# EDGAR Filing Document

**Accession Number:** 0000914209
**File Stem:** 0001133228-26-008633
**Filing Date:** 2026-6
**Character Count:** 480431
**Document Hash:** 9e26167538763c8b6a6214f86ffee5f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008633.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001133228-26-008633

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**EFFECTIVENESS DATE**: 20260601

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07121
- **FILM NUMBER:** 261050183

**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'? 2026-04-2074300184700_PutnamDynamicAssetAllocationBalancedFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Putnam Asset Allocation Funds**

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

Date of fiscal year end: **September 30**

Date of reporting period: **March 31, 2026**

ITEM 1. REPORT TO STOCKHOLDERS.

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

---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Balanced Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PABAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Dynamic Asset Allocation Balanced Fund for the period October 1, 2025, to March 31, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $44 | 0.87% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2929843593 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2249 |
| **Portfolio Turnover Rate** | 59% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7143img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

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

---

Putnam Dynamic Asset Allocation Balanced Fund PAGE 1 38954-STSA-0526

66.810.47.31.41.00.90.80.70.50.10.10.00.00.00.00.010.0 ------

---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Balanced Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [AABCX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Dynamic Asset Allocation Balanced Fund for the period October 1, 2025, to March 31, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $81 | 1.62% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2929843593 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2249 |
| **Portfolio Turnover Rate** | 59% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7144img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

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

---

Putnam Dynamic Asset Allocation Balanced Fund PAGE 1 38954-STSC-0526

66.810.47.31.41.00.90.80.70.50.10.10.00.00.00.00.010.0 ---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Balanced Fund**  | ![image](img2199_202405220716489.jpg) |
| Class P  | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Dynamic Asset Allocation Balanced Fund for the period October 1, 2025, to March 31, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class P | $26 | 0.52% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2929843593 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2249 |
| **Portfolio Turnover Rate** | 59% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7152img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

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

---

Putnam Dynamic Asset Allocation Balanced Fund PAGE 1 38954-STSP-0526

---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Balanced Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PAARX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Dynamic Asset Allocation Balanced Fund for the period October 1, 2025, to March 31, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $56 | 1.12% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2929843593 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2249 |
| **Portfolio Turnover Rate** | 59% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7146img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

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

---

Putnam Dynamic Asset Allocation Balanced Fund PAGE 1 38954-STSR-0526

66.810.47.31.41.00.90.80.70.50.10.10.00.00.00.00.010.0 ---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Balanced Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PAADX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Dynamic Asset Allocation Balanced Fund for the period October 1, 2025, to March 31, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R5 | $33 | 0.66% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2929843593 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2249 |
| **Portfolio Turnover Rate** | 59% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7148img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

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

---

Putnam Dynamic Asset Allocation Balanced Fund PAGE 1 38954-STSR5-0526

66.810.47.31.41.00.90.80.70.50.10.10.00.00.00.00.010.0 ---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Balanced Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PAAEX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Dynamic Asset Allocation Balanced Fund for the period October 1, 2025, to March 31, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $29 | 0.58% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2929843593 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2249 |
| **Portfolio Turnover Rate** | 59% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7149img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

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

---

Putnam Dynamic Asset Allocation Balanced Fund PAGE 1 38954-STSR6-0526

66.810.47.31.41.00.90.80.70.50.10.10.00.00.00.00.010.0 ---

| | |
|:---|:---|
| **Putnam Dynamic Asset Allocation Balanced Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PABYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Dynamic Asset Allocation Balanced Fund for the period October 1, 2025, to March 31, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class Y | $31 | 0.62% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2929843593 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 2249 |
| **Portfolio Turnover Rate** | 59% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7151img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

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

---

Putnam Dynamic Asset Allocation Balanced Fund PAGE 1 38954-STSY-0526

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

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

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

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

March

31,

2026

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Consolidated

Financial

Highlights

and

Consolidated

Schedule

of

Investments

#### 2
Consolidated

Financial

Statements

#### 80
Notes

to

Consolidated

Financial

Statements

#### 85
Changes

In

and

Disagreements

with

Accountants

#### 103
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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$17.49

$17.49

$14.13

$13.31

$17.92

$15.34

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.12 0.27 0.28 0.25 0.21 0.18 Net

realized

and

unrealized

gains

(losses)

0.02 1.59 3.61 1.43 (2.88)

2.67 Total

from

investment

operations

........

0.14 1.86 3.89 1.68 (2.67)

2.85 Less

distributions

from:

Net

investment

income

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

(0.28)

(0.46)

(0.30)

(0.23)

(0.18)

(0.17)

Net

realized

gains

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

(0.70)

(1.40)

(0.23)

(0.63)

(1.76)

(0.10)

Total

distributions

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

(0.98)

(1.86)

(0.53)

(0.86)

(1.94)

(0.27)

Net

asset

value,

end

of

period

..........

$16.65

$17.49

$17.49

$14.13

$13.31

$17.92

Total

return

c

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

0.74%

11.91%

28.00%

12.88%

(16.86)%

18.66%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.87%

f

0.90%

f

0.93%

0.96%

0.94%

0.94%

Net

investment

income

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

1.34%

1.62%

1.75%

1.76%

1.32%

1.07%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,389,228

$1,448,924

$1,391,066

$1,174,330

$1,120,970

$1,438,004

Portfolio

turnover

rate

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

59%

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(h).

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$16.71

$16.83

$13.62

$12.86

$17.37

$14.88

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.05 0.14 0.15 0.14 0.09 0.05 Net

realized

and

unrealized

gains

(losses)

0.03 1.53 3.47 1.37 (2.78)

2.59 Total

from

investment

operations

........

0.08 1.67 3.62 1.51 (2.69)

2.64 Less

distributions

from:

Net

investment

income

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

(0.22)

(0.39)

(0.18)

(0.12)

(0.06)

(0.05)

Net

realized

gains

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

(0.70)

(1.40)

(0.23)

(0.63)

(1.76)

(0.10)

Total

distributions

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

(0.92)

(1.79)

(0.41)

(0.75)

(1.82)

(0.15)

Net

asset

value,

end

of

period

..........

$15.87

$16.71

$16.83

$13.62

$12.86

$17.37

Total

return

c

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

0.37%

11.11%

26.98%

11.99%

(17.47)%

17.76%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

1.62%

f

1.65%

f

1.68%

1.71%

1.69%

1.69%

Net

investment

income

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

0.58%

0.87%

0.98%

1.01%

0.56%

0.33%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$82,574

$96,181

$113,561

$124,595

$151,985

$224,072

Portfolio

turnover

rate

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

59%

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(h).

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### P

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$17.58

$17.55

$14.17

$13.34

$17.97

$15.38

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.18 0.33 0.34 0.27 0.27 0.25 Net

realized

and

unrealized

gains

(losses)

(0.01)

1.60 3.63 1.47 (2.90)

2.68 Total

from

investment

operations

........

0.17 1.93 3.97 1.74 (2.63)

2.93 Less

distributions

from:

Net

investment

income

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

(0.31)

(0.50)

(0.36)

(0.28)

(0.24)

(0.24)

Net

realized

gains

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

(0.70)

(1.40)

(0.23)

(0.63)

(1.76)

(0.10)

Total

distributions

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

(1.01)

(1.90)

(0.59)

(0.91)

(2.00)

(0.34)

Net

asset

value,

end

of

period

..........

$16.74

$17.58

$17.55

$14.17

$13.34

$17.97

Total

return

c

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

0.91%

12.30%

28.51%

13.33%

(16.61)%

19.12%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.52%

f

0.55%

f

0.57%

0.59%

0.57%

0.56%

Net

investment

income

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

2.10%

1.96%

2.13%

1.92%

1.70%

1.45%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$678,297

$71,290

$48,119

$23,789

$265,860

$288,282

Portfolio

turnover

rate

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

59%

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(h).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$17.26

$17.30

$13.98

$13.18

$17.76

$15.20

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.09 0.22 0.23 0.21 0.17 0.14 Net

realized

and

unrealized

gains

(losses)

0.03 1.58 3.58 1.41 (2.85)

2.65 Total

from

investment

operations

........

0.12 1.80 3.81 1.62 (2.68)

2.79 Less

distributions

from:

Net

investment

income

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

(0.26)

(0.44)

(0.26)

(0.19)

(0.14)

(0.13)

Net

realized

gains

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

(0.70)

(1.40)

(0.23)

(0.63)

(1.76)

(0.10)

Total

distributions

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

(0.96)

(1.84)

(0.49)

(0.82)

(1.90)

(0.23)

Net

asset

value,

end

of

period

..........

$16.42

$17.26

$17.30

$13.98

$13.18

$17.76

Total

return

c

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

0.63%

11.63%

27.67%

12.57%

(17.06)%

18.39%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

1.12%

f

1.15%

f

1.18%

1.21%

1.19%

1.19%

Net

investment

income

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

1.10%

1.37%

1.49%

1.51%

1.07%

0.82%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$15,878

$14,624

$12,751

$13,993

$15,388

$20,763

Portfolio

turnover

rate

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

59%

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(h).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$17.66

$17.63

$14.24

$13.34

$17.97

$15.38

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.13 0.30 0.33 0.27 0.24 0.23 Net

realized

and

unrealized

gains

(losses)

0.03 1.62 3.63 1.46 (2.89)

2.67 Total

from

investment

operations

........

0.16 1.92 3.96 1.73 (2.65)

2.90 Less

distributions

from:

Net

investment

income

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

(0.30)

(0.49)

(0.34)

(0.20)

(0.22)

(0.21)

Net

realized

gains

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

(0.70)

(1.40)

(0.23)

(0.63)

(1.76)

(0.10)

Total

distributions

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

(1.00)

(1.89)

(0.57)

(0.83)

(1.98)

(0.31)

Net

asset

value,

end

of

period

..........

$16.82

$17.66

$17.63

$14.24

$13.34

$17.97

Total

return

c

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

0.84%

12.15%

28.29%

13.22%

(16.73)%

18.95%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.66%

f

0.69%

f

0.71%

0.73%

0.71%

0.70%

Net

investment

income

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

1.54%

1.82%

1.99%

1.89%

1.54%

1.31%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$177

$168

$57

$15

$7,691

$10,957

Portfolio

turnover

rate

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

59%

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(h).

#### a
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

#### c
Total

return

is

not

annualized

for

periods

less

than

one

year.

#### d
Ratios

are

annualized

for

periods

less

than

one

year.

#### e
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

#### f
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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$17.56

$17.54

$14.17

$13.34

$17.96

$15.37

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.14 0.32 0.33 0.30 0.26 0.24 Net

realized

and

unrealized

gains

(losses)

0.04 1.60 3.62 1.44 (2.89)

2.68 Total

from

investment

operations

........

0.18 1.92 3.95 1.74 (2.63)

2.92 Less

distributions

from:

Net

investment

income

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

(0.31)

(0.50)

(0.35)

(0.28)

(0.23)

(0.23)

Net

realized

gains

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

(0.70)

(1.40)

(0.23)

(0.63)

(1.76)

(0.10)

Total

distributions

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

(1.01)

(1.90)

(0.58)

(0.91)

(1.99)

(0.33)

Net

asset

value,

end

of

period

..........

$16.73

$17.56

$17.54

$14.17

$13.34

$17.96

Total

return

c

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

0.95%

12.22%

28.39%

13.30%

(16.60)%

19.08%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.58%

f

0.59%

f

0.61%

0.63%

0.61%

0.60%

Net

investment

income

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

1.63%

1.92%

2.06%

2.09%

1.64%

1.41%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$240,647

$247,476

$250,354

$218,868

$230,311

$332,275

Portfolio

turnover

rate

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

59%

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(h).

#### a
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

#### c
Total

return

is

not

annualized

for

periods

less

than

one

year.

#### d
Ratios

are

annualized

for

periods

less

than

one

year.

#### e
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

#### f
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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$17.56

$17.54

$14.17

$13.34

$17.97

$15.37

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.14 0.31 0.32 0.28 0.25 0.23 Net

realized

and

unrealized

gains

(losses)

0.02 1.60 3.62 1.44 (2.90)

2.69 Total

from

investment

operations

........

0.16 1.91 3.94 1.72 (2.65)

2.92 Less

distributions

from:

Net

investment

income

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

(0.30)

(0.49)

(0.34)

(0.26)

(0.22)

(0.22)

Net

realized

gains

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

(0.70)

(1.40)

(0.23)

(0.63)

(1.76)

(0.10)

Total

distributions

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

(1.00)

(1.89)

(0.57)

(0.89)

(1.98)

(0.32)

Net

asset

value,

end

of

period

..........

$16.72

$17.56

$17.54

$14.17

$13.34

$17.97

Total

return

c

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

0.87%

12.18%

28.30%

13.20%

(16.72)%

19.04%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.62%

f

0.65%

f

0.68%

0.71%

0.69%

0.69%

Net

investment

income

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

1.60%

1.87%

2.00%

2.01%

1.56%

1.32%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$523,044

$456,200

$311,818

$228,740

$275,861

$387,168

Portfolio

turnover

rate

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

59%

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(h).

#### a
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

#### c
Total

return

is

not

annualized

for

periods

less

than

one

year.

#### d
Ratios

are

annualized

for

periods

less

than

one

year.

#### e
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

#### f
Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited),

March

31,

2026

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 70.0%

#### Aerospace

#### &

#### Defense

#### 1.9%
a

AeroVironment,

Inc.

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

United

States

$

37,525

Airbus

SE

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

France

24,615

4,654,031

a

Astronics

Corp.

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

United

States

5,934

395,976

a

Boeing

Co.

(The)

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

United

States

4,161

828,164

Curtiss-Wright

Corp.

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

United

States

1,411

961,060

a

Firefly

Aerospace,

Inc.

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

United

States

11,929

339,619

General

Dynamics

Corp.

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

United

States

8,731

2,996,654

General

Electric

Co.

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

United

States

37,664

10,687,913

a

Kratos

Defense

&

Security

Solutions,

Inc.

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

United

States

1,258

88,702

Leonardo

DRS,

Inc.

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

United

States

20,645

919,115

Leonardo

SpA

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

Italy

4,052

275,615

Lockheed

Martin

Corp.

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

United

States

21,044

12,718,783

Melrose

Industries

plc

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

United

Kingdom

115,210

780,686

Moog,

Inc.,

A

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

United

States

131,103

Northrop

Grumman

Corp.

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

United

States

10,149

6,924,054

RTX

Corp.

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

United

States

37,325

7,199,992

Safran

SA

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

France

8,381

2,742,509

Thales

SA

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

France

5,436

1,594,081

TransDigm

Group,

Inc.

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

United

States

2,058

2,385,140

a

V2X,

Inc.

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

United

States

3,159

216,391

56,877,113

#### Air

#### Freight

#### &

#### Logistics

#### 0.4%
Expeditors

International

of

Washington,

Inc.

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

United

States

6,785

971,816

FedEx

Corp.

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

United

States

23,153

8,246,635

Hub

Group,

Inc.,

A

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

United

States

6,384

230,079

United

Parcel

Service,

Inc.,

B

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

United

States

9,784

962,550

10,411,080

#### Automobile

#### Components

#### 0.1%
a

Adient

plc

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

United

States

9,645

194,925

Aisin

Corp.

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

Japan

77,900

1,097,464

BorgWarner,

Inc.

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

United

States

18,565

1,007,337

Dana,

Inc.

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

United

States

19,130

643,725

a

Gentherm,

Inc.

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

United

States

3,372

93,674

Sumitomo

Electric

Industries

Ltd.

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

Japan

6,800

386,377

Visteon

Corp.

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

United

States

5,495

500,649

3,924,151

#### Automobiles

#### 1.4%
Ford

Motor

Co.

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

United

States

79,147

913,357

General

Motors

Co.

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

United

States

128,000

9,536,000

Subaru

Corp.

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

Japan

22,900

368,951

a

Tesla,

Inc.

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

United

States

80,507

29,928,477

Toyota

Motor

Corp.

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

Japan

21,000

436,534

41,183,319

#### Banks

#### 3.7%
AIB

Group

plc

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

Ireland

148,755

1,587,977

Amalgamated

Financial

Corp.

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

United

States

6,448

250,634

Ameris

Bancorp

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

United

States

1,333

103,961

Associated

Banc-Corp.

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

United

States

3,828

98,992

a

Axos

Financial,

Inc.

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

United

States

6,608

562,275

Banco

Bilbao

Vizcaya

Argentaria

SA

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

Spain

80,488

1,738,506

Banco

de

Sabadell

SA

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

Spain

112,069

401,464

Banco

Santander

SA

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

Spain

307,230

3,444,269

Bank

Hapoalim

BM

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

Israel

66,014

1,550,339

Bank

Leumi

Le-Israel

BM

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

Israel

92,658

2,072,097

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Banks
(continued)

Bank

of

America

Corp.

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

United

States

220,216

$

10,735,530

Bank

of

Hawaii

Corp.

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

United

States

3,626

269,231

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

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

United

States

5,715

299,923

Banner

Corp.

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

United

States

1,596

96,845

Barclays

plc

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

United

Kingdom

444,153

2,324,468

BNP

Paribas

SA

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

France

28,034

2,670,620

BOC

Hong

Kong

Holdings

Ltd.

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

China

49,500

273,092

CaixaBank

SA

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

Spain

18,376

220,285

Cathay

General

Bancorp

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

United

States

10,778

537,391

Central

Pacific

Financial

Corp.

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

United

States

5,771

184,441

Citigroup,

Inc.

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

United

States

261,257

29,629,156

Citizens

Financial

Group,

Inc.

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

United

States

15,851

950,584

Credit

Agricole

SA

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

France

23,997

447,888

a

Customers

Bancorp,

Inc.

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

United

States

7,371

511,621

Danske

Bank

A/S

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

Denmark

26,741

1,317,866

Enterprise

Financial

Services

Corp.

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

United

States

5,036

272,498

Erste

Group

Bank

AG

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

Austria

27,491

2,969,723

Financial

Institutions,

Inc.

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

United

States

3,214

101,916

First

Bancorp

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

United

States

25,810

551,302

First

Financial

Corp.

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

United

States

1,617

102,194

First

Horizon

Corp.

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

United

States

42,159

959,539

First

Merchants

Corp.

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

United

States

1,180

45,701

Flushing

Financial

Corp.

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

United

States

10,805

165,965

Hancock

Whitney

Corp.

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

United

States

7,232

459,883

Hanmi

Financial

Corp.

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

United

States

6,205

163,564

Heritage

Commerce

Corp.

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

United

States

9,072

113,219

Hilltop

Holdings,

Inc.

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

United

States

11,071

396,563

Hope

Bancorp,

Inc.

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

United

States

13,238

147,868

HSBC

Holdings

plc

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

United

Kingdom

269,030

4,418,170

Independent

Bank

Corp.

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

United

States

3,824

127,339

Intesa

Sanpaolo

SpA

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

Italy

198,853

1,202,640

JPMorgan

Chase

&

Co.

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

United

States

18,336

5,393,718

Lloyds

Banking

Group

plc

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

United

Kingdom

1,953,597

2,421,357

Mercantile

Bank

Corp.

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

United

States

1,944

98,172

Metropolitan

Bank

Holding

Corp.

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

United

States

1,365

113,691

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

251,600

4,260,578

National

Bank

Holdings

Corp.,

A

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

United

States

9,262

362,700

National

Bank

of

Greece

SA

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

Greece

128,727

1,988,560

NatWest

Group

plc

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

United

Kingdom

290,114

2,149,149

Northrim

BanCorp,

Inc.

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

United

States

4,304

98,476

Northwest

Bancshares,

Inc.

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

United

States

7,780

98,728

a

NU

Holdings

Ltd.,

A

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

Brazil

32,979

473,908

OFG

Bancorp

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

United

States

6,955

281,399

Origin

Bancorp,

Inc.

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

United

States

2,687

111,403

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

29,927

6,227,509

Popular,

Inc.

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

United

States

7,354

986,686

Preferred

Bank

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

United

States

1,209

109,644

Shore

Bancshares,

Inc.

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

United

States

5,422

101,283

Simmons

First

National

Corp.,

A

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

United

States

12,044

234,256

SmartFinancial,

Inc.

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

United

States

1,343

52,484

Southern

Missouri

Bancorp,

Inc.

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

United

States

1,695

108,378

Sumitomo

Mitsui

Financial

Group,

Inc.

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

Japan

72,500

2,383,824

a

Third

Coast

Bancshares,

Inc.

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

United

States

2,327

88,030

Towne

Bank

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

United

States

2,737

92,155

Trustmark

Corp.

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

United

States

9,168

386,340

UniCredit

SpA

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

Italy

30,217

2,167,883

United

Community

Banks,

Inc.

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

United

States

3,214

101,209

Univest

Financial

Corp.

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

United

States

3,731

127,824

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Banks
(continued)

US

Bancorp

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

United

States

20,099

$

1,045,349

Valley

National

Bancorp

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

United

States

8,896

109,243

WaFd,

Inc.

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

United

States

3,035

95,299

Wells

Fargo

&

Co.

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

United

States

14,460

1,151,161

Westamerica

BanCorp

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

United

States

2,168

113,061

WSFS

Financial

Corp.

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

United

States

1,738

113,770

Zions

Bancorp

NA

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

United

States

17,253

994,118

109,118,884

#### Beverages

#### 0.9%
a

Boston

Beer

Co.,

Inc.

(The),

A

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

United

States

4,142

954,317

Carlsberg

A/S,

B

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

Denmark

18,651

2,317,095

Coca-Cola

Co.

(The)

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

United

States

130,974

9,960,573

Coca-Cola

Consolidated,

Inc.

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

United

States

4,705

902,136

Coca-Cola

Europacific

Partners

plc

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

United

Kingdom

12,327

1,117,689

Coca-Cola

HBC

AG

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

Italy

21,123

1,189,842

a

Monster

Beverage

Corp.

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

United

States

71,117

5,153,138

PepsiCo,

Inc.

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

United

States

33,777

5,245,230

26,840,020

#### Biotechnology

#### 1.8%
AbbVie,

Inc.

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

United

States

48,342

10,513,902

a

ACADIA

Pharmaceuticals,

Inc.

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

United

States

22,049

490,811

a

ADMA

Biologics,

Inc.

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

United

States

5,850

52,709

a

Alkermes

plc

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

United

States

19,085

674,846

a

Alnylam

Pharmaceuticals,

Inc.

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

United

States

2,998

991,948

Amgen,

Inc.

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

United

States

2,603

915,866

a

Amicus

Therapeutics,

Inc.

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

United

States

7,383

106,758

a

AnaptysBio,

Inc.

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

United

States

8,333

462,148

a

Arrowhead

Pharmaceuticals,

Inc.

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

United

States

12,681

795,099

a

Atrium

Therapeutics,

Inc.

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

United

States

1,885

a

BioCryst

Pharmaceuticals,

Inc.

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

United

States

63,514

604,653

a

Capricor

Therapeutics,

Inc.

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

United

States

4,358

132,483

a

Corvus

Pharmaceuticals,

Inc.

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

United

States

5,810

85,000

a

Enanta

Pharmaceuticals,

Inc.

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

United

States

8,339

105,322

a

Exelixis,

Inc.

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

United

States

98,734

4,234,701

a

Genmab

A/S

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

Denmark

777

209,263

a

ImmunityBio,

Inc.

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

United

States

70,356

539,631

a

Incyte

Corp.

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

United

States

66,003

6,212,202

a

Inhibrx

Biosciences,

Inc.

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

United

States

6,167

414,608

a

Insmed,

Inc.

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

United

States

6,862

1,122,074

a

Ironwood

Pharmaceuticals,

Inc.,

A

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

United

States

72,370

254,019

a

Kodiak

Sciences,

Inc.

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

United

States

4,033

153,738

a

Mineralys

Therapeutics,

Inc.

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

United

States

11,468

310,668

a

Monte

Rosa

Therapeutics,

Inc.

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

United

States

23,906

393,254

a

Natera,

Inc.

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

United

States

5,204

1,040,748

a

Neurocrine

Biosciences,

Inc.

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

United

States

13,615

1,793,640

a

Olema

Pharmaceuticals,

Inc.

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

United

States

6,088

90,772

a

Praxis

Precision

Medicines,

Inc.

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

United

States

110,833

a

Precigen,

Inc.

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

United

States

98,097

379,635

a

Protagonist

Therapeutics,

Inc.

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

United

States

6,932

730,633

a

PTC

Therapeutics,

Inc.

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

United

States

1,422

96,881

a

Puma

Biotechnology,

Inc.

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

United

States

20,421

130,490

Regeneron

Pharmaceuticals,

Inc.

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

United

States

20,841

16,102,590

a

Rhythm

Pharmaceuticals,

Inc.

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

United

States

5,924

515,210

a

Rigel

Pharmaceuticals,

Inc.

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

United

States

3,428

92,693

a

Stoke

Therapeutics,

Inc.

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

United

States

14,238

463,589

a

Tango

Therapeutics,

Inc.

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

United

States

13,275

277,713

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Biotechnology
(continued)

a

Travere

Therapeutics,

Inc.

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

United

States

15,983

$

474,855

a

Vertex

Pharmaceuticals,

Inc.

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

United

States

2,147

958,721

a

Zymeworks,

Inc.

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

United

States

6,678

167,217

53,203,808

#### Broadline

#### Retail

#### 2.4%
Alibaba

Group

Holding

Ltd.

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

China

86,500

1,355,843

a

Amazon.com,

Inc.

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

United

States

304,602

63,439,459

eBay,

Inc.

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

United

States

10,453

951,432

a

Etsy,

Inc.

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

United

States

17,767

887,995

Next

plc

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

United

Kingdom

2,462

415,952

Prosus

NV

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

China

41,669

1,929,090

68,979,771

#### Building

#### Products

#### 0.4%
Allegion

plc

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

United

States

6,395

929,130

Apogee

Enterprises,

Inc.

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

United

States

2,808

94,180

Cie

de

Saint-Gobain

SA

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

France

22,708

1,880,096

a

Gibraltar

Industries,

Inc.

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

United

States

2,350

93,694

a

Janus

International

Group,

Inc.

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

United

States

17,473

89,986

Johnson

Controls

International

plc

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

United

States

20,511

2,685,915

a

Modine

Manufacturing

Co.

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

United

States

104,888

a

Resideo

Technologies,

Inc.

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

United

States

4,021

135,548

Trane

Technologies

plc

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

United

States

13,873

5,781,434

UFP

Industries,

Inc.

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

United

States

6,374

587,173

12,382,044

#### Capital

#### Markets

#### 2.5%
3i

Group

plc

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

United

Kingdom

36,278

1,182,337

Affiliated

Managers

Group,

Inc.

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

United

States

3,366

931,372

Ameriprise

Financial,

Inc.

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

United

States

2,048

910,131

Bank

of

New

York

Mellon

Corp.

(The)

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

United

States

9,244

1,096,616

BlackRock,

Inc.

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

United

States

3,556

3,419,841

Charles

Schwab

Corp.

(The)

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

United

States

74,795

7,029,234

CME

Group,

Inc.

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

United

States

20,586

6,080,075

Deutsche

Bank

AG

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

Germany

43,537

1,295,665

b

Euronext

NV,

144A,

Reg

S

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

Netherlands

11,820

1,898,078

Goldman

Sachs

Group,

Inc.

(The)

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

United

States

22,959

19,423,084

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

Hong

Kong

6,300

317,822

Interactive

Brokers

Group,

Inc.,

A

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

United

States

14,417

966,948

Invesco

Ltd.

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

United

States

40,626

986,806

Janus

Henderson

Group

plc

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

United

States

18,724

961,852

Japan

Exchange

Group,

Inc.

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

Japan

71,300

832,640

Morgan

Stanley

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

United

States

6,342

1,043,703

Nasdaq,

Inc.

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

United

States

27,432

2,328,702

Nomura

Holdings,

Inc.

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

Japan

201,500

1,586,619

Northern

Trust

Corp.

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

United

States

7,371

1,028,770

Raymond

James

Financial,

Inc.

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

United

States

2,850

412,652

SBI

Holdings,

Inc.

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

Japan

47,000

870,269

State

Street

Corp.

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

United

States

106,956

13,536,351

Stifel

Financial

Corp.

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

United

States

13,146

971,752

a

StoneX

Group,

Inc.

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

United

States

8,412

678,428

UBS

Group

AG

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

Switzerland

71,761

2,798,205

Virtu

Financial,

Inc.,

A

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

United

States

23,449

1,031,287

Virtus

Investment

Partners,

Inc.

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

United

States

1,408

189,165

73,808,404

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Chemicals

#### 1.2%
Air

Liquide

SA

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

France

5,981

$

1,236,264

Asahi

Kasei

Corp.

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

Japan

20,200

197,646

Avient

Corp.

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

United

States

4,038

146,579

a

Axalta

Coating

Systems

Ltd.

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

United

States

33,817

936,731

Balchem

Corp.

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

United

States

2,661

450,986

Cabot

Corp.

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

United

States

1,570

118,237

CF

Industries

Holdings,

Inc.

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

United

States

57,539

7,470,864

Corteva,

Inc.

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

United

States

76,430

6,397,955

DuPont

de

Nemours,

Inc.

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

United

States

10,624

486,579

Eastman

Chemical

Co.

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

United

States

22,119

1,688,122

Ecolab,

Inc.

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

United

States

3,630

965,653

a

Ingevity

Corp.

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

United

States

2,038

145,167

Innospec,

Inc.

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

United

States

2,733

199,564

a

Intrepid

Potash,

Inc.

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

United

States

3,817

163,253

Linde

plc

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

United

States

6,781

3,361,749

Mativ

Holdings,

Inc.

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

United

States

10,809

94,038

Minerals

Technologies,

Inc.

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

United

States

6,299

446,725

NewMarket

Corp.

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

United

States

1,500

961,425

NOF

Corp.

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

Japan

28,600

570,908

a

Perimeter

Solutions,

Inc.

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

United

States

21,824

532,942

PPG

Industries,

Inc.

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

United

States

26,553

2,837,985

a

Rayonier

Advanced

Materials,

Inc.

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

United

States

15,336

169,770

Sherwin-Williams

Co.

(The)

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

United

States

11,213

3,594,327

Solstice

Advanced

Materials,

Inc.

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

United

States

21,559

1,641,933

34,815,402

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
Brink's

Co.

(The)

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

United

States

5,404

560,017

a

Cimpress

plc

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

Ireland

1,371

100,083

a

CoreCivic,

Inc.

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

United

States

5,391

101,944

HNI

Corp.

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

United

States

2,312

77,198

a

OPENLANE,

Inc.

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

United

States

3,808

111,003

Republic

Services,

Inc.,

A

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

United

States

4,163

911,780

Veralto

Corp.

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

United

States

9,694

857,143

2,719,168

#### Communications

#### Equipment

#### 1.0%
a

Arista

Networks,

Inc.

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

United

States

63,547

7,802,301

a

BK

Technologies

Corp.

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

United

States

1,397

104,258

a

Calix,

Inc.

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

United

States

5,978

292,862

a

Ciena

Corp.

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

United

States

11,792

4,578,008

Cisco

Systems,

Inc.

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

United

States

160,203

12,430,151

a

Extreme

Networks,

Inc.

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

United

States

38,288

577,383

a

NETGEAR,

Inc.

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

United

States

15,461

337,668

a

NetScout

Systems,

Inc.

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

United

States

4,095

130,180

Telefonaktiebolaget

LM

Ericsson,

B

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

Sweden

75,424

859,852

Ubiquiti,

Inc.

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

United

States

1,284

1,014,732

a

Viavi

Solutions,

Inc.

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

United

States

6,961

231,662

a

Vistance

Networks,

Inc.

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

United

States

5,619

102,266

28,461,323

#### Construction

#### &

#### Engineering

#### 0.3%
ACS

Actividades

de

Construccion

y

Servicios

SA

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

Spain

16,376

1,997,141

Argan,

Inc.

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

United

States

1,510

822,422

Comfort

Systems

USA,

Inc.

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

United

States

752

1,037,000

a

Dycom

Industries,

Inc.

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

United

States

133,834

a

NWPX

Infrastructure,

Inc.

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

United

States

1,286

100,128

Primoris

Services

Corp.

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

United

States

5,134

734,367

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Construction

#### &

#### Engineering
(continued)

a

Sterling

Infrastructure,

Inc.

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

United

States

2,180

$

887,849

Tutor

Perini

Corp.

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

United

States

8,332

643,147

Vinci

SA

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

France

17,085

2,564,446

8,920,334

#### Construction

#### Materials

#### 0.4%
CRH

plc,

(GBP

Traded)

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

United

States

15,640

1,636,265

CRH

plc,

(USD

Traded)

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

United

States

45,839

4,818,595

Holcim

AG

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

United

States

22,322

1,845,180

Vulcan

Materials

Co.

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

United

States

13,942

3,796,407

12,096,447

#### Consumer

#### Finance

#### 0.5%
Ally

Financial,

Inc.

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

United

States

25,259

990,911

American

Express

Co.

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

United

States

3,194

966,121

Bread

Financial

Holdings,

Inc.

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

United

States

8,244

617,393

Capital

One

Financial

Corp.

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

United

States

56,638

10,332,470

a

Enova

International,

Inc.

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

United

States

3,553

482,604

a

LendingClub

Corp.

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

United

States

37,499

536,986

PROG

Holdings,

Inc.

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

United

States

9,848

282,539

Synchrony

Financial

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

United

States

14,423

981,052

15,190,076

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.2%
Andersons,

Inc.

(The)

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

United

States

1,896

136,095

a

BJ's

Wholesale

Club

Holdings,

Inc.

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

United

States

25,096

2,469,948

Costco

Wholesale

Corp.

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

United

States

10,516

10,478,458

Dollar

General

Corp.

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

United

States

9,696

1,151,206

a

Dollar

Tree,

Inc.

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

United

States

9,539

1,044,616

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

39,063

1,819,133

Kroger

Co.

(The)

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

United

States

52,520

3,800,347

a

Maplebear,

Inc.

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

United

States

39,348

1,473,976

Target

Corp.

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

United

States

7,961

964,873

Tesco

plc

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

United

Kingdom

186,054

1,169,355

a

United

Natural

Foods,

Inc.

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

United

States

3,687

166,136

Walmart,

Inc.

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

United

States

76,080

9,455,223

34,129,366

#### Containers

#### &

#### Packaging

#### 0.2%
Avery

Dennison

Corp.

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

United

States

5,431

937,825

Ball

Corp.

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

United

States

47,460

2,805,361

Crown

Holdings,

Inc.

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

United

States

9,089

911,172

Greif,

Inc.,

A

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

United

States

1,542

103,422

a

O-I

Glass,

Inc.

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

United

States

7,953

83,586

4,841,366

#### Distributors

#### 0.0%

#### †
a

GigaCloud

Technology,

Inc.,

A

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

United

States

3,383

153,521

Gold.com,

Inc.

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

United

States

3,090

123,847

277,368

#### Diversified

#### Consumer

#### Services

#### 0.1%
ADT,

Inc.

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

United

States

146,815

964,574

a

Coursera,

Inc.

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

United

States

78,291

455,654

a

Frontdoor,

Inc.

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

United

States

1,774

93,774

a

Laureate

Education,

Inc.

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

United

States

18,591

647,710

Perdoceo

Education

Corp.

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

United

States

3,251

120,970

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Diversified

#### Consumer

#### Services
(continued)

a

Udemy,

Inc.

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

United

States

45,062

$

208,186

2,490,868

#### Diversified

#### REITs

#### 0.0%

#### †
American

Assets

Trust,

Inc.

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

United

States

5,527

101,752

Broadstone

Net

Lease,

Inc.

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

United

States

5,726

104,614

206,366

#### Diversified

#### Telecommunication

#### Services

#### 0.7%
a

Altice

France

SA

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

France

1,810

30,806

AT&T,

Inc.

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

United

States

463,361

13,432,835

a

Bandwidth,

Inc.,

A

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

United

States

8,299

147,888

Comcast

Corp.,

A

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

United

States

76,890

2,207,512

Deutsche

Telekom

AG

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

Germany

84,878

3,167,924

IDT

Corp.,

B

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

United

States

3,808

186,973

a

Lumen

Technologies,

Inc.

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

United

States

14,552

101,136

Telstra

Group

Ltd.

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

Australia

335,264

1,237,664

Verizon

Communications,

Inc.

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

United

States

18,812

944,363

21,457,101

#### Electric

#### Utilities

#### 1.2%
American

Electric

Power

Co.,

Inc.

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

United

States

7,293

955,966

Constellation

Energy

Corp.

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

United

States

13,057

3,646,167

Duke

Energy

Corp.

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

United

States

7,258

950,363

Edison

International

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

United

States

17,595

1,287,602

Enel

SpA

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

Italy

211,210

2,309,123

Eversource

Energy

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

United

States

12,919

895,028

Exelon

Corp.

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

United

States

19,483

955,057

a

Hawaiian

Electric

Industries,

Inc.

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

United

States

3,300

48,972

Iberdrola

SA

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

Spain

128,003

2,930,522

Kansai

Electric

Power

Co.,

Inc.

(The)

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

Japan

98,200

1,632,681

NextEra

Energy,

Inc.

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

United

States

99,154

9,209,423

NRG

Energy,

Inc.

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

United

States

27,635

4,038,579

a

Oklo,

Inc.,

A

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

United

States

1,588

78,749

PG&E

Corp.

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

United

States

63,133

1,109,247

Portland

General

Electric

Co.

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

United

States

4,573

241,317

PPL

Corp.

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

United

States

96,418

3,683,168

Southern

Co.

(The)

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

United

States

10,674

1,030,254

TXNM

Energy,

Inc.

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

United

States

1,654

96,693

Xcel

Energy,

Inc.

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

United

States

11,654

925,794

36,024,705

#### Electrical

#### Equipment

#### 1.5%
ABB

Ltd.

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

Switzerland

61,173

4,973,852

Allient,

Inc.

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

United

States

4,270

252,314

AMETEK,

Inc.

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

United

States

4,448

953,473

a

Bloom

Energy

Corp.,

A

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

United

States

10,384

1,406,928

EnerSys

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

United

States

4,128

717,116

Fujikura

Ltd.

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

Japan

9,000

247,518

GE

Vernova,

Inc.

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

United

States

20,976

18,309,951

Mitsubishi

Electric

Corp.

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

Japan

71,400

2,335,287

a

Nextpower,

Inc.,

A

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

United

States

7,237

872,420

a

Nidec

Corp.

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

Japan

74,000

939,668

a

Power

Solutions

International,

Inc.

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

United

States

3,875

235,910

Prysmian

SpA

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

Italy

8,369

988,304

Rockwell

Automation,

Inc.

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

United

States

2,602

933,806

Schneider

Electric

SE

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

United

States

7,289

1,985,390

Vertiv

Holdings

Co.,

A

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

United

States

28,636

7,175,609

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Electrical

#### Equipment
(continued)

a

Vicor

Corp.

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

United

States

1,996

$

321,356

42,648,902

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.1%
Advanced

Energy

Industries,

Inc.

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

United

States

2,764

891,970

a

Arlo

Technologies,

Inc.

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

United

States

18,057

256,951

a

Daktronics,

Inc.

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

United

States

2,395

46,822

a

Fabrinet

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

Thailand

149,676

a

Insight

Enterprises,

Inc.

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

United

States

1,247

83,562

a

Itron,

Inc.

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

United

States

6,095

546,295

a

Kimball

Electronics,

Inc.

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

United

States

4,246

100,588

a

nLight,

Inc.

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

United

States

8,100

461,862

a

Ouster,

Inc.

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

United

States

17,585

323,037

a

Sanmina

Corp.

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

United

States

1,119

145,067

a

ScanSource,

Inc.

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

United

States

2,693

97,756

a

TTM

Technologies,

Inc.

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

United

States

8,393

817,646

3,921,232

#### Energy

#### Equipment

#### &

#### Services

#### 0.5%
Baker

Hughes

Co.,

A

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

United

States

16,078

981,562

a

Forum

Energy

Technologies,

Inc.

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

United

States

7,626

447,341

Halliburton

Co.

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

United

States

28,242

1,101,156

Kodiak

Gas

Services,

Inc.

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

United

States

2,693

157,056

Liberty

Energy,

Inc.,

A

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

United

States

5,985

172,368

a

National

Energy

Services

Reunited

Corp.

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

United

States

12,567

269,813

a

Oceaneering

International,

Inc.

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

United

States

16,727

593,307

a

Oil

States

International,

Inc.

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

United

States

38,280

445,579

Patterson-UTI

Energy,

Inc.

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

United

States

16,074

174,081

a

ProPetro

Holding

Corp.

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

United

States

7,991

115,150

SLB

Ltd.

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

United

States

10,252

526,850

TechnipFMC

plc

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

United

Kingdom

125,554

8,679,548

a

Transocean

Ltd.

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

United

States

109,212

724,076

Weatherford

International

plc

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

United

States

10,591

1,001,697

15,389,584

#### Entertainment

#### 1.1%
Cinemark

Holdings,

Inc.

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

United

States

6,380

181,958

a

Live

Nation

Entertainment,

Inc.

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

United

States

21,807

3,325,786

a

Netflix,

Inc.

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

United

States

185,885

17,872,843

Nexon

Co.

Ltd.

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

Japan

13,800

259,946

Nintendo

Co.

Ltd.

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

Japan

24,200

1,381,472

a

ROBLOX

Corp.,

A

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

United

States

15,137

856,149

a

Spotify

Technology

SA

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

United

States

13,820

6,701,456

Universal

Music

Group

NV

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

Netherlands

74,513

1,446,358

Walt

Disney

Co.

(The)

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

United

States

9,470

912,719

32,938,687

#### Financial

#### Services

#### 1.9%
Apollo

Global

Management,

Inc.

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

United

States

29,843

3,325,107

Banco

Latinoamericano

de

Comercio

Exterior

SA,

E

.........

Panama

3,690

188,485

a

Berkshire

Hathaway,

Inc.,

B

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

United

States

4,625

2,216,300

Corebridge

Financial,

Inc.

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

United

States

37,934

905,105

Equitable

Holdings,

Inc.

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

United

States

104,254

3,868,866

Essent

Group

Ltd.

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

United

States

1,713

100,108

a

Fiserv,

Inc.

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

United

States

7,709

430,162

Investor

AB,

B

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

Sweden

66,674

2,525,260

Jackson

Financial,

Inc.,

A

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

United

States

6,667

704,835

Mastercard,

Inc.,

A

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

United

States

58,268

29,114,189

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Financial

#### Services
(continued)

MGIC

Investment

Corp.

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

United

States

35,992

$

944,790

a

NMI

Holdings,

Inc.,

A

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

United

States

8,273

310,320

Pagseguro

Digital

Ltd.,

A

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

Brazil

52,799

529,046

a

Payoneer

Global,

Inc.

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

United

States

20,877

100,836

PayPal

Holdings,

Inc.

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

United

States

20,473

925,994

PennyMac

Financial

Services,

Inc.

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

United

States

2,370

207,138

a

StoneCo

Ltd.,

A

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

Brazil

27,699

391,110

Visa,

Inc.,

A

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

United

States

27,516

8,316,436

55,104,087

#### Food

#### Products

#### 0.3%
Ajinomoto

Co.,

Inc.

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

Japan

18,200

514,537

Archer-Daniels-Midland

Co.

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

United

States

14,260

1,036,559

Associated

British

Foods

plc

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

United

Kingdom

39,982

1,000,844

Calavo

Growers,

Inc.

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

United

States

3,893

100,400

Cal-Maine

Foods,

Inc.

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

United

States

5,772

456,854

Dole

plc

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

United

States

20,138

287,772

Indofood

CBP

Sukses

Makmur

Tbk.

PT

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

Indonesia

1,160,700

502,139

Ingredion,

Inc.

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

United

States

8,244

928,769

Mondelez

International,

Inc.,

A

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

United

States

16,348

942,299

Nestle

SA

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

United

States

5,802

569,124

a

Seneca

Foods

Corp.,

A

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

United

States

1,283

193,887

a

Simply

Good

Foods

Co.

(The)

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

United

States

3,247

46,594

Tyson

Foods,

Inc.,

A

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

United

States

7,783

498,657

b

WH

Group

Ltd.,

144A,

Reg

S

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

Hong

Kong

1,599,000

2,101,785

9,180,220

#### Gas

#### Utilities

#### 0.1%
National

Fuel

Gas

Co.

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

United

States

11,589

1,088,902

New

Jersey

Resources

Corp.

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

United

States

10,422

572,376

Northwest

Natural

Holding

Co.

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

United

States

2,168

115,381

Spire,

Inc.

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

United

States

1,279

115,801

Tokyo

Gas

Co.

Ltd.

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

Japan

15,500

729,989

2,622,449

#### Ground

#### Transportation

#### 0.3%
Canadian

National

Railway

Co.

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

Canada

10,689

1,100,173

Canadian

Pacific

Kansas

City

Ltd.

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

Canada

33,312

2,620,322

CSX

Corp.

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

United

States

24,072

988,156

JB

Hunt

Transport

Services,

Inc.

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

United

States

5,767

1,222,027

a

Lyft,

Inc.,

A

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

United

States

72,577

965,274

Norfolk

Southern

Corp.

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

United

States

3,223

925,001

a

Uber

Technologies,

Inc.

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

United

States

12,799

920,632

Union

Pacific

Corp.

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

United

States

3,785

918,317

9,659,902

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.1%
Abbott

Laboratories

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

United

States

8,777

901,135

a

AtriCure,

Inc.

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

United

States

3,341

95,319

a

Avanos

Medical,

Inc.

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

United

States

7,792

109,166

a

Axogen,

Inc.

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

United

States

10,284

340,709

Becton

Dickinson

&

Co.

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

United

States

23,792

3,740,816

BioMerieux

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

France

2,100

224,351

a

Boston

Scientific

Corp.

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

United

States

91,705

5,754,489

a

Dexcom,

Inc.

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

United

States

16,174

1,015,727

a

Edwards

Lifesciences

Corp.

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

United

States

11,518

922,361

a

Glaukos

Corp.

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

United

States

3,295

354,740

a

Haemonetics

Corp.

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

United

States

1,526

86,005

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Health

#### Care

#### Equipment

#### &

#### Supplies
(continued)

a

Hologic,

Inc.

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

United

States

12,833

$

970,047

Hoya

Corp.

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

Japan

31,000

5,374,173

a

IDEXX

Laboratories,

Inc.

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

United

States

5,962

3,349,988

a

Insulet

Corp.

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

United

States

4,057

851,321

a

Intuitive

Surgical,

Inc.

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

United

States

10,108

4,659,687

a

Lantheus

Holdings,

Inc.

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

United

States

8,084

613,171

a

LivaNova

plc

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

United

States

6,254

397,504

Medtronic

plc

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

United

States

10,580

916,757

a

Novocure

Ltd.

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

United

States

39,793

433,744

Olympus

Corp.

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

Japan

66,900

637,378

Stryker

Corp.

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

United

States

2,701

887,522

a

Varex

Imaging

Corp.

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

United

States

8,682

92,116

32,728,226

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.8%
a

AMN

Healthcare

Services,

Inc.

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

United

States

17,155

314,623

Cardinal

Health,

Inc.

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

United

States

4,506

952,163

a

Castle

Biosciences,

Inc.

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

United

States

13,391

328,749

Cencora,

Inc.

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

United

States

2,960

929,854

Cigna

Group

(The)

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

United

States

3,480

928,290

a

Cross

Country

Healthcare,

Inc.

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

United

States

4,950

46,530

CVS

Health

Corp.

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

United

States

12,341

886,331

Fresenius

SE

&

Co.

KGaA

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

Germany

2,970

154,130

a

GeneDx

Holdings

Corp.,

A

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

United

States

1,097

70,449

a

Guardant

Health,

Inc.

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

United

States

8,431

778,771

HCA

Healthcare,

Inc.

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

United

States

1,805

854,198

a

HealthEquity,

Inc.

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

United

States

1,242

103,794

a

Hims

&

Hers

Health,

Inc.

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

United

States

4,154

86,237

McKesson

Corp.

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

United

States

10,666

9,229,930

a

Omada

Health,

Inc.

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

United

States

6,560

82,459

Select

Medical

Holdings

Corp.

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

United

States

6,268

102,106

a

Tenet

Healthcare

Corp.

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

United

States

4,059

765,974

UnitedHealth

Group,

Inc.

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

United

States

18,410

4,981,562

Universal

Health

Services,

Inc.,

B

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

United

States

4,742

848,676

22,444,826

#### Health

#### Care

#### REITs

#### 0.1%
American

Healthcare

REIT,

Inc.

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

United

States

2,107

99,366

CareTrust

REIT,

Inc.

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

United

States

19,514

715,188

LTC

Properties,

Inc.

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

United

States

2,711

100,741

National

Health

Investors,

Inc.

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

United

States

1,371

110,859

Omega

Healthcare

Investors,

Inc.

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

United

States

21,049

922,367

Sabra

Health

Care

REIT,

Inc.

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

United

States

5,595

107,592

2,056,113

#### Health

#### Care

#### Technology

#### 0.3%
a

Doximity,

Inc.,

A

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

United

States

37,949

884,212

HealthStream,

Inc.

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

United

States

4,598

95,225

a

Phreesia,

Inc.

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

United

States

28,593

239,609

a

Teladoc

Health,

Inc.

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

United

States

87,590

477,366

a

Veeva

Systems,

Inc.,

A

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

United

States

46,731

8,208,767

a

Waystar

Holding

Corp.

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

United

States

3,929

94,728

9,999,907

#### Hotel

#### &

#### Resort

#### REITs

#### 0.0%

#### †
Apple

Hospitality

REIT,

Inc.

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

United

States

7,979

91,838

DiamondRock

Hospitality

Co.

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

United

States

11,569

108,401

Ryman

Hospitality

Properties,

Inc.

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

United

States

4,662

430,163

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Hotel

#### &

#### Resort

#### REITs
(continued)

Xenia

Hotels

&

Resorts,

Inc.

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

United

States

6,773

$

100,444

730,846

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.2%
a

Airbnb,

Inc.,

A

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

United

States

92,826

11,722,067

Aristocrat

Leisure

Ltd.

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

Australia

41,754

1,327,162

Booking

Holdings,

Inc.

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

United

States

2,071,478

Brightstar

Lottery

plc

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

United

States

28,349

361,166

a

Brinker

International,

Inc.

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

United

States

4,587

654,886

Compass

Group

plc

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

United

Kingdom

87,048

2,428,720

a

DoorDash,

Inc.,

A

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

United

States

5,368

806,005

Galaxy

Entertainment

Group

Ltd.

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

Macau

34,000

153,676

Golden

Entertainment,

Inc.

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

United

States

3,761

100,381

Hilton

Worldwide

Holdings,

Inc.

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

United

States

26,491

8,055,383

InterContinental

Hotels

Group

plc

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

United

States

3,903

514,708

Las

Vegas

Sands

Corp.

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

United

States

29,150

1,570,602

a

Life

Time

Group

Holdings,

Inc.

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

United

States

3,442

92,728

Monarch

Casino

&

Resort,

Inc.

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

United

States

1,167

111,565

Red

Rock

Resorts,

Inc.,

A

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

United

States

1,828

97,542

Starbucks

Corp.

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

United

States

31,673

2,837,584

a

Viking

Holdings

Ltd.

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

United

States

13,955

1,025,413

33,931,066

#### Household

#### Durables

#### 0.5%
Garmin

Ltd.

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

United

States

4,835

1,121,768

a

Hovnanian

Enterprises,

Inc.,

A

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

United

States

883

97,934

KB

Home

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

United

States

1,665

86,164

a

M/I

Homes,

Inc.

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

United

States

3,373

413,024

PulteGroup,

Inc.

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

United

States

55,942

6,579,339

a

Sonos,

Inc.

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

United

States

38,369

514,145

Sony

Group

Corp.

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

Japan

113,600

2,367,735

a

Taylor

Morrison

Home

Corp.,

A

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

United

States

9,277

540,292

Toll

Brothers,

Inc.

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

United

States

6,511

888,556

a

Tri

Pointe

Homes,

Inc.

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

United

States

13,239

618,658

13,227,615

#### Household

#### Products

#### 0.8%
Colgate-Palmolive

Co.

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

United

States

130,604

11,131,379

Procter

&

Gamble

Co.

(The)

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

United

States

71,972

10,395,636

Reckitt

Benckiser

Group

plc

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

United

Kingdom

22,323

1,501,006

Unilever

Indonesia

Tbk.

PT

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

Indonesia

4,876,300

528,094

23,556,115

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.1%
AES

Corp.

(The)

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

United

States

68,849

970,083

RWE

AG

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

Germany

36,995

2,488,981

Vistra

Corp.

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

United

States

6,043

908,444

4,367,508

#### Industrial

#### Conglomerates

#### 0.6%
3M

Co.

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

United

States

6,268

910,302

CK

Hutchison

Holdings

Ltd.

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

United

Kingdom

43,000

330,069

Hitachi

Ltd.

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

Japan

75,100

2,203,095

Honeywell

International,

Inc.

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

United

States

38,376

8,674,127

Jardine

Matheson

Holdings

Ltd.

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

Indonesia

27,700

1,991,166

Sekisui

Chemical

Co.

Ltd.

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

Japan

26,300

441,542

Siemens

AG

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

Germany

5,033

1,226,210

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Industrial

#### Conglomerates
(continued)

Smiths

Group

plc

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

United

Kingdom

17,827

$

544,013

16,320,524

#### Industrial

#### REITs

#### 0.2%
LXP

Industrial

Trust

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

United

States

2,050

94,833

Prologis,

Inc.

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

United

States

32,579

4,306,292

4,401,125

#### Insurance

#### 1.6%
Aflac,

Inc.

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

United

States

8,677

951,954

AIA

Group

Ltd.

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

Hong

Kong

183,000

2,033,373

Allianz

SE

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

Germany

6,240

2,635,268

Allstate

Corp.

(The)

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

United

States

28,710

5,952,731

American

International

Group,

Inc.

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

United

States

61,393

4,619,823

AXA

SA

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

France

4,850

222,865

Axis

Capital

Holdings

Ltd.

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

United

States

25,285

2,564,152

a

Brighthouse

Financial,

Inc.

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

United

States

16,246

972,810

Chubb

Ltd.

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

United

States

3,103

1,011,361

CNO

Financial

Group,

Inc.

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

United

States

12,367

507,789

Daiichi

Life

Group,

Inc.

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

Japan

20,000

184,440

Everest

Group

Ltd.

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

United

States

2,877

940,347

Fidelis

Insurance

Holdings

Ltd.

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

United

Kingdom

5,941

113,533

a

Genworth

Financial,

Inc.,

A

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

United

States

65,387

530,942

Globe

Life,

Inc.

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

United

States

17,038

2,371,178

Hamilton

Insurance

Group

Ltd.,

B

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

United

States

18,225

543,652

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

5,423

940,077

a

Heritage

Insurance

Holdings,

Inc.

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

United

States

15,623

410,104

Horace

Mann

Educators

Corp.

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

United

States

2,302

98,249

MetLife,

Inc.

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

United

States

56,056

3,964,280

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

2,226

1,405,811

NN

Group

NV

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

Netherlands

27,639

2,158,493

Primerica,

Inc.

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

United

States

3,695

925,524

Progressive

Corp.

(The)

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

United

States

4,648

921,420

Prudential

Financial,

Inc.

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

United

States

9,901

967,229

Prudential

plc

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

Hong

Kong

86,431

1,201,660

QBE

Insurance

Group

Ltd.

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

Australia

93,257

1,376,171

Reinsurance

Group

of

America,

Inc.

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

United

States

4,754

970,577

RenaissanceRe

Holdings

Ltd.

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

United

States

3,590

1,067,056

a

SiriusPoint

Ltd.

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

United

States

12,225

263,327

Talanx

AG

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

Germany

7,083

878,909

Travelers

Cos.,

Inc.

(The)

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

United

States

3,515

1,025,255

Unipol

Assicurazioni

SpA

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

Italy

17,364

403,369

Universal

Insurance

Holdings,

Inc.

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

United

States

5,311

181,424

Unum

Group

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

United

States

12,778

933,177

46,248,330

#### Interactive

#### Media

#### &

#### Services

#### 4.4%
Alphabet,

Inc.,

A

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

United

States

210,053

60,402,841

Alphabet,

Inc.,

C

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

United

States

77,238

22,156,492

a

Cargurus,

Inc.,

A

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

United

States

13,511

460,049

a

EverQuote,

Inc.,

A

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

United

States

15,004

231,362

a

fuboTV,

Inc.,

A

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

United

States

8,696

82,264

a

Grindr,

Inc.

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

Singapore

8,187

98,981

LY

Corp.

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

Japan

340,800

821,714

Meta

Platforms,

Inc.,

A

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

United

States

78,913

45,148,495

a

Nextdoor

Holdings,

Inc.

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

United

States

62,499

87,499

129,489,697

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### IT

#### Services

#### 0.4%
Accenture

plc,

A

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

United

States

24,705

$

4,898,754

a

Fastly,

Inc.,

A

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

United

States

4,287

124,580

Fujitsu

Ltd.

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

Japan

9,100

186,101

a

GoDaddy,

Inc.,

A

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

United

States

10,235

846,127

NEC

Corp.

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

Japan

34,400

855,979

a

Snowflake,

Inc.,

A

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

United

States

19,929

3,005,692

VeriSign,

Inc.

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

United

States

3,953

981,767

10,899,000

#### Leisure

#### Products

#### 0.1%
Bandai

Namco

Holdings,

Inc.

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

Japan

61,600

1,519,697

Hasbro,

Inc.

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

United

States

12,182

1,140,235

Polaris,

Inc.

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

United

States

8,879

483,906

3,143,838

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.4%
a

10X

Genomics,

Inc.,

A

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

United

States

25,510

541,577

a

CryoPort,

Inc.

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

United

States

6,186

51,220

Lonza

Group

AG

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

Switzerland

4,181

2,682,189

a

Medpace

Holdings,

Inc.

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

United

States

2,043

981,028

Mesa

Laboratories,

Inc.

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

United

States

3,792

335,289

Thermo

Fisher

Scientific,

Inc.

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

United

States

13,399

6,586,011

a

Waters

Corp.

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

United

States

3,154

939,261

12,116,575

#### Machinery

#### 1.5%
Alamo

Group,

Inc.

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

United

States

549

90,569

Albany

International

Corp.,

A

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

United

States

2,118

110,581

Allison

Transmission

Holdings,

Inc.

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

United

States

8,224

962,701

Atmus

Filtration

Technologies,

Inc.

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

United

States

11,175

634,405

a

Blue

Bird

Corp.

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

United

States

10,221

580,451

Caterpillar,

Inc.

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

United

States

26,906

19,061,825

a

Chart

Industries,

Inc.

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

United

States

707

146,172

Cummins,

Inc.

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

United

States

2,292

1,233,142

Deere

&

Co.

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

United

States

1,631

918,742

Ebara

Corp.

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

Japan

27,400

775,643

ESCO

Technologies,

Inc.

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

United

States

641

180,358

FANUC

Corp.

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

Japan

2,800

97,599

Federal

Signal

Corp.

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

United

States

849

91,811

Franklin

Electric

Co.,

Inc.

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

United

States

1,006

92,723

GEA

Group

AG

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

Germany

12,543

899,555

Graco,

Inc.

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

United

States

11,352

960,947

Hyster-Yale,

Inc.

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

United

States

2,880

93,629

Illinois

Tool

Works,

Inc.

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

United

States

1,734

451,343

Ingersoll

Rand,

Inc.

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

United

States

43,549

3,489,146

Kennametal,

Inc.

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

United

States

3,442

124,359

Komatsu

Ltd.

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

Japan

15,800

629,165

Lincoln

Electric

Holdings,

Inc.

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

United

States

4,154

1,034,678

a

Microvast

Holdings,

Inc.

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

United

States

46,651

69,976

Minebea

Mitsumi,

Inc.

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

Japan

60,300

1,001,287

Mueller

Water

Products,

Inc.,

A

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

United

States

4,332

119,087

Otis

Worldwide

Corp.

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

United

States

50,446

3,888,378

PACCAR,

Inc.

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

United

States

7,985

922,267

Parker-Hannifin

Corp.

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

United

States

1,020

913,145

Pentair

plc

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

United

States

10,433

908,819

a

Proto

Labs,

Inc.

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

United

States

3,081

175,679

Schindler

Holding

AG

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

Switzerland

3,447

1,135,417

a

SPX

Technologies,

Inc.

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

United

States

91,972

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Machinery
(continued)

Tennant

Co.

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

United

States

1,544

$

102,522

Terex

Corp.

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

United

States

1,681

99,347

Watts

Water

Technologies,

Inc.,

A

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

United

States

2,513

729,499

Worthington

Enterprises,

Inc.

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

United

States

2,008

104,697

Yangzijiang

Shipbuilding

Holdings

Ltd.

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

China

511,100

1,518,167

44,439,803

#### Marine

#### Transportation

#### 0.1%
Matson,

Inc.

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

United

States

4,168

683,302

SITC

International

Holdings

Co.

Ltd.

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

China

186,000

814,405

1,497,707

#### Media

#### 0.1%
a

Charter

Communications,

Inc.,

A

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

United

States

8,352

1,803,030

a

Ibotta,

Inc.,

A

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

United

States

4,550

136,364

Informa

plc

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

United

Kingdom

31,888

320,274

a

Magnite,

Inc.

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

United

States

5,249

62,358

New

York

Times

Co.

(The),

A

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

United

States

11,955

1,000,992

a

PubMatic,

Inc.,

A

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

United

States

18,352

150,119

3,473,137

#### Metals

#### &

#### Mining

#### 0.9%
a

Alpha

Metallurgical

Resources,

Inc.

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

United

States

571

117,209

ArcelorMittal

SA

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

Luxembourg

9,859

511,303

BHP

Group

Ltd.,

(AUD

Traded)

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

Australia

154,574

5,592,877

BHP

Group

Ltd.,

(GBP

Traded)

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

Australia

6,045

219,105

a

Boliden

AB

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

Sweden

8,285

434,315

a

Century

Aluminum

Co.

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

United

States

1,820

106,816

a

Coeur

Mining,

Inc.

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

United

States

20,460

384,034

Commercial

Metals

Co.

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

United

States

1,750

107,503

a

Constellium

SE,

A

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

United

States

23,716

582,939

Fortescue

Ltd.

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

Australia

135,180

1,931,668

Freeport-McMoRan,

Inc.

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

United

States

123,609

7,265,737

Glencore

plc

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

Australia

590,071

4,469,123

Hecla

Mining

Co.

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

United

States

42,968

800,494

Norsk

Hydro

ASA

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

Norway

45,404

483,934

Rio

Tinto

plc

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

Australia

21,911

2,032,765

SunCoke

Energy,

Inc.

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

United

States

16,609

108,125

25,147,947

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
Chimera

Investment

Corp.

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

United

States

8,098

101,630

Ladder

Capital

Corp.,

A

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

United

States

9,088

88,790

MFA

Financial,

Inc.

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

United

States

10,974

105,131

Rithm

Capital

Corp.

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

United

States

99,651

944,691

1,240,242

#### Multi-Utilities

#### 0.3%
Ameren

Corp.

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

United

States

8,624

947,950

Avista

Corp.

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

United

States

10,219

410,191

Black

Hills

Corp.

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

United

States

7,280

505,305

CMS

Energy

Corp.

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

United

States

12,463

966,880

Consolidated

Edison,

Inc.

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

United

States

8,565

969,387

DTE

Energy

Co.

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

United

States

6,406

936,685

Engie

SA

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

France

51,871

1,671,670

Northwestern

Energy

Group,

Inc.

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

United

States

1,560

102,866

Public

Service

Enterprise

Group,

Inc.

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

United

States

12,131

982,004

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Multi-Utilities
(continued)

WEC

Energy

Group,

Inc.

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

United

States

8,693

$

1,006,389

8,499,327

#### Office

#### REITs

#### 0.1%
COPT

Defense

Properties

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

United

States

3,380

103,428

Empire

State

Realty

Trust,

Inc.,

A

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

United

States

18,156

94,411

Vornado

Realty

Trust

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

United

States

77,006

2,001,386

2,199,225

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.5%
Antero

Midstream

Corp.

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

United

States

41,866

954,545

BP

plc

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

United

States

245,325

1,920,110

California

Resources

Corp.

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

United

States

2,119

146,677

Cheniere

Energy,

Inc.

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

United

States

40,434

11,473,552

Chevron

Corp.

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

United

States

6,136

1,269,538

ConocoPhillips

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

United

States

42,932

5,667,024

Coterra

Energy,

Inc.

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

United

States

30,990

1,088,989

Delek

US

Holdings,

Inc.

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

United

States

2,399

108,123

Devon

Energy

Corp.

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

United

States

21,619

1,087,868

DHT

Holdings,

Inc.

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

United

States

7,762

141,812

Dorian

LPG

Ltd.

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

United

States

3,858

131,944

ENEOS

Holdings,

Inc.

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

Japan

159,100

1,433,512

Eni

SpA

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

Italy

20,029

569,500

Equinor

ASA

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

Norway

55,367

2,358,877

Exxon

Mobil

Corp.

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

United

States

82,953

14,073,806

Galp

Energia

SGPS

SA,

B

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

Portugal

92,991

2,229,701

a

Gulfport

Energy

Corp.

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

United

States

525

111,074

HF

Sinclair

Corp.

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

United

States

19,377

1,208,931

Inpex

Corp.

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

Japan

83,400

2,466,930

Kinder

Morgan,

Inc.

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

United

States

31,502

1,056,262

Marathon

Petroleum

Corp.

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

United

States

5,156

1,258,992

Murphy

Oil

Corp.

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

United

States

8,672

357,720

a

Par

Pacific

Holdings,

Inc.

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

United

States

2,029

127,097

Peabody

Energy

Corp.

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

United

States

17,301

570,068

Repsol

SA

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

Spain

25,028

704,500

Scorpio

Tankers,

Inc.

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

Monaco

8,029

599,445

Shell

plc,

(EUR

Traded)

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

United

States

150,344

7,030,254

Shell

plc,

(GBP

Traded)

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

United

States

5,128

237,503

Teekay

Corp.

Ltd.

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

United

States

30,031

366,678

Teekay

Tankers

Ltd.,

A

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

Canada

7,531

552,173

TotalEnergies

SE

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

France

42,616

3,911,047

Valero

Energy

Corp.

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

United

States

27,651

6,832,009

Williams

Cos.,

Inc.

(The)

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

United

States

16,019

1,165,863

World

Kinect

Corp.

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

United

States

4,096

94,495

73,306,619

#### Paper

#### &

#### Forest

#### Products

#### 0.0%

#### †
Sylvamo

Corp.

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

United

States

2,240

94,618

#### Passenger

#### Airlines

#### 0.5%
Delta

Air

Lines,

Inc.

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

United

States

16,296

1,083,358

International

Consolidated

Airlines

Group

SA

...............

United

Kingdom

278,309

1,320,941

a

Joby

Aviation,

Inc.

...................................

United

States

34,140

281,996

Qantas

Airways

Ltd.

.................................

Australia

229,180

1,346,261

Ryanair

Holdings

plc

.................................

Italy

49,911

1,405,087

Ryanair

Holdings

plc,

ADR

............................

Italy

15,030

868,734

a

SkyWest,

Inc.

......................................

United

States

6,572

603,507

Southwest

Airlines

Co.

...............................

United

States

149,022

5,598,757

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Passenger

#### Airlines
(continued)

a

Sun

Country

Airlines

Holdings,

Inc.

......................

United

States

10,446

$

172,568

a

United

Airlines

Holdings,

Inc.

...........................

United

States

9,882

909,836

13,591,045

#### Personal

#### Care

#### Products

#### 0.1%
Unilever

plc

........................................

United

Kingdom

31,965

1,754,859

#### Pharmaceuticals

#### 3.4%
a

Arvinas,

Inc.

.......................................

United

States

37,365

396,069

AstraZeneca

plc,

(GBP

Traded)

.........................

United

Kingdom

22,319

4,364,257

AstraZeneca

plc,

(USD

Traded)

.........................

United

Kingdom

27,619

5,447,019

Bristol-Myers

Squibb

Co.

..............................

United

States

92,605

5,616,493

Chugai

Pharmaceutical

Co.

Ltd.

........................

Japan

53,700

2,961,474

a

Corcept

Therapeutics,

Inc.

............................

United

States

26,864

1,082,888

Daiichi

Sankyo

Co.

Ltd.

...............................

Japan

74,800

1,338,222

Eli

Lilly

&

Co.

......................................

United

States

31,497

28,969,996

Galderma

Group

AG

.................................

Switzerland

19,375

3,807,843

GSK

plc

..........................................

United

States

79,076

2,178,186

Ipsen

SA

..........................................

France

5,704

1,065,984

Johnson

&

Johnson

.................................

United

States

4,001

978,004

a

Maze

Therapeutics,

Inc.

..............................

United

States

10,313

307,843

Merck

&

Co.,

Inc.

...................................

United

States

137,034

16,483,820

Novartis

AG

.......................................

United

States

44,312

6,801,646

Novo

Nordisk

A/S,

ADR

...............................

Denmark

61,929

2,275,891

Novo

Nordisk

A/S,

B

.................................

Denmark

50,585

1,851,132

Otsuka

Holdings

Co.

Ltd.

.............................

Japan

15,300

1,085,854

Pfizer,

Inc.

.........................................

United

States

35,551

998,272

Roche

Holding

AG

..................................

United

States

9,882

3,943,816

Sanofi

SA

.........................................

United

States

61,390

5,928,422

a

Supernus

Pharmaceuticals,

Inc.

........................

United

States

9,630

497,775

98,380,906

#### Professional

#### Services

#### 0.2%
Automatic

Data

Processing,

Inc.

........................

United

States

5,393

1,095,750

Broadridge

Financial

Solutions,

Inc.

......................

United

States

4,884

793,552

a

IBEX

Holdings

Ltd.

..................................

United

States

3,988

106,958

Korn

Ferry

........................................

United

States

4,180

263,131

a

Legalzoom.com,

Inc.

.................................

United

States

44,369

251,572

Leidos

Holdings,

Inc.

.................................

United

States

5,405

840,586

Maximus,

Inc.

......................................

United

States

1,326

84,997

a

Paylocity

Holding

Corp.

...............................

United

States

8,006

864,968

Recruit

Holdings

Co.

Ltd.

.............................

Japan

29,200

1,272,243

a

Upwork,

Inc.

.......................................

United

States

43,315

474,732

Verisk

Analytics,

Inc.,

A

...............................

United

States

4,349

825,223

6,873,712

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.2%
a

CBRE

Group,

Inc.,

A

.................................

United

States

29,763

4,031,696

a

Cushman

&

Wakefield

Ltd.

............................

United

States

83,372

1,022,141

a

Jones

Lang

LaSalle,

Inc.

..............................

United

States

3,213

977,780

Kennedy-Wilson

Holdings,

Inc.

.........................

United

States

10,196

110,321

6,141,938

#### Residential

#### REITs

#### 0.2%
Invitation

Homes,

Inc.

................................

United

States

199,775

4,964,409

Mid-America

Apartment

Communities,

Inc.

................

United

States

7,071

863,510

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Residential

#### REITs
(continued)

Sun

Communities,

Inc.

...............................

United

States

7,035

$

886,129

6,714,048

#### Retail

#### REITs

#### 0.3%
Alexander's,

Inc.

....................................

United

States

100,621

Brixmor

Property

Group,

Inc.

...........................

United

States

31,981

921,053

CBL

&

Associates

Properties,

Inc.

.......................

United

States

3,825

146,995

Kite

Realty

Group

Trust

...............................

United

States

4,622

113,470

Simon

Property

Group,

Inc.

............................

United

States

35,599

6,640,281

SITE

Centers

Corp.

..................................

United

States

37,636

203,234

Tanger,

Inc.

........................................

United

States

3,048

103,571

Urban

Edge

Properties

...............................

United

States

5,076

101,419

8,330,644

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 8.2%
a

Advanced

Micro

Devices,

Inc.

..........................

United

States

28,021

5,700,312

Advantest

Corp.

....................................

Japan

3,900

538,226

a

Ambarella,

Inc.

.....................................

United

States

10,291

529,729

Applied

Materials,

Inc.

................................

United

States

4,102

1,402,023

ASML

Holding

NV

...................................

Netherlands

7,368

9,797,647

Broadcom,

Inc.

.....................................

United

States

129,083

39,952,479

a

CEVA,

Inc.

........................................

United

States

2,276

42,516

a

Cirrus

Logic,

Inc.

....................................

United

States

7,617

1,101,571

a

Credo

Technology

Group

Holding

Ltd.

....................

United

States

9,374

879,937

a

FormFactor,

Inc.

....................................

United

States

1,178

114,254

a

Impinj,

Inc.

........................................

United

States

3,119

320,321

Infineon

Technologies

AG

.............................

Germany

49,872

2,262,500

a

Kioxia

Holdings

Corp.

................................

Japan

16,900

2,207,142

KLA

Corp.

.........................................

United

States

716

1,054,246

Kulicke

&

Soffa

Industries,

Inc.

.........................

Singapore

1,489

97,857

Lam

Research

Corp.

.................................

United

States

112,631

24,064,739

Marvell

Technology,

Inc.

..............................

United

States

42,507

4,210,318

a

MaxLinear,

Inc.,

A

...................................

United

States

7,210

125,382

Micron

Technology,

Inc.

...............................

United

States

3,117

1,053,047

a

Navitas

Semiconductor

Corp.,

A

........................

United

States

11,232

98,505

NVIDIA

Corp.

......................................

United

States

731,535

127,579,704

QUALCOMM,

Inc.

...................................

United

States

99,908

12,866,152

a

Rambus,

Inc.

......................................

United

States

7,702

662,603

a

Rigetti

Computing,

Inc.

...............................

United

States

2,870

40,295

SCREEN

Holdings

Co.

Ltd.

............................

Japan

15,000

893,649

a

Semtech

Corp.

.....................................

United

States

1,313

100,957

a

Silicon

Laboratories,

Inc.

..............................

United

States

100,120

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.............

Taiwan

33,000

1,908,539

239,704,770

#### Software

#### 4.4%
a

ACI

Worldwide,

Inc.

..................................

United

States

4,663

191,230

a

Adobe,

Inc.

........................................

United

States

48,824

11,868,138

a

Alarm.com

Holdings,

Inc.

.............................

United

States

2,015

87,028

a

Appian

Corp.,

A

.....................................

United

States

3,591

86,579

a

Arteris,

Inc.

........................................

United

States

21,186

348,298

a

Atlassian

Corp.,

A

...................................

United

States

11,500

784,875

a

Autodesk,

Inc.

......................................

United

States

24,584

5,885,410

a

Blend

Labs,

Inc.,

A

..................................

United

States

109,555

186,243

a

Cadence

Design

Systems,

Inc.

.........................

United

States

20,784

5,775,250

a

Cerence,

Inc.

......................................

United

States

13,968

88,138

a

Commvault

Systems,

Inc.

.............................

United

States

3,639

283,442

a

Crowdstrike

Holdings,

Inc.,

A

...........................

United

States

2,140

835,477

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Software
(continued)

a

Daily

Journal

Corp.

..................................

United

States

$

89,233

a

DocuSign,

Inc.,

A

...................................

United

States

19,750

936,348

a

Dropbox,

Inc.,

A

....................................

United

States

37,193

845,025

a

Fortinet,

Inc.

.......................................

United

States

6,280

513,202

InterDigital,

Inc.

.....................................

United

States

2,087

630,274

Intuit,

Inc.

.........................................

United

States

1,998

863,895

a

LiveRamp

Holdings,

Inc.

..............................

United

States

13,339

353,750

a

Manhattan

Associates,

Inc.

............................

United

States

6,307

839,588

Microsoft

Corp.

.....................................

United

States

208,344

77,122,698

a

Nice

Ltd.

..........................................

Israel

11,054

1,220,456

OneSpan,

Inc.

......................................

United

States

8,986

94,623

Oracle

Corp.

.......................................

United

States

17,143

2,521,907

Oracle

Corp.

Japan

..................................

Japan

4,100

222,354

a

PagerDuty,

Inc.

.....................................

United

States

49,019

304,408

a

Palantir

Technologies,

Inc.,

A

...........................

United

States

19,784

2,894,004

Pegasystems,

Inc.

...................................

United

States

20,356

866,351

a

Q2

Holdings,

Inc.

...................................

United

States

2,342

110,777

a

Rapid7,

Inc.

.......................................

United

States

24,126

132,934

RingCentral,

Inc.,

A

..................................

United

States

22,886

851,130

a

Rubrik,

Inc.,

A

......................................

United

States

16,821

823,724

Salesforce,

Inc.

.....................................

United

States

4,758

888,176

SAP

SE

..........................................

Germany

11,792

2,010,331

a

SEMrush

Holdings,

Inc.,

A

.............................

United

States

8,832

105,454

a

ServiceNow,

Inc.

....................................

United

States

39,490

4,128,680

a

Teradata

Corp.

.....................................

United

States

32,202

825,337

a

Weave

Communications,

Inc.

..........................

United

States

19,776

91,365

a

Workday,

Inc.,

A

....................................

United

States

6,366

827,071

a

Workiva,

Inc.,

A

.....................................

United

States

1,567

93,440

a

Zoom

Communications,

Inc.,

A

.........................

United

States

12,408

997,479

128,624,122

#### Specialized

#### REITs

#### 0.4%
American

Tower

Corp.

................................

United

States

39,359

6,792,576

EPR

Properties

.....................................

United

States

17,144

856,514

Farmland

Partners,

Inc.

...............................

United

States

9,132

102,552

Outfront

Media,

Inc.

.................................

United

States

22,270

590,155

Public

Storage

.....................................

United

States

3,121

845,417

VICI

Properties,

Inc.,

A

...............................

United

States

100,184

2,737,027

11,924,241

#### Specialty

#### Retail

#### 0.4%
a

Abercrombie

&

Fitch

Co.,

A

............................

United

States

6,829

623,966

American

Eagle

Outfitters,

Inc.

.........................

United

States

8,533

142,501

a

AutoZone,

Inc.

.....................................

United

States

932,267

Avolta

AG

.........................................

Switzerland

4,483

268,784

Buckle,

Inc.

(The)

...................................

United

States

1,931

97,245

a

Chewy,

Inc.,

A

......................................

United

States

37,815

1,021,005

Fast

Retailing

Co.

Ltd.

................................

Japan

2,000

790,213

Home

Depot,

Inc.

(The)

...............................

United

States

2,590

851,825

a

O'Reilly

Automotive,

Inc.

..............................

United

States

10,168

938,608

Ross

Stores,

Inc.

...................................

United

States

6,106

1,322,743

a

Sally

Beauty

Holdings,

Inc.

............................

United

States

9,594

132,877

TJX

Cos.,

Inc.

(The)

.................................

United

States

13,969

2,230,849

a

Ulta

Beauty,

Inc.

....................................

United

States

1,488

777,793

a

Urban

Outfitters,

Inc.

.................................

United

States

2,257

142,981

a

Victoria's

Secret

&

Co.

...............................

United

States

10,499

486,734

10,760,391

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 3.9%
Apple,

Inc.

........................................

United

States

425,532

$

107,995,766

a

Everpure,

Inc.,

A

....................................

United

States

15,790

932,242

a

IonQ,

Inc.

.........................................

United

States

15,723

453,294

a

Sandisk

Corp.

......................................

United

States

2,092

1,329,131

Seagate

Technology

Holdings

plc

.......................

United

States

12,235

4,793,184

115,503,617

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
Asics

Corp.

........................................

Japan

26,900

723,210

Carter's,

Inc.

.......................................

United

States

11,699

418,356

G-III

Apparel

Group

Ltd.

..............................

United

States

4,671

129,387

Hermes

International

SCA

.............................

France

886,556

LVMH

Moet

Hennessy

Louis

Vuitton

SE

..................

France

120,263

Pandora

A/S

.......................................

Denmark

8,058

575,937

Tapestry,

Inc.

......................................

United

States

7,341

1,035,888

3,889,597

#### Tobacco

#### 0.8%
British

American

Tobacco

plc

...........................

United

Kingdom

55,487

3,221,510

Imperial

Brands

plc

..................................

United

Kingdom

48,697

1,974,557

Philip

Morris

International,

Inc.

.........................

United

States

108,877

18,001,723

23,197,790

#### Trading

#### Companies

#### &

#### Distributors

#### 0.3%
AerCap

Holdings

NV

.................................

Ireland

6,900

946,542

Bunzl

plc

..........................................

United

Kingdom

6,193

186,443

McGrath

RentCorp

..................................

United

States

1,076

118,661

Mitsubishi

Corp.

....................................

Japan

16,600

569,479

Mitsui

&

Co.

Ltd.

....................................

Japan

74,100

2,864,163

a

NPK

International,

Inc.

...............................

United

States

7,440

107,806

Sunbelt

Rentals

Holdings,

Inc.

..........................

United

States

18,819

1,200,490

United

Rentals,

Inc.

..................................

United

States

4,504

3,281,434

9,275,018

#### Transportation

#### Infrastructure

#### 0.0%

#### †
b

Aena

SME

SA,

144A,

Reg

S

...........................

Spain

17,040

502,634

#### Water

#### Utilities

#### 0.0%

#### †
American

States

Water

Co.

............................

United

States

1,396

105,566

California

Water

Service

Group

.........................

United

States

2,165

98,161

203,727

#### Wireless

#### Telecommunication

#### Services

#### 0.3%
KDDI

Corp.

........................................

Japan

141,500

2,409,282

T-Mobile

US,

Inc.

...................................

United

States

22,703

4,768,311

Vodafone

Group

plc

.................................

United

Kingdom

1,139,409

1,718,630

8,896,223

#### Total

#### Common

#### Stocks

#### (Cost

#### $1,386,451,536)

#### ..................................

#### 2,049,652,765

#### Management

#### Investment

#### Companies

#### 0.1%

#### Capital

#### Markets

#### 0.1%
iShares

Russell

1000

Value

ETF

........................

United

States

12,534

2,678,140

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $2,723,152)

#### ...................

#### 2,678,140
Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Convertible

#### Preferred

#### Stocks

#### 0.0%

#### †

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
Boeing

Co.

(The),

6%

................................

United

States

3,297

$

213,909

#### Financial

#### Services

#### 0.0%

#### †
Apollo

Global

Management,

Inc.,

6.75%

..................

United

States

2,332

136,329

#### Software

#### 0.0%

#### †
Oracle

Corp.,

D,

6.5%

................................

United

States

5,068

228,111

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $533,450)

#### ............................

#### 578,349

#### Preferred

#### Stocks

#### 0.0%

#### †

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.0%

#### †
c

Samsung

Electronics

Co.

Ltd.,

1.05%

....................

South

Korea

17,484

1,411,371

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $597,272)

#### .......................................

#### 1,411,371

#### Rights

#### 0.0%

#### †

#### Biotechnology

#### 0.0%

#### †
a,d

Akero

Therapeutics,

Inc.,

CVR,

6/30/31

...................

United

States

8,919

5,797

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

1,334

a,d,e

Pfizer,

Inc.,

CVR,

3/31/32

.............................

United

States

2,750

13,475

a,d

Sage

Therapeutics,

Inc.,

CVR,

12/31/30

..................

United

States

27,419

4,935

26,709

#### Total

#### Rights

#### (Cost

#### $26,754)

#### .................................................

#### 26,709

#### 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

184,875

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%

#### †
Nabors

Industries,

Inc.

,

Senior

Note

,

1.75 %

,

6/15/29

.........

United

States

110,000

100,210

#### Food

#### Products

#### 0.0%

#### †
Post

Holdings,

Inc.

,

Senior

Note

,

2.5 %

,

8/15/27

.............

United

States

166,000

180,027

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.0%

#### †
b

Crescent

Energy

Co.

,

Senior

Note

,

144A,

2.75 %

,

3/15/31

.....

United

States

220,000

253,110

#### Software

#### 0.0%

#### †
Guidewire

Software,

Inc.

,

Senior

Note

,

1.25 %

,

11/01/29

.......

United

States

239,000

238,552

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.0%

#### †
Seagate

HDD

Cayman

,

Senior

Note

,

3.5 %

,

6/01/28

..........

United

States

50,000

237,547

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $1,158,435)
...................................

#### 1,194,321

#### Corporate

#### Bonds

#### 10.9%

#### Aerospace

#### &

#### Defense

#### 0.4%
ATI,

Inc.

,

Senior

Bond,

5.125%,

10/01/31

.......................

United

States

50,000

49,448

Senior

Note,

5.875%,

12/01/27

.......................

United

States

295,000

295,142

Senior

Note,

4.875%,

10/01/29

.......................

United

States

75,000

74,057

Senior

Note,

7.25%,

8/15/30

.........................

United

States

225,000

233,472

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Aerospace

#### &

#### Defense
(continued)

b

Axon

Enterprise,

Inc.

,

Senior

Note,

144A,

6.125%,

3/15/30

...................

United

States

180,000

$

183,428

Senior

Note,

144A,

6.25%,

3/15/33

....................

United

States

210,000

214,534

b

BAE

Systems

plc

,

Senior

Bond,

144A,

5.3%,

3/26/34

.....................

United

Kingdom

595,000

609,625

Senior

Note,

144A,

5.125%,

3/26/29

...................

United

Kingdom

545,000

556,281

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

.........................

United

States

91,000

85,667

Senior

Bond,

6.125%,

2/15/33

........................

United

States

290,000

308,476

Senior

Bond,

6.875%,

3/15/39

........................

United

States

110,000

120,930

Senior

Bond,

5.875%,

2/15/40

........................

United

States

150,000

150,779

Senior

Bond,

3.375%,

6/15/46

........................

United

States

215,000

148,702

Senior

Note,

2.7%,

2/01/27

..........................

United

States

340,000

335,317

Senior

Note,

6.259%,

5/01/27

........................

United

States

174,000

177,053

Senior

Note,

6.298%,

5/01/29

........................

United

States

1,940,000

2,037,228

b

Bombardier,

Inc.

,

Senior

Bond,

144A,

7.45%,

5/01/34

....................

Canada

445,000

481,786

Senior

Note,

144A,

7.5%,

2/01/29

.....................

Canada

30,000

31,173

Senior

Note,

144A,

8.75%,

11/15/30

...................

Canada

185,000

196,987

Senior

Note,

144A,

7%,

6/01/32

......................

Canada

10,000

10,391

Senior

Note,

144A,

6.75%,

6/15/33

....................

Canada

155,000

160,263

b

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5 %

,

2/15/32

...............................

Italy

345,000

343,725

b

Honeywell

Aerospace,

Inc.

,

Senior

Note

,

144A,

4.3 %

,

3/16/31

..

United

States

455,000

450,231

Howmet

Aerospace,

Inc.

,

Senior

Note,

3%,

1/15/29

...........................

United

States

805,000

776,784

Senior

Note,

4.85%,

10/15/31

........................

United

States

265,000

268,124

RTX

Corp.

,

Senior

Bond,

4.125%,

11/16/28

.......................

United

States

857,000

853,600

Senior

Bond,

5.15%,

2/27/33

.........................

United

States

110,000

112,231

Senior

Bond,

4.875%,

10/15/40

.......................

United

States

125,000

119,076

Spirit

AeroSystems,

Inc.

,

Senior

Bond

,

4.6 %

,

6/15/28

........

United

States

1,070,000

1,071,052

b

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

190,000

194,806

Senior

Secured

Note,

144A,

7.125%,

12/01/31

...........

United

States

45,000

46,503

Senior

Secured

Note,

144A,

6.625%,

3/01/32

............

United

States

135,000

137,851

Senior

Secured

Note,

144A,

6%,

1/15/33

................

United

States

555,000

555,307

Senior

Secured

Note,

144A,

6.25%,

1/31/34

.............

United

States

70,000

70,830

Senior

Sub.

Note,

144A,

6.75%,

1/31/34

................

United

States

760,000

770,530

12,231,389

#### Automobile

#### Components

#### 0.1%
b

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

8.25 %

,

4/15/31

United

States

365,000

378,837

b

Clarios

Global

LP

/

Clarios

US

Finance

Co.

,

Senior

Note

,

144A,

6.75 %

,

9/15/32

...................................

United

States

205,000

206,769

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

10/15/29

........................................

United

States

280,000

250,244

b

Forvia

SE

,

Senior

Note

,

144A,

6.75 %

,

9/15/33

..............

France

490,000

478,708

b,f

IHO

Verwaltungs

GmbH

,

Senior

Secured

Note,

144A,

PIK,

7.75%,

11/15/30

.........

Germany

200,000

203,454

Senior

Secured

Note,

144A,

PIK,

8%,

11/15/32

...........

Germany

590,000

604,897

2,122,909

#### Automobiles

#### 0.1%
b

Hyundai

Capital

America

,

Senior

Bond,

144A,

6.375%,

4/08/30

...................

United

States

41,000

43,041

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Automobiles
(continued)

b

Hyundai

Capital

America,

(continued)

Senior

Note,

144A,

4.875%,

11/01/27

..................

United

States

395,000

$

396,799

Senior

Note,

144A,

6.5%,

1/16/29

.....................

United

States

775,000

809,269

Senior

Note,

144A,

5.35%,

3/19/29

....................

United

States

215,000

218,983

Senior

Note,

144A,

4.55%,

9/26/29

....................

United

States

100,000

99,605

Senior

Note,

144A,

5.4%,

1/08/31

.....................

United

States

107,000

109,232

b

Nissan

Motor

Co.

Ltd.

,

Senior

Bond

,

144A,

8.125 %

,

7/17/35

...

Japan

275,000

283,179

1,960,108

#### Banks

#### 1.3%
b

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note

,

144A,

4.988%

to

12/02/27,

FRN

thereafter

,

12/03/28

...................

Netherlands

500,000

503,925

b

ANZ

New

Zealand

Int'l

Ltd.

,

Senior

Bond

,

144A,

3.45 %

,

7/17/27

New

Zealand

200,000

198,371

b,g

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Junior

Sub.

Bond

,

144A,

6.75%

to

6/14/26,

FRN

thereafter

,

Perpetual

.........

Australia

200,000

200,914

Banco

Santander

SA

,

Senior

Non-Preferred

Bond,

4.379%,

4/12/28

............

Spain

400,000

398,752

Sub.

Bond,

3.225%

to

8/21/31,

FRN

thereafter,

11/22/32

....

Spain

1,400,000

1,257,185

Bank

of

America

Corp.

,

Senior

Bond,

2.496%

to

2/12/30,

FRN

thereafter,

2/13/31

...

United

States

672,000

621,320

Senior

Note,

1.734%

to

7/21/26,

FRN

thereafter,

7/22/27

....

United

States

2,328,000

2,308,663

h

Sub.

Bond,

FRN,

4.696%,

(3-month

SOFR

+

1.022%),

9/15/26

United

States

125,000

125,222

Sub.

Bond,

6.11%,

1/29/37

..........................

United

States

1,572,000

1,649,531

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

2,112,000

1,957,328

L,

Sub.

Bond,

4.183%,

11/25/27

......................

United

States

555,000

553,273

Bank

of

Nova

Scotia

(The)

,

Junior

Sub.

Bond

,

7.35%

to

4/26/30,

FRN

thereafter

,

4/27/85

.............................

Canada

310,000

313,269

b

Banque

Federative

du

Credit

Mutuel

SA

,

Senior

Preferred

Note

,

144A,

4.541 %

,

1/15/31

..............................

France

575,000

567,304

Barclays

plc

,

Senior

Note

,

5.367%

to

2/24/30,

FRN

thereafter

,

2/25/31

.........................................

United

Kingdom

590,000

600,414

b

BNP

Paribas

SA

,

Sub.

Bond

,

144A,

4.375 %

,

5/12/26

.........

France

200,000

199,936

b

CaixaBank

SA

,

Senior

Non-Preferred

Note,

144A,

4.634%

to

7/02/28,

FRN

thereafter,

7/03/29

.................................

Spain

590,000

591,090

Senior

Non-Preferred

Note,

144A,

5.673%

to

3/14/29,

FRN

thereafter,

3/15/30

.................................

Spain

280,000

287,746

Citigroup,

Inc.

,

Senior

Bond,

3.887%

to

1/09/27,

FRN

thereafter,

1/10/28

...

United

States

609,000

606,150

Senior

Bond,

3.668%

to

7/23/27,

FRN

thereafter,

7/24/28

...

United

States

2,674,000

2,646,123

Senior

Note,

4.503%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

735,000

726,819

Sub.

Bond,

4.45%,

9/29/27

..........................

United

States

776,000

776,203

Sub.

Bond,

4.75%,

5/18/46

..........................

United

States

415,000

349,873

b

Commonwealth

Bank

of

Australia

,

Sub.

Bond

,

144A,

5.837 %

,

3/13/34

.........................................

Australia

525,000

541,611

b

Credit

Agricole

SA

,

Sub.

Bond

,

144A,

4%

to

1/09/28,

FRN

thereafter

,

1/10/33

.................................

France

250,000

245,971

b

Federation

des

Caisses

Desjardins

du

Quebec

,

Senior

Note

,

144A,

4.565 %

,

8/26/30

..............................

Canada

530,000

527,955

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125 %

,

3/09/28

...

United

States

1,137,000

1,166,032

Huntington

Bancshares,

Inc.

,

Sub.

Bond

,

2.487%

to

8/14/31,

FRN

thereafter

,

8/15/36

.................................

United

States

781,000

670,861

ING

Groep

NV

,

Senior

Note

,

6.083%

to

9/10/26,

FRN

thereafter

,

9/11/27

.........................................

Netherlands

345,000

347,168

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

JPMorgan

Chase

&

Co.

,

g

KK,

Junior

Sub.

Bond,

3.65%

to

5/31/26,

FRN

thereafter,

Perpetual

.......................................

United

States

127,000

$

126,491

h

W,

Junior

Sub.

Bond,

FRN,

4.914%,

(3-month

SOFR

+

1.262%),

5/15/47

.................................

United

States

368,000

324,211

Senior

Bond,

3.782%

to

1/31/27,

FRN

thereafter,

2/01/28

...

United

States

140,000

139,323

Senior

Note,

6.07%

to

10/21/26,

FRN

thereafter,

10/22/27

...

United

States

360,000

363,464

Sub.

Bond,

3.625%,

12/01/27

........................

United

States

2,616,000

2,587,433

Sub.

Bond,

2.956%

to

5/12/30,

FRN

thereafter,

5/13/31

.....

United

States

1,000,000

932,008

Sub.

Bond,

5.717%

to

9/13/32,

FRN

thereafter,

9/14/33

.....

United

States

1,198,000

1,240,925

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Note

,

5.159%

to

4/23/30,

FRN

thereafter

,

4/24/31

......................

Japan

650,000

659,479

Morgan

Stanley

Bank

NA

,

Senior

Note

,

5.016%

to

1/11/28,

FRN

thereafter

,

1/12/29

.................................

United

States

905,000

914,836

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond,

5.373%

to

7/20/35,

FRN

thereafter,

7/21/36

...

United

States

55,000

55,265

Sub.

Bond,

4.626%

to

6/05/32,

FRN

thereafter,

6/06/33

.....

United

States

1,380,000

1,343,329

Toronto-Dominion

Bank

(The)

,

Sub.

Bond

,

3.625%

to

9/14/26,

FRN

thereafter

,

9/15/31

.............................

Canada

965,000

959,526

h

Truist

Bank

,

Sub.

Bond

,

FRN

,

4.632 %

,

(5-year

CMT

T-Note

+

1.15 %),

9/17/29

...................................

United

States

540,000

535,690

Truist

Financial

Corp.

,

Senior

Note

,

5.435%

to

1/23/29,

FRN

thereafter

,

1/24/30

.................................

United

States

340,000

348,060

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

........................................

United

States

1,227,000

1,061,246

Wells

Fargo

&

Co.

,

Senior

Bond,

3.35%

to

3/01/32,

FRN

thereafter,

3/02/33

....

United

States

3,684,000

3,383,620

Senior

Note,

5.574%

to

7/24/28,

FRN

thereafter,

7/25/29

....

United

States

340,000

347,848

Westpac

Banking

Corp.

,

Senior

Bond,

2.7%,

8/19/26

..........................

Australia

78,000

77,585

Sub.

Bond,

2.963%,

11/16/40

........................

Australia

359,000

266,996

36,606,344

#### Biotechnology

#### 0.1%
AbbVie,

Inc.

,

Senior

Note,

4.8%,

3/15/29

..........................

United

States

510,000

518,263

Senior

Note,

4.125%,

3/15/31

........................

United

States

235,000

231,641

Amgen,

Inc.

,

Senior

Bond,

4.663%,

6/15/51

........................

United

States

512,000

429,846

Senior

Bond,

5.65%,

3/02/53

.........................

United

States

36,000

34,891

Senior

Bond,

5.75%,

3/02/63

.........................

United

States

230,000

221,403

Senior

Note,

5.15%,

3/02/28

.........................

United

States

740,000

751,172

Senior

Note,

5.25%,

3/02/30

.........................

United

States

75,000

77,031

b

Genmab

A/S

/

Genmab

Finance

LLC

,

Senior

Note,

144A,

7.25%,

12/15/33

...................

Denmark

330,000

345,723

Senior

Secured

Note,

144A,

6.25%,

12/15/32

............

Denmark

530,000

543,758

b

Grifols

SA

,

Senior

Note,

Reg

S,

3.875%,

10/15/28

.................

Spain

620,000

EUR

701,998

Senior

Note,

144A,

4.75%,

10/15/28

...................

Spain

200,000

196,018

4,051,744

#### Broadline

#### Retail

#### 0.1%
Amazon.com,

Inc.

,

Senior

Note,

4.1%,

11/20/30

.........................

United

States

180,000

177,965

Senior

Note,

4.25%,

3/13/31

.........................

United

States

340,000

337,571

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Broadline

#### Retail
(continued)

b

Kohl's

Corp.

,

Senior

Secured

Note

,

144A,

%

,

6/01/30

......

United

States

140,000

$

148,138

b

Match

Group

Holdings

II

LLC

,

Senior

Note

,

144A,

4.625 %

,

6/01/28

.........................................

United

States

424,000

414,785

b

Wayfair

LLC

,

Senior

Secured

Note,

144A,

7.25%,

10/31/29

............

United

States

245,000

250,255

Senior

Secured

Note,

144A,

7.75%,

9/15/30

.............

United

States

420,000

437,601

Senior

Secured

Note,

144A,

6.75%,

11/15/32

............

United

States

845,000

852,091

2,618,406

#### Building

#### Products

#### 0.1%
b

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

Reg

S,

6.375 %

,

12/15/30

.......................

United

States

100,000

EUR

118,018

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

1/31/31

............

United

States

30,000

29,771

Senior

Secured

Note,

144A,

6.125%,

7/31/32

............

United

States

125,000

124,703

Johnson

Controls

International

plc

,

Senior

Bond

,

4.95 %

,

7/02/64

United

States

515,000

435,260

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

..............

United

States

240,000

230,011

b

Quikrete

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.375 %

,

3/01/32

.........................................

United

States

600,000

608,852

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

11/15/31

..................................

United

States

225,000

232,194

b

Standard

Building

Solutions,

Inc.

,

Senior

Note,

144A,

6.5%,

8/15/32

.....................

United

States

280,000

280,393

Senior

Note,

144A,

6.25%,

8/01/33

....................

United

States

270,000

267,223

b

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

4.375%,

7/15/30

...................

United

States

305,000

287,668

Senior

Bond,

144A,

3.375%,

1/15/31

...................

United

States

90,000

80,731

2,694,824

#### Capital

#### Markets

#### 0.6%
Ares

Capital

Corp.

,

Senior

Note,

2.15%,

7/15/26

.........................

United

States

421,000

417,550

Senior

Note,

7%,

1/15/27

...........................

United

States

195,000

197,683

Senior

Note,

2.875%,

6/15/27

........................

United

States

449,000

437,257

b

Aretec

Group,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

8/15/30

..

United

States

77,000

81,883

b

Blackstone

Holdings

Finance

Co.

LLC

,

Senior

Bond

,

144A,

1.6 %

,

3/30/31

.........................................

United

States

270,000

232,113

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25 %

,

3/15/27

..

United

States

193,000

188,230

b

Dresdner

Funding

Trust

I

,

Junior

Sub.

Bond

,

144A,

8.151 %

,

6/30/31

.........................................

United

States

125,000

134,016

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond,

4.223%

to

4/30/28,

FRN

thereafter,

5/01/29

...

United

States

2,554,000

2,539,925

Senior

Note,

4.153%

to

10/20/28,

FRN

thereafter,

10/21/29

..

United

States

1,096,000

1,085,904

Sub.

Bond,

5.95%,

1/15/27

..........................

United

States

220,000

222,743

Intercontinental

Exchange,

Inc.

,

Senior

Bond,

1.85%,

9/15/32

.........................

United

States

297,000

250,771

Senior

Note,

4%,

9/15/27

...........................

United

States

182,000

181,414

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note,

144A,

6.125%,

11/01/32

...........

United

States

595,000

588,903

Senior

Secured

Note,

144A,

6.75%,

5/01/33

.............

United

States

1,060,000

1,076,195

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

4.5 %

,

9/15/26

....

United

States

390,000

388,788

b

KKR

Group

Finance

Co.

III

LLC

,

Senior

Bond

,

144A,

5.125 %

,

6/01/44

.........................................

United

States

340,000

300,434

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Capital

#### Markets
(continued)

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

........................

United

States

377,000

$

395,208

Senior

Note,

5.2%,

3/15/30

..........................

United

States

401,000

404,137

Moody's

Corp.

,

Senior

Bond,

2%,

8/19/31

...........................

United

States

962,000

847,544

Senior

Bond,

5%,

8/05/34

...........................

United

States

295,000

295,019

Morgan

Stanley

,

Senior

Bond,

3.772%

to

1/23/28,

FRN

thereafter,

1/24/29

...

United

States

2,599,000

2,564,881

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

680,000

687,673

Senior

Note,

4.994%

to

4/11/28,

FRN

thereafter,

4/12/29

....

United

States

389,000

392,616

Senior

Note,

4.493%

to

1/15/31,

FRN

thereafter,

1/16/32

....

United

States

165,000

162,274

Senior

Note,

4.708%

to

3/11/31,

FRN

thereafter,

3/12/32

....

United

States

315,000

312,947

Sub.

Bond,

3.95%,

4/23/27

..........................

United

States

817,000

812,310

Sub.

Bond,

5.297%

to

4/19/32,

FRN

thereafter,

4/20/37

.....

United

States

150,000

149,718

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625 %

,

9/01/30

............

United

States

677,000

640,226

Nasdaq,

Inc.

,

Senior

Bond,

5.55%,

2/15/34

.........................

United

States

63,000

64,831

Senior

Note,

5.35%,

6/28/28

.........................

United

States

144,000

147,012

S&P

Global,

Inc.

,

Senior

Bond,

2.5%,

12/01/29

.........................

United

States

91,000

85,480

Senior

Bond,

1.25%,

8/15/30

.........................

United

States

188,000

163,979

Senior

Note,

4.75%,

8/01/28

.........................

United

States

86,000

86,937

b

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875 %

,

7/15/32

United

States

515,000

520,833

b

UBS

Group

AG

,

Senior

Bond,

144A,

3.869%

to

1/11/28,

FRN

thereafter,

1/12/29

Switzerland

342,000

338,155

Senior

Note,

144A,

5.428%

to

2/07/29,

FRN

thereafter,

2/08/30

Switzerland

455,000

464,909

17,860,498

#### Chemicals

#### 0.1%
b

ARC

Falcon

I,

Inc.

/

Arclin

USA

LLC

/

New

Arclin

US

Holding

Corp.

,

Senior

Secured

Note

,

144A,

9.75 %

,

3/01/33

.........

United

States

395,000

380,650

b

Avient

Corp.

,

Senior

Note

,

144A,

6.25 %

,

11/01/31

...........

United

States

100,000

100,782

Celanese

US

Holdings

LLC

,

Senior

Note

,

1.4 %

,

8/05/26

......

United

States

300,000

295,893

b

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375 %

,

10/03/31

........................................

Germany

25,000

24,888

CF

Industries,

Inc.

,

Senior

Bond

,

4.95 %

,

6/01/43

............

United

States

435,000

388,509

b

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875 %

,

9/01/28

...

United

States

320,000

311,770

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

230,000

148,295

b

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

825,000

849,832

b

SCIH

Salt

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

5/01/29

...................

United

States

200,000

199,168

Senior

Secured

Note,

144A,

4.875%,

5/01/28

............

United

States

255,000

252,242

b

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

9/30/33

.........................................

United

States

415,000

409,618

3,361,647

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

%

,

2/01/28

......

United

States

314,000

312,321

b

Clean

Harbors,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

2/01/31

.....

United

States

250,000

254,068

b

GFL

Environmental,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/31

...

United

States

70,000

72,525

b

Madison

IAQ

LLC

,

Senior

Secured

Note

,

144A,

4.125 %

,

6/30/28

United

States

120,000

117,276

b

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note,

144A,

9.29%,

4/15/29

.............

United

States

55,000

55,198

Senior

Secured

Note,

144A,

9.5%,

2/15/33

..............

United

States

810,000

786,906

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Commercial

#### Services

#### &

#### Supplies
(continued)

Republic

Services,

Inc.

,

Senior

Note

,

%

,

11/15/29

..........

United

States

1,360,000

$

1,389,832

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

.........................................

United

States

820,000

830,672

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5 %

,

11/30/30

........................................

United

States

100,000

104,050

Waste

Connections,

Inc.

,

Senior

Bond,

3.5%,

5/01/29

..........................

United

States

497,000

488,023

Senior

Bond,

3.2%,

6/01/32

..........................

United

States

92,000

85,040

Senior

Bond,

5%,

3/01/34

...........................

United

States

220,000

221,535

Waste

Management,

Inc.

,

Senior

Note

,

4.875 %

,

2/15/29

......

United

States

323,000

328,577

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/33

........

United

States

365,000

370,019

b

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625 %

,

4/01/32

...

Canada

100,000

103,038

5,519,080

#### Communications

#### Equipment

#### 0.1%
Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

.........................

United

States

179,000

161,469

Senior

Bond,

5.55%,

8/15/35

.........................

United

States

675,000

690,360

Senior

Note,

4.85%,

8/15/30

.........................

United

States

205,000

206,528

b

Viasat,

Inc.

,

Senior

Note

,

144A,

7.5 %

,

5/30/31

..............

United

States

470,000

465,045

1,523,402

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
b

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

8/15/32

...........

United

States

110,000

112,795

#### Consumer

#### Finance

#### 0.5%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond,

3.65%,

7/21/27

.........................

Ireland

900,000

890,615

Senior

Bond,

3.3%,

1/30/32

..........................

Ireland

1,245,000

1,131,167

Senior

Bond,

6.95%

to

12/09/29,

FRN

thereafter,

3/10/55

...

Ireland

150,000

153,606

Senior

Note,

4.125%,

2/28/29

........................

Ireland

150,000

148,041

Ally

Financial,

Inc.

,

Senior

Bond,

8%,

11/01/31

..........................

United

States

807,000

896,247

Senior

Note,

4.75%,

6/09/27

.........................

United

States

442,000

442,952

Senior

Note,

2.2%,

11/02/28

.........................

United

States

312,000

293,879

American

Express

Co.

,

Senior

Bond,

5.667%

to

4/24/35,

FRN

thereafter,

4/25/36

...

United

States

805,000

832,346

Senior

Note,

5.098%

to

2/15/27,

FRN

thereafter,

2/16/28

....

United

States

380,000

382,118

b

Avolon

Holdings

Funding

Ltd.

,

Senior

Note,

144A,

5.75%,

11/15/29

...................

Ireland

829,000

849,677

Senior

Note,

144A,

4.9%,

10/10/30

....................

Ireland

350,000

347,739

Capital

One

Financial

Corp.

,

Senior

Note,

4.493%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

220,000

216,071

Sub.

Bond,

2.359%

to

7/28/31,

FRN

thereafter,

7/29/32

.....

United

States

1,934,000

1,667,961

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note,

144A,

9.25%,

4/01/29

.............

United

States

200,000

209,500

Senior

Secured

Note,

144A,

8.5%,

5/15/30

..............

United

States

555,000

587,162

b

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

1,350,000

1,377,632

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

4.125 %

,

8/17/27

.....

United

States

220,000

217,218

b

Gabx

Leasing

LLC

,

Senior

Note

,

144A,

4.625 %

,

4/15/31

......

United

States

365,000

359,929

General

Motors

Financial

Co.,

Inc.

,

Senior

Note,

4.2%,

10/27/28

.........................

United

States

155,000

153,440

Senior

Note,

4.9%,

10/06/29

.........................

United

States

513,000

515,684

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note,

144A,

9.5%,

2/15/29

.....................

United

States

305,000

320,240

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Consumer

#### Finance
(continued)

b

Jefferson

Capital

Holdings

LLC,

(continued)

Senior

Note,

144A,

8.25%,

5/15/30

....................

United

States

610,000

$

636,379

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

5.15 %

,

3/17/30

.........................................

United

Kingdom

668,000

664,902

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

.......................

United

States

135,000

130,283

Senior

Note,

7.5%,

5/15/31

..........................

United

States

230,000

231,374

Senior

Note,

7.125%,

11/15/31

.......................

United

States

405,000

401,627

Senior

Note,

6.5%,

3/15/33

..........................

United

States

180,000

172,232

b

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

1/31/30

........

United

States

490,000

495,080

14,725,101

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.1%
b

7-Eleven,

Inc.

,

Senior

Note

,

144A,

1.3 %

,

2/10/28

............

United

States

715,000

674,734

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond,

144A,

3.55%,

7/26/27

....................

Canada

458,000

452,898

Senior

Bond,

144A,

2.95%,

1/25/30

....................

Canada

328,000

309,796

b

US

Foods,

Inc.

,

Senior

Note,

144A,

7.25%,

1/15/32

....................

United

States

265,000

274,545

Senior

Note,

144A,

5.75%,

4/15/33

....................

United

States

430,000

428,507

2,140,480

#### Containers

#### &

#### Packaging

#### 0.1%
AptarGroup,

Inc.

,

Senior

Note

,

4.75 %

,

3/30/31

.............

United

States

170,000

168,570

Berry

Global,

Inc.

,

Senior

Secured

Note,

1.65%,

1/15/27

..................

United

States

273,000

267,350

Senior

Secured

Note,

5.5%,

4/15/28

...................

United

States

23,000

23,466

b

Senior

Secured

Note,

144A,

4.875%,

7/15/26

............

United

States

21,000

21,002

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

...............................

United

States

435,000

412,090

b

Graphic

Packaging

International

LLC

,

Senior

Note,

Reg

S,

2.625%,

2/01/29

..................

United

States

150,000

EUR

164,489

Senior

Note,

144A,

3.5%,

3/01/29

.....................

United

States

155,000

145,237

b

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/30

...................

United

States

185,000

172,046

Senior

Secured

Note,

144A,

7.875%,

4/15/30

............

United

States

275,000

275,197

b

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5 %

,

5/15/30

...........

Canada

640,000

565,967

WestRock

MWV

LLC

,

Senior

Bond,

8.2%,

1/15/30

..........................

United

States

690,000

774,441

Senior

Bond,

7.95%,

2/15/31

.........................

United

States

154,000

174,619

3,164,474

#### Distributors

#### 0.0%

#### †
b

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

Senior

Note,

144A,

3.875%,

11/15/29

..................

United

States

225,000

213,463

Senior

Secured

Note,

144A,

4%,

1/15/28

................

United

States

155,000

152,199

365,662

#### Diversified

#### Consumer

#### Services

#### 0.0%

#### †
Service

Corp.

International

,

Senior

Bond

,

3.375 %

,

8/15/30

....

United

States

100,000

92,323

#### Diversified

#### REITs

#### 0.1%
Equinix

Asia

Financing

Corp.

Pte.

Ltd.

,

Senior

Note

,

4.4 %

,

3/15/31

.........................................

United

States

205,000

200,761

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Diversified

#### REITs
(continued)

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond

,

3.25 %

,

1/15/32

.........................................

United

States

336,000

$

299,849

VICI

Properties

LP

,

Senior

Note,

4.75%,

2/15/28

.........................

United

States

658,000

658,843

Senior

Note,

5.125%,

11/15/31

.......................

United

States

615,000

610,855

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

2/15/27

...................................

United

States

263,000

261,063

2,031,371

#### Diversified

#### Telecommunication

#### Services

#### 0.5%
b

Altice

France

SA

,

Senior

Secured

Note,

144A,

6.875%,

10/15/30

...........

France

152,440

145,953

Senior

Secured

Note,

144A,

6.5%,

4/15/32

..............

France

152,439

144,572

b

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

3/15/31

.........................................

United

States

560,000

556,270

b

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

9.25 %

,

12/15/30

........................................

United

States

695,000

716,685

AT&T,

Inc.

,

Senior

Bond,

2.55%,

12/01/33

........................

United

States

804,000

680,709

Senior

Bond,

4.75%,

5/15/46

.........................

United

States

1,045,000

878,872

Senior

Bond,

3.55%,

9/15/55

.........................

United

States

2,055,000

1,337,511

Senior

Note,

4.1%,

2/15/28

..........................

United

States

165,000

164,241

b

Black

Pearl

Compute

LLC

,

Senior

Secured

Note

,

144A,

6.125 %

,

2/15/31

.........................................

United

States

315,000

321,000

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.375%,

6/01/29

...................

United

States

180,000

177,637

Senior

Bond,

144A,

4.75%,

3/01/30

....................

United

States

1,255,000

1,191,628

Senior

Bond,

144A,

4.25%,

2/01/31

....................

United

States

160,000

145,934

Senior

Bond,

144A,

4.75%,

2/01/32

....................

United

States

675,000

610,849

Senior

Note,

144A,

7%,

2/01/33

......................

United

States

215,000

215,806

b

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125 %

,

11/15/30

........................................

United

States

370,000

383,793

Comcast

Corp.

,

Senior

Bond,

3.999%,

11/01/49

.......................

United

States

307,000

222,827

Senior

Bond,

3.45%,

2/01/50

.........................

United

States

557,000

365,604

Senior

Bond,

2.987%,

11/01/63

.......................

United

States

189,000

100,203

Deutsche

Telekom

International

Finance

BV

,

Senior

Bond

,

8.75 %

,

6/15/30

.........................................

Germany

435,000

499,749

b

Frontier

Communications

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

5/15/30

...............................

United

States

170,000

174,563

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/28

.........

United

States

455,000

481,169

b

SV

RNO

Property

Owner

LLC

,

Senior

Secured

Note

,

144A,

5.875 %

,

3/01/31

...................................

United

States

420,000

415,417

Telefonica

Emisiones

SA

,

Senior

Bond

,

4.895 %

,

3/06/48

......

Spain

1,130,000

935,530

Verizon

Communications,

Inc.

,

Senior

Bond,

4.4%,

11/01/34

.........................

United

States

755,000

719,076

Senior

Bond,

5.401%,

7/02/37

........................

United

States

2,010,000

2,003,632

Senior

Bond,

3.7%,

3/22/61

..........................

United

States

957,000

638,517

Senior

Note,

2.1%,

3/22/28

..........................

United

States

360,000

345,809

b

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5 %

,

8/15/30

....................................

United

Kingdom

200,000

177,526

b

WULF

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.75 %

,

10/15/30

........................................

United

States

500,000

528,657

15,279,739

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities

#### 0.6%
American

Electric

Power

Co.,

Inc.

,

J

,

Senior

Bond

,

4.3 %

,

12/01/28

........................................

United

States

1,094,000

$

1,091,711

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65 %

,

1/15/32

...................................

United

States

181,000

162,262

b

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375 %

,

2/15/32

....................

United

Kingdom

645,000

630,600

Commonwealth

Edison

Co.

,

Senior

Bond

,

5.9 %

,

3/15/36

......

United

States

133,000

141,309

Duke

Energy

Corp.

,

Senior

Bond,

3.15%,

8/15/27

.........................

United

States

416,000

409,900

Senior

Bond,

4.2%,

6/15/49

..........................

United

States

781,000

595,476

Duke

Energy

Indiana

LLC

,

Senior

Bond

,

6.45 %

,

4/01/39

......

United

States

210,000

228,918

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

3.65 %

,

2/01/29

........

United

States

427,000

419,672

b

Enel

Finance

International

NV

,

Senior

Note

,

144A,

4.375 %

,

9/30/30

.........................................

Italy

540,000

530,578

Evergy

Kansas

Central,

Inc.

,

Senior

Bond

,

5.7 %

,

3/15/53

.....

United

States

169,000

166,407

b

Evergy

Missouri

West,

Inc.

,

Senior

Note

,

144A,

5.15 %

,

12/15/27

United

States

680,000

686,852

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

............

United

States

75,000

76,242

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25 %

,

5/01/30

United

States

265,000

255,460

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond,

5.45%,

3/15/35

.........................

United

States

1,645,000

1,673,173

Senior

Note,

5.05%,

3/15/30

.........................

United

States

915,000

932,400

b

NRG

Energy,

Inc.

,

g

Junior

Sub.

Bond,

144A,

10.25%

to

3/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

215,000

232,055

Senior

Bond,

144A,

6.25%,

11/01/34

...................

United

States

770,000

776,766

Senior

Bond,

144A,

6%,

1/15/36

......................

United

States

470,000

466,006

Senior

Note,

144A,

3.375%,

2/15/29

...................

United

States

335,000

317,749

Senior

Secured

Bond,

144A,

7%,

3/15/33

...............

United

States

280,000

303,272

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond,

5.3%,

6/01/42

...................

United

States

175,000

166,638

Senior

Secured

Bond,

3.75%,

4/01/45

..................

United

States

760,000

585,413

Pacific

Gas

and

Electric

Co.

,

Senior

Note,

2.1%,

8/01/27

..........................

United

States

99,000

95,986

Senior

Note,

6.1%,

1/15/29

..........................

United

States

1,000,000

1,035,094

Senior

Note,

5.55%,

5/15/29

.........................

United

States

670,000

686,090

b

Palomino

Funding

Trust

I

,

Senior

Secured

Note

,

144A,

7.233 %

,

5/17/28

.........................................

United

States

530,000

553,955

PG&E

Corp.

,

Junior

Sub.

Bond,

7.375%

to

3/14/30,

FRN

thereafter,

3/15/55

United

States

150,000

151,087

Senior

Secured

Bond,

5.25%,

7/01/30

..................

United

States

300,000

296,196

Public

Service

Electric

and

Gas

Co.

,

Senior

Bond

,

5.5 %

,

3/01/40

United

States

160,000

160,512

Southern

Co.

(The)

,

Senior

Note

,

5.5 %

,

3/15/29

............

United

States

425,000

437,978

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5%,

7/31/27

......................

United

States

155,000

154,526

Senior

Note,

144A,

4.375%,

5/01/29

...................

United

States

450,000

439,573

Senior

Note,

144A,

7.75%,

10/15/31

...................

United

States

225,000

235,791

Senior

Note,

144A,

6.875%,

4/15/32

...................

United

States

150,000

155,331

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

..............

United

States

387,000

380,520

Senior

Secured

Bond,

144A,

6%,

4/15/34

...............

United

States

415,000

426,928

Senior

Secured

Note,

144A,

4.7%,

1/31/31

..............

United

States

180,000

177,203

Wisconsin

Electric

Power

Co.

,

Senior

Bond,

4.6%,

10/01/34

.........................

United

States

340,000

335,076

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

Wisconsin

Electric

Power

Co.,

(continued)

Senior

Note,

4.15%,

10/15/30

........................

United

States

360,000

$

355,306

16,926,011

#### Electrical

#### Equipment

#### 0.0%

#### †
b

Energizer

Gamma

Acquisition

BV

,

Senior

Note

,

Reg

S,

3.5 %

,

6/30/29

.........................................

United

States

185,000

EUR

201,776

b

Sensata

Technologies

BV

,

Senior

Note

,

144A,

5.875 %

,

9/01/30

.

United

States

225,000

225,547

427,323

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.0%

#### †
Amphenol

Corp.

,

Senior

Note

,

3.9 %

,

11/15/28

..............

United

States

195,000

193,594

CDW

LLC

/

CDW

Finance

Corp.

,

Senior

Note

,

3.25 %

,

2/15/29

..

United

States

320,000

304,863

b

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

......

United

States

585,000

562,307

1,060,764

#### Energy

#### Equipment

#### &

#### Services

#### 0.2%
b

Archrock

Services

LP

/

Archrock

Partners

Finance

Corp.

,

Senior

Note

,

144A,

%

,

2/01/34

............................

United

States

445,000

440,910

b

Borr

IHC

Ltd.

/

Borr

Finance

LLC

,

Senior

Secured

Note

,

144A,

10.375 %

,

11/15/30

.................................

Mexico

425,272

432,029

b

Kodiak

Gas

Services

LLC

,

Senior

Bond,

144A,

6.75%,

10/01/35

...................

United

States

100,000

101,666

Senior

Note,

144A,

7.25%,

2/15/29

....................

United

States

230,000

238,420

Senior

Note,

144A,

5.875%,

4/01/31

...................

United

States

225,000

226,254

Senior

Note,

144A,

6.5%,

10/01/33

....................

United

States

685,000

692,872

b

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

8/15/31

...

United

States

105,000

109,453

b

Transocean

Aquila

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

9/30/28

United

States

36,923

37,968

Transocean

International

Ltd.

,

Senior

Bond,

6.8%,

3/15/38

..........................

United

States

320,000

307,646

b

Senior

Note,

144A,

8.5%,

5/15/31

.....................

United

States

295,000

309,577

b

Senior

Secured

Note,

144A,

8.75%,

2/15/30

.............

United

States

353,500

368,740

b

Senior

Secured

Note,

144A,

7.875%,

10/15/32

...........

United

States

410,000

438,368

b

Weatherford

International

Ltd.

,

Senior

Note,

144A,

8.625%,

4/30/30

...................

United

States

127,000

129,511

Senior

Note,

144A,

6.75%,

10/15/33

...................

United

States

515,000

526,546

4,359,960

#### Entertainment

#### 0.2%
b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

.........................................

France

705,000

726,962

Discovery

Global

Holdings,

Inc.

,

Senior

Bond

,

5.05 %

,

3/15/42

..

United

States

210,000

138,874

b

Live

Nation

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

5/15/27

....................................

United

States

120,000

120,228

Netflix,

Inc.

,

Senior

Bond,

5.875%,

11/15/28

.......................

United

States

135,000

140,478

b

Senior

Bond,

Reg

S,

3.875%,

11/15/29

.................

United

States

725,000

EUR

851,838

b

Senior

Bond,

144A,

5.375%,

11/15/29

..................

United

States

878,000

907,015

b,i

OAK-Eagle

Acquireco,

Inc.

,

Senior

Note,

144A,

8.75%,

7/01/34

....................

United

States

220,000

230,460

Senior

Secured

Note,

144A,

7.25%,

7/01/33

.............

United

States

420,000

435,433

b

Pinewood

Finco

plc

,

Senior

Secured

Note

,

144A,

%

,

3/27/30

..

United

Kingdom

460,000

GBP

595,523

Walt

Disney

Co.

(The)

,

Senior

Bond

,

7.75 %

,

12/01/45

........

United

States

382,000

474,889

4,621,700

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Financial

#### Services

#### 0.2%
Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85 %

,

4/05/29

.......

United

States

402,000

$

392,650

b

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note,

144A,

6.5%,

10/01/30

....................

United

States

285,000

272,001

Senior

Note,

144A,

6.75%,

12/01/32

...................

United

States

445,000

419,163

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25 %

,

10/01/30

United

States

360,000

388,698

b

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375 %

,

4/01/32

.........................................

United

States

560,000

551,448

b

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

%

,

2/15/27

........

Ireland

85,000

85,931

b

Neuberger

Berman

Group

LLC

/

Neuberger

Berman

Finance

Corp.

,

Senior

Bond

,

144A,

4.875 %

,

4/15/45

..............

United

States

305,000

260,894

b

Osaic

Holdings,

Inc.

,

Senior

Note,

144A,

8%,

8/01/33

......................

United

States

565,000

558,230

Senior

Secured

Note,

144A,

6.75%,

8/01/32

.............

United

States

325,000

325,281

b

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95 %

,

1/03/31

.....

Malaysia

660,000

674,759

b

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875 %

,

11/01/29

..................................

United

States

820,000

792,023

b

Rocket

Cos.,

Inc.

,

Senior

Note,

144A,

6.125%,

8/01/30

...................

United

States

525,000

530,170

Senior

Note,

144A,

7.125%,

2/01/32

...................

United

States

360,000

371,365

Senior

Note,

144A,

6.375%,

8/01/33

...................

United

States

445,000

450,337

b

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

5.5 %

,

5/15/33

...........................

United

States

270,000

EUR

294,995

6,367,945

#### Food

#### Products

#### 0.2%
Bunge

Ltd.

Finance

Corp.

,

Senior

Note

,

3.2 %

,

4/21/31

.......

United

States

94,000

87,787

b,f

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75 %

,

10/01/29

United

States

98,230

100,034

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625 %

,

7/01/29

...................................

United

States

240,000

245,546

b

Froneri

Lux

FinCo

SARL

,

Senior

Secured

Note

,

144A,

%

,

8/01/32

.........................................

United

Kingdom

395,000

385,509

b

Industrial

F&B

Investments

III,

Inc.

,

Senior

Secured

Note

,

144A,

7.75 %

,

2/11/33

....................................

United

States

330,000

333,714

JBS

NV

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

Holdings

,

Senior

Bond,

5.5%,

1/15/36

..........................

United

States

1,015,000

1,016,101

Senior

Note,

3%,

2/02/29

...........................

United

States

183,000

175,652

b

JDE

Peet's

NV

,

Senior

Note

,

144A,

1.375 %

,

1/15/27

.........

Netherlands

150,000

146,318

Kellanova

,

Senior

Bond,

4.5%,

4/01/46

..........................

United

States

24,000

20,400

B,

Senior

Bond,

7.45%,

4/01/31

.......................

United

States

99,000

111,671

Kraft

Heinz

Foods

Co.

,

Senior

Bond,

6.875%,

1/26/39

........................

United

States

125,000

135,248

Senior

Bond,

4.625%,

10/01/39

.......................

United

States

125,000

110,297

b

Mars,

Inc.

,

Senior

Bond,

144A,

5.65%,

5/01/45

....................

United

States

95,000

93,868

Senior

Bond,

144A,

5.7%,

5/01/55

.....................

United

States

205,000

200,029

Senior

Bond,

144A,

5.8%,

5/01/65

.....................

United

States

50,000

49,095

Senior

Note,

144A,

4.6%,

3/01/28

.....................

United

States

645,000

649,146

Senior

Note,

144A,

4.65%,

4/20/31

....................

United

States

412,000

415,042

Senior

Note,

144A,

5%,

3/01/32

......................

United

States

830,000

840,072

Senior

Note,

144A,

5.2%,

3/01/35

.....................

United

States

105,000

106,038

McCormick

&

Co.,

Inc.

,

Senior

Note

,

4.15 %

,

2/15/29

.........

United

States

280,000

277,337

5,498,904

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Gas

#### Utilities

#### 0.0%

#### †
Southern

California

Gas

Co.

,

Senior

Bond

,

5.05 %

,

9/01/34

....

United

States

250,000

$

251,550

#### Ground

#### Transportation

#### 0.2%
b

Ashtead

Capital,

Inc.

,

Senior

Bond,

144A,

4.375%,

8/15/27

...................

United

Kingdom

1,000,000

994,828

Senior

Bond,

144A,

2.45%,

8/12/31

....................

United

Kingdom

280,000

246,201

Senior

Note,

144A,

4.25%,

11/01/29

...................

United

Kingdom

255,000

250,025

b

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/01/30

.........................................

United

States

170,000

175,744

CSX

Corp.

,

Senior

Bond

,

4.1 %

,

3/15/44

..................

United

States

446,000

368,489

b

ERAC

USA

Finance

LLC

,

Senior

Bond

,

144A,

3.3 %

,

12/01/26

..

United

States

143,000

142,136

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Bond,

144A,

3.4%,

11/15/26

....................

United

States

216,000

214,477

Senior

Note,

144A,

4.4%,

7/01/27

.....................

United

States

255,000

254,221

Ryder

System,

Inc.

,

Senior

Note

,

4.95 %

,

9/01/29

............

United

States

595,000

602,927

b

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Bond,

144A,

5.7%,

7/25/33

.....................

Ireland

200,000

204,412

Senior

Note,

144A,

5.3%,

4/03/29

.....................

Ireland

917,000

931,220

b

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

8/01/32

...................................

United

States

375,000

385,498

4,770,178

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.1%
b

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375 %

,

10/01/28

........................................

United

States

135,000

139,556

b,h

Bausch

+

Lomb

Netherlands

BV

and

Bausch

&

Lomb,

Inc.

,

Senior

Secured

Note

,

144A,

FRN

,

5.891 %

,

(3-month

EURIBOR

+

3.875 %),

1/15/31

..................................

United

States

100,000

EUR

115,915

Becton

Dickinson

&

Co.

,

Senior

Bond

,

2.823 %

,

5/20/30

.......

United

States

731,000

681,843

DH

Europe

Finance

II

SARL

,

Senior

Bond

,

3.4 %

,

11/15/49

....

United

States

333,000

233,937

GE

HealthCare

Technologies,

Inc.

,

Senior

Note,

5.65%,

11/15/27

........................

United

States

230,000

234,642

Senior

Note,

4.15%,

12/15/28

........................

United

States

325,000

322,938

Senior

Note,

4.8%,

8/14/29

..........................

United

States

480,000

484,445

b

Insulet

Corp.

,

Senior

Note

,

144A,

6.5 %

,

4/01/33

............

United

States

330,000

337,074

b

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

...................

United

States

245,000

242,990

Senior

Secured

Note,

144A,

3.875%,

4/01/29

............

United

States

950,000

919,526

3,712,866

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.3%
b

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note,

144A,

5.25%,

5/15/30

.............

United

States

495,000

466,846

Senior

Secured

Note,

144A,

10.875%,

1/15/32

...........

United

States

300,000

322,233

Senior

Secured

Note,

144A,

9.75%,

1/15/34

.............

United

States

325,000

337,713

b

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

7/15/32

.........................................

United

States

330,000

341,588

CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

380,000

391,882

Senior

Bond,

1.875%,

2/28/31

........................

United

States

105,000

91,705

Senior

Bond,

4.78%,

3/25/38

.........................

United

States

253,000

233,286

Senior

Note,

5.4%,

6/01/29

..........................

United

States

180,000

184,300

Senior

Note,

5%,

9/15/32

...........................

United

States

278,000

278,336

b

DaVita,

Inc.

,

Senior

Note,

144A,

4.625%,

6/01/30

...................

United

States

550,000

529,155

Senior

Note,

144A,

6.875%,

9/01/32

...................

United

States

910,000

933,025

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

b

DaVita,

Inc.,

(continued)

Senior

Note,

144A,

6.75%,

7/15/33

....................

United

States

45,000

$

45,815

HCA,

Inc.

,

Senior

Bond,

4.5%,

2/15/27

..........................

United

States

116,000

116,013

Senior

Bond,

4.125%,

6/15/29

........................

United

States

242,000

238,709

Senior

Note,

5.45%,

4/01/31

.........................

United

States

700,000

717,649

Senior

Note,

3.625%,

3/15/32

........................

United

States

815,000

757,629

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.809 %

,

5/08/27

.........................................

United

States

310,000

311,655

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

910,000

882,415

Tenet

Healthcare

Corp.

,

b

Senior

Note,

144A,

6%,

11/15/33

......................

United

States

660,000

668,340

Senior

Secured

Note,

6.125%,

6/15/30

.................

United

States

300,000

302,325

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

3.95 %

,

10/15/42

......

United

States

512,000

415,314

8,565,933

#### Health

#### Care

#### REITs

#### 0.0%

#### †
b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/32

....................

United

States

780,000

791,390

#### Health

#### Care

#### Technology

#### 0.1%
b

AthenaHealth

Group,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/30

...

United

States

355,000

333,591

b

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

6/01/32

.............

United

States

1,325,000

1,347,182

1,680,773

#### 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

71,513

Senior

Note,

144A,

6.5%,

4/01/32

.....................

United

States

505,000

514,515

Senior

Note,

144A,

6.5%,

6/15/33

.....................

United

States

140,000

142,658

Senior

Note,

144A,

5.75%,

3/15/34

....................

United

States

210,000

207,405

b

XHR

LP

,

Senior

Note

,

144A,

6.625 %

,

5/15/30

..............

United

States

80,000

80,868

1,016,959

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.4%
b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

%

,

10/15/30

.....................................

Canada

555,000

521,950

Airbnb,

Inc.

,

Senior

Note

,

4.65 %

,

3/16/31

.................

United

States

165,000

164,697

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

6/15/31

......

United

States

410,000

390,184

b

Caesars

Entertainment,

Inc.

,

Senior

Note,

144A,

4.625%,

10/15/29

..................

United

States

350,000

336,816

Senior

Note,

144A,

6%,

10/15/32

.....................

United

States

120,000

110,547

Senior

Secured

Note,

144A,

7%,

2/15/30

................

United

States

115,000

116,476

b

Carnival

Corp.

,

Senior

Note,

144A,

5.125%,

5/01/29

...................

United

States

590,000

585,992

Senior

Note,

144A,

5.75%,

3/15/30

....................

United

States

295,000

297,501

Senior

Note,

144A,

5.875%,

6/15/31

...................

United

States

275,000

278,553

Senior

Note,

144A,

5.75%,

8/01/32

....................

United

States

255,000

255,236

Senior

Note,

144A,

6.125%,

2/15/33

...................

United

States

130,000

131,369

Senior

Secured

Note,

144A,

4%,

8/01/28

................

United

States

547,000

534,357

b

Churchill

Downs,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

4/01/30

.....

United

States

235,000

232,523

b

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/30

.................

United

States

545,000

509,475

b

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

.........................

Canada

245,000

239,175

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

b

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

9/15/33

.........................................

United

States

730,000

$

727,281

Hyatt

Hotels

Corp.

,

Senior

Note

,

5.75 %

,

1/30/27

............

United

States

272,000

274,435

b

Light

&

Wonder

International,

Inc.

,

Senior

Note,

144A,

7.25%,

11/15/29

...................

United

States

375,000

382,453

Senior

Note,

144A,

7.5%,

9/01/31

.....................

United

States

45,000

46,209

Marriott

International,

Inc.

,

GG

,

Senior

Bond

,

3.5 %

,

10/15/32

...

United

States

795,000

731,483

b

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.25 %

,

4/15/30

..

United

States

515,000

527,571

b

NCL

Corp.

Ltd.

,

Senior

Note,

144A,

7.75%,

2/15/29

....................

United

States

140,000

145,841

Senior

Note,

144A,

6.75%,

2/01/32

....................

United

States

390,000

387,326

Senior

Note,

144A,

6.25%,

9/15/33

....................

United

States

115,000

111,669

b

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

1/15/27

.

United

States

245,000

244,662

b

Rivers

Enterprise

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

10/15/30

...................................

United

States

280,000

279,457

Royal

Caribbean

Cruises

Ltd.

,

Senior

Bond,

5.375%,

1/15/36

........................

United

States

140,000

137,600

b

Senior

Note,

144A,

5.625%,

9/30/31

...................

United

States

175,000

176,768

b

Senior

Note,

144A,

6.25%,

3/15/32

....................

United

States

180,000

184,063

b

Senior

Note,

144A,

6%,

2/01/33

......................

United

States

400,000

404,095

b

Scientific

Games

Holdings

LP

/

Scientific

Games

US

FinCo,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

3/01/30

....................

United

States

235,000

202,371

b

Station

Casinos

LLC

,

Senior

Note

,

144A,

6.625 %

,

3/15/32

.....

United

States

175,000

175,814

b

Viking

Cruises

Ltd.

,

Senior

Note,

144A,

7%,

2/15/29

......................

United

States

100,000

100,235

Senior

Note,

144A,

9.125%,

7/15/31

...................

United

States

390,000

411,637

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125 %

,

2/15/31

.........................

United

States

425,000

445,738

10,801,559

#### Household

#### Durables

#### 0.1%
b

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note

,

144A,

6.875 %

,

8/01/33

.........................

United

States

440,000

425,135

DR

Horton,

Inc.

,

Senior

Bond,

5%,

10/15/34

..........................

United

States

145,000

143,165

Senior

Note,

1.3%,

10/15/26

.........................

United

States

1,056,000

1,040,721

b

K. Hovnanian

Enterprises,

Inc.

,

Senior

Note,

144A,

8%,

4/01/31

......................

United

States

100,000

99,008

Senior

Note,

144A,

8.375%,

10/01/33

..................

United

States

150,000

148,509

b

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75 %

,

12/15/28

........

United

States

165,000

168,920

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond,

144A,

5.125%,

8/01/30

...................

United

States

710,000

705,066

Senior

Note,

144A,

5.75%,

1/15/28

....................

United

States

115,000

115,384

Senior

Note,

144A,

5.75%,

11/15/32

...................

United

States

305,000

305,630

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35 %

,

2/15/28

.....

United

States

221,000

220,175

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note,

144A,

4.875%,

9/15/28

...................

United

States

380,000

368,324

Senior

Note,

144A,

6.75%,

1/15/34

....................

United

States

630,000

604,168

4,344,205

#### Household

#### Products

#### 0.0%

#### †
b

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375 %

,

3/31/29

..

United

States

100,000

95,220

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.1%
AES

Corp.

(The)

,

Senior

Note

,

5.45 %

,

6/01/28

.............

United

States

230,000

232,158

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers
(continued)

b

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467 %

,

7/31/28

.........................................

United

States

180,000

$

189,693

b

Clearway

Energy

Operating

LLC

,

Senior

Bond,

144A,

3.75%,

1/15/32

....................

United

States

220,000

200,704

Senior

Note,

144A,

3.75%,

2/15/31

....................

United

States

405,000

375,232

Senior

Note,

144A,

5.75%,

1/15/34

....................

United

States

220,000

216,347

Constellation

Energy

Generation

LLC

,

Senior

Note,

5.6%,

3/01/28

..........................

United

States

340,000

347,735

Senior

Note,

4.4%,

1/15/31

..........................

United

States

120,000

118,485

b

Senior

Note,

144A,

5%,

2/01/31

......................

United

States

315,000

315,961

Southern

Power

Co.

,

B,

Senior

Bond,

4.9%,

10/01/35

.......................

United

States

45,000

43,543

A,

Senior

Note,

4.25%,

10/01/30

......................

United

States

180,000

177,751

b

Talen

Energy

Supply

LLC

,

Senior

Bond,

144A,

6.5%,

2/01/36

.....................

United

States

415,000

418,104

Senior

Note,

144A,

6.25%,

2/01/34

....................

United

States

415,000

410,669

b,g

Vistra

Corp.

,

Junior

Sub.

Bond,

144A,

8%

to

10/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

95,000

96,065

Junior

Sub.

Bond,

144A,

7%

to

12/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

190,000

190,377

3,332,824

#### Industrial

#### REITs

#### 0.0%

#### †
Prologis

LP

,

Senior

Bond,

2.25%,

4/15/30

.........................

United

States

236,000

217,390

Senior

Note,

2.125%,

4/15/27

........................

United

States

106,000

103,965

321,355

#### Insurance

#### 0.3%
b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note,

144A,

8.5%,

6/15/29

.....................

United

States

275,000

272,645

Senior

Secured

Note,

144A,

7.5%,

11/06/30

.............

United

States

275,000

276,465

b

AEGON

Funding

Co.

LLC

,

Senior

Note

,

144A,

5.5 %

,

4/16/27

..

Netherlands

410,000

413,763

b

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

5.875%,

11/01/29

..................

United

States

340,000

329,240

Senior

Note,

144A,

7.375%,

10/01/32

..................

United

States

85,000

84,295

Senior

Secured

Note,

144A,

7%,

1/15/31

................

United

States

505,000

509,556

b

Asurion

LLC

/

Asurion

Co-Issuer,

Inc.

,

Senior

Secured

Note,

144A,

8%,

12/31/32

...............

United

States

385,000

399,741

Senior

Secured

Note,

144A,

8.375%,

2/01/34

............

United

States

565,000

548,938

b

Athene

Global

Funding

,

Secured

Note,

144A,

5.349%,

7/09/27

..................

United

States

540,000

543,178

Secured

Note,

144A,

1.985%,

8/19/28

..................

United

States

905,000

843,173

Secured

Note,

144A,

5.526%,

7/11/31

..................

United

States

360,000

360,366

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond,

4.3%,

5/15/43

..........................

United

States

176,000

154,360

Senior

Bond,

2.85%,

10/15/50

........................

United

States

812,000

510,139

Brown

&

Brown,

Inc.

,

Senior

Note,

4.7%,

6/23/28

..........................

United

States

170,000

170,528

Senior

Note,

4.9%,

6/23/30

..........................

United

States

400,000

399,735

CNO

Financial

Group,

Inc.

,

Senior

Note

,

5.25 %

,

5/30/29

......

United

States

210,000

210,509

b

CNO

Global

Funding

,

Secured

Note,

144A,

4.875%,

12/10/27

.................

United

States

240,000

240,690

Secured

Note,

144A,

2.65%,

1/06/29

...................

United

States

304,000

288,152

Secured

Note,

144A,

4.95%,

9/09/29

...................

United

States

378,000

380,167

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Insurance
(continued)

b

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.2 %

,

6/24/29

United

States

315,000

$

319,417

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85 %

,

4/17/28

...

Canada

719,000

722,247

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

3/15/30

...........................

Canada

110,000

111,901

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.375 %

,

3/15/29

..

United

States

393,000

393,957

b

MetLife

Capital

Trust

IV

,

Junior

Sub.

Bond

,

144A,

7.875 %

,

12/15/37

........................................

United

States

300,000

324,620

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467 %

,

12/08/28

........................................

United

States

435,000

445,233

9,253,015

#### Interactive

#### Media

#### &

#### Services

#### 0.0%

#### †
Alphabet,

Inc.

,

Senior

Note,

4.1%,

11/15/30

.........................

United

States

400,000

397,398

Senior

Note,

4.1%,

2/15/31

..........................

United

States

315,000

312,880

Meta

Platforms,

Inc.

,

Senior

Bond

,

5.625 %

,

11/15/55

.........

United

States

310,000

290,798

1,001,076

#### IT

#### Services

#### 0.0%

#### †
b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

7/01/32

...............

United

States

720,000

628,588

b

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

6/01/31

.........................................

United

States

200,000

199,020

827,608

#### Leisure

#### Products

#### 0.0%

#### †
Brunswick

Corp.

,

Senior

Bond

,

2.4 %

,

8/18/31

..............

United

States

435,000

377,373

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.0%

#### †
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

................

United

States

186,000

186,044

#### Machinery

#### 0.1%
Caterpillar,

Inc.

,

Senior

Bond

,

5.2 %

,

5/15/35

...............

United

States

555,000

568,777

b

Chart

Industries,

Inc.

,

Senior

Note

,

144A,

9.5 %

,

1/01/31

......

United

States

85,000

89,350

b

Daimler

Truck

Finance

North

America

LLC

,

Senior

Note

,

144A,

5.125 %

,

9/25/27

...................................

Germany

480,000

484,007

b

ESAB

Corp.

,

Senior

Note

,

144A,

5.625 %

,

4/01/31

...........

United

States

400,000

403,804

Oshkosh

Corp.

,

Senior

Bond

,

4.6 %

,

5/15/28

...............

United

States

263,000

262,939

Otis

Worldwide

Corp.

,

Senior

Note

,

2.565 %

,

2/15/30

.........

United

States

298,000

276,725

b

Terex

Corp.

,

Senior

Note,

144A,

5%,

5/15/29

......................

United

States

150,000

147,880

Senior

Note,

144A,

6.25%,

10/15/32

...................

United

States

110,000

110,819

2,344,301

#### Media

#### 0.4%
b

Block

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

10.25 %

,

3/01/31

...................................

United

States

345,000

315,989

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond,

5.85%,

12/01/35

.................

United

States

75,000

73,810

Senior

Secured

Bond,

4.8%,

3/01/50

...................

United

States

730,000

540,096

Senior

Secured

Bond,

3.7%,

4/01/51

...................

United

States

327,000

202,581

Senior

Secured

Note,

2.25%,

1/15/29

..................

United

States

731,000

683,352

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

....................

United

States

105,000

105,570

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Media
(continued)

b

Clear

Channel

Outdoor

Holdings,

Inc.,

(continued)

Senior

Secured

Note,

144A,

7.875%,

4/01/30

............

United

States

140,000

$

146,609

Senior

Secured

Note,

144A,

7.5%,

3/15/33

..............

United

States

400,000

423,897

b

CSC

Holdings

LLC

,

Senior

Note

,

144A,

11.75 %

,

1/31/29

......

United

States

245,000

177,324

b

Directv

Financing

LLC

,

Senior

Secured

Note,

144A,

8.875%,

2/01/30

............

United

States

195,000

194,248

Senior

Secured

Note,

144A,

8.875%,

2/01/30

............

United

States

210,000

209,796

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

8/15/27

............

United

States

41,000

40,982

Senior

Secured

Note,

144A,

10%,

2/15/31

...............

United

States

200,000

204,324

Discovery

Communications

LLC

,

Senior

Note

,

4.125 %

,

5/15/29

.

United

States

260,000

251,271

EchoStar

Corp.

,

Senior

Secured

Note

,

10.75 %

,

11/30/29

......

United

States

340,000

367,494

b

EW

Scripps

Co.

(The)

,

Secured

Note

,

144A,

9.875 %

,

8/15/30

..

United

States

750,000

728,807

b

Gray

Media,

Inc.

,

Secured

Note,

144A,

9.625%,

7/15/32

..................

United

States

340,000

340,295

Senior

Bond,

144A,

5.375%,

11/15/31

..................

United

States

290,000

215,570

Senior

Secured

Note,

144A,

7.25%,

8/15/33

.............

United

States

100,000

100,843

b

McGraw-Hill

Education,

Inc.

,

Senior

Note,

144A,

8%,

8/01/29

......................

United

States

360,000

359,721

Senior

Secured

Note,

144A,

5.75%,

8/01/28

.............

United

States

125,000

123,690

Senior

Secured

Note,

144A,

7.375%,

9/01/31

............

United

States

300,000

306,452

b

News

Corp.

,

Senior

Bond

,

144A,

5.125 %

,

2/15/32

...........

United

States

119,000

116,401

b

Nexstar

Media,

Inc.

,

Senior

Note,

144A,

4.75%,

11/01/28

...................

United

States

150,000

147,602

i

Senior

Note,

144A,

7.25%,

4/15/34

....................

United

States

690,000

692,785

Senior

Secured

Note,

144A,

6.5%,

9/15/33

..............

United

States

745,000

751,127

Omnicom

Group,

Inc.

,

Senior

Note

,

4.65 %

,

10/01/28

.........

United

States

1,275,000

1,278,104

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond,

144A,

4.625%,

3/15/30

...................

United

States

155,000

149,641

Senior

Secured

Note,

144A,

7.375%,

2/15/31

............

United

States

135,000

140,843

Paramount

Global

,

Senior

Bond,

2.9%,

1/15/27

..........................

United

States

169,000

166,166

Senior

Bond,

4.2%,

6/01/29

..........................

United

States

175,000

167,167

Senior

Note,

3.7%,

6/01/28

..........................

United

States

123,000

119,018

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

...................................

United

States

700,000

712,250

b

Sirius

XM

Radio

LLC

,

Senior

Bond,

144A,

3.875%,

9/01/31

...................

United

States

435,000

395,340

Senior

Note,

144A,

4%,

7/15/28

......................

United

States

100,000

96,586

TCI

Communications,

Inc.

,

Senior

Bond

,

7.125 %

,

2/15/28

.....

United

States

328,000

344,428

b

Telenet

Finance

Luxembourg

Notes

SARL

,

Senior

Secured

Bond

,

144A,

5.5 %

,

3/01/28

...............................

Belgium

200,000

196,790

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375 %

,

7/15/33

...................................

United

States

249,000

282,079

b

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375 %

,

8/01/32

...................................

United

States

465,000

479,582

b

VZ

Secured

Financing

BV

,

Senior

Secured

Note,

144A,

5%,

1/15/32

................

Netherlands

510,000

437,667

Senior

Secured

Note,

144A,

7.5%,

1/15/33

..............

Netherlands

290,000

273,615

13,059,912

#### Metals

#### &

#### Mining

#### 0.2%
b

Anglo

American

Capital

plc

,

Senior

Note

,

144A,

4.625 %

,

3/19/31

South

Africa

400,000

395,658

b

Big

River

Steel

LLC

/

BRS

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625 %

,

1/31/29

..............................

United

States

222,000

221,668

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Metals

#### &

#### Mining
(continued)

b

Cleveland-Cliffs,

Inc.

,

Senior

Note,

144A,

7%,

3/15/32

......................

United

States

190,000

$

184,073

Senior

Note,

144A,

7.625%,

1/15/34

...................

United

States

435,000

425,394

Commercial

Metals

Co.

,

Senior

Bond,

4.375%,

3/15/32

........................

United

States

330,000

305,458

Senior

Note,

4.125%,

1/15/30

........................

United

States

170,000

162,090

b

Fortescue

Treasury

Pty.

Ltd.

,

Senior

Bond

,

144A,

6.125 %

,

4/15/32

.........................................

Australia

205,000

209,659

b

Glencore

Funding

LLC

,

Senior

Bond,

144A,

4%,

3/27/27

......................

Australia

340,000

338,586

Senior

Bond,

144A,

2.5%,

9/01/30

.....................

Australia

668,000

607,663

Senior

Bond,

144A,

5.634%,

4/04/34

...................

Australia

265,000

271,319

b

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

4/01/29

....

Canada

215,000

215,042

b

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

%

,

4/01/31

......

Australia

130,000

132,966

b

Novelis

Corp.

,

Senior

Bond,

144A,

4.75%,

1/30/30

....................

United

States

465,000

440,245

Senior

Bond,

144A,

3.875%,

8/15/31

...................

United

States

250,000

222,917

Senior

Note,

144A,

6.875%,

1/30/30

...................

United

States

195,000

196,843

Senior

Note,

144A,

6.375%,

8/15/33

...................

United

States

305,000

299,418

4,628,999

#### 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

263,015

#### Multi-Utilities

#### 0.1%
Ameren

Corp.

,

Senior

Note

,

%

,

1/15/29

..................

United

States

220,000

223,516

Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2 %

,

3/15/42

....................................

United

States

255,000

216,119

Dominion

Energy,

Inc.

,

Senior

Note

,

4.6 %

,

5/15/28

..........

United

States

1,210,000

1,214,005

NiSource,

Inc.

,

Senior

Bond

,

5.85 %

,

4/01/55

...............

United

States

320,000

311,295

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448 %

,

6/01/53

.....

United

States

258,000

245,009

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95 %

,

9/15/34

.

United

States

1,595,000

1,573,178

3,783,122

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.7%
b

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

9.75 %

,

2/15/31

.....................

United

States

365,000

387,981

Canadian

Natural

Resources

Ltd.

,

Senior

Note

,

%

,

12/15/29

..

Canada

360,000

365,728

Cenovus

Energy,

Inc.

,

Senior

Bond

,

6.75 %

,

11/15/39

.........

Canada

25,000

27,348

Cheniere

Energy

Partners

LP

,

Senior

Note

,

4.5 %

,

10/01/29

....

United

States

1,715,000

1,708,035

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927 %

,

8/15/30

...................................

United

States

225,000

235,587

b

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25 %

,

10/01/29

........................................

Australia

130,000

117,583

b

Crescent

Energy

Finance

LLC

,

Senior

Note,

144A,

7.875%,

4/15/32

...................

United

States

245,000

250,487

Senior

Note,

144A,

7.375%,

1/15/33

...................

United

States

320,000

320,158

Senior

Note,

144A,

8.375%,

1/15/34

...................

United

States

405,000

423,740

Enbridge,

Inc.

,

Senior

Bond

,

4.25 %

,

12/01/26

..............

Canada

122,000

121,969

Energy

Transfer

LP

,

g

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

1,375,000

1,376,228

Senior

Bond,

3.75%,

5/15/30

.........................

United

States

1,308,000

1,264,821

Senior

Note,

5.5%,

6/01/27

..........................

United

States

86,000

86,815

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Expand

Energy

Corp.

,

Senior

Bond,

4.75%,

2/01/32

.........................

United

States

545,000

$

531,247

b

Senior

Note,

144A,

6.75%,

4/15/29

....................

United

States

545,000

545,392

b

Hess

Midstream

Operations

LP

,

Senior

Note,

144A,

6.5%,

6/01/29

.....................

United

States

90,000

91,985

Senior

Note,

144A,

4.25%,

2/15/30

....................

United

States

865,000

831,635

Senior

Note,

144A,

5.5%,

10/15/30

....................

United

States

125,000

124,071

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond,

144A,

6%,

2/01/31

......................

United

States

50,000

48,631

Senior

Bond,

144A,

6.875%,

5/15/34

...................

United

States

320,000

313,270

Senior

Note,

144A,

6%,

4/15/30

......................

United

States

125,000

121,751

Senior

Note,

144A,

8.375%,

11/01/33

..................

United

States

595,000

621,226

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375 %

,

4/24/30

.........................................

Kazakhstan

770,000

779,453

Kinder

Morgan,

Inc.

,

Senior

Bond,

7.75%,

1/15/32

.........................

United

States

580,000

665,285

Senior

Note,

5%,

2/01/29

...........................

United

States

410,000

416,248

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875 %

,

6/15/30

......

United

States

485,000

487,068

Occidental

Petroleum

Corp.

,

Senior

Bond,

7.5%,

5/01/31

..........................

United

States

236,000

262,782

Senior

Bond,

6.2%,

3/15/40

..........................

United

States

705,000

720,552

ONEOK,

Inc.

,

Senior

Note

,

4.75 %

,

10/15/31

...............

United

States

920,000

910,488

Pertamina

Hulu

Energi

PT

,

b

Senior

Note,

144A,

5.25%,

5/21/30

....................

Indonesia

500,000

501,662

SM

Energy

Co.

,

Senior

Bond

,

6.75 %

,

9/15/26

..............

United

States

135,000

135,157

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026 %

,

10/01/29

..................................

Canada

500,000

503,366

Spectra

Energy

Partners

LP

,

Senior

Note

,

3.375 %

,

10/15/26

...

United

States

425,000

422,947

b

Sunoco

LP

,

Senior

Note,

144A,

5.375%,

7/15/31

...................

United

States

220,000

218,392

Senior

Note,

144A,

6.25%,

7/01/33

....................

United

States

400,000

402,061

Senior

Note,

144A,

5.625%,

7/15/34

...................

United

States

25,000

24,635

Targa

Resources

Corp.

,

Senior

Note

,

4.35 %

,

4/15/31

........

United

States

160,000

156,682

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

4.875 %

,

2/01/31

............

United

States

202,000

201,760

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5 %

,

10/15/29

........................................

United

States

325,000

318,018

b

Venture

Global

LNG,

Inc.

,

g

Junior

Sub.

Bond,

144A,

9%

to

9/29/29,

FRN

thereafter,

Perpetual

.......................................

United

States

375,000

373,812

Senior

Secured

Note,

144A,

9.5%,

2/01/29

..............

United

States

420,000

454,356

Senior

Secured

Note,

144A,

8.375%,

6/01/31

............

United

States

300,000

312,148

Senior

Secured

Note,

144A,

9.875%,

2/01/32

............

United

States

300,000

322,343

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

.............

United

States

65,000

72,891

Senior

Secured

Bond,

144A,

6.75%,

1/15/36

.............

United

States

175,000

185,465

Senior

Secured

Note,

144A,

7.5%,

5/01/33

..............

United

States

225,000

247,453

Senior

Secured

Note,

144A,

6.5%,

1/15/34

..............

United

States

110,000

114,739

Viper

Energy

Partners

LLC

,

Senior

Bond,

5.7%,

8/01/35

..........................

United

States

222,000

223,866

Senior

Note,

4.9%,

8/01/30

..........................

United

States

455,000

455,550

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6 %

,

3/15/35

........

United

States

321,000

328,159

20,133,026

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Paper

#### &

#### Forest

#### Products

#### 0.0%

#### †
b

Magnera

Corp.

,

Senior

Secured

Note,

144A,

4.75%,

11/15/29

............

United

States

245,000

$

221,437

Senior

Secured

Note,

144A,

7.25%,

11/15/31

............

United

States

255,000

236,310

457,747

#### Passenger

#### Airlines

#### 0.1%
b

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

..............

United

States

19,167

19,193

Senior

Secured

Note,

144A,

5.75%,

4/20/29

.............

United

States

505,000

502,561

b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021 %

,

10/20/29

........................................

United

States

425,000

420,863

b

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875 %

,

12/15/29

.....

United

States

415,000

428,685

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

United

States

435,000

427,074

1,798,376

#### Personal

#### Care

#### Products

#### 0.1%
b

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Note,

144A,

6.625%,

7/15/30

...................

United

States

140,000

138,921

Senior

Secured

Note,

144A,

4.75%,

1/15/29

.............

United

States

225,000

219,141

Kenvue,

Inc.

,

Senior

Note,

4.85%,

5/22/32

.........................

United

States

85,000

85,940

Senior

Note,

4.9%,

3/22/33

..........................

United

States

480,000

484,000

b

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/32

...

France

850,000

851,334

1,779,336

#### Pharmaceuticals

#### 0.3%
b

1261229

BC

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

4/15/32

...

United

States

200,000

204,938

Eli

Lilly

&

Co.

,

Senior

Bond,

4.875%,

2/27/53

........................

United

States

261,000

233,372

Senior

Note,

4.75%,

2/12/30

.........................

United

States

562,000

572,310

Merck

&

Co.,

Inc.

,

Senior

Bond

,

3.7 %

,

2/10/45

.............

United

States

805,000

627,206

Novartis

Capital

Corp.

,

Senior

Bond,

4%,

11/20/45

..........................

United

States

994,000

817,170

Senior

Note,

4.1%,

11/05/30

.........................

United

States

580,000

573,719

Senior

Note,

4.4%,

3/18/31

..........................

United

States

635,000

635,004

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond,

4.75%,

5/19/33

.........................

United

States

1,441,000

1,435,940

Senior

Bond,

5.3%,

5/19/53

..........................

United

States

171,000

159,036

Senior

Note,

4.45%,

5/19/28

.........................

United

States

131,000

131,798

b

Roche

Holdings,

Inc.

,

Senior

Bond

,

144A,

%

,

11/28/44

......

United

States

1,210,000

1,018,647

Royalty

Pharma

plc

,

Senior

Bond,

5.2%,

9/25/35

..........................

United

States

415,000

409,728

Senior

Note,

2.2%,

9/02/30

..........................

United

States

520,000

468,493

Senior

Note,

4.45%,

3/25/31

.........................

United

States

55,000

54,339

Teva

Pharmaceutical

Finance

Netherlands

II

BV

,

Senior

Note

,

4.375 %

,

5/09/30

...................................

Israel

420,000

EUR

487,044

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

5.125%,

5/09/29

........................

Israel

465,000

463,793

Senior

Note,

8.125%,

9/15/31

........................

Israel

415,000

464,456

Viatris,

Inc.

,

Senior

Note

,

2.3 %

,

6/22/27

...................

United

States

565,000

548,015

Zoetis,

Inc.

,

Senior

Bond,

3%,

9/12/27

...........................

United

States

242,000

237,995

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Pharmaceuticals
(continued)

Zoetis,

Inc.,

(continued)

Senior

Bond,

2%,

5/15/30

...........................

United

States

160,000

$

145,371

9,688,374

#### Professional

#### Services

#### 0.0%

#### †
b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

415,000

422,726

Paychex,

Inc.

,

Senior

Note

,

5.1 %

,

4/15/30

.................

United

States

360,000

363,379

786,105

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.2%
Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note

,

3.5 %

,

1/15/28

....................................

United

States

2,010,000

1,986,414

Broadcom,

Inc.

,

b

Senior

Bond,

144A,

3.187%,

11/15/36

..................

United

States

107,000

89,469

Senior

Note,

5.05%,

7/12/29

.........................

United

States

545,000

556,364

Senior

Note,

5.05%,

4/15/30

.........................

United

States

275,000

280,363

Senior

Note,

4.2%,

10/15/30

.........................

United

States

115,000

113,702

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note,

144A,

5.9%,

1/25/30

..............

United

States

200,000

207,083

Senior

Secured

Note,

144A,

6.15%,

1/25/32

.............

United

States

200,000

208,946

Intel

Corp.

,

Senior

Bond

,

4.15 %

,

8/05/32

..................

United

States

1,270,000

1,211,427

Marvell

Technology,

Inc.

,

Senior

Note,

5.75%,

2/15/29

.........................

United

States

180,000

185,875

Senior

Note,

4.75%,

7/15/30

.........................

United

States

190,000

190,718

b

Qnity

Electronics,

Inc.

,

Senior

Note,

144A,

6.25%,

8/15/33

....................

United

States

370,000

374,583

Senior

Secured

Note,

144A,

5.75%,

8/15/32

.............

United

States

1,020,000

1,022,490

6,427,434

#### Software

#### 0.2%
Cadence

Design

Systems,

Inc.

,

Senior

Note

,

4.3 %

,

9/10/29

....

United

States

505,000

503,509

b

Cloud

Software

Group,

Inc.

,

Secured

Note,

144A,

9%,

9/30/29

.....................

United

States

140,000

135,188

Senior

Secured

Note,

144A,

6.5%,

3/31/29

..............

United

States

195,000

190,428

b

McAfee

Corp.

,

Senior

Note

,

144A,

7.375 %

,

2/15/30

..........

United

States

315,000

260,595

Oracle

Corp.

,

Senior

Bond,

5.375%,

7/15/40

........................

United

States

199,000

174,370

Senior

Bond,

3.65%,

3/25/41

.........................

United

States

412,000

293,494

Senior

Bond,

4%,

11/15/47

..........................

United

States

1,319,000

873,835

Senior

Note,

4.55%,

2/04/29

.........................

United

States

580,000

572,784

Senior

Note,

4.45%,

9/26/30

.........................

United

States

165,000

159,050

Senior

Note,

4.95%,

2/04/31

.........................

United

States

320,000

313,210

b

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/29

......

United

States

215,000

193,762

Salesforce,

Inc.

,

Senior

Note

,

4.5 %

,

3/15/28

...............

United

States

455,000

455,274

ServiceNow,

Inc.

,

Senior

Bond

,

1.4 %

,

9/01/30

..............

United

States

674,000

585,053

Synopsys,

Inc.

,

Senior

Note

,

4.85 %

,

4/01/30

...............

United

States

510,000

513,886

b

UKG,

Inc.

,

Senior

Secured

Note

,

144A,

6.875 %

,

2/01/31

......

United

States

295,000

288,560

5,512,998

#### Specialized

#### REITs

#### 0.3%
American

Tower

Corp.

,

Senior

Bond,

3.55%,

7/15/27

.........................

United

States

788,000

779,762

Senior

Bond,

2.9%,

1/15/30

..........................

United

States

413,000

387,971

Senior

Bond,

2.7%,

4/15/31

..........................

United

States

724,000

657,282

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Specialized

#### REITs
(continued)

American

Tower

Corp.,

(continued)

Senior

Note,

2.75%,

1/15/27

.........................

United

States

844,000

$

833,477

Senior

Note,

4.9%,

3/15/30

..........................

United

States

210,000

211,970

Crown

Castle,

Inc.

,

Senior

Bond,

3.7%,

6/15/26

..........................

United

States

187,000

186,714

Senior

Bond,

3.65%,

9/01/27

.........................

United

States

591,000

584,106

Senior

Bond,

3.8%,

2/15/28

..........................

United

States

450,000

443,708

Senior

Note,

1.05%,

7/15/26

.........................

United

States

385,000

381,345

Senior

Note,

4.9%,

9/01/29

..........................

United

States

545,000

548,193

Equinix,

Inc.

,

Senior

Bond,

3.2%,

11/18/29

.........................

United

States

266,000

253,330

Senior

Note,

2.9%,

11/18/26

.........................

United

States

1,563,000

1,549,114

b

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

1/15/33

.......

United

States

655,000

653,429

b

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/30

..

United

States

690,000

690,251

8,160,652

#### Specialty

#### Retail

#### 0.1%
Dick's

Sporting

Goods,

Inc.

,

Senior

Bond,

3.15%,

1/15/32

.........................

United

States

430,000

390,996

b

Senior

Note,

144A,

4%,

10/01/29

.....................

United

States

670,000

652,201

Home

Depot,

Inc.

(The)

,

Senior

Bond,

4.95%,

6/25/34

.........................

United

States

397,000

400,009

Senior

Bond,

5.3%,

6/25/54

..........................

United

States

397,000

371,363

b

PetSmart

LLC

/

PetSmart

Finance

Corp.

,

Senior

Secured

Note

,

144A,

7.5 %

,

9/15/32

...............................

United

States

450,000

452,527

2,267,096

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.1%
Apple,

Inc.

,

Senior

Bond,

3.85%,

5/04/43

.........................

United

States

556,000

460,023

Senior

Bond,

4.375%,

5/13/45

........................

United

States

1,550,000

1,357,520

Hewlett

Packard

Enterprise

Co.

,

Senior

Note,

4.55%,

10/15/29

........................

United

States

835,000

831,063

Senior

Note,

4.85%,

10/15/31

........................

United

States

210,000

208,634

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note,

144A,

4.091%,

6/01/29

...................

United

States

550,000

532,762

Senior

Note,

144A,

3.125%,

7/15/29

...................

United

States

90,000

80,819

Senior

Note,

144A,

5.875%,

7/15/30

...................

United

States

295,000

300,047

3,770,868

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
b

Beach

Acquisition

Bidco

LLC

,

f

Senior

Note,

144A,

PIK,

10%,

7/15/33

..................

United

States

641,078

668,675

Senior

Secured

Note,

144A,

5.25%,

7/15/32

.............

United

States

205,000

EUR

227,834

b

Crocs,

Inc.

,

Senior

Note

,

144A,

4.25 %

,

3/15/29

.............

United

States

260,000

249,746

Tapestry,

Inc.

,

Senior

Note

,

5.1 %

,

3/11/30

.................

United

States

360,000

363,858

1,510,113

#### Tobacco

#### 0.1%
BAT

Capital

Corp.

,

Senior

Bond,

4.906%,

4/02/30

........................

United

Kingdom

90,000

90,996

Senior

Note,

6.343%,

8/02/30

........................

United

Kingdom

255,000

272,281

Senior

Note,

4.625%,

3/22/33

........................

United

Kingdom

370,000

362,273

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Tobacco
(continued)

Philip

Morris

International,

Inc.

,

Senior

Note,

5.125%,

2/15/30

........................

United

States

806,000

$

822,610

Senior

Note,

4.375%,

4/30/30

........................

United

States

1,025,000

1,019,812

Senior

Note,

4.75%,

11/01/31

........................

United

States

380,000

381,872

2,949,844

#### Trading

#### Companies

#### &

#### Distributors

#### 0.1%
Air

Lease

Corp.

,

Senior

Note,

5.85%,

12/15/27

........................

United

States

110,000

112,334

Senior

Note,

2.1%,

9/01/28

..........................

United

States

252,000

237,140

b

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375 %

,

7/15/29

United

States

360,000

365,892

b

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

.....................

United

States

420,000

434,356

Secured

Note,

144A,

8.625%,

5/15/32

..................

United

States

295,000

308,278

b

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

6/15/29

......

United

States

130,000

132,211

b

Imola

Merger

Corp.

,

Senior

Secured

Note

,

144A,

4.75 %

,

5/15/29

United

States

240,000

233,424

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/30/32

.........................................

United

States

605,000

617,624

b

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

144A,

6.125 %

,

3/15/34

.........................................

United

States

195,000

197,698

b

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

6.375%,

3/15/29

...................

United

States

55,000

56,054

Senior

Note,

144A,

5.25%,

4/15/31

....................

United

States

100,000

99,653

Senior

Note,

144A,

6.625%,

3/15/32

...................

United

States

265,000

271,567

Senior

Note,

144A,

6.375%,

3/15/33

...................

United

States

110,000

112,158

3,178,389

#### Wireless

#### Telecommunication

#### Services

#### 0.2%
b

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

%

,

9/15/29

............................

United

Kingdom

680,000

715,217

b

Digicel

International

Finance

Ltd.

/

DIFL

US

LLC

,

Senior

Secured

Note

,

144A,

8.625 %

,

8/01/32

.........................

Bermuda

480,000

488,772

b

Iliad

Holding

SAS

,

Senior

Secured

Note

,

144A,

%

,

4/15/32

...

France

200,000

200,490

Rogers

Communications,

Inc.

,

Senior

Note

,

%

,

2/15/29

......

Canada

1,430,000

1,444,943

T-Mobile

USA,

Inc.

,

Senior

Bond,

2.875%,

2/15/31

........................

United

States

155,000

142,978

Senior

Bond,

2.25%,

11/15/31

........................

United

States

1,231,000

1,082,352

Senior

Bond,

5.05%,

7/15/33

.........................

United

States

24,000

24,174

Senior

Note,

3.75%,

4/15/27

.........................

United

States

1,210,000

1,202,739

Senior

Note,

4.95%,

3/15/28

.........................

United

States

660,000

667,083

Senior

Note,

3.375%,

4/15/29

........................

United

States

340,000

329,578

Senior

Note,

3.875%,

4/15/30

........................

United

States

119,000

115,923

Senior

Note,

5.125%,

5/15/32

........................

United

States

351,000

356,158

Senior

Note,

6.7%,

12/15/33

.........................

United

States

45,000

49,573

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625 %

,

7/15/29

.........................................

United

Kingdom

430,000

451,753

7,271,733

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $326,304,733)
...................................

#### 318,826,271
j

#### Senior

#### Floating

#### Rate

#### Interests

#### 0.5%
k

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

N,

6.16%,

(3-month

SOFR

+

2.5%),

2/14/33

.............................

United

States

115,116

115,303

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

j

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

k

#### Aerospace

#### &

#### Defense
(continued)

i

VSE

Corp.,

First

Lien,

CME

Term

Loan,

B,

5.474%,

(12-month

SOFR

+

2%),

3/17/33

...............................

United

States

45,288

$

45,298

160,601

a

a

a

a

a

a

k

#### Air

#### Freight

#### &

#### Logistics

#### 0.0%

#### †
Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B,

6.7%,

(3-month

SOFR

+

3%),

3/18/30

...............................

United

States

178,113

178,120

Stonepeak

Nile

Parent

LLC,

First

Lien,

Amendment

No.

CME

Term

Loan,

5.917%,

(3-month

SOFR

+

2.25%),

4/09/32

.....

United

States

329,244

329,125

507,245

a

a

a

a

a

a

k

#### Automobile

#### Components

#### 0.0%

#### †
Allison

Transmission,

Inc.,

First

Lien,

2026

CME

Term

Loan,

5.422%,

(1-month

SOFR

+

1.75%),

1/03/33

..............

United

States

154,515

155,249

i

American

Axle

&

Manufacturing,

Inc.,

First

Lien,

CME

Term

Loan,

C,

6.912%,

(3-month

SOFR

+

3.25%),

2/03/33

............

United

States

326,700

325,885

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan,

7.678%,

(3-month

SOFR

+

3.75%),

10/04/28

........

United

States

152,553

149,827

630,961

a

a

a

a

a

a

#### Beverages

#### 0.0%

#### †
i,k

Primo

Brands

Corp.,

First

Lien,

CME

Term

Loan,

B,

6.224%,

(12-month

SOFR

+

2.75%),

3/19/31

....................

United

States

197,586

198,141

k

#### Biotechnology

#### 0.0%

#### †
Alkermes,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B,

6.418%,

(1-month

SOFR

+

2.75%),

8/12/31

.....................

United

States

30,462

30,728

i

BioMarin

Pharmaceutical,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.174%,

(12-month

SOFR

+

1.75%),

1/28/33

.............

United

States

103,812

103,683

Genmab

A/S,

First

Lien,

Initial

CME

Term

Loan,

B,

6.733%,

(3-month

SOFR

+

3%),

12/13/32

......................

Denmark

47,851

48,086

182,497

a

a

a

a

a

a

#### Broadline

#### Retail

#### 0.0%

#### †
k

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B8,

5.95%,

(3-month

SOFR

+

2.25%),

9/29/32

.....................

Netherlands

150,882

149,774

#### Building

#### Products

#### 0.0%

#### †
k

Advanced

Drainage

Systems,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.241%,

(12-month

SOFR

+

1.75%),

2/11/33

........

United

States

117,333

118,030

k

#### Capital

#### Markets

#### 0.0%

#### †
CPI

Holdco

B

LLC,

First

Lien,

2025

Fourth

Amendment

Incremental

CME

Term

Loan,

5.668%,

(1-month

SOFR

+

2%),

5/19/31

.........................................

United

States

329,165

327,407

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan,

5.673%,

(3-month

SOFR

+

2%),

12/15/31

................

United

States

327,408

321,828

649,235

a

a

a

a

a

a

k

#### Chemicals

#### 0.0%

#### †
Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.417%,

(3-month

SOFR

+

3.75%),

4/06/29

.....................

United

States

198,450

191,463

Element

Solutions,

Inc.,

First

Lien,

CME

Term

Loan,

B3,

5.423%,

(1-month

SOFR

+

1.75%),

12/18/30

....................

United

States

330,000

330,708

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan,

11.211%,

(1-month

SOFR

+

7.438%),

3/15/30

............

United

States

61,509

57,587

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

j

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

k

#### Chemicals
(continued)

Solstice

Advanced

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.417%,

(3-month

SOFR

+

1.75%),

10/29/32

.............

United

States

75,630

$

76,119

655,877

a

a

a

a

a

a

k

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B,

6.423%,

(1-month

SOFR

+

2.75%),

10/23/28

..

United

States

88,961

89,100

Prime

Security

Services

Borrower

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan,

B2,

5.414%,

(1-month

SOFR

+

1.75%),

3/08/32

...................................

United

States

328,346

324,344

i

WMB

Holdings,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B,

5.668%,

(1-month

SOFR

+

2%),

11/05/29

......................

United

States

319,230

317,635

731,079

a

a

a

a

a

a

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
k

Dycom

Industries,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.423%,

(1-month

SOFR

+

1.75%),

1/27/33

.....................

United

States

21,903

22,017

k

#### Containers

#### &

#### Packaging

#### 0.0%

#### †
Mauser

Packaging

Solutions

Holding

Co.,

First

Lien,

2025

CME

Term

Loan,

7.164%,

(3-month

SOFR

+

3.5%),

4/15/30

......

United

States

260,000

251,967

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.668%,

(1-month

SOFR

+

3%),

9/30/32

.........

United

States

162,797

161,440

413,407

a

a

a

a

a

a

#### Distributors

#### 0.0%

#### †
k

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

7.672%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

178,906

174,305

k

#### Electric

#### Utilities

#### 0.0%

#### †
Alpha

Generation

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

5.418%,

(1-month

SOFR

+

1.75%),

9/30/31

..............

United

States

328,333

327,905

Constellation

Renewables

LLC,

First

Lien,

CME

Term

Loan,

5.673%,

(3-month

SOFR

+

2%),

12/15/27

................

United

States

208,143

208,577

536,482

a

a

a

a

a

a

k

#### Entertainment

#### 0.1%
Live

Nation

Entertainment,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B,

5.675%,

(1-month

SOFR

+

2%),

10/21/32

.............

United

States

267,622

268,068

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1,

6.537%,

(1-month

SOFR

+

2.75%),

3/13/28

.....................

United

States

327,415

308,895

TKO

Worldwide

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B5,

5.664%,

(3-month

SOFR

+

2%),

11/21/31

................

United

States

278,839

279,013

855,976

a

a

a

a

a

a

k

#### Financial

#### Services

#### 0.1%
Colossus

Acquireco

LLC,

First

Lien,

Initial

CME

Term

Loan,

5.38%,

(1-day

SOFR

+

1.75%),

7/30/32

.................

United

States

328,350

327,657

Corpay

Technologies

Operating

Co.

LLC,

First

Lien,

CME

Term

Loan,

B6,

5.418%,

(1-month

SOFR

+

1.75%),

11/05/32

.....

United

States

116,728

116,692

First

Eagle

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.2%,

(3-month

SOFR

+

3.5%),

8/16/32

......................

United

States

289,691

286,070

Hudson

River

Trading

LLC,

First

Lien,

CME

Term

Loan,

B2,

6.175%,

(1-month

SOFR

+

2.5%),

3/18/30

...............

United

States

329,175

328,215

1,058,634

a

a

a

a

a

a

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

j

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

k

#### Food

#### Products

#### 0.0%

#### †
Froneri

US,

Inc.,

First

Lien,

CME

Term

Loan,

B6,

5.877%,

(6-month

SOFR

+

2.25%),

9/30/32

.....................

United

States

295,980

$

290,821

i

TreeHouse

Foods,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.923%,

(1-month

SOFR

+

4.25%),

2/11/33

..............

United

States

327,500

326,410

617,231

a

a

a

a

a

a

#### Ground

#### Transportation

#### 0.0%

#### †
k

Genesee

&

Wyoming,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.422%,

(3-month

SOFR

+

1.75%),

4/10/31

..............

United

States

328,333

327,137

k

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
Bausch

+

Lomb

Corp.,

First

Lien,

2025-2

Refinancing

CME

Term

Loan,

7.418%,

(1-month

SOFR

+

3.75%),

1/15/31

.........

United

States

206,868

207,580

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan,

5.418%,

(1-month

SOFR

+

1.75%),

10/23/28

........

United

States

84,672

84,895

292,475

a

a

a

a

a

a

k

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.1%
1011778

BC

ULC,

First

Lien,

CME

Term

Loan,

B5,

5.418%,

(1-month

SOFR

+

1.75%),

9/20/30

.....................

Canada

313,465

313,153

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B,

5.918%,

(1-month

SOFR

+

2.25%),

2/06/30

...

United

States

326,972

318,390

i

DK

Crown

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.419%,

(1-month

SOFR

+

1.75%),

3/04/32

.....................

United

States

329,169

329,221

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

6.918%,

(1-month

SOFR

+

3.25%),

1/29/29

..............

United

States

419,136

411,801

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

5.422%,

(3-month

SOFR

+

1.75%),

12/02/30

......

Ireland

328,321

325,530

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B,

8.437%,

(3-month

SOFR

+

4.75%),

11/01/29

.............

Canada

27,754

27,396

Penn

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.173%,

(1-month

SOFR

+

2.5%),

5/03/29

......................

United

States

328,295

329,570

Raising

Cane's

Restaurants

LLC,

First

Lien,

First

Amendment

New

CME

Term

Loan,

5.668%,

(1-month

SOFR

+

2%),

11/03/32

United

States

233,694

232,599

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

6.652%,

(3-month

SOFR

+

3%),

4/04/29

...

United

States

112,988

111,466

2,399,126

a

a

a

a

a

a

#### Household

#### Products

#### 0.0%

#### †
k

Energizer

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.675%,

(1-month

SOFR

+

2%),

3/19/32

................

United

States

183,785

183,785

k

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.0%

#### †
Calpine

Construction

Finance

Co.

LP,

First

Lien,

2025

Refinancing

CME

Term

Loan,

5.418%,

(1-month

SOFR

+

1.75%),

7/31/30

...................................

United

States

330,000

330,515

Talen

Energy

Supply

LLC,

First

Lien,

2025-1

Incremental

CME

Term

Loan,

B,

5.668%,

(1-month

SOFR

+

2%),

11/25/32

.....

United

States

351,171

351,861

682,376

a

a

a

a

a

a

#### IT

#### Services

#### 0.0%

#### †
k

Fortress

Intermediate

3,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.669%,

(1-month

SOFR

+

3%),

6/27/31

................

United

States

162,944

161,925

k

#### Media

#### 0.1%
Charter

Communications

Operating

LLC,

First

Lien,

CME

Term

Loan

B5,

5.911%,

(3-month

SOFR

+

2.25%),

12/15/31

......

United

States

327,513

327,861

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

j

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

k

#### Media
(continued)

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.787%,

(1-month

SOFR

+

4%),

8/23/28

.........................................

United

States

128,804

$

129,319

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.178%,

(3-month

SOFR

+

5.25%),

8/02/29

.......

United

States

249,682

250,704

Nexstar

Media,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.173%,

(1-month

SOFR

+

2.5%),

6/28/32

......................

United

States

328,346

325,384

1,033,268

a

a

a

a

a

a

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
k

Apollo

Commercial

Real

Estate

Finance,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.925%,

(1-month

SOFR

+

3.25%),

6/13/30

.

United

States

31,760

31,859

k

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.0%

#### †
CQP

Holdco

LP,

First

Lien,

CME

Term

Loan,

B,

5.423%,

(1-month

SOFR

+

1.75%),

12/31/32

...........................

United

States

329,171

327,989

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.168%,

(1-month

SOFR

+

2.5%),

2/22/30

...............

United

States

329,149

330,256

658,245

a

a

a

a

a

a

k

#### Passenger

#### Airlines

#### 0.0%

#### †
AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan,

5.918%,

(3-month

SOFR

+

2.25%),

4/20/28

.....................

United

States

328,346

325,883

i

United

Airlines,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.431%,

(1-month

SOFR

+

1.75%),

2/24/31

.....................

United

States

329,160

329,059

654,942

a

a

a

a

a

a

k

#### Pharmaceuticals

#### 0.0%

#### †
1261229

BC

Ltd.,

First

Lien,

Initial

CME

Term

Loan,

9.918%,

(1-month

SOFR

+

6.25%),

10/08/30

....................

United

States

193,762

187,518

Endo

Finance

Holdings

LP,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.418%,

(1-month

SOFR

+

3.75%),

4/23/31

.....

United

States

251,813

250,868

438,386

a

a

a

a

a

a

#### Professional

#### Services

#### 0.0%

#### †
k

SS&C

Technologies,

Inc.,

First

Lien,

CME

Term

Loan,

B8,

5.673%,

(1-month

SOFR

+

2%),

5/09/31

................

United

States

307,614

306,978

k

#### Software

#### 0.0%

#### †
Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B,

6.922%,

(3-month

SOFR

+

3.25%),

8/16/32

.......

United

States

18,104

16,617

i

Gen

Digital,

Inc.,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan,

B,

5.418%,

(1-month

SOFR

+

1.75%),

4/16/32

United

States

328,346

323,935

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan,

7.423%,

(1-month

SOFR

+

3.75%),

11/28/28

....................

United

States

180,340

173,389

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.167%,

(3-month

SOFR

+

2.5%),

2/10/31

.............................

United

States

29,552

28,279

542,220

a

a

a

a

a

a

k

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.0%

#### †
Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.16%,

(3-month

SOFR

+

3.5%),

3/02/28

......................

United

States

181,751

144,901

Samsonite

Group

SA,

First

Lien,

Initial

CME

Term

Loan,

B,

5.418%,

(1-month

SOFR

+

1.75%),

11/08/32

.............

United

States

127,587

128,066

272,967

a

a

a

a

a

a

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

j

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

#### Trading

#### Companies

#### &

#### Distributors

#### 0.0%

#### †
i,k

QXO

Building

Products,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.673%,

(1-month

SOFR

+

2%),

4/30/32

................

United

States

357,642

$

357,397

#### Wireless

#### Telecommunication

#### Services

#### 0.0%

#### †
k

Connect

Finco

SARL,

First

Lien,

Amendment

No.

CME

Term

Loan,

8.168%,

(1-month

SOFR

+

4.5%),

9/13/29

..........

United

Kingdom

137,200

137,693

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $16,244,070)
........................

#### 16,142,271

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 0.7%
b

Angola

Government

Bond

,

Senior

Bond

,

144A,

8.25 %

,

5/09/28

.

Angola

530,000

535,130

Brazil

Government

Bond

,

Senior

Bond

,

3.875 %

,

6/12/30

......

Brazil

870,000

831,198

Chile

Government

Bond

,

Senior

Note

,

4.85 %

,

1/22/29

........

Chile

710,000

719,407

Colombia

Government

Bond

,

Senior

Note,

7.375%,

4/25/30

.........................

Colombia

420,000

436,435

Senior

Note,

4.5%,

11/26/30

..........................

Colombia

150,000

EUR

167,963

b

Corp.

Nacional

del

Cobre

de

Chile

,

Senior

Bond

,

Reg

S,

%

,

9/30/29

.........................................

Chile

290,000

272,344

b

Costa

Rica

Government

Bond

,

Senior

Bond

,

144A,

6.125 %

,

2/19/31

.........................................

Costa

Rica

520,000

532,724

b

Dominican

Republic

Government

Bond

,

Senior

Bond,

Reg

S,

5.95%,

1/25/27

...................

Dominican

Republic

250,000

251,912

Senior

Bond,

Reg

S,

6%,

7/19/28

......................

Dominican

Republic

530,000

534,929

b

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5 %

,

8/17/30

.

Mexico

330,000

332,145

b

Egypt

Government

Bond

,

Senior

Bond

,

Reg

S,

7.6 %

,

3/01/29

..

Egypt

300,000

307,846

b

El

Salvador

Government

Bond

,

Senior

Bond

,

Reg

S,

8.625 %

,

2/28/29

.........................................

El

Salvador

390,000

407,156

b

Electricite

de

France

SA

,

g

Junior

Sub.

Bond,

144A,

9.125%

to

6/14/33,

FRN

thereafter,

Perpetual

........................................

France

200,000

231,659

Senior

Note,

144A,

5.65%,

4/22/29

.....................

France

835,000

862,166

b

Guatemala

Government

Bond

,

Senior

Bond

,

144A,

4.875 %

,

2/13/28

.........................................

Guatemala

780,000

776,471

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25 %

,

6/16/29

Hungary

730,000

732,626

Indonesia

Government

Bond

,

Senior

Bond

,

3.85 %

,

10/15/30

...

Indonesia

480,000

460,331

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

6.375 %

,

3/03/28

.........................................

Ivory

Coast

646,990

651,645

Jamaica

Government

Bond

,

Senior

Bond

,

6.75 %

,

4/28/28

.....

Bermuda

410,000

418,713

Mexico

Government

Bond

,

Senior

Bond,

2.659%,

5/24/31

........................

Mexico

580,000

513,387

Senior

Note,

6%,

5/13/30

............................

Mexico

200,000

206,850

b

Montenegro

Government

Bond

,

Senior

Bond

,

144A,

2.55 %

,

10/03/29

........................................

Montenegro

400,000

EUR

433,778

b

Morocco

Government

Bond

,

Senior

Note

,

144A,

5.95 %

,

3/08/28

Morocco

410,000

417,273

b

Nigeria

Government

Bond

,

Senior

Note

,

144A,

8.375 %

,

3/24/29

Nigeria

310,000

326,084

b

North

Macedonia

Government

Bond

,

Senior

Note

,

144A,

3.875 %

,

1/21/30

.........................................

North

Macedonia

310,000

EUR

344,843

b

Paraguay

Government

Bond

,

Senior

Bond

,

Reg

S,

4.95 %

,

4/28/31

.........................................

Paraguay

740,000

739,075

Peru

Government

Bond

,

Senior

Bond,

2.783%,

1/23/31

........................

Peru

940,000

858,784

Philippines

Government

Bond

,

Senior

Bond

,

9.5 %

,

2/02/30

....

Philippines

590,000

691,977

Poland

Government

Bond

,

4.875%,

2/12/30

...................................

Poland

900,000

920,467

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95 %

,

4/23/30

.

India

350,000

$

338,453

b

Romania

Government

Bond

,

Senior

Bond

,

144A,

2.875 %

,

5/26/28

Romania

790,000

EUR

895,540

b

Serbia

Government

Bond

,

Senior

Note

,

144A,

6.25 %

,

5/26/28

..

Serbia

600,000

612,744

South

Africa

Government

Bond

,

Senior

Bond,

4.85%,

9/27/27

.........................

South

Africa

700,000

699,884

Senior

Bond,

5.875%,

6/22/30

........................

South

Africa

200,000

201,489

Turkiye

Government

Bond

,

Senior

Note

,

8.6 %

,

9/24/27

.......

Turkiye

670,000

698,787

Uruguay

Government

Bond

,

Senior

Bond

,

4.375 %

,

10/27/27

...

Uruguay

773,333

775,731

b

Uzbekistan

Government

Bond

,

Senior

Note

,

144A,

7.85 %

,

10/12/28

........................................

Uzbekistan

590,000

618,173

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $19,920,385)
............

#### 19,756,119

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.0%

#### †
l

U.S.

Treasury

Bonds

,

3.375%,

11/15/48

.................................

United

States

829,000

649,890

1.25%,

5/15/50

...................................

United

States

919,000

436,418

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $1,086,308)
................

#### 1,086,308

#### Asset-Backed

#### Securities

#### 1.5%

#### Capital

#### Markets

#### 0.1%
b,k

Magnetite

XL

Ltd.

,

2024-40A

,

A1

,

144A,

FRN

,

5.122 %

,

(3-month

SOFR

+

1.45 %),

7/15/37

.

............................

United

States

774,000

776,049

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.0%

#### †
CVS

Pass-Through

Trust

,

6.036%,

12/10/28

..................................

United

States

10,974

11,080

b

2013,

144A,

4.704%,

1/10/36

.........................

United

States

206,695

195,180

206,260

a

a

a

a

a

a

#### Financial

#### Services

#### 1.4%
b,k

AGL

Core

CLO

Ltd.

,

2024-31A

,

A

,

144A,

FRN

,

5.068 %

,

(3-month

SOFR

+

1.4 %),

7/20/37

.

.....................

United

States

350,000

350,175

b,k

Allegro

CLO

XII

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.11 %

,

(3-month

SOFR

+

1.44 %),

7/21/37

.

............................

United

States

370,000

370,986

b,k

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A

,

A1R

,

144A,

FRN

,

4.819 %

,

(3-month

SOFR

+

1.15 %),

4/22/35

.

....................

United

States

300,000

299,925

b,k

Battalion

CLO

Ltd.

,

2020-18A

,

ARR

,

144A,

FRN

,

4.852 %

,

(3-month

SOFR

+

1.18 %),

10/15/36

.

...................

United

States

515,000

515,608

b,k

Battalion

CLO

X

Ltd.

,

2016-10A

,

A1R3

,

144A,

FRN

,

4.808 %

,

(3-month

SOFR

+

1.14 %),

1/24/35

.

....................

United

States

898,360

899,328

b,k

BDS

Ltd.

,

2021-FL10

,

A

,

144A,

FRN

,

5.144 %

,

(1-month

SOFR

+

1.464 %),

12/16/36

.

.................................

United

States

186,920

187,148

b,k

Birch

Grove

CLO

Ltd.

,

2021-2A

,

A1R

,

144A,

FRN

,

5.068 %

,

(3-month

SOFR

+

1.4 %),

10/19/37

.

....................

United

States

500,000

500,605

b,k

Birch

Grove

CLO

Ltd.

,

2024-8A

,

A1

,

144A,

FRN

,

5.298 %

,

(3-month

SOFR

+

1.63 %),

4/20/37

.

....................

Jersey

450,000

451,333

b,k

Black

Diamond

CLO

Ltd.

,

2021-1A

,

A1AR

,

144A,

FRN

,

4.919 %

,

(3-month

SOFR

+

1.25 %),

11/22/34

.

....................

United

States

454,000

454,625

b,k

BRAVO

Residential

Funding

Trust

,

2021-HE3

,

A2

,

144A,

FRN

,

4.662 %

,

(30-day

SOFR

Average

+

%),

8/25/69

.

..........

United

States

217,968

216,988

b,k

BXMT

Ltd.

,

2021-FL4

,

A

,

144A,

FRN

,

5.093 %

,

(1-month

SOFR

+

1.414 %),

5/15/38

.

.................................

United

States

343,835

342,308

b,k

Carlyle

US

CLO

Ltd.

,

2020-2A

,

A1R2

,

144A,

FRN

,

4.748 %

,

(3-month

SOFR

+

1.08 %),

1/25/35

.

....................

United

States

1,120,000

1,117,772

b,k

Cathedral

Lake

VIII

Ltd.

,

2021-8A

,

A1R

,

144A,

FRN

,

4.798 %

,

(3-month

SOFR

+

1.13 %),

1/20/35

.

....................

United

States

690,000

689,730

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,k

CBAM

Ltd.

,

2017-2A

,

AR

,

144A,

FRN

,

5.119 %

,

(3-month

SOFR

+

1.452 %),

7/17/34

.

.................................

United

States

309,000

$

309,416

b,k

CIFC

Funding

Ltd.

,

2014-2RA,

AR,

144A,

FRN,

5.028%,

(3-month

SOFR

+

1.36%),

10/24/37

........................................

United

States

400,000

400,303

2020-1A,

A1R,

144A,

FRN,

5.084%,

(3-month

SOFR

+

1.412%),

7/15/36

..................................

United

States

690,000

690,921

2021-4A,

AR,

144A,

FRN,

5.031%,

(3-month

SOFR

+

1.36%),

7/23/37

.........................................

United

States

550,000

550,429

2021-7A,

AR,

144A,

FRN,

4.761%,

(3-month

SOFR

+

1.09%),

1/23/35

.........................................

United

States

1,124,000

1,124,372

b

Compass

Datacenters

Issuer

II

LLC

,

2025-2A

,

A1

,

144A,

4.926 %

,

11/25/50

.

........................................

United

States

721,000

710,639

b,k

Crown

Point

CLO

Ltd.

,

2021-10A

,

A

,

144A,

FRN

,

5.099 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

...................

United

States

350,000

350,462

b,k

Danby

Park

CLO

Ltd.

,

2022-1A

,

AR

,

144A,

FRN

,

5.03 %

,

(3-month

SOFR

+

1.36 %),

10/21/37

.

...........................

Jersey

670,000

670,512

b,k

Diameter

Capital

CLO

Ltd.

,

2024-7A

,

A1A

,

144A,

FRN

,

5.148 %

,

(3-month

SOFR

+

1.48 %),

7/20/37

.

....................

United

States

400,000

401,062

b,k

Dryden

CLO

Ltd.

,

2020-86A

,

A1R2

,

144A,

FRN

,

4.798 %

,

(3-month

SOFR

+

1.13 %),

7/17/34

.

....................

United

States

1,600,000

1,601,669

b,k

Elevation

CLO

Ltd.

,

2018-10A,

AR,

144A,

FRN,

4.588%,

(3-month

SOFR

+

0.92%),

10/20/31

........................................

United

States

649

649

2021-13A,

A1R,

144A,

FRN,

4.732%,

(3-month

SOFR

+

1.06%),

7/15/34

...................................

United

States

615,000

615,431

b,k

Elmwood

CLO

Ltd.

,

2022-3A

,

BRR

,

144A,

FRN

,

5.126 %

,

(3-month

SOFR

+

1.45 %),

4/20/37

.

....................

United

States

400,000

400,008

b,k

Elmwood

CLO

Ltd.

,

2024-3A

,

A

,

144A,

FRN

,

5.188 %

,

(3-month

SOFR

+

1.52 %),

4/18/37

.

....................

United

States

422,000

423,089

b,k

Elmwood

CLO

Ltd.

,

2024-9RA

,

AR

,

144A,

FRN

,

5.05 %

,

(3-month

SOFR

+

1.38 %),

10/21/37

.

...................

United

States

350,000

350,269

b,k

Elmwood

CLO

I

Ltd.

,

2019-1A

,

A1R3

,

144A,

FRN

,

4.78 %

,

(3-month

SOFR

+

1.12 %),

4/20/37

.

....................

United

States

425,000

423,087

b,k

Elmwood

CLO

III

Ltd.

,

2019-3A

,

A1RR

,

144A,

FRN

,

5.048 %

,

(3-month

SOFR

+

1.38 %),

7/18/37

.

....................

United

States

500,000

500,394

b,k

Elmwood

CLO

IV

Ltd.

,

2020-1A

,

AR

,

144A,

FRN

,

5.128 %

,

(3-month

SOFR

+

1.46 %),

4/18/37

.

....................

United

States

250,000

249,989

b

FIGRE

Trust

,

2025-FL1

,

A1

,

144A,

5.265 %

,

7/25/55

.

.........

United

States

145,247

145,218

b,k

GoldenTree

Loan

Management

US

CLO

Ltd.

,

2021-11A

,

AR

,

144A,

FRN

,

4.748 %

,

(3-month

SOFR

+

1.08 %),

10/20/34

.

...

United

States

2,000,000

2,001,247

b,k

GoldenTree

Loan

Management

US

CLO

Ltd.

,

2021-9A

,

AR

,

144A,

FRN

,

5.168 %

,

(3-month

SOFR

+

1.5 %),

4/20/37

.

.....

United

States

300,000

300,000

b,k

HalseyPoint

CLO

Ltd.

,

2020-3A

,

A1R

,

144A,

FRN

,

5.147 %

,

(3-month

SOFR

+

1.48 %),

7/30/37

.

....................

United

States

274,000

274,723

b,k

HalseyPoint

CLO

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.149 %

,

(3-month

SOFR

+

1.482 %),

4/20/34

.

...................

United

States

250,000

250,327

b

Home

Partners

of

America

Trust

,

2021-2

,

C

,

144A,

2.402 %

,

12/17/26

.

........................................

United

States

420,193

412,423

b

J.P.

Morgan

Mortgage

Trust

,

k

2023-HE2,

A1,

144A,

FRN,

5.373%,

(30-day

SOFR

Average

+

1.7%),

3/20/54

....................................

United

States

158,037

158,446

2024-CES1,

A1A,

144A,

5.919%,

6/25/54

................

United

States

105,149

105,703

b,k

KKR

CLO

Ltd.

,

2022-43A

,

A2R2

,

144A,

FRN

,

5.121 %

,

(3-month

SOFR

+

1.45 %),

4/15/38

.

....................

Jersey

1,240,000

1,239,609

b,k

KKR

CLO

Ltd.

,

2024-54A

,

A

,

144A,

FRN

,

4.992 %

,

(3-month

SOFR

+

1.32 %),

1/15/38

.

............................

United

States

364,000

364,277

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,k

KREF

Ltd.

,

2022-FL3

,

A

,

144A,

FRN

,

5.127 %

,

(1-month

SOFR

+

1.45 %),

2/17/39

.

..................................

United

States

136,558

$

136,630

k

Long

Beach

Mortgage

Loan

Trust

,

2004-1

,

A2

,

FRN

,

4.593 %

,

(1-month

SOFR

+

0.914 %),

2/25/34

.

...................

United

States

258,684

257,615

b,k

Madison

Park

Funding

XXX

Ltd.

,

2018-30A

,

A1R

,

144A,

FRN

,

5.031 %

,

(3-month

SOFR

+

1.36 %),

7/16/37

.

..............

United

States

380,000

380,660

k

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

,

2004-HE6

,

M1

,

FRN

,

4.618 %

,

(1-month

SOFR

+

0.939 %),

8/25/34

.

.............

United

States

111,097

109,881

b,k

Nassau

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.224 %

,

(3-month

SOFR

+

1.552 %),

1/15/35

.

................................

United

States

245,417

245,562

b,k

Neuberger

Berman

CLO

XVII

Ltd.

,

2014-17A

,

AR3

,

144A,

FRN

,

5.069 %

,

(3-month

SOFR

+

1.4 %),

7/22/38

.

...............

United

States

500,000

500,374

b,k

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2021-43A

,

AR

,

144A,

FRN

,

4.718 %

,

(3-month

SOFR

+

1.05 %),

7/17/36

.

....

United

States

1,600,000

1,600,853

b,k

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2021-45A

,

AR

,

144A,

FRN

,

4.727 %

,

(3-month

SOFR

+

1.06 %),

10/14/36

.

...

United

States

2,200,000

2,201,417

b,k

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2022-51A

,

BR2

,

144A,

FRN

,

5.068 %

,

(3-month

SOFR

+

1.4 %),

10/23/36

.

....

Jersey

275,000

275,005

b,k

Northwoods

Capital

Ltd.

,

2021-27A

,

A1R

,

144A,

FRN

,

4.848 %

,

(3-month

SOFR

+

1.18 %),

10/17/34

.

...................

United

States

750,000

750,879

b,k

Oaktree

CLO

Ltd.

,

2021-1A

,

A1R

,

144A,

FRN

,

5.022 %

,

(3-month

SOFR

+

1.35 %),

1/15/38

.

............................

United

States

272,000

272,633

b,k

Octagon

Investment

Partners

Ltd.

,

2020-5A

,

ARR

,

144A,

FRN

,

4.792 %

,

(3-month

SOFR

+

1.12 %),

4/15/37

.

..............

United

States

1,080,000

1,076,495

b,k

OHA

Loan

Funding

Ltd.

,

2016-1A

,

A1R2

,

144A,

FRN

,

5.128 %

,

(3-month

SOFR

+

1.46 %),

7/20/37

.

....................

United

States

526,000

527,395

k

Park

Place

Securities,

Inc.

,

2004-WCW2

,

M3

,

FRN

,

4.843 %

,

(1-month

SOFR

+

1.164 %),

10/25/34

.

..................

United

States

101,861

101,266

b

PK

Alift

Loan

Funding

LP

,

2025-2

,

A

,

144A,

4.75 %

,

3/15/43

.

..

United

States

859,513

856,530

b

PK

Alift

Loan

Funding

LP

,

2026-1

,

A

,

144A,

4.614 %

,

9/15/43

.

.

United

States

250,000

247,267

b

PRET

LLC

,

2026-NPL3

,

A1

,

144A,

4.968 %

,

2/25/56

.

.........

United

States

1,055,043

1,047,185

b,k

PRMI

Securitization

Trust

,

2024-CMG1

,

A1

,

144A,

FRN

,

5.119 %

,

(30-day

SOFR

Average

+

1.45 %),

7/25/54

.

...............

United

States

451,562

451,175

b,k

RR

Ltd.

,

2024-29RA

,

A1R

,

144A,

FRN

,

5.062 %

,

(3-month

SOFR

+

1.39 %),

7/15/39

.

............................

United

States

350,000

350,278

b,k

Signal

Peak

CLO

Ltd.

,

2018-5A

,

A1R

,

144A,

FRN

,

5.218 %

,

(3-month

SOFR

+

1.55 %),

4/25/37

.

....................

United

States

250,000

250,641

b,k

Sound

Point

CLO

XXVI

Ltd.

,

2020-1A

,

AR

,

144A,

FRN

,

5.099 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

...................

United

States

508,000

508,675

b,k

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

AR

,

144A,

FRN

,

4.96 %

,

(3-month

SOFR

+

1.03 %),

10/25/34

.

...................

United

States

450,000

449,996

b

Stack

Infrastructure

Issuer

LLC

,

2026-1A

,

A2

,

144A,

%

,

3/27/56

.

United

States

599,000

577,597

b,k

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

4.572 %

,

(3-month

SOFR

+

0.9 %),

1/15/34

.

.....................

United

States

309,882

309,835

b,k

TCW

CLO

Ltd.

,

2020-1A

,

A1R3

,

144A,

FRN

,

4.718 %

,

(3-month

SOFR

+

1.05 %),

4/20/34

.

............................

United

States

2,000,000

2,000,096

b,k

Towd

Point

Mortgage

Trust

,

2025-HE1

,

A1A

,

144A,

FRN

,

5.012 %

,

(30-day

SOFR

Average

+

1.35 %),

7/25/65

.

...............

United

States

131,844

131,914

b,k

Trinitas

CLO

XV

Ltd.

,

2021-15A

,

A1R

,

144A,

FRN

,

4.789 %

,

(3-month

SOFR

+

1.12 %),

4/22/34

.

....................

United

States

1,000,000

1,000,891

b,k

Trinitas

CLO

XVIII

Ltd.

,

2021-18A

,

A1R

,

144A,

FRN

,

4.888 %

,

(3-month

SOFR

+

1.22 %),

1/20/35

.

....................

United

States

300,000

300,106

b

VCAT

LLC

,

2026-NPL1

,

A1

,

144A,

5.101 %

,

1/25/56

.

.........

United

States

157,512

156,749

b,k

Venture

CLO

Ltd.

,

2021-41A

,

A1RR

,

144A,

FRN

,

4.798 %

,

(3-month

SOFR

+

1.13 %),

1/20/34

.

....................

United

States

1,100,000

1,101,194

b,k

Venture

XV

CLO

Ltd.

,

2013-15A

,

AR3

,

144A,

FRN

,

5.114 %

,

(3-month

SOFR

+

1.442 %),

7/15/32

.

...................

United

States

115,887

116,029

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,k

Voya

CLO

Ltd.

,

2019-3A

,

AR

,

144A,

FRN

,

5.009 %

,

(3-month

SOFR

+

1.342 %),

10/17/32

.

..........................

United

States

196,376

$

196,573

b,k

Warwick

Capital

CLO

Ltd.

,

2024-3A

,

A1

,

144A,

FRN

,

5.318 %

,

(3-month

SOFR

+

1.65 %),

4/20/37

.

....................

Jersey

350,000

351,040

b,k

Wind

River

CLO

Ltd.

,

2021-4A

,

AR

,

144A,

FRN

,

4.9 %

,

(3-month

SOFR

+

1.23 %),

1/20/35

.

............................

United

States

360,000

360,109

b,k

Wise

CLO

Ltd.

,

2024-2A

,

A

,

144A,

FRN

,

5.132 %

,

(3-month

SOFR

+

1.46 %),

7/15/37

.

.................................

United

States

500,000

501,319

b,k

Zais

CLO

Ltd.

,

2020-16A

,

A1R2

,

144A,

FRN

,

4.798 %

,

(3-month

SOFR

+

1.13 %),

10/20/34

.

...................

United

States

620,000

620,789

41,743,858

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $42,735,285)
.............................

#### 42,726,167

#### Commercial

#### Mortgage-Backed

#### Securities

#### 1.0%

#### Financial

#### Services

#### 1.0%
b

1166

Avenue

of

the

Americas

Commercial

Mortgage

Trust

II

,

2005-C6A

,

A3

,

144A,

5.69 %

,

10/13/37

..................

United

States

713,000

729,093

b,m,n

Arbor

Multifamily

Mortgage

Securities

Trust

,

2020-MF1

,

XA

,

IO,

144A,

FRN

,

0.925 %

,

5/15/53

.........................

United

States

5,028,583

151,857

m,n

BANK

,

2020-BN26

,

XA

,

IO,

FRN

,

1.19 %

,

3/15/63

...........

United

States

2,583,090

88,081

m,n

BANK5

Trust

,

2024-5YR7

,

XA

,

IO,

FRN

,

1.334 %

,

6/15/57

.....

United

States

7,537,871

278,474

Barclays

Commercial

Mortgage

Trust

,

m,n

2019-C4,

XA,

IO,

FRN,

1.514%,

8/15/52

.................

United

States

9,793,106

374,633

2019-C5,

C,

3.71%,

11/15/52

.........................

United

States

473,000

430,331

n

BBCMS

Mortgage

Trust

,

m

2021-C9,

XA,

IO,

FRN,

1.55%,

2/15/54

.................

United

States

2,603,757

152,785

m

2025-5C38,

XA,

IO,

FRN,

1.458%,

11/15/58

..............

United

States

5,113,000

302,452

2026-5C40,

AS,

FRN,

5.529%,

2/15/59

.................

United

States

320,000

324,727

2026-5C40,

B,

FRN,

5.78%,

2/15/59

...................

United

States

510,000

517,712

2026-5C40,

C,

FRN,

5.813%,

2/15/59

..................

United

States

368,000

367,275

Benchmark

Mortgage

Trust

,

m,n

2020-B22,

XA,

IO,

FRN,

1.489%,

1/15/54

................

United

States

2,565,228

145,080

m,n

2024-V10,

XA,

IO,

FRN,

1.305%,

9/15/57

................

United

States

5,153,451

200,840

n

2025-V19,

AS,

FRN,

5.597%,

1/15/58

...................

United

States

330,000

335,528

2026-V21,

AS,

5.506%,

3/15/31

.......................

United

States

645,000

653,121

m,n

2026-V21,

XA,

IO,

FRN,

1.648%,

11/15/30

...............

United

States

3,218,000

202,928

m,n

BMO

Mortgage

Trust

,

2026-5C14

,

XA

,

IO,

FRN

,

1.394 %

,

3/15/59

United

States

7,428,000

382,722

b

BX

Trust

,

n

2025-ARIA,

C,

144A,

FRN,

5.517%,

12/13/42

.............

United

States

554,000

552,934

k

2025-VOLT,

A,

144A,

FRN,

5.373%,

(1-month

SOFR

+

1.7%),

12/15/44

........................................

United

States

177,000

176,769

n

CFCRE

Commercial

Mortgage

Trust

,

b

2011-C2,

D,

144A,

FRN,

5.249%,

12/15/47

...............

United

States

47,038

46,378

2017-C8,

B,

FRN,

4.199%,

6/15/50

....................

United

States

169,000

164,049

n

CGMS

Commercial

Mortgage

Trust

,

2017-B1

,

AS

,

FRN

,

3.711 %

,

8/15/50

.........................................

United

States

262,000

256,221

Citigroup

Commercial

Mortgage

Trust

,

2016-C3,

A4,

3.154%,

11/15/49

.......................

United

States

413,000

409,509

2016-P4,

AS,

3.075%,

7/10/49

........................

United

States

798,000

789,619

n

COMM

Mortgage

Trust

,

b

2013-CR13,

D,

144A,

FRN,

6.702%,

11/10/46

............

United

States

319,699

181,027

2014-CR17,

C,

FRN,

4.471%,

5/10/47

..................

United

States

392,000

370,526

b

2014-CR17,

D,

144A,

FRN,

4.535%,

5/10/47

.............

United

States

442,000

375,047

2014-UBS5,

AM,

FRN,

4.193%,

9/10/47

.................

United

States

129,446

127,812

2015-CR22,

B,

FRN,

3.926%,

3/10/48

..................

United

States

266,875

256,483

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

n

COMM

Mortgage

Trust,

(continued)

2015-LC19,

C,

FRN,

4.408%,

2/10/48

..................

United

States

391,564

$

382,036

b,m,n

Credit

Suisse

Commercial

Mortgage

Trust

,

2007-C2

,

AX

,

IO,

144A,

FRN

,

0.048 %

,

1/15/49

.........................

United

States

2,894,510

677

CSAIL

Commercial

Mortgage

Trust

,

n

2015-C1,

C,

FRN,

3.742%,

4/15/50

....................

United

States

538,000

503,151

n

2016-C7,

AS,

FRN,

3.958%,

11/15/49

...................

United

States

399,000

394,676

2019-C17,

AS,

3.278%,

9/15/52

.......................

United

States

430,000

391,692

m,n

2020-C19,

XA,

IO,

FRN,

1.085%,

3/15/53

................

United

States

10,249,034

329,218

m,n

2021-C20,

XA,

IO,

FRN,

0.987%,

3/15/54

................

United

States

3,830,313

136,496

b,n

CSTL

Commercial

Mortgage

Trust

,

2025-GATE2

,

A

,

144A,

FRN

,

4.56 %

,

11/10/42

...................................

United

States

415,000

408,468

b,n

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.294 %

,

8/10/44

.........................................

United

States

809,962

792,220

b,n

GS

Mortgage

Securities

Corp.

Trust

,

2017-375H

,

A

,

144A,

FRN

,

3.475 %

,

9/10/37

...................................

United

States

558,000

543,190

n

GS

Mortgage

Securities

Trust

,

m

2014-GC22,

XA,

IO,

FRN,

0.378%,

6/10/47

..............

United

States

775,028

4,311

2015-GC30,

B,

FRN,

3.887%,

5/10/50

..................

United

States

388,581

378,187

m

2019-GC38,

XA,

IO,

FRN,

1.005%,

2/10/52

..............

United

States

7,594,902

185,333

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2016-

JP3

,

AS

,

3.144 %

,

8/15/49

...........................

United

States

556,000

539,890

n

JPMBB

Commercial

Mortgage

Securities

Trust

,

2013-C12,

C,

FRN,

3.859%,

7/15/45

...................

United

States

232,593

229,773

2014-C18,

B,

FRN,

4.474%,

2/15/47

...................

United

States

405,594

403,143

2014-C18,

C,

FRN,

4.474%,

2/15/47

...................

United

States

425,000

415,430

2014-C23,

B,

FRN,

4.537%,

9/15/47

...................

United

States

289,537

286,450

2014-C23,

C,

FRN,

4.537%,

9/15/47

...................

United

States

700,400

680,298

2014-C24,

AS,

FRN,

3.914%,

11/15/47

..................

United

States

542,000

527,921

m

2014-C25,

XA,

IO,

FRN,

0.33%,

11/15/47

................

United

States

1,024,380

4,191

n

JPMCC

Commercial

Mortgage

Securities

Trust

,

2017-JP5

,

AS

,

FRN

,

3.876 %

,

3/15/50

..............................

United

States

373,000

363,855

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549 %

,

3/10/50

.........................................

United

States

846,000

838,302

b,n

MAD

Commercial

Mortgage

Trust

,

2025-11MD,

C,

144A,

FRN,

5.255%,

10/15/42

............

United

States

397,000

400,056

2025-11MD,

D,

144A,

FRN,

5.935%,

10/15/42

............

United

States

388,000

394,645

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

n

2013-C10,

B,

FRN,

3.951%,

7/15/46

...................

United

States

659,921

627,377

b,n

2013-C9,

D,

144A,

FRN,

3.792%,

5/15/46

...............

United

States

316,000

289,042

n

2015-C21,

B,

FRN,

3.854%,

3/15/48

...................

United

States

639,232

626,427

n

2015-C22,

B,

FRN,

3.883%,

4/15/48

...................

United

States

237,000

220,375

n

2015-C22,

C,

FRN,

3.97%,

4/15/48

....................

United

States

520,000

454,540

2016-C30,

AS,

3.175%,

9/15/49

.......................

United

States

1,162,000

1,125,661

n

2016-C32,

AS,

FRN,

3.994%,

12/15/49

.................

United

States

392,000

384,434

Morgan

Stanley

Capital

I

Trust

,

n

2016-BNK2,

C,

FRN,

3.879%,

11/15/49

.................

United

States

148,000

129,905

2018-L1,

A3,

4.139%,

10/15/51

.......................

United

States

283,982

282,877

b

One

Bryant

Park

Trust

,

2019-OBP

,

A

,

144A,

2.516 %

,

9/15/54

..

United

States

371,000

343,081

b,k

SHRN

Trust

,

2025-MF18

,

A

,

144A,

FRN

,

4.873 %

,

(1-month

SOFR

+

1.2 %),

10/15/40

.................................

United

States

415,000

414,490

b,o

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

%

,

12/28/38

..

United

States

417,718

b

VCAT

LLC

,

2026-NPL2

,

A1

,

144A,

5.062 %

,

2/25/56

..........

United

States

2,324,290

2,315,566

b,n

VEGAS

,

2024-GCS

,

D

,

144A,

FRN

,

6.217 %

,

7/10/36

.........

United

States

363,000

361,843

m,n

Wachovia

Bank

Commercial

Mortgage

Trust

,

2006-C29

,

IO,

FRN

,

0.35 %

,

11/15/48

...................................

United

States

9,640

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

Wells

Fargo

Commercial

Mortgage

Trust

,

b,n

2013-LC12,

D,

144A,

FRN,

3.744%,

7/15/46

.............

United

States

312,000

$

213,717

b

2016-C33,

D,

144A,

3.123%,

3/15/59

...................

United

States

378,755

370,469

m,n

2016-LC25,

XA,

IO,

FRN,

0.787%,

12/15/59

..............

United

States

8,376,798

19,070

n

2020-C56,

B,

FRN,

3.61%,

6/15/53

....................

United

States

400,000

346,881

n

WFRBS

Commercial

Mortgage

Trust

,

b,o

2011-C3,

D,

144A,

FRN,

5.415%,

3/15/44

...............

United

States

257,303

94,557

m

2013-C14,

XA,

IO,

FRN,

0.302%,

6/15/46

................

United

States

125,949

b

2013-C15,

D,

144A,

FRN,

4.152%,

8/15/46

..............

United

States

299,515

211,158

2014-C21,

B,

FRN,

4.213%,

8/15/47

...................

United

States

845,302

833,808

m

2014-C22,

XA,

IO,

FRN,

0.171%,

9/15/57

................

United

States

2,250,607

2014-C23,

B,

FRN,

4.315%,

10/15/57

...................

United

States

206,000

199,879

28,743,102

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $29,242,720)
..............

#### 28,743,102

#### Mortgage-Backed

#### Securities

#### 9.9%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 0.4%
FHLMC

Pool,

Year,

2.5%,

8/01/50

-

8/01/51

.............

United

States

3,825,626

3,233,735

FHLMC

Pool,

Year,

3%,

1/01/48

......................

United

States

7,035,099

6,315,901

FHLMC

Pool,

Year,

4%,

9/01/45

......................

United

States

92,327

88,998

FHLMC

Pool,

Year,

5.5%,

5/01/53

.....................

United

States

919,770

938,310

FHLMC

Pool,

Year,

6%,

5/01/53

......................

United

States

865,813

890,813

FHLMC

Pool,

Year,

6.5%,

5/01/53

.....................

United

States

171,774

177,707

11,645,464

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 7.8%
FNMA,

2.73%,

9/01/29

...............................

United

States

362,370

346,748

FNMA,

3.5%,

6/01/56

-

2/01/57

.........................

United

States

4,582,186

4,188,985

FNMA,

4%,

1/01/57

..................................

United

States

580,573

550,054

FNMA,

5.28%,

12/01/28

..............................

United

States

294,000

301,757

FNMA,

Year,

2.5%,

7/01/50

-

8/01/51

..................

United

States

19,177,658

16,313,493

FNMA,

Year,

3%,

4/01/46

-

4/01/52

....................

United

States

9,715,270

8,721,536

FNMA,

Year,

3.5%,

4/01/52

.........................

United

States

1,404,372

1,299,809

FNMA,

Year,

6.5%,

3/01/53

-

5/01/53

..................

United

States

2,151,902

2,236,544

p

Uniform

Mortgage-Backed

Securities,

2%,

TBA,

4/25/56

......

United

States

2,020,000

1,627,520

p

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

4/25/41

.....

United

States

21,000,000

19,844,030

p

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

4/25/56

.....

United

States

51,690,000

43,468,059

p

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

4/25/56

.....

United

States

13,860,000

12,707,935

p

Uniform

Mortgage-Backed

Securities,

4.5%,

TBA,

4/25/56

.....

United

States

46,920,000

45,081,536

p

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

4/25/41

......

United

States

1,540,000

1,551,486

p

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

4/25/56

......

United

States

46,540,000

45,905,242

p

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

4/25/56

.....

United

States

25,110,000

25,180,125

229,324,859

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 1.7%
GNMA

I,

Single-family,

Year,

4.5%,

5/15/47

..............

United

States

247,064

241,525

GNMA

II,

Year,

5.5%,

7/20/53

........................

United

States

1,534,178

1,567,850

p

GNMA

II,

Single-family,

Year,

2%,

4/15/56

...............

United

States

940,000

776,748

GNMA

II,

Single-family,

Year,

3%,

8/20/49

-

1/20/54

.......

United

States

24,657,626

22,111,331

p

GNMA

II,

Single-family,

Year,

3%,

4/15/56

...............

United

States

19,000,000

16,965,214

GNMA

II,

Single-family,

Year,

4.5%,

5/20/49

.............

United

States

67,367

65,428

p

GNMA

II,

Single-family,

Year,

5%,

4/15/56

...............

United

States

2,020,000

2,000,884

GNMA

II,

Single-family,

Year,

5.5%,

6/20/53

-

7/20/53

......

United

States

1,544,871

1,579,610

GNMA

II,

Single-family,

Year,

6%,

12/20/48

-

4/20/49

......

United

States

518,998

544,861

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate
(continued)

p

GNMA

II,

Single-family,

Year,

6%,

4/15/56

...............

United

States

2,560,000

$

2,603,424

48,456,875

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $298,233,647)
.........................

#### 289,427,198

#### Residential

#### Mortgage-Backed

#### Securities

#### 0.8%

#### Financial

#### Services

#### 0.8%
b

A&D

Mortgage

Trust

,

2023-NQM4

,

A1

,

144A,

7.472 %

,

9/25/68

.

United

States

202,765

204,548

k

Alternative

Loan

Trust

,

2005-59,

1A1,

FRN,

4.45%,

(1-month

SOFR

+

0.774%),

11/20/35

........................................

United

States

136,758

131,694

2005-65CB,

2A1,

FRN,

4.218%,

(1-month

SOFR

+

0.539%),

12/25/35

........................................

United

States

674,615

402,025

2006-24CB,

A19,

FRN,

4.293%,

(1-month

SOFR

+

0.614%),

8/25/36

.........................................

United

States

335,062

132,653

2006-OA10,

4A1,

FRN,

4.173%,

(1-month

SOFR

+

0.494%),

8/25/46

.........................................

United

States

635,887

567,404

2006-OA19,

A1,

FRN,

3.97%,

(1-month

SOFR

+

0.294%),

2/20/47

.........................................

United

States

338,322

276,763

2006-OA7,

1A2,

FRN,

4.799%,

(12-month

average

of

1-year

CMT

+

0.94%),

6/25/46

.............................

United

States

298,352

297,143

k

American

Home

Mortgage

Investment

Trust

,

2007-1

,

GA1C

,

FRN

,

3.983 %

,

(1-month

SOFR

+

0.304 %),

5/25/47

.............

United

States

1,017,082

617,458

b

Angel

Oak

Mortgage

Trust

,

2024-9

,

A1

,

144A,

5.138 %

,

9/25/69

.

United

States

321,884

321,747

b,n

Arroyo

Mortgage

Trust

,

2019-1,

A3,

144A,

FRN,

4.208%,

1/25/49

................

United

States

37,477

36,734

2019-3,

A3,

144A,

FRN,

3.416%,

10/25/48

...............

United

States

68,272

65,738

k

BankUnited

Trust

,

2005-1

,

1A1

,

FRN

,

4.393 %

,

(1-month

SOFR

+

0.714 %),

9/25/45

..................................

United

States

51,542

49,440

b

BRAVO

Residential

Funding

Trust

,

2023-NQM5

,

A1

,

144A,

6.505 %

,

6/25/63

...................................

United

States

132,120

132,329

b,n

Bunker

Hill

Loan

Depositary

Trust

,

2020-1

,

A2

,

144A,

FRN

,

2.6 %

,

2/25/55

.........................................

United

States

328,072

325,560

b,k

Chase

Home

Lending

Mortgage

Trust

,

2025-10,

A11,

144A,

FRN,

4.962%,

(30-day

SOFR

Average

+

1.3%),

7/25/56

....................................

United

States

130,457

130,696

2025-7,

A11,

144A,

FRN,

5.062%,

(30-day

SOFR

Average

+

1.4%),

5/25/56

....................................

United

States

111,052

111,376

n

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2005-2

,

1A2A

,

FRN

,

5.691 %

,

5/25/35

.........................................

United

States

70,596

69,992

b

Cross

Mortgage

Trust

,

2024-H4,

A1,

144A,

6.147%,

7/25/69

...................

United

States

135,648

136,774

n

2024-H8,

A1,

144A,

FRN,

5.549%,

12/25/69

..............

United

States

795,295

798,351

b,n

CSMC

Trust

,

2021-RPL4

,

A1

,

144A,

FRN

,

4.151 %

,

12/27/60

...

United

States

198,975

198,425

b,k

FHLMC

STACR

REMIC

Trust

,

2021-DNA5,

M2,

144A,

FRN,

5.312%,

(30-day

SOFR

Average

+

1.65%),

1/25/34

.................................

United

States

28,395

28,400

2021-DNA6,

M2,

144A,

FRN,

5.162%,

(30-day

SOFR

Average

+

1.5%),

10/25/41

.................................

United

States

229,458

229,729

2021-DNA7,

M2,

144A,

FRN,

5.462%,

(30-day

SOFR

Average

+

1.8%),

11/25/41

..................................

United

States

714,000

716,003

2022-DNA2,

M1A,

144A,

FRN,

4.962%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

..................................

United

States

55,882

55,888

2022-DNA3,

M1B,

144A,

FRN,

6.562%,

(30-day

SOFR

Average

+

2.9%),

4/25/42

..................................

United

States

24,000

24,442

2022-DNA5,

M1A,

144A,

FRN,

6.612%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

.................................

United

States

270,828

274,911

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,k

FHLMC

STACR

REMIC

Trust,

(continued)

2022-DNA6,

M1A,

144A,

FRN,

5.812%,

(30-day

SOFR

Average

+

2.15%),

9/25/42

.................................

United

States

16,532

$

16,567

2022-DNA6,

M1B,

144A,

FRN,

7.362%,

(30-day

SOFR

Average

+

3.7%),

9/25/42

..................................

United

States

24,000

24,764

2022-HQA1,

M1A,

144A,

FRN,

5.762%,

(30-day

SOFR

Average

+

2.1%),

3/25/42

..................................

United

States

3,423

3,427

2023-DNA1,

M1A,

144A,

FRN,

5.761%,

(30-day

SOFR

Average

+

2.1%),

3/25/43

..................................

United

States

103,011

104,022

2023-HQA2,

M1A,

144A,

FRN,

5.662%,

(30-day

SOFR

Average

+

2%),

6/25/43

....................................

United

States

15,350

15,357

2023-HQA3,

A1,

144A,

FRN,

5.512%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

..................................

United

States

76,089

76,645

2023-HQA3,

M1,

144A,

FRN,

5.512%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

.................................

United

States

40,294

40,492

2024-DNA1,

A1,

144A,

FRN,

5.012%,

(30-day

SOFR

Average

+

1.35%),

2/25/44

...................................

United

States

82,896

82,935

2024-DNA2,

A1,

144A,

FRN,

4.912%,

(30-day

SOFR

Average

+

1.25%),

5/25/44

...................................

United

States

86,301

86,374

2025-DNA1,

A1,

144A,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

574,185

573,412

2025-DNA3,

M1,

144A,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

9/25/45

..................................

United

States

290,475

290,477

2025-DNA4,

M1,

144A,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

10/25/45

.................................

United

States

187,527

187,545

k

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C03,

2M2,

FRN,

9.676%,

(30-day

SOFR

Average

+

6.014%),

10/25/28

.................................

United

States

16,828

16,885

2016-C04,

1M2,

FRN,

8.026%,

(30-day

SOFR

Average

+

4.364%),

1/25/29

..................................

United

States

316,294

319,930

2016-C05,

2M2,

FRN,

8.226%,

(30-day

SOFR

Average

+

4.564%),

1/25/29

..................................

United

States

248,390

250,500

2016-C06,

1M2,

FRN,

8.026%,

(30-day

SOFR

Average

+

4.364%),

4/25/29

..................................

United

States

142,239

143,650

2016-C07,

2M2,

FRN,

8.126%,

(30-day

SOFR

Average

+

4.464%),

5/25/29

..................................

United

States

215,899

219,824

2018-C02,

2M2,

FRN,

5.976%,

(30-day

SOFR

Average

+

2.314%),

8/25/30

..................................

United

States

8,992

9,114

b

2021-R03,

1M2,

144A,

FRN,

5.312%,

(30-day

SOFR

Average

+

1.65%),

12/25/41

..................................

United

States

231,663

232,101

b

2022-R01,

1M1,

144A,

FRN,

4.662%,

(30-day

SOFR

Average

+

1%),

12/25/41

....................................

United

States

19,382

19,366

b

2022-R02,

2M2,

144A,

FRN,

6.662%,

(30-day

SOFR

Average

+

3%),

1/25/42

.....................................

United

States

434,324

439,046

b

2022-R03,

1M2,

144A,

FRN,

7.162%,

(30-day

SOFR

Average

+

3.5%),

3/25/42

....................................

United

States

104,000

106,067

b

2022-R04,

1M2,

144A,

FRN,

6.762%,

(30-day

SOFR

Average

+

3.1%),

3/25/42

....................................

United

States

102,000

103,460

b

2022-R05,

2M1,

144A,

FRN,

5.562%,

(30-day

SOFR

Average

+

1.9%),

4/25/42

....................................

United

States

7,164

7,169

b

2022-R05,

2M2,

144A,

FRN,

6.662%,

(30-day

SOFR

Average

+

3%),

4/25/42

.....................................

United

States

901,000

914,192

b

2022-R09,

2M1,

144A,

FRN,

6.162%,

(30-day

SOFR

Average

+

2.5%),

9/25/42

....................................

United

States

73,693

74,407

b

2023-R06,

1M1,

144A,

FRN,

5.362%,

(30-day

SOFR

Average

+

1.7%),

7/25/43

....................................

United

States

27,557

27,607

b

2023-R07,

2M1,

144A,

FRN,

5.612%,

(30-day

SOFR

Average

+

1.95%),

9/25/43

...................................

United

States

11,700

11,720

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

k

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

b

2024-R02,

1M1,

144A,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

2/25/44

....................................

United

States

2,850

$

2,849

b

2024-R03,

2M1,

144A,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

3/25/44

...................................

United

States

15,967

15,956

b

2024-R04,

1M1,

144A,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

5/25/44

....................................

United

States

18,201

18,192

b

2024-R06,

1A1,

144A,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

...................................

United

States

206,470

206,504

b

2025-R01,

1A1,

144A,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

201,706

201,301

b

2025-R01,

1M1,

144A,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

1/25/45

....................................

United

States

129,551

129,374

b

2025-R02,

1A1,

144A,

FRN,

4.662%,

(30-day

SOFR

Average

+

1%),

2/25/45

.....................................

United

States

215,503

215,258

b

2025-R02,

1M1,

144A,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

...................................

United

States

344,937

344,864

b

2025-R03,

2A1,

144A,

FRN,

5.112%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

...................................

United

States

35,091

35,174

b

2025-R04,

1A1,

144A,

FRN,

4.662%,

(30-day

SOFR

Average

+

1%),

5/25/45

.....................................

United

States

144,156

144,250

b

2025-R04,

1M1,

144A,

FRN,

4.862%,

(30-day

SOFR

Average

+

1.2%),

5/25/45

....................................

United

States

315,711

315,978

b

2025-R06,

1A1,

144A,

FRN,

4.562%,

(30-day

SOFR

Average

+

0.9%),

9/25/45

....................................

United

States

312,106

311,551

b

2026-R01,

2A1,

144A,

FRN,

4.512%,

(30-day

SOFR

Average

+

0.85%),

1/25/46

...................................

United

States

519,294

516,433

b

2026-R01,

2M1,

144A,

FRN,

4.662%,

(30-day

SOFR

Average

+

1%),

1/25/46

.....................................

United

States

589,040

589,211

b

2026-R02,

1M1,

144A,

FRN,

4.712%,

(30-day

SOFR

Average

+

1.05%),

2/25/46

...................................

United

States

477,566

475,154

b

Imperial

Fund

Mortgage

Trust

,

2022-NQM5

,

A1

,

144A,

5.39 %

,

8/25/67

.........................................

United

States

116,505

116,265

b

J.P.

Morgan

Mortgage

Trust

,

k

2024-10,

A11,

144A,

FRN,

4.912%,

(30-day

SOFR

Average

+

1.25%),

3/25/55

...................................

United

States

155,551

155,954

2024-VIS2,

A1,

144A,

5.853%,

11/25/64

.................

United

States

252,562

254,111

k

2025-1,

A11,

144A,

FRN,

4.912%,

(30-day

SOFR

Average

+

1.25%),

6/25/55

...................................

United

States

191,071

191,565

k

2025-2,

A11,

144A,

FRN,

4.912%,

(30-day

SOFR

Average

+

1.25%),

7/25/55

...................................

United

States

268,158

268,841

b

MFA

Trust

,

2023-INV2,

A1,

144A,

6.775%,

10/25/58

.................

United

States

116,918

117,690

2025-NQM3,

A1,

144A,

5.261%,

8/25/70

................

United

States

194,899

194,830

b

Mill

City

Mortgage

Loan

Trust

,

2023-NQM2

,

A1

,

144A,

6.24 %

,

12/25/67

........................................

United

States

399,532

398,374

b,n

Morgan

Stanley

Resecuritization

Trust

,

2015-R4

,

CB1

,

144A,

FRN

,

4.491 %

,

8/26/47

..............................

United

States

23,160

23,189

b,k

New

Residential

Mortgage

Loan

Trust

,

2018-4A

,

A1M

,

144A,

FRN

,

4.693 %

,

(1-month

SOFR

+

1.014 %),

1/25/48

.........

United

States

112,307

110,877

b,k

OBX

Trust

,

2025-J2

,

AF

,

144A,

FRN

,

4.962 %

,

(30-day

SOFR

Average

+

1.3 %),

9/25/55

............................

United

States

172,706

173,149

b,n

Onity

Loan

Investment

Trust

,

2025-HB1

,

A

,

144A,

FRN

,

%

,

6/25/38

.........................................

United

States

44,980

44,132

b

PRET

LLC

,

2026-NPL1

,

A1

,

144A,

5.18 %

,

1/25/56

..........

United

States

185,163

183,802

b

PRPM

LLC

,

2026-1

,

A1

,

144A,

5.185 %

,

2/25/31

............

United

States

402,980

399,033

b

PRPM

Trust

,

2024-NQM2

,

A1

,

144A,

6.327 %

,

6/25/69

........

United

States

1,001,215

1,010,775

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,n

RMF

Proprietary

Issuance

Trust

,

2022-3

,

A

,

144A,

FRN

,

%

,

8/25/62

.........................................

United

States

206,525

$

204,998

b,n

Starwood

Mortgage

Residential

Trust

,

2020-3

,

A3

,

144A,

FRN

,

2.591 %

,

4/25/65

...................................

United

States

757,000

691,637

b,k

Station

Place

Securitization

Trust

,

2025-1,

A,

144A,

FRN,

4.578%,

(1-month

SOFR

+

0.9%),

7/23/26

.........................................

United

States

967,000

974,887

2025-3,

A,

144A,

FRN,

4.578%,

(1-month

SOFR

+

0.9%),

9/23/26

.........................................

United

States

960,000

963,475

2025-7,

A,

144A,

FRN,

4.578%,

(1-month

SOFR

+

0.9%),

11/24/26

........................................

United

States

972,000

974,235

b,k

Structured

Agency

Credit

Risk

,

2026-DNA1

,

M1

,

144A,

FRN

,

4.662 %

,

(30-day

SOFR

Average

+

%),

2/25/46

...........

United

States

218,802

218,147

k

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR7

,

1A1

,

FRN

,

5.493 %

,

(1-month

SOFR

+

0.964 %),

5/25/47

.........

United

States

429,088

356,822

b,n

Towd

Point

Mortgage

Trust

,

2016-5

,

M2

,

144A,

FRN

,

3.375 %

,

10/25/56

........................................

United

States

282,000

267,524

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

k

2005-AR11,

A1B3,

FRN,

4.593%,

(1-month

SOFR

+

0.914%),

8/25/45

.........................................

United

States

84,595

84,209

k

2005-AR9,

A1C3,

FRN,

4.753%,

(1-month

SOFR

+

1.074%),

7/25/45

.........................................

United

States

113,447

112,241

n

2007-HY2,

1A1,

FRN,

4.108%,

12/25/36

................

United

States

270,793

250,419

22,996,508

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $23,136,181)
...............

#### 22,996,508

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 1.0%

#### Financial

#### Services

#### 1.0%
FHLMC

,

n

3117,

AF,

FRN,

Zero

Cpn.,

2/15/36

.....................

United

States

2,945

2,607

3391,

Strip,

4/15/37

................................

United

States

1,719

1,508

k

3408,

EK,

FRN,

10.556%,

(-4

x

30-day

SOFR

Average

+

25.332%),

4/15/37

.................................

United

States

21,259

25,001

k

406,

F30,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

10/25/53

........................................

United

States

340,290

343,873

k,m

4326,

GS,

IO,

FRN,

2.263%,

(-1

x

30-day

SOFR

Average

+

5.936%),

4/15/44

..................................

United

States

3,795,883

375,324

m

5010,

IA,

IO,

3.5%,

9/25/50

..........................

United

States

2,642,129

473,930

m

5024,

HI,

IO,

4.5%,

10/25/50

.........................

United

States

3,400,260

800,649

m

5036,

IK,

IO,

4%,

4/25/50

............................

United

States

3,567,156

752,673

m

5079,

BI,

IO,

5.5%,

2/25/51

..........................

United

States

2,180,883

371,203

m

5104,

HI,

IO,

3.5%,

6/25/49

..........................

United

States

4,958,594

915,152

m

5121,

KI,

IO,

4%,

6/25/51

............................

United

States

3,593,965

874,826

m

5134,

IB,

IO,

4%,

8/25/51

............................

United

States

4,203,482

838,763

m

5138,

YI,

IO,

4.5%,

12/25/49

.........................

United

States

4,834,307

1,329,029

m

5142,

AI,

IO,

3.5%,

9/25/51

..........................

United

States

3,860,536

726,616

m

5236,

KI,

IO,

4%,

11/25/51

...........................

United

States

10,395,884

2,096,738

k

5387,

DF,

FRN,

4.862%,

(30-day

SOFR

Average

+

1.2%),

3/25/54

.........................................

United

States

1,023,047

1,031,763

k

5393,

FA,

FRN,

4.862%,

(30-day

SOFR

Average

+

1.2%),

12/25/53

........................................

United

States

1,092,613

1,101,926

k

5438,

FC,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

8/25/54

.........................................

United

States

791,909

796,639

k

5440,

FH,

FRN,

4.762%,

(30-day

SOFR

Average

+

1.1%),

7/25/54

.........................................

United

States

1,471,028

1,479,784

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

FHLMC,

(continued)

k

5446,

DF,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

8/25/54

.........................................

United

States

989,928

$

997,146

k

5466,

FG,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

10/25/54

........................................

United

States

2,467,619

2,473,223

FNMA

,

2006-84,

OT,

Strip,

9/25/36

..........................

United

States

589

2007-14,

KO,

Strip,

3/25/37

..........................

United

States

4,252

3,631

m

2020-31,

BI,

IO,

4%,

5/25/50

.........................

United

States

1,525,649

301,575

m

2020-96,

JI

,

IO,

3%,

1/25/51

..........................

United

States

6,292,439

1,038,417

m

2021-28,

NI,

IO,

3%,

5/25/41

.........................

United

States

5,346,187

515,864

m

2021-45,

MI,

IO,

2.5%,

2/25/49

........................

United

States

5,694,332

699,164

m

2021-65,

LI,

IO,

3.5%,

10/25/51

.......................

United

States

3,209,334

624,330

k

2024-82,

FE,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

11/25/54

........................................

United

States

362,685

363,501

k

2024-89,

FA,

FRN,

4.862%,

(30-day

SOFR

Average

+

1.2%),

12/25/54

........................................

United

States

589,693

594,712

k

2024-98,

FA,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

12/25/53

........................................

United

States

360,143

362,743

k

2025-25,

FB,

FRN,

4.612%,

(30-day

SOFR

Average

+

0.95%),

4/25/55

.........................................

United

States

776,046

777,625

k

2025-41,

FA,

FRN,

4.812%,

(30-day

SOFR

Average

+

1.15%),

6/25/54

.........................................

United

States

286,421

288,691

GNMA

,

m,n

2015-H26,

EI,

IO,

FRN,

1.748%,

10/20/65

...............

United

States

451,037

16,328

m,n

2016-H16,

LI,

IO,

FRN,

2.705%,

7/20/66

................

United

States

1,885,562

99,957

m,n

2020-103,

IO,

FRN,

0.854%,

1/16/63

...................

United

States

5,179,769

328,634

m

2021-117,

MI,

IO,

3.5%,

5/20/42

.......................

United

States

5,363,501

828,567

m

2021-214,

AI,

IO,

4%,

12/20/51

.......................

United

States

2,823,422

559,390

m

2021-27,

IT,

IO,

3%,

2/20/51

..........................

United

States

3,745,829

638,290

m

2022-30,

IG,

IO,

3%,

2/20/52

.........................

United

States

11,568,982

1,744,334

k

2023-152,

FB,

FRN,

4.823%,

(30-day

SOFR

Average

+

1.15%),

4/20/51

.........................................

United

States

584,471

596,537

k

2024-78,

QF,

FRN,

4.773%,

(30-day

SOFR

Average

+

1.1%),

5/20/54

.........................................

United

States

672,591

675,985

k,m

2025-120,

SD,

IO,

FRN,

2.21%,

(-1

x

1-month

SOFR

+

5.886%),

10/20/49

.................................

United

States

4,246,744

464,868

k

2025-169,

FC,

FRN,

4.673%,

(30-day

SOFR

Average

+

1%),

10/20/55

........................................

United

States

655,471

657,819

29,989,833

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $27,553,632)
.......

#### 29,989,833

#### Municipal

#### Bonds

#### 0.1%

#### Alabama

#### 0.0%

#### †
Alabama

Economic

Settlement

Authority

,

BP

Settlement

Fund

,

Revenue

,

2016

B

,

4.263 %

,

9/15/32

....................

United

States

435,000

431,397

#### California

#### 0.0%

#### †
State

of

California

,

GO

,

4.35 %

,

11/01/32

..................

United

States

375,000

374,136

#### Florida

#### 0.0%

#### †
State

Board

of

Administration

Finance

Corp.

,

Florida

Hurricane

Catastrophe

Fund

,

Revenue

,

2024

A

,

5.526 %

,

7/01/34

......

United

States

275,000

288,376

#### Illinois

#### 0.0%

#### †
City

of

Chicago

,

GO

,

2017

B

,

PEDM

,

7.045 %

,

1/01/29

........

United

States

140,000

143,178

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Illinois
(continued)

q

State

of

Illinois

,

GO

,

2026

A

,

4.854 %

,

4/01/32

..............

United

States

310,000

$

314,600

457,778

#### Pennsylvania

#### 0.0%

#### †
Philadelphia

Authority

for

Industrial

Development

,

City

of

Philadelphia

,

Revenue

,

2004

,

NATL

Insured

,

6.55 %

,

10/15/28

United

States

235,000

248,164

Redevelopment

Authority

of

the

City

of

Philadelphia

,

City

of

Philadelphia

,

Revenue

,

2026

A

,

4.132 %

,

11/01/30

.........

United

States

155,000

154,243

402,407

#### South

#### Carolina

#### 0.1%
South

Carolina

Public

Service

Authority

,

Revenue

,

2009

F

,

5.74 %

,

1/01/30

.........................................

United

States

560,000

578,084

#### Virginia

#### 0.0%

#### †
Virginia

Commonwealth

University

,

Revenue

,

2020

B

,

Refunding

,

2.124 %

,

11/01/30

..................................

United

States

275,000

251,977

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $2,801,579)
.....................................

#### 2,784,155

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $2,178,749,139)

#### ...........................

#### 2,828,019,587

#### a

#### Short

#### Term

#### Investments

#### 10.5%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Commercial

#### Papers

#### 1.7%
b,r

Coca-Cola

Co.

(The)

,

144A,

3.66%

,

4/07/26

...............

United

States

6,800,000

6,795,161

b,r

Gotham

Funding

Corp.

,

144A,

3.9%

,

6/16/26

...............

United

States

14,500,000

14,379,986

b,r

Nestle

Finance

International

Ltd.

,

144A,

3.75%

,

5/05/26

......

United

States

14,250,000

14,198,258

b,r

TotalEnergies

Capital

SA

,

144A,

3.75%

,

4/20/26

............

France

14,500,000

14,469,881

#### Total

#### Commercial

#### Papers

#### (Cost

#### $49,845,404)

#### .................................

#### 49,843,286
a

#### a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 1.5%
r,s

U.S.

Treasury

Bills

,

3.47%,

4/23/26

...................................

United

States

4,700,000

4,689,589

3.58%,

7/16/26

...................................

United

States

41,100,000

40,666,952

45,356,541

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $45,362,740)

#### ...............

#### 45,356,541

#### Shares

#### Management

#### Investment

#### Companies

#### 6.5%
t,u

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

.......

United

States

190,081,608

190,081,608

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $190,081,608)

#### .................

#### 190,081,608

#### Money

#### Market

#### Funds

#### 0.4%
u,v

JPM

USD

Treasury

CNAV

Fund,

3.49%

...................

Luxembourg

7,184

7,184

t,u,v

Putnam

Government

Money

Market

Fund,

Class

G,

3.489%

...

United

States

11,065,938

11,065,938

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $11,073,122)

#### ................................

#### 11,073,122
Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Repurchase

#### Agreements

#### 0.4%
w

Joint

tri-party

repurchase

agreement

with

Banc

of

America

Securities

LLC,

3.67%,

4/01/26

(Maturity

Value

$2,003,374)

Collateralized

by

U.S.

Government

and

Agency

Securities,

3.44%

-

7%,

11/01/35

-

12/01/55

and

Collateralized

by

Agency

Mortgage-Backed

Securities,

3%

-

6.5%,

1/20/46

-

2/15/61

(valued

at

$2,043,233)

..............................

2,003,169

$

2,003,169

w

Joint

tri-party

repurchase

agreement

with

Bank

of

Nova

Scotia

(The),

3.66%,

4/01/26

(Maturity

Value

$287,954)

Collateralized

by

U.S.

Treasury

Bonds,

0.25%

-

0.75%,

2/15/42

-

2/15/50

and

Collateralized

by

U.S.

Treasury

Notes,

0.125%

-

4.375%,

4/30/28

-

5/15/34

(valued

at

$293,714)

...........

287,925

287,925

w

Joint

tri-party

repurchase

agreement

with

BNP

Paribas

Securities

Co.,

3.67%,

4/01/26

(Maturity

Value

$1,294,516)

Collateralized

by

U.S.

Government

and

Agency

Securities,

1.968%

-

7%,

12/01/27

-

4/01/56

(valued

at

$1,320,406)

.....

1,294,384

1,294,384

w

Joint

tri-party

repurchase

agreement

with

Citigroup

Global

Markets,

Inc.,

3.67%,

4/01/26

(Maturity

Value

$1,994,027)

Collateralized

by

U.S.

Treasury

Bonds,

2.125%,

2/15/41

and

U.S.

Treasury

Notes,

2.375%

-

4.625%,

9/15/28

-

10/15/28

(valued

at

$2,033,701)

..............................

1,993,824

1,993,824

w

Joint

tri-party

repurchase

agreement

with

HSBC

Securities

USA,

Inc.,

3.67%,

4/01/26

(Maturity

Value

$4,113,636)

Collateralized

by

U.S.

Government

and

Agency

Securities,

1.17%

-

7.5%,

8/01/30

-

3/01/56

(valued

at

$4,195,908)

.....

4,113,216

4,113,216

w

Joint

tri-party

repurchase

agreement

with

Royal

Bank

of

Canada,

3.67%,

4/01/26

(Maturity

Value

$1,933,409)

Collateralized

by

U.S.

Treasury

Bonds,

1.625%

-

4.625%,

2/15/40

-

11/15/54

and

Collateralized

by

U.S.

Treasury

Notes,

3.625%

-

4.625%,

4/30/27

-

2/15/34

(valued

at

$1,971,876)

..

1,933,212

1,933,212

#### Total

#### Repurchase

#### Agreements

#### (Cost

#### $11,625,730)
.............................

#### 11,625,730

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $307,988,604

####)
.............................

#### 307,980,287

#### a

#### Total

#### Investments

#### (Cost

#### $2,486,737,743)

#### 107.0%

#### ..............................

#### $3,135,999,874

#### TBA

#### Sale

#### Commitments

#### (2.2)%

#### ..............................................

#### (#### 65,643,166)

#### Other

#### Assets,

#### less

#### Liabilities

#### (4.8)%

#### .........................................

#### (140,513,115)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $2,929,843,593

#### a
x

#### TBA

#### Sale

#### Commitments

#### (2.2)%

#### Mortgage-Backed

#### Securities

#### (2.2)%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### (2.1)%
Uniform

Mortgage-Backed

Securities

,

3%,

TBA,

4/25/56

..................................

United

States

(400,000)

(351,397)

4%,

TBA,

4/25/56

..................................

United

States

(500,000)

(471,879)

4.5%,

TBA,

4/25/56

................................

United

States

(39,380,000)

(37,803,626)

5.5%,

TBA,

4/25/56

................................

United

States

(22,500,000)

(22,557,695)

6%,

TBA,

4/25/56

..................................

United

States

(480,000)

(489,353)

6.5%,

TBA,

4/25/56

................................

United

States

(1,270,000)

(1,314,018)

(62,987,968)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### (0.1)%
GNMA

II,

Single-family,

Year

,

4.5%,

4/15/56

....................................

United

States

(300,000)

(289,864)

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### a
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate
(continued)

GNMA

II,

Single-family,

Year,

(continued)

5.5%,

4/15/56

....................................

United

States

(2,350,000)

$

(2,365,334)

(2,655,198)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $(65,977,765))

#### ........................

#### $(65,643,166)
\*

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

March

31,

2026,

the

aggregate

value

of

these

securities

was

$284,652,423,

representing

9.7%

of

net

assets.

c

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

e

See

Note

regarding

restricted

securities.

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

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

(e).

j

See

Note

(g)

regarding

senior

floating

rate

interests.

k

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

l

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

See

Note

(f).

m

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.

n

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

o

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

.

p

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

(e).

q

Security

purchased

on

a

when-issued

basis.

See

Note

(e).

r

The

rate

shown

represents

the

yield

at

period

end.

s

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts

and

TBA

securities.

At

March

31,

2026,

the

aggregate

value

of

these

securities

pledged

amounted

to

$44,112,378,

representing

1.5%

of

net

assets.

t

See

Note

(g)

regarding

investments

in

affiliated

management

investment

companies.

u

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

v

The

security

is

owned

by

Franklin

Dynamic

Asset

Allocation

Balanced

Ltd.,

a

wholly-owned

subsidiary

of

the

Fund.

See

Note

1(h).

w

See

Note

(c)

regarding

joint

repurchase

agreement.

x

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

(e).

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

At

March

31,

2026,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

(f).

At

March

31,

2026,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

(f).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Equity

#### contracts
MSCI

EAFE

Index

............................

Short

$

66,870,355

6/19/26

$

725,121

MSCI

Emerging

Markets

Index

..................

Long

1,442

104,876,660

6/19/26

(3,218,717)

Russell

2000

E-Mini

Index

......................

Short

32,532,990

6/18/26

110,761

S&P

500

E-Mini

Index

.........................

Short

1,038

341,021,925

6/18/26

9,522,342

TOPIX

Index

................................

Long

28,923,096

6/11/26

(830,856)

#### Interest

#### rate

#### contracts
Canada

Year

Bonds

........................

Long

17,512,781

6/19/26

(311,575)

Euro-BTP

..................................

Long

8,332,939

6/08/26

(286,278)

Euro-Bund

.................................

Long

34,493,823

6/08/26

(668,061)

Euro-OAT

..................................

Long

8,505,646

6/08/26

(219,723)

Japan

Year

Bonds

.........................

Long

35,306,575

6/15/26

(393,013)

Long

Gilt

...................................

Long

11,852,282

6/26/26

(595,720)

U.S.

Treasury

Year

Notes

....................

Short

3,220,359

6/18/26

58,501

U.S.

Treasury

Year

Ultra

Notes

................

Short

1,135,156

6/18/26

25,607

U.S.

Treasury

Year

Notes

.....................

Long

770

159,732,890

6/30/26

(1,153,269)

U.S.

Treasury

Year

Notes

.....................

Long

872

94,332,688

6/30/26

(1,376,823)

U.S.

Treasury

Long

Bonds

.....................

Long

524

59,670,500

6/18/26

(1,976,051)

U.S.

Treasury

Ultra

Bonds

......................

Long

43,594,375

6/18/26

(1,495,028)

Total

Futures

Contracts

......................................................................

$(2,082,782)

\*

As

of

period

end.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Australian

Dollar

....

BOFA

Buy

589,900

394,130

4/15/26

$

12,803

$

—

Australian

Dollar

....

BZWS

Buy

182,300

121,799

4/15/26

3,957

—

Australian

Dollar

....

MSCO

Sell

3,687,800

2,586,894

4/15/26

43,408

(485) Australian

Dollar

....

SSBT

Buy

1,931,400

1,297,972

4/15/26

34,374

—

Australian

Dollar

....

TDOM

Buy

789,400

530,501

4/15/26

14,055

—

Australian

Dollar

....

TDOM

Sell

155,000

107,913

4/15/26

988

—

Australian

Dollar

....

UBSW

Buy

522,400

351,049

4/15/26

9,321

—

Australian

Dollar

....

WPAC

Buy

7,786,200

5,202,116

4/15/26

169,073

—

Canadian

Dollar

....

BOFA

Buy

41,593,500

30,485,349

4/15/26

—

(568,388)

Canadian

Dollar

....

BOFA

Sell

222,000

160,467

4/15/26

789

—

Canadian

Dollar

....

BZWS

Sell

2,000

1,446

4/15/26

—

Canadian

Dollar

....

JPHQ

Sell

1,280,300

925,408

4/15/26

4,527

—

Canadian

Dollar

....

MSCO

Sell

429,100

316,243

4/15/26

7,604

—

Canadian

Dollar

....

SSBT

Buy

152,900

112,866

4/15/26

—

(2,889)

Canadian

Dollar

....

SSBT

Sell

265,200

191,898

4/15/26

1,148

—

Canadian

Dollar

....

UBSW

Sell

6,124,500

4,431,634

4/15/26

26,464

—

Israeli

New

Shekel

..

BZWS

Buy

358,600

113,918

4/15/26

—

Israeli

New

Shekel

..

CITI

Buy

33,100

10,515

4/15/26

—

Israeli

New

Shekel

..

GSCO

Sell

93,200

29,609

4/15/26

—

(53) Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

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

443,336

4/15/26

$

—

$

(640) Israeli

New

Shekel

..

UBSW

Buy

981,600

312,900

4/15/26

—

(499)

New

Zealand

Dollar

.

MSCO

Buy

198,300

114,722

4/15/26

—

(719) Chinese

Yuan

......

CITI

Sell

27,275,100

3,971,138

5/13/26

9,553

—

Hong

Kong

Dollar

...

BOFA

Sell

225,900

28,996

5/13/26

—

Hong

Kong

Dollar

...

CITI

Sell

287,700

36,918

5/13/26

—

Hong

Kong

Dollar

...

GSCO

Buy

10,081,800

1,293,902

5/13/26

—

(5,121)

Hong

Kong

Dollar

...

HSBK

Sell

31,920,800

4,095,928

5/13/26

15,418

—

Hong

Kong

Dollar

...

MSCO

Buy

2,526,300

324,206

5/13/26

—

(1,263)

Hong

Kong

Dollar

...

SSBT

Buy

4,041,600

518,637

5/13/26

—

(1,989)

Hong

Kong

Dollar

...

UBSW

Sell

828,200

106,273

5/13/26

—

Japanese

Yen

......

BOFA

Buy

114,309,400

734,400

5/13/26

—

(11,420)

Japanese

Yen

......

BOFA

Sell

25,409,300

165,952

5/13/26

5,244

—

Japanese

Yen

......

BZWS

Sell

96,262,200

618,428

5/13/26

9,591

—

Japanese

Yen

......

CITI

Sell

327,316,700

2,102,471

5/13/26

32,268

—

Japanese

Yen

......

GSCO

Buy

175,906,600

1,130,167

5/13/26

—

(17,598)

Japanese

Yen

......

GSCO

Sell

42,773,100

269,306

5/13/26

—

(1,224)

Japanese

Yen

......

HSBK

Buy

32,270,300

207,329

5/13/26

—

(3,227)

Japanese

Yen

......

HSBK

Sell

178,625,400

1,159,303

5/13/26

29,538

—

Japanese

Yen

......

JPHQ

Buy

28,937,400

185,918

5/13/26

—

(2,896)

Japanese

Yen

......

MSCO

Buy

1,124,739,000

7,203,595

5/13/26

737

(90,615)

Japanese

Yen

......

MSCO

Sell

23,924,800

151,037

5/13/26

—

(282) Japanese

Yen

......

SSBT

Sell

216,694,600

1,392,147

5/13/26

21,603

—

Japanese

Yen

......

TDOM

Buy

72,228,300

461,680

5/13/26

—

(4,853)

Japanese

Yen

......

TDOM

Sell

27,319,700

175,493

5/13/26

2,702

—

Japanese

Yen

......

UBSW

Buy

102,768,900

661,192

5/13/26

—

(11,203)

Japanese

Yen

......

UBSW

Sell

522,564,500

3,357,180

5/13/26

52,079

—

Singapore

Dollar

....

BZWS

Sell

3,300

2,612

5/13/26

—

Singapore

Dollar

....

HSBK

Buy

4,500

3,562

5/13/26

—

(52) Singapore

Dollar

....

JPHQ

Buy

1,248,800

988,643

5/13/26

—

(14,397)

Singapore

Dollar

....

MSCO

Buy

439,600

348,033

5/13/26

—

(5,080)

Singapore

Dollar

....

SSBT

Buy

2,286,200

1,809,839

5/13/26

—

(26,269)

British

Pound

......

BOFA

Sell

959,900

1,270,692

6/17/26

—

British

Pound

......

BZWS

Sell

700

927

6/17/26

—

—

British

Pound

......

CITI

Sell

9,076,800

12,015,456

6/17/26

4,179

—

British

Pound

......

GSCO

Sell

682,900

903,975

6/17/26

—

British

Pound

......

HSBK

Sell

2,949,800

3,923,219

6/17/26

19,766

—

British

Pound

......

JPHQ

Sell

258,500

344,563

6/17/26

2,491

—

British

Pound

......

MSCO

Sell

3,456,900

4,611,794

6/17/26

37,297

—

British

Pound

......

SSBT

Sell

1,746,900

2,323,428

6/17/26

11,765

—

British

Pound

......

TDOM

Buy

1,072,100

1,425,925

6/17/26

—

(7,221)

British

Pound

......

UBSW

Sell

2,945,700

3,917,849

6/17/26

19,821

—

Danish

Krone

......

BOFA

Buy

3,378,900

520,271

6/17/26

4,602

—

Danish

Krone

......

CITI

Sell

6,140,300

945,549

6/17/26

—

(8,276)

Danish

Krone

......

HSBK

Buy

2,364,700

365,360

6/17/26

1,969

—

Danish

Krone

......

MSCO

Sell

26,754,000

4,143,033

6/17/26

—

(12,890)

Danish

Krone

......

SSBT

Buy

185,500

28,661

6/17/26

—

Danish

Krone

......

TDOM

Buy

85,400

13,197

6/17/26

—

Danish

Krone

......

UBSW

Sell

1,021,800

157,900

6/17/26

—

(825) Euro

.............

BOFA

Buy

2,128,800

2,447,104

6/17/26

22,127

—

Euro

.............

BZWS

Sell

2,882,600

3,313,433

6/17/26

—

(30,142)

Euro

.............

CITI

Sell

1,338,400

1,539,842

6/17/26

(12,851)

Euro

.............

GSCO

Sell

1,641,700

1,887,052

6/17/26

—

(17,183)

Euro

.............

HSBK

Sell

3,169,000

3,655,511

6/17/26

—

(20,264)

Euro

.............

JPHQ

Sell

895,500

1,035,716

6/17/26

—

(2,989)

Euro

.............

MSCO

Buy

593,000

685,214

6/17/26

2,616

—

Euro

.............

MSCO

Sell

10,543,100

12,187,208

6/17/26

—

(41,907)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

Euro

.............

SSBT

Sell

374,400

430,794

6/17/26

$

—

$

(3,478)

Euro

.............

TDOM

Buy

823,200

949,565

6/17/26

5,278

—

Euro

.............

TDOM

Sell

467,700

541,963

6/17/26

—

(530) Euro

.............

UBSW

Sell

92,400

106,576

6/17/26

—

(600) Euro

.............

WPAC

Sell

157,800

181,384

6/17/26

—

(1,651)

Norwegian

Krone

...

BZWS

Sell

186,600

19,142

6/17/26

—

(117) Norwegian

Krone

...

JPHQ

Sell

9,282,100

959,517

6/17/26

1,529

—

Norwegian

Krone

...

MSCO

Buy

4,603,300

475,830

6/17/26

—

(732) Swedish

Krona

.....

BOFA

Buy

474,600

50,628

6/17/26

—

(299) Swedish

Krona

.....

BZWS

Buy

5,751,900

613,588

6/17/26

—

(3,632)

Swedish

Krona

.....

HSBK

Buy

12,502,200

1,342,756

6/17/26

—

(16,969)

Swedish

Krona

.....

MSCO

Sell

5,390,500

579,705

6/17/26

8,073

—

Swedish

Krona

.....

SSBT

Buy

3,041,800

326,682

6/17/26

—

(4,116)

Swedish

Krona

.....

TDOM

Buy

2,625,100

281,943

6/17/26

—

(3,566)

Swiss

Franc

.......

BOFA

Sell

492,100

629,276

6/17/26

8,644

—

Swiss

Franc

.......

BZWS

Buy

40,800

52,180

6/17/26

—

(723) Swiss

Franc

.......

CITI

Sell

132,100

168,925

6/17/26

2,321

—

Swiss

Franc

.......

GSCO

Sell

2,782,800

3,558,932

6/17/26

49,291

—

Swiss

Franc

.......

HSBK

Sell

163,600

209,473

6/17/26

3,142

—

Swiss

Franc

.......

JPHQ

Buy

546,400

701,153

6/17/26

—

(12,038)

Swiss

Franc

.......

MSCO

Sell

1,256,700

1,611,761

6/17/26

26,823

—

Swiss

Franc

.......

SSBT

Buy

1,106,400

1,416,558

6/17/26

—

(21,177)

Swiss

Franc

.......

UBSW

Buy

748,500

958,371

6/17/26

—

(14,370)

Total

Forward

Exchange

Contracts

...................................................

$741,156

$(1,009,708)

Net

unrealized

appreciation

(depreciation)

............................................

$(268,552)

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

At

March

31,

2026,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

1(f).

At

March

31,

2026,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

(f).

#### 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

#### Buy

#### Protection

#### c

#### Traded

#### Index
iTraxx

Europe

Main

....

(1.00)%

Quarterly

6/20/31

4,730,000

EUR

$

(70,377)

$

(69,774)

$

(603) #### Contracts

#### to

#### Sell

#### Protection

#### c,d

#### Traded

#### Index
CDX.NA.HY.45

.

5.00%

Quarterly

12/20/30

13,114,000

705,335

1,047,116

(341,781)

Non-

Investment

Grade

CDX.NA.IG.45

..

1.00%

Quarterly

12/20/30

210,071,000

3,792,953

4,782,172

(989,219)

Investment

Grade

CDX.NA.IG.46

..

1.00%

Quarterly

6/20/31

46,850,000

824,291

749,671

74,620

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$5,252,202

$6,509,185

$(1,256,983)

a

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

b

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

c

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

d

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

#### Interest

#### Rate

#### Swap

#### Contracts

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount

#### \*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.32%

....

Annual

3/18/28

130,757,000

$

814,009

$

(142,238)

$

956,247

Receive

Fixed

3.3%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/28

77,084,000

(509,545)

56,946

(566,491)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.47%

....

Annual

3/18/31

25,244,000

180,941

(43,167)

224,108

Receive

Fixed

3.45%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/31

23,705,000

(191,544)

46,971

(238,515)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

At

March

31,

2026,

the

Fund

had

the

following total

return swap

contracts

outstanding.

See

Note

1(f).

#### Interest

#### Rate

#### Swap

#### Contracts
(continued)

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount\*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
(continued)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.57%

....

Annual

6/17/31

14,559,000

$

41,882

$

74,037

$

(32,155)

Receive

Fixed

3.75%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/36

64,051,000

(626,058)

32,777

(658,835)

Receive

Fixed

3.77%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/36

12,223,000

(99,128)

26,690

(125,818)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.82%

....

Annual

6/17/36

4,683,000

24,755

28,695

(3,940)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.12%

....

Annual

3/18/56

5,893,000

14,132

43,940

(29,808)

Receive

Fixed

4.1%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/56

21,844,000

(127,638)

(142,995)

15,357

Total

Interest

Rate

Swap

Contracts

.................................

$(478,194)

$

(18,344)

$(459,850)

\*

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
GSIIPGDL

Index

#

.....................

0%

At

Maturity

GSCO

7/14/26

119,059,413

$

(2,740,186)

BCFTUSAL

Index

#

....................

0%

At

Maturity

BZWS

3/11/27

89,064,130

(1,643,291)

#### Short

#### b
GSIIPGSS

Index

#

.....................

0%

At

Maturity

GSCO

7/14/26

109,518,996

4,692,772

IBOXIG

Index

........................

1-day

SOFR

Quarterly

JPHQ

12/20/26

13,900,000

12,126

BCFTUSAS

Index

#

....................

0%

At

Maturity

BZWS

3/11/27

88,888,164

2,672,083

Total

Return

Swap

Contracts

....................................................................

$2,993,504

\*

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.

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET

#### (#### GSIIPGDL

####)

#### OF

#### COMMON

#### STOCKS
Chevron

Corp.

Energy

4,261

$

881,619

0.76%

Idemitsu

Kosan

Co.

Ltd.

Energy

90,702

878,851

0.76%

Eni

SpA

Energy

30,552

874,774

0.75%

Endesa

SA

Utilities

20,708

860,877

0.74%

AT&T,

Inc.

Communication

Services

28,676

831,327

0.72%

Iberdrola

SA

Utilities

35,310

803,310

0.69%

ConocoPhillips

Energy

5,897

778,399

0.67%

Tokyo

Gas

Co.

Ltd.

Utilities

16,560

772,039

0.67%

BP

plc

Energy

96,436

771,029

0.67%

Altria

Group,

Inc.

Consumer

Staples

11,632

767,621

0.66%

PepsiCo,

Inc.

Consumer

Staples

4,927

765,172

0.66%

Graco,

Inc.

Industrials

9,006

762,354

0.66%

NN

Group

NV

Financials

9,722

751,165

0.65%

Lockheed

Martin

Corp.

Industrials

1,223

738,912

0.64%

Telia

Co.

AB

Communication

Services

144,237

730,401

0.63%

George

Weston

Ltd.

Consumer

Staples

10,150

714,795

0.62%

Deutsche

Telekom

AG

Communication

Services

19,396

714,028

0.62%

Airbnb,

Inc.

Consumer

Discretionary

5,628

710,740

0.61%

ENEOS

Holdings,

Inc.

Energy

79,222

702,386

0.61%

VICI

Properties,

Inc.

Real

Estate

25,675

701,438

0.61%

WH

Group

Ltd.

Consumer

Staples

532,577

696,951

0.60%

Allegion

plc

Industrials

4,670

678,520

0.59%

Inpex

Corp.

Energy

22,926

674,134

0.58%

Sandvik

AB

Industrials

17,963

673,941

0.58%

Hartford

Insurance

Group,

Inc.

(The)

Financials

4,958

670,405

0.58%

Colgate-Palmolive

Co.

Consumer

Staples

7,760

661,415

0.57%

Veralto

Corp.

Industrials

7,445

658,254

0.57%

TotalEnergies

SE

Energy

6,954

648,315

0.56%

Power

Assets

Holdings

Ltd.

Utilities

80,379

625,895

0.54%

Secom

Co.

Ltd.

Industrials

16,070

609,719

0.53%

Telenor

ASA

Communication

Services

34,313

599,883

0.52%

Holcim

AG

Materials

7,282

588,297

0.51%

SS&C

Technologies

Holdings,

Inc.

Industrials

8,638

583,647

0.50%

Automatic

Data

Processing,

Inc.

Industrials

2,841

577,220

0.50%

AMETEK,

Inc.

Industrials

2,681

574,705

0.50%

Chubu

Electric

Power

Co.,

Inc.

Utilities

34,751

564,007

0.49%

Bristol-Myers

Squibb

Co.

Health

Care

9,279

562,765

0.49%

Avery

Dennison

Corp.

Materials

3,247

560,638

0.48%

Fortum

OYJ

Utilities

21,872

551,404

0.48%

Cie

Financiere

Richemont

SA

Consumer

Discretionary

3,187

549,441

0.47%

Simon

Property

Group,

Inc.

Real

Estate

2,932

546,978

0.47%

Eiffage

SA

Industrials

3,575

540,198

0.47%

QIAGEN

NV

Health

Care

13,410

536,863

0.46%

National

Grid

plc

Utilities

31,975

535,283

0.46%

E.ON

SE

Utilities

24,240

529,541

0.46%

Bouygues

SA

Industrials

9,250

526,591

0.45%

Exxon

Mobil

Corp.

Energy

3,070

520,871

0.45%

Canadian

Utilities

Ltd.

Utilities

14,777

517,370

0.45%

iA

Financial

Corp.,

Inc.

Financials

4,674

517,050

0.45%

National

Bank

of

Canada

Financials

4,005

516,631

0.45%

#### A

#### BASKET

#### (#### BCFTUSAL

####)

#### OF

#### COMMON

#### STOCKS
Valero

Energy

Corp.

Energy

5,192

1,282,837

1.47%

Cheniere

Energy,

Inc.

Energy

4,471

1,268,567

1.45%

Cirrus

Logic,

Inc.

Information

Technology

8,370

1,210,439

1.38%

Edison

International

Utilities

15,852

1,160,059

1.33%

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(BCFTUSAL)

#### OF

#### COMMON

#### STOCKS
(continued)

GE

Vernova,

Inc.

Industrials

1,318

$

1,150,671

1.31%

Regeneron

Pharmaceuticals,

Inc.

Health

Care

1,435

1,108,375

1.27%

Allison

Transmission

Holdings,

Inc.

Industrials

9,440

1,105,065

1.26%

Johnson

Controls

International

plc

Industrials

8,425

1,103,188

1.26%

Virtu

Financial,

Inc.

Financials

24,809

1,091,108

1.25%

Exelixis,

Inc.

Health

Care

25,404

1,089,591

1.25%

Freeport-McMoRan,

Inc.

Materials

18,536

1,089,540

1.25%

State

Street

Corp.

Financials

8,460

1,070,690

1.22%

Curtiss-Wright

Corp.

Industrials

1,562

1,063,600

1.22%

Lam

Research

Corp.

Information

Technology

4,970

1,061,905

1.21%

Axis

Capital

Holdings

Ltd.

Financials

10,346

1,049,156

1.20%

General

Motors

Co.

Consumer

Discretionary

13,450

1,002,060

1.15%

MGIC

Investment

Corp.

Financials

36,123

948,216

1.08%

NRG

Energy,

Inc.

Utilities

6,406

936,177

1.07%

Natera,

Inc.

Health

Care

4,677

935,311

1.07%

Unum

Group

Financials

12,789

934,014

1.07%

Spotify

Technology

SA

Communication

Services

1,926

933,911

1.07%

Affiliated

Managers

Group,

Inc.

Financials

3,345

925,631

1.06%

Arista

Networks,

Inc.

Information

Technology

7,520

923,296

1.06%

Cadence

Design

Systems,

Inc.

Information

Technology

3,250

903,108

1.03%

AutoNation,

Inc.

Consumer

Discretionary

4,495

877,613

1.00%

Synchrony

Financial

Financials

12,562

854,471

0.98%

Booking

Holdings,

Inc.

Consumer

Discretionary

816,193

0.93%

Toll

Brothers,

Inc.

Consumer

Discretionary

5,975

815,347

0.93%

American

International

Group,

Inc.

Financials

10,747

808,726

0.92%

Netflix,

Inc.

Communication

Services

8,393

806,997

0.92%

QUALCOMM,

Inc.

Information

Technology

6,170

794,551

0.91%

Textron,

Inc.

Industrials

8,766

767,536

0.88%

Manhattan

Associates,

Inc.

Information

Technology

5,615

747,456

0.85%

eBay,

Inc.

Consumer

Discretionary

8,110

738,133

0.84%

Applied

Materials,

Inc.

Information

Technology

2,091

714,527

0.82%

Boyd

Gaming

Corp.

Consumer

Discretionary

8,691

714,238

0.82%

Pegasystems,

Inc.

Information

Technology

16,701

710,787

0.81%

Sandisk

Corp.

Information

Technology

1,112

706,644

0.81%

Everpure,

Inc.

Information

Technology

11,699

690,715

0.79%

Ventas,

Inc.

Real

Estate

8,428

689,208

0.79%

Equitable

Holdings,

Inc.

Financials

18,194

675,192

0.77%

Ciena

Corp.

Information

Technology

1,718

666,817

0.76%

Ulta

Beauty,

Inc.

Consumer

Discretionary

1,229

642,420

0.73%

Millicom

International

Cellular

SA

Communication

Services

8,565

641,831

0.73%

Hologic,

Inc.

Health

Care

8,307

627,890

0.72%

Gap,

Inc.

(The)

Consumer

Discretionary

25,123

607,987

0.69%

Vornado

Realty

Trust

Real

Estate

22,932

595,991

0.68%

DoorDash,

Inc.

Consumer

Discretionary

3,962

594,862

0.68%

MGM

Resorts

International

Consumer

Discretionary

15,604

577,506

0.66%

NVR,

Inc.

Consumer

Discretionary

575,255

0.66%

#### A

#### BASKET

#### (#### GSIIPGSS

####)

#### OF

#### COMMON

#### STOCKS
Aker

BP

ASA

Energy

23,532

872,339

0.82%

Shell

plc

Energy

18,079

854,230

0.81%

Diamondback

Energy,

Inc.

Energy

4,191

829,022

0.78%

Woodside

Energy

Group

Ltd.

Energy

34,112

818,882

0.77%

Entergy

Corp.

Utilities

7,227

812,081

0.77%

Canadian

Natural

Resources

Ltd.

Energy

16,376

796,320

0.75%

PPL

Corp.

Utilities

19,629

749,844

0.71%

Southern

Co.

(The)

Utilities

7,763

749,266

0.71%

CenterPoint

Energy,

Inc.

Utilities

17,352

748,909

0.71%

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(GSIIPGSS)

#### OF

#### COMMON

#### STOCKS
(continued)

Orange

SA

Communication

Services

36,315

$

739,570

0.70%

Walmart,

Inc.

Consumer

Staples

5,935

737,633

0.70%

ONEOK,

Inc.

Energy

7,948

718,416

0.68%

Dominion

Energy,

Inc.

Utilities

11,619

718,283

0.68%

Cellnex

Telecom

SA

Communication

Services

22,313

712,922

0.67%

American

Water

Works

Co.,

Inc.

Utilities

5,185

705,577

0.67%

Singapore

Telecommunications

Ltd.

Communication

Services

171,200

655,527

0.62%

Tourmaline

Oil

Corp.

Energy

13,205

630,000

0.59%

Duke

Energy

Corp.

Utilities

4,800

628,574

0.59%

Enbridge,

Inc.

Energy

11,593

626,444

0.59%

AvalonBay

Communities,

Inc.

Real

Estate

3,822

624,344

0.59%

Ferrovial

SE

Industrials

9,628

614,784

0.58%

Wilmar

International

Ltd.

Consumer

Staples

205,064

611,940

0.58%

Realty

Income

Corp.

Real

Estate

9,955

609,020

0.57%

Zurich

Insurance

Group

AG

Financials

871

608,807

0.57%

Waste

Connections,

Inc.

Industrials

3,738

607,267

0.57%

Visa,

Inc.

Financials

2,004

605,735

0.57%

Starbucks

Corp.

Consumer

Discretionary

6,647

595,520

0.56%

Swiss

Life

Holding

AG

Financials

549

591,239

0.56%

Ingersoll

Rand,

Inc.

Industrials

7,106

569,307

0.54%

Hong

Kong

&

China

Gas

Co.

Ltd.

Utilities

628,259

568,944

0.54%

Quanta

Services,

Inc.

Industrials

1,035

568,444

0.54%

Equifax,

Inc.

Industrials

3,113

560,606

0.53%

Straumann

Holding

AG

Health

Care

5,446

555,788

0.52%

Heineken

NV

Consumer

Staples

7,266

555,024

0.52%

International

Paper

Co.

Materials

15,259

544,738

0.51%

Snam

SpA

Utilities

71,557

540,365

0.51%

Essity

AB

Consumer

Staples

21,003

535,543

0.51%

Salmar

ASA

Consumer

Staples

9,107

528,240

0.50%

Land

Securities

Group

plc

Real

Estate

71,501

521,414

0.49%

Coca-Cola

Co.

(The)

Consumer

Staples

6,833

519,645

0.49%

British

American

Tobacco

plc

Consumer

Staples

9,010

519,365

0.49%

Emerson

Electric

Co.

Industrials

3,963

519,243

0.49%

Pernod

Ricard

SA

Consumer

Staples

6,843

506,337

0.48%

Coca-Cola

Europacific

Partners

plc

Consumer

Staples

5,581

506,013

0.48%

Xcel

Energy,

Inc.

Utilities

6,246

496,206

0.47%

Swire

Pacific

Ltd.

Industrials

45,345

493,631

0.47%

EQT

AB

Financials

16,275

489,461

0.46%

Hermes

International

SCA

Consumer

Discretionary

488,272

0.46%

AST

SpaceMobile,

Inc.

Communication

Services

5,883

487,550

0.46%

Old

Dominion

Freight

Line,

Inc.

Industrials

2,488

486,101

0.46%

#### A

#### BASKET

#### (#### BCFTUSAS

####)

#### OF

#### COMMON

#### STOCKS
Diamondback

Energy,

Inc.

Energy

6,132

1,212,757

1.42%

Bunge

Global

SA

Consumer

Staples

9,439

1,200,607

1.40%

MKS,

Inc.

Information

Technology

5,135

1,179,999

1.38%

Dell

Technologies,

Inc.

Information

Technology

7,163

1,175,685

1.37%

Monolithic

Power

Systems,

Inc.

Information

Technology

1,005

1,098,768

1.28%

DT

Midstream,

Inc.

Energy

8,006

1,078,151

1.26%

Coherent

Corp.

Information

Technology

4,444

1,058,531

1.24%

Roivant

Sciences

Ltd.

Health

Care

37,969

1,051,755

1.23%

Lumentum

Holdings,

Inc.

Information

Technology

1,456

1,023,342

1.20%

Micron

Technology,

Inc.

Information

Technology

2,880

972,899

1.14%

Kinsale

Capital

Group,

Inc.

Financials

2,846

972,360

1.14%

Royal

Gold,

Inc.

Materials

3,819

971,855

1.14%

Entegris,

Inc.

Information

Technology

8,256

967,917

1.13%

Royal

Caribbean

Cruises

Ltd.

Consumer

Discretionary

3,396

934,489

1.09%

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

(unaudited)

See

Note

regarding

other

derivative

information.

See

Abbreviations

on

.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(BCFTUSAS)

#### OF

#### COMMON

#### STOCKS
(continued)

BWX

Technologies,

Inc.

Industrials

4,342

$

887,872

1.04%

Albemarle

Corp.

Materials

4,919

883,181

1.03%

Oracle

Corp.

Information

Technology

5,859

861,945

1.01%

Ross

Stores,

Inc.

Consumer

Discretionary

3,974

860,973

1.01%

Take-Two

Interactive

Software,

Inc.

Communication

Services

4,305

850,147

0.99%

Synopsys,

Inc.

Information

Technology

2,072

821,504

0.96%

Loar

Holdings,

Inc.

Industrials

14,015

802,942

0.94%

Jack

Henry

&

Associates,

Inc.

Financials

5,018

793,101

0.93%

CH

Robinson

Worldwide,

Inc.

Industrials

4,585

761,427

0.89%

Marriott

International,

Inc.

Consumer

Discretionary

2,318

758,284

0.89%

Texas

Instruments,

Inc.

Information

Technology

3,886

754,410

0.88%

Lithia

Motors,

Inc.

Consumer

Discretionary

3,007

750,913

0.88%

Domino's

Pizza,

Inc.

Consumer

Discretionary

2,049

735,303

0.86%

Norwegian

Cruise

Line

Holdings

Ltd.

Consumer

Discretionary

38,981

728,938

0.85%

Blue

Owl

Capital,

Inc.

Financials

79,549

726,286

0.85%

Tyler

Technologies,

Inc.

Information

Technology

2,100

718,937

0.84%

RPM

International,

Inc.

Materials

6,904

686,244

0.80%

Quanta

Services,

Inc.

Industrials

1,232

676,193

0.79%

Brown

&

Brown,

Inc.

Financials

10,354

675,155

0.79%

Expand

Energy

Corp.

Energy

5,987

657,244

0.77%

NU

Holdings

Ltd.

Financials

45,247

650,196

0.76%

Somnigroup

International,

Inc.

Consumer

Discretionary

8,669

640,779

0.75%

Aurora

Innovation,

Inc.

Information

Technology

153,714

633,302

0.74%

Gen

Digital,

Inc.

Information

Technology

33,413

629,172

0.74%

SoFi

Technologies,

Inc.

Financials

39,145

621,619

0.73%

Watsco,

Inc.

Industrials

1,708

621,205

0.73%

Liberty

Broadband

Corp.

Communication

Services

12,089

608,063

0.71%

Healthcare

Realty

Trust,

Inc.

Real

Estate

35,042

595,370

0.70%

LPL

Financial

Holdings,

Inc.

Financials

1,950

586,610

0.69%

Stanley

Black

&

Decker,

Inc.

Industrials

7,947

564,739

0.66%

Toast,

Inc.

Financials

21,292

564,438

0.66%

Strategy,

Inc.

Information

Technology

4,454

555,878

0.65%

Ovintiv,

Inc.

Energy

9,184

545,133

0.64%

Equifax,

Inc.

Industrials

3,025

544,686

0.64%

nVent

Electric

plc

Industrials

4,562

539,638

0.63%

PTC,

Inc.

Information

Technology

3,787

539,638

0.63%

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Assets

and

Liabilities

March

31,

2026

(unaudited)

franklintempleton.com

Semiannual

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

...................................................................

$2,273,964,467

Cost

-

Non-controlled

affiliates

(Note

g)

........................................................

201,147,546

Cost

-

Unaffiliated

repurchase

agreements

......................................................

11,625,730

Value

-

Unaffiliated

issuers

..................................................................

$2,923,226,598

Value

-

Non-controlled

affiliates

(Note

g)

.......................................................

201,147,546

Value

-

Unaffiliated

repurchase

agreements

......................................................

11,625,730

Cash

....................................................................................

1,768,892

Receivables:

Investment

securities

sold

...................................................................

457,375

Receivable

for

sales

of

TBA

securities

(Note

e)

..................................................

66,273,996

Capital

shares

sold

........................................................................

15,406,623

Dividends

and

interest

.....................................................................

11,307,107

European

Union

tax

reclaims

(Note

i)

.........................................................

884,816

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

............................................................

8,104,572

Variation

margin

on

centrally

cleared

swap

contracts

...............................................

681,677

Unrealized

appreciation

on

OTC

forward

exchange

contracts

..........................................

741,156

Unrealized

appreciation

on

OTC

swap

contracts

....................................................

7,376,981

Prepaid

expenses

..........................................................................

213,604

Total

assets

..........................................................................

3,249,216,673

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

6,154,096

Payable

for

purchases

of

TBA

securities

(Note

e)

................................................

219,713,233

Capital

shares

redeemed

...................................................................

8,979,922

Management

fees

.........................................................................

1,248,473

Administrative

fees

........................................................................

8,070

Distribution

fees

..........................................................................

378,499

Transfer

agent

fees

........................................................................

407,309

Trustees'

fees

and

expenses

.................................................................

257,554

Variation

margin

on

futures

contracts

...........................................................

9,609,793

Deposits

from

brokers

for:

OTC

derivative

contracts

..................................................................

310,000

Unrealized

depreciation

on

OTC

swap

contracts

....................................................

4,383,477

Unrealized

depreciation

on

OTC

forward

exchange

contracts

..........................................

1,009,708

TBA

sale

commitments,

at

value

(proceeds

$65,977,765)

(Note

1e)

.....................................

65,643,166

Unrealized

depreciation

on

unfunded

loan

commitments

(Note

9)

.......................................

Collateral

on

certain

derivative

contracts,

at

value

(Note

f)

...........................................

1,086,308

Accrued

expenses

and

other

liabilities

...........................................................

183,162

Total

liabilities

.........................................................................

319,373,080

Net

assets,

at

value

.................................................................

$2,929,843,593

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$2,457,301,106

Total

distributable

earnings

(losses)

.............................................................

472,542,487

Net

assets,

at

value

.................................................................

$2,929,843,593

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Assets

and

Liabilities

(continued)

March

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$1,389,227,515

Shares

outstanding

........................................................................

83,437,719

Net

asset

value

per

share

a

,b

..................................................................

$16.65

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

................................

$17.67

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$82,573,573

Shares

outstanding

........................................................................

5,202,078

Net

asset

value

and

maximum

offering

price

per

share

a

,b

............................................

$15.87

#### Class

#### P:
Net

assets,

at

value

.......................................................................

$678,296,606

Shares

outstanding

........................................................................

40,520,980

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$16.74

#### Class

#### R:
Net

assets,

at

value

.......................................................................

$15,878,399

Shares

outstanding

........................................................................

966,884

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$16.42

#### Class

#### R5:
Net

assets,

at

value

.......................................................................

$176,519

Shares

outstanding

........................................................................

10,495

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$16.82

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$240,646,648

Shares

outstanding

........................................................................

14,387,680

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$16.73

#### Class

#### Y:
Net

assets,

at

value

.......................................................................

$523,044,333

Shares

outstanding

........................................................................

31,274,834

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$16.72

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Operations

for

the

six

months

ended

March

31,

2026

(unaudited)

franklintempleton.com

Semiannual

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

$304,751)

Unaffiliated

issuers

........................................................................

$12,497,940

Non-controlled

affiliates

(Note

g)

.............................................................

1,965,503

Interest:

Unaffiliated

issuers

........................................................................

13,102,051

Other

income

(Note

i)

.......................................................................

258,959

Total

investment

income

...................................................................

27,824,453

Expenses:

Management

fees

(Note

a)

...................................................................

6,206,605

Administrative

fees

(Note

b)

..................................................................

19,427

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

1,799,535

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

448,547

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

40,770

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

642,290

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

40,109

&nbsp;&nbsp;&nbsp;&nbsp;Class

P

................................................................................

9,287

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

7,246

&nbsp;&nbsp;&nbsp;&nbsp;Class

R5

...............................................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

...............................................................................

61,562

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

................................................................................

221,678

Custodian

fees

.............................................................................

17,222

Reports

to

shareholders

fees

..................................................................

51,565

Registration

and

filing

fees

....................................................................

47,623

Professional

fees

...........................................................................

178,727

Trustees'

fees

and

expenses

(Note

f)

...........................................................

40,044

Organization

costs

(Note

1k)

..................................................................

3,494

Interest

expense

...........................................................................

880

Other

....................................................................................

67,677

Total

expenses

.........................................................................

9,904,410

Expense

reductions

(Note

4)

...............................................................

(71,072)

Expenses

waived/paid

by

affiliates

(Note

g

and

h)

..............................................

(35,860)

Net

expenses

.........................................................................

9,797,478

Net

investment

income

................................................................

18,026,975

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Operations

(continued)

for

the

six

months

ended

March

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

50,244,008

Foreign

currency

transactions

................................................................

(52,161)

Forward

exchange

contracts

.................................................................

1,126,507

Futures

contracts

.........................................................................

9,365,238

TBA

sale

commitments

.....................................................................

35,664

Swap

contracts

...........................................................................

2,174,790

Net

realized

gain

(loss)

..................................................................

62,894,046

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

(82,772,106)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

(34,360)

Unfunded

loan

commitments

(Note

9)

..........................................................

(310) Forward

exchange

contracts

.................................................................

(484,949)

Futures

contracts

.........................................................................

(1,308,061)

TBA

sale

commitments

.....................................................................

263,964

Swap

contracts

...........................................................................

(286,482)

Net

change

in

unrealized

appreciation

(depreciation)

............................................

(84,622,304)

Net

realized

and

unrealized

gain

(loss)

............................................................

(21,728,258)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$(3,701,283)

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025\*
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$18,026,975

$36,108,066

Net

realized

gain

(loss)

.................................................

62,894,046

56,386,461

Net

change

in

unrealized

appreciation

(depreciation)

...........................

(84,622,304)

158,384,934

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(3,701,283)

250,879,461

Distributions

to

shareholders:

Class

A

.............................................................

(80,597,007)

(147,562,408)

Class

C

.............................................................

(4,947,164)

(11,594,408)

Class

P

.............................................................

(4,170,742)

(6,784,003)

Class

R

.............................................................

(904,491)

(1,377,232)

Class

R5

............................................................

(9,610)

(9,918)

Class

R6

............................................................

(14,037,112)

(26,562,545)

Class

Y

.............................................................

(28,073,405)

(37,303,618)

Total

distributions

to

shareholders

..........................................

(132,739,531)

(231,194,132)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

9,049,988

48,918,965

Class

C

.............................................................

(9,188,669)

(16,180,636)

Class

P

.............................................................

632,973,116

21,884,893

Class

R

.............................................................

2,085,958

1,731,430

Class

R5

............................................................

16,327

104,827

Class

R6

............................................................

4,891,118

(3,905,663)

Class

Y

.............................................................

91,593,450

134,898,086

Total

capital

share

transactions

............................................

731,421,288

187,451,902

Net

increase

(decrease)

in

net

assets

...................................

594,980,474

207,137,231

Net

assets:

Beginning

of

period

.....................................................

2,334,863,119

2,127,725,888

End

of

period

..........................................................

$2,929,843,593

$2,334,863,119

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Balanced

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(h).

Putnam

Asset

Allocation

Funds

franklintempleton.com

Semiannual

Report

Notes

to

Consolidated

Financial

Statements

(unaudited)

#### 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.

On

March

26,

2026,

the

Trust's

Board

of

Trustees

approved

a

proposal

to

change

the

name

of

the

Fund

to

Franklin

Dynamic

Asset

Allocation

Balanced

Fund,

effective

July

15,

2026. The

following

summarizes

the

Fund

's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities,

exchange

traded

funds,

and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively. 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. Investments

in

repurchase

agreements

are

valued

at

cost,

which

approximates

fair

value.

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

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

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

March

31,

2026,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Consolidated

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Joint

#### Repurchase

#### Agreement
The

Fund

enters

into

a

joint

repurchase

agreement

whereby

its

uninvested

cash

balance

is

deposited

into

a

joint

cash

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager

and

is

used

to

invest

in

one

or

more

repurchase

agreements.

The

value

and

face

amount

of

the

joint

repurchase

agreement

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

are

allocated

to

the

funds

based

on

their

pro-rata

interest.

A

repurchase

agreement

is

accounted

for

as

a

loan

by

the

Fund

to

the

seller,

collateralized

by

securities

which

are

delivered

to

the

Fund's

custodian.

The

fair

value,

including

accrued

interest,

of

the

initial

collateralization

is

required

to

be

at

least

102%

of

the

dollar

amount

invested

by

the

funds,

with

the

value

of

the

underlying

securities

marked

to

market

daily

to

maintain

coverage

of

at

least

100%.

Repurchase

agreements

are

subject

to

the

terms

of

Master

Repurchase

Agreements

(MRAs)

with

approved

counterparties

(sellers).

The

MRAs

contain

various

provisions,

including

but

not

limited

to

events

of

default

and

maintenance

of

collateral

for

repurchase

agreements.

In

the

event

of

default

by

either

the

seller

or

the

Fund,

certain

MRAs

may

permit

the

non-

defaulting

party

to

net

and

close-out

all

transactions,

if

any,

traded

under

such

agreements.

The

Fund

may

sell

securities

it

holds

as

collateral

and

apply

the

proceeds

towards

the

repurchase

price

and

any

other

amounts

owed

by

the

seller

to

the

Fund

in

the

event

of

default

by

the

seller.

This

could

involve

costs

or

delays

in

addition

to

a

loss

on

the

securities

if

their

value

falls

below

the

repurchase

price

owed

by

the

seller.

The

joint

repurchase

agreement

held

by

the Fund

at

period

end,

as

indicated

in

the

Consolidated

Schedule

of

Investments,

had

been

entered

into

on March

31,

2026. d. #### Stripped

#### Securities
The

Fund

may

invest

in

stripped

securities

which

represent

a

participation

in

securities

that

may

be

structured

in

classes

with

rights

to

receive

different

portions

of

the

interest

and

principal.

Interest-only

securities

receive

all

of

the

interest

and

principal-only

securities

receive

all

of

the

principal.

If

the

interest

only

securities

experience

greater

than

anticipated

prepayments

of

principal,

the

Fund

may

fail

to

recoup

fully

its

initial

investment

in

these

securities.

Conversely,

principal-

only

securities

increase

in

value

if

prepayments

are

greater

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

fair

value

of

these

securities

is

highly

sensitive

to

changes

in

interest

rates.

e. #### 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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Joint

#### Repurchase

#### Agreement
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

f. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Consolidated

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/

or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

At

March

31,

2026,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

of

$564,380

and

the

aggregate

value

of

collateral

pledged

for

such

contracts

was

$696,306.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

or

at

the

broker and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund

entered

into

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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

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

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

and

credit

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.

See

Note

regarding

other

derivative

information.

g. #### 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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

f. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

h. #### Investments

#### in

#### Franklin

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Ltd.

#### (FT

#### Subsidiary)
The

Fund

invests

in

certain

financial

instruments

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.

For

tax

purposes,

the

Fund

is

required

to

increase

its

taxable

income

by

its

share

of

the

FT

Subsidiary's

income.

Net

losses

incurred

by

the

FT

Subsidiary

cannot

offset

income

earned

by

the

Fund

and

cannot

be

carried

back

or

forward

by

the

FT

Subsidiary

to

offset

income

from

prior

or

future

years.

At

March

31,

2026,

FT

Subsidiary's

investments,

as

well

as

any

other

assets

and

liabilities

of

FT

Subsidiary

are

reflected

in

the

Fund's

Consolidated

Schedule

of

Investments

and

Consolidated

Statement

of

Assets

and

Liabilities.

All

intercompany

transactions

and

balances

have

been

eliminated.

At

March

31,

2026,

the

net

assets

of

FT

Subsidiary

were

$11,066,423,

representing 0.38% of

the

Fund's

consolidated

net

assets.

The

Fund's

investment

in

FT

Subsidiary

is

limited

to

25%

of

consolidated

assets.

i. #### 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.

In

some

cases,

the

Fund

may

be

entitled

to

reclaim

all

or

a

portion

of

such

taxes,

and

such

reclaim

amounts,

if

any,

are

reflected

as

a

dividend

receivable

in

the

Consolidated

Statement

of

Assets

and

Liabilities

and

dividend

income

in

the

Consolidated

Statement

of

Operations.

In

many

cases,

however,

the

Fund

may

not

receive

such

amounts

for

an

extended

period

of

time,

depending

on

the

country

of

investment.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

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

consolidated

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

March

31,

2026, the Fund

has

determined

that

no

tax

liability

is

required

in

its

consolidated

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

j. #### 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.

Facility

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

fees

are

recognized

as

income

over

the

expected

term

of

the

loan.

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.

k. #### Organization

#### Costs
Organization

costs

were

expensed

as

incurred.

l. #### 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.

m. #### 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

March

31,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

2,400,304

$41,420,727

5,343,615

$87,947,779

Shares

issued

in

reinvestment

of

distributions

..........

4,580,922

77,897,003

8,959,878

142,510,381

Shares

redeemed

...............................

(6,402,596)

(110,267,742)

(10,998,298)

(181,539,195)

Net

increase

(decrease)

..........................

578,630

$9,049,988

3,305,195

$48,918,965

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

j. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Shares

sold

...................................

331,362

$5,442,393

965,189

$15,243,072

Shares

issued

in

reinvestment

of

distributions

..........

295,889

4,803,943

741,387

11,308,549

Shares

redeemed

a

..............................

(1,180,563)

(19,435,005)

(2,696,848)

(42,732,257)

Net

increase

(decrease)

..........................

(553,312)

$(9,188,669)

(990,272)

$(16,180,636)

#### Class

#### P

#### Shares:
Shares

sold

...................................

38,103,090

$660,728,665

2,341,950

$39,196,409

Shares

issued

in

reinvestment

of

distributions

..........

244,125

4,170,742

424,616

6,784,339

Shares

redeemed

...............................

(1,881,349)

(31,926,291)

(1,454,029)

(24,095,855)

Net

increase

(decrease)

..........................

36,465,866

$632,973,116

1,312,537

$21,884,893

#### Class

#### R

#### Shares:
Shares

sold

...................................

209,758

$3,589,282

195,436

$3,181,604

Shares

issued

in

reinvestment

of

distributions

..........

53,885

903,948

87,494

1,375,862

Shares

redeemed

...............................

(143,939)

(2,407,272)

(172,794)

(2,826,036)

Net

increase

(decrease)

..........................

119,704

$2,085,958

110,136

$1,731,430

#### Class

#### R5

#### Shares:
Shares

sold

...................................

2,277

$39,189

6,139

$102,379

Shares

issued

in

reinvestment

of

distributions

..........

560

9,610

616

9,918

Shares

redeemed

...............................

(1,885)

(32,472)

(470) (7,470)

Net

increase

(decrease)

..........................

952

$16,327

6,285

$104,827

#### Class

#### R6

#### Shares:
Shares

sold

...................................

1,007,613

$17,415,819

1,846,723

$30,501,705

Shares

issued

in

reinvestment

of

distributions

..........

772,634

13,189,151

1,571,115

25,066,994

Shares

redeemed

...............................

(1,483,368)

(25,713,852)

(3,603,791)

(59,474,362)

Net

increase

(decrease)

..........................

296,879

$4,891,118

(185,953)

$(3,905,663)

#### Class

#### Y

#### Shares:
Shares

sold

...................................

7,480,818

$129,750,546

14,107,389

$233,477,631

Shares

issued

in

reinvestment

of

distributions

..........

1,587,336

27,087,827

2,226,399

35,551,172

Shares

redeemed

...............................

(3,770,788)

(65,244,923)

(8,136,115)

(134,130,717)

Net

increase

(decrease)

..........................

5,297,366

$91,593,450

8,197,673

$134,898,086

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. 2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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:

a. #### Management

#### Fees
The

Fund

and

FT

Subsidiary

pay Advisers

a

management

fee

(based

on

the

Fund's

average

net

assets

and

computed

and

paid

monthly)

at

annual

rates

that

may

vary

based

on

the

average

of

the

aggregate

net

assets

of

all

open-end

mutual

funds

sponsored

by

Putnam

Management

(including

open-end

funds

managed

by

affiliates

of

Putnam

Management

that

have

been

deemed

to

be

sponsored

by

Putnam

Management

for

this

purpose)

(excluding

net

assets

of

such

funds

that

are

invested

in,

or

that

are

invested

in

by,

other

such

funds

to

the

extent

necessary

to

avoid

"double

counting"

of

those

assets).

Such

annual

rates

may

vary

as

follows:

For

the

period

ended

March

31,

2026,

the

annualized

gross

effective

investment

management

fee

rate

was 0.500%

of

the

Fund's

average daily

net

assets.

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,

Putnam

Management

provides

portfolio

management

and

certain

other

advisory

and

related

services

to

the

Fund

or

FT

Subsidiary.

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

or

FT

Subsidiary.

These

fees

are

not

an

additional

expense

to

the

Fund

or

FT

Subsidiary.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund

or

FT

Subsidiary.

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

or

FT

Subsidiary.

#### 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

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.680%

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.

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

Under

a

subadvisory

agreement,

PAC

provides

subadvisory

services

to

the

Fund

or

FT

Subsidiary.

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

or

FT

Subsidiary.

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.

c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

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%.

#### 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

..............................

$56,996

CDSC

retained

..............................................................................

$7,052

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

Class R6

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R6

shares

at

an

annual

rate

of

0.05%.

f. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Consolidated

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Consolidated

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

March

31,

2026,

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.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Government

Money

Market

Fund,

Class

G,

3.489%

.

$—

$15,584,190

$(4,518,252)

$—

$—

$11,065,938

11,065,938

$124,161

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

82,352,507

426,105,461

(318,376,360)

—

—

190,081,608

190,081,608

1,841,342

#### Total

#### Affiliated

#### Securities

#### ...
$82,352,507

$441,689,651

$(322,894,612)

$—

$—

$201,147,546

$1,965,503

3. #### Transactions

#### with

#### Affiliates
(continued)

e. #### Transfer

#### Agent

#### Fees
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into an

arrangement

with PSERV

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

fees.

During

the

period

ended

March

31,

2026,

the

fees

were

reduced

as

noted

in

the

Consolidated

Statement

of

Operations.

5. #### Income

#### Taxes
At

March

31,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities,

wash

sales,

passive

foreign

investment

company

shares,

tax

straddles

and

derivative

financial

instruments.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

March

31,

2026,

aggregated

$1,857,819,989 and

$1,492,903,656,

respectively.

7. #### Defaulted

#### Securities
The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

March

31,

2026,

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.

8. #### Restricted

#### Securities
The

Fund

invests

in

securities

that

are

restricted

under

the

Securities

Act

of

1933

(1933

Act).

Restricted

securities

are

often

purchased

in

private

placement

transactions,

and

cannot

be

sold

without

prior

registration

unless

the

sale

is

pursuant

to

an

exemption

under

the

1933

Act.

Disposal

of

these

securities

may

require

greater

effort

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

The Fund

may

have

registration

rights

for

restricted

securities.

The

issuer

generally

incurs

all

registration

costs.

At

March

31,

2026,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

Cost

of

investments

..........................................................................

$2,676,871,024

Unrealized

appreciation

........................................................................

$737,443,712

Unrealized

depreciation

........................................................................

(338,541,850)

Net

unrealized

appreciation

(depreciation)

..........................................................

$398,901,862

#### Shares

#### Issuer

#### Acquisition

#### Date

#### Cost

#### Value

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
2,750

Pfizer,

Inc.,

CVR,

3/31/32

......................

11/14/25

$

13,475

$

13,475

#### Total

#### Restricted

#### Securities
(Value

is

0.0%

†

of

Net

Assets)

#### ..............
$13,475

$13,475

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

9. #### Unfunded

#### Loan

#### Commitments
The

Fund

enters

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The Fund

is

obligated

to

fund

these

loan

commitments

at

the

borrowers'

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Consolidated

Statement

of

Assets

and

Liabilities

and

the

Consolidated

Statement

of

Operations.

Funded

portions

of

credit

agreements

are

presented

in

the

Consolidated

Schedule

of

Investments.

At

March

31,

2026,

unfunded

commitments

were

as

follows:

10. #### Other

#### Derivative

#### Information
At

March

31,

2026,

investments

in

derivative

contracts

are

reflected

in

the Consolidated

Statement of

Assets

and

Liabilities

as

follows:

†

Rounds

to

less

than

0.1%

of

net

assets.

#### Borrower

#### Unfunded

#### Commitment
First

Eagle

Holdings,

Inc.

$

49,583

#### 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

$

84,108

a

Variation

margin

on

futures

contracts

$

8,475,541

a

Variation

margin

on

centrally

cleared

swap

contracts

1,195,712

a

Variation

margin

on

centrally

cleared

swap

contracts

1,655,562

a

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

741,156

Unrealized

depreciation

on

OTC

forward

exchange

contracts

1,009,708

Credit

contracts

............

Variation

margin

on

centrally

cleared

swap

contracts

74,620

a

Variation

margin

on

centrally

cleared

swap

contracts

1,331,603

a

Unrealized

appreciation

on

OTC

swap

contracts

12,126

Unrealized

depreciation

on

OTC

swap

contracts

—

Equity

contracts

...........

Variation

margin

on

futures

contracts

10,358,224

a

Variation

margin

on

futures

contracts

4,049,573

a

Unrealized

appreciation

on

OTC

swap

contracts

7,364,855

Unrealized

depreciation

on

OTC

swap

contracts

4,383,477

Total

....................

$19,830,801

$20,905,464

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

and

centrally

cleared

swap

contracts

as

reported

in

the

Consolidated

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Consolidated

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

8. #### Restricted

#### Securities
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

For

the

period

ended

March

31,

2026,

the

effect

of

derivative

contracts

in

the Consolidated

Statement

of

Operations

was

as

follows:

For

the

period

ended

March

31,

2026,

the

average

month

end

notional

amount

of

futures

contracts

and

swap

contracts

represented

$841,682,647

and

$802,938,719,

respectively. The

average

month

end

contract

value

of

forward

exchange

contracts

was

$117,115,169.

See

Note

1(f) regarding

derivative

financial

instruments.

11. #### Credit

#### Facility
The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

29,

2027. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Consolidated

Statement

of

Operations.

During

the

period

ended

March

31,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Consolidated

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Consolidated

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Putnam

#### 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

$6,163,275

Futures

contracts

$(10,432,017)

Swap

contracts

(1,038,444)

Swap

contracts

(465,912)

Foreign

exchange

contracts

.....

Forward

exchange

contracts

1,126,507

Forward

exchange

contracts

(484,949)

Credit

contracts

...............

Swap

contracts

1,524,974

Swap

contracts

(1,676,229)

Equity

contracts

..............

Futures

contracts

1,060,035

Futures

contracts

8,939,361

Swap

contracts

1,688,260

Swap

contracts

1,855,659

Commodity

contracts

..........

Futures

contracts

2,141,928

Futures

contracts

184,595

Total

.......................

$12,666,535

$(2,079,492)

10. #### Other

#### Derivative

#### Information
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

12. #### 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

March

31,

2026,

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:

a

Common

Stocks

:

Aerospace

&

Defense

...................

$

46,830,191

$

10,046,922

$

—

$

56,877,113

Air

Freight

&

Logistics

...................

10,411,080

—

—

10,411,080

Automobile

Components

.................

2,440,310

1,483,841

—

3,924,151

Automobiles

..........................

40,377,834

805,485

—

41,183,319

Banks

...............................

67,108,129

42,010,755

—

109,118,884

Beverages

...........................

25,650,178

1,189,842

—

26,840,020

Biotechnology

.........................

52,994,545

209,263

—

53,203,808

Broadline

Retail

.......................

65,278,886

3,700,885

—

68,979,771

Building

Products

......................

10,501,948

1,880,096

—

12,382,044

Capital

Markets

........................

63,026,769

10,781,635

—

73,808,404

Chemicals

...........................

32,810,584

2,004,818

—

34,815,402

Commercial

Services

&

Supplies

...........

2,719,168

—

—

2,719,168

Communications

Equipment

..............

27,601,471

859,852

—

28,461,323

Construction

&

Engineering

...............

4,358,747

4,561,587

—

8,920,334

Construction

Materials

..................

8,615,002

3,481,445

—

12,096,447

Consumer

Finance

.....................

15,190,076

—

—

15,190,076

Consumer

Staples

Distribution

&

Retail

......

32,960,011

1,169,355

—

34,129,366

Containers

&

Packaging

.................

4,841,366

—

—

4,841,366

Distributors

...........................

277,368

—

—

277,368

Diversified

Consumer

Services

............

2,490,868

—

—

2,490,868

Diversified

REITs

......................

206,366

—

—

206,366

Diversified

Telecommunication

Services

.....

17,020,707

4,436,394

—

21,457,101

Electric

Utilities

........................

29,152,379

6,872,326

—

36,024,705

Electrical

Equipment

....................

31,178,883

11,470,019

—

42,648,902

Electronic

Equipment,

Instruments

&

Components

........................

3,921,232

—

—

3,921,232

Energy

Equipment

&

Services

.............

15,389,584

—

—

15,389,584

Entertainment

.........................

29,850,911

3,087,776

—

32,938,687

Financial

Services

......................

52,578,827

2,525,260

—

55,104,087

Food

Products

........................

4,491,791

4,688,429

—

9,180,220

Gas

Utilities

..........................

1,892,460

729,989

—

2,622,449

Ground

Transportation

..................

9,659,902

—

—

9,659,902

Health

Care

Equipment

&

Supplies

.........

26,492,324

6,235,902

—

32,728,226

Health

Care

Providers

&

Services

..........

22,290,696

154,130

—

22,444,826

Health

Care

REITs

.....................

2,056,113

—

—

2,056,113

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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:

a

(continued)

Common

Stocks:

(continued)

Health

Care

Technology

.................

$

9,999,907

$

—

$

—

$

9,999,907

Hotel

&

Resort

REITs

...................

730,846

—

—

730,846

Hotels,

Restaurants

&

Leisure

.............

29,506,800

4,424,266

—

33,931,066

Household

Durables

....................

10,859,880

2,367,735

—

13,227,615

Household

Products

....................

21,527,015

2,029,100

—

23,556,115

Independent

Power

and

Renewable

Electricity

Producers

..........................

1,878,527

2,488,981

—

4,367,508

Industrial

Conglomerates

................

9,584,429

6,736,095

—

16,320,524

Industrial

REITs

.......................

4,401,125

—

—

4,401,125

Insurance

............................

33,747,971

12,500,359

—

46,248,330

Interactive

Media

&

Services

..............

128,667,983

821,714

—

129,489,697

IT

Services

...........................

9,856,920

1,042,080

—

10,899,000

Leisure

Products

.......................

1,624,141

1,519,697

—

3,143,838

Life

Sciences

Tools

&

Services

............

9,434,386

2,682,189

—

12,116,575

Machinery

............................

38,382,970

6,056,833

—

44,439,803

Marine

Transportation

...................

683,302

814,405

—

1,497,707

Media

...............................

3,152,863

320,274

—

3,473,137

Metals

&

Mining

.......................

9,472,857

15,675,090

—

25,147,947

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

1,240,242

—

—

1,240,242

Multi-Utilities

..........................

6,827,657

1,671,670

—

8,499,327

Office

REITs

..........................

2,199,225

—

—

2,199,225

Oil,

Gas

&

Consumable

Fuels

.............

50,444,685

22,861,934

—

73,306,619

Paper

&

Forest

Products

.................

94,618

—

—

94,618

Passenger

Airlines

.....................

9,518,756

4,072,289

—

13,591,045

Personal

Care

Products

.................

—

1,754,859

—

1,754,859

Pharmaceuticals

.......................

63,054,070

35,326,836

—

98,380,906

Professional

Services

...................

5,601,469

1,272,243

—

6,873,712

Real

Estate

Management

&

Development

....

6,141,938

—

—

6,141,938

Residential

REITs

......................

6,714,048

—

—

6,714,048

Retail

REITs

..........................

8,330,644

—

—

8,330,644

Semiconductors

&

Semiconductor

Equipment

.

222,097,067

17,607,703

—

239,704,770

Software

.............................

125,393,335

3,230,787

—

128,624,122

Specialized

REITs

......................

11,924,241

—

—

11,924,241

Specialty

Retail

........................

9,701,394

1,058,997

—

10,760,391

Technology

Hardware,

Storage

&

Peripherals

.

115,503,617

—

—

115,503,617

Textiles,

Apparel

&

Luxury

Goods

..........

1,583,631

2,305,966

—

3,889,597

Tobacco

.............................

18,001,723

5,196,067

—

23,197,790

Trading

Companies

&

Distributors

..........

4,454,443

4,820,575

—

9,275,018

Transportation

Infrastructure

..............

502,634

—

—

502,634

Water

Utilities

.........................

203,727

—

—

203,727

Wireless

Telecommunication

Services

.......

4,768,311

4,127,912

—

8,896,223

Management

Investment

Companies

.........

2,678,140

—

—

2,678,140

Convertible

Preferred

Stocks

................

578,349

—

—

578,349

Preferred

Stocks

.........................

—

1,411,371

—

1,411,371

Rights

.................................

—

—

26,709

26,709

Convertible

Bonds

.......................

—

1,194,321

—

1,194,321

Corporate

Bonds

........................

—

318,826,271

—

318,826,271

Senior

Floating

Rate

Interests

...............

—

16,142,271

—

16,142,271

Foreign

Government

and

Agency

Securities

....

—

19,756,119

—

19,756,119

U.S.

Government

and

Agency

Securities

.......

—

1,086,308

—

1,086,308

Asset-Backed

Securities

...................

—

42,726,167

—

42,726,167

Commercial

Mortgage-Backed

Securities

......

—

28,743,102

—

28,743,102

Mortgage-Backed

Securities

................

—

289,427,198

—

289,427,198

12. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

13. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the consolidated

financial

statements.

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.

14. #### Subsequent

#### Events
The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

consolidated

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

consolidated

financial

statements.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Balanced

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Residential

Mortgage-Backed

Securities

.......

$

—

$

22,996,508

$

—

$

22,996,508

Agency

Commercial

Mortgage-Backed

Securities

—

29,989,833

—

29,989,833

Municipal

Bonds

.........................

—

2,784,155

—

2,784,155

Short

Term

Investments

...................

201,154,730

106,825,557

—

307,980,287

Total

Investments

in

Securities

...........

$1,964,891,322

$1,171,081,843

b

$26,709

$3,135,999,874

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$741,156

$—

$741,156

Futures

Contracts

.......................

10,442,332

—

—

10,442,332

Swap

Contracts

.........................

—

8,647,313

—

8,647,313

Total

Other

Financial

Instruments

.........

$10,442,332

$9,388,469

$—

$19,830,801

#### Liabilities:
Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

65,643,166

$

—

$

65,643,166

Forward

Exchange

Contracts

...............

—

1,009,708

—

1,009,708

Futures

Contracts

........................

12,525,114

—

—

12,525,114

Swap

Contracts

.........................

—

7,370,642

—

7,370,642

Unfunded

Loan

Commitments

...............

—

—

Total

Other

Financial

Instruments

.........

$12,525,114

$74,023,826

$—

$86,548,940

a

For

detailed

categories,

see

the

accompanying

Consolidated

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$290,553,227,

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.

12. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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

#### ETF
Exchange-Traded

Fund

#### EURIBOR
Euro

Inter-Bank

Offer

Rate

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### GO
General

Obligation

#### IO
Interest

Only

#### NATL
National

Reinsurance

Corp.

#### PIK
Payment-In-Kind

#### 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

........................

3.68%

Putnam

Asset

Allocation

Funds

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

consolidated

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

38954-SFSOI

05/26©

2026

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR,
 the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "principal executive officer" and
 "principal financial officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification,
 in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with
 respect to the Funds alongside the required designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party
 service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton's
 oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pdaabf-efp24636_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-efp24636_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**

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | May 29, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | May 29, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | May 29, 2026 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Putnam Asset Allocation Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: May 29, 2026 |
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| 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: May 29, 2026 |
| /s/ Jeffrey White |
| Jeffrey White |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **March 31, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: May 29, 2026 | Date: May 29, 2026 |

---

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.