.704%,

1/10/36

.........................

United

States

214,868

205,796

218,923

a

a

a

a

a

a

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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

#### 1.2%
b,j

AGL

Core

CLO

Ltd.

,

2024-31A

,

A

,

144A,

FRN

,

5.725 %

,

(3-month

SOFR

+

1.4 %),

7/20/37

.

.....................

United

States

350,000

$

351,133

b,j

Allegro

CLO

XII

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.765 %

,

(3-month

SOFR

+

1.44 %),

7/21/37

.

....................

United

States

370,000

371,850

b,j

Bain

Capital

CLO

Ltd.

,

2024-1A

,

A1

,

144A,

FRN

,

5.868 %

,

(3-month

SOFR

+

1.55 %),

4/16/37

.

....................

Jersey

339,000

340,662

b,j

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A

,

A1R

,

144A,

FRN

,

5.482 %

,

(3-month

SOFR

+

1.15 %),

4/22/35

.

....................

United

States

300,000

300,599

b,j

Battalion

CLO

Ltd.

,

2020-18A

,

ARR

,

144A,

FRN

,

5.463 %

,

(3-month

SOFR

+

1.18 %),

10/15/36

.

...................

United

States

515,000

516,244

b,j

BDS

Ltd.

,

2021-FL10

,

A

,

144A,

FRN

,

5.6 %

,

(1-month

SOFR

+

1.464 %),

12/16/36

.

.................................

United

States

410,901

411,451

b,j

Birch

Grove

CLO

Ltd.

,

2021-2A

,

A1R

,

144A,

FRN

,

5.725 %

,

(3-month

SOFR

+

1.4 %),

10/19/37

.

....................

United

States

500,000

501,651

b,j

Birch

Grove

CLO

Ltd.

,

2024-8A

,

A1

,

144A,

FRN

,

5.955 %

,

(3-month

SOFR

+

1.63 %),

4/20/37

.

....................

Jersey

450,000

452,185

b,j

Black

Diamond

CLO

Ltd.

,

2021-1A

,

A1AR

,

144A,

FRN

,

5.569 %

,

(3-month

SOFR

+

1.25 %),

11/22/34

.

....................

United

States

454,000

454,990

b,j

BRAVO

Residential

Funding

Trust

,

2021-HE3

,

A2

,

144A,

FRN

,

5.356 %

,

(30-day

SOFR

Average

+

%),

8/25/69

.

..........

United

States

273,713

272,553

b,j

BXMT

Ltd.

,

2021-FL4

,

A

,

144A,

FRN

,

5.307 %

,

(1-month

SOFR

+

1.164 %),

5/15/38

.

.................................

United

States

501,223

497,472

b,j

Carlyle

US

CLO

Ltd.

,

2020-2A

,

A1R2

,

144A,

FRN

,

5.296 %

,

(3-month

SOFR

+

1.08 %),

1/25/35

.

....................

United

States

1,120,000

1,120,006

b,j

Cathedral

Lake

VIII

Ltd.

,

2021-8A

,

A1

,

144A,

FRN

,

5.807 %

,

(3-month

SOFR

+

1.482 %),

1/20/35

.

...................

United

States

690,000

692,593

b,j

CBAM

Ltd.

,

2017-2A

,

AR

,

144A,

FRN

,

5.774 %

,

(3-month

SOFR

+

1.452 %),

7/17/34

.

.................................

United

States

309,000

309,423

b,j

CIFC

Funding

Ltd.

,

2014-2RA,

AR,

144A,

FRN,

5.679%,

(3-month

SOFR

+

1.36%),

10/24/37

........................................

United

States

400,000

401,159

2020-1A,

A1R,

144A,

FRN,

5.729%,

(3-month

SOFR

+

1.412%),

7/15/36

..................................

United

States

690,000

691,373

2021-4A,

AR,

144A,

FRN,

5.679%,

(3-month

SOFR

+

1.36%),

7/23/37

.........................................

United

States

550,000

551,650

2021-7A,

AR,

144A,

FRN,

5.318%,

(3-month

SOFR

+

1.09%),

1/23/35

.........................................

United

States

1,124,000

1,128,003

b,j

Crown

Point

CLO

Ltd.

,

2021-10A

,

A

,

144A,

FRN

,

5.757 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

...................

United

States

350,000

350,695

b,j

Danby

Park

CLO

Ltd.

,

2022-1A

,

AR

,

144A,

FRN

,

5.685 %

,

(3-month

SOFR

+

1.36 %),

10/21/37

.

...................

Jersey

670,000

671,925

b,j

Diameter

Capital

CLO

Ltd.

,

2024-7A

,

A1A

,

144A,

FRN

,

5.805 %

,

(3-month

SOFR

+

1.48 %),

7/20/37

.

....................

United

States

400,000

401,290

b,j

Elevation

CLO

Ltd.

,

2018-10A,

AR,

144A,

FRN,

5.245%,

(3-month

SOFR

+

0.92%),

10/20/31

........................................

United

States

242,098

242,379

2021-13A,

A1R,

144A,

FRN,

5.378%,

(3-month

SOFR

+

1.06%),

7/15/34

...................................

United

States

615,000

616,152

b,j

Ellington

CLO

III

Ltd.

,

2018-3A

,

B

,

144A,

FRN

,

6.587 %

,

(3-month

SOFR

+

2.262 %),

7/20/30

.

...........................

United

States

126,342

126,608

b,j

Elmwood

CLO

Ltd.

,

2024-3A

,

A

,

144A,

FRN

,

5.849 %

,

(3-month

SOFR

+

1.52 %),

4/18/37

.

....................

United

States

422,000

423,499

b,j

Elmwood

CLO

Ltd.

,

2024-9RA

,

AR

,

144A,

FRN

,

5.705 %

,

(3-month

SOFR

+

1.38 %),

10/21/37

.

...................

United

States

350,000

351,000

b,j

Elmwood

CLO

I

Ltd.

,

2019-1A

,

A1RR

,

144A,

FRN

,

5.845 %

,

(3-month

SOFR

+

1.52 %),

4/20/37

.

....................

United

States

425,000

426,530

b,j

Elmwood

CLO

III

Ltd.

,

2019-3A

,

A1RR

,

144A,

FRN

,

5.709 %

,

(3-month

SOFR

+

1.38 %),

7/18/37

.

....................

United

States

500,000

501,384

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,j

Elmwood

CLO

IV

Ltd.

,

2020-1A

,

AR

,

144A,

FRN

,

5.789 %

,

(3-month

SOFR

+

1.46 %),

4/18/37

.

....................

United

States

250,000

$

250,781

b

FIGRE

Trust

,

2025-FL1

,

A1

,

144A,

5.265 %

,

7/25/55

.

.........

United

States

169,498

170,149

b,j

GoldenTree

Loan

Management

US

CLO

Ltd.

,

2021-9A

,

AR

,

144A,

FRN

,

5.825 %

,

(3-month

SOFR

+

1.5 %),

4/20/37

.

.....

United

States

300,000

301,066

b,j

HalseyPoint

CLO

Ltd.

,

2020-3A

,

A1R

,

144A,

FRN

,

5.79 %

,

(3-month

SOFR

+

1.48 %),

7/30/37

.

....................

United

States

274,000

274,879

b,j

HalseyPoint

CLO

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.807 %

,

(3-month

SOFR

+

1.482 %),

4/20/34

.

...................

United

States

250,000

250,490

b,j

Hayfin

US

XIV

Ltd.

,

2021-14A

,

A1

,

144A,

FRN

,

5.817 %

,

(3-month

SOFR

+

1.492 %),

7/20/34

.

...........................

United

States

300,000

300,609

b

Home

Partners

of

America

Trust

,

2021-2

,

C

,

144A,

2.402 %

,

12/17/26

.

........................................

United

States

420,259

407,732

b,j

ICG

US

CLO

Ltd.

,

2017-1A

,

ARR

,

144A,

FRN

,

5.745 %

,

(3-month

SOFR

+

1.432 %),

7/28/34

.

...........................

United

States

550,000

551,083

b,j

J.P.

Morgan

Mortgage

Trust

,

2023-HE2

,

A1

,

144A,

FRN

,

6.089 %

,

(30-day

SOFR

Average

+

1.7 %),

3/20/54

.

................

United

States

195,189

196,370

b,j

KKR

CLO

Ltd.

,

2022-43A

,

A1R

,

144A,

FRN

,

6.068 %

,

(3-month

SOFR

+

1.75 %),

1/15/36

.

............................

Jersey

300,000

301,074

b,j

KKR

CLO

Ltd.

,

2024-54A

,

A

,

144A,

FRN

,

5.638 %

,

(3-month

SOFR

+

1.32 %),

1/15/38

.

............................

United

States

364,000

365,794

b,j

KREF

Ltd.

,

2022-FL3

,

A

,

144A,

FRN

,

5.584 %

,

(1-month

SOFR

+

1.45 %),

2/17/39

.

..................................

United

States

188,008

188,366

j

Long

Beach

Mortgage

Loan

Trust

,

2004-1

,

A2

,

FRN

,

5.072 %

,

(1-month

SOFR

+

0.914 %),

2/25/34

.

...................

United

States

294,597

295,752

b,j

Madison

Park

Funding

XXX

Ltd.

,

2018-30A

,

A1R

,

144A,

FRN

,

5.678 %

,

(3-month

SOFR

+

1.36 %),

7/16/37

.

..............

United

States

380,000

381,444

b,j

Magnetite

XXXVII

Ltd.

,

2023-37A

,

A

,

144A,

FRN

,

5.975 %

,

(3-month

SOFR

+

1.65 %),

10/20/36

.

...................

United

States

400,000

400,725

b,j

MF1

Ltd.

,

2021-FL6

,

A

,

144A,

FRN

,

5.35 %

,

(1-month

SOFR

+

1.214 %),

7/16/36

.

.................................

United

States

75,977

76,093

j

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

,

2004-HE6

,

M1

,

FRN

,

5.097 %

,

(1-month

SOFR

+

0.939 %),

8/25/34

.

.............

United

States

116,646

114,464

b,j

Nassau

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.869 %

,

(3-month

SOFR

+

1.552 %),

1/15/35

.

................................

United

States

248,192

249,207

b,j

Neuberger

Berman

CLO

XVII

Ltd.

,

2014-17A

,

AR3

,

144A,

FRN

,

5.732 %

,

(3-month

SOFR

+

1.4 %),

7/22/38

.

...............

United

States

500,000

501,623

b,j

Northwoods

Capital

Ltd.

,

2021-27A

,

A1R

,

144A,

FRN

,

5.459 %

,

(3-month

SOFR

+

1.18 %),

10/17/34

.

...................

United

States

750,000

751,631

b,j

Oaktree

CLO

Ltd.

,

2021-1A

,

A1R

,

144A,

FRN

,

5.668 %

,

(3-month

SOFR

+

1.35 %),

1/15/38

.

............................

United

States

272,000

273,196

b,j

OHA

Loan

Funding

Ltd.

,

2016-1A

,

A1R2

,

144A,

FRN

,

5.785 %

,

(3-month

SOFR

+

1.46 %),

7/20/37

.

....................

United

States

526,000

527,691

j

Park

Place

Securities,

Inc.

,

2004-WCW2

,

M3

,

FRN

,

5.322 %

,

(1-month

SOFR

+

1.164 %),

10/25/34

.

..................

United

States

143,343

141,958

b,e

PK

Alift

Loan

Funding

LP

,

2025-2

,

A

,

144A,

4.75 %

,

3/15/43

.

..

United

States

250,000

250,659

b,j

PRMI

Securitization

Trust

,

2024-CMG1

,

A1

,

144A,

FRN

,

5.805 %

,

(30-day

SOFR

Average

+

1.45 %),

7/25/54

.

...............

United

States

489,172

490,711

b,j

RR

Ltd.

,

2024-29RA

,

A1R

,

144A,

FRN

,

5.708 %

,

(3-month

SOFR

+

1.39 %),

7/15/39

.

............................

United

States

350,000

351,223

b,j

Signal

Peak

CLO

Ltd.

,

2018-5A

,

A1R

,

144A,

FRN

,

5.868 %

,

(3-month

SOFR

+

1.55 %),

4/25/37

.

....................

United

States

250,000

250,315

b,j

Sound

Point

CLO

XXVI

Ltd.

,

2020-1A

,

AR

,

144A,

FRN

,

5.757 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

...................

United

States

508,000

508,688

b,j

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.73 %

,

(3-month

SOFR

+

1.412 %),

10/25/34

.

..................

United

States

450,000

450,862

b,j

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

5.218 %

,

(3-month

SOFR

+

0.9 %),

1/15/34

.

.....................

United

States

541,379

541,981

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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

TICP

CLO

XII

Ltd.

,

2018-12A

,

BR

,

144A,

FRN

,

6.229 %

,

(3-month

SOFR

+

1.912 %),

7/15/34

.

...........................

United

States

400,000

$

401,036

b,j

Towd

Point

Mortgage

Trust

,

2025-HE1

,

A1A

,

144A,

FRN

,

5.706 %

,

(30-day

SOFR

Average

+

1.35 %),

7/25/65

.

...............

United

States

155,442

155,592

b,j

Trinitas

CLO

XVIII

Ltd.

,

2021-18A

,

A1R

,

144A,

FRN

,

5.545 %

,

(3-month

SOFR

+

1.22 %),

1/20/35

.

....................

United

States

300,000

300,900

b,j

Venture

CLO

Ltd.

,

2021-41A

,

A1RR

,

144A,

FRN

,

5.546 %

,

(3-month

SOFR

+

1.13 %),

1/20/34

.

....................

United

States

1,100,000

1,100,405

b,j

Venture

XV

CLO

Ltd.

,

2013-15A

,

AR3

,

144A,

FRN

,

5.759 %

,

(3-month

SOFR

+

1.442 %),

7/15/32

.

...................

United

States

192,164

192,210

b,j

Voya

CLO

Ltd.

,

2019-3A

,

AR

,

144A,

FRN

,

5.664 %

,

(3-month

SOFR

+

1.342 %),

10/17/32

.

..........................

United

States

277,149

277,472

b,j

Warwick

Capital

CLO

Ltd.

,

2024-3A

,

A1

,

144A,

FRN

,

5.975 %

,

(3-month

SOFR

+

1.65 %),

4/20/37

.

....................

Jersey

350,000

352,100

b,j

Wind

River

CLO

Ltd.

,

2021-4A

,

AR

,

144A,

FRN

,

5.562 %

,

(3-month

SOFR

+

1.23 %),

1/20/35

.

....................

United

States

360,000

361,233

b,j

Wise

CLO

Ltd.

,

2023-2A,

A,

144A,

FRN,

6.118%,

(3-month

SOFR

+

1.8%),

1/15/37

.........................................

Jersey

250,000

250,843

2024-2A,

A,

144A,

FRN,

5.778%,

(3-month

SOFR

+

1.46%),

7/15/37

.........................................

United

States

500,000

501,725

27,486,591

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $28,906,822)
.............................

#### 28,982,780

#### Commercial

#### Mortgage-Backed

#### Securities

#### 0.7%

#### Financial

#### Services

#### 0.7%
b,l,m

Arbor

Multifamily

Mortgage

Securities

Trust

,

2020-MF1

,

XA

,

IO,

144A,

FRN

,

1.045 %

,

5/15/53

.........................

United

States

5,068,642

172,378

l,m

BANK

,

2020-BN26

,

XA

,

IO,

FRN

,

1.306 %

,

3/15/63

..........

United

States

2,596,646

102,289

l,m

BANK5

Trust

,

2024-5YR7

,

XA

,

IO,

FRN

,

1.57 %

,

6/15/57

......

United

States

7,538,844

324,881

Barclays

Commercial

Mortgage

Trust

,

l,m

2019-C4,

XA,

IO,

FRN,

1.661%,

8/15/52

.................

United

States

9,866,974

440,186

2019-C5,

C,

3.71%,

11/15/52

.........................

United

States

473,000

420,484

l,m

BBCMS

Mortgage

Trust

,

2021-C9

,

XA

,

IO,

FRN

,

1.694 %

,

2/15/54

United

States

2,669,780

172,745

l,m

Benchmark

Mortgage

Trust

,

2020-B22,

XA,

IO,

FRN,

1.613%,

1/15/54

................

United

States

2,586,495

161,958

2024-V10,

XA,

IO,

FRN,

1.522%,

9/15/57

................

United

States

5,153,661

231,536

m

CFCRE

Commercial

Mortgage

Trust

,

b

2011-C2,

D,

144A,

FRN,

5.08%,

12/15/47

...............

United

States

48,092

46,486

2017-C8,

B,

FRN,

4.199%,

6/15/50

....................

United

States

169,000

162,850

Citigroup

Commercial

Mortgage

Trust

,

2016-P4

,

AS

,

3.075 %

,

7/10/49

.........................................

United

States

798,000

775,058

COMM

Mortgage

Trust

,

m

2013-CR13,

C,

FRN,

5.109%,

11/10/46

.................

United

States

124,954

123,220

b,m

2013-CR13,

D,

144A,

FRN,

5.109%,

11/10/46

............

United

States

537,000

303,405

m

2014-CR17,

C,

FRN,

4.942%,

5/10/47

..................

United

States

392,000

362,404

b,m

2014-CR17,

D,

144A,

FRN,

5.006%,

5/10/47

.............

United

States

442,000

372,716

m

2014-CR20,

C,

FRN,

4.826%,

11/10/47

.................

United

States

692,375

668,116

2014-UBS3,

AM,

4.012%,

6/10/47

.....................

United

States

51,968

51,085

m

2014-UBS5,

AM,

FRN,

4.193%,

9/10/47

.................

United

States

150,020

148,201

m

2014-UBS6,

C,

FRN,

4.556%,

12/10/47

.................

United

States

205,555

203,564

m

2015-CR22,

B,

FRN,

3.926%,

3/10/48

..................

United

States

295,744

284,805

m

2015-LC19,

C,

FRN,

4.2%,

2/10/48

....................

United

States

731,000

703,036

m

2015-LC21,

B,

FRN,

4.441%,

7/10/48

...................

United

States

20,354

20,207

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,l,m

Credit

Suisse

Commercial

Mortgage

Trust

,

2007-C2

,

AX

,

IO,

144A,

FRN

,

0.029 %

,

1/15/49

.........................

United

States

2,897,998

$

645

CSAIL

Commercial

Mortgage

Trust

,

m

2015-C1,

AS,

FRN,

3.791%,

4/15/50

...................

United

States

653,167

649,393

m

2015-C1,

C,

FRN,

3.958%,

4/15/50

....................

United

States

538,000

491,092

m

2015-C2,

B,

FRN,

4.208%,

6/15/57

....................

United

States

303,760

293,783

m

2016-C7,

AS,

FRN,

3.958%,

11/15/49

...................

United

States

399,000

392,020

2019-C17,

AS,

3.278%,

9/15/52

.......................

United

States

430,000

387,769

l,m

2020-C19,

XA,

IO,

FRN,

1.207%,

3/15/53

................

United

States

10,301,592

373,211

l,m

2021-C20,

XA,

IO,

FRN,

1.112%,

3/15/54

................

United

States

3,844,154

153,587

b,m

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.53 %

,

8/10/44

.........................................

United

States

842,582

815,697

l,m

GS

Mortgage

Securities

Trust

,

2014-GC22,

XA,

IO,

FRN,

0.743%,

6/10/47

..............

United

States

797,238

4,612

2014-GC24,

XA,

IO,

FRN,

0.389%,

9/10/47

..............

United

States

604,181

2019-GC38,

XA,

IO,

FRN,

1.169%,

2/10/52

..............

United

States

7,622,104

217,425

m

JPMBB

Commercial

Mortgage

Securities

Trust

,

2013-C12,

C,

FRN,

4.071%,

7/15/45

...................

United

States

272,838

262,885

2014-C18,

B,

FRN,

4.654%,

2/15/47

...................

United

States

463,572

451,714

2014-C23,

B,

FRN,

4.688%,

9/15/47

...................

United

States

322,000

312,726

2014-C23,

C,

FRN,

4.688%,

9/15/47

...................

United

States

700,400

673,106

l

2014-C25,

XA,

IO,

FRN,

0.609%,

11/15/47

...............

United

States

1,203,898

l

2015-C33,

XA,

IO,

FRN,

0.997%,

12/15/48

...............

United

States

2,118,084

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549 %

,

3/10/50

.........................................

United

States

846,000

831,350

m

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

2013-C10,

B,

FRN,

4.085%,

7/15/46

...................

United

States

665,221

630,967

b

2013-C9,

D,

144A,

FRN,

3.924%,

5/15/46

...............

United

States

316,000

289,402

2015-C22,

C,

FRN,

4.113%,

4/15/48

...................

United

States

520,000

460,725

Morgan

Stanley

Capital

I

Trust

,

m

2016-BNK2,

C,

FRN,

4.003%,

11/15/49

.................

United

States

148,000

131,667

2018-L1,

A3,

4.139%,

10/15/51

.......................

United

States

335,000

333,856

b,n

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

%

,

12/28/38

..

United

States

417,718

l,m

Wachovia

Bank

Commercial

Mortgage

Trust

,

2006-C29

,

IO,

FRN

,

0.488 %

,

11/15/48

..................................

United

States

15,837

m

Wells

Fargo

Commercial

Mortgage

Trust

,

b

2013-LC12,

D,

144A,

FRN,

3.913%,

7/15/46

.............

United

States

312,000

179,400

2016-C33,

B,

FRN,

4.506%,

3/15/59

...................

United

States

596,000

590,947

l

2016-LC25,

XA,

IO,

FRN,

0.957%,

12/15/59

..............

United

States

9,261,529

55,988

l

2024-5C1,

XA,

IO,

FRN,

1.257%,

7/15/57

................

United

States

8,881,409

302,997

m

WFRBS

Commercial

Mortgage

Trust

,

b,n

2011-C3,

D,

144A,

FRN,

5.415%,

3/15/44

...............

United

States

257,303

94,559

2013-C11,

C,

FRN,

4.146%,

3/15/45

...................

United

States

1,149,000

1,107,263

l

2013-C14,

XA,

IO,

FRN,

0.456%,

6/15/46

................

United

States

179,161

b

2013-C15,

D,

144A,

FRN,

4.284%,

8/15/46

..............

United

States

299,515

172,221

l

2014-C22,

XA,

IO,

FRN,

0.384%,

9/15/57

................

United

States

2,298,312

2014-C23,

B,

FRN,

4.44%,

10/15/57

...................

United

States

206,000

199,987

17,113,326

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $17,921,222)
..............

#### 17,113,326

#### Mortgage-Backed

#### Securities

#### 9.1%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 0.5%
FHLMC

Pool,

Year,

2.5%,

8/01/50

-

8/01/51

.............

United

States

3,977,033

3,367,280

FHLMC

Pool,

Year,

3%,

1/01/48

......................

United

States

7,379,798

6,653,002

FHLMC

Pool,

Year,

4%,

9/01/45

......................

United

States

98,775

95,606

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate
(continued)

FHLMC

Pool,

Year,

5.5%,

5/01/53

.....................

United

States

928,385

$

950,656

FHLMC

Pool,

Year,

6%,

5/01/53

......................

United

States

871,195

898,876

FHLMC

Pool,

Year,

6.5%,

5/01/53

.....................

United

States

221,483

229,213

12,194,633

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 6.3%
FNMA,

2.73%,

9/01/29

...............................

United

States

366,011

348,087

FNMA,

3.5%,

6/01/56

-

2/01/57

.........................

United

States

4,738,534

4,316,659

FNMA,

4%,

1/01/57

..................................

United

States

608,638

575,877

FNMA,

5.28%,

12/01/28

..............................

United

States

294,000

303,833

FNMA,

Year,

2.5%,

7/01/50

-

8/01/51

..................

United

States

19,989,582

17,024,816

FNMA,

Year,

3%,

4/01/46

-

4/01/52

....................

United

States

10,131,754

9,106,823

FNMA,

Year,

3.5%,

4/01/52

.........................

United

States

2,200,302

2,036,553

FNMA,

Year,

6.5%,

3/01/53

-

5/01/53

..................

United

States

2,483,846

2,584,653

o

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

10/25/40

....

United

States

18,000,000

16,934,473

o

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

10/25/55

....

United

States

39,000,000

32,863,432

o

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

10/25/55

....

United

States

14,000,000

12,792,578

o

Uniform

Mortgage-Backed

Securities,

4%,

TBA,

10/25/55

.....

United

States

2,000,000

1,885,194

o

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

10/25/55

.....

United

States

35,000,000

34,716,204

o

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

10/25/55

.....

United

States

1,000,000

1,021,744

o

Uniform

Mortgage-Backed

Securities,

6.5%,

TBA,

10/25/55

....

United

States

9,000,000

9,301,859

145,812,785

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 2.3%
GNMA

I,

Single-family,

Year,

4.5%,

5/15/47

..............

United

States

250,328

245,618

GNMA

II,

Year,

5.5%,

7/20/53

........................

United

States

1,672,892

1,714,161

GNMA

II,

Single-family,

Year,

3%,

8/20/49

-

1/20/54

.......

United

States

25,999,342

23,340,844

o

GNMA

II,

Single-family,

Year,

3%,

10/15/55

..............

United

States

13,000,000

11,607,553

o

GNMA

II,

Single-family,

Year,

4%,

10/15/55

..............

United

States

3,000,000

2,821,234

GNMA

II,

Single-family,

Year,

4.5%,

5/20/49

-

10/15/55

.....

United

States

5,068,162

4,916,006

o

GNMA

II,

Single-family,

Year,

5%,

10/15/55

..............

United

States

5,000,000

4,974,268

GNMA

II,

Single-family,

Year,

5.5%,

6/20/53

-

10/15/55

.....

United

States

3,613,858

3,656,662

GNMA

II,

Single-family,

Year,

6%,

12/20/48

-

4/20/49

......

United

States

524,113

549,307

53,825,653

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $219,790,694)
.........................

#### 211,833,071

#### Residential

#### Mortgage-Backed

#### Securities

#### 1.1%

#### Financial

#### Services

#### 1.1%
b

A&D

Mortgage

Trust

,

2023-NQM4

,

A1

,

144A,

7.472 %

,

9/25/68

.

United

States

231,128

235,606

j

Alternative

Loan

Trust

,

2005-59,

1A1,

FRN,

4.91%,

(1-month

SOFR

+

0.774%),

11/20/35

........................................

United

States

141,996

137,785

2005-65CB,

2A1,

FRN,

4.697%,

(1-month

SOFR

+

0.539%),

12/25/35

........................................

United

States

712,538

439,737

2006-24CB,

A19,

FRN,

4.772%,

(1-month

SOFR

+

0.614%),

8/25/36

.........................................

United

States

340,924

137,036

2006-OA10,

4A1,

FRN,

4.652%,

(1-month

SOFR

+

0.494%),

8/25/46

.........................................

United

States

678,689

589,123

2006-OA19,

A1,

FRN,

4.43%,

(1-month

SOFR

+

0.294%),

2/20/47

.........................................

United

States

356,007

288,031

2006-OA7,

1A2,

FRN,

5.093%,

(12-month

average

of

1-year

CMT

+

0.94%),

6/25/46

.............................

United

States

319,097

314,861

j

American

Home

Mortgage

Investment

Trust

,

2007-1

,

GA1C

,

FRN

,

4.462 %

,

(1-month

SOFR

+

0.304 %),

5/25/47

.............

United

States

1,032,341

608,690

b

Angel

Oak

Mortgage

Trust

,

2024-9

,

A1

,

144A,

5.138 %

,

9/25/69

.

United

States

389,836

390,004

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,m

Arroyo

Mortgage

Trust

,

2019-1,

A3,

144A,

FRN,

4.208%,

1/25/49

................

United

States

46,811

$

45,948

2019-3,

A3,

144A,

FRN,

3.416%,

10/25/48

...............

United

States

79,077

76,179

j

BankUnited

Trust

,

2005-1

,

1A1

,

FRN

,

4.872 %

,

(1-month

SOFR

+

0.714 %),

9/25/45

..................................

United

States

53,052

50,361

b

BRAVO

Residential

Funding

Trust

,

2023-NQM5

,

A1

,

144A,

6.505 %

,

6/25/63

...................................

United

States

149,739

151,038

b,m

Bunker

Hill

Loan

Depositary

Trust

,

2020-1

,

A2

,

144A,

FRN

,

2.6 %

,

2/25/55

.........................................

United

States

500,000

489,589

b,j

Chase

Home

Lending

Mortgage

Trust

,

2025-10,

A11,

144A,

FRN,

5.669%,

(30-day

SOFR

Average

+

1.3%),

7/25/56

....................................

United

States

153,200

153,584

2025-7,

A11,

144A,

FRN,

5.756%,

(30-day

SOFR

Average

+

1.4%),

5/25/56

....................................

United

States

140,809

141,260

m

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2005-2

,

1A2A

,

FRN

,

6.134 %

,

5/25/35

.........................................

United

States

76,158

75,212

b

Cross

Mortgage

Trust

,

2024-H4

,

A1

,

144A,

6.147 %

,

7/25/69

...

United

States

163,127

165,344

b,m

CSMC

Trust

,

2021-RPL4,

A1,

144A,

FRN,

4.136%,

12/27/60

............

United

States

210,271

209,576

2021-RPL7,

A1,

144A,

FRN,

4.209%,

7/27/61

.............

United

States

190,056

189,321

j

FHLMC

STACR

Debt

Notes

,

2015-DNA3

,

M3

,

FRN

,

9.171 %

,

(30-

day

SOFR

Average

+

4.814 %),

4/25/28

.................

United

States

180,373

180,892

b,j

FHLMC

STACR

REMIC

Trust

,

2021-DNA5,

M2,

144A,

FRN,

6.006%,

(30-day

SOFR

Average

+

1.65%),

1/25/34

.................................

United

States

41,679

41,816

2021-DNA6,

M2,

144A,

FRN,

5.856%,

(30-day

SOFR

Average

+

1.5%),

10/25/41

.................................

United

States

261,929

262,719

2021-DNA7,

M2,

144A,

FRN,

6.156%,

(30-day

SOFR

Average

+

1.8%),

11/25/41

..................................

United

States

714,000

720,312

2021-HQA4,

M1,

144A,

FRN,

5.306%,

(30-day

SOFR

Average

+

0.95%),

12/25/41

................................

United

States

64,187

64,231

2022-DNA2,

M1A,

144A,

FRN,

5.656%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

..................................

United

States

100,144

100,159

2022-DNA3,

M1B,

144A,

FRN,

7.256%,

(30-day

SOFR

Average

+

2.9%),

4/25/42

..................................

United

States

24,000

24,704

2022-DNA5,

M1A,

144A,

FRN,

7.306%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

.................................

United

States

353,505

360,633

2022-DNA6,

M1A,

144A,

FRN,

6.506%,

(30-day

SOFR

Average

+

2.15%),

9/25/42

.................................

United

States

30,428

30,603

2022-DNA6,

M1B,

144A,

FRN,

8.056%,

(30-day

SOFR

Average

+

3.7%),

9/25/42

..................................

United

States

24,000

25,238

2022-HQA1,

M1A,

144A,

FRN,

6.456%,

(30-day

SOFR

Average

+

2.1%),

3/25/42

..................................

United

States

9,137

9,180

2022-HQA2,

M1A,

144A,

FRN,

7.006%,

(30-day

SOFR

Average

+

2.65%),

7/25/42

.................................

United

States

501,768

512,100

2022-HQA3,

M1A,

144A,

FRN,

6.656%,

(30-day

SOFR

Average

+

2.3%),

8/25/42

..................................

United

States

187,529

190,396

2023-DNA1,

M1A,

144A,

FRN,

6.448%,

(30-day

SOFR

Average

+

2.1%),

3/25/43

..................................

United

States

122,482

124,270

2023-HQA2,

M1A,

144A,

FRN,

6.356%,

(30-day

SOFR

Average

+

2%),

6/25/43

....................................

United

States

41,621

41,813

2023-HQA3,

A1,

144A,

FRN,

6.206%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

..................................

United

States

78,898

79,829

2023-HQA3,

M1,

144A,

FRN,

6.206%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

.................................

United

States

54,360

54,695

2024-DNA1,

A1,

144A,

FRN,

5.706%,

(30-day

SOFR

Average

+

1.35%),

2/25/44

...................................

United

States

89,868

90,365

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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,j

FHLMC

STACR

REMIC

Trust,

(continued)

2024-DNA2,

A1,

144A,

FRN,

5.606%,

(30-day

SOFR

Average

+

1.25%),

5/25/44

...................................

United

States

94,076

$

94,602

2025-DNA1,

A1,

144A,

FRN,

5.306%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

753,263

754,126

2025-DNA3,

M1,

144A,

FRN,

5.47%,

(30-day

SOFR

Average

+

1.1%),

9/25/45

....................................

United

States

523,000

524,635

j

FNMA

Connecticut

Avenue

Securities

Trust

,

2015-C04,

1M2,

FRN,

10.171%,

(30-day

SOFR

Average

+

5.814%),

4/25/28

..................................

United

States

537,990

540,019

2016-C01,

1M2,

FRN,

11.221%,

(30-day

SOFR

Average

+

6.864%),

8/25/28

..................................

United

States

192,570

196,520

2016-C01,

2M2,

FRN,

11.421%,

(30-day

SOFR

Average

+

7.064%),

8/25/28

..................................

United

States

137,956

140,786

2016-C02,

1M2,

FRN,

10.471%,

(30-day

SOFR

Average

+

6.114%),

9/25/28

..................................

United

States

67,413

68,198

2016-C03,

2M2,

FRN,

10.371%,

(30-day

SOFR

Average

+

6.014%),

10/25/28

.................................

United

States

27,383

27,802

2016-C04,

1M2,

FRN,

8.721%,

(30-day

SOFR

Average

+

4.364%),

1/25/29

..................................

United

States

407,285

415,374

2016-C05,

2M2,

FRN,

8.921%,

(30-day

SOFR

Average

+

4.564%),

1/25/29

..................................

United

States

333,683

339,151

2016-C06,

1M2,

FRN,

8.721%,

(30-day

SOFR

Average

+

4.364%),

4/25/29

..................................

United

States

172,285

174,969

2016-C07,

2M2,

FRN,

8.821%,

(30-day

SOFR

Average

+

4.464%),

5/25/29

..................................

United

States

255,909

263,104

2017-C02,

2M2C,

FRN,

8.121%,

(30-day

SOFR

Average

+

3.764%),

9/25/29

..................................

United

States

87,555

88,700

2017-C06,

2M2,

FRN,

7.271%,

(30-day

SOFR

Average

+

2.914%),

2/25/30

..................................

United

States

153,354

156,001

2017-C06,

2M2C,

FRN,

7.271%,

(30-day

SOFR

Average

+

2.914%),

2/25/30

..................................

United

States

84,467

85,924

2018-C02,

2M2,

FRN,

6.671%,

(30-day

SOFR

Average

+

2.314%),

8/25/30

..................................

United

States

10,139

10,298

b

2021-R03,

1M1,

144A,

FRN,

5.206%,

(30-day

SOFR

Average

+

0.85%),

12/25/41

..................................

United

States

1,421

1,420

b

2021-R03,

1M2,

144A,

FRN,

6.006%,

(30-day

SOFR

Average

+

1.65%),

12/25/41

..................................

United

States

234,000

235,178

b

2022-R01,

1M1,

144A,

FRN,

5.356%,

(30-day

SOFR

Average

+

1%),

12/25/41

....................................

United

States

48,553

48,514

b

2022-R01,

1M2,

144A,

FRN,

6.256%,

(30-day

SOFR

Average

+

1.9%),

12/25/41

...................................

United

States

212,000

215,043

b

2022-R02,

2M1,

144A,

FRN,

5.556%,

(30-day

SOFR

Average

+

1.2%),

1/25/42

....................................

United

States

82,254

82,234

b

2022-R02,

2M2,

144A,

FRN,

7.356%,

(30-day

SOFR

Average

+

3%),

1/25/42

.....................................

United

States

450,000

459,354

b

2022-R03,

1M2,

144A,

FRN,

7.856%,

(30-day

SOFR

Average

+

3.5%),

3/25/42

....................................

United

States

104,000

107,357

b

2022-R04,

1M2,

144A,

FRN,

7.456%,

(30-day

SOFR

Average

+

3.1%),

3/25/42

....................................

United

States

102,000

104,856

b

2022-R05,

2M1,

144A,

FRN,

6.256%,

(30-day

SOFR

Average

+

1.9%),

4/25/42

....................................

United

States

23,807

23,861

b

2022-R05,

2M2,

144A,

FRN,

7.356%,

(30-day

SOFR

Average

+

3%),

4/25/42

.....................................

United

States

901,000

925,532

b

2022-R06,

1M1,

144A,

FRN,

7.106%,

(30-day

SOFR

Average

+

2.75%),

5/25/42

...................................

United

States

101,017

103,410

b

2022-R07,

1M1,

144A,

FRN,

7.298%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

...................................

United

States

193,114

198,186

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

j

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

b

2022-R08,

1M1,

144A,

FRN,

6.906%,

(30-day

SOFR

Average

+

2.55%),

7/25/42

...................................

United

States

150,430

$

154,343

b

2022-R09,

2M1,

144A,

FRN,

6.848%,

(30-day

SOFR

Average

+

2.5%),

9/25/42

....................................

United

States

99,233

100,650

b

2023-R01,

1M1,

144A,

FRN,

6.748%,

(30-day

SOFR

Average

+

2.4%),

12/25/42

...................................

United

States

33,874

34,677

b

2023-R02,

1M1,

144A,

FRN,

6.656%,

(30-day

SOFR

Average

+

2.3%),

1/25/43

....................................

United

States

67,790

69,053

b

2023-R06,

1M1,

144A,

FRN,

6.056%,

(30-day

SOFR

Average

+

1.7%),

7/25/43

....................................

United

States

40,342

40,480

b

2023-R07,

2M1,

144A,

FRN,

6.298%,

(30-day

SOFR

Average

+

1.95%),

9/25/43

...................................

United

States

19,688

19,784

b

2024-R02,

1M1,

144A,

FRN,

5.456%,

(30-day

SOFR

Average

+

1.1%),

2/25/44

....................................

United

States

5,138

5,137

b

2024-R03,

2M1,

144A,

FRN,

5.498%,

(30-day

SOFR

Average

+

1.15%),

3/25/44

...................................

United

States

28,490

28,507

b

2024-R04,

1M1,

144A,

FRN,

5.456%,

(30-day

SOFR

Average

+

1.1%),

5/25/44

....................................

United

States

56,594

56,646

b

2024-R05,

2M1,

144A,

FRN,

5.356%,

(30-day

SOFR

Average

+

1%),

7/25/44

.....................................

United

States

11,925

11,926

b

2024-R06,

1A1,

144A,

FRN,

5.506%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

...................................

United

States

249,841

250,782

b

2024-R06,

1M1,

144A,

FRN,

5.406%,

(30-day

SOFR

Average

+

1.05%),

9/25/44

...................................

United

States

31,328

31,317

b

2025-R01,

1A1,

144A,

FRN,

5.298%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

229,360

229,627

b

2025-R01,

1M1,

144A,

FRN,

5.448%,

(30-day

SOFR

Average

+

1.1%),

1/25/45

....................................

United

States

215,034

215,235

b

2025-R02,

1A1,

144A,

FRN,

5.348%,

(30-day

SOFR

Average

+

1%),

2/25/45

.....................................

United

States

231,241

231,646

b

2025-R02,

1M1,

144A,

FRN,

5.498%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

...................................

United

States

608,030

608,404

b

2025-R03,

2A1,

144A,

FRN,

5.806%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

...................................

United

States

44,546

44,846

b

2025-R04,

1A1,

144A,

FRN,

5.356%,

(30-day

SOFR

Average

+

1%),

5/25/45

.....................................

United

States

177,062

177,346

b

2025-R04,

1M1,

144A,

FRN,

5.556%,

(30-day

SOFR

Average

+

1.2%),

5/25/45

....................................

United

States

472,644

474,017

b

Imperial

Fund

Mortgage

Trust

,

2022-NQM5

,

A1

,

144A,

5.39 %

,

8/25/67

.........................................

United

States

128,172

127,828

b

J.P.

Morgan

Mortgage

Trust

,

j

2024-10,

A11,

144A,

FRN,

5.606%,

(30-day

SOFR

Average

+

1.25%),

3/25/55

...................................

United

States

209,840

209,570

2024-CES1,

A1A,

144A,

5.919%,

6/25/54

................

United

States

134,154

135,320

2024-VIS2,

A1,

144A,

5.853%,

11/25/64

.................

United

States

277,829

280,941

j

2025-1,

A11,

144A,

FRN,

5.606%,

(30-day

SOFR

Average

+

1.25%),

6/25/55

...................................

United

States

227,754

227,616

j

2025-2,

A11,

144A,

FRN,

5.606%,

(30-day

SOFR

Average

+

1.25%),

7/25/55

...................................

United

States

355,383

355,177

b

MFA

Trust

,

2023-INV2,

A1,

144A,

6.775%,

10/25/58

.................

United

States

127,096

128,593

2025-NQM3,

A1,

144A,

5.261%,

8/25/70

................

United

States

206,861

207,701

b

Mill

City

Mortgage

Loan

Trust

,

2023-NQM2

,

A1

,

144A,

6.24 %

,

12/25/67

........................................

United

States

456,244

457,431

b,m

Morgan

Stanley

Resecuritization

Trust

,

2015-R4

,

CB1

,

144A,

FRN

,

4.162 %

,

8/26/47

..............................

United

States

31,435

31,440

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

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,j

New

Residential

Mortgage

Loan

Trust

,

2018-4A

,

A1M

,

144A,

FRN

,

5.172 %

,

(1-month

SOFR

+

1.014 %),

1/25/48

.........

United

States

125,837

$

124,044

b,j

OBX

Trust

,

2025-J2

,

AF

,

144A,

FRN

,

5.656 %

,

(30-day

SOFR

Average

+

1.3 %),

9/25/55

............................

United

States

219,789

219,918

b,m

Onity

Loan

Investment

Trust

,

2025-HB1

,

A

,

144A,

FRN

,

%

,

6/25/38

.........................................

United

States

65,361

63,864

b

PRPM

Trust

,

2024-NQM2

,

A1

,

144A,

6.327 %

,

6/25/69

........

United

States

1,151,293

1,178,025

b,m

Residential

Mortgage

Loan

Trust

,

2020-2

,

A2

,

144A,

FRN

,

2.508 %

,

5/25/60

...................................

United

States

354,295

352,013

b,m

RMF

Proprietary

Issuance

Trust

,

2022-3

,

A

,

144A,

FRN

,

%

,

8/25/62

.........................................

United

States

210,359

205,463

b,m

Starwood

Mortgage

Residential

Trust

,

2020-3

,

A3

,

144A,

FRN

,

2.591 %

,

4/25/65

...................................

United

States

757,000

687,926

b,j

Station

Place

Securitization

Trust

,

2024-10,

A,

144A,

FRN,

5.057%,

(1-month

SOFR

+

0.9%),

10/27/25

........................................

United

States

950,000

950,412

2025-1,

A,

144A,

FRN,

5.057%,

(1-month

SOFR

+

0.9%),

7/23/26

.........................................

United

States

967,000

981,317

2025-3,

A,

144A,

FRN,

5.057%,

(1-month

SOFR

+

0.9%),

9/23/26

.........................................

United

States

960,000

963,905

j

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR7

,

1A1

,

FRN

,

5.122 %

,

(1-month

SOFR

+

0.964 %),

5/25/47

.........

United

States

435,699

357,512

b,m

Towd

Point

Mortgage

Trust

,

2016-5

,

M2

,

144A,

FRN

,

3.375 %

,

10/25/56

........................................

United

States

282,000

268,366

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

j

2005-AR11,

A1B3,

FRN,

5.072%,

(1-month

SOFR

+

0.914%),

8/25/45

.........................................

United

States

89,106

87,960

j

2005-AR9,

A1C3,

FRN,

5.232%,

(1-month

SOFR

+

1.074%),

7/25/45

.........................................

United

States

117,486

115,254

m

2007-HY2,

1A1,

FRN,

4.161%,

12/25/36

................

United

States

281,922

256,168

25,945,581

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $26,136,132)
...............

#### 25,945,581

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 0.6%

#### Financial

#### Services

#### 0.6%
FHLMC

,

m

3117,

AF,

FRN,

Zero

Cpn.,

2/15/36

.....................

United

States

3,131

2,760

3391,

Strip,

4/15/37

................................

United

States

1,872

1,642

j

3408,

EK,

FRN,

7.74%,

(30-day

SOFR

Average

+

25.332%),

4/15/37

.........................................

United

States

23,357

27,933

j

406,

F30,

FRN,

5.506%,

(30-day

SOFR

Average

+

1.15%),

10/25/53

........................................

United

States

417,164

420,138

j,l

4326,

GS,

IO,

FRN,

1.563%,

(30-day

SOFR

Average

+

5.936%),

4/15/44

..................................

United

States

4,058,907

429,468

l

5010,

IA,

IO,

3.5%,

9/25/50

..........................

United

States

2,780,102

511,042

l

5024,

HI,

IO,

4.5%,

10/25/50

.........................

United

States

3,602,303

859,976

l

5036,

IK,

IO,

4%,

4/25/50

............................

United

States

3,778,698

780,923

l

5079,

BI,

IO,

5.5%,

2/25/51

..........................

United

States

2,375,321

412,764

l

5121,

KI,

IO,

4%,

6/25/51

............................

United

States

3,844,595

850,237

l

5134,

IB,

IO,

4%,

8/25/51

............................

United

States

4,431,174

888,619

l

5138,

YI,

IO,

4.5%,

12/25/49

.........................

United

States

5,026,423

1,298,642

l

5142,

AI,

IO,

3.5%,

9/25/51

..........................

United

States

4,054,108

768,350

FNMA

,

2006-84,

OT,

Strip,

9/25/36

..........................

United

States

633

534

2007-14,

KO,

Strip,

3/25/37

..........................

United

States

4,470

3,802

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

FNMA,

(continued)

l

2020-96,

JI,

IO,

3%,

1/25/51

..........................

United

States

6,496,991

$

1,092,391

l

2021-28,

NI,

IO,

3%,

5/25/41

.........................

United

States

5,760,118

581,836

l

2021-45,

MI,

IO,

2.5%,

2/25/49

........................

United

States

5,926,924

749,276

l

2021-65,

LI,

IO,

3.5%,

10/25/51

.......................

United

States

3,365,622

582,924

j

2024-89,

FA,

FRN,

5.556%,

(30-day

SOFR

Average

+

1.2%),

12/25/54

........................................

United

States

744,609

748,361

j

2024-98,

FA,

FRN,

5.506%,

(30-day

SOFR

Average

+

1.15%),

12/25/53

........................................

United

States

523,076

525,141

j

2025-41,

FA,

FRN,

5.506%,

(30-day

SOFR

Average

+

1.15%),

6/25/54

.........................................

United

States

365,189

366,654

b,m

FREMF

Mortgage

Trust

,

2015-K51

,

B

,

144A,

FRN

,

4.175 %

,

10/25/48

........................................

United

States

41,923

41,794

GNMA

,

l,m

2015-H26,

EI,

IO,

FRN,

1.749%,

10/20/65

...............

United

States

699,244

22,139

l,m

2016-H16,

LI,

IO,

FRN,

2.172%,

7/20/66

................

United

States

2,866,214

143,907

l

2021-117,

MI,

IO,

3.5%,

5/20/42

.......................

United

States

5,680,713

903,310

l

2021-214,

AI,

IO,

4%,

12/20/51

.......................

United

States

2,945,776

586,569

j

2023-152,

FB,

FRN,

5.539%,

(30-day

SOFR

Average

+

1.15%),

4/20/51

.........................................

United

States

612,343

622,181

j

2024-78,

QF,

FRN,

5.489%,

(30-day

SOFR

Average

+

1.1%),

5/20/54

.........................................

United

States

728,184

730,412

14,953,725

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $12,261,812)
.......

#### 14,953,725

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $1,612,872,327)

#### ...........................

#### 2,344,905,313

#### a

#### Short

#### Term

#### Investments

#### 5.9%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 2.1%
p

U.S.

Treasury

Bills

,

q

2.01%,

10/02/25

...................................

United

States

24,300,000

24,297,289

q

3.86%,

12/04/25

...................................

United

States

2,400,000

2,383,390

3.83%,

1/20/26

...................................

United

States

22,100,000

21,840,039

48,520,718

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $48,519,467)

#### ...............

#### 48,520,718

#### Shares

#### Management

#### Investment

#### Companies

#### 3.5%
r,s

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

.......

United

States

82,352,507

82,352,507

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $82,352,507)

#### ..................

#### 82,352,507
Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 0.3%
s,t

JPMorgan

US

Dollar

Treasury

Liquidity

Fund,

3.98%

.........

United

States

7,702,669

$

7,702,669

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $7,702,669)

#### .................................

#### 7,702,669

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $138,574,643

####)
.............................

#### 138,575,894

#### a

#### Total

#### Investments

#### (Cost

#### $1,751,446,970)

#### 106.3%

#### ..............................

#### $2,483,481,207

#### TBA

#### Sale

#### Commitments

#### (0.7)%

#### ..............................................

#### (17,410,537)

#### Other

#### Assets,

#### less

#### Liabilities

#### (5.6)%

#### .........................................

#### (131,213,923)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $2,334,856,747

#### a

#### Principal

#### Amount

#### \*
u

#### TBA

#### Sale

#### Commitments

#### (0.7)%

#### Mortgage-Backed

#### Securities

#### (0.7)%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### (0.7)%
Uniform

Mortgage-Backed

Securities

,

3%,

TBA,

10/25/55

.................................

United

States

(4,000,000)

(3,514,055)

4.5%,

TBA,

10/25/55

...............................

United

States

(6,000,000)

(5,820,553)

5.5%,

TBA,

10/25/55

...............................

United

States

(7,000,000)

(7,058,759)

(16,393,367)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### (0.0)%

#### †
GNMA

II,

Single-family,

Year,

6%,

10/15/55

..............

United

States

(1,000,000)

(1,017,170)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $(17,481,172))

#### ........................

#### $(17,410,537)
\*

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

September

30,

2025,

the

aggregate

value

of

these

securities

was

$178,591,354,

representing

7.6%

of

net

assets.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

(d).

f

Income

may

be

received

in

additional

securities

and/or

cash.

g

Perpetual

security

with

no

stated

maturity

date.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

See

Note

(f)

regarding

senior

floating

rate

interests.

j

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

k

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

See

Note

(e).

l

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.

m

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.

n

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

.

o

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

(d).

p

The

rate

shown

represents

the

yield

at

period

end.

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

At

September

30,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

(e).

At

September

30,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

(e).

q

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

September

30,

2025,

the

aggregate

value

of

these

securities

pledged

amounted

to

$21,860,221,

representing

0.9%

of

net

assets.

r

See

Note

(g)

regarding

investments

in

affiliated

management

investment

companies.

s

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

t

The

security

is

owned

by

Franklin

Dynamic

Asset

Allocation

Balanced

Ltd.,

a

wholly-owned

subsidiary

of

the

Fund.

See

Note

1(g).

u

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.

See

Note

(d).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Commodity

#### contracts
Bloomberg

Commodity

Index

#

...................

Long

3,352

$

35,071,976

12/17/25

$

(184,595)

#### Equity

#### contracts
MSCI

EAFE

Index

............................

Short

417,795

12/19/25

1,667

Russell

2000

E-Mini

Index

......................

Short

27,133,275

12/19/25

(328,692)

S&P

500

E-Mini

Index

.........................

Short

824

277,636,500

12/19/25

(2,299,131)

S&P

MidCap

E-Mini

Index

..................

Long

657,240

12/19/25

(4,554)

#### Interest

#### rate

#### contracts
U.S.

Treasury

Year

Notes

....................

Short

542

60,975,000

12/19/25

65,977

U.S.

Treasury

Year

Ultra

Notes

................

Short

1,150,781

12/19/25

(10,482)

U.S.

Treasury

Year

Notes

.....................

Long

635

132,333,008

12/31/25

(89,261)

U.S.

Treasury

Year

Notes

.....................

Long

810

88,448,204

12/31/25

(96,031)

U.S.

Treasury

Long

Bonds

.....................

Long

518

60,395,562

12/19/25

1,246,856

U.S.

Treasury

Ultra

Bonds

......................

Long

30,495,875

12/19/25

923,525

Total

Futures

Contracts

......................................................................

$(774,721)

\*

As

of

period

end.

#

The

security

is

owned

by

Franklin

Dynamic

Asset

Allocation

Balanced

Ltd.,

a

wholly-owned

subsidiary

of

the

Fund.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Australian

Dollar

....

BZWS

Buy

182,300

120,027

10/15/25

$

625

$

—

Australian

Dollar

....

MSCO

Buy

465,700

305,197

10/15/25

3,018

—

Australian

Dollar

....

MSCO

Sell

492,900

319,697

10/15/25

—

(6,520)

Australian

Dollar

....

SSBT

Buy

1,931,400

1,268,063

10/15/25

10,200

—

Australian

Dollar

....

UBSW

Buy

522,400

342,982

10/15/25

2,759

—

Australian

Dollar

....

WPAC

Buy

7,786,200

5,111,890

10/15/25

41,267

—

Canadian

Dollar

....

BOFA

Sell

239,000

175,298

10/15/25

3,452

—

Canadian

Dollar

....

BZWS

Sell

19,200

14,083

10/15/25

—

Canadian

Dollar

....

JPHQ

Sell

1,280,300

939,841

10/15/25

19,278

—

Canadian

Dollar

....

SSBT

Sell

265,200

194,957

10/15/25

4,273

—

Canadian

Dollar

....

UBSW

Sell

6,124,500

4,495,950

10/15/25

92,301

—

Israeli

New

Shekel

..

BZWS

Buy

358,600

107,822

10/15/25

—

Israeli

New

Shekel

..

CITI

Buy

33,100

9,953

10/15/25

—

Israeli

New

Shekel

..

GSCO

Sell

93,200

28,021

10/15/25

—

(117) Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

Israeli

New

Shekel

..

HSBK

Buy

1,391,000

415,093

10/15/25

$

4,863

$

—

Israeli

New

Shekel

..

UBSW

Buy

981,600

292,954

10/15/25

3,401

—

New

Zealand

Dollar

.

MSCO

Buy

198,300

119,451

10/15/25

—

(4,429)

Hong

Kong

Dollar

...

BOFA

Sell

4,243,300

545,282

11/19/25

—

(630) Hong

Kong

Dollar

...

CITI

Sell

287,700

36,979

11/19/25

—

(34) Hong

Kong

Dollar

...

GSCO

Sell

3,333,200

428,553

11/19/25

—

(272) Hong

Kong

Dollar

...

HSBK

Sell

24,135,900

3,102,283

11/19/25

(3,149)

Hong

Kong

Dollar

...

MSCO

Sell

8,601,400

1,107,620

11/19/25

1,131

(104) Hong

Kong

Dollar

...

SSBT

Buy

2,675,200

343,859

11/19/25

—

Hong

Kong

Dollar

...

UBSW

Sell

828,200

106,428

11/19/25

—

(122) Japanese

Yen

......

BOFA

Buy

102,999,300

708,225

11/19/25

—

(8,199)

Japanese

Yen

......

BZWS

Sell

96,262,200

661,887

11/19/25

7,649

—

Japanese

Yen

......

GSCO

Buy

181,854,400

1,248,722

11/19/25

—

(12,764)

Japanese

Yen

......

GSCO

Sell

8,320,300

56,701

11/19/25

(94) Japanese

Yen

......

HSBK

Buy

56,322,400

386,540

11/19/25

—

(3,749)

Japanese

Yen

......

HSBK

Sell

24,184,900

165,063

11/19/25

693

—

Japanese

Yen

......

JPHQ

Buy

28,937,400

198,976

11/19/25

—

(2,305)

Japanese

Yen

......

MSCO

Buy

516,325,800

3,523,995

11/19/25

—

(14,831)

Japanese

Yen

......

MSCO

Sell

69,558,700

475,105

11/19/25

2,424

(69) Japanese

Yen

......

SSBT

Buy

23,853,300

162,795

11/19/25

—

(678) Japanese

Yen

......

UBSW

Sell

488,386,900

3,333,242

11/19/25

13,962

—

Singapore

Dollar

....

BZWS

Sell

3,300

2,593

11/19/25

—

Singapore

Dollar

....

HSBK

Buy

1,511,300

1,184,943

11/19/25

—

(8,893)

Singapore

Dollar

....

JPHQ

Buy

1,248,800

981,371

11/19/25

—

(9,591)

Singapore

Dollar

....

MSCO

Buy

135,600

106,316

11/19/25

—

(796) Singapore

Dollar

....

SSBT

Buy

2,286,200

1,792,451

11/19/25

—

(13,397)

British

Pound

......

BOFA

Sell

725,900

986,160

12/17/25

9,804

—

British

Pound

......

BZWS

Buy

112,500

152,477

12/17/25

—

(1,162)

British

Pound

......

GSCO

Sell

111,100

148,950

12/17/25

—

(482) British

Pound

......

HSBK

Sell

2,702,000

3,662,196

12/17/25

27,930

—

British

Pound

......

JPHQ

Sell

476,700

646,060

12/17/25

4,885

—

British

Pound

......

MSCO

Buy

1,039,300

1,403,879

12/17/25

—

(5,992)

British

Pound

......

MSCO

Sell

2,454,800

3,325,645

12/17/25

23,870

—

British

Pound

......

SSBT

Sell

1,729,100

2,344,748

12/17/25

19,060

—

British

Pound

......

UBSW

Sell

3,031,200

4,110,459

12/17/25

33,410

—

Danish

Krone

......

BOFA

Buy

3,378,900

534,331

12/17/25

—

(107) Danish

Krone

......

CITI

Sell

1,709,000

270,230

12/17/25

—

Danish

Krone

......

MSCO

Sell

12,915,700

2,046,574

12/17/25

4,571

(45) Danish

Krone

......

SSBT

Buy

185,500

29,326

12/17/25

—

Danish

Krone

......

UBSW

Sell

1,021,800

161,546

12/17/25

—

(7) Euro

.............

BOFA

Sell

341,100

402,263

12/17/25

—

Euro

.............

BZWS

Sell

2,330,100

2,747,880

12/17/25

—

(7) Euro

.............

CITI

Sell

819,200

966,100

12/17/25

—

Euro

.............

GSCO

Sell

184,400

217,461

12/17/25

—

(2) Euro

.............

HSBK

Buy

141,400

166,754

12/17/25

—

(1) Euro

.............

HSBK

Sell

204,700

241,007

12/17/25

—

(396) Euro

.............

JPHQ

Sell

686,400

809,417

12/17/25

—

(55) Euro

.............

MSCO

Buy

657,100

772,683

12/17/25

2,234

—

Euro

.............

MSCO

Sell

12,570,400

14,821,852

12/17/25

670

(3,092)

Euro

.............

SSBT

Sell

677,800

799,167

12/17/25

—

(163) Euro

.............

TDOM

Sell

243,100

286,634

12/17/25

—

(53) Euro

.............

UBSW

Sell

9,500

11,201

12/17/25

—

(2) Euro

.............

WPAC

Sell

157,800

186,033

12/17/25

—

(61) Norwegian

Krone

...

BZWS

Sell

186,600

18,879

12/17/25

—

Norwegian

Krone

...

JPHQ

Sell

9,282,100

939,079

12/17/25

8,766

—

Norwegian

Krone

...

MSCO

Buy

201,600

20,404

12/17/25

—

(198) Swedish

Krona

.....

BOFA

Buy

474,600

51,262

12/17/25

—

(605) Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

At

September

30,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

1(e).

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

Swedish

Krona

.....

BZWS

Buy

5,751,900

621,263

12/17/25

$

—

$

(7,328)

Swedish

Krona

.....

HSBK

Buy

12,502,200

1,350,341

12/17/25

—

(15,906)

Swedish

Krona

.....

MSCO

Sell

4,467,400

481,739

12/17/25

4,906

—

Swedish

Krona

.....

SSBT

Buy

3,041,800

328,005

12/17/25

—

(3,335)

Swiss

Franc

.......

BOFA

Buy

520,800

660,620

12/17/25

—

(319) Swiss

Franc

.......

BZWS

Buy

40,800

51,760

12/17/25

—

(32) Swiss

Franc

.......

GSCO

Buy

501,400

636,024

12/17/25

—

(320) Swiss

Franc

.......

HSBK

Buy

218,100

276,661

12/17/25

—

(141) Swiss

Franc

.......

JPHQ

Buy

546,400

693,186

12/17/25

—

(428) Swiss

Franc

.......

MSCO

Buy

549,800

698,252

12/17/25

—

(1,183)

Swiss

Franc

.......

SSBT

Buy

1,364,800

1,733,282

12/17/25

—

(2,908)

Swiss

Franc

.......

UBSW

Buy

827,800

1,051,322

12/17/25

—

(1,788)

Total

Forward

Exchange

Contracts

...................................................

$353,258

$(136,861)

Net

unrealized

appreciation

(depreciation)

............................................

$216,397

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

#### Credit

#### Default

#### Swap

#### Contracts

#### Description

#### Periodic

#### Payment

#### Rate

#### Received
(Paid)

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount
(a) #### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

#### Rating
(b) #### Centrally

#### Cleared

#### Swap

#### Contracts

#### to

#### Sell

#### Protection

#### (c)(d)

#### Traded

#### Index
CDX.NA.HY.44

.

5.00%

Quarterly

6/20/30

13,114,000

$

1,063,808

$

632,436

$

431,372

Non-

Investment

Grade

CDX.NA.IG.45

..

1.00%

Quarterly

12/20/30

129,182,000

2,923,743

2,923,743

—

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$3,987,551

$3,556,179

$431,372

Total

Credit

Default

Swap

Contracts

....................................

$3,987,551

$

3,556,179

$431,372

(a) In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b) Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c) Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d) The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

At

September

30,

2025,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

(e).

At

September

30,

2025,

the

Fund

had

the

following total

return swap

contracts

outstanding.

See

Note

1(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

3.6%

.....

Annual

9/17/27

92,887,000

$

(326,978)

$

153,387

$

(480,365)

Receive

Fixed

3.58%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/27

51,320,000

160,871

66,929

93,942

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.65%

....

Annual

9/17/30

25,742,000

(301,671)

86,040

(387,711)

Receive

Fixed

3.63%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/30

17,235,000

186,143

55,535

130,608

Receive

Fixed

3.88%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/35

35,569,000

662,132

108,063

554,069

Receive

Fixed

3.9%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/35

10,773,000

218,625

166,591

52,034

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.55%

....

Annual

12/17/35

2,465,000

22,506

14,573

7,933

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.05%

....

Annual

9/17/55

8,115,000

(170,101)

32,791

(202,892)

Receive

Fixed

4.03%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/55

15,304,000

266,717

28,273

238,444

Total

Interest

Rate

Swap

Contracts

.................................

$718,244

$

712,182

$6,062

\*

In

U.S.

dollars

unless

otherwise

indicated.

#### Total

#### Return

#### Swap

#### Contracts

#### Underlying

#### Instruments

#### Financing

#### Rate

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Value

#### \*

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### OTC

#### Swap

#### Contracts

#### Long
(a) RCXTPGDL

Index

#

....................

0%

At

Maturity

GSCO

12/16/25

90,427,403

$

1,514,834

BCFTDEAL

Index

#

....................

1-day

SOFR

+

0.45%

At

Maturity

BZWS

9/18/26

69,901,452

(108,157)

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

#### Total

#### Return

#### Swap

#### Contracts
(continued)

#### Underlying

#### Instruments

#### Financing

#### Rate

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Value\*

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### OTC

#### Swap

#### Contracts
(continued)

#### Short
(b) RCXTPGSS

Index

#

....................

0%

At

Maturity

GSCO

12/16/25

86,986,433

$

(402,027)

BCFTDEAS

Index

#

....................

1-day

SOFR

+

0.25%

At

Maturity

BZWS

9/18/26

69,826,929

121,069

Total

Return

Swap

Contracts

....................................................................

$1,125,719

\*

In

U.S.

dollars

unless

otherwise

indicated.

#

Represents

a

custom

index

comprised

of

a

basket

of

underlying

instruments.

The

largest

components,

and

any

individual

component

greater

than

1%

of

basket

value,

are

shown

below.

(a) The

Fund

receives

the

total

return

on

the

underlying

instrument

and

pays

a

variable

financing

rate.

(b) The

Fund

receives

a

variable

financing

rate

and

pays

the

total

return

on

the

underlying

instrument.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET

#### (#### RCXTPGDL

####)

#### OF

#### COMMON

#### STOCKS
Inpex

Corp

Energy

32,271

$

584,087

0.63%

Lam

Research

Corp

Information

Technology

4,027

539,200

0.58%

Expedia

Group

Inc

Consumer

Discretionary

2,475

529,033

0.57%

Novartis

AG

Health

Care

4,163

523,897

0.57%

Uber

Technologies

Inc

Industrials

5,337

522,889

0.57%

Keysight

Technologies

Inc

Information

Technology

2,962

518,147

0.56%

Endesa

SA

Utilities

15,900

508,345

0.55%

Osaka

Gas

Co

Ltd

Utilities

17,438

506,437

0.55%

Kirin

Holdings

Co

Ltd

Consumer

Staples

34,466

505,834

0.55%

Exxon

Mobil

Corp

Energy

4,471

504,117

0.55%

Dai

Nippon

Printing

Co

Ltd

Industrials

29,566

503,592

0.55%

Garmin

Ltd

Consumer

Discretionary

2,031

500,022

0.54%

Telenor

ASA

Communication

Services

29,930

496,146

0.54%

Idemitsu

Kosan

Co

Ltd

Energy

71,864

494,387

0.54%

MSCI

Inc

Financials

868

492,759

0.53%

SS&C

Technologies

Holdings

Inc

Industrials

5,526

490,521

0.53%

AT&T

Inc

Communication

Services

17,323

489,195

0.53%

Holcim

AG

Materials

5,738

485,619

0.53%

Graco

Inc

Industrials

5,709

485,042

0.53%

Netflix

Inc

Communication

Services

484,362

0.53%

Smiths

Group

PLC

Industrials

15,280

483,809

0.52%

ConocoPhillips

Energy

5,115

483,786

0.52%

Eni

SpA

Energy

27,500

480,357

0.52%

Altria

Group

Inc

Consumer

Staples

7,256

479,339

0.52%

United

Utilities

Group

PLC

Utilities

30,836

475,950

0.52%

Fortum

Oyj

Utilities

25,120

475,352

0.52%

PepsiCo

Inc

Consumer

Staples

3,382

475,008

0.52%

TotalEnergies

SE

Energy

7,802

474,207

0.51%

Rio

Tinto

PLC

Materials

7,185

472,766

0.51%

Veralto

Corp

Industrials

4,431

472,352

0.51%

Iberdrola

SA

Utilities

24,849

470,225

0.51%

E.ON

SE

Utilities

24,838

467,394

0.51%

Veeva

Systems

Inc

Health

Care

1,557

463,963

0.50%

Automatic

Data

Processing

Inc

Industrials

1,579

463,300

0.50%

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(RCXTPGDL)

#### OF

#### COMMON

#### STOCKS
(continued)

Weyerhaeuser

Co

Real

Estate

18,638

$

462,029

0.50%

Avery

Dennison

Corp

Materials

2,841

460,702

0.50%

PayPal

Holdings

Inc

Financials

6,859

459,996

0.50%

Tokyo

Gas

Co

Ltd

Utilities

12,872

458,798

0.50%

Engie

SA

Utilities

21,360

458,169

0.50%

Imperial

Oil

Ltd

Energy

5,046

457,622

0.50%

Honeywell

International

Inc

Industrials

2,172

457,232

0.50%

Norsk

Hydro

ASA

Materials

67,242

455,565

0.49%

Illumina

Inc

Health

Care

4,757

451,792

0.49%

Danone

SA

Consumer

Staples

5,168

450,318

0.49%

Amadeus

IT

Group

SA

Consumer

Discretionary

5,670

449,665

0.49%

Sekisui

Chemical

Co

Ltd

Industrials

23,812

444,211

0.48%

Airbnb

Inc

Consumer

Discretionary

3,649

443,044

0.48%

NN

Group

NV

Financials

6,271

441,397

0.48%

Telia

Co

AB

Communication

Services

114,917

438,524

0.48%

WH

Group

Ltd

Consumer

Staples

404,038

437,772

0.47%

#### A

#### BASKET

#### (#### BCFTDEAL

####)

#### OF

#### COMMON

#### STOCKS
Valero

Energy

Corp

Energy

5,364

913,257

1.31%

General

Motors

Co

Consumer

Discretionary

14,803

902,551

1.29%

Johnson

Controls

International

plc

Industrials

8,091

889,583

1.27%

Uber

Technologies

Inc

Industrials

8,917

873,629

1.25%

Pegasystems

Inc

Information

Technology

15,031

864,269

1.24%

NRG

Energy

Inc

Utilities

5,312

860,336

1.23%

DoorDash

Inc

Consumer

Discretionary

3,157

858,572

1.23%

Tapestry

Inc

Consumer

Discretionary

7,457

844,257

1.21%

Pure

Storage

Inc

Information

Technology

10,017

839,530

1.20%

Booking

Holdings

Inc

Consumer

Discretionary

832,289

1.19%

Axis

Capital

Holdings

Ltd

Financials

8,580

821,993

1.18%

Exelixis

Inc

Health

Care

19,792

817,417

1.17%

MGIC

Investment

Corp

Financials

28,787

816,685

1.17%

QUALCOMM

Inc

Information

Technology

4,889

813,408

1.16%

Howmet

Aerospace

Inc

Industrials

4,132

810,892

1.16%

Netflix

Inc

Communication

Services

668

801,321

1.15%

Unum

Group

Financials

10,157

789,982

1.13%

AutoNation

Inc

Consumer

Discretionary

3,586

784,537

1.12%

Arista

Networks

Inc

Information

Technology

5,351

779,687

1.12%

State

Street

Corp

Financials

6,695

776,712

1.11%

Cheniere

Energy

Inc

Energy

3,268

767,902

1.10%

Cadence

Design

Systems

Inc

Information

Technology

2,179

765,569

1.10%

Freeport-McMoRan

Inc

Materials

19,258

755,288

1.08%

Natera

Inc

Health

Care

4,666

751,028

1.08%

Equitable

Holdings

Inc

Financials

14,539

738,309

1.06%

Vornado

Realty

Trust

Real

Estate

18,196

737,479

1.06%

Synchrony

Financial

Financials

10,300

731,827

1.05%

Virtu

Financial

Inc

Financials

19,912

706,867

1.01%

Cirrus

Logic

Inc

Information

Technology

5,525

692,211

0.99%

Regeneron

Pharmaceuticals

Inc

Health

Care

1,226

689,150

0.99%

Rubrik

Inc

Information

Technology

8,375

688,812

0.99%

Spotify

Technology

SA

Communication

Services

981

684,834

0.98%

Curtiss-Wright

Corp

Industrials

1,251

679,386

0.97%

American

International

Group

Inc

Financials

8,593

674,914

0.97%

Toll

Brothers

Inc

Consumer

Discretionary

4,791

661,807

0.95%

Allison

Transmission

Holdings

Inc

Industrials

7,562

641,821

0.92%

Affiliated

Managers

Group

Inc

Financials

2,675

637,829

0.91%

Docusign

Inc

Information

Technology

8,541

615,721

0.88%

Boyd

Gaming

Corp

Consumer

Discretionary

6,881

594,874

0.85%

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(BCFTDEAL)

#### OF

#### COMMON

#### STOCKS
(continued)

Textron

Inc

Industrials

7,027

$

593,676

0.85%

eBay

Inc

Consumer

Discretionary

6,519

592,941

0.85%

NVR

Inc

Consumer

Discretionary

559,702

0.80%

Louisiana-Pacific

Corp

Materials

6,093

541,259

0.78%

Ulta

Beauty

Inc

Consumer

Discretionary

983

537,595

0.77%

Edison

International

Utilities

9,612

531,353

0.76%

Southwest

Airlines

Co

Industrials

16,580

529,068

0.76%

Manhattan

Associates

Inc

Information

Technology

2,541

520,753

0.75%

Ventas

Inc

Real

Estate

7,280

509,497

0.73%

Dropbox

Inc

Information

Technology

16,487

498,081

0.71%

Duolingo

Inc

Consumer

Discretionary

1,491

479,978

0.69%

#### A

#### BASKET

#### (#### RCXTPGSS

####)

#### OF

#### COMMON

#### STOCKS
Ferrovial

SE

Industrials

8,771

502,736

0.57%

Atmos

Energy

Corp

Utilities

2,907

496,338

0.57%

Salmar

ASA

Consumer

Staples

9,290

496,266

0.57%

Equifax

Inc

Industrials

1,897

486,708

0.56%

Antofagasta

PLC

Materials

13,135

486,468

0.56%

Imperial

Brands

PLC

Consumer

Staples

11,369

483,336

0.55%

Lennar

Corp

Consumer

Discretionary

3,824

482,031

0.55%

Sigma

Healthcare

Ltd

Health

Care

243,212

478,731

0.55%

Realty

Income

Corp

Real

Estate

7,869

478,385

0.55%

Keppel

Ltd

Industrials

68,743

475,635

0.54%

Singapore

Telecommunications

Ltd

Communication

Services

146,401

469,000

0.54%

Nutrien

Ltd

Materials

7,873

462,464

0.53%

Orange

SA

Communication

Services

28,265

458,645

0.52%

International

Paper

Co

Materials

9,852

457,133

0.52%

Southern

Co/The

Utilities

4,821

456,873

0.52%

Hermes

International

SCA

Consumer

Discretionary

454,464

0.52%

Marriott

International

Inc/MD

Consumer

Discretionary

1,737

452,471

0.52%

Diamondback

Energy

Inc

Energy

3,162

452,468

0.52%

RELX

PLC

Industrials

9,392

449,732

0.51%

Cellnex

Telecom

SA

Communication

Services

12,893

446,753

0.51%

Infrastrutture

Wireless

Italiane

SpA

Communication

Services

37,896

445,719

0.51%

Swisscom

AG

Communication

Services

612

444,016

0.51%

EssilorLuxottica

SA

Health

Care

1,367

443,281

0.51%

Allianz

SE

Financials

1,051

441,417

0.50%

Haleon

PLC

Health

Care

98,370

440,197

0.50%

Wilmar

International

Ltd

Consumer

Staples

197,665

436,974

0.50%

Coca-Cola

Co/The

Consumer

Staples

6,567

435,504

0.50%

Royalty

Pharma

PLC

Health

Care

12,296

433,819

0.50%

Saputo

Inc

Consumer

Staples

17,841

433,394

0.49%

Air

Products

and

Chemicals

Inc

Materials

1,579

430,686

0.49%

Waste

Connections

Inc

Industrials

2,430

427,148

0.49%

Aker

BP

ASA

Energy

16,676

423,017

0.48%

Swiss

Life

Holding

AG

Financials

417,387

0.48%

Visa

Inc

Financials

1,217

415,399

0.47%

Dominion

Energy

Inc

Utilities

6,780

414,744

0.47%

Pernod

Ricard

SA

Consumer

Staples

4,217

413,932

0.47%

Martin

Marietta

Materials

Inc

Materials

648

408,454

0.47%

U-Haul

Holding

Co

Industrials

8,016

408,019

0.47%

PPL

Corp

Utilities

10,721

398,380

0.45%

Alamos

Gold

Inc

Materials

11,417

398,035

0.45%

Walmart

Inc

Consumer

Staples

3,833

394,998

0.45%

Thomson

Reuters

Corp

Industrials

2,538

394,105

0.45%

CMS

Energy

Corp

Utilities

5,346

391,612

0.45%

FUJIFILM

Holdings

Corp

Information

Technology

15,657

390,249

0.45%

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(RCXTPGSS)

#### OF

#### COMMON

#### STOCKS
(continued)

Paychex

Inc

Industrials

3,034

$

384,606

0.44%

Straumann

Holding

AG

Health

Care

3,601

384,276

0.44%

Bureau

Veritas

SA

Industrials

12,244

383,249

0.44%

Aeon

Co

Ltd

Consumer

Staples

31,222

379,476

0.43%

Masco

Corp

Industrials

5,342

375,996

0.43%

Metso

Oyj

Industrials

27,183

373,223

0.43%

#### A

#### BASKET

#### (#### BCFTDEAS

####)

#### OF

#### COMMON

#### STOCKS
Synopsys

Inc

Information

Technology

2,048

1,010,432

1.45%

Micron

Technology

Inc

Information

Technology

5,493

919,066

1.32%

DT

Midstream

Inc

Energy

8,065

911,871

1.31%

Take-Two

Interactive

Software

Inc

Communication

Services

3,522

909,852

1.30%

Diamondback

Energy

Inc

Energy

6,302

901,845

1.29%

BWX

Technologies

Inc

Industrials

4,859

895,913

1.28%

Royal

Caribbean

Cruises

Ltd

Consumer

Discretionary

2,712

877,496

1.26%

Dell

Technologies

Inc

Information

Technology

6,177

875,646

1.26%

SoFi

Technologies

Inc

Financials

31,815

840,560

1.20%

MKS

Inc

Information

Technology

6,723

832,046

1.19%

Roivant

Sciences

Ltd

Health

Care

53,647

811,675

1.16%

Blue

Owl

Capital

Inc

Financials

47,028

796,188

1.14%

Norwegian

Cruise

Line

Holdings

Ltd

Consumer

Discretionary

31,102

766,053

1.10%

Lithia

Motors

Inc

Consumer

Discretionary

2,417

763,683

1.09%

Carnival

Corp

Consumer

Discretionary

25,948

750,143

1.08%

Gen

Digital

Inc

Information

Technology

26,354

748,196

1.07%

Monolithic

Power

Systems

Inc

Information

Technology

806

742,076

1.06%

Aon

PLC

Financials

1,996

711,876

1.02%

Domino's

Pizza

Inc

Consumer

Discretionary

1,640

708,146

1.02%

Kinsale

Capital

Group

Inc

Financials

1,613

685,956

0.98%

Ross

Stores

Inc

Consumer

Discretionary

4,336

660,823

0.95%

RPM

International

Inc

Materials

5,566

656,099

0.94%

Tyler

Technologies

Inc

Information

Technology

1,240

648,725

0.93%

Equifax

Inc

Industrials

2,437

625,213

0.90%

PTC

Inc

Information

Technology

3,030

615,250

0.88%

Affirm

Holdings

Inc

Financials

8,378

612,292

0.88%

Bunge

Global

SA

Consumer

Staples

7,505

609,784

0.87%

Royal

Gold

Inc

Materials

3,039

609,602

0.87%

Jack

Henry

&

Associates

Inc

Financials

4,036

601,131

0.86%

NU

Holdings

Ltd/Cayman

Islands

Financials

36,015

576,599

0.83%

Somnigroup

International

Inc

Consumer

Discretionary

6,800

573,459

0.82%

Texas

Instruments

Inc

Information

Technology

3,104

570,239

0.82%

Fox

Corp

Communication

Services

9,930

568,862

0.82%

Entegris

Inc

Information

Technology

5,878

543,491

0.78%

Watsco

Inc

Industrials

1,343

542,822

0.78%

NIKE

Inc

Consumer

Discretionary

7,674

535,141

0.77%

Coherent

Corp

Information

Technology

4,810

518,097

0.74%

LPL

Financial

Holdings

Inc

Financials

1,556

517,769

0.74%

Albemarle

Corp

Materials

6,381

517,336

0.74%

elf

Beauty

Inc

Consumer

Staples

3,897

516,214

0.74%

Healthcare

Realty

Trust

Inc

Real

Estate

28,245

509,265

0.73%

Expand

Energy

Corp

Energy

4,723

501,778

0.72%

Amdocs

Ltd

Information

Technology

6,066

497,747

0.71%

Marriott

International

Inc/MD

Consumer

Discretionary

1,876

488,499

0.70%

CH

Robinson

Worldwide

Inc

Industrials

3,652

483,497

0.69%

Stanley

Black

&

Decker

Inc

Industrials

6,368

473,358

0.68%

T

Rowe

Price

Group

Inc

Financials

4,577

469,750

0.67%

Arthur

J

Gallagher

&

Co

Financials

1,437

444,948

0.64%

Alphabet

Inc

Communication

Services

1,806

439,041

0.63%

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

See

Note

regarding

other

derivative

information.

See

A

bbreviations

on

.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(BCFTDEAS)

#### OF

#### COMMON

#### STOCKS
(continued)

General

Electric

Co

Industrials

1,453

$

437,090

0.63%

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Assets

and

Liabilities

September

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$1,669,094,463

Cost

-

Non-controlled

affiliates

(Note

g)

........................................................

82,352,507

Value

-

Unaffiliated

issuers

..................................................................

$2,401,128,700

Value

-

Non-controlled

affiliates

(Note

g)

.......................................................

82,352,507

Cash

....................................................................................

1,481,850

Receivables:

Investment

securities

sold

...................................................................

8,061,914

Receivable

for

sales

of

TBA

securities

(Note

d)

..................................................

17,481,172

Capital

shares

sold

........................................................................

3,078,056

Dividends

and

interest

.....................................................................

3,838,224

European

Union

tax

reclaims

(Note

h)

.........................................................

637,811

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

............................................................

6,873,747

Unrealized

appreciation

on

OTC

forward

exchange

contracts

..........................................

353,258

Unrealized

appreciation

on

OTC

swap

contracts

....................................................

1,635,903

Prepaid

expenses

..........................................................................

231,262

Total

assets

..........................................................................

2,527,154,404

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

29,059,582

Payable

for

purchases

of

TBA

securities

(Note

d)

................................................

136,417,891

Capital

shares

redeemed

...................................................................

4,425,168

Management

fees

.........................................................................

950,422

Administrative

fees

........................................................................

7,722

Distribution

fees

..........................................................................

380,164

Transfer

agent

fees

........................................................................

467,567

Trustees'

fees

and

expenses

.................................................................

300,765

Variation

margin

on

futures

contracts

...........................................................

237,309

Variation

margin

on

centrally

cleared

swap

contracts

...............................................

357,321

Deposits

from

brokers

for:

OTC

derivative

contracts

..................................................................

1,050,000

Unrealized

depreciation

on

OTC

swap

contracts

....................................................

510,184

Unrealized

depreciation

on

OTC

forward

exchange

contracts

..........................................

136,861

TBA

sale

commitments,

at

value

(proceeds

$17,481,172)

(Note

1d)

.....................................

17,410,537

Collateral

on

certain

derivative

contracts,

at

value

(Note

e)

...........................................

336,064

Accrued

expenses

and

other

liabilities

...........................................................

243,728

Total

liabilities

.........................................................................

192,291,285

Net

assets,

at

value

.................................................................

$2,334,863,119

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$1,725,879,818

Total

distributable

earnings

(losses)

.............................................................

608,983,301

Net

assets,

at

value

.................................................................

$2,334,863,119

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Assets

and

Liabilities

(continued)

September

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$1,448,924,356

Shares

outstanding

........................................................................

82,859,089

Net

asset

value

per

share

a

,b

..................................................................

$17.49

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

................................

$18.56

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$96,180,930

Shares

outstanding

........................................................................

5,755,390

Net

asset

value

and

maximum

offering

price

per

share

a

,b

............................................

$16.71

#### Class

#### P:
Net

assets,

at

value

.......................................................................

$71,290,258

Shares

outstanding

........................................................................

4,055,114

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$17.58

#### Class

#### R:
Net

assets,

at

value

.......................................................................

$14,623,929

Shares

outstanding

........................................................................

847,180

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$17.26

#### Class

#### R5:
Net

assets,

at

value

.......................................................................

$168,490

Shares

outstanding

........................................................................

9,543

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$17.66

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$247,475,612

Shares

outstanding

........................................................................

14,090,801

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$17.56

#### Class

#### Y:
Net

assets,

at

value

.......................................................................

$456,199,544

Shares

outstanding

........................................................................

25,977,468

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$17.56

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

year

ended

September

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$644,233)

Unaffiliated

issuers

........................................................................

$23,046,587

Non-controlled

affiliates

(Note

g)

.............................................................

4,765,370

Interest:

(net

of

foreign

taxes

of

$824)

Unaffiliated

issuers

........................................................................

26,496,650

Other

income

(Note

h)

......................................................................

171,055

Total

investment

income

...................................................................

54,479,662

Expenses:

Management

fees

(Note

a)

...................................................................

10,896,498

Administrative

fees

(Note

b)

..................................................................

43,037

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

3,434,990

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

1,039,536

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

66,051

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

1,437,144

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

108,834

&nbsp;&nbsp;&nbsp;&nbsp;Class

P

................................................................................

6,421

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

13,756

&nbsp;&nbsp;&nbsp;&nbsp;Class

R5

...............................................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

...............................................................................

120,049

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

................................................................................

386,693

Custodian

fees

(Note

4)

......................................................................

119,195

Reports

to

shareholders

fees

..................................................................

102,367

Registration

and

filing

fees

....................................................................

109,027

Professional

fees

...........................................................................

376,529

Trustees'

fees

and

expenses

(Note

3f)

...........................................................

77,761

Organization

costs

(Note

1j)

...................................................................

13,836

Interest

expense

...........................................................................

1,454

Other

....................................................................................

52,858

Total

expenses

.........................................................................

18,406,209

Expense

reductions

(Note

4)

...............................................................

(34,340)

Expenses

waived/paid

by

affiliates

(Note

g

and

h)

..............................................

(273) Net

expenses

.........................................................................

18,371,596

Net

investment

income

................................................................

36,108,066

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Operations\*

(continued)

for

the

year

ended

September

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

$103,565,039

Written

options

...........................................................................

1,097,183

Foreign

currency

transactions

................................................................

32,840

Forward

exchange

contracts

.................................................................

(582,803)

Futures

contracts

.........................................................................

(50,862,366)

TBA

sale

commitments

.....................................................................

(588,537)

Swap

contracts

...........................................................................

3,725,105

Net

realized

gain

(loss)

..................................................................

56,386,461

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

152,199,586

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

91,473

Written

options

...........................................................................

(859,086)

Forward

exchange

contracts

.................................................................

160,670

Futures

contracts

.........................................................................

4,628,318

TBA

sale

commitments

.....................................................................

2,073

Swap

contracts

...........................................................................

2,161,900

Net

change

in

unrealized

appreciation

(depreciation)

............................................

158,384,934

Net

realized

and

unrealized

gain

(loss)

............................................................

214,771,395

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$250,879,461

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Balanced

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(g).

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### \*

#### Year

#### Ended

#### September

#### 30,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$36,108,066

$34,710,101

Net

realized

gain

(loss)

.................................................

56,386,461

160,467,611

Net

change

in

unrealized

appreciation

(depreciation)

...........................

158,384,934

283,296,942

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

250,879,461

478,474,654

Distributions

to

shareholders:

Class

A

.............................................................

(147,562,408)

(43,003,031)

Class

B

.............................................................

—

(140,209)

Class

C

.............................................................

(11,594,408)

(3,289,213)

Class

P

.............................................................

(6,784,003)

(1,171,182)

Class

R

.............................................................

(1,377,232)

(440,773)

Class

R5

............................................................

(9,918)

(822) Class

R6

............................................................

(26,562,545)

(8,333,168)

Class

Y

.............................................................

(37,303,618)

(9,226,764)

Total

distributions

to

shareholders

..........................................

(231,194,132)

(65,605,162)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

48,918,965

(56,483,019)

Class

B

.............................................................

—

(9,661,658)

Class

C

.............................................................

(16,180,636)

(35,982,532)

Class

P

.............................................................

21,884,893

17,579,265

Class

R

.............................................................

1,731,430

(4,209,489)

Class

R5

............................................................

104,827

37,707

Class

R6

............................................................

(3,905,663)

(17,340,777)

Class

Y

.............................................................

134,898,086

27,992,664

Total

capital

share

transactions

............................................

187,451,902

(78,067,839)

Net

increase

(decrease)

in

net

assets

...................................

207,137,231

334,801,653

Net

assets:

Beginning

of

year

.......................................................

2,127,725,888

1,792,924,235

End

of

year

...........................................................

$2,334,863,119

$2,127,725,888

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Balanced

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(g).

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

Notes

to

Consolidated

Financial

Statements

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
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

Dynamic

Asset

Allocation

Balanced

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

September

5,

2024,

all

Class B

shares

were

converted

to

Class

A. 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

and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively. Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

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.

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

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

September

30,

2025,

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

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

fair

value

of

these

securities

is

highly

sensitive

to

changes

in

interest

rates.

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.

Collateral

has

been

pledged

and/or

received

for

open

TBA

trades.

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

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Stripped

#### Securities
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

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

counterparty

under

the

ISDA

agreement.

At

September

30,

2025,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

of

$53

and

the

aggregate

value

of

collateral

pledged

for

such

contracts

was

$519,489.

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

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

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

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

credit

default

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk.

A

credit

default

swap

is

an

agreement

between

the

Fund

and

a

counterparty

whereby

the

buyer

of

the

contract

receives

credit

protection

and

the

seller

of

the

contract

guarantees

the

credit

worthiness

of

a

referenced

debt

obligation.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

credit

default

swaps)

or

may

be

executed

in

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

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,

the

buyer

pays

the

seller

a

periodic

stream

of

payments,

provided

that

no

event

of

default

has

occurred.

Such

periodic

payments

are

accrued

daily

as

an

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

in

the Consolidated

Statement

of

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

of

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss

in

the Consolidated

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

Statement

of

Operations.

Credit

default

swap

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.

The

Fund

entered

into

OTC

total

return

swap

contracts

primarily

to

manage

and/or

gain exposure

to equity

price risk

of

an

underlying

instrument

such

as

a

stock,

bond,

index

or

basket

of

securities

or

indices.

A

total

return

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

a

return

linked

to

an

underlying

instrument

for

a

floating

or

fixed

rate

payment,

both

based

upon

a

notional

amount.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

or

received

are

accrued

daily

and

recorded

as

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

recognized

as

realized

gain

or

loss. Total

return

swap contracts outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund

purchased

or

wrote

exchange

traded

option

contracts

primarily

to

manage

and/or

gain exposure

to

equity

price

risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

Option contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

See

Note

8 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

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Ltd.

#### (FT

#### Subsidiary)
Effective

July

7,

2025,

Fund

invests

in

certain

financial

instruments,

warrants

or

commodity-linked

derivative

investments

through

its

investments

in

FT

Subsidiary.

FT

Subsidiary

is

a

Cayman

Islands

exempted

company

with

limited

liability,

is

a

wholly-owned

subsidiary

of

the

Fund,

and

is

able

to

invest

in

certain

financial

instruments

and

commodity-linked

derivative

investments

consistent

with

the

investment

objective

of

the

Fund.

At

September

30,

2025,

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

September

30,

2025,

the

net

assets

of

FT

Subsidiary

were

$8,612,366,

representing

0.37%

of

the

Fund's

consolidated

net

assets.

The

Fund's

investment

in

FT

Subsidiary

is

limited

to

25%

of

consolidated

assets.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

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

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.

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.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Consolidated

Statement

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Consolidated

Statement

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Fund,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

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

September

30,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

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

as

an

adjustment

to

interest

income.

The

Fund

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Fund.

Facility

fees

are

recognized

as

income

over

the

expected

term

of

the

loan.

Dividend

income

is

recorded

on

the

ex-

dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

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.

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.

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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

j. #### Organization

#### Costs
Organization

costs

were

expensed

as

incurred.

k. #### 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.

l. #### 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

September

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Year

#### Ended

#### September

#### 30,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

5,343,615

$87,947,779

5,257,858

$83,020,042

Shares

issued

in

reinvestment

of

distributions

..........

8,959,878

142,510,381

2,651,762

41,622,344

Shares

redeemed

...............................

(10,998,298)

(181,539,195)

(11,467,412)

(181,125,405)

Net

increase

(decrease)

..........................

3,305,195

$48,918,965

(3,557,792)

$(56,483,019)

#### Class

#### B

#### Shares:

#### \*
Shares

sold

...................................

—

$—

724

$11,574

Shares

issued

in

reinvestment

of

distributions

..........

—

—

8,939

136,013

Shares

redeemed

...............................

—

—

(618,751)

(9,809,245)

Net

increase

(decrease)

..........................

—

$—

(609,088)

$(9,661,658)

#### Class

#### C

#### Shares:
Shares

sold

...................................

965,189

$15,243,072

729,475

$11,175,821

Shares

issued

in

reinvestment

of

distributions

..........

741,387

11,308,549

214,612

3,203,406

Shares

redeemed

a

..............................

(2,696,848)

(42,732,257)

(3,346,046)

(50,361,759)

Net

increase

(decrease)

..........................

(990,272)

$(16,180,636)

(2,401,959)

$(35,982,532)

#### Class

#### P

#### Shares:
Shares

sold

...................................

2,341,950

$39,196,409

1,585,176

$26,001,660

Shares

issued

in

reinvestment

of

distributions

..........

424,616

6,784,339

73,604

1,171,181

Shares

redeemed

...............................

(1,454,029)

(24,095,855)

(594,984)

(9,593,576)

Net

increase

(decrease)

..........................

1,312,537

$21,884,893

1,063,796

$17,579,265

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### 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:

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Year

#### Ended

#### September

#### 30,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
Shares

sold

...................................

195,436

$3,181,604

114,195

$1,774,819

Shares

issued

in

reinvestment

of

distributions

..........

87,494

1,375,862

28,560

439,947

Shares

redeemed

...............................

(172,794)

(2,826,036)

(406,463)

(6,424,255)

Net

increase

(decrease)

..........................

110,136

$1,731,430

(263,708)

$(4,209,489)

#### Class

#### R5

#### Shares:
Shares

sold

...................................

6,139

$102,379

2,258

$38,293

Shares

issued

in

reinvestment

of

distributions

..........

616

9,918

822

Shares

redeemed

...............................

(470) (7,470)

(91) (1,408)

Net

increase

(decrease)

..........................

6,285

$104,827

2,218

$37,707

#### Class

#### R6

#### Shares:
Shares

sold

...................................

1,846,723

$30,501,705

2,318,458

$37,048,197

Shares

issued

in

reinvestment

of

distributions

..........

1,571,115

25,066,994

506,387

7,992,245

Shares

redeemed

...............................

(3,603,791)

(59,474,362)

(3,996,621)

(62,381,219)

Net

increase

(decrease)

..........................

(185,953)

$(3,905,663)

(1,171,776)

$(17,340,777)

#### Class

#### Y

#### Shares:
Shares

sold

...................................

14,107,389

$233,477,631

8,073,454

$130,373,908

Shares

issued

in

reinvestment

of

distributions

..........

2,226,399

35,551,172

544,054

8,613,760

Shares

redeemed

...............................

(8,136,115)

(134,130,717)

(6,980,337)

(110,995,004)

Net

increase

(decrease)

..........................

8,197,673

$134,898,086

1,637,171

$27,992,664

\*

Effective

September

5,

2024,

the

Fund

has

terminated

its

Class

B

shares.

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Advisory

Company,

LLC

(PAC)

Subadvisor

Putnam

Investments

Limited

(PIL)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

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

year

ended

September

30,

2025,

the

gross

effective

investment

management

fee

rate

was 0.503%

of

the

Fund's

average daily

net

assets.

Under

a

subadvisory

agreement,

Putnam

Management

provides

portfolio

management

and

certain

other

advisory

and

related

services

to

the

Fund.

With

respect

to

the

portfolio

management

services,

Advisers

pays

a

fee

to

Putnam

Management

based

on

the

average

net

asset

value

of

the

Fund

and

with

respect

to

the

other

advisory

and

related

services,

Advisers

pays

a

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund.

These

fees

are

not

an

additional

expense

to

the

Fund.

Effective

November

1,

2024,

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.

Prior

to

November

1,

2024,

PIL

provided

subadvisory

services

to

the

Fund.

Effective

November

1,

2024,

PIL

merged

into

FTIML,

and

PIL

investment

professionals

became

employees

of

FTIML.

Management

fees

paid

by

the

Fund

were

reduced

on

assets

invested

in

FT

Subsidiary,

in

an

amount

equal

to

the

management

fees

paid

by

FT

Subsidiary.

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

and

FT

Subsidiary.

The

fee

is

paid

by

Advisers

based

on

the

Fund's

and

FT

Subsidiary's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund

or

FT

Subsidiary.

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.

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.680%

of

the

first

$5

billion,

0.630%

of

the

next

$5

billion,

0.580%

of

the

next

$10

billion,

0.530%

of

the

next

$10

billion,

0.480%

of

the

next

$50

billion,

0.460%

of

the

next

$50

billion,

0.450%

of

the

next

$100

billion

and

0.445%

of

any

excess

thereafter.

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

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

year:

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

#### 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

..............................

$129,119

CDSC

retained

..............................................................................

$12,536

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

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

year

ended

September

30,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

h. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers has

contractually

agreed,

through

January

30,

2027,

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.

i. #### Interfund

#### Transactions
The

Fund

engaged

in

purchases

and

sales

of

investments

with

funds

or

other

accounts

that

have

common

investment

managers

(or

affiliated

investment

managers),

directors,

trustees

or

officers.

During

the

year

ended

September

30,

2025,

these

purchase

and

sale

transactions

aggregated

$27,050

and

$–,

respectively.

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into

arrangements

with PSERV

and its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

and

custodian

fees,

respectively.

During

the

year

ended

September

30,

2025,

the

fees

were

reduced

as

noted

in

the

Consolidated

Statement

of

Operations.

Effective May

19, 2025,

earned

credits

on

custodian

fees,

if

any,

are

recognized

as

income.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$108,641,599

$1,071,772,265

$(1,098,061,357)

$—

$—

$82,352,507

82,352,507

$4,765,370

#### Total

#### Affiliated

#### Securities

#### ...
$108,641,599

$1,071,772,265

$(1,098,061,357)

$—

$—

$82,352,507

$4,765,370

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Trustee

#### Fees
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

5. #### Income

#### Taxes
The

tax

character

of

distributions

paid

during

the

years

ended

September

30,

2025

and

2024,

was

as

follows:

At

September

30,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

undistributed

ordinary

income

and

undistributed

long

term

capital

gains 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

defaulted

securities,

wash

sales,

passive

foreign

investment

company

shares,

tax

straddles

and

derivative

financial

instruments.

The

Fund

utilized

a

tax

accounting

practice

to

treat

a

portion

of

the

proceeds

from

capital

shares

redeemed

as

a

distribution

from

realized

capital

gains.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

September

30,

2025,

aggregated

$3,572,220,800 and

$3,407,084,639,

respectively.

7. #### Defaulted

#### Securities
The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

September

30,

2025,

the

aggregate

value

of

these

securities represents less

than

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

Consolidated

Schedule

of

Investments.

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

..........................................................

$146,874,508

$41,111,931

Long

term

capital

gain

......................................................

84,319,624

24,493,231

$231,194,132

$65,605,162

Cost

of

investments

..........................................................................

$1,987,854,364

Unrealized

appreciation

........................................................................

$778,459,178

Unrealized

depreciation

........................................................................

(294,969,682)

Net

unrealized

appreciation

(depreciation)

..........................................................

$483,489,496

Distributable

earnings:

Undistributed

ordinary

income

...................................................................

$75,148,108

Undistributed

long

term

capital

gains

..............................................................

49,621,670

Total

distributable

earnings

.....................................................................

$124,769,778

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

8. #### Other

#### Derivative

#### Information
At

September

30,

2025,

investments

in

derivative

contracts

are

reflected

in

the Consolidated

Statement of

Assets

and

Liabilities

as

follows:

For

the

year

ended

September

30,

2025,

the

effect

of

derivative

contracts

in

the

Consolidated

Statement

of

Operations

was

as

follows:

#### 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

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

2,236,358

a

Variation

margin

on

futures

contracts

$

195,774

a

Variation

margin

on

centrally

cleared

swap

contracts

1,077,030

a

Variation

margin

on

centrally

cleared

swap

contracts

1,070,968

a

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

353,258

Unrealized

depreciation

on

OTC

forward

exchange

contracts

136,861

Credit

contracts

............

Variation

margin

on

centrally

cleared

swap

contracts

431,372

a

Variation

margin

on

centrally

cleared

swap

contracts

—

Equity

contracts

...........

Variation

margin

on

futures

contracts

1,667

a

Variation

margin

on

futures

contracts

2,632,377

a

Unrealized

appreciation

on

OTC

swap

contracts

1,635,903

Unrealized

depreciation

on

OTC

swap

contracts

510,184

Commodity

contracts

.......

Variation

margin

on

futures

contracts

—

Variation

margin

on

futures

contracts

184,595

a

Total

....................

$5,735,588

$4,730,759

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

year

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

#### Year

#### Consolidated

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Year

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$(12,106,494)

Futures

contracts

$2,267,732

Swap

contracts

(2,083,050)

Swap

contracts

502,510

Foreign

exchange

contracts

.....

Forward

exchange

contracts

(582,803)

Forward

exchange

contracts

160,670

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

For

the

year

ended

September

30,

2025,

the

average

month

end

notional

amount

of

futures

contracts,

swap

contracts

and

options,

and

the

average month

end

contract

value

for forward

exchange

contracts,

were as

follows:

See

Note

1(e) regarding

derivative

financial

instruments.

9. #### Credit

#### Facility
Effective

January

31,

2025,

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

30,

2026. 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

shall,

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

reporting

period,

the

Fund

did

not

use

the

Global

Credit

Facility.

Prior

to

January

31,

2025,

the

Fund

participated,

along

with

other

Putnam

funds,

in

a

$320

million

syndicated

unsecured

committed

line

of

credit,

provided

by

State

Street

($160

million)

and

JPMorgan

($160

million),

and

a

$235.5

million

unsecured

uncommitted

line

of

credit,

provided

by

State

Street.

Borrowings

may

have

been

made

for

temporary

or

emergency

purposes,

including

the

funding

of

shareholder

redemption

requests

and

trade

settlements.

Interest

was

charged

to

the

Fund

based

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Consolidated

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Year

#### Consolidated

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Year
Credit

contracts

...............

Swap

contracts

$1,726,768

Swap

contracts

$405,301

Equity

contracts

..............

Investments

(3,136,401)

a

Investments

2,696,939

a

Written

options

1,097,183

Written

options

(859,086)

Futures

contracts

(38,755,872)

Futures

contracts

2,545,181

Swap

contracts

4,081,387

Swap

contracts

1,254,089

Commodity

contracts

..........

Futures

contracts

—

Futures

contracts

(184,595)

Total

.......................

$(49,759,282)

$8,788,741

a

Purchased

option

contracts

are

included

in

net

realized

gain

(loss)

from

investments

and

net

change

in

unrealized

appreciation

(depreciation) on

investments

in

the

Consolidated

Statement

of

Operations.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
Futures

contracts

..........................................................................

$

612,888,990

Swap

contracts

............................................................................

707,612,914

Forwards

exchange

contracts

.................................................................

86,362,735

Options

..................................................................................

751,265,555

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

on

the

Fund's

borrowings.

A

closing

fee

equal

to

0.04%

of

the

committed

line

of

credit

and

0.04%

of

the

uncommitted

line

of

credit

was

paid

by

the

participating

funds

and

a

$75,000

fee

was

paid

by

the

participating

funds

to

State

Street

as

agent

of

the

syndicated

committed

line

of

credit.

In

addition,

a

commitment

fee

of

0.21%

per

annum

on

any

unutilized

portion

of

the

committed

line

of

credit

was

allocated

to

the

participating

funds

based

on

their

relative

net

assets

and

paid

quarterly.

During

the

reporting

period,

the

Fund

had

no

borrowings

against

these

arrangements.

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

September

30,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

36,592,786

$

8,637,421

$

—

$

45,230,207

Air

Freight

&

Logistics

...................

6,590,130

—

—

6,590,130

Automobile

Components

.................

2,312,517

1,145,011

—

3,457,528

Automobiles

..........................

40,742,001

1,155,167

—

41,897,168

Banks

...............................

56,908,217

34,050,233

—

90,958,450

Beverages

...........................

12,875,987

1,046,239

—

13,922,226

Biotechnology

.........................

38,388,090

742,367

—

39,130,457

Broadline

Retail

.......................

58,769,085

4,541,270

—

63,310,355

Building

Products

......................

10,766,695

3,368,975

—

14,135,670

Capital

Markets

........................

52,260,109

12,554,465

—

64,814,574

Chemicals

...........................

27,088,051

5,299,905

—

32,387,956

Commercial

Services

&

Supplies

...........

7,809,775

781,472

—

8,591,247

Communications

Equipment

..............

18,667,181

764,608

—

19,431,789

Construction

&

Engineering

...............

2,381,213

3,716,640

—

6,097,853

Construction

Materials

..................

8,258,357

5,073,414

—

13,331,771

Consumer

Finance

.....................

14,302,904

—

—

14,302,904

Consumer

Staples

Distribution

&

Retail

......

24,865,337

3,347,069

—

28,212,406

Containers

&

Packaging

.................

3,109,844

—

—

3,109,844

Distributors

...........................

73,016

—

—

73,016

Diversified

Consumer

Services

............

3,184,469

—

—

3,184,469

Diversified

REITs

......................

981,408

—

—

981,408

Diversified

Telecommunication

Services

.....

5,970,880

1,475,974

—

7,446,854

Electric

Utilities

........................

27,774,323

7,640,647

—

35,414,970

Electrical

Equipment

....................

19,810,435

8,879,289

—

28,689,724

9. #### Credit

#### Facility
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Electronic

Equipment,

Instruments

&

Components

........................

$

4,342,729

$

—

$

—

$

4,342,729

Energy

Equipment

&

Services

.............

5,688,361

—

—

5,688,361

Entertainment

.........................

33,798,934

4,218,601

—

38,017,535

Financial

Services

......................

53,115,042

2,597,899

—

55,712,941

Food

Products

........................

4,831,782

3,915,696

—

8,747,478

Gas

Utilities

..........................

1,383,604

732,509

—

2,116,113

Ground

Transportation

..................

16,662,168

—

—

16,662,168

Health

Care

Equipment

&

Supplies

.........

20,645,310

6,178,014

—

26,823,324

Health

Care

Providers

&

Services

..........

18,824,216

673,386

—

19,497,602

Health

Care

REITs

.....................

1,668,840

—

—

1,668,840

Health

Care

Technology

.................

8,684,523

—

—

8,684,523

Hotel

&

Resort

REITs

...................

545,245

—

—

545,245

Hotels,

Restaurants

&

Leisure

.............

24,050,747

6,130,358

—

30,181,105

Household

Durables

....................

9,380,890

2,362,979

—

11,743,869

Household

Products

....................

17,292,690

881,442

—

18,174,132

Independent

Power

and

Renewable

Electricity

Producers

..........................

719,614

332,167

—

1,051,781

Industrial

Conglomerates

................

5,180,207

3,459,468

—

8,639,675

Industrial

REITs

.......................

2,958,166

—

—

2,958,166

Insurance

............................

29,862,106

11,970,222

—

41,832,328

Interactive

Media

&

Services

..............

97,118,438

3,463,779

—

100,582,217

IT

Services

...........................

9,620,515

740,788

—

10,361,303

Leisure

Products

.......................

1,233,243

658,776

—

1,892,019

Life

Sciences

Tools

&

Services

............

6,228,990

2,411,110

—

8,640,100

Machinery

............................

16,694,032

3,357,526

—

20,051,558

Marine

Transportation

...................

1,149,470

—

—

1,149,470

Media

...............................

5,294,076

336,127

—

5,630,203

Metals

&

Mining

.......................

6,410,791

8,553,616

—

14,964,407

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

1,014,383

—

—

1,014,383

Multi-Utilities

..........................

3,143,881

2,943,561

—

6,087,442

Office

REITs

..........................

3,023,337

—

—

3,023,337

Oil,

Gas

&

Consumable

Fuels

.............

31,117,024

14,202,387

—

45,319,411

Paper

&

Forest

Products

.................

931,988

—

—

931,988

Passenger

Airlines

.....................

7,804,541

3,025,212

—

10,829,753

Personal

Care

Products

.................

—

2,852,170

—

2,852,170

Pharmaceuticals

.......................

47,170,458

23,887,926

—

71,058,384

Professional

Services

...................

14,497,224

1,887,921

—

16,385,145

Real

Estate

Management

&

Development

....

7,309,405

—

—

7,309,405

Residential

REITs

......................

4,503,060

—

—

4,503,060

Retail

REITs

..........................

8,977,362

—

—

8,977,362

Semiconductors

&

Semiconductor

Equipment

.

169,981,970

11,934,896

—

181,916,866

Software

.............................

155,612,859

2,401,317

—

158,014,176

Specialized

REITs

......................

8,690,157

—

—

8,690,157

Specialty

Retail

........................

17,635,169

2,455,202

—

20,090,371

Technology

Hardware,

Storage

&

Peripherals

.

96,814,049

—

—

96,814,049

Textiles,

Apparel

&

Luxury

Goods

..........

2,086,358

3,306,706

—

5,393,064

Tobacco

.............................

15,539,183

3,973,981

—

19,513,164

Trading

Companies

&

Distributors

..........

5,149,996

3,306,816

—

8,456,812

Transportation

Infrastructure

..............

—

837,841

—

837,841

Water

Utilities

.........................

248,877

—

—

248,877

Wireless

Telecommunication

Services

.......

4,836,194

2,958,868

—

7,795,062

10. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

A

reconciliation

of

assets

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

year.

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 financial

statements.

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.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Convertible

Preferred

Stocks

................

$

653,902

$

—

$

—

$

653,902

Preferred

Stocks

.........................

—

2,083,539

—

2,083,539

Rights

.................................

—

—

14,551

14,551

Convertible

Bonds

.......................

—

730,927

—

730,927

Corporate

Bonds

........................

—

281,735,680

—

281,735,680

Senior

Floating

Rate

Interests

...............

—

8,744,261

13,517

8,757,778

Foreign

Government

and

Agency

Securities

....

—

14,639,942

—

14,639,942

U.S.

Government

and

Agency

Securities

.......

—

336,064

—

336,064

Asset-Backed

Securities

...................

—

28,982,780

—

28,982,780

Commercial

Mortgage-Backed

Securities

......

—

17,113,326

—

17,113,326

Mortgage-Backed

Securities

................

—

211,833,071

—

211,833,071

Residential

Mortgage-Backed

Securities

.......

—

25,945,581

—

25,945,581

Agency

Commercial

Mortgage-Backed

Securities

—

14,953,725

—

14,953,725

Short

Term

Investments

...................

90,055,176

48,520,718

—

138,575,894

Total

Investments

in

Securities

...........

$1,580,664,092

$902,789,047

a

$28,068

$2,483,481,207

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$353,258

$—

$353,258

Futures

Contracts

.......................

2,238,025

—

—

2,238,025

Swap

Contracts

.........................

—

3,144,305

—

3,144,305

Total

Other

Financial

Instruments

.........

$2,238,025

$3,497,563

$—

$5,735,588

#### Liabilities:
Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

17,410,537

$

—

$

17,410,537

Forward

Exchange

Contracts

...............

—

136,861

—

136,861

Futures

Contracts

........................

3,012,746

—

—

3,012,746

Swap

Contracts

.........................

—

1,581,152

—

1,581,152

Total

Other

Financial

Instruments

.........

$3,012,746

$19,128,550

$—

$22,141,296

a

Includes

foreign

securities

valued

at

$249,252,972,

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

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

12. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

consolidated

financial

statements.

13. #### 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.

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

#### Abbreviations

#### Counterparty

#### BOFA
Bank

of

America

NA

#### BZWS
Barclays

Bank

plc

#### CITI
Citibank

NA

#### GSCO
Goldman

Sachs

Group,

Inc.

#### HSBK
HSBC

Bank

plc

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MSCO
Morgan

Stanley

#### SSBT
State

Street

Bank

and

Trust

Co.

#### TDOM
Toronto

Dominion

Bank

#### UBSW
UBS

AG

#### WPAC
Westpac

Banking

Corp.

#### Currency

#### AUD
Australian

Dollar

#### EUR
Euro

#### GBP
British

Pound

#### USD
United

States

Dollar

#### Index

#### CDX.NA.HY.

#### Series

#### number
CDX

North

America

High

Yield

Index

#### CDX.NA.IG.

#### Series

#### number
CDX

North

America

Investment

Grade

Index

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### CLO
Collateralized

Loan

Obligation

#### CME
Chicago

Mercantile

Exchange

#### CMT
Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

#### CVR
Contingent

Value

Right

#### EURIBOR
Euro

Inter-Bank

Offer

Rate

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### IO
Interest

Only

#### PIK
Payment-In-Kind

#### PJSC
Public

Joint

Stock

Company

#### REIT
Real

Estate

Investment

Trust

#### REMIC
Real

Estate

Mortgage

Investment

Conduit

#### SOFR
Secured

Overnight

Financing

Rate

#### STACR
Structured

Agency

Credit

Risk

#### T-Note
Treasury

Note

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

#### Reference

#### Index

#### Reference

#### Rate
1-day

SOFR

........................

4.24%

Putnam

Asset

Allocation

Funds

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Putnam

Asset

Allocation

Funds

and

Shareholders

of

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

consolidated

statement

of

assets

and

liabilities,

including

the

consolidated

schedule

of

investments,

of

Putnam

Dynamic

Asset

Allocation

Balanced

Fund

and

its

subsidiary

(one

of

the

funds

constituting

Putnam

Asset

Allocation

Funds,

referred

to

hereafter

as

the

"Fund")

as

of

September

30,

2025,

the

related

consolidated

statement

of

operations

for

the

year

ended

September

30,

2025,

the

consolidated

statement

of

changes

in

net

assets

for

the

year

ended

September

30,

2025,

the

statement

of

changes

in

net

assets

for

the

year

ended

September

30,

2024,

including

the

related

notes,

the

consolidated

financial

highlights

for

the

year

ended

September

30,

2025,

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

September

30,

2024

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

September

30,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

September

30,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

September

30,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

September

30,

2025

by

correspondence

with

the

custodian,

transfer

agents,

agent

banks

and

brokers;

when

replies

were

not

received

from

brokers

or

agent

banks,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Boston,

Massachusetts

November

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Putnam

Funds

family

of

funds

since

at

least

1957. We

have

not

been

able

to

determine

the

specific

year

we

began

serving

as

auditor.

Putnam

Asset

Allocation

Funds

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

September

30,

2025:

#### Pursuant

#### to:

#### Amount

#### Reported
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$96,071,624

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$8,261,523

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$15,356,253

Qualified

Net

Interest

Income

(QII)

§871(k)(1)(C)

$17,044,105

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

$86,269,210

Section

163(j)

Interest

Earned

§163(j)

$23,990,181

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund

#### Trustee

#### approval

#### of

#### management

#### contracts
(unaudited)

*Consideration* 

*of* 

*your* 

*fund's* 

*management* 

*and* 

*sub-advisory* 

*contracts*

At

their

meeting

on

June

27,

2025,

the

Board

of

Trustees

("Board"

or

the

"Trustees")

of

your

fund,

including

all

of

the

Trustees

who

are

not

"interested

persons"

(as

this

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"))

of

the

Putnam

mutual

funds

and

exchange-traded

funds

(collectively,

the

"funds")

(the

"Independent

Trustees")

approved

the

continuance

of

a

management

contract

with

Franklin

Advisers,

Inc.

(the

"Advisor"),

a

subadvisory

agreement

between

the

Advisor

and

Franklin

Templeton

Investment

Management

Limited

("FTIML"),

a

subadvisory

agreement

between

the

Advisor

and

The

Putnam

Advisory

Company,

LLC

("PAC"),

and

a

subadvisory

agreement

between

the

Advisor

and

Putnam

Investment

Management,

LLC

("Putnam

Management"

and

together

with

FTIML

and

PAC,

the

"Subadvisors")

(collectively,

the

"Management

Contracts").

The

Advisor,

FTIML,

PAC,

and

Putnam

Management

are

each

direct

or

indirect,

wholly-owned

subsidiaries

of

Franklin

Resources,

Inc.

(together

with

its

subsidiaries,

"Franklin

Templeton").

*General* 

*conclusions*

The

Board

oversees

the

management

of

each

fund

and,

as

required

by

law,

determines

annually

whether

to

approve

the

continuance

of

your

fund's

management

contract

with

the

Advisor

and

the

sub-advisory

contract

with

respect

to

your

fund

between

the

Advisor

and

each

Subadvisor.

Because

the

Subadvisors

are

affiliates

of

the

Advisor

and

the

Advisor

remains

fully

responsible

for

all

services

provided

by

the

Subadvisors,

the

Trustees

did

not

attempt

to

evaluate

the

Subadvisors

as

separate

#### 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

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

entities.

All

references

to

the

Advisor

describing

the

Board's

considerations

should

be

deemed

to

include

references

to

the

applicable

Subadvisor

as

necessary

or

appropriate

in

the

context.

The

Board,

with

the

assistance

of

its

Contract

Committee,

requests

and

evaluates

all

information

it

deems

reasonably

necessary

under

the

circumstances

in

connection

with

its

annual

contract

review.

The

Contract

Committee

consists

solely

of

Independent

Trustees.

At

the

outset

of

the

review

process,

the

Board's

independent

staff

and

independent

legal

counsel,

as

defined

in

Rule

0-1(a)

(6) under

the

1940

Act

(their

"independent

legal

counsel"),

considered

any

possible

changes

to

the

annual

contract

review

materials

furnished

to

the

Contract

Committee

in

prior

years

and,

as

applicable,

identified

those

changes

to

the

Advisor.

Following

these

discussions

and

in

consultation

with

the

Contract

Committee,

the

Independent

Trustees'

independent

legal

counsel

submitted

an

initial

request

that

the

Advisor

and

its

affiliates

furnish

specified

information,

together

with

any

additional

information

the

Advisor

considered

relevant,

to

the

Contract

Committee.

Over

the

course

of

several

months

ending

in

June

2025,

the

Contract

Committee

met

on

a

number

of

occasions

with

representatives

of

the

Advisor,

and

separately

in

executive

session,

to

consider

the

information

that

the

Advisor

provided,

including

information

provided

in

response

to

supplemental

requests

submitted

by

independent

legal

counsel.

Throughout

this

process,

the

Contract

Committee

was

assisted

by

the

Board's

independent

staff

and

by

independent

legal

counsel.

At

the

Board's

June

2025

meeting,

the

Contract

Committee

met

in

executive

session

to

discuss

and

consider

its

recommendations

with

respect

to

the

continuance

of

the

Management

Contracts.

At

that

meeting,

the

Contract

Committee

also

met

in

executive

session

with

the

other

Independent

Trustees

to

review

a

summary

of

the

process

undertaken

by

the

Contract

Committee

and

key

information

that

the

Contract

Committee

considered

in

the

course

of

its

review.

The

Contract

Committee

then

presented

its

written

report,

which

summarized

the

key

factors

that

the

Committee

had

considered

and

set

forth

its

recommendations.

The

Contract

Committee

recommended,

and

the

Independent

Trustees

approved,

the

continuance

of

your

fund's

Management

Contracts,

effective

July

1,

2025. In

considering

the

continuance

of

the

Management

Contracts,

the

Board

took

into

account

a

number

of

factors,

including:

1. That

the

fee

schedule

in

effect

for

your

fund

represented

reasonable

compensation

in

light

of

the

nature

and

quality

of

the

services

being

provided

to

the

fund,

the

fees

paid

by

competitive

funds,

the

costs

incurred

by

the

Advisor

in

providing

services

to

the

fund

and

the

application

of

certain

reductions

and

waivers

noted

below;

2. That

the

fee

schedule

in

effect

for

your

fund

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

that

may

exist

in

the

management

of

the

fund

at

current

asset

levels;

3. That

the

funds

benefited,

and

were

expected

to

continue

to

benefit,

from

Franklin

Templeton's

large

retail

and

institutional

global

distribution

capabilities

and

significant

network

of

intermediary

relationships,

which

may

provide

additional

opportunities

for

the

funds

to

increase

assets

and

reduce

the

impact

of

expenses

by

spreading

them

over

a

larger

asset

base;

4. Potential

benefits

to

shareholders

of

the

funds

that

could

result

from

the

alignment

of

certain

fund

features

and

shareholder

benefits

with

those

of

other

funds

sponsored

by

the

Advisor

and

its

affiliates

and

access

to

a

broader

array

of

investment

opportunities;

and

5. The

financial

strength,

reputation,

experience

and

resources

of

Franklin

Templeton

and

its

investment

advisory

subsidiaries.

These

conclusions

were

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Trustees

and

were

not

the

result

of

any

single

factor.

Some

of

the

factors

that

figured

particularly

in

the

Trustees'

deliberations

and

how

the

Trustees

considered

these

factors

are

described

below,

although

individual

Trustees

may

have

evaluated

the

information

presented

differently,

giving

different

weights

to

various

factors.

It

is

also

important

to

recognize

that

the

management

arrangements

for

your

fund

and

the

other

funds

are

the

result

of

many

years

of

review

and

discussion

between

the

Independent

Trustees

and

management,

occurring

both

in

connection

with

formal

contract

reviews

as

well

as

throughout

the

year

and

that

the

Trustees'

conclusions

may

be

based,

in

part,

on

their

consideration

of

fee

arrangements

in

previous

years.

For

example,

with

certain

exceptions

primarily

involving

newer

funds

(including

the

exchange-traded

funds)

or

repositioned

funds,

the

current

fee

arrangements

under

the

vast

majority

of

the

funds'

management

contracts

were

first

implemented

at

the

beginning

of

2010

following

extensive

review

by

the

Contract

Committee

and

discussions

with

management,

as

well

as

approval

by

shareholders.

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

*Management* 

*fee* 

*schedules* 

*and* 

*total* 

*expenses*

The

Trustees

reviewed

the

management

fee

schedules

in

effect

for

all

funds,

including

fee

levels

and

any

breakpoints.

Under

its

management

contract,

your

fund

has

the

benefit

of

breakpoints

in

its

management

fee

schedule

that

provide

shareholders

with

reduced

fee

levels

as

assets

under

management

of

other

mutual

funds

sponsored

by

the

applicable

Advisor

(or

that

have

been

deemed

to

be

sponsored

by

the

Advisor

for

the

purpose

of

the

management

fee

calculation)

increase.

The

Trustees

also

reviewed

the

total

expenses

of

each

fund,

recognizing

that

in

most

cases

management

fees

represented

the

major,

but

not

the

sole,

determinant

of

total

costs

to

fund

shareholders.

(Two

mutual

funds

and

each

of

the

exchange-traded

funds

have

implemented

(or,

in

the

case

of

ten

municipal

income

funds

that

are

converting

into

exchange-traded

funds,

will

implement)

so-

called

"all-in"

or

unitary

management

fees

covering

substantially

all

routine

fund

operating

costs.)

In

reviewing

fees

and

expenses,

the

Trustees

generally

focus

their

attention

on

material

changes

in

circumstances

—

for

example,

changes

in

assets

under

management,

changes

in

a

fund's

investment

strategy,

changes

in

the

Advisor's

operating

costs

or

profitability,

or

changes

in

competitive

practices

in

the

fund

industry

—

that

suggest

that

consideration

of

fee

changes

might

be

warranted.

The

Trustees

concluded

that

the

circumstances

did

not

indicate

that

changes

to

the

management

fee

schedule

for

your

fund

would

be

appropriate

at

this

time.

As

in

the

past,

the

Trustees

also

focused

on

the

competitiveness

of

each

fund's

total

expense

ratio.

The

Trustees,

the

Advisor

and

the

funds'

investor

servicing

agent,

Putnam

Investor

Services,

Inc.

("PSERV"),

have

implemented

expense

limitations

that

were

in

effect

during

your

fund's

fiscal

year

ending

in

2024. These

expense

limitations

were:

(i) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

investor

servicing

fees

and

expenses

and

(ii) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

so-called

"other

expenses"

(i.e.,

all

expenses

exclusive

of

management

fees,

distribution

fees,

investor

servicing

fees,

investment-related

expenses,

interest,

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses

and

extraordinary

expenses).

These

expense

limitations

attempt

to

maintain

competitive

expense

levels

for

the

funds.

Most

funds

(including

your

fund)

had

sufficiently

low

expenses

that

these

expense

limitations

were

not

operative

during

their

fiscal

years

ending

in

2024. The

Advisor

and

PSERV

have

agreed

to

maintain

these

expense

limitations

until

at

least

January

30,

2027. The

Advisor

and

PSERV's

commitment

to

these

expense

limitation

arrangements,

which

were

intended

to

support

an

effort

to

have

the

mutual

fund

expenses

meet

competitive

standards,

was

an

important

factor

in

the

Trustees'

decision

to

approve

the

continuance

of

your

fund's

Management

Contracts.

The

Trustees

reviewed

comparative

fee

and

expense

information

for

a

custom

group

of

competitive

funds

selected

by

Broadridge

Financial

Solutions,

Inc.

("Broadridge").

This

comparative

information

included

your

fund's

percentile

ranking

for

effective

management

fees

and

total

expenses

(excluding

any

applicable

12b-1

fees),

which

provides

a

general

indication

of

your

fund's

relative

standing.

In

the

custom

peer

group,

your

fund

ranked

in

the

second

quintile

in

effective

management

fees

(determined

for

your

fund

and

the

other

funds

in

the

custom

peer

group

assuming

the

same

fund

asset

size

for

your

fund

and

the

other

funds

in

the

custom

peer

group

and

the

applicable

contractual

management

fee

schedule)

and

in

the

third

quintile

in

total

expenses

(excluding

any

applicable

12b-1

fees)

as

of

December

31,

2024. The

first

quintile

represents

the

least

expensive

funds

and

the

fifth

quintile

the

most

expensive

funds.

The

fee

and

expense

data

reported

by

Broadridge

as

of

December

31,

2024

reflected

the

most

recent

fiscal

year-end

data

available

in

Broadridge's

database

at

that

time.

In

connection

with

their

review

of

fund

management

fees

and

total

expenses,

the

Trustees

also

reviewed

the

costs

of

the

services

provided

and

the

profits

realized

by

the

Advisor

and

its

affiliates

from

their

contractual

relationships

with

the

funds.

This

information

included

trends

in

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates

relating

to

the

investment

management,

investor

servicing

and

distribution

services

provided

to

the

funds,

as

applicable.

In

this

regard,

the

Trustees

also

reviewed

an

analysis

of

the

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates,

allocated

on

a

fund-by-fund

basis,

with

respect

to

(as

applicable)

the

funds'

management,

distribution

and

investor

servicing

contracts.

For

each

fund,

the

analysis

presented

information

about

revenues,

expenses

and

profitability

in

2024

for

each

of

the

applicable

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

agreements

separately

and

for

the

agreements

taken

together

on

a

combined

basis.

The

Trustees

concluded

that,

at

current

asset

levels,

the

fee

schedules

in

place

for

each

of

the

funds,

including

the

fee

schedule

for

your

fund,

represented

reasonable

compensation

for

the

services

being

provided

and

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

as

may

exist

in

the

management

of

the

funds

at

that

time.

The

information

examined

by

the

Trustees

in

connection

with

their

annual

contract

review

for

the

funds

included

information

regarding

services

provided

and

fees

charged

by

the

Advisor

and

certain

affiliates

to

other

clients

in

similar

asset

categories,

including

other

1940

Act

funds

advised

by

the

Advisor

but

overseen

by

a

board

of

trustees

other

than

the

Board,

sub-advised

U.S.

mutual

funds,

exchange-traded

funds,

other

U.S.

products

(such

as

collective

investment

trusts,

private

funds,

and

separately

managed

and

institutional

accounts),

non-U.S.

funds,

and

other

non-U.S.

products.

This

information

included,

for

products

that

are

managed

by

the

same

portfolio

team

in

a

similar

asset

category

to

those

of

the

funds,

comparisons

of

the

fees

charged

to

other

clients,

by

category,

with

fees

charged

to

the

funds,

as

well

as

a

detailed

assessment

of

the

differences

in

the

services

provided

to

these

clients

as

compared

to

the

services

provided

to

the

funds.

The

Trustees

observed

that

the

differences

in

fee

rates

between

these

clients

and

the

funds

are

by

no

means

uniform

when

examined

by

individual

asset

classes,

suggesting

that

differences

in

the

pricing

of

investment

management

services

to

these

types

of

clients

may

reflect,

among

other

things,

historical

competitive

forces

operating

in

separate

marketplaces,

the

characteristics

of

different

clients,

the

particulars

of

different

fee

structures,

factors

unique

to

specific

market

segments,

and

the

distinct

risks

and

costs

associated

with

providing

services

to

different

clients.

The

Trustees

considered

the

fact

that

in

many

cases

fee

rates

across

different

asset

classes

are

higher

on

average

for

1940

Act-registered

funds

than

for

other

clients,

and

the

Trustees

also

considered

the

differences

between

the

services

that

the

Advisor

provides

to

the

funds

and

those

that

it

provides

to

its

other

clients.

The

Trustees

did

not

rely

on

these

fee

comparisons

to

any

significant

extent

in

concluding

that

the

management

fees

paid

by

your

fund

are

reasonable.

*Investment* 

*performance*

The

quality

of

the

investment

process

provided

by

the

Advisor

represented

a

major

factor

in

the

Trustees'

evaluation

of

the

quality

of

services

provided

by

the

Advisor

under

your

fund's

Management

Contracts.

The

Trustees

were

assisted

in

their

review

of

the

Advisor's

investment

process

and

performance

by

the

work

of

the

investment

oversight

committees

of

the

Trustees

and

the

full

Board,

which

meet

on

a

regular

basis

with

individual

portfolio

managers

and

with

senior

investment

management

of

the

Advisor

throughout

the

year.

The

Trustees

concluded

that

the

Advisor

generally

provides

a

high-quality

investment

process

—

based

on

the

experience

and

skills

of

the

individuals

assigned

to

the

management

of

fund

portfolios,

the

resources

made

available

to

them

and

in

general

the

Advisor's

ability

to

attract

and

retain

high-quality

personnel

—

but

also

recognized

that

this

does

not

guarantee

favorable

investment

results

for

every

fund

in

every

time

period.

The

Trustees

considered

that,

in

the

aggregate,

peer-relative

and

benchmark-relative

fund

performance

was

strong

in

2024

against

a

constructive

yet

complex

investing

environment.

The

S&P

500

was

up

25%

in

2024,

but

significant

concentration

of

returns

among

large

cap

and

technology

stocks

and

periods

of

volatility

posed

challenges

in

the

market.

The

Bloomberg

Aggregate

fixed

income

index

was

up

slightly

over

1%

amidst

many

moving

pieces,

with

the

Federal

Reserve

cutting

the

Effective

Federal

Funds

rate

from

5.25%

at

year-end

2023

to

4.25%

at

year-end

2024,

with

three

cuts

in

the

latter

part

of

the

year,

while

also

trying

to

manage

inflation

concerns.

Ten-year

Treasury

yields

ended

2024

at

4.6%

up

from

3.9%

at

year-end

2023. Corporate

earnings

and

employment

figures

continued

to

generally

show

strength

during

the

year,

while

geopolitical

tensions

were

closely

watched.

For

the

one-year

period

ended

December

31,

2024,

the

Trustees

noted

that

the

funds,

on

an

asset-weighted

basis,

ranked

in

the

27th

percentile

of

their

peers

as

determined

by

Lipper

Inc.

("Lipper")

and,

on

an

asset-weighted

basis,

outperformed

their

benchmarks

by

3.0%

gross

of

fees

over

the

one-year

period.

The

Committee

also

noted

that

the

funds'

aggregate

performance

over

longer-term

periods

continued

to

be

strong,

with

the

funds,

on

an

asset-weighted

basis,

ranking

in

the

20th,

22nd

and

20th

percentiles

of

their

Lipper

peers

over

the

three-year,

five-year

and

ten-year

periods

ended

December

31,

2024,

respectively.

The

Trustees

further

noted

that

the

funds,

in

the

aggregate,

outperformed

their

benchmarks

on

a

gross

basis

for

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

each

of

the

three-year,

five-year

and

ten-year

periods.

The

Trustees

also

considered

the

Morningstar

Inc.

ratings

assigned

to

the

funds

and

that

funds

were

rated

four

or

five

stars

at

the

end

of

2024,

which

represented

an

increase

of

seven

funds

year-over-year.

The

Trustees

also

considered

that

funds

were

five-star

rated

at

the

end

of

2024,

which

was

also

a

year-

over-year

increase

of

seven

funds.

The

Board

noted,

however,

the

disappointing

investment

performance

of

some

funds

for

periods

ended

December

31,

2024

and

considered

information

provided

by

the

Advisor

regarding

the

factors

contributing

to

the

underperformance

and,

where

relevant,

actions

being

taken

to

improve

the

performance

of

these

particular

funds.

The

Trustees

indicated

their

intention

to

continue

to

monitor

the

performance

of

those

funds.

For

purposes

of

the

Trustees'

evaluation

of

the

funds'

investment

performance,

the

Trustees

generally

focus

on

a

competitive

industry

ranking

of

each

fund's

total

net

return

over

a

one-year,

three-year

and

five-year

period.

For

a

number

of

funds

with

relatively

unique

investment

mandates

for

which

the

Advisor

informed

the

Trustees

that

meaningful

competitive

performance

rankings

are

not

considered

to

be

available,

the

Trustees

evaluated

performance

based

on

their

total

gross

and

net

returns

and

comparisons

of

those

returns

to

the

returns

of

selected

investment

benchmarks.

In

the

case

of

your

fund,

the

Trustees

considered

that

its

class

A

share

cumulative

total

return

performance

at

net

asset

value

was

in

the

following

quartiles

of

its

Lipper

peer

group

(Lipper

Mixed-Asset

Target

Allocation

Moderate

Funds)

for

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024

(the

first

quartile

representing

the

best-performing

funds

and

the

fourth

quartile

the

worst-

performing

funds):

For

the

one-year,

three-year,

and

five-year

periods

ended

December

31,

2024,

your

fund's

performance

was

in

the

top

decile

of

its

Lipper

peer

group.

Over

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024,

there

were

530,

521

and

funds,

respectively,

in

your

fund's

Lipper

peer

group.

(When

considering

performance

information,

shareholders

should

be

mindful

that

past

performance

is

not

a

guarantee

of

future

results.)

The

Trustees

noted

that

the

Advisor

had

made

internal

promotions

and

other

portfolio

management

assignment

changes

in

2024

to

strengthen

its

investment

teams

providing

services

to

the

funds.

*Brokerage* 

*and* 

*soft-dollar* 

*allocations;* 

*distribution* 

*and* 

*investor* 

*servicing*

The

Trustees

considered

various

potential

benefits

that

the

Advisor

may

receive

in

connection

with

the

services

it

provides

under

the

management

contract

with

your

fund.

These

include

benefits

related

to

brokerage

allocation

and

the

use

of

soft

dollars,

whereby

a

portion

of

the

commissions

paid

by

a

fund

for

brokerage

may

be

used

to

acquire

research

services

that

are

expected

to

be

useful

to

the

Advisor

in

managing

the

assets

of

the

fund

and

of

other

clients.

Subject

to

policies

approved

by

the

Trustees,

soft

dollars

generated

by

these

means

may

be

used

to

acquire

brokerage

and

research

services

(including

proprietary

executing

broker

research,

third-party

research

and

market

data)

that

enhance

the

Advisor's

investment

capabilities

and

supplement

the

Advisor's

internal

research

efforts.

The

Trustees

indicated

their

continued

intent

to

monitor

regulatory

and

industry

developments

in

this

area

with

the

assistance

of

their

Contract

Committee.

In

addition,

with

the

assistance

of

their

Contract

Committee,

the

Trustees

indicated

their

continued

intent

to

monitor

the

allocation

of

the

funds'

brokerage

in

order

to

ensure

that

the

principle

of

seeking

best

price

and

execution

remains

paramount

in

the

portfolio

trading

process.

The

Advisor

may

also

receive

benefits

from

payments

that

funds

make

to

the

Advisor

for

distribution

services

and

investor

services.

In

conjunction

with

the

review

of

your

fund's

management

and

sub-advisory

contracts,

the

Trustees

reviewed

your

fund's

investor

servicing

agreement

with

PSERV

and

its

distributor's

contract

and

distribution

plans

with

Franklin

Distributors,

LLC

("Franklin

Distributors"),

both

of

which

are

affiliates

of

the

Advisor.

The

Trustees

concluded

that

the

fees

payable

by

the

mutual

funds

to

PSERV

and

Franklin

Distributors

for

such

services

were

fair

and

reasonable

in

relation

to

the

nature

and

One-year

period

Three-year

period

Five-year

period

1st

1st

1st

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

quality

of

such

services,

the

fees

paid

by

competitive

funds

and

the

costs

incurred

by

PSERV

and

Franklin

Distributors

in

providing

such

services.

Furthermore,

the

Trustees

were

of

the

view

that

the

investor

services

provided

by

PSERV

were

required

for

the

operation

of

the

mutual

funds,

and

that

they

were

of

a

quality

at

least

equal

to

those

provided

by

other

providers.

38954-AFSOI

11/25©

2025

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 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) Code of Ethics attached hereto.](pdaabf-efp18851_ex99code.htm)

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.](pdaabf-efp18851_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.](pdaabf-efp18851_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: | November 28, 2025 |

---

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: | November 28, 2025 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | November 28, 2025 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## 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: | November 28, 2025 |
| /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: | November 28, 2025 |
| /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 **September 30, 2025** (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.

---

| | |
|:---|:---|
| **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: November 28, 2025 | Date: November 28, 2025 |

---

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.