# EDGAR Filing Document

**Accession Number:** 0000914209
**File Stem:** 0001133228-25-012998
**Filing Date:** 2025-12
**Character Count:** 538675
**Document Hash:** 14e75b72b36607903f09d9f28198b5f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-012998.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001133228-25-012998

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**EFFECTIVENESS DATE**: 20251201

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07121
- **FILM NUMBER:** 251538328

**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 Conservative Fund (Series ID: S000000779)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000002313 | Class A shares | PACAX           |
| C000002315 | Class C shares | PACCX           |
| C000002317 | Class R shares | PACRX           |
| C000002318 | Class Y shares | PACYX           |
| C000117947 | Class R5       |  |
| C000117948 | Class R6       |  |
| C000174662 | Class P Shares |  |

?xml version='1.0' encoding='ASCII'? 2025-10-2074300184800_PutnamDynamicAssetAllocationConservativeFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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

**Putnam Asset Allocation Funds**

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street,

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

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

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

ITEM 1. REPORT TO STOCKHOLDERS.

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

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A | $100 | 0.96% |

---

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

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

For the twelve months ended September 30, 2025, Class A shares of Putnam Dynamic Asset Allocation Conservative Fund returned 7.46%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index and the Putnam Conservative Blended Benchmark†, which returned 2.88% and 7.34%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

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

---

---

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

---

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

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

Putnam Dynamic Asset Allocation Conservative Fund PAGE 1 38957-ATSA-1125

------

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

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

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

**Class A** 9/30/2015 — 9/30/2025

![image](ts5327img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 7.46 | 4.68 | 5.04 |
| **Class A (with sales charge)**  | 1.28 | 3.44 | 4.42 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **Putnam Conservative Blended Benchmark**<sup>†</sup>  | 7.34 | 4.48 | 5.70 |

---

† The
 Putnam Conservative Blended Benchmark is comprised of 65% Bloomberg U.S. Aggregate Index, 25% Russell 3000 Index, 5% MSCI
 EAFE Index-NR and 5% JPMorgan
 Developed High Yield Index.

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

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $584337216 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1967 |
| **Total Management Fee Paid** | $2878568 |
| **Portfolio Turnover Rate** | 243% |

---

Putnam Dynamic Asset Allocation Conservative Fund PAGE 2 38957-ATSA-1125

------

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

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

![image](ts5327img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

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

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

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

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

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

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Dynamic Asset Allocation Conservative Fund PAGE 3 38957-ATSA-1125

9425100251070911048114881225813378112151188414337154051000010519105271039911470122711216110385104521166211998100001081811459118841283613986151941282113741162191741052.818.114.21.91.81.21.21.00.50.10.00.00.00.07.2 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C | $177 | 1.71% |

---

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

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

For the twelve months ended September 30, 2025, Class C shares of Putnam Dynamic Asset Allocation Conservative Fund returned 6.76%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index and the Putnam Conservative Blended Benchmark†, which returned 2.88% and 7.34%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

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

---

---

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

---

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

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

Putnam Dynamic Asset Allocation Conservative Fund PAGE 1 38957-ATSC-1125

------

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

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

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

![image](ts5328img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 6.76 | 3.90 | 4.40 |
| **Class C (with sales charge)**  | 5.76 | 3.90 | 4.40 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **Putnam Conservative Blended Benchmark**<sup>†</sup>  | 7.34 | 4.48 | 5.70 |

---

† The
 Putnam Conservative Blended Benchmark is comprised of 65% Bloomberg U.S. Aggregate Index, 25% Russell 3000 Index, 5% MSCI
 EAFE Index-NR and 5% JPMorgan
 Developed High Yield Index.

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $584337216 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1967 |
| **Total Management Fee Paid** | $2878568 |
| **Portfolio Turnover Rate** | 243% |

---

Putnam Dynamic Asset Allocation Conservative Fund PAGE 2 38957-ATSC-1125

------

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

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

![image](ts5328img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

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

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

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

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

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

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Dynamic Asset Allocation Conservative Fund PAGE 3 38957-ATSC-1125

10000105471119311445118191251813565112761187014320153881000010519105271039911470122711216110385104521166211998100001081811459118841283613986151941282113741162191741052.818.114.21.91.81.21.21.00.50.10.00.00.00.07.2 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class P | $62 | 0.60% |

---

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

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

For the twelve months ended September 30, 2025, Class P shares of Putnam Dynamic Asset Allocation Conservative Fund returned 7.90%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index and the Putnam Conservative Blended Benchmark†, which returned 2.88% and 7.34%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

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

---

---

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

---

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

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

Putnam Dynamic Asset Allocation Conservative Fund PAGE 1 38957-ATSP-1125

------

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

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

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

![image](ts5333img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class P**  | 7.90 | 5.08 | 5.42 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **Putnam Conservative Blended Benchmark**<sup>†</sup>  | 7.34 | 4.48 | 5.70 |

---

† The
 Putnam Conservative Blended Benchmark is comprised of 65% Bloomberg U.S. Aggregate Index, 25% Russell 3000 Index, 5% MSCI
 EAFE Index-NR and 5% JPMorgan
 Developed High Yield Index.

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $584337216 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1967 |
| **Total Management Fee Paid** | $2878568 |
| **Portfolio Turnover Rate** | 243% |

---

Putnam Dynamic Asset Allocation Conservative Fund PAGE 2 38957-ATSP-1125

------

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

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

![image](ts5333img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

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

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

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

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

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

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Dynamic Asset Allocation Conservative Fund PAGE 3 38957-ATSP-1125

10000106511143011827123561323414505121911299015714169561000010519105271039911470122711216110385104521166211998100001081811459118841283613986151941282113741162191741052.818.114.21.91.81.21.21.00.50.10.00.00.00.07.2 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R | $125 | 1.21% |

---

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

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

For the twelve months ended September 30, 2025, Class R shares of Putnam Dynamic Asset Allocation Conservative Fund returned 7.21%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index and the Putnam Conservative Blended Benchmark†, which returned 2.88% and 7.34%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

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

---

---

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

---

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

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

Putnam Dynamic Asset Allocation Conservative Fund PAGE 1 38957-ATSR-1125

------

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

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

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

![image](ts5329img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 7.21 | 4.41 | 4.77 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **Putnam Conservative Blended Benchmark**<sup>†</sup>  | 7.34 | 4.48 | 5.70 |

---

† The
 Putnam Conservative Blended Benchmark is comprised of 65% Bloomberg U.S. Aggregate Index, 25% Russell 3000 Index, 5% MSCI
 EAFE Index-NR and 5% JPMorgan
 Developed High Yield Index.

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

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $584337216 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1967 |
| **Total Management Fee Paid** | $2878568 |
| **Portfolio Turnover Rate** | 243% |

---

Putnam Dynamic Asset Allocation Conservative Fund PAGE 2 38957-ATSR-1125

------

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

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

![image](ts5329img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

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

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

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

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

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

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Dynamic Asset Allocation Conservative Fund PAGE 3 38957-ATSR-1125

10000106051130111630120591284313976116851236314860159321000010519105271039911470122711216110385104521166211998100001081811459118841283613986151941282113741162191741052.818.114.21.91.81.21.21.00.50.10.00.00.00.07.2 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class R5 | $73 | 0.70% |

---

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

For the twelve months ended September 30, 2025, Class R5 shares of Putnam Dynamic Asset Allocation Conservative Fund returned 7.87%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index and the Putnam Conservative Blended Benchmark†, which returned 2.88% and 7.34%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

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

---

---

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

---

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

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

Putnam Dynamic Asset Allocation Conservative Fund PAGE 1 38957-ATSR5-1125

------

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

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

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

![image](ts5330img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5**  | 7.87 | 5.00 | 5.35 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **Putnam Conservative Blended Benchmark**<sup>†</sup>  | 7.34 | 4.48 | 5.70 |

---

† The
 Putnam Conservative Blended Benchmark is comprised of 65% Bloomberg U.S. Aggregate Index, 25% Russell 3000 Index, 5% MSCI
 EAFE Index-NR and 5% JPMorgan
 Developed High Yield Index.

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

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $584337216 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1967 |
| **Total Management Fee Paid** | $2878568 |
| **Portfolio Turnover Rate** | 243% |

---

Putnam Dynamic Asset Allocation Conservative Fund PAGE 2 38957-ATSR5-1125

------

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

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

![image](ts5330img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

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

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

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

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

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

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Dynamic Asset Allocation Conservative Fund PAGE 3 38957-ATSR5-1125

10000106681143311828123321319514447121411290815608168361000010519105271039911470122711216110385104521166211998100001081811459118841283613986151941282113741162191741052.818.114.21.91.81.21.21.00.50.10.00.00.00.07.2 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6 | $66 | 0.64% |

---

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

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

For the twelve months ended September 30, 2025, Class R6 shares of Putnam Dynamic Asset Allocation Conservative Fund returned 7.78%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index and the Putnam Conservative Blended Benchmark†, which returned 2.88% and 7.34%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

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

---

---

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

---

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

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

Putnam Dynamic Asset Allocation Conservative Fund PAGE 1 38957-ATSR6-1125

------

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

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

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

![image](ts5331img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 7.78 | 5.03 | 5.39 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **Putnam Conservative Blended Benchmark**<sup>†</sup>  | 7.34 | 4.48 | 5.70 |

---

† The
 Putnam Conservative Blended Benchmark is comprised of 65% Bloomberg U.S. Aggregate Index, 25% Russell 3000 Index, 5% MSCI
 EAFE Index-NR and 5% JPMorgan
 Developed High Yield Index.

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

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $584337216 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1967 |
| **Total Management Fee Paid** | $2878568 |
| **Portfolio Turnover Rate** | 243% |

---

Putnam Dynamic Asset Allocation Conservative Fund PAGE 2 38957-ATSR6-1125

------

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

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

![image](ts5331img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

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

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

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

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

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

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Dynamic Asset Allocation Conservative Fund PAGE 3 38957-ATSR6-1125

10000106641144911839123621323114494121911297515691169121000010519105271039911470122711216110385104521166211998100001081811459118841283613986151941282113741162191741052.818.114.21.91.81.21.21.00.50.10.00.00.00.07.2 ------

---

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

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y | $74 | 0.71% |

---

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

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

For the twelve months ended September 30, 2025, Class Y shares of Putnam Dynamic Asset Allocation Conservative Fund returned 7.79%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index and the Putnam Conservative Blended Benchmark†, which returned 2.88% and 7.34%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

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

---

---

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

---

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

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

Putnam Dynamic Asset Allocation Conservative Fund PAGE 1 38957-ATSY-1125

------

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

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

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

![image](ts5332img003.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class Y**  | 7.79 | 4.95 | 5.29 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **Putnam Conservative Blended Benchmark**<sup>†</sup>  | 7.34 | 4.48 | 5.70 |

---

† The
 Putnam Conservative Blended Benchmark is comprised of 65% Bloomberg U.S. Aggregate Index, 25% Russell 3000 Index, 5% MSCI
 EAFE Index-NR and 5% JPMorgan
 Developed High Yield Index.

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

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $584337216 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1967 |
| **Total Management Fee Paid** | $2878568 |
| **Portfolio Turnover Rate** | 243% |

---

Putnam Dynamic Asset Allocation Conservative Fund PAGE 2 38957-ATSY-1125

------

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

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

![image](ts5332img004.jpg)

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

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

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

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

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

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

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

funddocuments@putnam.com.

---

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

---

**HOUSEHOLDING**

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

Putnam Dynamic Asset Allocation Conservative Fund PAGE 3 38957-ATSY-1125

10000106511141111798122941315614399120991286215538167481000010519105271039911470122711216110385104521166211998100001081811459118841283613986151941282113741162191741052.818.114.21.91.81.21.21.00.50.10.00.00.00.07.2 ------

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

ITEM 2. CODE OF ETHICS.

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

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

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

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

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

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

September

30,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Consolidated

Financial

Highlights

and

Consolidated

Schedule

of

Investments

#### 2
Consolidated

Financial

Statements

#### 73
Notes

to

Consolidated

Financial

Statements

#### 78
Report

of

Independent

Registered

Public

Accounting

Firm

#### 97
Tax

Information

#### 98
Changes

In

and

Disagreements

with

Accountants

#### 99
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

#### Conservative

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.11

$9.44

$9.49

$11.83

$11.22

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.23 0.23 0.21 0.16 0.14 Net

realized

and

unrealized

gains

(losses)

...........

0.55 1.70 0.35 (1.99)

0.87 Total

from

investment

operations

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

0.78 1.93 0.56 (1.83)

1.01 Less

distributions

from:

Net

investment

income

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

(0.36)

(0.26)

(0.19)

(0.16)

(0.16)

Net

realized

gains

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

(0.19)

—

(0.42)

(0.35)

(0.24)

Total

distributions

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

(0.55)

(0.26)

(0.61)

(0.51)

(0.40)

Net

asset

value,

end

of

year

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

$11.34

$11.11

$9.44

$9.49

$11.83

Total

return

c

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

7.46%

20.64%

5.97%

(16.17)%

9.14%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

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

0.96%

e

1.00%

1.03%

0.98%

0.97%

Net

investment

income

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

2.10%

2.27%

2.18%

1.51%

1.21%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$353,722

$368,551

$324,689

$354,957

$461,749

Portfolio

turnover

rate

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

243%

372%

456%

361%

380%

\*Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Conservative

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(g).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.92

$9.29

$9.34

$11.66

$11.06

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.14 0.15 0.14 0.08 0.05 Net

realized

and

unrealized

gains

(losses)

...........

0.56 1.66 0.35 (1.97)

0.86 Total

from

investment

operations

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

0.70 1.81 0.49 (1.89)

0.91 Less

distributions

from:

Net

investment

income

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

(0.30)

(0.18)

(0.12)

(0.08)

(0.07)

Net

realized

gains

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

(0.19)

—

(0.42)

(0.35)

(0.24)

Total

distributions

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

(0.49)

(0.18)

(0.54)

(0.43)

(0.31)

Net

asset

value,

end

of

year

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

$11.13

$10.92

$9.29

$9.34

$11.66

Total

return

c

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

6.76%

19.63%

5.27%

(16.88)%

8.36%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

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

1.71%

e

1.75%

1.78%

1.73%

1.72%

Net

investment

income

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

1.35%

1.50%

1.43%

0.76%

0.47%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$32,979

$41,800

$51,143

$67,579

$99,034

Portfolio

turnover

rate

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

243%

372%

456%

361%

380%

\*Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Conservative

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(g).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### P

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.16

$9.49

$9.52

$11.88

$11.26

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.27 0.28 0.22 0.21 0.19 Net

realized

and

unrealized

gains

(losses)

...........

0.56 1.68 0.40 (2.02)

0.87 Total

from

investment

operations

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

0.83 1.96 0.62 (1.81)

1.06 Less

distributions

from:

Net

investment

income

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

(0.39)

(0.29)

(0.23)

(0.20)

(0.20)

Net

realized

gains

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

(0.19)

—

(0.42)

(0.35)

(0.24)

Total

distributions

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

(0.58)

(0.29)

(0.65)

(0.55)

(0.44)

Net

asset

value,

end

of

year

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

$11.41

$11.16

$9.49

$9.52

$11.88

Total

return

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

7.90%

20.98%

6.55%

(15.95)%

9.61%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.60%

d

0.63%

0.64%

0.60%

0.59%

Net

investment

income

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

2.46%

2.68%

2.31%

1.92%

1.60%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$23,903

$16,755

$8,748

$169,945

$180,544

Portfolio

turnover

rate

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

243%

372%

456%

361%

380%

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Conservative

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(g).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.52

$9.79

$9.81

$12.21

$11.57

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.21 0.21 0.19 0.14 0.12 Net

realized

and

unrealized

gains

(losses)

...........

0.58 1.75 0.38 (2.06)

0.89 Total

from

investment

operations

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

0.79 1.96 0.57 (1.92)

1.01 Less

distributions

from:

Net

investment

income

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

(0.34)

(0.23)

(0.17)

(0.13)

(0.13)

Net

realized

gains

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

(0.19)

—

(0.42)

(0.35)

(0.24)

Total

distributions

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

(0.53)

(0.23)

(0.59)

(0.48)

(0.37)

Net

asset

value,

end

of

year

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

$11.78

$11.52

$9.79

$9.81

$12.21

Total

return

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

7.21%

20.20%

5.80%

(16.39)%

8.82%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

1.21%

d

1.25%

1.28%

1.23%

1.22%

Net

investment

income

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

1.85%

2.01%

1.93%

1.23%

0.97%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$4,866

$4,208

$4,172

$5,032

$8,115

Portfolio

turnover

rate

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

243%

372%

456%

361%

380%

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Conservative

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(g).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.18

$9.50

$9.53

$11.88

$11.26

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.26 0.26 0.22 0.20 0.17 Net

realized

and

unrealized

gains

(losses)

...........

0.57 1.70 0.38 (2.01)

0.88 Total

from

investment

operations

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

0.83 1.96 0.60 (1.81)

1.05 Less

distributions

from:

Net

investment

income

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

(0.38)

(0.28)

(0.21)

(0.19)

(0.19)

Net

realized

gains

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

(0.19)

—

(0.42)

(0.35)

(0.24)

Total

distributions

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

(0.57)

(0.28)

(0.63)

(0.54)

(0.43)

Net

asset

value,

end

of

year

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

$11.44

$11.18

$9.50

$9.53

$11.88

Total

return

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

7.87%

20.92%

6.32%

(15.97)%

9.49%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.70%

d

0.74%

0.75%

0.71%

0.70%

Net

investment

income

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

2.29%

2.49%

2.26%

1.80%

1.49%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$2

$5

$15

$3,726

$4,959

Portfolio

turnover

rate

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

243%

372%

456%

361%

380%

#### \*
Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Conservative

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(g).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

#### c
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

#### d
Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.17

$9.50

$9.54

$11.89

$11.27

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.26 0.27 0.25 0.20 0.18 Net

realized

and

unrealized

gains

(losses)

...........

0.56 1.69 0.36 (2.01)

0.88 Total

from

investment

operations

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

0.82 1.96 0.61 (1.81)

1.06 Less

distributions

from:

Net

investment

income

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

(0.39)

(0.29)

(0.23)

(0.19)

(0.20)

Net

realized

gains

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

(0.19)

—

(0.42)

(0.35)

(0.24)

Total

distributions

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

(0.58)

(0.29)

(0.65)

(0.54)

(0.44)

Net

asset

value,

end

of

year

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

$11.41

$11.17

$9.50

$9.54

$11.89

Total

return

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

7.78%

20.93%

6.43%

(15.89)%

9.54%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.64%

d

0.67%

0.68%

0.64%

0.63%

Net

investment

income

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

2.42%

2.60%

2.53%

1.85%

1.57%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$63,906

$67,809

$62,971

$77,067

$112,853

Portfolio

turnover

rate

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

243%

372%

456%

361%

380%

#### \*
Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Conservative

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(g).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

#### c
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

#### d
Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Highlights

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.17

$9.50

$9.54

$11.89

$11.27

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.26 0.26 0.24 0.19 0.17 Net

realized

and

unrealized

gains

(losses)

...........

0.56 1.69 0.36 (2.01)

0.88 Total

from

investment

operations

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

0.82 1.95 0.60 (1.82)

1.05 Less

distributions

from:

Net

investment

income

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

(0.38)

(0.28)

(0.22)

(0.18)

(0.19)

Net

realized

gains

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

(0.19)

—

(0.42)

(0.35)

(0.24)

Total

distributions

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

(0.57)

(0.28)

(0.64)

(0.53)

(0.43)

Net

asset

value,

end

of

year

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

$11.42

$11.17

$9.50

$9.54

$11.89

Total

return

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

7.79%

20.80%

6.31%

(15.98)%

9.45%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

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

0.71%

d

0.75%

0.78%

0.73%

0.72%

Net

investment

income

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

2.35%

2.52%

2.43%

1.75%

1.46%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$104,958

$85,693

$72,630

$132,583

$219,011

Portfolio

turnover

rate

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

243%

372%

456%

361%

380%

#### \*
Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

Conservative

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(g).

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

#### c
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

#### d
Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments,

September

30,

2025

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 58.8%

#### Aerospace

#### &

#### Defense

#### 1.8%
a

AeroVironment,

Inc.

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

United

States

$

27,710

Airbus

SE

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

France

5,287

1,234,652

a

Astronics

Corp.

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

United

States

691

31,517

a

Axon

Enterprise,

Inc.

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

United

States

60,282

a

Boeing

Co.

(The)

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

United

States

626

135,110

Curtiss-Wright

Corp.

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

United

States

149,308

General

Dynamics

Corp.

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

United

States

929

316,789

General

Electric

Co.

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

United

States

4,333

1,303,453

Leonardo

DRS,

Inc.

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

United

States

3,217

146,052

Lockheed

Martin

Corp.

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

United

States

4,013

2,003,330

Moog,

Inc.,

A

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

United

States

12,045

Northrop

Grumman

Corp.

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

United

States

1,785

1,087,636

RTX

Corp.

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

United

States

8,129

1,360,226

Thales

SA

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

France

2,746

868,050

TransDigm

Group,

Inc.

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

United

States

436,265

a

V2X,

Inc.

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

United

States

26,199

9,198,624

#### Air

#### Freight

#### &

#### Logistics

#### 0.2%
Expeditors

International

of

Washington,

Inc.

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

United

States

1,103

135,217

FedEx

Corp.

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

United

States

4,204

991,345

Hub

Group,

Inc.,

A

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

United

States

815

28,069

United

Parcel

Service,

Inc.,

B

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

United

States

1,651

137,908

1,292,539

#### Automobile

#### Components

#### 0.1%
a

Adient

plc

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

United

States

1,238

29,811

Aisin

Corp.

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

Japan

15,800

272,868

a

American

Axle

&

Manufacturing

Holdings,

Inc.

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

United

States

6,591

39,612

BorgWarner,

Inc.

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

United

States

3,186

140,057

Dana,

Inc.

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

United

States

3,428

68,697

a

Dorman

Products,

Inc.

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

United

States

12,782

a

Gentherm,

Inc.

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

United

States

12,364

Visteon

Corp.

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

United

States

588

70,478

646,669

#### Automobiles

#### 1.4%
General

Motors

Co.

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

United

States

21,119

1,287,625

Stellantis

NV

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

United

States

7,037

65,314

Subaru

Corp.

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

Japan

6,300

128,390

a

Tesla,

Inc.

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

United

States

14,946

6,646,785

Toyota

Motor

Corp.

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

Japan

4,200

80,667

8,208,781

#### Banks

#### 3.1%
Abu

Dhabi

Islamic

Bank

PJSC

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

United

Arab

Emirates

77,615

460,741

AIB

Group

plc

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

Ireland

19,638

179,035

Amalgamated

Financial

Corp.

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

United

States

813

22,073

Ameris

Bancorp

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

United

States

12,536

Associated

Banc-Corp.

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

United

States

12,572

a

Axos

Financial,

Inc.

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

United

States

832

70,429

Banco

Bilbao

Vizcaya

Argentaria

SA

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

Spain

16,371

315,463

Banco

de

Sabadell

SA

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

Spain

22,692

88,572

Banco

Santander

SA

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

Spain

68,433

718,158

Bank

Hapoalim

BM

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

Israel

13,298

270,311

Bank

Leumi

Le-Israel

BM

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

Israel

20,845

410,701

Bank

of

America

Corp.

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

United

States

38,210

1,971,254

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Banks
(continued)

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

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

United

States

651

$

27,941

Banner

Corp.

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

United

States

11,855

Barclays

plc

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

United

Kingdom

89,360

459,786

Beacon

Financial

Corp.

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

United

States

590

13,989

BNP

Paribas

SA

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

France

6,219

568,807

BOC

Hong

Kong

Holdings

Ltd.

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

China

10,000

46,848

Cathay

General

Bancorp

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

United

States

1,371

65,822

Central

Pacific

Financial

Corp.

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

United

States

736

22,330

Citigroup,

Inc.

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

United

States

45,390

4,607,085

Citizens

Financial

Group,

Inc.

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

United

States

2,688

142,894

Commonwealth

Bank

of

Australia

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

Australia

18,774

Credit

Agricole

SA

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

France

4,822

95,023

a

Customers

Bancorp,

Inc.

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

United

States

951

62,167

Enterprise

Financial

Services

Corp.

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

United

States

643

37,281

Erste

Group

Bank

AG

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

Austria

3,269

321,351

FB

Financial

Corp.

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

United

States

11,761

Financial

Institutions,

Inc.

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

United

States

11,288

First

Bancorp

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

United

States

3,207

70,714

First

Financial

Corp.

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

United

States

12,981

First

Horizon

Corp.

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

United

States

6,098

137,876

First

Merchants

Corp.

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

United

States

5,768

Hancock

Whitney

Corp.

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

United

States

1,217

76,196

Hanmi

Financial

Corp.

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

United

States

787

19,431

Heritage

Commerce

Corp.

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

United

States

1,153

11,449

Hilltop

Holdings,

Inc.

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

United

States

1,394

46,587

Hope

Bancorp,

Inc.

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

United

States

1,668

17,964

Horizon

Bancorp,

Inc.

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

United

States

740

11,847

HSBC

Holdings

plc

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

United

Kingdom

54,718

772,242

Independent

Bank

Corp.

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

United

States

11,461

Intesa

Sanpaolo

SpA

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

Italy

40,445

267,712

JPMorgan

Chase

&

Co.

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

United

States

3,207

1,011,584

Lloyds

Banking

Group

plc

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

United

Kingdom

436,919

494,411

Mercantile

Bank

Corp.

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

United

States

11,070

Metropolitan

Bank

Holding

Corp.

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

United

States

13,168

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

63,600

1,025,956

National

Bank

Holdings

Corp.,

A

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

United

States

12,635

National

Bank

of

Greece

SA

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

Greece

27,926

406,643

NatWest

Group

plc

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

United

Kingdom

52,365

369,872

Northrim

BanCorp,

Inc.

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

United

States

588

12,736

Northwest

Bancshares,

Inc.

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

United

States

993

12,303

OceanFirst

Financial

Corp.

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

United

States

936

16,446

OFG

Bancorp

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

United

States

887

38,576

Origin

Bancorp,

Inc.

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

United

States

11,771

Pathward

Financial,

Inc.

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

United

States

693

51,289

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

5,340

1,072,966

Popular,

Inc.

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

United

States

1,129

143,394

Preferred

Bank

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

United

States

31,817

Shore

Bancshares,

Inc.

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

United

States

8,107

Simmons

First

National

Corp.,

A

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

United

States

1,546

29,637

Sumitomo

Mitsui

Financial

Group,

Inc.

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

Japan

16,000

450,126

a

Third

Coast

Bancshares,

Inc.

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

United

States

12,530

Towne

Bank

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

United

States

12,065

Trustmark

Corp.

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

United

States

1,178

46,649

UniCredit

SpA

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

Italy

6,148

467,833

Univest

Financial

Corp.

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

United

States

14,440

US

Bancorp

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

United

States

2,834

136,967

Valley

National

Bancorp

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

United

States

1,129

11,967

Veritex

Holdings,

Inc.

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

United

States

1,679

56,297

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Banks
(continued)

Webster

Financial

Corp.

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

United

States

2,280

$

135,523

Wells

Fargo

&

Co.

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

United

States

2,120

177,698

Westamerica

BanCorp

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

United

States

12,747

WSFS

Financial

Corp.

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

United

States

11,919

Zions

Bancorp

NA

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

United

States

2,385

134,943

18,975,160

#### Beverages

#### 0.5%
a

Boston

Beer

Co.,

Inc.

(The),

A

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

United

States

615

130,023

Carlsberg

A/S,

B

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

Denmark

47,258

Coca-Cola

Co.

(The)

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

United

States

23,660

1,569,131

Coca-Cola

Consolidated,

Inc.

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

United

States

1,174

137,546

Coca-Cola

Europacific

Partners

plc

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

United

Kingdom

3,678

332,528

Coca-Cola

HBC

AG

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

Italy

4,264

201,170

Keurig

Dr

Pepper,

Inc.

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

United

States

5,114

130,458

a

Monster

Beverage

Corp.

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

United

States

2,432

163,698

PepsiCo,

Inc.

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

United

States

992

139,316

2,851,128

#### Biotechnology

#### 1.1%
AbbVie,

Inc.

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

United

States

9,677

2,240,613

a

ACADIA

Pharmaceuticals,

Inc.

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

United

States

2,952

62,996

a

ADMA

Biologics,

Inc.

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

United

States

754

11,054

a

Akero

Therapeutics,

Inc.

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

United

States

1,346

63,908

a

Alkermes

plc

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

United

States

2,559

76,770

a

Alnylam

Pharmaceuticals,

Inc.

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

United

States

139,536

Amgen,

Inc.

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

United

States

503

141,947

a

Arcturus

Therapeutics

Holdings,

Inc.

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

United

States

976

17,988

a

Arrowhead

Pharmaceuticals,

Inc.

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

United

States

14,934

a

BioCryst

Pharmaceuticals,

Inc.

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

United

States

7,564

57,411

a

CareDx,

Inc.

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

United

States

837

12,170

a

Catalyst

Pharmaceuticals,

Inc.

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

United

States

717

14,125

a

Exelixis,

Inc.

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

United

States

14,866

613,966

a

Genmab

A/S

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

Denmark

571

176,181

a

Incyte

Corp.

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

United

States

9,887

838,516

a

Inhibrx

Biosciences,

Inc.

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

United

States

16,571

a

Keros

Therapeutics,

Inc.

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

United

States

1,702

26,926

a

Kura

Oncology,

Inc.

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

United

States

4,983

44,100

a

MiMedx

Group,

Inc.

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

United

States

1,702

11,880

a

Mineralys

Therapeutics,

Inc.

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

United

States

822

31,170

a

Natera,

Inc.

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

United

States

827

133,122

a

Neurocrine

Biosciences,

Inc.

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

United

States

5,416

760,298

a

Precigen,

Inc.

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

United

States

16,759

55,137

a

Protagonist

Therapeutics,

Inc.

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

United

States

1,149

76,328

a

Prothena

Corp.

plc

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

Ireland

1,743

17,012

a

PTC

Therapeutics,

Inc.

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

United

States

1,170

71,803

a

Puma

Biotechnology,

Inc.

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

United

States

2,593

13,769

Regeneron

Pharmaceuticals,

Inc.

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

United

States

1,908

1,072,811

a

Relay

Therapeutics,

Inc.

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

United

States

8,490

44,318

a

Replimune

Group,

Inc.

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

United

States

2,289

9,591

a

Rhythm

Pharmaceuticals,

Inc.

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

United

States

803

81,095

a

Rigel

Pharmaceuticals,

Inc.

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

United

States

9,094

a

Scholar

Rock

Holding

Corp.

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

United

States

13,406

a

Stoke

Therapeutics,

Inc.

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

United

States

1,944

45,684

a

Tango

Therapeutics,

Inc.

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

United

States

1,691

14,204

a

Travere

Therapeutics,

Inc.

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

United

States

700

16,730

a

Vertex

Pharmaceuticals,

Inc.

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

United

States

142,949

a

Vir

Biotechnology,

Inc.

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

United

States

5,909

33,740

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Biotechnology
(continued)

a

Zymeworks,

Inc.

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

United

States

850

$

14,518

7,238,371

#### Broadline

#### Retail

#### 2.3%
Alibaba

Group

Holding

Ltd.

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

China

12,400

277,315

a

Amazon.com,

Inc.

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

United

States

49,970

10,971,913

eBay,

Inc.

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

United

States

1,789

162,710

a

Etsy,

Inc.

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

United

States

2,362

156,813

Next

plc

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

United

Kingdom

82,852

Prosus

NV

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

China

8,191

579,227

Ryohin

Keikaku

Co.

Ltd.

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

Japan

8,200

163,157

12,393,987

#### Building

#### Products

#### 0.4%
Allegion

plc

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

United

States

817

144,895

Apogee

Enterprises,

Inc.

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

United

States

648

28,233

Cie

de

Saint-Gobain

SA

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

France

7,557

818,813

a

Gibraltar

Industries,

Inc.

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

United

States

12,058

Johnson

Controls

International

plc

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

United

States

9,064

996,587

Owens

Corning

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

United

States

952

134,670

a

Resideo

Technologies,

Inc.

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

United

States

782

33,767

Trane

Technologies

plc

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

United

States

1,671

705,095

UFP

Industries,

Inc.

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

United

States

635

59,366

2,933,484

#### Capital

#### Markets

#### 2.5%
3i

Group

plc

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

United

Kingdom

7,553

416,344

Allfunds

Group

plc

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

United

Kingdom

17,767

132,616

Ameriprise

Financial,

Inc.

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

United

States

130,181

Bank

of

New

York

Mellon

Corp.

(The)

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

United

States

1,383

150,692

BlackRock,

Inc.

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

United

States

650

757,815

Charles

Schwab

Corp.

(The)

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

United

States

13,376

1,277,007

CME

Group,

Inc.

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

United

States

3,729

1,007,539

Deutsche

Bank

AG

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

Germany

13,604

481,796

Deutsche

Boerse

AG

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

Germany

2,046

547,901

b

Euronext

NV,

144A,

Reg

S

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

Netherlands

4,041

604,984

Goldman

Sachs

Group,

Inc.

(The)

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

United

States

4,030

3,209,290

Hong

Kong

Exchanges

&

Clearing

Ltd.

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

Hong

Kong

1,300

73,802

Intercontinental

Exchange,

Inc.

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

United

States

800

134,784

London

Stock

Exchange

Group

plc

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

United

Kingdom

1,870

214,457

Morgan

Stanley

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

United

States

964

153,237

Nasdaq,

Inc.

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

United

States

6,239

551,840

Northern

Trust

Corp.

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

United

States

1,034

139,176

a

Robinhood

Markets,

Inc.,

A

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

United

States

606

86,767

S&P

Global,

Inc.

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

United

States

775

377,200

SBI

Holdings,

Inc.

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

Japan

8,300

361,361

State

Street

Corp.

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

United

States

15,791

1,831,914

a

StoneX

Group,

Inc.

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

United

States

727

73,369

UBS

Group

AG

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

Switzerland

5,640

231,880

Virtu

Financial,

Inc.,

A

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

United

States

3,668

130,214

Virtus

Investment

Partners,

Inc.

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

United

States

35,156

13,111,322

#### Chemicals

#### 1.2%
Air

Liquide

SA

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

France

1,217

253,570

Air

Water,

Inc.

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

Japan

7,100

121,960

Akzo

Nobel

NV

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

Netherlands

3,755

267,986

Avient

Corp.

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

United

States

515

16,969

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Chemicals
(continued)

a

Axalta

Coating

Systems

Ltd.

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

United

States

4,468

$

127,874

Balchem

Corp.

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

United

States

11,405

Cabot

Corp.

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

United

States

11,103

CF

Industries

Holdings,

Inc.

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

United

States

8,619

773,124

Corteva,

Inc.

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

United

States

13,999

946,752

DuPont

de

Nemours,

Inc.

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

United

States

8,104

631,302

Eastman

Chemical

Co.

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

United

States

4,075

256,929

Ecolab,

Inc.

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

United

States

127,893

a

Ingevity

Corp.

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

United

States

12,583

Innospec,

Inc.

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

United

States

27,083

a

Intrepid

Potash,

Inc.

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

United

States

12,171

Linde

plc

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

United

States

1,377

654,075

Mativ

Holdings,

Inc.

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

United

States

1,080

12,215

Minerals

Technologies,

Inc.

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

United

States

809

50,255

Mosaic

Co.

(The)

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

United

States

4,175

144,789

NewMarket

Corp.

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

United

States

329,628

NOF

Corp.

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

Japan

14,300

249,515

a

Perimeter

Solutions,

Inc.

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

United

States

3,264

73,081

PPG

Industries,

Inc.

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

United

States

4,524

475,518

a

Rayonier

Advanced

Materials,

Inc.

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

United

States

2,597

18,750

Sherwin-Williams

Co.

(The)

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

United

States

1,721

595,913

Shin-Etsu

Chemical

Co.

Ltd.

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

Japan

12,000

392,922

6,595,365

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
Brink's

Co.

(The)

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

United

States

617

72,103

a

Cimpress

plc

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

Ireland

14,562

a

Copart,

Inc.

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

United

States

9,258

416,332

a

CoreCivic,

Inc.

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

United

States

929

18,905

a

GEO

Group,

Inc.

(The)

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

United

States

520

10,655

HNI

Corp.

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

United

States

12,322

Interface,

Inc.,

A

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

United

States

1,461

42,281

a

OPENLANE,

Inc.

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

United

States

12,663

Republic

Services,

Inc.,

A

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

United

States

609

139,753

Steelcase,

Inc.,

A

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

United

States

1,009

17,355

TOPPAN

Holdings,

Inc.

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

Japan

7,200

184,479

UniFirst

Corp.

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

United

States

12,205

Veralto

Corp.

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

United

States

1,297

138,273

Waste

Connections,

Inc.

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

United

States

2,426

426,491

Waste

Management,

Inc.

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

United

States

639

141,110

1,659,489

#### Communications

#### Equipment

#### 0.7%
a

Arista

Networks,

Inc.

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

United

States

8,070

1,175,880

a

Calix,

Inc.

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

United

States

765

46,948

a

Ciena

Corp.

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

United

States

1,061

154,556

Cisco

Systems,

Inc.

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

United

States

22,649

1,549,645

a

CommScope

Holding

Co.,

Inc.

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

United

States

1,210

18,731

a

Extreme

Networks,

Inc.

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

United

States

3,231

66,720

a

F5,

Inc.

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

United

States

140,588

Motorola

Solutions,

Inc.

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

United

States

135,358

a

NETGEAR,

Inc.

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

United

States

2,046

66,270

a

NetScout

Systems,

Inc.

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

United

States

523

13,509

Telefonaktiebolaget

LM

Ericsson,

B

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

Sweden

21,841

180,975

Ubiquiti,

Inc.

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

United

States

152,594

a

Viavi

Solutions,

Inc.

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

United

States

1,073

13,616

3,715,390

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Construction

#### &

#### Engineering

#### 0.1%
ACS

Actividades

de

Construccion

y

Servicios

SA

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

Spain

$

38,716

Argan,

Inc.

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

United

States

78,855

Primoris

Services

Corp.

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

United

States

727

99,839

a

Sterling

Infrastructure,

Inc.

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

United

States

104,961

a

Tutor

Perini

Corp.

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

United

States

1,134

74,379

Vinci

SA

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

France

6,235

866,490

1,263,240

#### Construction

#### Materials

#### 0.5%
Buzzi

SpA

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

United

States

2,238

123,325

CRH

plc,

(GBP

Traded)

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

United

States

4,832

582,974

CRH

plc,

(USD

Traded)

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

United

States

8,402

1,007,400

Heidelberg

Materials

AG

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

Germany

643

145,347

Holcim

AG

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

United

States

4,540

387,374

Vulcan

Materials

Co.

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

United

States

2,247

691,222

2,937,642

#### Consumer

#### Finance

#### 0.4%
Ally

Financial,

Inc.

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

United

States

3,299

129,321

American

Express

Co.

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

United

States

142,497

Bread

Financial

Holdings,

Inc.

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

United

States

1,134

63,243

Capital

One

Financial

Corp.

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

United

States

9,442

2,007,180

a

Enova

International,

Inc.

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

United

States

568

65,371

a

LendingClub

Corp.

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

United

States

3,962

60,183

PROG

Holdings,

Inc.

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

United

States

1,250

40,450

SLM

Corp.

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

United

States

4,951

137,044

Synchrony

Financial

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

United

States

1,849

131,371

2,776,660

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.0%
a

BJ's

Wholesale

Club

Holdings,

Inc.

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

United

States

4,694

437,716

Coles

Group

Ltd.

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

Australia

1,390

21,396

Costco

Wholesale

Corp.

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

United

States

132,365

Dollar

General

Corp.

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

United

States

1,334

137,869

a

Dollar

Tree,

Inc.

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

United

States

1,429

134,855

Koninklijke

Ahold

Delhaize

NV

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

Netherlands

7,870

318,455

a

Maplebear,

Inc.

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

United

States

3,003

110,390

Marks

&

Spencer

Group

plc

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

United

Kingdom

3,447

16,911

Target

Corp.

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

United

States

5,316

476,845

Tesco

plc

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

United

Kingdom

75,499

452,518

a

United

Natural

Foods,

Inc.

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

United

States

17,794

Walmart,

Inc.

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

United

States

32,312

3,330,075

5,587,189

#### Containers

#### &

#### Packaging

#### 0.1%
Ball

Corp.

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

United

States

5,908

297,881

Crown

Holdings,

Inc.

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

United

States

1,445

139,573

a

O-I

Glass,

Inc.

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

United

States

907

11,764

Packaging

Corp.

of

America

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

United

States

648

141,219

590,437

#### Distributors

#### 0.0%

#### †
a

GigaCloud

Technology,

Inc.,

A

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

Hong

Kong

10,934

#### Diversified

#### Consumer

#### Services

#### 0.0%

#### †
ADT,

Inc.

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

United

States

15,856

138,106

a

Coursera,

Inc.

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

United

States

6,336

74,195

a

Duolingo,

Inc.,

A

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

United

States

145,472

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Diversified

#### Consumer

#### Services
(continued)

a

Frontdoor,

Inc.

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

United

States

1,191

$

80,142

a

Laureate

Education,

Inc.

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

United

States

2,555

80,585

a

Udemy,

Inc.

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

United

States

1,769

12,401

530,901

#### Diversified

#### REITs

#### 0.0%

#### †
Alexander

&

Baldwin,

Inc.

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

United

States

1,115

20,282

Broadstone

Net

Lease,

Inc.

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

United

States

732

13,081

WP

Carey,

Inc.

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

United

States

2,038

137,708

171,071

#### Diversified

#### Telecommunication

#### Services

#### 0.2%
AT&T,

Inc.

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

United

States

28,256

797,949

a

Bandwidth,

Inc.,

A

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

United

States

1,054

17,570

Deutsche

Telekom

AG

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

Germany

3,974

135,392

IDT

Corp.,

B

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

United

States

25,684

a

Lumen

Technologies,

Inc.

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

United

States

14,348

87,810

Telstra

Group

Ltd.

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

Australia

67,600

215,517

Verizon

Communications,

Inc.

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

United

States

3,026

132,993

1,412,915

#### Electric

#### Utilities

#### 1.2%
ALLETE,

Inc.

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

United

States

15,803

American

Electric

Power

Co.,

Inc.

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

United

States

1,201

135,112

Constellation

Energy

Corp.

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

United

States

1,252

411,996

Duke

Energy

Corp.

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

United

States

1,142

141,322

Edison

International

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

United

States

19,616

1,084,372

Enel

SpA

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

Italy

49,229

466,521

Exelon

Corp.

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

United

States

3,212

144,572

Iberdrola

SA

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

Spain

64,843

1,227,435

NextEra

Energy,

Inc.

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

United

States

15,603

1,177,870

NRG

Energy,

Inc.

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

United

States

8,786

1,422,893

a

Oklo,

Inc.,

A

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

United

States

34,159

Otter

Tail

Corp.

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

United

States

6,476

PG&E

Corp.

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

United

States

8,902

134,242

Portland

General

Electric

Co.

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

United

States

17,996

PPL

Corp.

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

United

States

17,708

658,029

a

Tokyo

Electric

Power

Co.

Holdings,

Inc.

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

Japan

37,400

175,188

TXNM

Energy,

Inc.

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

United

States

11,649

7,265,635

#### Electrical

#### Equipment

#### 1.0%
ABB

Ltd.

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

Switzerland

8,387

606,911

Allient,

Inc.

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

United

States

549

24,568

AMETEK,

Inc.

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

United

States

796

149,648

a

Bloom

Energy

Corp.,

A

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

United

States

15,138

Eaton

Corp.

plc

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

United

States

137,350

EnerSys

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

United

States

644

72,746

GE

Vernova,

Inc.

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

United

States

3,739

2,299,111

a

Generac

Holdings,

Inc.

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

United

States

755

126,387

Mitsubishi

Electric

Corp.

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

Japan

18,100

464,876

a

NANO

Nuclear

Energy,

Inc.

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

United

States

1,119

43,149

a

NEXTracker,

Inc.,

A

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

United

States

700

51,793

a

NuScale

Power

Corp.,

A

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

United

States

510

18,360

Powell

Industries,

Inc.

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

United

States

12,802

a

Power

Solutions

International,

Inc.

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

United

States

645

63,352

Prysmian

SpA

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

Italy

4,711

468,846

Rockwell

Automation,

Inc.

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

United

States

137,715

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Electrical

#### Equipment
(continued)

Schneider

Electric

SE

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

United

States

2,025

$

569,981

a

Siemens

Energy

AG

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

Germany

50,442

Vertiv

Holdings

Co.,

A

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

United

States

3,306

498,743

a

Vicor

Corp.

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

United

States

11,784

5,823,702

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.0%

#### †
a

Aeva

Technologies,

Inc.

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

United

States

1,002

14,529

a

Arlo

Technologies,

Inc.

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

United

States

2,266

38,409

a

Itron,

Inc.

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

United

States

588

73,241

Jabil,

Inc.

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

United

States

650

141,160

a

Keysight

Technologies,

Inc.

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

United

States

810

141,685

a

nLight,

Inc.

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

United

States

765

22,667

a

Ouster,

Inc.

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

United

States

1,204

32,568

a

Plexus

Corp.

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

United

States

12,443

a

Sanmina

Corp.

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

United

States

16,806

a

ScanSource,

Inc.

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

United

States

12,493

a

TTM

Technologies,

Inc.

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

United

States

1,625

93,600

a

Zebra

Technologies

Corp.,

A

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

United

States

125,104

724,705

#### Energy

#### Equipment

#### &

#### Services

#### 0.2%
Halliburton

Co.

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

United

States

6,423

158,006

Kodiak

Gas

Services,

Inc.

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

United

States

12,755

Liberty

Energy,

Inc.,

A

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

United

States

1,079

13,315

a

National

Energy

Services

Reunited

Corp.

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

United

States

1,599

16,406

a

Oceaneering

International,

Inc.

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

United

States

2,226

55,160

a

Oil

States

International,

Inc.

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

United

States

2,647

16,041

TechnipFMC

plc

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

United

Kingdom

19,002

749,629

1,021,312

#### Entertainment

#### 1.4%
Cinemark

Holdings,

Inc.

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

United

States

826

23,145

a

Live

Nation

Entertainment,

Inc.

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

United

States

2,350

383,990

a

Netflix,

Inc.

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

United

States

3,709

4,446,794

Nexon

Co.

Ltd.

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

Japan

5,900

129,479

Nintendo

Co.

Ltd.

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

Japan

6,300

545,071

a

ROBLOX

Corp.,

A

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

United

States

6,224

862,148

a

Spotify

Technology

SA

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

United

States

1,050

732,900

Universal

Music

Group

NV

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

Netherlands

12,491

360,958

7,484,485

#### Financial

#### Services

#### 1.8%
Apollo

Global

Management,

Inc.

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

United

States

5,470

728,987

Banco

Latinoamericano

de

Comercio

Exterior

SA,

E

.........

Panama

20,457

a

Berkshire

Hathaway,

Inc.,

B

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

United

States

846

425,318

Compass

Diversified

Holdings

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

United

States

2,149

14,226

Corebridge

Financial,

Inc.

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

United

States

4,009

128,488

Equitable

Holdings,

Inc.

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

United

States

15,256

774,700

Essent

Group

Ltd.

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

United

States

13,538

EXOR

NV

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

Netherlands

1,781

174,317

a

Fiserv,

Inc.

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

United

States

1,002

129,188

Investor

AB,

B

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

Sweden

14,265

446,556

Jackson

Financial,

Inc.,

A

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

United

States

919

93,030

Mastercard,

Inc.,

A

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

United

States

8,297

4,719,417

MGIC

Investment

Corp.

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

United

States

4,915

139,439

a

NMI

Holdings,

Inc.,

A

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

United

States

1,056

40,487

Pagseguro

Digital

Ltd.,

A

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

Brazil

6,829

68,290

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Financial

#### Services
(continued)

a

Payoneer

Global,

Inc.

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

United

States

1,897

$

11,477

a

PayPal

Holdings,

Inc.

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

United

States

19,101

1,280,913

a

Paysafe

Ltd.

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

United

States

845

10,917

PennyMac

Financial

Services,

Inc.

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

United

States

37,164

a

StoneCo

Ltd.,

A

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

Brazil

728

13,766

Visa,

Inc.,

A

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

United

States

4,076

1,391,465

10,662,140

#### Food

#### Products

#### 0.2%
Ajinomoto

Co.,

Inc.

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

Japan

3,600

103,209

Archer-Daniels-Midland

Co.

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

United

States

2,309

137,940

Associated

British

Foods

plc

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

United

Kingdom

10,522

290,737

Calavo

Growers,

Inc.

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

United

States

11,042

Cal-Maine

Foods,

Inc.

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

United

States

758

71,328

Dole

plc

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

United

States

2,986

40,132

Fresh

Del

Monte

Produce,

Inc.

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

United

States

976

33,887

Ingredion,

Inc.

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

United

States

1,058

129,192

Mondelez

International,

Inc.,

A

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

United

States

2,160

134,935

Nestle

SA

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

United

States

1,181

108,457

Nissin

Foods

Holdings

Co.

Ltd.

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

Japan

2,300

43,322

a

Seneca

Foods

Corp.,

A

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

United

States

12,413

a

Simply

Good

Foods

Co.

(The)

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

United

States

5,758

Smithfield

Foods,

Inc.

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

United

States

5,700

133,836

Tyson

Foods,

Inc.,

A

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

United

States

2,526

137,162

b

WH

Group

Ltd.,

144A,

Reg

S

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

Hong

Kong

355,000

384,448

1,777,798

#### Gas

#### Utilities

#### 0.0%

#### †
National

Fuel

Gas

Co.

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

United

States

1,531

141,418

New

Jersey

Resources

Corp.

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

United

States

1,342

64,617

Northwest

Natural

Holding

Co.

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

United

States

13,614

Spire,

Inc.

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

United

States

13,369

Tokyo

Gas

Co.

Ltd.

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

Japan

4,900

174,237

407,255

#### Ground

#### Transportation

#### 0.6%
Canadian

National

Railway

Co.

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

Canada

2,284

215,386

Canadian

Pacific

Kansas

City

Ltd.

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

Canada

7,648

569,699

CSX

Corp.

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

United

States

4,043

143,567

JB

Hunt

Transport

Services,

Inc.

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

United

States

958

128,535

a

Lyft,

Inc.,

A

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

United

States

7,480

164,635

Norfolk

Southern

Corp.

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

United

States

507

152,308

a

Uber

Technologies,

Inc.

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

United

States

1,453

142,350

Union

Pacific

Corp.

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

United

States

6,933

1,638,753

3,155,233

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.0%
Abbott

Laboratories

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

United

States

995

133,270

a

AtriCure,

Inc.

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

United

States

11,668

a

Avanos

Medical,

Inc.

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

United

States

983

11,363

a

Axogen,

Inc.

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

United

States

1,307

23,317

Becton

Dickinson

&

Co.

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

United

States

4,407

824,858

BioMerieux

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

France

609

81,739

a

Boston

Scientific

Corp.

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

United

States

5,604

547,119

a

Dexcom,

Inc.

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

United

States

1,827

122,939

a

Edwards

Lifesciences

Corp.

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

United

States

1,705

132,598

a

Glaukos

Corp.

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

United

States

34,577

a

Hologic,

Inc.

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

United

States

2,221

149,895

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Health

#### Care

#### Equipment

#### &

#### Supplies
(continued)

Hoya

Corp.

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

Japan

8,300

$

1,147,644

a

IDEXX

Laboratories,

Inc.

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

United

States

738

471,501

a

Insulet

Corp.

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

United

States

128,740

a

Intuitive

Surgical,

Inc.

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

United

States

1,538

687,840

a

Lantheus

Holdings,

Inc.

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

United

States

963

49,392

a

LivaNova

plc

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

United

States

801

41,956

Medtronic

plc

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

United

States

5,556

529,153

a

Novocure

Ltd.

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

United

States

5,080

65,634

Olympus

Corp.

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

Japan

22,000

278,146

a

Surmodics,

Inc.

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

United

States

10,970

5,484,319

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.5%
Cardinal

Health,

Inc.

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

United

States

915

143,618

a

Castle

Biosciences,

Inc.

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

United

States

2,346

53,418

Cencora,

Inc.

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

United

States

146,577

Cigna

Group

(The)

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

United

States

132,883

Fresenius

SE

&

Co.

KGaA

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

Germany

598

33,420

a

GeneDx

Holdings

Corp.,

A

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

United

States

15,730

a

Guardant

Health,

Inc.

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

United

States

1,597

99,781

a

Hims

&

Hers

Health,

Inc.

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

United

States

1,460

82,811

McKesson

Corp.

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

United

States

1,962

1,515,723

a

Option

Care

Health,

Inc.

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

United

States

1,078

29,925

Select

Medical

Holdings

Corp.

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

United

States

1,763

22,637

Sonic

Healthcare

Ltd.

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

Australia

8,892

125,945

a

Tenet

Healthcare

Corp.

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

United

States

723

146,798

UnitedHealth

Group,

Inc.

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

United

States

3,170

1,094,601

Universal

Health

Services,

Inc.,

B

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

United

States

727

148,628

3,792,495

#### Health

#### Care

#### REITs

#### 0.0%

#### †
American

Healthcare

REIT,

Inc.

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

United

States

17,392

CareTrust

REIT,

Inc.

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

United

States

2,489

86,319

LTC

Properties,

Inc.

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

United

States

6,450

National

Health

Investors,

Inc.

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

United

States

12,481

Omega

Healthcare

Investors,

Inc.

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

United

States

3,344

141,184

Sabra

Health

Care

REIT,

Inc.

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

United

States

697

12,992

276,818

#### Health

#### Care

#### Technology

#### 0.2%
a

Doximity,

Inc.,

A

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

United

States

1,962

143,520

HealthStream,

Inc.

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

United

States

13,273

a

LifeMD,

Inc.

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

United

States

2,114

14,354

a

Phreesia,

Inc.

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

United

States

1,549

36,432

a

Teladoc

Health,

Inc.

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

United

States

8,560

66,169

a

Veeva

Systems,

Inc.,

A

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

United

States

4,181

1,245,562

a

Waystar

Holding

Corp.

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

United

States

754

28,592

1,547,902

#### Hotel

#### &

#### Resort

#### REITs

#### 0.0%

#### †
Apple

Hospitality

REIT,

Inc.

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

United

States

904

10,857

DiamondRock

Hospitality

Co.

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

United

States

1,469

11,693

Ryman

Hospitality

Properties,

Inc.

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

United

States

589

52,769

Xenia

Hotels

&

Resorts,

Inc.

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

United

States

6,064

81,383

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.1%
Accor

SA

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

France

6,466

$

307,202

a

Airbnb,

Inc.,

A

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

United

States

1,104

134,048

Aristocrat

Leisure

Ltd.

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

Australia

8,493

393,170

Booking

Holdings,

Inc.

...............................

United

States

404,945

Brightstar

Lottery

plc

.................................

United

States

3,621

62,462

a

Brinker

International,

Inc.

.............................

United

States

584

73,981

Compass

Group

plc

.................................

United

Kingdom

19,530

665,695

a

DoorDash,

Inc.,

A

...................................

United

States

7,597

2,066,308

FDJ

United

........................................

France

661

22,165

Golden

Entertainment,

Inc.

............................

United

States

11,578

Hilton

Worldwide

Holdings,

Inc.

.........................

United

States

5,002

1,297,719

InterContinental

Hotels

Group

plc

.......................

United

Kingdom

792

95,761

a

Life

Time

Group

Holdings,

Inc.

.........................

United

States

12,061

a

MakeMyTrip

Ltd.

....................................

India

1,192

111,571

Monarch

Casino

&

Resort,

Inc.

.........................

United

States

14,394

Red

Rock

Resorts,

Inc.,

A

.............................

United

States

15,265

Starbucks

Corp.

....................................

United

States

5,396

456,502

6,144,827

#### Household

#### Durables

#### 0.4%
Garmin

Ltd.

........................................

United

States

575

141,576

a

Hovnanian

Enterprises,

Inc.,

A

..........................

United

States

15,419

KB

Home

.........................................

United

States

12,728

a

M/I

Homes,

Inc.

.....................................

United

States

62,831

PulteGroup,

Inc.

....................................

United

States

10,278

1,358,032

a

Sonos,

Inc.

........................................

United

States

4,344

68,635

Sony

Group

Corp.

...................................

Japan

20,500

589,307

a

Taylor

Morrison

Home

Corp.,

A

.........................

United

States

1,191

78,618

a

Tri

Pointe

Homes,

Inc.

................................

United

States

2,017

68,517

2,395,663

#### Household

#### Products

#### 0.6%
Colgate-Palmolive

Co.

...............................

United

States

19,564

1,563,946

Energizer

Holdings,

Inc.

..............................

United

States

519

12,918

Kimberly-Clark

Corp.

.................................

United

States

2,945

366,181

Procter

&

Gamble

Co.

(The)

...........................

United

States

8,014

1,231,351

Reckitt

Benckiser

Group

plc

...........................

United

Kingdom

2,730

210,216

Unilever

Indonesia

Tbk.

PT

............................

Indonesia

1,258,700

134,443

3,519,055

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.0%

#### †
RWE

AG

..........................................

Germany

1,769

78,683

Vistra

Corp.

........................................

United

States

677

132,638

211,321

#### Industrial

#### Conglomerates

#### 0.3%
3M

Co.

...........................................

United

States

871

135,162

DCC

plc

..........................................

United

Kingdom

1,213

78,083

Honeywell

International,

Inc.

...........................

United

States

4,257

896,098

Jardine

Matheson

Holdings

Ltd.

........................

Hong

Kong

3,900

246,118

Sekisui

Chemical

Co.

Ltd.

.............................

Japan

5,300

98,668

Siemens

AG

.......................................

Germany

1,144

308,855

Smiths

Group

plc

...................................

United

Kingdom

3,606

114,329

1,877,313

#### Industrial

#### REITs

#### 0.1%
Prologis,

Inc.

.......................................

United

States

5,304

607,414

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Insurance

#### 1.5%
Aflac,

Inc.

.........................................

United

States

1,290

$

144,093

AIA

Group

Ltd.

.....................................

Hong

Kong

96,000

920,061

Allianz

SE

.........................................

Germany

1,254

527,591

Allstate

Corp.

(The)

..................................

United

States

5,176

1,111,028

American

International

Group,

Inc.

......................

United

States

10,563

829,618

AXA

SA

...........................................

France

982

47,092

Axis

Capital

Holdings

Ltd.

.............................

United

States

1,454

139,293

a

Brighthouse

Financial,

Inc.

............................

United

States

2,844

150,960

Chubb

Ltd.

........................................

United

States

139,149

CNO

Financial

Group,

Inc.

............................

United

States

1,600

63,280

Dai-ichi

Life

Holdings,

Inc.

.............................

Japan

7,200

56,636

Everest

Group

Ltd.

..................................

United

States

141,843

Fidelis

Insurance

Holdings

Ltd.

.........................

United

Kingdom

765

13,885

a

Genworth

Financial,

Inc.,

A

............................

United

States

8,267

73,576

Globe

Life,

Inc.

.....................................

United

States

2,546

364,002

a

Hamilton

Insurance

Group

Ltd.,

B

.......................

United

States

2,461

61,033

Hanover

Insurance

Group,

Inc.

(The)

.....................

United

States

71,744

a

Heritage

Insurance

Holdings,

Inc.

.......................

United

States

1,846

46,482

Horace

Mann

Educators

Corp.

.........................

United

States

720

32,522

MetLife,

Inc.

.......................................

United

States

14,179

1,167,924

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

Germany

278,375

Old

Republic

International

Corp.

........................

United

States

3,501

148,687

b

Poste

Italiane

SpA,

144A,

Reg

S

........................

Italy

1,707

40,577

Primerica,

Inc.

......................................

United

States

518

143,792

Progressive

Corp.

(The)

..............................

United

States

542

133,847

Prudential

Financial,

Inc.

..............................

United

States

1,293

134,136

Prudential

plc

......................................

Hong

Kong

37,600

526,389

QBE

Insurance

Group

Ltd.

............................

Australia

4,300

58,516

Reinsurance

Group

of

America,

Inc.

.....................

United

States

716

137,565

a

SiriusPoint

Ltd.

.....................................

Sweden

785

14,201

a

Sony

Financial

Group,

Inc.

............................

Japan

20,500

22,734

Talanx

AG

.........................................

Germany

1,427

190,258

Travelers

Cos.,

Inc.

(The)

.............................

United

States

136,818

Unipol

Assicurazioni

SpA

..............................

Italy

1,403

30,161

Universal

Insurance

Holdings,

Inc.

.......................

United

States

682

17,937

Unum

Group

.......................................

United

States

1,925

149,726

Zurich

Insurance

Group

AG

............................

Switzerland

208,002

8,473,533

#### Interactive

#### Media

#### &

#### Services

#### 3.3%
Alphabet,

Inc.,

A

....................................

United

States

32,372

7,869,633

Alphabet,

Inc.,

C

....................................

United

States

9,403

2,290,101

b

Auto

Trader

Group

plc,

144A,

Reg

S

.....................

United

Kingdom

5,378

57,132

a

Cargurus,

Inc.,

A

....................................

United

States

1,710

63,663

a

EverQuote,

Inc.,

A

...................................

United

States

1,916

43,819

a

fuboTV,

Inc.

.......................................

United

States

13,330

55,319

a

Grindr,

Inc.

........................................

Singapore

1,144

17,183

LY

Corp.

..........................................

Japan

69,300

222,454

Meta

Platforms,

Inc.,

A

...............................

United

States

10,829

7,952,601

a

Reddit,

Inc.,

A

......................................

United

States

620

142,594

b

Scout24

SE,

144A,

Reg

S

.............................

Germany

571

71,636

Tencent

Holdings

Ltd.

................................

China

5,800

494,216

a

ZipRecruiter,

Inc.,

A

..................................

United

States

2,874

12,128

19,292,479

#### IT

#### Services

#### 0.5%
Accenture

plc,

A

....................................

Ireland

3,554

876,416

Fujitsu

Ltd.

........................................

Japan

1,900

44,571

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### IT

#### Services
(continued)

a

GoDaddy,

Inc.,

A

....................................

United

States

961

$

131,494

International

Business

Machines

Corp.

...................

United

States

551

155,470

NEC

Corp.

........................................

Japan

4,200

134,438

a

Shopify,

Inc.,

A

.....................................

Canada

2,816

418,486

a

Snowflake,

Inc.,

A

...................................

United

States

873

196,905

VeriSign,

Inc.

......................................

United

States

137,548

2,095,328

#### Leisure

#### Products

#### 0.0%

#### †
Bandai

Namco

Holdings,

Inc.

..........................

Japan

4,700

156,376

Hasbro,

Inc.

.......................................

United

States

1,822

138,199

Polaris,

Inc.

........................................

United

States

1,220

70,919

365,494

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.3%
a

10X

Genomics,

Inc.,

A

................................

United

States

4,815

56,287

Lonza

Group

AG

....................................

Switzerland

741

495,461

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

2,484

1,204,790

1,756,538

#### Machinery

#### 0.5%
Alamo

Group,

Inc.

...................................

United

States

12,790

Albany

International

Corp.,

A

...........................

United

States

11,513

Allison

Transmission

Holdings,

Inc.

......................

United

States

1,522

129,187

Atmus

Filtration

Technologies,

Inc.

......................

United

States

1,613

72,730

a

Blue

Bird

Corp.

.....................................

United

States

673

38,731

Caterpillar,

Inc.

.....................................

United

States

789

376,471

CNH

Industrial

NV

...................................

United

States

6,347

68,865

Cummins,

Inc.

......................................

United

States

146,562

Deere

&

Co.

.......................................

United

States

135,349

Ebara

Corp.

.......................................

Japan

10,100

230,225

ESCO

Technologies,

Inc.

..............................

United

States

18,367

Federal

Signal

Corp.

.................................

United

States

14,398

Franklin

Electric

Co.,

Inc.

.............................

United

States

12,566

GEA

Group

AG

.....................................

Germany

2,541

187,861

Graco,

Inc.

........................................

United

States

1,600

135,936

Hoshizaki

Corp.

....................................

Japan

1,100

41,276

Hyster-Yale,

Inc.

....................................

United

States

12,201

Ingersoll

Rand,

Inc.

..................................

United

States

7,982

659,473

Komatsu

Ltd.

......................................

Japan

1,500

52,256

Lincoln

Electric

Holdings,

Inc.

..........................

United

States

559

131,829

a

Microvast

Holdings,

Inc.

..............................

United

States

16,169

62,251

Mueller

Water

Products,

Inc.,

A

.........................

United

States

555

14,164

Otis

Worldwide

Corp.

................................

United

States

5,313

485,768

Parker-Hannifin

Corp.

................................

United

States

149,356

Pentair

plc

........................................

United

States

1,273

140,997

a

Proto

Labs,

Inc.

.....................................

United

States

19,562

Rational

AG

.......................................

Germany

45,087

REV

Group,

Inc.

....................................

United

States

765

43,353

Schindler

Holding

AG

................................

Switzerland

694

263,912

a

SPX

Technologies,

Inc.

...............................

United

States

14,382

Tennant

Co.

.......................................

United

States

12,159

Watts

Water

Technologies,

Inc.,

A

.......................

United

States

89,928

Westinghouse

Air

Brake

Technologies

Corp.

...............

United

States

698

139,928

Worthington

Enterprises,

Inc.

..........................

United

States

14,594

3,984,027

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Marine

#### Transportation

#### 0.0%

#### †
Costamare,

Inc.

....................................

Monaco

965

$

11,493

Matson,

Inc.

.......................................

United

States

622

61,323

Safe

Bulkers,

Inc.

...................................

Monaco

1,984

8,809

SITC

International

Holdings

Co.

Ltd.

.....................

China

37,000

142,447

224,072

#### Media

#### 0.2%
a

Charter

Communications,

Inc.,

A

........................

United

States

1,329

365,615

Comcast

Corp.,

A

...................................

United

States

14,461

454,365

Informa

plc

........................................

United

Kingdom

6,486

80,338

a

Magnite,

Inc.

.......................................

United

States

1,310

28,532

New

York

Times

Co.

(The),

A

...........................

United

States

2,424

139,138

a

Nexxen

International

Ltd.

.............................

Israel

1,845

17,066

a

PubMatic,

Inc.,

A

....................................

United

States

1,510

12,503

1,097,557

#### Metals

#### &

#### Mining

#### 0.5%
a

Alpha

Metallurgical

Resources,

Inc.

......................

United

States

40,038

ArcelorMittal

SA

....................................

Luxembourg

1,986

71,647

BHP

Group

Ltd.,

(AUD

Traded)

.........................

Australia

20,430

570,717

BHP

Group

Ltd.,

(GBP

Traded)

.........................

Australia

1,187

32,884

BlueScope

Steel

Ltd.

.................................

Australia

5,374

80,722

a

Boliden

AB

........................................

Sweden

1,004

40,981

a

Coeur

Mining,

Inc.

...................................

United

States

933

17,503

Commercial

Metals

Co.

...............................

United

States

13,003

a

Constellium

SE,

A

...................................

United

States

4,499

66,945

Fortescue

Ltd.

......................................

Australia

23,260

288,062

Freeport-McMoRan,

Inc.

..............................

United

States

21,688

850,603

Glencore

plc

.......................................

Australia

128,174

590,322

Hecla

Mining

Co.

...................................

United

States

4,265

51,606

Norsk

Hydro

ASA

...................................

Norway

9,194

62,511

Northern

Star

Resources

Ltd.

..........................

Australia

3,036

47,408

Rio

Tinto

plc

.......................................

Australia

4,064

267,828

Southern

Copper

Corp.

...............................

Mexico

1,308

158,739

SunCoke

Energy,

Inc.

................................

United

States

1,646

13,431

3,264,950

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
BrightSpire

Capital,

Inc.,

A

.............................

United

States

3,412

18,527

Chimera

Investment

Corp.

.............................

United

States

846

11,184

Ladder

Capital

Corp.,

A

...............................

United

States

1,105

12,056

MFA

Financial,

Inc.

..................................

United

States

1,129

10,376

Rithm

Capital

Corp.

..................................

United

States

10,882

123,946

176,089

#### Multi-Utilities

#### 0.2%
Avista

Corp.

.......................................

United

States

1,306

49,380

Black

Hills

Corp.

....................................

United

States

936

57,648

Consolidated

Edison,

Inc.

.............................

United

States

1,428

143,543

DTE

Energy

Co.

....................................

United

States

1,018

143,976

E.ON

SE

..........................................

Germany

14,050

264,638

Engie

SA

.........................................

France

17,891

384,594

Northwestern

Energy

Group,

Inc.

.......................

United

States

12,894

Public

Service

Enterprise

Group,

Inc.

....................

United

States

1,684

140,547

Sembcorp

Industries

Ltd.

.............................

Singapore

11,500

53,730

1,250,950

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Office

#### REITs

#### 0.1%
COPT

Defense

Properties

.............................

United

States

$

11,304

Empire

State

Realty

Trust,

Inc.,

A

.......................

United

States

1,457

11,161

Vornado

Realty

Trust

.................................

United

States

14,182

574,796

597,261

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.8%
Antero

Midstream

Corp.

..............................

United

States

7,241

140,765

Berry

Corp.

........................................

United

States

3,900

14,742

BP

plc

............................................

United

States

45,105

258,977

California

Resources

Corp.

............................

United

States

11,327

Cheniere

Energy,

Inc.

................................

United

States

5,966

1,401,891

Chevron

Corp.

.....................................

United

States

861

133,705

ConocoPhillips

.....................................

United

States

7,868

744,234

Core

Natural

Resources,

Inc.

..........................

United

States

19,451

Coterra

Energy,

Inc.

.................................

United

States

5,558

131,447

Dorian

LPG

Ltd.

....................................

United

States

14,781

ENEOS

Holdings,

Inc.

................................

Japan

43,800

277,394

Eni

SpA

..........................................

Italy

4,087

71,506

Equinor

ASA

.......................................

Norway

14,189

346,015

Excelerate

Energy,

Inc.,

A

.............................

United

States

12,192

Exxon

Mobil

Corp.

...................................

United

States

15,085

1,700,834

a

Gulfport

Energy

Corp.

................................

United

States

12,126

Inpex

Corp.

........................................

Japan

23,900

430,336

International

Seaways,

Inc.

............................

United

States

12,718

Kinder

Morgan,

Inc.

..................................

United

States

5,049

142,937

Marathon

Petroleum

Corp.

............................

United

States

774

149,181

Murphy

Oil

Corp.

....................................

United

States

1,773

50,371

Peabody

Energy

Corp.

...............................

United

States

3,546

94,040

Repsol

SA

.........................................

Spain

5,037

89,569

Scorpio

Tankers,

Inc.

.................................

Monaco

1,155

64,738

Shell

plc,

(EUR

Traded)

...............................

United

States

32,057

1,149,803

Shell

plc,

(GBP

Traded)

...............................

United

States

3,432

122,320

Teekay

Corp.

Ltd.

...................................

United

States

3,796

31,051

Teekay

Tankers

Ltd.,

A

...............................

Canada

1,162

58,739

TotalEnergies

SE

...................................

France

8,979

546,899

Valero

Energy

Corp.

.................................

United

States

4,871

829,336

Williams

Cos.,

Inc.

(The)

..............................

United

States

2,307

146,148

World

Kinect

Corp.

..................................

United

States

12,248

9,221,821

#### Paper

#### &

#### Forest

#### Products

#### 0.0%

#### †
Louisiana-Pacific

Corp.

...............................

United

States

1,453

129,085

Sylvamo

Corp.

.....................................

United

States

758

33,519

162,604

#### Passenger

#### Airlines

#### 0.4%
Delta

Air

Lines,

Inc.

..................................

United

States

2,327

132,057

a

Joby

Aviation,

Inc.

...................................

United

States

3,341

53,924

Qantas

Airways

Ltd.

.................................

Australia

46,159

333,536

Ryanair

Holdings

plc

.................................

Italy

13,217

386,233

Ryanair

Holdings

plc,

ADR

............................

Italy

4,913

295,861

a

SkyWest,

Inc.

......................................

United

States

746

75,063

Southwest

Airlines

Co.

...............................

United

States

27,293

870,920

a

Sun

Country

Airlines

Holdings,

Inc.

......................

United

States

1,396

16,487

a

United

Airlines

Holdings,

Inc.

...........................

United

States

1,308

126,222

2,290,303

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Personal

#### Care

#### Products

#### 0.1%
Unilever

plc

........................................

United

Kingdom

11,793

$

697,068

#### Pharmaceuticals

#### 2.6%
a

Arvinas,

Inc.

.......................................

United

States

6,122

52,159

AstraZeneca

plc

....................................

United

Kingdom

3,923

601,008

AstraZeneca

plc,

ADR

................................

United

Kingdom

10,295

789,832

Bristol-Myers

Squibb

Co.

..............................

United

States

22,606

1,019,531

Chugai

Pharmaceutical

Co.

Ltd.

........................

Japan

3,600

159,604

a

Corcept

Therapeutics,

Inc.

............................

United

States

1,847

153,504

Daiichi

Sankyo

Co.

Ltd.

...............................

Japan

9,500

213,752

Eli

Lilly

&

Co.

......................................

United

States

3,584

2,734,592

Galderma

Group

AG

.................................

Switzerland

1,863

329,379

GSK

plc

..........................................

United

States

7,684

164,991

Ipsen

SA

..........................................

France

726

97,484

Johnson

&

Johnson

.................................

United

States

15,081

2,796,319

a

Maze

Therapeutics,

Inc.

..............................

United

States

517

13,406

Merck

&

Co.,

Inc.

...................................

United

States

6,951

583,397

Merck

KGaA

.......................................

Germany

47,227

Novartis

AG

.......................................

United

States

10,125

1,301,856

Novo

Nordisk

A/S,

ADR

...............................

Denmark

11,404

632,808

Novo

Nordisk

A/S,

B

.................................

Denmark

13,097

729,263

Otsuka

Holdings

Co.

Ltd.

.............................

Japan

3,200

170,658

Pfizer,

Inc.

.........................................

United

States

5,834

148,650

Roche

Holding

AG

..................................

United

States

2,035

677,622

Sanofi

SA

.........................................

United

States

11,665

1,104,604

a

Supernus

Pharmaceuticals,

Inc.

........................

United

States

1,556

74,361

a

WaVe

Life

Sciences

Ltd.

..............................

United

States

1,643

12,027

14,608,034

#### Professional

#### Services

#### 0.5%
Automatic

Data

Processing,

Inc.

........................

United

States

6,263

1,838,190

Broadridge

Financial

Solutions,

Inc.

......................

United

States

553

131,708

Experian

plc

.......................................

United

States

3,023

151,837

Heidrick

&

Struggles

International,

Inc.

...................

United

States

16,922

a

IBEX

Holdings

Ltd.

..................................

United

States

507

20,544

Korn

Ferry

........................................

United

States

533

37,299

a

Legalzoom.com,

Inc.

.................................

United

States

5,649

58,637

Leidos

Holdings,

Inc.

.................................

United

States

758

143,232

Maximus,

Inc.

......................................

United

States

14,436

a

Paylocity

Holding

Corp.

...............................

United

States

821

130,761

Recruit

Holdings

Co.

Ltd.

.............................

Japan

5,600

301,078

a

Upwork,

Inc.

.......................................

United

States

4,016

74,577

Verisk

Analytics,

Inc.,

A

...............................

United

States

504

126,761

3,045,982

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.3%
a

Anywhere

Real

Estate,

Inc.

............................

United

States

2,961

31,357

a

CBRE

Group,

Inc.,

A

.................................

United

States

5,587

880,288

a

CoStar

Group,

Inc.

..................................

United

States

5,466

461,166

a

Cushman

&

Wakefield

plc

.............................

United

States

4,578

72,882

1,445,693

#### Residential

#### REITs

#### 0.0%

#### †
Camden

Property

Trust

...............................

United

States

1,265

135,077

Equity

LifeStyle

Properties,

Inc.

.........................

United

States

2,220

134,754

Equity

Residential

...................................

United

States

2,113

136,774

Invitation

Homes,

Inc.

................................

United

States

4,459

130,782

Mid-America

Apartment

Communities,

Inc.

................

United

States

951

132,883

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Residential

#### REITs
(continued)

NexPoint

Residential

Trust,

Inc.

.........................

United

States

$

12,244

Sun

Communities,

Inc.

...............................

United

States

1,072

138,288

820,802

#### Retail

#### REITs

#### 0.2%
Brixmor

Property

Group,

Inc.

...........................

United

States

4,976

137,736

CBL

&

Associates

Properties,

Inc.

.......................

United

States

12,446

Curbline

Properties

Corp.

.............................

United

States

1,080

24,084

Kite

Realty

Group

Trust

...............................

United

States

1,293

28,834

Simon

Property

Group,

Inc.

............................

United

States

6,880

1,291,170

SITE

Centers

Corp.

..................................

United

States

4,793

43,185

Tanger,

Inc.

........................................

United

States

11,810

Urban

Edge

Properties

...............................

United

States

2,862

58,585

1,607,850

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 6.4%
a

Ambarella,

Inc.

.....................................

United

States

909

75,011

Applied

Materials,

Inc.

................................

United

States

830

169,934

ASML

Holding

NV

...................................

Netherlands

1,846

1,800,195

a

Astera

Labs,

Inc.

....................................

United

States

851

166,626

Broadcom,

Inc.

.....................................

United

States

19,764

6,520,341

a

CEVA,

Inc.

........................................

United

States

6,154

a

Cirrus

Logic,

Inc.

....................................

United

States

1,193

149,471

a

Credo

Technology

Group

Holding

Ltd.

....................

United

States

997

145,173

a

Impinj,

Inc.

........................................

United

States

76,999

KLA

Corp.

.........................................

United

States

159,633

Lam

Research

Corp.

.................................

United

States

3,281

439,326

Marvell

Technology,

Inc.

..............................

United

States

5,983

502,991

a

MaxLinear,

Inc.,

A

...................................

United

States

884

14,215

NVIDIA

Corp.

......................................

United

States

114,383

21,341,580

QUALCOMM,

Inc.

...................................

United

States

15,475

2,574,421

a

Rambus,

Inc.

......................................

United

States

1,119

116,600

Renesas

Electronics

Corp.

............................

Japan

15,900

182,933

a

Rigetti

Computing,

Inc.

...............................

United

States

798

23,772

SCREEN

Holdings

Co.

Ltd.

............................

Japan

1,400

126,857

SK

Hynix,

Inc.

......................................

South

Korea

1,553

384,986

Skyworks

Solutions,

Inc.

..............................

United

States

878

67,588

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.............

Taiwan

10,000

434,378

35,479,184

#### Software

#### 5.1%
a

8x8,

Inc.

..........................................

United

States

4,424

9,379

A10

Networks,

Inc.

..................................

United

States

614

11,144

a

ACI

Worldwide,

Inc.

..................................

United

States

689

36,359

Adeia,

Inc.

........................................

United

States

783

13,154

a

Adobe,

Inc.

........................................

United

States

5,939

2,094,982

a

Alarm.com

Holdings,

Inc.

.............................

United

States

11,041

a

AppLovin

Corp.,

A

...................................

United

States

1,786

1,283,312

a

Atlassian

Corp.,

A

...................................

United

States

797

127,281

a

Autodesk,

Inc.

......................................

United

States

3,721

1,182,050

a

Blend

Labs,

Inc.,

A

..................................

United

States

14,188

51,786

a

Cadence

Design

Systems,

Inc.

.........................

United

States

3,648

1,281,396

a

Cerence,

Inc.

......................................

United

States

1,211

15,089

a

Check

Point

Software

Technologies

Ltd.

..................

Israel

600

124,146

a

Commvault

Systems,

Inc.

.............................

United

States

85,140

a

Crowdstrike

Holdings,

Inc.,

A

...........................

United

States

154,470

a

DocuSign,

Inc.,

A

...................................

United

States

1,930

139,134

a

Domo,

Inc.,

B

......................................

United

States

2,653

42,024

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Software
(continued)

a

Dropbox,

Inc.,

A

....................................

United

States

4,506

$

136,126

a

Fortinet,

Inc.

.......................................

United

States

1,795

150,924

a

Guidewire

Software,

Inc.

..............................

United

States

551

126,653

a

HubSpot,

Inc.

......................................

United

States

830

388,274

InterDigital,

Inc.

.....................................

United

States

101,498

Intuit,

Inc.

.........................................

United

States

146,826

a

Life360,

Inc.

.......................................

United

States

20,410

a

LiveRamp

Holdings,

Inc.

..............................

United

States

1,686

45,758

a

Manhattan

Associates,

Inc.

............................

United

States

650

133,237

Microsoft

Corp.

.....................................

United

States

35,177

18,219,927

a

Nice

Ltd.

..........................................

Israel

500

72,432

OneSpan,

Inc.

......................................

United

States

749

11,902

Oracle

Corp.

.......................................

United

States

3,406

957,903

Oracle

Corp.

Japan

..................................

Japan

900

91,893

a

PagerDuty,

Inc.

.....................................

United

States

3,167

52,319

a

Palantir

Technologies,

Inc.,

A

...........................

United

States

2,754

502,385

Pegasystems,

Inc.

...................................

United

States

2,399

137,943

a

PROS

Holdings,

Inc.

.................................

United

States

823

18,855

a

Q2

Holdings,

Inc.

...................................

United

States

21,717

a

Rapid7,

Inc.

.......................................

United

States

3,073

57,619

a

RingCentral,

Inc.,

A

..................................

United

States

4,588

130,024

a

Rubrik,

Inc.,

A

......................................

United

States

2,056

169,106

Salesforce,

Inc.

.....................................

United

States

555

131,535

SAP

SE

..........................................

Germany

1,534

410,755

a

ServiceNow,

Inc.

....................................

United

States

1,365

1,256,182

a

Weave

Communications,

Inc.

..........................

United

States

1,645

10,989

a

Workday,

Inc.,

A

....................................

United

States

602

144,919

a

Workiva,

Inc.,

A

.....................................

United

States

13,084

a

Zoom

Communications,

Inc.,

A

.........................

United

States

1,659

136,868

a

Zscaler,

Inc.

.......................................

United

States

148,631

30,608,581

#### Specialized

#### REITs

#### 0.2%
American

Tower

Corp.

................................

United

States

5,248

1,009,295

EPR

Properties

.....................................

United

States

2,480

143,865

Farmland

Partners,

Inc.

...............................

United

States

1,050

11,424

Outfront

Media,

Inc.

.................................

United

States

3,489

63,918

PotlatchDeltic

Corp.

.................................

United

States

12,103

Public

Storage

.....................................

United

States

136,915

VICI

Properties,

Inc.,

A

...............................

United

States

4,200

136,962

Weyerhaeuser

Co.

..................................

United

States

5,593

138,650

1,653,132

#### Specialty

#### Retail

#### 0.7%
a

Abercrombie

&

Fitch

Co.,

A

............................

United

States

746

63,820

American

Eagle

Outfitters,

Inc.

.........................

United

States

1,093

18,701

a,b

Auto1

Group

SE,

144A,

Reg

S

.........................

Germany

4,223

144,466

a

AutoZone,

Inc.

.....................................

United

States

150,158

Avolta

AG

.........................................

Switzerland

904

49,362

Buckle,

Inc.

(The)

...................................

United

States

15,956

a

Chewy,

Inc.,

A

......................................

United

States

4,018

162,528

Fast

Retailing

Co.

Ltd.

................................

Japan

1,200

364,454

Gap,

Inc.

(The)

.....................................

United

States

6,082

130,094

Home

Depot,

Inc.

(The)

...............................

United

States

133,713

Industria

de

Diseno

Textil

SA

...........................

Spain

893

49,422

Ross

Stores,

Inc.

...................................

United

States

921

140,351

a

Sally

Beauty

Holdings,

Inc.

............................

United

States

1,198

19,503

TJX

Cos.,

Inc.

(The)

.................................

United

States

13,684

1,977,885

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Specialty

#### Retail
(continued)

a

Ulta

Beauty,

Inc.

....................................

United

States

$

146,529

Upbound

Group,

Inc.

.................................

United

States

10,303

a

Urban

Outfitters,

Inc.

.................................

United

States

20,858

a

Victoria's

Secret

&

Co.

...............................

United

States

1,756

47,658

Williams-Sonoma,

Inc.

...............................

United

States

671

131,147

3,776,908

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 3.2%
Apple,

Inc.

........................................

United

States

66,086

16,827,478

a

IonQ,

Inc.

.........................................

United

States

2,041

125,521

NetApp,

Inc.

.......................................

United

States

1,123

133,031

Seagate

Technology

Holdings

plc

.......................

United

States

5,903

1,393,462

18,479,492

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.2%
adidas

AG

.........................................

Germany

63,564

Asics

Corp.

........................................

Japan

5,400

141,305

Carter's,

Inc.

.......................................

United

States

1,500

42,330

Cie

Financiere

Richemont

SA

..........................

Switzerland

19,005

a

G-III

Apparel

Group

Ltd.

..............................

United

States

596

15,860

a

Hanesbrands,

Inc.

...................................

United

States

2,228

14,683

Hermes

International

SCA

.............................

France

319,675

Kontoor

Brands,

Inc.

.................................

United

States

11,168

a

Lululemon

Athletica,

Inc.

..............................

United

States

828

147,326

LVMH

Moet

Hennessy

Louis

Vuitton

SE

..................

France

33,846

Pandora

A/S

.......................................

Denmark

1,641

214,556

Tapestry,

Inc.

......................................

United

States

1,308

148,092

1,171,410

#### Tobacco

#### 0.7%
British

American

Tobacco

plc

...........................

United

Kingdom

10,379

552,031

Imperial

Brands

plc

..................................

United

Kingdom

9,905

420,779

Philip

Morris

International,

Inc.

.........................

United

States

18,077

2,932,089

Turning

Point

Brands,

Inc.

.............................

United

States

641

63,369

3,968,268

#### Trading

#### Companies

#### &

#### Distributors

#### 0.4%
AerCap

Holdings

NV

.................................

Ireland

1,000

121,000

Boise

Cascade

Co.

..................................

United

States

37,423

Bunzl

plc

..........................................

United

Kingdom

1,252

39,572

a

DNOW,

Inc.

.......................................

United

States

2,780

42,395

a

Hudson

Technologies,

Inc.

............................

United

States

2,080

20,654

McGrath

RentCorp

..................................

United

States

16,187

Mitsubishi

Corp.

....................................

Japan

9,700

231,242

Mitsui

&

Co.

Ltd.

....................................

Japan

20,700

514,006

a

NPK

International,

Inc.

...............................

United

States

1,043

11,796

United

Rentals,

Inc.

..................................

United

States

826

788,549

1,822,824

#### Transportation

#### Infrastructure

#### 0.1%
b

Aena

SME

SA,

144A,

Reg

S

...........................

Spain

7,275

198,893

#### Water

#### Utilities

#### 0.0%

#### †
American

States

Water

Co.

............................

United

States

11,731

California

Water

Service

Group

.........................

United

States

12,803

H2O

America

......................................

United

States

13,149

37,683

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Wireless

#### Telecommunication

#### Services

#### 0.4%
KDDI

Corp.

........................................

Japan

19,200

$

306,212

SoftBank

Group

Corp.

................................

Japan

3,300

416,396

T-Mobile

US,

Inc.

...................................

United

States

4,161

996,060

1,718,668

#### Total

#### Common

#### Stocks

#### (Cost

#### $194,044,087)

#### ...................................

#### 343,755,551

#### Convertible

#### Preferred

#### Stocks

#### 0.1%

#### Aerospace

#### &

#### Defense

#### 0.1%
Boeing

Co.

(The),

6%

................................

United

States

1,724

119,938

#### Electric

#### Utilities

#### 0.0%

#### †
PG&E

Corp.,

A,

6%

..................................

United

States

931

36,663

#### Financial

#### Services

#### 0.0%

#### †
Apollo

Global

Management,

Inc.,

6.75%

..................

United

States

747

52,499

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $170,100)

#### ............................

#### 209,100

#### Preferred

#### Stocks

#### 0.1%

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.1%
c

Samsung

Electronics

Co.

Ltd.,

1.65%

....................

South

Korea

10,933

518,891

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $421,114)

#### .......................................

#### 518,891

#### Rights

#### 0.0%

#### †

#### Biotechnology

#### 0.0%

#### †
a,d

Blueprint

Medicines

Corp.,

CVR,

12/31/28

.................

United

States

a,d

Icosavax,

Inc.,

CVR,

2/19/31

...........................

United

Kingdom

687

a,d

Sage

Therapeutics,

Inc.,

CVR,

12/31/30

..................

United

States

4,187

754

1,139

#### Pharmaceuticals

#### 0.0%

#### †
a,d

CinCor

Pharma,

Inc.,

CVR,

3/31/33

......................

United

Kingdom

1,346

#### Total

#### Rights

#### (Cost

#### $2,492)

#### ..................................................

#### 2,485

#### 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

40,000

57,920

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%

#### †
Nabors

Industries,

Inc.

,

Senior

Note

,

1.75 %

,

6/15/29

.........

United

States

40,000

30,800

#### Food

#### Products

#### 0.0%

#### †
Post

Holdings,

Inc.

,

Senior

Note

,

2.5 %

,

8/15/27

.............

United

States

52,000

58,474

#### Software

#### 0.0%

#### †
b

Guidewire

Software,

Inc.

,

Senior

Note

,

144A,

1.25 %

,

11/01/29

..

United

States

76,000

88,580

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $223,853)
.....................................

#### 235,774
Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds

#### 20.1%

#### Aerospace

#### &

#### Defense

#### 0.9%
ATI,

Inc.

,

Senior

Bond,

5.125%,

10/01/31

.......................

United

States

15,000

$

14,773

Senior

Note,

5.875%,

12/01/27

.......................

United

States

120,000

120,332

Senior

Note,

4.875%,

10/01/29

.......................

United

States

25,000

24,600

Senior

Note,

7.25%,

8/15/30

.........................

United

States

75,000

78,787

b

Axon

Enterprise,

Inc.

,

Senior

Note,

144A,

6.125%,

3/15/30

...................

United

States

55,000

56,624

Senior

Note,

144A,

6.25%,

3/15/33

....................

United

States

45,000

46,431

b

BAE

Systems

plc

,

Senior

Bond

,

144A,

5.3 %

,

3/26/34

.........

United

Kingdom

305,000

316,176

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

.........................

United

States

41,000

38,618

Senior

Bond,

6.125%,

2/15/33

........................

United

States

75,000

80,885

Senior

Bond,

6.875%,

3/15/39

........................

United

States

43,000

48,728

Senior

Bond,

5.875%,

2/15/40

........................

United

States

45,000

46,512

Senior

Bond,

3.375%,

6/15/46

........................

United

States

85,000

60,617

Senior

Note,

2.196%,

2/04/26

........................

United

States

656,000

651,114

Senior

Note,

2.7%,

2/01/27

..........................

United

States

153,000

149,938

Senior

Note,

6.259%,

5/01/27

........................

United

States

79,000

81,316

Senior

Note,

6.298%,

5/01/29

........................

United

States

690,000

732,457

b

Bombardier,

Inc.

,

Senior

Note,

144A,

7.875%,

4/15/27

...................

Canada

3,000

3,015

Senior

Note,

144A,

8.75%,

11/15/30

...................

Canada

60,000

64,779

Senior

Note,

144A,

7.25%,

7/01/31

....................

Canada

10,000

10,613

Senior

Note,

144A,

7%,

6/01/32

......................

Canada

15,000

15,696

Senior

Note,

144A,

6.75%,

6/15/33

....................

Canada

50,000

52,240

Howmet

Aerospace,

Inc.

,

Senior

Note,

3%,

1/15/29

...........................

United

States

413,000

398,608

Senior

Note,

4.85%,

10/15/31

........................

United

States

106,000

108,845

RTX

Corp.

,

Senior

Bond,

4.125%,

11/16/28

.......................

United

States

253,000

252,860

Senior

Bond,

5.15%,

2/27/33

.........................

United

States

54,000

55,949

Senior

Bond,

4.875%,

10/15/40

.......................

United

States

119,000

114,722

Spirit

AeroSystems,

Inc.

,

b

Secured

Note,

144A,

9.75%,

11/15/30

..................

United

States

110,000

121,115

Senior

Bond,

4.6%,

6/15/28

..........................

United

States

115,000

114,952

b

Senior

Secured

Note,

144A,

9.375%,

11/30/29

...........

United

States

25,000

26,361

b

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

60,000

62,222

Senior

Secured

Note,

144A,

7.125%,

12/01/31

...........

United

States

15,000

15,665

Senior

Secured

Note,

144A,

6.625%,

3/01/32

............

United

States

5,000

5,154

Senior

Secured

Note,

144A,

6%,

1/15/33

................

United

States

90,000

91,077

Senior

Secured

Note,

144A,

6.25%,

1/31/34

.............

United

States

25,000

25,729

Senior

Sub.

Note,

144A,

6.75%,

1/31/34

................

United

States

75,000

77,600

4,165,110

#### Automobile

#### Components

#### 0.1%
b

Adient

Global

Holdings

Ltd.

,

Senior

Note,

144A,

8.25%,

4/15/31

....................

United

States

115,000

120,700

Senior

Note,

144A,

7.5%,

2/15/33

.....................

United

States

25,000

25,906

b,e

American

Axle

&

Manufacturing,

Inc.

,

Senior

Secured

Note

,

144A,

6.375 %

,

10/15/32

..................................

United

States

60,000

59,936

b

Clarios

Global

LP

/

Clarios

US

Finance

Co.

,

Senior

Note

,

144A,

6.75 %

,

9/15/32

...................................

United

States

60,000

61,367

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

10/15/29

........................................

United

States

85,000

73,210

b

Forvia

SE

,

Senior

Note

,

144A,

6.75 %

,

9/15/33

..............

France

200,000

203,037

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Automobile

#### Components
(continued)

b,f

IHO

Verwaltungs

GmbH

,

Senior

Secured

Note

,

144A,

PIK,

7.75 %

,

11/15/30

........................................

Germany

200,000

$

209,415

753,571

#### Automobiles

#### 0.2%
b

Hyundai

Capital

America

,

Senior

Bond,

144A,

6.375%,

4/08/30

...................

United

States

17,000

18,174

Senior

Note,

144A,

4.875%,

11/01/27

..................

United

States

200,000

202,279

Senior

Note,

144A,

6.5%,

1/16/29

.....................

United

States

380,000

402,940

Senior

Note,

144A,

5.35%,

3/19/29

....................

United

States

98,000

100,694

Senior

Note,

144A,

4.55%,

9/26/29

....................

United

States

55,000

55,134

Senior

Note,

144A,

5.4%,

1/08/31

.....................

United

States

48,000

49,516

828,737

#### Banks

#### 4.1%
b

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note

,

144A,

4.988%

to

12/02/27,

FRN

thereafter

,

12/03/28

...................

Netherlands

300,000

304,764

b,g

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Junior

Sub.

Bond

,

144A,

6.75%

to

6/14/26,

FRN

thereafter

,

Perpetual

.........

Australia

200,000

202,759

Banco

Santander

SA

,

Senior

Non-Preferred

Bond,

4.379%,

4/12/28

............

Spain

200,000

200,564

Sub.

Bond,

5.179%,

11/19/25

........................

Spain

400,000

400,358

Sub.

Bond,

3.225%

to

8/21/31,

FRN

thereafter,

11/22/32

....

Spain

1,400,000

1,274,684

Bank

of

America

Corp.

,

Senior

Bond,

2.496%

to

2/12/30,

FRN

thereafter,

2/13/31

...

United

States

450,000

416,599

Senior

Note,

1.734%

to

7/21/26,

FRN

thereafter,

7/22/27

....

United

States

1,690,000

1,656,429

h

Sub.

Bond,

FRN,

5.059%,

(3-month

SOFR

+

1.022%),

9/15/26

United

States

65,000

65,336

Sub.

Bond,

6.11%,

1/29/37

..........................

United

States

722,000

779,120

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

1,133,000

1,058,922

L,

Sub.

Bond,

4.183%,

11/25/27

......................

United

States

245,000

245,148

Bank

of

Nova

Scotia

(The)

,

Junior

Sub.

Bond

,

7.35%

to

4/26/30,

FRN

thereafter

,

4/27/85

.............................

Canada

200,000

208,953

b

BNP

Paribas

SA

,

Sub.

Bond,

144A,

4.375%,

5/12/26

....................

France

200,000

199,655

Sub.

Bond,

144A,

2.588%

to

8/11/30,

FRN

thereafter,

8/12/35

France

285,000

255,559

b

BPCE

SA

,

Senior

Non-Preferred

Note

,

144A,

5.975%

to

1/17/26,

FRN

thereafter

,

1/18/27

.............................

France

410,000

411,568

b

CaixaBank

SA

,

Senior

Non-Preferred

Note,

144A,

4.634%

to

7/02/28,

FRN

thereafter,

7/03/29

.................................

Spain

200,000

201,448

Senior

Non-Preferred

Note,

144A,

5.673%

to

3/14/29,

FRN

thereafter,

3/15/30

.................................

Spain

200,000

207,516

Citigroup,

Inc.

,

Senior

Bond,

3.887%

to

1/09/27,

FRN

thereafter,

1/10/28

...

United

States

321,000

319,756

Senior

Bond,

3.668%

to

7/23/27,

FRN

thereafter,

7/24/28

...

United

States

1,408,000

1,395,836

Senior

Note,

4.503%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

320,000

320,247

Sub.

Bond,

4.45%,

9/29/27

..........................

United

States

402,000

403,741

Sub.

Bond,

4.75%,

5/18/46

..........................

United

States

168,000

149,380

b

Commonwealth

Bank

of

Australia

,

Senior

Bond

,

144A,

3.15 %

,

9/19/27

.........................................

Australia

564,000

556,518

b

Federation

des

Caisses

Desjardins

du

Quebec

,

Senior

Note

,

144A,

4.565 %

,

8/26/30

..............................

Canada

400,000

402,365

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125 %

,

3/09/28

...

United

States

580,000

602,352

Huntington

Bancshares,

Inc.

,

Sub.

Bond

,

2.487%

to

8/14/31,

FRN

thereafter

,

8/15/36

.................................

United

States

385,000

329,682

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

b

Intesa

Sanpaolo

SpA

,

Senior

Preferred

Bond

,

144A,

3.875 %

,

1/12/28

.........................................

Italy

400,000

$

394,639

JPMorgan

Chase

&

Co.

,

h

W,

Junior

Sub.

Bond,

FRN,

5.473%,

(3-month

SOFR

+

1.262%),

5/15/47

.................................

United

States

179,000

157,141

Senior

Note,

6.07%

to

10/21/26,

FRN

thereafter,

10/22/27

...

United

States

305,000

311,119

Sub.

Bond,

3.625%,

12/01/27

........................

United

States

1,887,000

1,872,340

Sub.

Bond,

5.717%

to

9/13/32,

FRN

thereafter,

9/14/33

.....

United

States

790,000

835,805

Lloyds

Banking

Group

plc

,

Sub.

Bond

,

4.65 %

,

3/24/26

........

United

Kingdom

295,000

295,249

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Note

,

5.159%

to

4/23/30,

FRN

thereafter

,

4/24/31

......................

Japan

335,000

345,325

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond,

5.373%

to

7/20/35,

FRN

thereafter,

7/21/36

...

United

States

24,000

24,707

Sub.

Bond,

4.626%

to

6/05/32,

FRN

thereafter,

6/06/33

.....

United

States

648,000

643,377

Toronto-Dominion

Bank

(The)

,

Sub.

Bond

,

3.625%

to

9/14/26,

FRN

thereafter

,

9/15/31

.............................

Canada

494,000

490,067

h

Truist

Bank

,

Sub.

Bond

,

FRN

,

4.632 %

,

(5-year

CMT

T-Note

+

1.15 %),

9/17/29

...................................

United

States

390,000

393,182

Truist

Financial

Corp.

,

Senior

Note

,

5.435%

to

1/23/29,

FRN

thereafter

,

1/24/30

.................................

United

States

150,000

155,236

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

........................................

United

States

593,000

511,365

Wells

Fargo

&

Co.

,

Senior

Bond,

3.35%

to

3/01/32,

FRN

thereafter,

3/02/33

....

United

States

2,203,000

2,051,299

Senior

Note,

5.574%

to

7/24/28,

FRN

thereafter,

7/25/29

....

United

States

155,000

160,669

Westpac

Banking

Corp.

,

Sub.

Bond

,

2.963 %

,

11/16/40

.......

Australia

116,000

88,860

21,299,639

#### Biotechnology

#### 0.2%
AbbVie,

Inc.

,

Senior

Note

,

4.8 %

,

3/15/29

..................

United

States

230,000

235,260

Amgen,

Inc.

,

Senior

Bond,

4.663%,

6/15/51

........................

United

States

302,000

263,997

Senior

Note,

5.15%,

3/02/28

.........................

United

States

320,000

327,519

b

Grifols

SA

,

Senior

Note

,

Reg

S,

3.875 %

,

10/15/28

...........

Spain

215,000

EUR

247,917

1,074,693

#### Broadline

#### Retail

#### 0.0%

#### †
b

Kohl's

Corp.

,

Senior

Secured

Note

,

144A,

%

,

6/01/30

......

United

States

35,000

38,108

b

Match

Group

Holdings

II

LLC

,

Senior

Note

,

144A,

4.625 %

,

6/01/28

.........................................

United

States

189,000

185,832

b

Wayfair

LLC

,

Senior

Secured

Note,

144A,

7.25%,

10/31/29

............

United

States

75,000

77,515

Senior

Secured

Note,

144A,

7.75%,

9/15/30

.............

United

States

80,000

84,100

385,555

#### Building

#### Products

#### 0.1%
b

Builders

FirstSource,

Inc.

,

Senior

Bond,

144A,

6.375%,

3/01/34

...................

United

States

40,000

41,254

Senior

Bond,

144A,

6.75%,

5/15/35

....................

United

States

35,000

36,589

b

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75 %

,

8/01/28

...................................

United

States

75,000

72,633

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

1/31/31

............

United

States

10,000

10,162

Senior

Secured

Note,

144A,

6.125%,

7/31/32

............

United

States

40,000

41,006

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Building

#### Products
(continued)

Johnson

Controls

International

plc

,

Senior

Bond,

4.95%,

7/02/64

.........................

United

States

264,000

$

230,660

Senior

Note,

3.9%,

2/14/26

..........................

United

States

194,000

193,610

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

..............

United

States

80,000

82,230

b

MIWD

Holdco

II

LLC

/

MIWD

Finance

Corp.

,

Senior

Note

,

144A,

5.5 %

,

2/01/30

....................................

United

States

85,000

83,012

b

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

....................

United

States

30,000

31,214

Senior

Secured

Note,

144A,

6.375%,

3/01/32

............

United

States

55,000

57,014

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

11/15/31

..................................

United

States

70,000

73,985

b

Standard

Building

Solutions,

Inc.

,

Senior

Note,

144A,

6.5%,

8/15/32

.....................

United

States

90,000

92,434

Senior

Note,

144A,

6.25%,

8/01/33

....................

United

States

85,000

86,216

b

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

4.375%,

7/15/30

...................

United

States

70,000

67,160

Senior

Bond,

144A,

3.375%,

1/15/31

...................

United

States

40,000

36,257

Senior

Note,

Reg

S,

2.25%,

11/21/26

..................

United

States

73,291

EUR

85,626

1,321,062

#### Capital

#### Markets

#### 1.5%
Ares

Capital

Corp.

,

Senior

Note,

3.875%,

1/15/26

........................

United

States

204,000

203,658

Senior

Note,

2.15%,

7/15/26

.........................

United

States

199,000

195,549

Senior

Note,

7%,

1/15/27

...........................

United

States

110,000

113,262

Senior

Note,

2.875%,

6/15/27

........................

United

States

212,000

207,032

b

Aretec

Group,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

8/15/30

..

United

States

25,000

27,269

b

Blackstone

Holdings

Finance

Co.

LLC

,

Senior

Bond

,

144A,

1.6 %

,

3/30/31

.........................................

United

States

134,000

116,170

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25 %

,

3/15/27

..

United

States

88,000

86,356

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

4.223%

to

4/30/28,

FRN

thereafter

,

5/01/29

......................

United

States

1,677,000

1,679,329

Intercontinental

Exchange,

Inc.

,

Senior

Bond,

1.85%,

9/15/32

.........................

United

States

149,000

126,088

Senior

Note,

4%,

9/15/27

...........................

United

States

98,000

98,021

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note,

144A,

6.125%,

11/01/32

...........

United

States

195,000

197,790

Senior

Secured

Note,

144A,

6.75%,

5/01/33

.............

United

States

65,000

67,562

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

4.5 %

,

9/15/26

....

United

States

170,000

170,364

b

KKR

Group

Finance

Co.

III

LLC

,

Senior

Bond

,

144A,

5.125 %

,

6/01/44

.........................................

United

States

163,000

154,879

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

........................

United

States

166,000

177,242

Senior

Note,

5.2%,

3/15/30

..........................

United

States

172,000

175,870

Moody's

Corp.

,

Senior

Bond,

2%,

8/19/31

...........................

United

States

463,000

407,129

Senior

Bond,

5%,

8/05/34

...........................

United

States

51,000

52,087

Morgan

Stanley

,

Senior

Bond,

3.772%

to

1/23/28,

FRN

thereafter,

1/24/29

...

United

States

1,758,000

1,742,953

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

305,000

311,606

Senior

Note,

4.994%

to

4/11/28,

FRN

thereafter,

4/12/29

....

United

States

104,000

106,090

Sub.

Bond,

3.95%,

4/23/27

..........................

United

States

398,000

397,252

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625 %

,

9/01/30

............

United

States

292,000

278,820

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Capital

#### Markets
(continued)

Nasdaq,

Inc.

,

Senior

Bond,

5.55%,

2/15/34

.........................

United

States

30,000

$

31,515

Senior

Note,

5.35%,

6/28/28

.........................

United

States

97,000

100,040

b

Neuberger

Berman

Group

LLC

/

Neuberger

Berman

Finance

Corp.

,

Senior

Bond

,

144A,

4.875 %

,

4/15/45

..............

United

States

146,000

128,207

S&P

Global,

Inc.

,

Senior

Bond,

2.5%,

12/01/29

.........................

United

States

51,000

47,879

Senior

Bond,

1.25%,

8/15/30

.........................

United

States

93,000

81,059

b

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875 %

,

7/15/32

United

States

55,000

56,656

b

UBS

Group

AG

,

Senior

Bond,

144A,

3.869%

to

1/11/28,

FRN

thereafter,

1/12/29

Switzerland

311,000

308,428

Senior

Note,

144A,

1.305%

to

2/01/26,

FRN

thereafter,

2/02/27

Switzerland

250,000

247,523

8,093,685

#### Chemicals

#### 0.3%
b

Avient

Corp.

,

Senior

Note,

144A,

7.125%,

8/01/30

...................

United

States

35,000

35,996

Senior

Note,

144A,

6.25%,

11/01/31

...................

United

States

30,000

30,488

Celanese

US

Holdings

LLC

,

Senior

Note,

1.4%,

8/05/26

..........................

United

States

145,000

140,587

Senior

Note,

6.665%,

7/15/27

........................

United

States

213,000

218,642

b

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375 %

,

10/03/31

........................................

Germany

70,000

74,287

CF

Industries,

Inc.

,

Senior

Bond,

4.95%,

6/01/43

.........................

United

States

110,000

101,287

b

Senior

Bond,

144A,

4.5%,

12/01/26

....................

United

States

238,000

238,479

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

70,000

73,974

Huntsman

International

LLC

,

Senior

Bond,

4.5%,

5/01/29

..........................

United

States

266,000

254,672

Senior

Bond,

2.95%,

6/15/31

.........................

United

States

123,000

103,826

b

Qnity

Electronics,

Inc.

,

Senior

Note,

144A,

6.25%,

8/15/33

....................

United

States

30,000

30,673

Senior

Secured

Note,

144A,

5.75%,

8/15/32

.............

United

States

50,000

50,444

b

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

65,000

69,688

b

SCIH

Salt

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

5/01/29

...................

United

States

65,000

63,784

Senior

Secured

Note,

144A,

4.875%,

5/01/28

............

United

States

80,000

78,240

b

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

9/30/33

.........................................

United

States

125,000

125,491

b

Vibrantz

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

2/15/30

...

United

States

95,000

53,760

b

WR

Grace

Holdings

LLC

,

Senior

Note

,

144A,

5.625 %

,

8/15/29

.

United

States

50,000

46,514

1,790,832

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
b

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875 %

,

2/15/31

...................................

United

States

95,000

99,690

b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

%

,

2/01/28

......

United

States

122,000

121,570

b

Clean

Harbors,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

2/01/31

.....

United

States

50,000

51,245

b

GFL

Environmental,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

1/15/31

.........................................

United

States

25,000

26,192

b

Madison

IAQ

LLC

,

Senior

Secured

Note

,

144A,

4.125 %

,

6/30/28

United

States

40,000

39,075

b

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Secured

Note

,

144A,

6.25 %

,

1/15/28

...................

United

States

90,000

90,050

Republic

Services,

Inc.

,

Senior

Note

,

%

,

11/15/29

..........

United

States

576,000

595,002

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Commercial

#### Services

#### &

#### Supplies
(continued)

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

.........................................

United

States

120,000

$

123,095

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5 %

,

11/30/30

........................................

United

States

30,000

32,234

Waste

Connections,

Inc.

,

Senior

Bond,

3.5%,

5/01/29

..........................

United

States

240,000

236,000

Senior

Bond,

3.2%,

6/01/32

..........................

United

States

38,000

35,208

Senior

Bond,

5%,

3/01/34

...........................

United

States

55,000

56,187

Waste

Management,

Inc.

,

Senior

Note

,

4.875 %

,

2/15/29

......

United

States

147,000

151,006

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/33

........

United

States

75,000

77,872

b

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625 %

,

4/01/32

...

Canada

30,000

31,308

1,765,734

#### Communications

#### Equipment

#### 0.1%
b

CommScope

LLC

,

Senior

Note

,

144A,

7.125 %

,

7/01/28

.......

United

States

50,000

50,226

Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

.........................

United

States

78,000

70,531

Senior

Bond,

5.55%,

8/15/35

.........................

United

States

271,000

282,472

Senior

Note,

4.85%,

8/15/30

.........................

United

States

91,000

92,773

b

Viasat,

Inc.

,

Senior

Note

,

144A,

7.5 %

,

5/30/31

..............

United

States

65,000

61,077

557,079

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
b

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

8/15/32

...........

United

States

35,000

36,586

#### Consumer

#### Finance

#### 0.9%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond,

3.65%,

7/21/27

.........................

Ireland

450,000

446,084

Senior

Bond,

3.3%,

1/30/32

..........................

Ireland

596,000

549,186

Ally

Financial,

Inc.

,

Senior

Bond,

8%,

11/01/31

..........................

United

States

297,000

338,714

Senior

Note,

4.75%,

6/09/27

.........................

United

States

207,000

208,172

Senior

Note,

2.2%,

11/02/28

.........................

United

States

172,000

160,800

American

Express

Co.

,

Senior

Bond,

5.667%

to

4/24/35,

FRN

thereafter,

4/25/36

...

United

States

326,000

344,590

Senior

Note,

5.098%

to

2/15/27,

FRN

thereafter,

2/16/28

....

United

States

170,000

172,301

b

Avolon

Holdings

Funding

Ltd.

,

Senior

Note,

144A,

5.75%,

11/15/29

...................

Ireland

343,000

356,521

Senior

Note,

144A,

4.9%,

10/10/30

....................

Ireland

155,000

155,927

Capital

One

Financial

Corp.

,

Senior

Note,

4.493%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

95,000

94,263

Sub.

Bond,

2.359%

to

7/28/31,

FRN

thereafter,

7/29/32

.....

United

States

926,000

799,501

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

5/15/30

.........................................

United

States

60,000

63,768

b

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

180,000

186,274

General

Motors

Financial

Co.,

Inc.

,

Senior

Note

,

4.9 %

,

10/06/29

United

States

207,000

209,458

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

5.15 %

,

3/17/30

.........................................

United

Kingdom

56,000

56,805

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

.......................

United

States

55,000

54,422

Senior

Note,

7.5%,

5/15/31

..........................

United

States

70,000

73,237

Senior

Note,

7.125%,

11/15/31

.......................

United

States

75,000

77,832

Senior

Note,

6.5%,

3/15/33

..........................

United

States

50,000

50,141

4,397,996

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.2%
b

7-Eleven,

Inc.

,

Senior

Note

,

144A,

1.3 %

,

2/10/28

............

United

States

329,000

$

307,690

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond,

144A,

3.55%,

7/26/27

....................

Canada

233,000

230,868

Senior

Bond,

144A,

2.95%,

1/25/30

....................

Canada

156,000

147,412

b

US

Foods,

Inc.

,

Senior

Note,

144A,

7.25%,

1/15/32

....................

United

States

20,000

20,964

Senior

Note,

144A,

5.75%,

4/15/33

....................

United

States

60,000

60,464

767,398

#### Containers

#### &

#### Packaging

#### 0.1%
b

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc

,

Senior

Note

,

Reg

S,

%

,

9/01/29

....

United

States

100,000

EUR

108,650

Berry

Global,

Inc.

,

Senior

Secured

Note,

1.65%,

1/15/27

..................

United

States

154,000

149,236

Senior

Secured

Note,

5.5%,

4/15/28

...................

United

States

13,000

13,372

b

Senior

Secured

Note,

144A,

4.875%,

7/15/26

............

United

States

11,000

11,002

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

...............................

United

States

90,000

92,394

b

Graham

Packaging

Co.,

Inc.

,

Senior

Note

,

144A,

7.125 %

,

8/15/28

United

States

80,000

80,280

b

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/27

...................

United

States

70,000

70,220

Senior

Secured

Note,

144A,

7.875%,

4/15/27

............

United

States

80,000

80,884

b

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5 %

,

5/15/30

...........

Canada

155,000

151,982

WestRock

MWV

LLC

,

Senior

Bond,

8.2%,

1/15/30

..........................

United

States

336,000

385,416

Senior

Bond,

7.95%,

2/15/31

.........................

United

States

87,000

100,625

1,244,061

#### Distributors

#### 0.0%

#### †
b

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

Senior

Note,

144A,

3.875%,

11/15/29

..................

United

States

50,000

47,485

Senior

Secured

Note,

144A,

4%,

1/15/28

................

United

States

30,000

29,425

b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75 %

,

3/15/31

..

Canada

55,000

57,594

134,504

#### Diversified

#### Consumer

#### Services

#### 0.0%

#### †
Service

Corp.

International

,

Senior

Bond

,

3.375 %

,

8/15/30

....

United

States

55,000

51,013

#### Diversified

#### REITs

#### 0.1%
GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond

,

3.25 %

,

1/15/32

.........................................

United

States

193,000

173,795

VICI

Properties

LP

,

Senior

Note,

4.75%,

2/15/28

.........................

United

States

343,000

345,954

Senior

Note,

5.125%,

11/15/31

.......................

United

States

228,000

231,465

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

2/15/27

...................................

United

States

136,000

134,556

885,770

#### Diversified

#### Telecommunication

#### Services

#### 0.8%
AT&T,

Inc.

,

Senior

Bond,

2.55%,

12/01/33

........................

United

States

450,000

383,363

Senior

Bond,

4.75%,

5/15/46

.........................

United

States

346,000

309,182

Senior

Bond,

3.55%,

9/15/55

.........................

United

States

1,258,000

867,594

Senior

Note,

4.1%,

2/15/28

..........................

United

States

50,000

49,970

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Diversified

#### Telecommunication

#### Services
(continued)

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.375%,

6/01/29

...................

United

States

270,000

$

268,403

Senior

Bond,

144A,

4.75%,

3/01/30

....................

United

States

200,000

192,070

Senior

Bond,

144A,

4.25%,

2/01/31

....................

United

States

65,000

59,921

Senior

Bond,

144A,

4.75%,

2/01/32

....................

United

States

80,000

74,049

Deutsche

Telekom

International

Finance

BV

,

Senior

Bond

,

8.75 %

,

6/15/30

.........................................

Germany

106,000

124,976

b

Frontier

Communications

Holdings

LLC

,

Senior

Secured

Note,

144A,

5.875%,

10/15/27

...........

United

States

55,000

55,007

Senior

Secured

Note,

144A,

8.75%,

5/15/30

.............

United

States

60,000

62,728

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/28

.........

United

States

111,000

119,419

Telefonica

Emisiones

SA

,

Senior

Bond

,

4.895 %

,

3/06/48

......

Spain

672,000

577,257

Verizon

Communications,

Inc.

,

Senior

Bond,

4.4%,

11/01/34

.........................

United

States

236,000

227,741

Senior

Bond,

3.7%,

3/22/61

..........................

United

States

473,000

333,469

b

Senior

Bond,

144A,

5.401%,

7/02/37

...................

United

States

790,000

802,956

Senior

Note,

2.1%,

3/22/28

..........................

United

States

181,000

172,670

4,680,775

#### Electric

#### Utilities

#### 0.9%
American

Electric

Power

Co.,

Inc.

,

Senior

Bond,

5.625%,

3/01/33

........................

United

States

110,000

115,690

J,

Senior

Bond,

4.3%,

12/01/28

.......................

United

States

363,000

364,748

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65 %

,

1/15/32

...................................

United

States

86,000

77,202

Commonwealth

Edison

Co.

,

Senior

Bond

,

5.9 %

,

3/15/36

......

United

States

135,000

145,136

Duke

Energy

Corp.

,

Senior

Bond,

3.15%,

8/15/27

.........................

United

States

433,000

426,241

Senior

Bond,

4.2%,

6/15/49

..........................

United

States

350,000

282,099

Duke

Energy

Indiana

LLC

,

Senior

Bond

,

6.45 %

,

4/01/39

......

United

States

166,000

186,100

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

3.65 %

,

2/01/29

........

United

States

189,000

186,877

b

Enel

Finance

International

NV

,

Senior

Note

,

144A,

4.375 %

,

9/30/30

.........................................

Italy

310,000

307,995

Evergy

Kansas

Central,

Inc.

,

Senior

Bond

,

5.7 %

,

3/15/53

.....

United

States

102,000

103,469

b

Evergy

Missouri

West,

Inc.

,

Senior

Note

,

144A,

5.15 %

,

12/15/27

United

States

316,000

321,910

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

............

United

States

31,000

31,850

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25 %

,

5/01/30

United

States

125,000

122,495

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

5.45 %

,

3/15/35

.........................................

United

States

664,000

687,145

b

NRG

Energy,

Inc.

,

g

Junior

Sub.

Bond,

144A,

10.25%

to

3/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

70,000

76,522

Senior

Bond,

144A,

6.25%,

11/01/34

...................

United

States

80,000

82,057

e

Senior

Bond,

144A,

6%,

1/15/36

......................

United

States

140,000

140,108

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond,

5.3%,

6/01/42

...................

United

States

72,000

71,326

Senior

Secured

Bond,

3.75%,

4/01/45

..................

United

States

364,000

288,558

Pacific

Gas

and

Electric

Co.

,

Senior

Note,

2.1%,

8/01/27

..........................

United

States

48,000

46,151

Senior

Note,

6.1%,

1/15/29

..........................

United

States

489,000

511,716

Senior

Note,

5.55%,

5/15/29

.........................

United

States

211,000

217,277

PG&E

Corp.

,

Junior

Sub.

Bond,

7.375%

to

3/14/30,

FRN

thereafter,

3/15/55

United

States

50,000

51,457

Senior

Secured

Bond,

5.25%,

7/01/30

..................

United

States

95,000

93,743

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

Public

Service

Electric

and

Gas

Co.

,

Senior

Bond

,

5.5 %

,

3/01/40

United

States

140,000

$

144,644

Southern

Co.

(The)

,

Senior

Note

,

5.5 %

,

3/15/29

............

United

States

195,000

202,847

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5%,

7/31/27

......................

United

States

65,000

64,834

Senior

Note,

144A,

7.75%,

10/15/31

...................

United

States

45,000

47,651

Senior

Note,

144A,

6.875%,

4/15/32

...................

United

States

50,000

52,330

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

..............

United

States

193,000

191,594

Senior

Secured

Bond,

144A,

6%,

4/15/34

...............

United

States

153,000

161,429

Wisconsin

Electric

Power

Co.

,

Senior

Bond

,

4.6 %

,

10/01/34

...

United

States

137,000

136,530

5,939,731

#### Electrical

#### Equipment

#### 0.0%

#### †
b

Energizer

Gamma

Acquisition

BV

,

Senior

Note

,

Reg

S,

3.5 %

,

6/30/29

.........................................

United

States

100,000

EUR

115,886

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.0%

#### †
CDW

LLC

/

CDW

Finance

Corp.

,

Senior

Note

,

3.25 %

,

2/15/29

..

United

States

15,000

14,370

b

Sensata

Technologies,

Inc.

,

Senior

Bond

,

144A,

3.75 %

,

2/15/31

United

States

155,000

143,186

b

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

......

United

States

125,000

120,329

277,885

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%

#### †
b

Kodiak

Gas

Services

LLC

,

Senior

Bond,

144A,

6.75%,

10/01/35

...................

United

States

30,000

30,821

Senior

Note,

144A,

7.25%,

2/15/29

....................

United

States

70,000

72,687

Senior

Note,

144A,

6.5%,

10/01/33

....................

United

States

55,000

56,034

b

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

8/15/31

...

United

States

120,000

111,848

b

Transocean

Aquila

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

9/30/28

United

States

16,308

16,787

Transocean

International

Ltd.

,

Senior

Bond,

6.8%,

3/15/38

..........................

United

States

100,000

84,767

b

Senior

Secured

Note,

144A,

8.75%,

2/15/30

.............

United

States

30,000

31,588

b

Transocean

Poseidon

Ltd.

,

Senior

Secured

Note

,

144A,

6.875 %

,

2/01/27

.........................................

United

States

33,750

33,818

b

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375 %

,

2/01/28

...................................

United

States

36,429

37,423

b

Weatherford

International

Ltd.

,

Senior

Note,

144A,

8.625%,

4/30/30

...................

United

States

110,000

112,525

e

Senior

Note,

144A,

6.75%,

10/15/33

...................

United

States

75,000

75,099

663,397

#### Entertainment

#### 0.4%
b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

.........................................

France

215,000

223,482

b

Cinemark

USA,

Inc.

,

Senior

Note

,

144A,

5.25 %

,

7/15/28

......

United

States

50,000

49,768

b

Live

Nation

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

5/15/27

....................................

United

States

50,000

50,505

Netflix,

Inc.

,

Senior

Bond,

5.875%,

11/15/28

.......................

United

States

45,000

47,460

b

Senior

Bond,

Reg

S,

3.875%,

11/15/29

.................

United

States

395,000

EUR

483,743

b

Senior

Bond,

144A,

5.375%,

11/15/29

..................

United

States

346,000

362,161

b

Pinewood

Finco

plc

,

Senior

Secured

Note

,

144A,

%

,

3/27/30

..

United

Kingdom

100,000

GBP

135,585

Walt

Disney

Co.

(The)

,

Senior

Bond

,

7.75 %

,

12/01/45

........

United

States

183,000

239,213

Warnermedia

Holdings,

Inc.

,

Senior

Bond

,

5.05 %

,

3/15/42

.....

United

States

90,000

71,905

1,663,822

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Financial

#### Services

#### 0.1%
Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85 %

,

4/05/29

.......

United

States

188,000

$

185,218

b

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note

,

144A,

6.5 %

,

10/01/30

...................................

United

States

85,000

85,419

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25 %

,

10/01/30

United

States

65,000

72,565

b

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375 %

,

4/01/32

.........................................

United

States

125,000

131,123

b

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

%

,

2/15/27

........

Ireland

25,000

25,609

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note,

144A,

9.5%,

2/15/29

.....................

United

States

100,000

105,683

Senior

Note,

144A,

8.25%,

5/15/30

....................

United

States

90,000

94,202

b

Nationstar

Mortgage

Holdings,

Inc.

,

Senior

Bond,

144A,

5.75%,

11/15/31

...................

United

States

80,000

81,102

Senior

Note,

144A,

7.125%,

2/01/32

...................

United

States

75,000

78,504

b

Osaic

Holdings,

Inc.

,

Senior

Note,

144A,

8%,

8/01/33

......................

United

States

95,000

98,538

Senior

Secured

Note,

144A,

6.75%,

8/01/32

.............

United

States

45,000

46,515

b

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95 %

,

1/03/31

.....

Malaysia

220,000

227,207

b

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875 %

,

11/01/29

..................................

United

States

170,000

172,463

b

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

1/31/30

........

United

States

155,000

160,144

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/33

.......

United

States

90,000

93,003

1,657,295

#### Food

#### Products

#### 0.3%
Bunge

Ltd.

Finance

Corp.

,

Senior

Note

,

3.2 %

,

4/21/31

.......

United

States

40,000

37,481

b,f

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75 %

,

10/01/29

United

States

31,258

32,090

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625 %

,

7/01/29

...................................

United

States

80,000

83,520

b

Froneri

Lux

FinCo

SARL

,

Senior

Secured

Note

,

144A,

%

,

8/01/32

.........................................

United

Kingdom

200,000

200,482

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

%

,

2/02/29

......................

United

States

82,000

78,653

b

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

,

Senior

Bond

,

144A,

5.5 %

,

1/15/36

.

United

States

409,000

417,931

Kellanova

,

Senior

Bond,

4.5%,

4/01/46

..........................

United

States

10,000

8,771

B,

Senior

Bond,

7.45%,

4/01/31

.......................

United

States

44,000

50,436

Kraft

Heinz

Foods

Co.

,

Senior

Bond,

6.875%,

1/26/39

........................

United

States

51,000

56,934

Senior

Bond,

4.625%,

10/01/39

.......................

United

States

51,000

46,693

b

Mars,

Inc.

,

Senior

Bond,

144A,

5.65%,

5/01/45

....................

United

States

39,000

39,589

Senior

Bond,

144A,

5.7%,

5/01/55

.....................

United

States

31,000

31,424

Senior

Bond,

144A,

5.8%,

5/01/65

.....................

United

States

20,000

20,413

Senior

Note,

144A,

4.6%,

3/01/28

.....................

United

States

295,000

298,671

Senior

Note,

144A,

4.65%,

4/20/31

....................

United

States

23,000

23,356

Senior

Note,

144A,

5%,

3/01/32

......................

United

States

334,000

341,847

Senior

Note,

144A,

5.2%,

3/01/35

.....................

United

States

43,000

43,974

1,812,265

#### Gas

#### Utilities

#### 0.0%

#### †
Southern

California

Gas

Co.

,

Senior

Bond

,

5.05 %

,

9/01/34

....

United

States

59,000

60,062

#### Ground

#### Transportation

#### 0.4%
b

Ashtead

Capital,

Inc.

,

Senior

Bond,

144A,

4.375%,

8/15/27

...................

United

Kingdom

485,000

485,155

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Ground

#### Transportation
(continued)

b

Ashtead

Capital,

Inc.,

(continued)

Senior

Bond,

144A,

2.45%,

8/12/31

....................

United

Kingdom

205,000

$

181,928

b

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/01/30

.........................................

United

States

55,000

57,222

CSX

Corp.

,

Senior

Bond

,

4.1 %

,

3/15/44

..................

United

States

226,000

191,864

b

ERAC

USA

Finance

LLC

,

Senior

Bond

,

144A,

3.3 %

,

12/01/26

..

United

States

111,000

109,937

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Bond,

144A,

3.4%,

11/15/26

....................

United

States

118,000

116,811

Senior

Note,

144A,

4.4%,

7/01/27

.....................

United

States

105,000

105,298

Ryder

System,

Inc.

,

Senior

Note

,

4.95 %

,

9/01/29

............

United

States

236,000

241,766

b

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Bond,

144A,

5.7%,

7/25/33

.....................

Ireland

200,000

209,305

Senior

Note,

144A,

5.3%,

4/03/29

.....................

Ireland

310,000

318,472

b

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

8/01/32

...................................

United

States

120,000

124,310

2,142,068

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.1%
b

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375 %

,

10/01/28

........................................

United

States

40,000

41,738

b,h

Bausch

+

Lomb

Netherlands

BV

and

Bausch

&

Lomb,

Inc.

,

Senior

Secured

Note

,

144A,

FRN

,

5.872 %

,

(3-month

EURIBOR

+

3.875 %),

1/15/31

..................................

United

States

100,000

EUR

119,201

Becton

Dickinson

&

Co.

,

Senior

Bond

,

2.823 %

,

5/20/30

.......

United

States

363,000

340,291

DH

Europe

Finance

II

SARL

,

Senior

Bond

,

3.4 %

,

11/15/49

....

United

States

163,000

120,313

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.8 %

,

8/14/29

.

United

States

157,000

160,196

b

Insulet

Corp.

,

Senior

Note

,

144A,

6.5 %

,

4/01/33

............

United

States

15,000

15,608

b

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

...................

United

States

45,000

44,644

Senior

Secured

Note,

144A,

3.875%,

4/01/29

............

United

States

80,000

77,215

919,206

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.7%
b

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note,

144A,

5.25%,

5/15/30

.............

United

States

90,000

81,499

Senior

Secured

Note,

144A,

10.875%,

1/15/32

...........

United

States

60,000

63,621

Senior

Secured

Note,

144A,

9.75%,

1/15/34

.............

United

States

70,000

71,803

b

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

7/15/32

.........................................

United

States

70,000

72,774

CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

120,000

126,173

Senior

Bond,

4.78%,

3/25/38

.........................

United

States

96,000

90,016

Senior

Note,

5%,

9/15/32

...........................

United

States

293,000

296,702

b

DaVita,

Inc.

,

Senior

Note,

144A,

6.875%,

9/01/32

...................

United

States

185,000

191,258

Senior

Note,

144A,

6.75%,

7/15/33

....................

United

States

15,000

15,480

HCA,

Inc.

,

Senior

Bond,

4.5%,

2/15/27

..........................

United

States

84,000

84,176

Senior

Bond,

4.125%,

6/15/29

........................

United

States

75,000

74,371

Senior

Note,

5.45%,

4/01/31

.........................

United

States

220,000

228,738

Senior

Note,

3.625%,

3/15/32

........................

United

States

401,000

376,305

Humana,

Inc.

,

Senior

Note

,

5.75 %

,

3/01/28

................

United

States

200,000

206,350

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.809 %

,

5/08/27

.........................................

United

States

200,000

204,161

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

Tenet

Healthcare

Corp.

,

Senior

Secured

Note,

4.25%,

6/01/29

..................

United

States

75,000

$

73,309

Senior

Secured

Note,

6.125%,

6/15/30

.................

United

States

120,000

121,681

UnitedHealth

Group,

Inc.

,

Senior

Bond

,

3.95 %

,

10/15/42

......

United

States

329,000

276,559

2,654,976

#### Health

#### Care

#### REITs

#### 0.0%

#### †
b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/32

....................

United

States

160,000

170,132

#### Health

#### Care

#### Technology

#### 0.1%
b

AthenaHealth

Group,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/30

...

United

States

140,000

138,974

b

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

6/01/32

.............

United

States

195,000

200,731

339,705

#### Hotel

#### &

#### Resort

#### REITs

#### 0.0%

#### †
b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note,

144A,

7.25%,

7/15/28

....................

United

States

20,000

20,647

Senior

Note,

144A,

6.5%,

4/01/32

.....................

United

States

90,000

92,595

Senior

Note,

144A,

6.5%,

6/15/33

.....................

United

States

45,000

46,376

b

XHR

LP

,

Senior

Note

,

144A,

6.625 %

,

5/15/30

..............

United

States

25,000

25,718

185,336

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.5%
b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

%

,

10/15/30

.....................................

Canada

80,000

75,478

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

6/15/31

......

United

States

160,000

154,374

b

Caesars

Entertainment,

Inc.

,

Senior

Note,

144A,

4.625%,

10/15/29

..................

United

States

110,000

105,255

Senior

Note,

144A,

6%,

10/15/32

.....................

United

States

40,000

39,423

Senior

Secured

Note,

144A,

7%,

2/15/30

................

United

States

40,000

41,170

b

Carnival

Corp.

,

Senior

Note,

144A,

5.125%,

5/01/29

...................

United

States

230,000

230,000

Senior

Note,

144A,

5.75%,

3/15/30

....................

United

States

116,000

118,512

Senior

Note,

144A,

5.875%,

6/15/31

...................

United

States

85,000

87,157

Senior

Note,

144A,

5.75%,

8/01/32

....................

United

States

75,000

76,420

Senior

Note,

144A,

6.125%,

2/15/33

...................

United

States

40,000

41,027

Senior

Secured

Note,

144A,

4%,

8/01/28

................

United

States

251,000

247,574

b

Churchill

Downs,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

4/01/30

.....

United

States

85,000

84,982

b

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/30

.................

United

States

110,000

103,302

b

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

.........................

Canada

75,000

74,219

b

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

9/15/33

.........................................

United

States

145,000

147,041

Hyatt

Hotels

Corp.

,

Senior

Bond,

4.85%,

3/15/26

.........................

United

States

404,000

404,332

Senior

Note,

5.75%,

1/30/27

.........................

United

States

132,000

134,528

b

Light

&

Wonder

International,

Inc.

,

Senior

Note,

144A,

7.25%,

11/15/29

...................

United

States

120,000

123,246

Senior

Note,

144A,

7.5%,

9/01/31

.....................

United

States

15,000

15,611

Marriott

International,

Inc.

,

GG

,

Senior

Bond

,

3.5 %

,

10/15/32

...

United

States

318,000

294,835

b

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.25 %

,

4/15/30

..

United

States

95,000

98,780

b

NCL

Corp.

Ltd.

,

Senior

Note,

144A,

7.75%,

2/15/29

....................

United

States

45,000

47,940

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

b

NCL

Corp.

Ltd.,

(continued)

Senior

Note,

144A,

6.75%,

2/01/32

....................

United

States

30,000

$

30,871

Senior

Note,

144A,

6.25%,

9/15/33

....................

United

States

35,000

35,203

b

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

1/15/27

.

United

States

80,000

80,005

b,e

Rivers

Enterprise

Lender

LLC

/

Rivers

Enterprise

Lender

Corp.

,

Senior

Secured

Note

,

144A,

6.25 %

,

10/15/30

.............

United

States

55,000

55,525

Royal

Caribbean

Cruises

Ltd.

,

e

Senior

Bond,

5.375%,

1/15/36

........................

United

States

70,000

70,435

b

Senior

Note,

144A,

5.625%,

9/30/31

...................

United

States

55,000

56,122

b

Senior

Note,

144A,

6.25%,

3/15/32

....................

United

States

15,000

15,490

b

Senior

Note,

144A,

6%,

2/01/33

......................

United

States

130,000

133,365

b

Scientific

Games

Holdings

LP

/

Scientific

Games

US

FinCo,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

3/01/30

....................

United

States

75,000

69,782

b

Station

Casinos

LLC

,

Senior

Note

,

144A,

6.625 %

,

3/15/32

.....

United

States

55,000

56,538

b

Viking

Cruises

Ltd.

,

Senior

Note,

144A,

7%,

2/15/29

......................

United

States

30,000

30,171

Senior

Note,

144A,

9.125%,

7/15/31

...................

United

States

80,000

85,925

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125 %

,

2/15/31

.........................

United

States

145,000

156,190

3,620,828

#### Household

#### Durables

#### 0.1%
b

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note

,

144A,

6.875 %

,

8/01/33

.........................

United

States

75,000

75,711

DR

Horton,

Inc.

,

Senior

Bond,

5%,

10/15/34

..........................

United

States

20,000

20,237

Senior

Bond,

5.5%,

10/15/35

.........................

United

States

24,000

24,900

Senior

Note,

1.3%,

10/15/26

.........................

United

States

511,000

496,948

b

K. Hovnanian

Enterprises,

Inc.

,

Senior

Note,

144A,

8%,

4/01/31

......................

United

States

30,000

30,782

Senior

Note,

144A,

8.375%,

10/01/33

..................

United

States

45,000

46,165

b

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75 %

,

12/15/28

........

United

States

95,000

99,792

Newell

Brands,

Inc.

,

Senior

Note,

6.375%,

5/15/30

........................

United

States

30,000

29,799

Senior

Note,

6.625%,

5/15/32

........................

United

States

45,000

44,523

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond,

144A,

5.125%,

8/01/30

...................

United

States

60,000

59,862

Senior

Note,

144A,

5.875%,

6/15/27

...................

United

States

30,000

30,389

Senior

Note,

144A,

5.75%,

1/15/28

....................

United

States

35,000

35,518

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35 %

,

2/15/28

.....

United

States

101,000

101,323

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875 %

,

9/15/28

..............................

United

States

65,000

63,702

1,159,651

#### Household

#### Products

#### 0.0%

#### †
b

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375 %

,

3/31/29

..

United

States

30,000

28,811

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.0%

#### †
b

AES

Andes

SA

,

Senior

Note

,

144A,

6.25 %

,

3/14/32

..........

Chile

200,000

209,635

AES

Corp.

(The)

,

Senior

Note

,

1.375 %

,

1/15/26

............

United

States

158,000

156,558

b

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467 %

,

7/31/28

.........................................

United

States

100,000

106,967

b

Calpine

Corp.

,

Senior

Bond

,

144A,

%

,

2/01/31

.............

United

States

60,000

59,862

Constellation

Energy

Generation

LLC

,

Senior

Note

,

5.6 %

,

3/01/28

United

States

155,000

160,242

Southern

Power

Co.

,

B,

Senior

Bond,

4.9%,

10/01/35

.......................

United

States

16,000

15,788

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers
(continued)

Southern

Power

Co.,

(continued)

A,

Senior

Note,

4.25%,

10/01/30

......................

United

States

73,000

$

72,596

b,g

Vistra

Corp.

,

Junior

Sub.

Bond,

144A,

8%

to

10/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

25,000

25,590

Junior

Sub.

Bond,

144A,

7%

to

12/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

80,000

81,280

888,518

#### Industrial

#### REITs

#### 0.0%

#### †
Prologis

LP

,

Senior

Bond,

2.25%,

4/15/30

.........................

United

States

117,000

107,862

Senior

Note,

2.125%,

4/15/27

........................

United

States

52,000

50,585

158,447

#### Insurance

#### 0.8%
b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note,

144A,

8.5%,

6/15/29

.....................

United

States

90,000

94,560

Senior

Secured

Note,

144A,

7.5%,

11/06/30

.............

United

States

90,000

93,828

b

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

5.875%,

11/01/29

..................

United

States

105,000

104,876

Senior

Note,

144A,

7.375%,

10/01/32

..................

United

States

25,000

25,792

Senior

Secured

Note,

144A,

7%,

1/15/31

................

United

States

115,000

118,912

b

Athene

Global

Funding

,

Secured

Note,

144A,

5.349%,

7/09/27

..................

United

States

245,000

249,667

Secured

Note,

144A,

1.985%,

8/19/28

..................

United

States

430,000

403,945

Secured

Note,

144A,

5.526%,

7/11/31

..................

United

States

83,000

85,616

Berkshire

Hathaway

Finance

Corp.

,

Senior

Bond,

4.3%,

5/15/43

..........................

United

States

92,000

83,064

Senior

Bond,

2.85%,

10/15/50

........................

United

States

393,000

258,111

Brown

&

Brown,

Inc.

,

Senior

Note,

4.7%,

6/23/28

..........................

United

States

75,000

75,757

Senior

Note,

4.9%,

6/23/30

..........................

United

States

174,000

176,476

b

CNO

Global

Funding

,

Secured

Note,

144A,

4.875%,

12/10/27

.................

United

States

94,000

95,253

Secured

Note,

144A,

2.65%,

1/06/29

...................

United

States

150,000

142,000

Secured

Note,

144A,

4.95%,

9/09/29

...................

United

States

171,000

174,535

b

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.2 %

,

6/24/29

United

States

102,000

104,801

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85 %

,

4/17/28

...

Canada

365,000

369,945

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

3/15/30

...........................

Canada

35,000

36,800

Marsh

&

McLennan

Cos.,

Inc.

,

Senior

Bond

,

4.9 %

,

3/15/49

....

United

States

185,000

170,313

b

MetLife

Capital

Trust

IV

,

Junior

Sub.

Bond

,

144A,

7.875 %

,

12/15/37

........................................

United

States

385,000

431,250

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467 %

,

12/08/28

........................................

United

States

195,000

202,448

3,497,949

#### Interactive

#### Media

#### &

#### Services

#### 0.1%
Meta

Platforms,

Inc.

,

Senior

Bond

,

5.4 %

,

8/15/54

...........

United

States

383,000

378,698

#### IT

#### Services

#### 0.0%

#### †
b

Ahead

DB

Holdings

LLC

,

Senior

Note

,

144A,

6.625 %

,

5/01/28

..

United

States

10,000

10,014

b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

7/01/32

...............

United

States

165,000

160,501

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### IT

#### Services
(continued)

b

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

6/01/31

.........................................

United

States

65,000

$

68,139

b

Gartner,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

10/01/30

...........

United

States

60,000

56,679

295,333

#### Leisure

#### Products

#### 0.0%

#### †
b

Mattel,

Inc.

,

Senior

Note

,

144A,

3.375 %

,

4/01/26

............

United

States

20,000

19,860

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.0%

#### †
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

................

United

States

86,000

86,423

#### Machinery

#### 0.1%
Caterpillar,

Inc.

,

Senior

Bond

,

5.2 %

,

5/15/35

...............

United

States

220,000

227,701

b

Chart

Industries,

Inc.

,

Senior

Note

,

144A,

9.5 %

,

1/01/31

......

United

States

25,000

26,806

Oshkosh

Corp.

,

Senior

Bond

,

4.6 %

,

5/15/28

...............

United

States

140,000

141,216

Otis

Worldwide

Corp.

,

Senior

Note

,

2.565 %

,

2/15/30

.........

United

States

143,000

133,192

b

Terex

Corp.

,

Senior

Note,

144A,

5%,

5/15/29

......................

United

States

45,000

44,356

Senior

Note,

144A,

6.25%,

10/15/32

...................

United

States

60,000

61,171

634,442

#### Media

#### 0.6%
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond,

5.85%,

12/01/35

.................

United

States

24,000

24,239

Senior

Secured

Bond,

4.8%,

3/01/50

...................

United

States

383,000

303,544

Senior

Secured

Bond,

3.7%,

4/01/51

...................

United

States

205,000

135,337

Senior

Secured

Note,

2.25%,

1/15/29

..................

United

States

277,000

257,667

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

....................

United

States

30,000

29,972

Senior

Secured

Note,

144A,

7.875%,

4/01/30

............

United

States

40,000

42,030

Senior

Secured

Note,

144A,

7.5%,

3/15/33

..............

United

States

120,000

125,554

Comcast

Corp.

,

Senior

Bond,

3.999%,

11/01/49

.......................

United

States

162,000

125,039

Senior

Bond,

3.45%,

2/01/50

.........................

United

States

97,000

67,867

Senior

Bond,

2.987%,

11/01/63

.......................

United

States

108,000

61,724

b

Directv

Financing

LLC

,

Senior

Secured

Note,

144A,

8.875%,

2/01/30

............

United

States

30,000

29,778

Senior

Secured

Note,

144A,

8.875%,

2/01/30

............

United

States

65,000

64,283

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

8/15/27

............

United

States

13,000

12,995

Senior

Secured

Note,

144A,

10%,

2/15/31

...............

United

States

65,000

64,954

Discovery

Communications

LLC

,

Senior

Note

,

4.125 %

,

5/15/29

.

United

States

80,000

77,074

EchoStar

Corp.

,

Senior

Secured

Note

,

10.75 %

,

11/30/29

......

United

States

110,000

121,104

b

EW

Scripps

Co.

(The)

,

Senior

Secured

Note

,

144A,

9.875 %

,

8/15/30

.........................................

United

States

150,000

140,934

b

Gray

Media,

Inc.

,

Secured

Note,

144A,

9.625%,

7/15/32

..................

United

States

100,000

102,251

Senior

Bond,

144A,

5.375%,

11/15/31

..................

United

States

85,000

63,910

Senior

Secured

Note,

144A,

7.25%,

8/15/33

.............

United

States

30,000

29,748

Interpublic

Group

of

Cos.,

Inc.

(The)

,

Senior

Bond

,

4.65 %

,

10/01/28

........................................

United

States

744,000

750,153

b

McGraw-Hill

Education,

Inc.

,

Senior

Note,

144A,

8%,

8/01/29

......................

United

States

105,000

107,024

Senior

Secured

Note,

144A,

5.75%,

8/01/28

.............

United

States

55,000

55,015

Senior

Secured

Note,

144A,

7.375%,

9/01/31

............

United

States

95,000

98,782

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Media
(continued)

b

News

Corp.

,

Senior

Bond

,

144A,

5.125 %

,

2/15/32

...........

United

States

57,000

$

56,699

b

Nexstar

Media,

Inc.

,

Senior

Note

,

144A,

4.75 %

,

11/01/28

......

United

States

50,000

48,844

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond,

144A,

4.625%,

3/15/30

...................

United

States

50,000

48,097

Senior

Secured

Note,

144A,

7.375%,

2/15/31

............

United

States

45,000

47,507

Paramount

Global

,

Senior

Bond,

2.9%,

1/15/27

..........................

United

States

88,000

86,225

Senior

Bond,

4.2%,

6/01/29

..........................

United

States

280,000

275,333

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

...................................

United

States

185,000

190,009

b

Sirius

XM

Radio

LLC

,

Senior

Bond,

144A,

3.875%,

9/01/31

...................

United

States

105,000

95,225

Senior

Note,

144A,

4%,

7/15/28

......................

United

States

30,000

29,013

TCI

Communications,

Inc.

,

Senior

Bond

,

7.125 %

,

2/15/28

.....

United

States

238,000

253,800

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375 %

,

7/15/33

...................................

United

States

28,000

32,861

b

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375 %

,

8/01/32

...................................

United

States

70,000

74,655

4,129,246

#### Metals

#### &

#### Mining

#### 0.2%
ArcelorMittal

SA

,

Senior

Bond

,

%

,

10/15/39

...............

Luxembourg

120,000

134,878

b

Big

River

Steel

LLC

/

BRS

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625 %

,

1/31/29

..............................

United

States

84,000

84,101

b

Cleveland-Cliffs,

Inc.

,

Senior

Note,

144A,

7%,

3/15/32

......................

United

States

60,000

60,673

Senior

Note,

144A,

7.625%,

1/15/34

...................

United

States

35,000

36,087

Commercial

Metals

Co.

,

Senior

Bond,

4.375%,

3/15/32

........................

United

States

35,000

33,059

Senior

Note,

4.125%,

1/15/30

........................

United

States

85,000

81,622

b

Constellium

SE

,

Senior

Note

,

Reg

S,

3.125 %

,

7/15/29

........

United

States

105,000

EUR

120,300

b

Fortescue

Treasury

Pty.

Ltd.

,

Senior

Bond

,

144A,

6.125 %

,

4/15/32

.........................................

Australia

65,000

67,217

b

Glencore

Funding

LLC

,

Senior

Bond,

144A,

4%,

3/27/27

......................

Australia

188,000

187,198

Senior

Bond,

144A,

2.5%,

9/01/30

.....................

Australia

325,000

296,655

Senior

Bond,

144A,

5.634%,

4/04/34

...................

Australia

59,000

61,432

b

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

4/01/29

....

Canada

70,000

70,628

b,e

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

%

,

4/01/31

......

Australia

40,000

40,543

b

Novelis

Corp.

,

Senior

Bond,

144A,

4.75%,

1/30/30

....................

United

States

70,000

67,585

Senior

Bond,

144A,

3.875%,

8/15/31

...................

United

States

20,000

18,250

Senior

Note,

144A,

6.875%,

1/30/30

...................

United

States

60,000

62,268

Senior

Note,

144A,

6.375%,

8/15/33

...................

United

States

95,000

96,052

b

TMS

International

Corp.

,

Senior

Note

,

144A,

6.25 %

,

4/15/29

...

United

States

90,000

87,352

United

States

Steel

Corp.

,

Senior

Bond

,

6.65 %

,

6/01/37

......

United

States

35,000

36,300

1,642,200

#### 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

85,000

81,754

#### Multi-Utilities

#### 0.2%
Consolidated

Edison

Co.

of

New

York,

Inc.

,

12-A

,

Senior

Bond

,

4.2 %

,

3/15/42

....................................

United

States

126,000

110,223

Dominion

Energy,

Inc.

,

Senior

Note

,

4.6 %

,

5/15/28

..........

United

States

208,000

210,167

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Multi-Utilities
(continued)

NiSource,

Inc.

,

Senior

Bond

,

5.85 %

,

4/01/55

...............

United

States

134,000

$

136,048

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448 %

,

6/01/53

.....

United

States

128,000

125,717

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95 %

,

9/15/34

.

United

States

656,000

658,420

1,240,575

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.1%
Cheniere

Energy

Partners

LP

,

Senior

Note

,

4.5 %

,

10/01/29

....

United

States

751,000

748,809

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927 %

,

8/15/30

...................................

United

States

100,000

105,849

b

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375 %

,

1/15/34

.........................................

United

States

120,000

121,688

Energy

Transfer

LP

,

g

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

810,000

809,566

Senior

Bond,

3.75%,

5/15/30

.........................

United

States

658,000

639,105

Senior

Note,

5.5%,

6/01/27

..........................

United

States

68,000

69,206

b

Expand

Energy

Corp.

,

Senior

Note

,

144A,

6.75 %

,

4/15/29

.....

United

States

175,000

176,841

b

Global

Partners

LP

/

GLP

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

7/01/33

...................................

United

States

135,000

138,477

b

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

6.5 %

,

6/01/29

United

States

25,000

25,799

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Note

,

144A,

8.375 %

,

11/01/33

..................................

United

States

70,000

73,567

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375 %

,

4/24/30

.........................................

Kazakhstan

200,000

205,957

Kinder

Morgan,

Inc.

,

Senior

Bond,

7.75%,

1/15/32

.........................

United

States

270,000

314,132

Senior

Note,

5%,

2/01/29

...........................

United

States

185,000

189,228

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875 %

,

6/15/30

......

United

States

155,000

156,018

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5 %

,

4/15/32

....

United

States

90,000

90,924

Occidental

Petroleum

Corp.

,

Senior

Bond,

7.5%,

5/01/31

..........................

United

States

118,000

132,611

Senior

Bond,

6.2%,

3/15/40

..........................

United

States

180,000

183,075

Senior

Note,

8.5%,

7/15/27

..........................

United

States

97,000

101,793

ONEOK,

Inc.

,

Senior

Note

,

4.75 %

,

10/15/31

...............

United

States

373,000

373,314

b

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25 %

,

5/21/30

.

Indonesia

200,000

204,484

SM

Energy

Co.

,

Senior

Bond

,

6.75 %

,

9/15/26

..............

United

States

60,000

60,024

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026 %

,

10/01/29

..................................

Canada

225,000

227,649

Spectra

Energy

Partners

LP

,

Senior

Note

,

3.375 %

,

10/15/26

...

United

States

222,000

220,395

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25 %

,

7/01/33

.............

United

States

125,000

127,321

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

4.875 %

,

2/01/31

............

United

States

93,000

93,295

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5 %

,

10/15/29

........................................

United

States

105,000

102,829

b

Venture

Global

LNG,

Inc.

,

g

Junior

Sub.

Bond,

144A,

9%

to

9/29/29,

FRN

thereafter,

Perpetual

.......................................

United

States

85,000

84,301

Senior

Secured

Note,

144A,

9.5%,

2/01/29

..............

United

States

75,000

82,699

Senior

Secured

Note,

144A,

8.375%,

6/01/31

............

United

States

105,000

110,321

Senior

Secured

Note,

144A,

9.875%,

2/01/32

............

United

States

70,000

76,254

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

.............

United

States

20,000

22,587

Senior

Secured

Bond,

144A,

6.75%,

1/15/36

.............

United

States

55,000

58,454

Senior

Secured

Note,

144A,

7.5%,

5/01/33

..............

United

States

20,000

22,113

Senior

Secured

Note,

144A,

6.5%,

1/15/34

..............

United

States

30,000

31,598

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Viper

Energy

Partners

LLC

,

Senior

Bond,

5.7%,

8/01/35

..........................

United

States

83,000

$

84,440

Senior

Note,

4.9%,

8/01/30

..........................

United

States

123,000

124,014

b

Vital

Energy,

Inc.

,

Senior

Note

,

144A,

7.875 %

,

4/15/32

.......

United

States

75,000

72,857

b

Vnom

Sub,

Inc.

,

Senior

Note

,

144A,

5.375 %

,

11/01/27

........

United

States

30,000

30,024

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6 %

,

3/15/35

........

United

States

130,000

134,987

6,626,605

#### Paper

#### &

#### Forest

#### Products

#### 0.0%

#### †
b

Magnera

Corp.

,

Senior

Note,

144A,

4.75%,

11/15/29

...................

United

States

30,000

26,586

Senior

Secured

Note,

144A,

7.25%,

11/15/31

............

United

States

25,000

23,543

Mercer

International,

Inc.

,

Senior

Note,

5.125%,

2/01/29

........................

Germany

85,000

62,728

b

Senior

Note,

144A,

12.875%,

10/01/28

.................

Germany

40,000

36,452

149,309

#### Passenger

#### Airlines

#### 0.0%

#### †
b

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

..............

United

States

26,250

26,284

Senior

Secured

Note,

144A,

5.75%,

4/20/29

.............

United

States

70,000

70,320

b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021 %

,

10/20/29

........................................

United

States

195,000

195,189

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

United

States

90,000

88,690

380,483

#### Personal

#### Care

#### Products

#### 0.1%
b

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Secured

Note,

144A,

4.75%,

1/15/29

.............

United

States

70,000

68,611

Senior

Secured

Note,

144A,

6.625%,

7/15/30

............

United

States

45,000

46,041

Kenvue,

Inc.

,

Senior

Note

,

4.9 %

,

3/22/33

.................

United

States

235,000

238,985

b

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/32

...

France

200,000

205,125

558,762

#### Pharmaceuticals

#### 0.8%
Bristol-Myers

Squibb

Co.

,

Senior

Note

,

4.9 %

,

2/22/29

........

United

States

255,000

261,899

Eli

Lilly

&

Co.

,

Senior

Bond,

4.875%,

2/27/53

........................

United

States

130,000

121,336

Senior

Note,

4.75%,

2/12/30

.........................

United

States

202,000

207,294

b

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

4/15/31

.........................................

United

States

40,000

42,965

Merck

&

Co.,

Inc.

,

Senior

Bond

,

3.7 %

,

2/10/45

.............

United

States

418,000

335,737

Novartis

Capital

Corp.

,

Senior

Bond

,

%

,

11/20/45

..........

United

States

688,000

583,542

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond,

4.75%,

5/19/33

.........................

United

States

552,000

557,836

Senior

Bond,

5.3%,

5/19/53

..........................

United

States

79,000

76,399

Senior

Note,

4.45%,

5/19/28

.........................

United

States

60,000

60,694

Royalty

Pharma

plc

,

Senior

Bond,

5.2%,

9/25/35

..........................

United

States

169,000

168,922

Senior

Note,

5.15%,

9/02/29

.........................

United

States

235,000

241,200

Senior

Note,

4.45%,

3/25/31

.........................

United

States

15,000

14,879

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

5.125 %

,

5/09/29

...................................

Israel

215,000

216,336

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Pharmaceuticals
(continued)

Viatris,

Inc.

,

Senior

Note

,

2.3 %

,

6/22/27

...................

United

States

283,000

$

272,520

Zoetis,

Inc.

,

Senior

Bond,

3%,

9/12/27

...........................

United

States

130,000

127,752

Senior

Bond,

2%,

5/15/30

...........................

United

States

78,000

70,955

3,360,266

#### Professional

#### Services

#### 0.0%

#### †
b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

105,000

108,444

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.0%

#### †
b

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp.

,

Secured

Note

,

144A,

%

,

4/15/30

.....................

United

States

60,800

61,579

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.5%
Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note,

3.875%,

1/15/27

........................

United

States

468,000

467,840

Senior

Note,

3.5%,

1/15/28

..........................

United

States

1,053,000

1,041,042

Broadcom,

Inc.

,

b

Senior

Bond,

144A,

3.187%,

11/15/36

..................

United

States

52,000

44,396

Senior

Note,

5.05%,

7/12/29

.........................

United

States

63,000

64,909

Senior

Note,

5.05%,

4/15/30

.........................

United

States

114,000

117,942

Senior

Note,

4.2%,

10/15/30

.........................

United

States

60,000

59,913

Intel

Corp.

,

Senior

Bond

,

4.15 %

,

8/05/32

..................

United

States

528,000

509,520

Marvell

Technology,

Inc.

,

Senior

Note

,

4.75 %

,

7/15/30

........

United

States

79,000

80,056

2,385,618

#### Software

#### 0.5%
Cadence

Design

Systems,

Inc.

,

Senior

Note

,

4.3 %

,

9/10/29

....

United

States

204,000

205,384

b

Cloud

Software

Group,

Inc.

,

Secured

Note,

144A,

9%,

9/30/29

.....................

United

States

45,000

46,725

Senior

Secured

Note,

144A,

6.5%,

3/31/29

..............

United

States

65,000

65,658

b

McAfee

Corp.

,

Senior

Note

,

144A,

7.375 %

,

2/15/30

..........

United

States

95,000

88,232

Oracle

Corp.

,

Senior

Bond,

2.875%,

3/25/31

........................

United

States

108,000

99,194

Senior

Bond,

5.375%,

7/15/40

........................

United

States

188,000

184,534

Senior

Bond,

3.65%,

3/25/41

.........................

United

States

313,000

250,819

Senior

Bond,

4%,

11/15/47

..........................

United

States

721,000

559,149

Senior

Note,

4.45%,

9/26/30

.........................

United

States

70,000

69,982

b

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/29

......

United

States

70,000

68,256

ServiceNow,

Inc.

,

Senior

Bond

,

1.4 %

,

9/01/30

..............

United

States

335,000

293,458

Synopsys,

Inc.

,

Senior

Note

,

4.85 %

,

4/01/30

...............

United

States

224,000

228,231

b

UKG,

Inc.

,

Senior

Secured

Note

,

144A,

6.875 %

,

2/01/31

......

United

States

90,000

92,933

2,252,555

#### Specialized

#### REITs

#### 0.7%
American

Tower

Corp.

,

Senior

Bond,

3.55%,

7/15/27

.........................

United

States

396,000

392,302

Senior

Bond,

2.9%,

1/15/30

..........................

United

States

207,000

195,186

Senior

Bond,

2.7%,

4/15/31

..........................

United

States

363,000

331,380

Senior

Note,

2.75%,

1/15/27

.........................

United

States

413,000

405,852

Senior

Note,

4.9%,

3/15/30

..........................

United

States

86,000

87,735

Crown

Castle,

Inc.

,

Senior

Bond,

3.7%,

6/15/26

..........................

United

States

101,000

100,604

Senior

Bond,

3.65%,

9/01/27

.........................

United

States

310,000

306,853

Senior

Bond,

3.8%,

2/15/28

..........................

United

States

221,000

218,484

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Specialized

#### REITs
(continued)

Crown

Castle,

Inc.,

(continued)

Senior

Note,

1.05%,

7/15/26

.........................

United

States

172,000

$

167,758

Equinix,

Inc.

,

Senior

Bond,

3.2%,

11/18/29

.........................

United

States

123,000

117,838

Senior

Note,

2.9%,

11/18/26

.........................

United

States

775,000

763,659

b

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

1/15/33

.......

United

States

155,000

158,219

b

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/30

..

United

States

170,000

173,019

3,418,889

#### Specialty

#### Retail

#### 0.1%
Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875 %

,

11/01/35

.....

United

States

140,000

145,838

b,f

Carvana

Co.

,

Senior

Secured

Note

,

144A,

PIK,

%

,

6/01/31

...

United

States

64,200

72,737

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

3.15 %

,

1/15/32

.....

United

States

169,000

154,889

Home

Depot,

Inc.

(The)

,

Senior

Bond,

4.95%,

6/25/34

.........................

United

States

94,000

96,297

Senior

Bond,

5.95%,

4/01/41

.........................

United

States

179,000

193,089

Senior

Bond,

5.3%,

6/25/54

..........................

United

States

94,000

92,065

b

Specialty

Building

Products

Holdings

LLC

/

SBP

Finance

Corp.

,

Senior

Secured

Note

,

144A,

7.75 %

,

10/15/29

.............

United

States

40,000

40,670

b

White

Cap

Buyer

LLC

,

Senior

Note

,

144A,

6.875 %

,

10/15/28

...

United

States

130,000

129,732

925,317

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.2%
Apple,

Inc.

,

Senior

Bond,

3.85%,

5/04/43

.........................

United

States

276,000

235,684

Senior

Bond,

4.375%,

5/13/45

........................

United

States

581,000

525,966

Hewlett

Packard

Enterprise

Co.

,

Senior

Note,

4.55%,

10/15/29

........................

United

States

372,000

374,120

Senior

Note,

4.85%,

10/15/31

........................

United

States

84,000

84,907

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note,

144A,

3.125%,

7/15/29

...................

United

States

30,000

26,090

Senior

Note,

144A,

5.875%,

7/15/30

...................

United

States

80,000

81,593

1,328,360

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
b

Beach

Acquisition

Bidco

LLC

,

f

Senior

Note,

144A,

PIK,

10%,

7/15/33

..................

United

States

200,000

216,233

Senior

Secured

Note,

144A,

5.25%,

7/15/32

.............

United

States

100,000

EUR

120,636

b

Crocs,

Inc.

,

Senior

Note

,

144A,

4.25 %

,

3/15/29

.............

United

States

50,000

47,987

b

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

%

,

2/15/31

..........

United

States

110,000

116,578

b

Levi

Strauss

&

Co.

,

Senior

Bond

,

144A,

3.5 %

,

3/01/31

.......

United

States

115,000

106,917

PVH

Corp.

,

Senior

Note

,

5.5 %

,

6/13/30

...................

United

States

25,000

25,479

b

Under

Armour,

Inc.

,

Senior

Note

,

144A,

7.25 %

,

7/15/30

.......

United

States

50,000

50,063

683,893

#### Tobacco

#### 0.1%
BAT

Capital

Corp.

,

Senior

Note

,

4.625 %

,

3/22/33

...........

United

Kingdom

190,000

188,105

Philip

Morris

International,

Inc.

,

Senior

Note,

5.125%,

2/15/30

........................

United

States

320,000

330,840

Senior

Note,

4.375%,

4/30/30

........................

United

States

51,000

51,252

Senior

Note,

4.75%,

11/01/31

........................

United

States

157,000

159,785

729,982

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Trading

#### Companies

#### &

#### Distributors

#### 0.0%

#### †
Air

Lease

Corp.

,

Senior

Note,

5.85%,

12/15/27

........................

United

States

45,000

$

46,362

Senior

Note,

2.1%,

9/01/28

..........................

United

States

138,000

129,117

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875 %

,

7/01/30

.....

United

States

95,000

93,131

b

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

.....................

United

States

70,000

74,163

Secured

Note,

144A,

8.625%,

5/15/32

..................

United

States

50,000

54,045

b

Foundation

Building

Materials,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

.........................................

United

States

90,000

91,281

b

Herc

Holdings,

Inc.

,

Senior

Note,

144A,

5.5%,

7/15/27

.....................

United

States

100,000

99,825

Senior

Note,

144A,

6.625%,

6/15/29

...................

United

States

40,000

41,130

b

Imola

Merger

Corp.

,

Senior

Secured

Note

,

144A,

4.75 %

,

5/15/29

United

States

80,000

77,880

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/30/32

.........................................

United

States

140,000

145,305

b

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

144A,

6.125 %

,

3/15/34

.........................................

United

States

60,000

62,464

b

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

6.375%,

3/15/29

...................

United

States

20,000

20,616

Senior

Note,

144A,

6.625%,

3/15/32

...................

United

States

85,000

88,440

Senior

Note,

144A,

6.375%,

3/15/33

...................

United

States

35,000

36,307

1,060,066

#### Transportation

#### Infrastructure

#### 0.0%

#### †
b,g

DP

World

Salaam

,

Junior

Sub.

Bond

,

Reg

S,

6%

to

12/31/25,

FRN

thereafter

,

Perpetual

...........................

United

Arab

Emirates

260,000

260,485

#### Wireless

#### Telecommunication

#### Services

#### 0.5%
b

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

%

,

9/15/29

............................

United

Kingdom

200,000

210,531

Rogers

Communications,

Inc.

,

Senior

Note

,

%

,

2/15/29

......

Canada

604,000

615,669

T-Mobile

USA,

Inc.

,

Senior

Bond,

2.875%,

2/15/31

........................

United

States

70,000

64,558

Senior

Bond,

2.25%,

11/15/31

........................

United

States

637,000

560,558

Senior

Note,

3.75%,

4/15/27

.........................

United

States

465,000

462,429

Senior

Note,

4.95%,

3/15/28

.........................

United

States

324,000

330,277

Senior

Note,

3.375%,

4/15/29

........................

United

States

155,000

150,526

Senior

Note,

3.875%,

4/15/30

........................

United

States

9,000

8,828

Senior

Note,

5.125%,

5/15/32

........................

United

States

61,000

62,796

2,466,172

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $119,378,697)
...................................

#### 117,455,086
i

#### Senior

#### Floating

#### Rate

#### Interests

#### 0.6%

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
j

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

K,

6.252%,

(3-month

SOFR

+

2.25%),

3/22/30

............................

United

States

90,000

90,013

#### Air

#### Freight

#### &

#### Logistics

#### 0.0%

#### †
j

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B,

7.296%,

(3-month

SOFR

+

3%),

3/18/30

.......................

United

States

80,760

80,529

#### Automobile

#### Components

#### 0.0%

#### †
j

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan,

8.18%,

(1-month

SOFR

+

3.75%),

10/04/28

.........

United

States

49,590

48,976

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

i

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

#### Broadline

#### Retail

#### 0.1%
e,j

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B,

6.017%,

(12-month

SOFR

+

2.25%),

9/27/32

....................

Netherlands

64,010

$

64,151

#### Capital

#### Markets

#### 0.0%

#### †
e,j

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan,

6.199%,

(3-month

SOFR

+

2%),

12/15/31

................

United

States

140,000

139,169

j

#### Chemicals

#### 0.0%

#### †
Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.913%,

(1-month

SOFR

+

3.75%),

4/06/29

.....................

United

States

89,767

89,945

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan,

11.701%,

(1-month

SOFR

+

7.438%),

3/15/30

............

United

States

60,000

59,430

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1,

7.5%,

(1-month

SOFR

+

3.25%),

4/03/28

....

Netherlands

62,798

62,981

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2,

7.424%,

(1-month

SOFR

+

3.25%),

4/03/28

..

Netherlands

34,391

34,461

e

Solstice

Advanced

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

B,

5.517%,

(12-month

SOFR

+

1.75%),

9/17/32

.............

United

States

32,413

32,494

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.728%,

(3-month

SOFR

+

4.25%),

4/23/29

..............

United

States

34,101

27,639

306,950

a

a

a

a

a

a

j

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
e

Clean

Harbors,

Inc.,

First

Lien,

CME

Term

Loan,

5.259%,

(12-month

SOFR

+

1.5%),

9/24/32

.....................

United

States

139,803

140,502

e

Prime

Security

Services

Borrower

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan,

B2,

6.005%,

(1-month

SOFR

+

1.75%),

3/08/32

...................................

United

States

140,000

138,895

279,397

a

a

a

a

a

a

#### Communications

#### Equipment

#### 0.0%

#### †
e,j

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.913%,

(1-month

SOFR

+

4.75%),

12/18/29

....................

United

States

90,000

91,217

j

#### Containers

#### &

#### Packaging

#### 0.0%

#### †
d,e

Kleopatra

Finco

SARL,

First

Lien,

USD

CME

Term

Loan,

B,

14.157%,

(1-month

SOFR

+

10%),

10/27/25

..............

Luxembourg

4,843

4,319

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B,

9.019%,

(6-month

SOFR

+

4.725%),

2/12/26

......

Luxembourg

47,544

23,757

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.509%,

(12-month

SOFR

+

2.75%),

9/27/32

......

United

States

69,238

69,195

97,271

a

a

a

a

a

a

#### Distributors

#### 0.0%

#### †
e,j

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

8.002%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

58,759

58,249

#### Entertainment

#### 0.0%

#### †
e,j

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1,

7.028%,

(1-month

SOFR

+

2.75%),

3/13/28

.....................

United

States

139,634

137,688

#### Financial

#### Services

#### 0.1%
e,j

Colossus

Acquireco

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.05%,

(1-day

SOFR

+

1.75%),

7/30/32

.................

United

States

140,000

139,300

#### Food

#### Products

#### 0.0%

#### †
e,j

Froneri

International

Ltd.,

First

Lien,

CME

Term

Loan,

6.594%,

(12-month

SOFR

+

2.5%),

7/16/32

.....................

United

Kingdom

87,814

87,733

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

i

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

j

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.1%
Bausch

+

Lomb

Corp.,

First

Lien,

Third

Amendment

CME

Term

Loan,

8.413%,

(1-month

SOFR

+

4.25%),

1/15/31

.........

United

States

61,265

$

61,380

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan,

6.163%,

(1-month

SOFR

+

2%),

10/23/28

...........

United

States

179,243

179,422

240,802

a

a

a

a

a

a

j

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.1%
e

1011778

BC

ULC,

First

Lien,

CME

Term

Loan,

B5,

5.913%,

(1-month

SOFR

+

1.75%),

9/20/30

.....................

Canada

140,000

139,708

e

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B,

6.413%,

(1-month

SOFR

+

2.25%),

2/06/30

...

United

States

140,000

139,963

e

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

7.413%,

(1-month

SOFR

+

3.25%),

1/29/29

..............

United

States

88,776

88,749

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

7.036%,

(3-month

SOFR

+

2.75%),

4/04/29

.

United

States

34,649

34,404

402,824

a

a

a

a

a

a

#### Household

#### Products

#### 0.0%

#### †
e,j

Energizer

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.135%,

(1-month

SOFR

+

2%),

3/19/32

................

United

States

89,775

90,074

#### IT

#### Services

#### 0.0%

#### †
j

Fortress

Intermediate

3,

Inc.,

First

Lien,

CME

Term

Loan,

B,

7.255%,

(1-month

SOFR

+

3%),

6/27/31

................

United

States

54,588

54,929

#### Machinery

#### 0.0%

#### †
j

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B,

6.913%,

(1-month

SOFR

+

2.75%),

10/23/28

..

United

States

29,922

30,094

j

#### Media

#### 0.1%
e

Charter

Communications

Operating

LLC,

First

Lien,

CME

Term

Loan

B5,

6.541%,

(3-month

SOFR

+

2.25%),

12/15/31

......

United

States

140,000

140,101

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.278%,

(1-month

SOFR

+

4%),

8/23/28

.........................................

United

States

36,134

36,242

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.82%,

(3-month

SOFR

+

5.25%),

8/02/29

........

United

States

85,175

85,428

261,771

a

a

a

a

a

a

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
j

Apollo

Commercial

Real

Estate

Finance,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.4%,

(1-month

SOFR

+

3.25%),

6/13/30

...

United

States

8,978

9,048

j

#### Pharmaceuticals

#### 0.0%

#### †
1261229

BC

Ltd.,

First

Lien,

Initial

CME

Term

Loan,

10.413%,

(1-month

SOFR

+

6.25%),

10/08/30

....................

United

States

44,888

44,340

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.163%,

(1-month

SOFR

+

4%),

4/23/31

.......

United

States

80,190

80,449

124,789

a

a

a

a

a

a

j

#### Software

#### 0.0%

#### †
Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B,

7.252%,

(3-month

SOFR

+

3.25%),

8/16/32

.......

United

States

7,581

7,613

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan,

7.913%,

(1-month

SOFR

+

3.75%),

11/28/28

....................

United

States

56,147

56,335

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

i

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

j

#### Software
(continued)

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.81%,

(3-month

SOFR

+

2.5%),

2/10/31

.............................

United

States

9,900

$

9,901

73,849

a

a

a

a

a

a

j

#### Specialty

#### Retail

#### 0.0%

#### †
LBM

Acquisition

LLC,

First

Lien,

Amendment

No.

Incremental

CME

Term

Loan,

7.986%,

(1-month

SOFR

+

3.75%),

6/06/31

.

United

States

34,474

33,708

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

7.416%,

(1-month

SOFR

+

3.25%),

10/19/29

.............

United

States

91,359

91,480

125,188

a

a

a

a

a

a

j

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.0%

#### †
Beach

Acquisition

Bidco

LLC,

First

Lien,

CME

Term

Loan,

B1,

7.308%,

(3-month

SOFR

+

3.25%),

9/13/32

..............

United

States

3,791

3,814

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.796%,

(3-month

SOFR

+

3.5%),

3/02/28

......................

United

States

59,248

52,138

55,952

a

a

a

a

a

a

j

#### Trading

#### Companies

#### &

#### Distributors

#### 0.0%

#### †
Foundation

Building

Materials,

Inc.,

First

Lien,

2025

Incremental

CME

Term

Loan,

9.546%,

(3-month

SOFR

+

5.25%),

1/29/31

.

United

States

4,988

5,024

Foundation

Building

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

8.308%,

(3-month

SOFR

+

4%),

1/29/31

................

United

States

79,198

79,432

84,456

a

a

a

a

a

a

#### Wireless

#### Telecommunication

#### Services

#### 0.0%

#### †
j

Connect

Finco

SARL,

First

Lien,

Amendment

No.

CME

Term

Loan,

8.663%,

(1-month

SOFR

+

4.5%),

9/13/29

..........

United

Kingdom

44,325

43,851

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $3,242,188)
.........................

#### 3,218,270

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 1.1%
b

Bank

Gospodarstwa

Krajowego

,

Senior

Bond

,

Reg

S,

5.375 %

,

5/22/33

.........................................

Poland

200,000

207,191

b

Benin

Government

Bond

,

Senior

Bond

,

Reg

S,

4.95 %

,

1/22/35

.

Benin

155,000

EUR

167,789

Brazil

Government

Bond

,

Senior

Bond,

3.75%,

9/12/31

.........................

Brazil

250,000

231,638

Senior

Bond,

6%,

10/20/33

...........................

Brazil

200,000

205,300

b

Bulgaria

Government

Bond

,

Senior

Bond,

Reg

S,

5%,

3/05/37

......................

Bulgaria

50,000

50,112

Senior

Note,

Reg

S,

3.625%,

9/05/32

...................

Bulgaria

60,000

EUR

72,658

Chile

Government

Bond

,

Senior

Bond

,

5.65 %

,

1/13/37

.......

Chile

200,000

210,630

Colombia

Government

Bond

,

Senior

Bond

,

7.5 %

,

2/02/34

.....

Colombia

230,000

242,248

b

Comision

Federal

de

Electricidad

,

Senior

Bond

,

Reg

S,

3.875 %

,

7/26/33

.........................................

Mexico

250,000

221,038

b

Dominican

Republic

Government

Bond

,

Senior

Bond,

144A,

6.95%,

3/15/37

....................

Dominican

Republic

150,000

160,343

Senior

Bond,

Reg

S,

5.95%,

1/25/27

...................

Dominican

Republic

110,000

112,117

b

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5 %

,

8/17/30

.

Mexico

360,000

365,691

Ecopetrol

SA

,

Senior

Bond

,

4.625 %

,

11/02/31

..............

Colombia

80,000

71,804

b

Electricite

de

France

SA

,

Senior

Note

,

144A,

5.65 %

,

4/22/29

...

France

420,000

438,253

b

Guatemala

Government

Bond

,

Senior

Note

,

144A,

7.05 %

,

10/04/32

........................................

Guatemala

200,000

219,954

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25 %

,

6/16/29

Hungary

200,000

$

205,014

b

Indonesia

Government

Bond

,

Senior

Bond

,

144A,

4.35 %

,

1/08/27

Indonesia

250,000

251,360

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125 %

,

6/15/33

.........................................

Ivory

Coast

200,000

192,496

b

Kazakhstan

Government

Bond

,

Senior

Bond

,

Reg

S,

4.714 %

,

4/09/35

.........................................

Kazakhstan

200,000

199,121

Panama

Government

Bond

,

Senior

Note

,

7.5 %

,

3/01/31

......

Panama

220,000

242,132

b

Paraguay

Government

Bond

,

Senior

Bond

,

Reg

S,

4.7 %

,

3/27/27

Paraguay

200,000

201,986

Peru

Government

Bond

,

Senior

Bond

,

2.783 %

,

1/23/31

.......

Peru

330,000

304,937

Petroleos

Mexicanos

,

Senior

Note

,

6.7 %

,

2/16/32

...........

Mexico

78,000

77,347

Philippines

Government

Bond

,

Senior

Bond

,

5.5 %

,

2/04/35

....

Philippines

210,000

223,712

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95 %

,

4/23/30

.

India

200,000

195,112

b

Romania

Government

Bond

,

Senior

Bond,

Reg

S,

5.625%,

2/22/36

..................

Romania

140,000

EUR

160,341

Senior

Note,

144A,

3%,

2/27/27

.......................

Romania

230,000

224,692

South

Africa

Government

Bond

,

Senior

Bond

,

4.85 %

,

9/27/27

..

South

Africa

300,000

302,279

Uruguay

Government

Bond

,

Senior

Bond,

7.875%,

1/15/33

........................

Uruguay

250,000

300,250

Senior

Bond,

7.625%,

3/21/36

........................

Uruguay

50,000

60,790

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $5,849,573)
.............

#### 6,118,335

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.0%

#### †
k

U.S.

Treasury

Bonds

,

1.625 %,

11/15/50

..................

United

States

18,000

9,663

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $9,663)
....................

#### 9,663

#### Asset-Backed

#### Securities

#### 2.2%

#### Capital

#### Markets

#### 0.1%
b,j

Magnetite

XL

Ltd.

,

2024-40A

,

A1

,

144A,

FRN

,

5.768 %

,

(3-month

SOFR

+

1.45 %),

7/15/37

.

............................

United

States

250,000

250,805

#### Commercial

#### Services

#### &

#### Supplies

#### 0.0%

#### †
b,j

Trestles

CLO

IV

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.757 %

,

(3-month

SOFR

+

1.432 %),

7/21/34

.

...........................

United

States

250,000

250,387

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.0%

#### †
CVS

Pass-Through

Trust

,

6.036%,

12/10/28

..................................

United

States

16,364

16,707

b

2013,

144A,

4.704%,

1/10/36

.........................

United

States

161,151

154,347

171,054

a

a

a

a

a

a

#### Financial

#### Services

#### 2.1%
b,j

AGL

Core

CLO

Ltd.

,

2024-31A

,

A

,

144A,

FRN

,

5.725 %

,

(3-month

SOFR

+

1.4 %),

7/20/37

.

.....................

United

States

250,000

250,809

b,j

Allegro

CLO

XII

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.765 %

,

(3-month

SOFR

+

1.44 %),

7/21/37

.

....................

United

States

250,000

251,250

b,j

Bain

Capital

CLO

Ltd.

,

2024-1A

,

A1

,

144A,

FRN

,

5.868 %

,

(3-month

SOFR

+

1.55 %),

4/16/37

.

....................

Jersey

250,000

251,226

b,j

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A

,

A1R

,

144A,

FRN

,

5.482 %

,

(3-month

SOFR

+

1.15 %),

4/22/35

.

....................

United

States

250,000

250,499

b,j

Battalion

CLO

Ltd.

,

2020-18A

,

ARR

,

144A,

FRN

,

5.463 %

,

(3-month

SOFR

+

1.18 %),

10/15/36

.

...................

United

States

220,000

220,531

b,j

BDS

Ltd.

,

2021-FL10

,

A

,

144A,

FRN

,

5.6 %

,

(1-month

SOFR

+

1.464 %),

12/16/36

.

.................................

United

States

186,190

186,439

b,j

Birch

Grove

CLO

Ltd.

,

2021-2A

,

A1R

,

144A,

FRN

,

5.725 %

,

(3-month

SOFR

+

1.4 %),

10/19/37

.

....................

United

States

250,000

250,825

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,j

Birch

Grove

CLO

Ltd.

,

2024-8A

,

A1

,

144A,

FRN

,

5.955 %

,

(3-month

SOFR

+

1.63 %),

4/20/37

.

....................

Jersey

200,000

$

200,971

b,j

BRAVO

Residential

Funding

Trust

,

2021-HE3

,

A2

,

144A,

FRN

,

5.356 %

,

(30-day

SOFR

Average

+

%),

8/25/69

.

..........

United

States

121,216

120,702

b,j

Carlyle

US

CLO

Ltd.

,

2020-2A

,

A1R2

,

144A,

FRN

,

5.296 %

,

(3-month

SOFR

+

1.08 %),

1/25/35

.

....................

United

States

600,000

600,003

b,j

CBAM

Ltd.

,

2017-2A

,

AR

,

144A,

FRN

,

5.774 %

,

(3-month

SOFR

+

1.452 %),

7/17/34

.

.................................

United

States

275,000

275,377

b,j

CIFC

Funding

Ltd.

,

2014-2RA,

AR,

144A,

FRN,

5.679%,

(3-month

SOFR

+

1.36%),

10/24/37

........................................

United

States

250,000

250,725

2020-1A,

A1R,

144A,

FRN,

5.729%,

(3-month

SOFR

+

1.412%),

7/15/36

..................................

United

States

310,000

310,617

2021-7A,

AR,

144A,

FRN,

5.318%,

(3-month

SOFR

+

1.09%),

1/23/35

.........................................

United

States

496,000

497,766

b,j

Crown

Point

CLO

Ltd.

,

2021-10A

,

A

,

144A,

FRN

,

5.757 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

...................

United

States

250,000

250,497

b,j

Danby

Park

CLO

Ltd.

,

2022-1A

,

AR

,

144A,

FRN

,

5.685 %

,

(3-month

SOFR

+

1.36 %),

10/21/37

.

...................

Jersey

250,000

250,719

b,j

Diameter

Capital

CLO

Ltd.

,

2024-7A

,

A1A

,

144A,

FRN

,

5.805 %

,

(3-month

SOFR

+

1.48 %),

7/20/37

.

....................

United

States

250,000

250,806

b,j

Elevation

CLO

Ltd.

,

2018-10A,

AR,

144A,

FRN,

5.245%,

(3-month

SOFR

+

0.92%),

10/20/31

........................................

United

States

110,727

110,856

2021-13A,

A1R,

144A,

FRN,

5.378%,

(3-month

SOFR

+

1.06%),

7/15/34

...................................

United

States

250,000

250,468

b,j

Elmwood

CLO

Ltd.

,

2024-3A

,

A

,

144A,

FRN

,

5.849 %

,

(3-month

SOFR

+

1.52 %),

4/18/37

.

....................

United

States

250,000

250,888

b,j

Elmwood

CLO

Ltd.

,

2024-9RA

,

AR

,

144A,

FRN

,

5.705 %

,

(3-month

SOFR

+

1.38 %),

10/21/37

.

...................

United

States

250,000

250,714

b,j

Elmwood

CLO

I

Ltd.

,

2019-1A

,

A1RR

,

144A,

FRN

,

5.845 %

,

(3-month

SOFR

+

1.52 %),

4/20/37

.

....................

United

States

200,000

200,720

b,j

Elmwood

CLO

III

Ltd.

,

2019-3A

,

A1RR

,

144A,

FRN

,

5.709 %

,

(3-month

SOFR

+

1.38 %),

7/18/37

.

....................

United

States

250,000

250,692

b,j

FS

Rialto

,

2021-FL3

,

A

,

144A,

FRN

,

5.511 %

,

(1-month

SOFR

+

1.364 %),

11/16/36

.

.................................

United

States

68,131

68,223

b,j

GoldenTree

Loan

Management

US

CLO

Ltd.

,

2021-9A

,

AR

,

144A,

FRN

,

5.825 %

,

(3-month

SOFR

+

1.5 %),

4/20/37

.

.....

United

States

250,000

250,889

b,j

Hayfin

US

XIV

Ltd.

,

2021-14A

,

A1

,

144A,

FRN

,

5.817 %

,

(3-month

SOFR

+

1.492 %),

7/20/34

.

...........................

United

States

150,000

150,304

b

Home

Partners

of

America

Trust

,

2021-2

,

C

,

144A,

2.402 %

,

12/17/26

.

........................................

United

States

191,899

186,179

b,j

ICG

US

CLO

Ltd.

,

2017-1A

,

ARR

,

144A,

FRN

,

5.745 %

,

(3-month

SOFR

+

1.432 %),

7/28/34

.

...........................

United

States

250,000

250,492

b,j

J.P.

Morgan

Mortgage

Trust

,

2023-HE2

,

A1

,

144A,

FRN

,

6.089 %

,

(30-day

SOFR

Average

+

1.7 %),

3/20/54

.

................

United

States

45,735

46,011

b,j

KREF

Ltd.

,

2022-FL3

,

A

,

144A,

FRN

,

5.584 %

,

(1-month

SOFR

+

1.45 %),

2/17/39

.

..................................

United

States

95,399

95,580

j

Long

Beach

Mortgage

Loan

Trust

,

2004-1

,

A2

,

FRN

,

5.072 %

,

(1-month

SOFR

+

0.914 %),

2/25/34

.

...................

United

States

190,820

191,568

j

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

,

2004-HE6

,

M1

,

FRN

,

5.097 %

,

(1-month

SOFR

+

0.939 %),

8/25/34

.

.............

United

States

39,669

38,927

b,j

Nassau

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.869 %

,

(3-month

SOFR

+

1.552 %),

1/15/35

.

................................

United

States

248,192

249,208

b,j

Neuberger

Berman

CLO

XVII

Ltd.

,

2014-17A

,

AR3

,

144A,

FRN

,

5.732 %

,

(3-month

SOFR

+

1.4 %),

7/22/38

.

...............

United

States

250,000

250,811

b,j

Northwoods

Capital

Ltd.

,

2021-27A

,

A1R

,

144A,

FRN

,

5.459 %

,

(3-month

SOFR

+

1.18 %),

10/17/34

.

...................

United

States

330,000

330,717

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,j

Oaktree

CLO

Ltd.

,

2021-1A

,

A1R

,

144A,

FRN

,

5.668 %

,

(3-month

SOFR

+

1.35 %),

1/15/38

.

............................

United

States

250,000

$

251,099

b,j

OHA

Loan

Funding

Ltd.

,

2016-1A

,

A1R2

,

144A,

FRN

,

5.785 %

,

(3-month

SOFR

+

1.46 %),

7/20/37

.

....................

United

States

250,000

250,804

j

Park

Place

Securities,

Inc.

,

2004-WCW2

,

M3

,

FRN

,

5.322 %

,

(1-month

SOFR

+

1.164 %),

10/25/34

.

..................

United

States

76,981

76,237

b,e

PK

Alift

Loan

Funding

LP

,

2025-2

,

A

,

144A,

4.75 %

,

3/15/43

.

..

United

States

250,000

250,659

b,j

PRMI

Securitization

Trust

,

2024-CMG1

,

A1

,

144A,

FRN

,

5.805 %

,

(30-day

SOFR

Average

+

1.45 %),

7/25/54

.

...............

United

States

225,585

226,295

b,j

RR

Ltd.

,

2024-29RA

,

A1R

,

144A,

FRN

,

5.708 %

,

(3-month

SOFR

+

1.39 %),

7/15/39

.

............................

United

States

250,000

250,873

b,j

Sound

Point

CLO

XXVI

Ltd.

,

2020-1A

,

AR

,

144A,

FRN

,

5.757 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

...................

United

States

258,000

258,349

b,j

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.73 %

,

(3-month

SOFR

+

1.412 %),

10/25/34

.

..................

United

States

250,000

250,479

b,j

Symphony

CLO

XXIII

Ltd.

,

2020-23A

,

AR2

,

144A,

FRN

,

5.218 %

,

(3-month

SOFR

+

0.9 %),

1/15/34

.

.....................

United

States

246,818

247,093

b,j

TICP

CLO

XII

Ltd.

,

2018-12A

,

BR

,

144A,

FRN

,

6.229 %

,

(3-month

SOFR

+

1.912 %),

7/15/34

.

...........................

United

States

250,000

250,648

b,j

Trinitas

CLO

XVIII

Ltd.

,

2021-18A

,

A1R

,

144A,

FRN

,

5.545 %

,

(3-month

SOFR

+

1.22 %),

1/20/35

.

....................

United

States

250,000

250,750

b,j

Venture

CLO

Ltd.

,

2021-41A

,

A1RR

,

144A,

FRN

,

5.546 %

,

(3-month

SOFR

+

1.13 %),

1/20/34

.

....................

United

States

480,000

480,177

b,j

Venture

XIX

CLO

Ltd.

,

2014-19A

,

ARR

,

144A,

FRN

,

5.839 %

,

(3-month

SOFR

+

1.522 %),

1/15/32

.

...................

United

States

123,910

124,133

b,j

Venture

XV

CLO

Ltd.

,

2013-15A

,

AR3

,

144A,

FRN

,

5.759 %

,

(3-month

SOFR

+

1.442 %),

7/15/32

.

...................

United

States

96,082

96,105

b,j

Wise

CLO

Ltd.

,

2023-2A,

A,

144A,

FRN,

6.118%,

(3-month

SOFR

+

1.8%),

1/15/37

.........................................

Jersey

250,000

250,843

2024-2A,

A,

144A,

FRN,

5.778%,

(3-month

SOFR

+

1.46%),

7/15/37

.........................................

United

States

250,000

250,862

11,858,415

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $12,501,462)
.............................

#### 12,530,661

#### Commercial

#### Mortgage-Backed

#### Securities

#### 1.3%

#### Financial

#### Services

#### 1.3%
b,l,m

Arbor

Multifamily

Mortgage

Securities

Trust

,

2020-MF1

,

XA

,

IO,

144A,

FRN

,

1.045 %

,

5/15/53

.........................

United

States

3,070,067

104,409

l,m

BANK

,

2019-BN20

,

XA

,

IO,

FRN

,

0.924 %

,

9/15/62

..........

United

States

3,672,828

100,529

l,m

BANK5

Trust

,

2024-5YR7

,

XA

,

IO,

FRN

,

1.57 %

,

6/15/57

......

United

States

3,733,932

160,911

Barclays

Commercial

Mortgage

Trust

,

2019-C3,

C,

4.178%,

5/15/52

.........................

United

States

121,000

107,434

l,m

2019-C4,

XA,

IO,

FRN,

1.661%,

8/15/52

.................

United

States

2,509,554

111,957

l,m

BBCMS

Mortgage

Trust

,

2024-5C29

,

XA

,

IO,

FRN

,

1.822 %

,

9/15/57

.........................................

United

States

4,758,958

260,561

m

CD

Mortgage

Trust

,

2017-CD4

,

B

,

FRN

,

3.947 %

,

5/10/50

.....

United

States

182,000

172,603

m

CFCRE

Commercial

Mortgage

Trust

,

b

2011-C2,

D,

144A,

FRN,

5.08%,

12/15/47

...............

United

States

24,425

23,609

b

2011-C2,

E,

144A,

FRN,

5.08%,

12/15/47

................

United

States

140,000

131,086

2017-C8,

B,

FRN,

4.199%,

6/15/50

....................

United

States

179,000

172,486

COMM

Mortgage

Trust

,

m

2013-CR13,

C,

FRN,

5.109%,

11/10/46

.................

United

States

56,210

55,429

b,m

2013-CR13,

D,

144A,

FRN,

5.109%,

11/10/46

............

United

States

299,000

168,935

m

2014-CR17,

C,

FRN,

4.942%,

5/10/47

..................

United

States

217,000

200,616

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

COMM

Mortgage

Trust,

(continued)

b,m

2014-CR17,

D,

144A,

FRN,

5.006%,

5/10/47

.............

United

States

159,000

$

134,077

m

2014-CR20,

C,

FRN,

4.826%,

11/10/47

.................

United

States

313,926

302,927

2014-UBS3,

AM,

4.012%,

6/10/47

.....................

United

States

22,903

22,514

l,m

2014-UBS4,

XA,

IO,

FRN,

0.901%,

8/10/47

..............

United

States

548,733

1,904

m

2014-UBS5,

AM,

FRN,

4.193%,

9/10/47

.................

United

States

79,806

78,838

m

2015-CR22,

B,

FRN,

3.926%,

3/10/48

..................

United

States

134,429

129,457

m

2015-LC19,

C,

FRN,

4.2%,

2/10/48

....................

United

States

370,000

355,846

m

2015-LC21,

B,

FRN,

4.441%,

7/10/48

...................

United

States

11,860

11,774

CSAIL

Commercial

Mortgage

Trust

,

m

2015-C1,

C,

FRN,

3.958%,

4/15/50

....................

United

States

233,000

212,685

m

2015-C2,

B,

FRN,

4.208%,

6/15/57

....................

United

States

137,705

133,182

m

2016-C7,

AS,

FRN,

3.958%,

11/15/49

...................

United

States

255,000

250,539

2019-C17,

AS,

3.278%,

9/15/52

.......................

United

States

194,000

174,947

l,m

2020-C19,

XA,

IO,

FRN,

1.207%,

3/15/53

................

United

States

5,612,991

203,350

b,m

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.53 %

,

8/10/44

.........................................

United

States

406,006

393,051

l,m

GS

Mortgage

Securities

Trust

,

2019-GC38

,

XA

,

IO,

FRN

,

1.169 %

,

2/10/52

.........................................

United

States

3,457,232

98,620

m

JPMBB

Commercial

Mortgage

Securities

Trust

,

2013-C12,

C,

FRN,

4.071%,

7/15/45

...................

United

States

136,600

131,617

2014-C18,

B,

FRN,

4.654%,

2/15/47

...................

United

States

213,461

208,001

2014-C23,

B,

FRN,

4.688%,

9/15/47

...................

United

States

143,000

138,881

l

2014-C25,

XA,

IO,

FRN,

0.609%,

11/15/47

...............

United

States

587,551

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549 %

,

3/10/50

.........................................

United

States

386,000

379,316

m

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

b

2012-C5,

E,

144A,

FRN,

4.792%,

8/15/45

...............

United

States

272,225

267,265

2013-C10,

B,

FRN,

4.085%,

7/15/46

...................

United

States

296,065

280,820

2015-C22,

C,

FRN,

4.113%,

4/15/48

...................

United

States

234,000

207,326

Morgan

Stanley

Capital

I

Trust

,

m

2016-UB12,

AS,

FRN,

3.778%,

12/15/49

................

United

States

193,000

184,722

2018-L1,

A3,

4.139%,

10/15/51

.......................

United

States

183,000

182,375

b,n

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

%

,

12/28/38

..

United

States

357,873

l,m

UBS

Commercial

Mortgage

Trust

,

2017-C7,

XA,

IO,

FRN,

1.123%,

12/15/50

................

United

States

2,491,002

44,804

2018-C8,

XA,

IO,

FRN,

0.963%,

2/15/51

.................

United

States

5,362,888

86,198

Wells

Fargo

Commercial

Mortgage

Trust

,

b,m

2013-LC12,

D,

144A,

FRN,

3.913%,

7/15/46

.............

United

States

169,000

97,175

2016-BNK1,

AS,

2.814%,

8/15/49

......................

United

States

216,000

206,855

l,m

2016-LC25,

XA,

IO,

FRN,

0.957%,

12/15/59

..............

United

States

3,754,436

22,696

l,m

2019-C52,

XA,

IO,

FRN,

1.71%,

8/15/52

.................

United

States

3,267,327

153,742

l,m

2024-5C1,

XA,

IO,

FRN,

1.257%,

7/15/57

................

United

States

4,398,877

150,071

m

WFRBS

Commercial

Mortgage

Trust

,

b,n

2011-C3,

D,

144A,

FRN,

5.415%,

3/15/44

...............

United

States

171,704

63,101

2013-C11,

C,

FRN,

4.146%,

3/15/45

...................

United

States

628,000

605,188

b

2013-C15,

D,

144A,

FRN,

4.284%,

8/15/46

..............

United

States

134,334

77,242

2014-C23,

B,

FRN,

4.44%,

10/15/57

...................

United

States

93,000

90,286

7,851,998

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $8,499,880)
...............

#### 7,851,998

#### Mortgage-Backed

#### Securities

#### 16.8%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 0.1%
FHLMC

Pool,

Year,

2.5%,

8/01/50

-

10/01/50

............

United

States

489,725

423,484

FHLMC

Pool,

Year,

4%,

9/01/45

......................

United

States

98,775

95,606

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate
(continued)

FHLMC

Pool,

Year,

6.5%,

5/01/53

.....................

United

States

117,106

$

121,193

640,283

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 12.7%
FNMA,

2.73%,

9/01/29

...............................

United

States

185,459

176,377

FNMA,

3.5%,

6/01/56

-

2/01/57

.........................

United

States

2,201,667

2,005,409

FNMA,

4%,

1/01/57

..................................

United

States

318,810

301,650

FNMA,

4.69%,

8/01/28

...............................

United

States

62,964

64,054

FNMA,

5.28%,

12/01/28

..............................

United

States

147,000

151,916

FNMA,

Year,

2.5%,

7/01/50

.........................

United

States

2,427,040

2,068,257

FNMA,

Year,

2.5%,

8/01/50

.........................

United

States

3,057,477

2,604,853

FNMA,

Year,

2.5%,

9/01/50

-

7/01/51

..................

United

States

3,751,401

3,219,184

FNMA,

Year,

3%,

4/01/46

-

11/01/48

...................

United

States

5,070,084

4,583,430

FNMA,

Year,

3%,

4/01/52

...........................

United

States

2,628,671

2,323,212

FNMA,

Year,

3.5%,

4/01/52

.........................

United

States

1,100,151

1,018,277

FNMA,

Year,

6.5%,

3/01/53

-

5/01/53

..................

United

States

1,232,869

1,282,910

o

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

10/25/40

....

United

States

8,000,000

7,526,433

o

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

10/25/55

....

United

States

19,480,000

16,414,863

o

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

10/25/55

....

United

States

7,000,000

6,396,289

o

Uniform

Mortgage-Backed

Securities,

4%,

TBA,

10/25/55

.....

United

States

1,000,000

942,597

o

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

10/25/55

.....

United

States

16,000,000

15,870,264

o

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

10/25/55

....

United

States

2,000,000

2,016,788

o

Uniform

Mortgage-Backed

Securities,

6.5%,

TBA,

10/25/55

....

United

States

5,000,000

5,167,700

74,134,463

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 4.0%
GNMA

II,

Single-family,

Year,

3%,

7/20/50

...............

United

States

3,041,380

2,726,688

GNMA

II,

Single-family,

Year,

3%,

8/20/50

...............

United

States

3,957,775

3,551,747

GNMA

II,

Single-family,

Year,

3%,

10/20/50

..............

United

States

5,009,020

4,497,224

GNMA

II,

Single-family,

Year,

3%,

8/20/49

-

1/20/54

.......

United

States

1,478,625

1,326,536

o

GNMA

II,

Single-family,

Year,

3%,

10/15/55

..............

United

States

5,000,000

4,464,443

o

GNMA

II,

Single-family,

Year,

4%,

10/15/55

..............

United

States

2,000,000

1,880,823

GNMA

II,

Single-family,

Year,

4.5%,

5/20/49

.............

United

States

13,520

13,123

o

GNMA

II,

Single-family,

Year,

4.5%,

10/15/55

............

United

States

4,000,000

3,879,657

o

GNMA

II,

Single-family,

Year,

5.5%,

10/15/55

............

United

States

1,000,000

1,007,599

GNMA

II,

Single-family,

Year,

6%,

12/20/48

-

4/20/49

......

United

States

262,458

275,073

23,622,913

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $102,646,385)
.........................

#### 98,397,659

#### Residential

#### Mortgage-Backed

#### Securities

#### 2.0%

#### Financial

#### Services

#### 2.0%
j

Alternative

Loan

Trust

,

2005-65CB,

2A1,

FRN,

4.697%,

(1-month

SOFR

+

0.539%),

12/25/35

........................................

United

States

271,475

167,538

2006-OA19,

A1,

FRN,

4.43%,

(1-month

SOFR

+

0.294%),

2/20/47

.........................................

United

States

179,687

145,378

j

American

Home

Mortgage

Investment

Trust

,

2007-1

,

GA1C

,

FRN

,

4.462 %

,

(1-month

SOFR

+

0.304 %),

5/25/47

.............

United

States

399,255

235,409

b

Angel

Oak

Mortgage

Trust

,

2024-9

,

A1

,

144A,

5.138 %

,

9/25/69

.

United

States

119,887

119,938

b,m

Arroyo

Mortgage

Trust

,

2019-1,

A3,

144A,

FRN,

4.208%,

1/25/49

................

United

States

23,406

22,974

2019-3,

A3,

144A,

FRN,

3.416%,

10/25/48

...............

United

States

40,232

38,758

j

BankUnited

Trust

,

2005-1

,

1A1

,

FRN

,

4.872 %

,

(1-month

SOFR

+

0.714 %),

9/25/45

..................................

United

States

31,026

29,452

b,m

Bunker

Hill

Loan

Depositary

Trust

,

2020-1

,

A2

,

144A,

FRN

,

2.6 %

,

2/25/55

.........................................

United

States

250,000

244,795

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,j

Chase

Home

Lending

Mortgage

Trust

,

2025-10,

A11,

144A,

FRN,

5.669%,

(30-day

SOFR

Average

+

1.3%),

7/25/56

....................................

United

States

100,000

$

100,250

2025-7,

A11,

144A,

FRN,

5.756%,

(30-day

SOFR

Average

+

1.4%),

5/25/56

....................................

United

States

62,262

62,462

m

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2005-2

,

1A2A

,

FRN

,

6.134 %

,

5/25/35

.........................................

United

States

51,975

51,329

b

Cross

Mortgage

Trust

,

2024-H4

,

A1

,

144A,

6.147 %

,

7/25/69

...

United

States

107,320

108,779

b,m

CSMC

Trust

,

2021-RPL4,

A1,

144A,

FRN,

4.136%,

12/27/60

............

United

States

116,817

116,431

2021-RPL7,

A1,

144A,

FRN,

4.209%,

7/27/61

.............

United

States

112,459

112,024

b,m

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

2017-2

,

M1

,

144A,

FRN

,

%

,

8/25/56

.................................

United

States

13,645

13,597

j

FHLMC

STACR

Debt

Notes

,

2015-DNA3

,

M3

,

FRN

,

9.171 %

,

(30-

day

SOFR

Average

+

4.814 %),

4/25/28

.................

United

States

40,994

41,112

b,j

FHLMC

STACR

REMIC

Trust

,

2021-DNA5,

M2,

144A,

FRN,

6.006%,

(30-day

SOFR

Average

+

1.65%),

1/25/34

.................................

United

States

17,460

17,518

2021-DNA6,

M2,

144A,

FRN,

5.856%,

(30-day

SOFR

Average

+

1.5%),

10/25/41

.................................

United

States

124,973

125,350

2021-DNA7,

M2,

144A,

FRN,

6.156%,

(30-day

SOFR

Average

+

1.8%),

11/25/41

..................................

United

States

346,000

349,059

2021-HQA4,

M1,

144A,

FRN,

5.306%,

(30-day

SOFR

Average

+

0.95%),

12/25/41

................................

United

States

32,094

32,115

2022-DNA2,

M1A,

144A,

FRN,

5.656%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

..................................

United

States

40,932

40,938

2022-DNA3,

M1B,

144A,

FRN,

7.256%,

(30-day

SOFR

Average

+

2.9%),

4/25/42

..................................

United

States

12,000

12,352

2022-DNA5,

M1A,

144A,

FRN,

7.306%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

.................................

United

States

115,129

117,450

2022-DNA6,

M1A,

144A,

FRN,

6.506%,

(30-day

SOFR

Average

+

2.15%),

9/25/42

.................................

United

States

4,778

4,805

2022-DNA6,

M1B,

144A,

FRN,

8.056%,

(30-day

SOFR

Average

+

3.7%),

9/25/42

..................................

United

States

12,000

12,619

2022-HQA1,

M1A,

144A,

FRN,

6.456%,

(30-day

SOFR

Average

+

2.1%),

3/25/42

..................................

United

States

3,553

3,570

2022-HQA2,

M1A,

144A,

FRN,

7.006%,

(30-day

SOFR

Average

+

2.65%),

7/25/42

.................................

United

States

238,779

243,696

2022-HQA3,

M1A,

144A,

FRN,

6.656%,

(30-day

SOFR

Average

+

2.3%),

8/25/42

..................................

United

States

28,129

28,559

2023-DNA1,

M1A,

144A,

FRN,

6.448%,

(30-day

SOFR

Average

+

2.1%),

3/25/43

..................................

United

States

61,516

62,414

2023-HQA2,

M1A,

144A,

FRN,

6.356%,

(30-day

SOFR

Average

+

2%),

6/25/43

....................................

United

States

14,708

14,776

2023-HQA3,

A1,

144A,

FRN,

6.206%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

..................................

United

States

30,141

30,497

2023-HQA3,

M1,

144A,

FRN,

6.206%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

.................................

United

States

26,403

26,566

2025-DNA1,

A1,

144A,

FRN,

5.306%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

379,613

380,048

2025-DNA3,

M1,

144A,

FRN,

5.47%,

(30-day

SOFR

Average

+

1.1%),

9/25/45

....................................

United

States

227,000

227,709

j

FNMA

Connecticut

Avenue

Securities

Trust

,

2015-C04,

1M2,

FRN,

10.171%,

(30-day

SOFR

Average

+

5.814%),

4/25/28

..................................

United

States

334,754

336,017

2016-C01,

1M2,

FRN,

11.221%,

(30-day

SOFR

Average

+

6.864%),

8/25/28

..................................

United

States

107,381

109,583

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

j

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

2016-C01,

2M2,

FRN,

11.421%,

(30-day

SOFR

Average

+

7.064%),

8/25/28

..................................

United

States

63,170

$

64,466

2016-C02,

1M2,

FRN,

10.471%,

(30-day

SOFR

Average

+

6.114%),

9/25/28

..................................

United

States

37,204

37,637

2016-C03,

2M2,

FRN,

10.371%,

(30-day

SOFR

Average

+

6.014%),

10/25/28

.................................

United

States

13,588

13,796

2016-C04,

1M2,

FRN,

8.721%,

(30-day

SOFR

Average

+

4.364%),

1/25/29

..................................

United

States

240,055

244,822

2016-C05,

2M2,

FRN,

8.921%,

(30-day

SOFR

Average

+

4.564%),

1/25/29

..................................

United

States

196,005

199,217

2016-C06,

1M2,

FRN,

8.721%,

(30-day

SOFR

Average

+

4.364%),

4/25/29

..................................

United

States

106,537

108,197

2016-C07,

2M2,

FRN,

8.821%,

(30-day

SOFR

Average

+

4.464%),

5/25/29

..................................

United

States

157,817

162,254

2017-C02,

2M2C,

FRN,

8.121%,

(30-day

SOFR

Average

+

3.764%),

9/25/29

..................................

United

States

24,884

25,210

2017-C06,

2M2C,

FRN,

7.271%,

(30-day

SOFR

Average

+

2.914%),

2/25/30

..................................

United

States

44,624

45,394

b

2021-R03,

1M2,

144A,

FRN,

6.006%,

(30-day

SOFR

Average

+

1.65%),

12/25/41

..................................

United

States

102,000

102,514

b

2022-R01,

1M1,

144A,

FRN,

5.356%,

(30-day

SOFR

Average

+

1%),

12/25/41

....................................

United

States

23,754

23,735

b

2022-R01,

1M2,

144A,

FRN,

6.256%,

(30-day

SOFR

Average

+

1.9%),

12/25/41

...................................

United

States

100,000

101,435

b

2022-R02,

2M1,

144A,

FRN,

5.556%,

(30-day

SOFR

Average

+

1.2%),

1/25/42

....................................

United

States

33,937

33,929

b

2022-R02,

2M2,

144A,

FRN,

7.356%,

(30-day

SOFR

Average

+

3%),

1/25/42

.....................................

United

States

380,000

387,899

b

2022-R03,

1M2,

144A,

FRN,

7.856%,

(30-day

SOFR

Average

+

3.5%),

3/25/42

....................................

United

States

44,000

45,420

b

2022-R04,

1M2,

144A,

FRN,

7.456%,

(30-day

SOFR

Average

+

3.1%),

3/25/42

....................................

United

States

44,000

45,232

b

2022-R05,

2M2,

144A,

FRN,

7.356%,

(30-day

SOFR

Average

+

3%),

4/25/42

.....................................

United

States

497,000

510,532

b

2022-R07,

1M1,

144A,

FRN,

7.298%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

...................................

United

States

28,967

29,728

b

2022-R08,

1M1,

144A,

FRN,

6.906%,

(30-day

SOFR

Average

+

2.55%),

7/25/42

...................................

United

States

25,167

25,822

b

2022-R09,

2M1,

144A,

FRN,

6.848%,

(30-day

SOFR

Average

+

2.5%),

9/25/42

....................................

United

States

51,601

52,338

b

2023-R01,

1M1,

144A,

FRN,

6.748%,

(30-day

SOFR

Average

+

2.4%),

12/25/42

...................................

United

States

17,245

17,654

b

2023-R02,

1M1,

144A,

FRN,

6.656%,

(30-day

SOFR

Average

+

2.3%),

1/25/43

....................................

United

States

33,895

34,526

b

2023-R06,

1M1,

144A,

FRN,

6.056%,

(30-day

SOFR

Average

+

1.7%),

7/25/43

....................................

United

States

16,585

16,642

b

2023-R07,

2M1,

144A,

FRN,

6.298%,

(30-day

SOFR

Average

+

1.95%),

9/25/43

...................................

United

States

7,607

7,644

b

2024-R03,

2M1,

144A,

FRN,

5.498%,

(30-day

SOFR

Average

+

1.15%),

3/25/44

...................................

United

States

13,407

13,415

b

2024-R04,

1M1,

144A,

FRN,

5.456%,

(30-day

SOFR

Average

+

1.1%),

5/25/44

....................................

United

States

27,817

27,843

b

2024-R05,

2M1,

144A,

FRN,

5.356%,

(30-day

SOFR

Average

+

1%),

7/25/44

.....................................

United

States

3,975

3,975

b

2024-R06,

1A1,

144A,

FRN,

5.506%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

...................................

United

States

123,221

123,685

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

j

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

b

2024-R06,

1M1,

144A,

FRN,

5.406%,

(30-day

SOFR

Average

+

1.05%),

9/25/44

...................................

United

States

15,517

$

15,512

b

2025-R01,

1A1,

144A,

FRN,

5.298%,

(30-day

SOFR

Average

+

0.95%),

1/25/45

...................................

United

States

98,940

99,055

b

2025-R01,

1M1,

144A,

FRN,

5.448%,

(30-day

SOFR

Average

+

1.1%),

1/25/45

....................................

United

States

98,019

98,111

b

2025-R02,

1A1,

144A,

FRN,

5.348%,

(30-day

SOFR

Average

+

1%),

2/25/45

.....................................

United

States

106,876

107,063

b

2025-R02,

1M1,

144A,

FRN,

5.498%,

(30-day

SOFR

Average

+

1.15%),

2/25/45

...................................

United

States

281,041

281,214

b

2025-R03,

2A1,

144A,

FRN,

5.806%,

(30-day

SOFR

Average

+

1.45%),

3/25/45

...................................

United

States

18,973

19,101

b

2025-R04,

1A1,

144A,

FRN,

5.356%,

(30-day

SOFR

Average

+

1%),

5/25/45

.....................................

United

States

68,512

68,621

b

2025-R04,

1M1,

144A,

FRN,

5.556%,

(30-day

SOFR

Average

+

1.2%),

5/25/45

....................................

United

States

182,815

183,346

b

J.P.

Morgan

Mortgage

Trust

,

j

2024-9,

A11,

144A,

FRN,

5.706%,

(30-day

SOFR

Average

+

1.35%),

2/25/55

...................................

United

States

111,120

111,427

2024-CES1,

A1A,

144A,

5.919%,

6/25/54

................

United

States

60,547

61,074

2024-VIS2,

A1,

144A,

5.853%,

11/25/64

.................

United

States

124,936

126,335

j

2025-1,

A11,

144A,

FRN,

5.606%,

(30-day

SOFR

Average

+

1.25%),

6/25/55

...................................

United

States

175,196

175,089

b

Mill

City

Mortgage

Loan

Trust

,

2023-NQM2

,

A1

,

144A,

6.24 %

,

12/25/67

........................................

United

States

124,733

125,058

b,m

Morgan

Stanley

Resecuritization

Trust

,

2015-R4

,

CB1

,

144A,

FRN

,

4.162 %

,

8/26/47

..............................

United

States

19,647

19,650

b

OBX

Trust

,

2023-NQM10,

A1,

144A,

6.465%,

10/25/63

..............

United

States

212,907

215,539

j

2025-J2,

AF,

144A,

FRN,

5.656%,

(30-day

SOFR

Average

+

1.3%),

9/25/55

....................................

United

States

99,904

99,963

b

PRPM

Trust

,

2024-NQM2

,

A1

,

144A,

6.327 %

,

6/25/69

........

United

States

404,364

413,753

b,m

Residential

Mortgage

Loan

Trust

,

2020-2

,

A2

,

144A,

FRN

,

2.508 %

,

5/25/60

...................................

United

States

83,575

83,037

b,m

RMF

Buyout

Issuance

Trust

,

2020-HB1

,

A1

,

144A,

FRN

,

1.719 %

,

10/25/50

........................................

United

States

56,679

53,418

b,m

Starwood

Mortgage

Residential

Trust

,

2020-2,

M1E,

144A,

FRN,

3%,

4/25/60

..................

United

States

455,160

447,461

2020-3,

A3,

144A,

FRN,

2.591%,

4/25/65

................

United

States

403,000

366,227

2021-3,

A1,

144A,

FRN,

1.127%,

6/25/56

................

United

States

98,612

87,513

b,j

Station

Place

Securitization

Trust

,

2024-10,

A,

144A,

FRN,

5.057%,

(1-month

SOFR

+

0.9%),

10/27/25

........................................

United

States

425,000

425,184

2025-1,

A,

144A,

FRN,

5.057%,

(1-month

SOFR

+

0.9%),

7/23/26

.........................................

United

States

423,000

429,263

2025-3,

A,

144A,

FRN,

5.057%,

(1-month

SOFR

+

0.9%),

9/23/26

.........................................

United

States

420,000

421,709

j

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR1,

2A1,

FRN,

4.632%,

(1-month

SOFR

+

0.474%),

1/25/37

.........................................

United

States

65,824

58,900

2007-AR7,

1A1,

FRN,

5.122%,

(1-month

SOFR

+

0.964%),

5/25/47

.........................................

United

States

335,329

275,153

b,m

Towd

Point

Mortgage

Trust

,

2016-5

,

M2

,

144A,

FRN

,

3.375 %

,

10/25/56

........................................

United

States

174,000

165,588

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

j

2004-AR13,

A2B,

FRN,

5.152%,

(1-month

SOFR

+

0.994%),

11/25/34

........................................

United

States

77,595

$

74,984

m

2004-AR3,

A2,

FRN,

5.375%,

6/25/34

..................

United

States

73,171

69,489

j

2005-AR9,

A1C3,

FRN,

5.232%,

(1-month

SOFR

+

1.074%),

7/25/45

.........................................

United

States

75,996

74,553

11,543,218

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $11,706,921)
...............

#### 11,543,218

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 1.3%

#### Financial

#### Services

#### 1.3%
FHLMC

,

j

3065,

DC,

FRN,

6.4%,

(30-day

SOFR

Average

+

19.517%),

3/15/35

.........................................

United

States

31,464

32,818

3391,

Strip,

4/15/37

................................

United

States

1,872

1,642

j

3408,

EK,

FRN,

7.74%,

(30-day

SOFR

Average

+

25.332%),

4/15/37

.........................................

United

States

20,348

24,334

j

406,

F30,

FRN,

5.506%,

(30-day

SOFR

Average

+

1.15%),

10/25/53

........................................

United

States

188,506

189,850

j,l

4326,

GS,

IO,

FRN,

1.563%,

(30-day

SOFR

Average

+

5.936%),

4/15/44

..................................

United

States

2,495,236

264,018

l

5010,

IA,

IO,

3.5%,

9/25/50

..........................

United

States

1,568,591

288,340

l

5024,

HI,

IO,

4.5%,

10/25/50

.........................

United

States

2,128,993

508,253

l

5036,

IK,

IO,

4%,

4/25/50

............................

United

States

2,130,830

440,367

l

5079,

BI,

IO,

5.5%,

2/25/51

..........................

United

States

1,475,253

256,358

l

5121,

KI,

IO,

4%,

6/25/51

............................

United

States

2,391,407

528,863

l

5134,

IB,

IO,

4%,

8/25/51

............................

United

States

2,321,363

465,522

l

5138,

YI,

IO,

4.5%,

12/25/49

.........................

United

States

2,938,765

759,269

l

5142,

AI,

IO,

3.5%,

9/25/51

..........................

United

States

2,307,212

437,271

FNMA

,

2006-84,

OT,

Strip,

9/25/36

..........................

United

States

633

534

2007-14,

KO,

Strip,

3/25/37

..........................

United

States

3,727

3,169

l

2020-96,

JI,

IO,

3%,

1/25/51

..........................

United

States

3,664,336

616,114

l

2021-28,

NI,

IO,

3%,

5/25/41

.........................

United

States

3,253,936

328,684

l

2021-45,

MI,

IO,

2.5%,

2/25/49

........................

United

States

3,353,936

424,002

l

2021-65,

LI,

IO,

3.5%,

10/25/51

.......................

United

States

1,824,319

315,971

j

2024-89,

FA,

FRN,

5.556%,

(30-day

SOFR

Average

+

1.2%),

12/25/54

........................................

United

States

332,894

334,571

j

2024-98,

FA,

FRN,

5.506%,

(30-day

SOFR

Average

+

1.15%),

12/25/53

........................................

United

States

229,305

230,210

j

2025-41,

FA,

FRN,

5.506%,

(30-day

SOFR

Average

+

1.15%),

6/25/54

.........................................

United

States

167,378

168,050

b,m

FREMF

Mortgage

Trust

,

2015-K51

,

B

,

144A,

FRN

,

4.175 %

,

10/25/48

........................................

United

States

18,995

18,936

GNMA

,

l,m

2015-H26,

EI,

IO,

FRN,

1.749%,

10/20/65

...............

United

States

401,215

12,703

l,m

2016-H16,

LI,

IO,

FRN,

2.172%,

7/20/66

................

United

States

1,538,318

77,236

l

2021-117,

MI,

IO,

3.5%,

5/20/42

.......................

United

States

3,318,249

527,646

j

2023-152,

FB,

FRN,

5.539%,

(30-day

SOFR

Average

+

1.15%),

4/20/51

.........................................

United

States

273,900

278,300

Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

GNMA,

(continued)

j

2024-78,

QF,

FRN,

5.489%,

(30-day

SOFR

Average

+

1.1%),

5/20/54

.........................................

United

States

317,895

$

318,868

7,851,899

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $6,369,639)
........

#### 7,851,899

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $465,066,054)

#### .............................

#### 609,698,590

#### a

#### Short

#### Term

#### Investments

#### 8.1%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 4.2%
p

U.S.

Treasury

Bills

,

q

2.01%,

10/02/25

...................................

United

States

12,000,000

11,998,661

3.83%,

1/20/26

...................................

United

States

12,500,000

12,352,964

24,351,625

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $24,351,466)

#### ...............

#### 24,351,625

#### Shares

#### Management

#### Investment

#### Companies

#### 3.6%
r,s

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

.......

United

States

20,851,137

20,851,137

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $20,851,137)

#### ..................

#### 20,851,137

#### Money

#### Market

#### Funds

#### 0.3%
s,t

JPMorgan

US

Dollar

Treasury

Liquidity

Fund,

3.98%

.........

United

States

1,987,673

1,987,673

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $1,987,673)

#### .................................

#### 1,987,673

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $47,190,276

####)
..............................

#### 47,190,435

#### a

#### Total

#### Investments

#### (Cost

#### $512,256,330)

#### 112.5%

#### ................................

#### $656,889,025

#### TBA

#### Sale

#### Commitments

#### (1.0)%

#### ..............................................

#### (5,772,573)

#### Other

#### Assets,

#### less

#### Liabilities

#### (11.5)%

#### ........................................

#### (66,779,236)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $584,337,216

#### a

#### Principal

#### Amount

#### \*
u

#### TBA

#### Sale

#### Commitments

#### (1.0)%

#### Mortgage-Backed

#### Securities

#### (1.0)%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### (1.0)%
Uniform

Mortgage-Backed

Securities

,

3%,

TBA,

10/25/55

.................................

United

States

(1,000,000)

(878,514)

4.5%,

TBA,

10/25/55

...............................

United

States

(3,000,000)

(2,910,276)

5%,

TBA,

10/25/55

.................................

United

States

(2,000,000)

(1,983,783)

(5,772,573)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $(5,801,367))

#### .........................

#### $(5,772,573)
Putnam

Asset

Allocation

Funds

Consolidated

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2025,

the

aggregate

value

of

these

securities

was

$68,494,045,

representing

11.7%

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

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(d).

f

Income

may

be

received

in

additional

securities

and/or

cash.

g

Perpetual

security

with

no

stated

maturity

date.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

See

Note

1(f)

regarding

senior

floating

rate

interests.

j

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

k

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

See

Note

1(e).

l

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

m

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

n

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

7. o

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

1(d).

p

The

rate

shown

represents

the

yield

at

period

end.

q

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

September

30,

2025,

the

value

of

this

security

pledged

amounted

to

$11,053,762,

representing

1.9%

net

assets.

r

See

Note

3(g)

regarding

investments

in

affiliated

management

investment

companies.

s

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

t

The

security

is

owned

by

Franklin

Dynamic

Asset

Allocation

Conservative

Ltd.,

a

wholly-owned

subsidiary

of

the

Fund.

See

Note

1(g).

u

Security

sold

on

a

to-be-announced

(TBA)

basis

resulting

in

a

short

position.

As

such,

the

Fund

is

not

subject

to

fees

and

expenses

associated

with

short

sale

transactions.

See

Note

1(d).

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

At

September

30,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(e).

At

September

30,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(e).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Commodity

#### contracts
Bloomberg

Commodity

Index

#

...................

Long

836

$

8,747,068

12/17/25

$

(46,039)

#### Equity

#### contracts
MSCI

EAFE

Index

............................

Short

32,588,010

12/19/25

130,051

Russell

2000

E-Mini

Index

......................

Short

5,402,100

12/19/25

(65,441)

S&P

500

E-Mini

Index

.........................

Short

123,319,125

12/19/25

(1,081,668)

S&P

MidCap

E-Mini

Index

..................

Long

328,620

12/19/25

(12) #### Interest

#### rate

#### contracts
U.S.

Treasury

Year

Notes

....................

Short

6,412,500

12/19/25

6,139

U.S.

Treasury

Year

Notes

....................

Long

3,375,000

12/19/25

7,703

U.S.

Treasury

Year

Ultra

Notes

................

Short

2,531,719

12/19/25

(23,061)

U.S.

Treasury

Year

Notes

.....................

Long

61,685,938

12/31/25

(40,899)

U.S.

Treasury

Year

Notes

.....................

Long

39,747,094

12/31/25

(43,155)

U.S.

Treasury

Long

Bonds

.....................

Long

27,982,500

12/19/25

581,108

U.S.

Treasury

Ultra

Bonds

......................

Long

13,807,188

12/19/25

418,052

Total

Futures

Contracts

......................................................................

$(157,222)

\*

As

of

period

end.

#

The

security

is

owned

by

Franklin

Dynamic

Asset

Allocation

Conservative

Ltd.,

a

wholly-owned

subsidiary

of

the

Fund.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Israeli

New

Shekel

..

JPHQ

Buy

20,595

6,210

10/06/25

$

$

—

Australian

Dollar

....

BZWS

Buy

91,400

60,178

10/15/25

—

Australian

Dollar

....

GSCO

Sell

26,900

17,823

10/15/25

—

Australian

Dollar

....

MSCO

Buy

208,600

137,027

10/15/25

1,171

(140) Australian

Dollar

....

MSCO

Sell

128,100

83,086

10/15/25

—

(1,694)

Australian

Dollar

....

SSBT

Buy

942,200

618,602

10/15/25

4,976

—

Australian

Dollar

....

UBSW

Buy

997,800

655,107

10/15/25

5,269

—

Canadian

Dollar

....

BZWS

Sell

4,700

3,447

10/15/25

—

Canadian

Dollar

....

JPHQ

Sell

297,600

218,462

10/15/25

4,481

—

Canadian

Dollar

....

MSCO

Sell

1,421,000

1,042,234

10/15/25

20,504

—

Canadian

Dollar

....

SSBT

Sell

65,900

48,445

10/15/25

1,062

—

Canadian

Dollar

....

UBSW

Sell

117,200

86,036

10/15/25

1,766

—

Israeli

New

Shekel

..

BZWS

Buy

90,500

27,211

10/15/25

—

Israeli

New

Shekel

..

CITI

Buy

1,800

541

10/15/25

—

Israeli

New

Shekel

..

HSBK

Buy

364,900

108,891

10/15/25

1,276

—

Israeli

New

Shekel

..

SSBT

Buy

11,400

3,403

10/15/25

—

Israeli

New

Shekel

..

UBSW

Buy

231,400

69,060

10/15/25

802

—

New

Zealand

Dollar

.

MSCO

Buy

49,400

29,757

10/15/25

—

(1,103)

Chinese

Yuan

......

SSBT

Sell

3,999,600

560,107

11/19/25

—

(2,951)

Hong

Kong

Dollar

...

BZWS

Buy

580,100

74,560

11/19/25

—

Hong

Kong

Dollar

...

GSCO

Buy

54,500

7,005

11/19/25

—

Hong

Kong

Dollar

...

GSCO

Sell

562,600

72,345

11/19/25

—

(35) #### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

Hong

Kong

Dollar

...

HSBK

Sell

5,390,900

692,928

11/19/25

$

$

(695) Hong

Kong

Dollar

...

MSCO

Sell

1,909,800

245,974

11/19/25

—

Hong

Kong

Dollar

...

SSBT

Buy

659,900

84,821

11/19/25

—

Hong

Kong

Dollar

...

SSBT

Sell

55,200

7,102

11/19/25

—

Hong

Kong

Dollar

...

UBSW

Buy

292,700

37,613

11/19/25

—

Japanese

Yen

......

BOFA

Buy

40,410,500

277,863

11/19/25

—

(3,217)

Japanese

Yen

......

BZWS

Sell

23,026,200

158,325

11/19/25

1,830

—

Japanese

Yen

......

GSCO

Buy

46,571,200

319,786

11/19/25

—

(3,269)

Japanese

Yen

......

GSCO

Sell

2,808,700

19,186

11/19/25

(23) Japanese

Yen

......

HSBK

Buy

20,431,200

139,978

11/19/25

—

(1,119)

Japanese

Yen

......

HSBK

Sell

6,035,300

41,026

11/19/25

—

Japanese

Yen

......

JPHQ

Buy

2,739,300

18,836

11/19/25

—

(218) Japanese

Yen

......

MSCO

Buy

209,882,300

1,432,476

11/19/25

—

(6,029)

Japanese

Yen

......

MSCO

Sell

17,199,800

117,476

11/19/25

593

(17) Japanese

Yen

......

SSBT

Buy

12,561,900

85,733

11/19/25

—

(357) Japanese

Yen

......

UBSW

Buy

19,599,200

134,097

11/19/25

—

(892) Singapore

Dollar

....

BZWS

Buy

6,600

5,187

11/19/25

—

(51) Singapore

Dollar

....

HSBK

Buy

293,600

230,201

11/19/25

—

(1,730)

Singapore

Dollar

....

HSBK

Sell

600

11/19/25

—

—

Singapore

Dollar

....

SSBT

Buy

379,600

297,618

11/19/25

—

(2,224)

British

Pound

......

BOFA

Buy

110,700

150,039

12/17/25

—

(1,145)

British

Pound

......

BOFA

Sell

17,600

24,047

12/17/25

—

British

Pound

......

BZWS

Buy

28,800

39,034

12/17/25

—

(297) British

Pound

......

GSCO

Sell

28,400

38,076

12/17/25

—

(123) British

Pound

......

HSBK

Buy

10,100

13,689

12/17/25

—

(104) British

Pound

......

HSBK

Sell

36,100

48,554

12/17/25

—

(1) British

Pound

......

JPHQ

Sell

871,600

1,185,200

12/17/25

12,874

—

British

Pound

......

MSCO

Buy

258,700

349,451

12/17/25

—

(1,491)

British

Pound

......

MSCO

Sell

483,100

654,337

12/17/25

4,554

—

British

Pound

......

SSBT

Sell

287,600

390,000

12/17/25

3,170

—

British

Pound

......

TDOM

Sell

156,300

211,957

12/17/25

1,729

—

British

Pound

......

UBSW

Sell

788,300

1,068,974

12/17/25

8,689

—

Danish

Krone

......

BOFA

Buy

852,600

134,828

12/17/25

—

(27) Danish

Krone

......

CITI

Sell

415,200

65,652

12/17/25

—

Danish

Krone

......

HSBK

Sell

106,000

16,758

12/17/25

—

(1) Danish

Krone

......

MSCO

Buy

41,600

6,641

12/17/25

—

(64) Danish

Krone

......

MSCO

Sell

3,237,300

512,938

12/17/25

1,112

(12) Danish

Krone

......

SSBT

Buy

70,700

11,177

12/17/25

—

Danish

Krone

......

UBSW

Sell

179,400

28,363

12/17/25

—

(1) Euro

.............

BOFA

Sell

156,300

184,326

12/17/25

—

Euro

.............

BZWS

Sell

668,500

788,360

12/17/25

—

(2) Euro

.............

GSCO

Sell

16,600

19,576

12/17/25

—

—

Euro

.............

HSBK

Buy

33,300

39,271

12/17/25

—

—

Euro

.............

HSBK

Sell

44,400

52,275

12/17/25

—

(86) Euro

.............

JPHQ

Sell

269,200

317,446

12/17/25

—

(22) Euro

.............

MSCO

Buy

99,100

116,337

12/17/25

532

—

Euro

.............

MSCO

Sell

517,900

610,805

12/17/25

(125) Euro

.............

SSBT

Buy

89,900

107,044

12/17/25

—

(1,024)

Euro

.............

SSBT

Sell

46,400

54,708

12/17/25

—

(11) Euro

.............

TDOM

Sell

60,500

71,334

12/17/25

—

(13) Euro

.............

UBSW

Sell

57,400

67,677

12/17/25

—

(15) Euro

.............

WPAC

Sell

287,700

339,174

12/17/25

—

(111) Norwegian

Krone

...

CITI

Sell

33,600

3,371

12/17/25

—

Norwegian

Krone

...

HSBK

Sell

7,100

718

12/17/25

—

Norwegian

Krone

...

JPHQ

Sell

3,932,500

397,855

12/17/25

3,714

—

Norwegian

Krone

...

MSCO

Buy

87,400

8,870

12/17/25

—

(111) Swedish

Krona

.....

BOFA

Buy

72,600

7,842

12/17/25

—

(93) Putnam

Asset

Allocation

Funds

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

At

September

30,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

1(e).

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

Swedish

Krona

.....

BZWS

Buy

7,998,900

863,961

12/17/25

$

—

$

(10,191)

Swedish

Krona

.....

CITI

Sell

51,900

5,543

12/17/25

—

Swedish

Krona

.....

HSBK

Buy

3,554,400

383,925

12/17/25

—

(4,542)

Swedish

Krona

.....

MSCO

Sell

1,070,100

115,393

12/17/25

1,175

—

Swedish

Krona

.....

SSBT

Buy

763,500

82,330

12/17/25

—

(837) Swedish

Krona

.....

TDOM

Buy

3,249,600

350,410

12/17/25

—

(3,561)

Swiss

Franc

.......

BOFA

Buy

120,800

153,231

12/17/25

—

(74) Swiss

Franc

.......

BZWS

Buy

12,000

15,224

12/17/25

—

(9) Swiss

Franc

.......

GSCO

Buy

122,800

155,771

12/17/25

—

(78) Swiss

Franc

.......

HSBK

Buy

53,300

67,611

12/17/25

—

(34) Swiss

Franc

.......

JPHQ

Buy

516,100

654,746

12/17/25

—

(404) Swiss

Franc

.......

MSCO

Buy

115,500

146,686

12/17/25

—

(249) Swiss

Franc

.......

SSBT

Sell

278,100

353,137

12/17/25

556

(10) Swiss

Franc

.......

UBSW

Buy

266,700

338,966

12/17/25

—

(828) Total

Forward

Exchange

Contracts

...................................................

$83,632

$(51,460)

Net

unrealized

appreciation

(depreciation)

............................................

$32,172

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

#### Credit

#### Default

#### Swap

#### Contracts

#### Description

#### Periodic

#### Payment

#### Rate

#### Received
(Paid)

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount
(a) #### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

#### Rating
(b) #### Centrally

#### Cleared

#### Swap

#### Contracts

#### to

#### Sell

#### Protection

#### (c)(d)

#### Traded

#### Index
CDX.NA.HY.44

.

5.00%

Quarterly

6/20/30

4,518,000

$

366,501

$

217,886

$

148,615

Non-

Investment

Grade

CDX.NA.IG.45

..

1.00%

Quarterly

12/20/30

59,386,000

1,344,068

1,344,068

—

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$1,710,569

$1,561,954

$148,615

Total

Credit

Default

Swap

Contracts

....................................

$1,710,569

$

1,561,954

$148,615

(a) In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b) Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c) Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d) The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

At

September

30,

2025,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

1(e).

#### Interest

#### Rate

#### Swap

#### Contracts

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount

#### \*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.6%

.....

Annual

9/17/27

24,235,000

$

(85,311)

$

40,020

$

(125,331)

Receive

Fixed

3.58%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/27

20,113,000

63,047

26,230

36,817

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.65%

....

Annual

9/17/30

26,093,000

(305,784)

81,711

(387,495)

Receive

Fixed

3.63%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/30

4,405,000

47,575

14,194

33,381

Receive

Fixed

3.18%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

12/17/30

11,469,000

(98,598)

(52,878)

(45,720)

Receive

Fixed

3.88%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/35

13,263,000

246,897

40,295

206,602

Receive

Fixed

3.9%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/35

3,298,000

66,929

60,433

6,496

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.55%

....

Annual

12/17/35

1,067,000

9,742

6,308

3,434

Receive

Fixed

4.03%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/55

5,080,000

88,533

8,312

80,221

Receive

Fixed

4.05%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/55

15,000

(85) 399

Receive

Fixed

3.88%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

12/17/55

1,924,000

(15,703)

(12,414)

(3,289)

Total

Interest

Rate

Swap

Contracts

.................................

$17,641

$

212,126

$(194,485)

\*

In

U.S.

dollars

unless

otherwise

indicated.

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

At

September

30,

2025,

the

Fund

had

the

following total

return swap

contracts

outstanding.

See

Note

1(e).

#### Total

#### Return

#### Swap

#### Contracts

#### Underlying

#### Instruments

#### Financing

#### Rate

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Value

#### \*

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### OTC

#### Swap

#### Contracts

#### Long
(a) RCXTPGDL

Index

#

....................

0%

At

Maturity

GSCO

12/16/25

12,639,795

$

211,741

BCFTDEAL

Index

#

....................

1-day

SOFR

+

0.45%

At

Maturity

BZWS

9/18/26

9,611,390

(14,872)

#### Short
(b) RCXTPGSS

Index

#

....................

0%

At

Maturity

GSCO

12/16/25

12,158,883

(56,195)

BCFTDEAS

Index

#

....................

1-day

SOFR

+

0.25%

At

Maturity

BZWS

9/18/26

9,601,080

16,647

Total

Return

Swap

Contracts

....................................................................

$157,321

\*

In

U.S.

dollars

unless

otherwise

indicated.

#

Represents

a

custom

index

comprised

of

a

basket

of

underlying

instruments.

The

largest

components,

and

any

individual

component

greater

than

1%

of

basket

value,

are

shown

below.

(a) The

Fund

receives

the

total

return

on

the

underlying

instrument

and

pays

a

variable

financing

rate.

(b) The

Fund

receives

a

variable

financing

rate

and

pays

the

total

return

on

the

underlying

instrument.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET

#### (#### RCXTPGDL

####)

#### OF

#### COMMON

#### STOCKS
Inpex

Corp

Energy

4,511

$

81,643

0.63%

Lam

Research

Corp

Information

Technology

563

75,368

0.58%

Expedia

Group

Inc

Consumer

Discretionary

73,947

0.57%

Novartis

AG

Health

Care

582

73,229

0.57%

Uber

Technologies

Inc

Industrials

746

73,089

0.57%

Keysight

Technologies

Inc

Information

Technology

72,426

0.56%

Endesa

SA

Utilities

2,222

71,056

0.55%

Osaka

Gas

Co

Ltd

Utilities

2,438

70,789

0.55%

Kirin

Holdings

Co

Ltd

Consumer

Staples

4,818

70,705

0.55%

Exxon

Mobil

Corp

Energy

625

70,465

0.55%

Dai

Nippon

Printing

Co

Ltd

Industrials

4,133

70,391

0.55%

Garmin

Ltd

Consumer

Discretionary

69,892

0.54%

Telenor

ASA

Communication

Services

4,184

69,350

0.54%

Idemitsu

Kosan

Co

Ltd

Energy

10,045

69,105

0.54%

MSCI

Inc

Financials

68,877

0.53%

SS&C

Technologies

Holdings

Inc

Industrials

772

68,564

0.53%

AT&T

Inc

Communication

Services

2,421

68,379

0.53%

Holcim

AG

Materials

802

67,879

0.53%

Graco

Inc

Industrials

798

67,798

0.53%

Netflix

Inc

Communication

Services

67,703

0.52%

Smiths

Group

PLC

Industrials

2,136

67,626

0.52%

ConocoPhillips

Energy

715

67,623

0.52%

Eni

SpA

Energy

3,844

67,143

0.52%

Altria

Group

Inc

Consumer

Staples

1,014

67,001

0.52%

United

Utilities

Group

PLC

Utilities

4,310

66,528

0.52%

Fortum

Oyj

Utilities

3,511

66,444

0.52%

PepsiCo

Inc

Consumer

Staples

66,396

0.51%

TotalEnergies

SE

Energy

1,091

66,284

0.51%

Rio

Tinto

PLC

Materials

1,004

66,082

0.51%

Veralto

Corp

Industrials

619

66,025

0.51%

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(RCXTPGDL)

#### OF

#### COMMON

#### STOCKS
(continued)

Iberdrola

SA

Utilities

3,473

$

65,727

0.51%

E.ON

SE

Utilities

3,472

65,332

0.51%

Veeva

Systems

Inc

Health

Care

64,852

0.50%

Automatic

Data

Processing

Inc

Industrials

64,759

0.50%

Weyerhaeuser

Co

Real

Estate

2,605

64,582

0.50%

Avery

Dennison

Corp

Materials

64,396

0.50%

PayPal

Holdings

Inc

Financials

959

64,298

0.50%

Tokyo

Gas

Co

Ltd

Utilities

1,799

64,130

0.50%

Engie

SA

Utilities

2,986

64,042

0.50%

Imperial

Oil

Ltd

Energy

705

63,966

0.50%

Honeywell

International

Inc

Industrials

63,911

0.50%

Norsk

Hydro

ASA

Materials

9,399

63,678

0.49%

Illumina

Inc

Health

Care

665

63,151

0.49%

Danone

SA

Consumer

Staples

722

62,945

0.49%

Amadeus

IT

Group

SA

Consumer

Discretionary

792

62,853

0.49%

Sekisui

Chemical

Co

Ltd

Industrials

3,328

62,091

0.48%

Airbnb

Inc

Consumer

Discretionary

510

61,928

0.48%

NN

Group

NV

Financials

877

61,698

0.48%

Telia

Co

AB

Communication

Services

16,063

61,296

0.48%

WH

Group

Ltd

Consumer

Staples

56,476

61,191

0.47%

#### A

#### BASKET

#### (#### BCFTDEAL

####)

#### OF

#### COMMON

#### STOCKS
Valero

Energy

Corp

Energy

738

125,572

1.31%

General

Motors

Co

Consumer

Discretionary

2,035

124,100

1.29%

Johnson

Controls

International

plc

Industrials

1,112

122,317

1.27%

Uber

Technologies

Inc

Industrials

1,226

120,123

1.25%

Pegasystems

Inc

Information

Technology

2,067

118,836

1.24%

NRG

Energy

Inc

Utilities

730

118,295

1.23%

DoorDash

Inc

Consumer

Discretionary

118,053

1.23%

Tapestry

Inc

Consumer

Discretionary

1,025

116,085

1.21%

Pure

Storage

Inc

Information

Technology

1,377

115,435

1.20%

Booking

Holdings

Inc

Consumer

Discretionary

114,439

1.19%

Axis

Capital

Holdings

Ltd

Financials

1,180

113,023

1.18%

Exelixis

Inc

Health

Care

2,721

112,394

1.17%

MGIC

Investment

Corp

Financials

3,958

112,293

1.17%

QUALCOMM

Inc

Information

Technology

672

111,843

1.16%

Howmet

Aerospace

Inc

Industrials

568

111,497

1.16%

Netflix

Inc

Communication

Services

110,181

1.15%

Unum

Group

Financials

1,397

108,622

1.13%

AutoNation

Inc

Consumer

Discretionary

107,873

1.12%

Arista

Networks

Inc

Information

Technology

736

107,206

1.12%

State

Street

Corp

Financials

921

106,797

1.11%

Cheniere

Energy

Inc

Energy

105,586

1.10%

Cadence

Design

Systems

Inc

Information

Technology

105,265

1.10%

Freeport-McMoRan

Inc

Materials

2,648

103,851

1.08%

Natera

Inc

Health

Care

642

103,266

1.07%

Equitable

Holdings

Inc

Financials

1,999

101,517

1.06%

Vornado

Realty

Trust

Real

Estate

2,502

101,403

1.06%

Synchrony

Financial

Financials

1,416

100,626

1.05%

Virtu

Financial

Inc

Financials

2,738

97,194

1.01%

Cirrus

Logic

Inc

Information

Technology

760

95,178

0.99%

Regeneron

Pharmaceuticals

Inc

Health

Care

94,757

0.99%

Rubrik

Inc

Information

Technology

1,152

94,711

0.99%

Spotify

Technology

SA

Communication

Services

94,164

0.98%

Curtiss-Wright

Corp

Industrials

93,415

0.97%

American

International

Group

Inc

Financials

1,182

92,800

0.97%

Toll

Brothers

Inc

Consumer

Discretionary

659

90,998

0.95%

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(BCFTDEAL)

#### OF

#### COMMON

#### STOCKS
(continued)

Allison

Transmission

Holdings

Inc

Industrials

1,040

$

88,250

0.92%

Affiliated

Managers

Group

Inc

Financials

87,701

0.91%

Docusign

Inc

Information

Technology

1,174

84,661

0.88%

Boyd

Gaming

Corp

Consumer

Discretionary

946

81,795

0.85%

Textron

Inc

Industrials

966

81,630

0.85%

eBay

Inc

Consumer

Discretionary

896

81,529

0.85%

NVR

Inc

Consumer

Discretionary

76,959

0.80%

Louisiana-Pacific

Corp

Materials

838

74,423

0.77%

Ulta

Beauty

Inc

Consumer

Discretionary

73,919

0.77%

Edison

International

Utilities

1,322

73,061

0.76%

Southwest

Airlines

Co

Industrials

2,280

72,746

0.76%

Manhattan

Associates

Inc

Information

Technology

71,603

0.75%

Ventas

Inc

Real

Estate

1,001

70,055

0.73%

Dropbox

Inc

Information

Technology

2,267

68,486

0.71%

Duolingo

Inc

Consumer

Discretionary

65,997

0.69%

#### A

#### BASKET

#### (#### RCXTPGSS

####)

#### OF

#### COMMON

#### STOCKS
Ferrovial

SE

Industrials

1,226

70,272

0.57%

Atmos

Energy

Corp

Utilities

69,378

0.57%

Salmar

ASA

Consumer

Staples

1,299

69,368

0.57%

Equifax

Inc

Industrials

68,032

0.56%

Antofagasta

PLC

Materials

1,836

67,998

0.55%

Imperial

Brands

PLC

Consumer

Staples

1,589

67,560

0.55%

Lennar

Corp

Consumer

Discretionary

535

67,378

0.55%

Sigma

Healthcare

Ltd

Health

Care

33,996

66,917

0.55%

Realty

Income

Corp

Real

Estate

1,100

66,868

0.55%

Keppel

Ltd

Industrials

9,609

66,484

0.54%

Singapore

Telecommunications

Ltd

Communication

Services

20,464

65,556

0.53%

Nutrien

Ltd

Materials

1,101

64,643

0.53%

Orange

SA

Communication

Services

3,951

64,109

0.52%

International

Paper

Co

Materials

1,377

63,898

0.52%

Southern

Co/The

Utilities

674

63,861

0.52%

Hermes

International

SCA

Consumer

Discretionary

63,525

0.52%

Marriott

International

Inc/MD

Consumer

Discretionary

63,246

0.52%

Diamondback

Energy

Inc

Energy

63,245

0.52%

RELX

PLC

Industrials

1,313

62,863

0.51%

Cellnex

Telecom

SA

Communication

Services

1,802

62,447

0.51%

Infrastrutture

Wireless

Italiane

SpA

Communication

Services

5,297

62,302

0.51%

Swisscom

AG

Communication

Services

62,064

0.51%

EssilorLuxottica

SA

Health

Care

61,961

0.51%

Allianz

SE

Financials

61,701

0.50%

Haleon

PLC

Health

Care

13,750

61,530

0.50%

Wilmar

International

Ltd

Consumer

Staples

27,629

61,080

0.50%

Coca-Cola

Co/The

Consumer

Staples

918

60,874

0.50%

Royalty

Pharma

PLC

Health

Care

1,719

60,639

0.49%

Saputo

Inc

Consumer

Staples

2,494

60,579

0.49%

Air

Products

and

Chemicals

Inc

Materials

60,201

0.49%

Waste

Connections

Inc

Industrials

59,706

0.49%

Aker

BP

ASA

Energy

2,331

59,129

0.48%

Swiss

Life

Holding

AG

Financials

58,342

0.48%

Visa

Inc

Financials

58,064

0.47%

Dominion

Energy

Inc

Utilities

948

57,973

0.47%

Pernod

Ricard

SA

Consumer

Staples

589

57,859

0.47%

Martin

Marietta

Materials

Inc

Materials

57,093

0.47%

U-Haul

Holding

Co

Industrials

1,120

57,032

0.47%

PPL

Corp

Utilities

1,499

55,685

0.45%

Alamos

Gold

Inc

Materials

1,596

55,637

0.45%

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(RCXTPGSS)

#### OF

#### COMMON

#### STOCKS
(continued)

Walmart

Inc

Consumer

Staples

536

$

55,212

0.45%

Thomson

Reuters

Corp

Industrials

55,088

0.45%

CMS

Energy

Corp

Utilities

747

54,739

0.45%

FUJIFILM

Holdings

Corp

Information

Technology

2,189

54,549

0.45%

Paychex

Inc

Industrials

53,760

0.44%

Straumann

Holding

AG

Health

Care

503

53,714

0.44%

Bureau

Veritas

SA

Industrials

1,711

53,570

0.44%

Aeon

Co

Ltd

Consumer

Staples

4,364

53,043

0.43%

Masco

Corp

Industrials

747

52,556

0.43%

Metso

Oyj

Industrials

3,800

52,169

0.43%

#### A

#### BASKET

#### (#### BCFTDEAS

####)

#### OF

#### COMMON

#### STOCKS
Synopsys

Inc

Information

Technology

138,933

1.45%

Micron

Technology

Inc

Information

Technology

755

126,370

1.32%

DT

Midstream

Inc

Energy

1,109

125,381

1.31%

Take-Two

Interactive

Software

Inc

Communication

Services

125,103

1.30%

Diamondback

Energy

Inc

Energy

867

124,002

1.29%

BWX

Technologies

Inc

Industrials

668

123,187

1.28%

Royal

Caribbean

Cruises

Ltd

Consumer

Discretionary

120,654

1.26%

Dell

Technologies

Inc

Information

Technology

849

120,400

1.25%

SoFi

Technologies

Inc

Financials

4,375

115,576

1.20%

MKS

Inc

Information

Technology

924

114,405

1.19%

Roivant

Sciences

Ltd

Health

Care

7,376

111,604

1.16%

Blue

Owl

Capital

Inc

Financials

6,466

109,474

1.14%

Norwegian

Cruise

Line

Holdings

Ltd

Consumer

Discretionary

4,277

105,331

1.10%

Lithia

Motors

Inc

Consumer

Discretionary

105,005

1.09%

Carnival

Corp

Consumer

Discretionary

3,568

103,143

1.07%

Gen

Digital

Inc

Information

Technology

3,624

102,876

1.07%

Monolithic

Power

Systems

Inc

Information

Technology

102,034

1.06%

Aon

PLC

Financials

97,882

1.02%

Domino's

Pizza

Inc

Consumer

Discretionary

97,369

1.01%

Kinsale

Capital

Group

Inc

Financials

94,318

0.98%

Ross

Stores

Inc

Consumer

Discretionary

596

90,862

0.95%

RPM

International

Inc

Materials

765

90,212

0.94%

Tyler

Technologies

Inc

Information

Technology

89,199

0.93%

Equifax

Inc

Industrials

85,966

0.90%

PTC

Inc

Information

Technology

84,596

0.88%

Affirm

Holdings

Inc

Financials

1,152

84,189

0.88%

Bunge

Global

SA

Consumer

Staples

1,032

83,844

0.87%

Royal

Gold

Inc

Materials

83,819

0.87%

Jack

Henry

&

Associates

Inc

Financials

555

82,654

0.86%

NU

Holdings

Ltd/Cayman

Islands

Financials

4,952

79,281

0.83%

Somnigroup

International

Inc

Consumer

Discretionary

935

78,850

0.82%

Texas

Instruments

Inc

Information

Technology

78,407

0.82%

Fox

Corp

Communication

Services

1,365

78,217

0.82%

Entegris

Inc

Information

Technology

808

74,729

0.78%

Watsco

Inc

Industrials

74,637

0.78%

NIKE

Inc

Consumer

Discretionary

1,055

73,581

0.77%

Coherent

Corp

Information

Technology

661

71,237

0.74%

LPL

Financial

Holdings

Inc

Financials

71,192

0.74%

Albemarle

Corp

Materials

877

71,133

0.74%

elf

Beauty

Inc

Consumer

Staples

536

70,978

0.74%

Healthcare

Realty

Trust

Inc

Real

Estate

3,884

70,023

0.73%

Expand

Energy

Corp

Energy

649

68,994

0.72%

Amdocs

Ltd

Information

Technology

834

68,439

0.71%

Marriott

International

Inc/MD

Consumer

Discretionary

67,168

0.70%

CH

Robinson

Worldwide

Inc

Industrials

502

66,480

0.69%

Putnam

Asset

Allocation

Funds

Schedule

of

Investments

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Common

#### stocks

#### Sector

#### Shares

#### Value

#### Percentage

#### value

#### A

#### BASKET
(BCFTDEAS)

#### OF

#### COMMON

#### STOCKS
(continued)

Stanley

Black

&

Decker

Inc

Industrials

876

$

65,086

0.68%

T

Rowe

Price

Group

Inc

Financials

629

64,590

0.67%

Arthur

J

Gallagher

&

Co

Financials

61,180

0.64%

Alphabet

Inc

Communication

Services

60,367

0.63%

General

Electric

Co

Industrials

60,099

0.63%

See

Note

regarding

other

derivative

information.

See

A

bbreviations

on

.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Assets

and

Liabilities

September

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$491,405,193

Cost

-

Non-controlled

affiliates

(Note

g)

........................................................

20,851,137

Value

-

Unaffiliated

issuers

..................................................................

$636,037,888

Value

-

Non-controlled

affiliates

(Note

g)

.......................................................

20,851,137

Cash

....................................................................................

222,674

Receivables:

Investment

securities

sold

...................................................................

3,318,458

Receivable

for

sales

of

TBA

securities

(Note

d)

..................................................

5,801,367

Capital

shares

sold

........................................................................

2,397,953

Dividends

and

interest

.....................................................................

1,077,817

European

Union

tax

reclaims

(Note

h)

.........................................................

317,551

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

............................................................

2,872,100

Unrealized

appreciation

on

OTC

forward

exchange

contracts

..........................................

83,632

Unrealized

appreciation

on

OTC

swap

contracts

....................................................

228,388

Prepaid

expenses

..........................................................................

114,392

Total

assets

..........................................................................

673,323,357

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

15,445,774

Payable

for

purchases

of

TBA

securities

(Note

d)

................................................

65,857,903

Capital

shares

redeemed

...................................................................

255,271

Management

fees

.........................................................................

238,284

Administrative

fees

........................................................................

2,195

Distribution

fees

..........................................................................

101,576

Transfer

agent

fees

........................................................................

135,360

Trustees'

fees

and

expenses

.................................................................

134,598

Variation

margin

on

futures

contracts

...........................................................

435,062

Variation

margin

on

centrally

cleared

swap

contracts

...............................................

158,841

Deposits

from

brokers

for:

OTC

derivative

contracts

..................................................................

130,000

Unrealized

depreciation

on

OTC

swap

contracts

....................................................

71,067

Unrealized

depreciation

on

OTC

forward

exchange

contracts

..........................................

51,460

TBA

sale

commitments,

at

value

(proceeds

$5,801,367)

(Note

1d)

......................................

5,772,573

Collateral

on

certain

derivative

contracts,

at

value

(Note

e)

...........................................

9,663

Accrued

expenses

and

other

liabilities

...........................................................

186,514

Total

liabilities

.........................................................................

88,986,141

Net

assets,

at

value

.................................................................

$584,337,216

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$492,010,642

Total

distributable

earnings

(losses)

.............................................................

92,326,574

Net

assets,

at

value

.................................................................

$584,337,216

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Assets

and

Liabilities

(continued)

September

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$353,722,053

Shares

outstanding

........................................................................

31,191,432

Net

asset

value

per

share

a

,b

..................................................................

$11.34

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

................................

$12.03

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$32,979,112

Shares

outstanding

........................................................................

2,964,338

Net

asset

value

and

maximum

offering

price

per

share

a

,b

............................................

$11.13

#### Class

#### P:
Net

assets,

at

value

.......................................................................

$23,903,284

Shares

outstanding

........................................................................

2,095,650

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$11.41

#### Class

#### R:
Net

assets,

at

value

.......................................................................

$4,866,291

Shares

outstanding

........................................................................

412,957

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$11.78

#### Class

#### R5:
Net

assets,

at

value

.......................................................................

$2,137

Shares

outstanding

........................................................................

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$11.44

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$63,906,015

Shares

outstanding

........................................................................

5,598,705

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$11.41

#### Class

#### Y:
Net

assets,

at

value

.......................................................................

$104,958,324

Shares

outstanding

........................................................................

9,192,918

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$11.42

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Operations\*

for

the

year

ended

September

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$275,488)

Unaffiliated

issuers

........................................................................

$4,714,323

Non-controlled

affiliates

(Note

g)

.............................................................

866,247

Interest:

Unaffiliated

issuers

........................................................................

11,838,438

Other

income

(Note

h)

......................................................................

97,760

Total

investment

income

...................................................................

17,516,768

Expenses:

Management

fees

(Note

a)

...................................................................

2,878,662

Administrative

fees

(Note

b)

..................................................................

11,641

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

880,851

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

359,209

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

22,491

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

425,329

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

43,288

&nbsp;&nbsp;&nbsp;&nbsp;Class

P

................................................................................

2,061

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

5,427

&nbsp;&nbsp;&nbsp;&nbsp;Class

R5

...............................................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

...............................................................................

31,982

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

................................................................................

114,532

Custodian

fees

(Note

4)

......................................................................

87,278

Reports

to

shareholders

fees

..................................................................

69,759

Registration

and

filing

fees

....................................................................

102,139

Professional

fees

...........................................................................

189,912

Trustees'

fees

and

expenses

(Note

3f)

...........................................................

20,922

Organization

costs

(Note

1j)

...................................................................

13,835

Interest

expense

...........................................................................

664

Other

....................................................................................

18,976

Total

expenses

.........................................................................

5,278,962

Expense

reductions

(Note

4)

...............................................................

(13,286)

Expenses

waived/paid

by

affiliates

(Note

g

and

h)

..............................................

(94) Net

expenses

.........................................................................

5,265,582

Net

investment

income

................................................................

12,251,186

Putnam

Asset

Allocation

Funds

Consolidated

Financial

Statements

Consolidated

Statement

of

Operations\*

(continued)

for

the

year

ended

September

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

19,088,953

Written

options

...........................................................................

306,904

Foreign

currency

transactions

................................................................

6,909

Forward

exchange

contracts

.................................................................

(146,339)

Futures

contracts

.........................................................................

(25,850,631)

TBA

sale

commitments

.....................................................................

(238,927)

Swap

contracts

...........................................................................

266,308

Net

realized

gain

(loss)

..................................................................

(6,566,823)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

32,255,937

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

36,827

Written

options

...........................................................................

(253,359)

Forward

exchange

contracts

.................................................................

10,445

Futures

contracts

.........................................................................

3,040,010

TBA

sale

commitments

.....................................................................

10,145

Swap

contracts

...........................................................................

340,425

Net

change

in

unrealized

appreciation

(depreciation)

............................................

35,440,430

Net

realized

and

unrealized

gain

(loss)

............................................................

28,873,607

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$41,124,793

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

conservative

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(g).

Putnam

Asset

Allocation

Funds

Financial

Statements

Consolidated

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund

#### Year

#### Ended

#### September

#### 30,

#### 2025\*

#### Year

#### Ended

#### September

#### 30,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$12,251,186

$12,496,099

Net

realized

gain

(loss)

.................................................

(6,566,823)

25,687,382

Net

change

in

unrealized

appreciation

(depreciation)

...........................

35,440,430

63,774,356

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

41,124,793

101,957,837

Distributions

to

shareholders:

Class

A

.............................................................

(18,077,179)

(8,613,406)

Class

B

.............................................................

—

(17,486)

Class

C

.............................................................

(1,712,027)

(809,651)

Class

P

.............................................................

(1,058,377)

(301,118)

Class

R

.............................................................

(204,386)

(92,067)

Class

R5

............................................................

(183) (321) Class

R6

............................................................

(3,440,846)

(1,795,554)

Class

Y

.............................................................

(4,776,019)

(2,003,063)

Total

distributions

to

shareholders

..........................................

(29,269,017)

(13,632,666)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

(21,624,707)

(12,190,919)

Class

B

.............................................................

—

(2,178,035)

Class

C

.............................................................

(9,186,903)

(16,883,313)

Class

P

.............................................................

6,491,431

6,221,187

Class

R

.............................................................

525,267

(671,790)

Class

R5

............................................................

(3,379)

(11,879)

Class

R6

............................................................

(5,138,717)

(5,513,183)

Class

Y

.............................................................

16,596,595

1,374,664

Total

capital

share

transactions

............................................

(12,340,413)

(29,853,268)

Net

increase

(decrease)

in

net

assets

...................................

(484,637)

58,471,903

Net

assets:

Beginning

of

year

.......................................................

584,821,853

526,349,950

End

of

year

...........................................................

$584,337,216

$584,821,853

\*

Includes

the

consolidated

operations

of

Franklin

Dynamic

Asset

Allocation

conservative

Ltd.

from

July

7,

2025

through

September

30,

2025. See

Note

1(g).

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund

franklintempleton.com

Annual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Asset

Allocation

Funds (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of four

separate

funds.

The

Trust

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. Putnam

Dynamic

Asset

Allocation

Conservative

Fund

(Fund)

is

included

in

this

report.

The

Fund

offers seven

classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R5,

Class

R6,

Class

P

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

September

5,

2024,

all

Class

B

shares

were

converted

to

Class

A. The

following

summarizes

the

Fund

's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively. Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day. Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

p.m.

Eastern

time. In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

p.m.

Eastern

time.

At

September

30,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Consolidated

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Stripped

#### Securities
The

Fund

may

invest

in

stripped

securities

which

represent

a

participation

in

securities

that

may

be

structured

in

classes

with

rights

to

receive

different

portions

of

the

interest

and

principal.

Interest-only

securities

receive

all

of

the

interest

and

principal-only

securities

receive

all

of

the

principal.

If

the

interest

only

securities

experience

greater

than

anticipated

prepayments

of

principal,

the

Fund

may

fail

to

recoup

fully

its

initial

investment

in

these

securities.

Conversely,

principal-

only

securities

increase

in

value

if

prepayments

are

greater

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

fair

value

of

these

securities

is

highly

sensitive

to

changes

in

interest

rates.

d. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery

and to-be-

announced

(TBA)

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

Collateral

has

been

pledged

and/or

received

for

open

TBA

trades.

The

Fund

may

also

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

mortgage-backed

securities

it

owns

under

delayed

delivery

arrangements

or

to

take

a

short

position

in

mortgage-backed

securities.

Proceeds

of

TBA

sale

commitments

are

not

received

until

the

contractual

settlement

date.

During

the

time

a

TBA

sale

commitment

is

outstanding,

either

equivalent

deliverable

securities

or

an

offsetting

TBA

purchase

commitment

deliverable

on

or

before

the

sale

commitment

date

are

held

as

"cover"

for

the

transaction,

or

other

liquid

assets

in

an

amount

equal

to

the

notional

value

of

the

TBA

sale

commitment

are

segregated.

If

the

TBA

sale

commitment

is

closed

through

the

acquisition

of

an

offsetting

TBA

purchase

commitment,

the

Fund

realizes

a

gain

or

loss.

If

the

Fund

delivers

securities

under

the

commitment,

the

Fund

realizes

a

gain

or

a

loss

from

the

sale

of

the

securities

based

upon

the

unit

price

established

at

the

date

the

commitment

was

entered

into.

TBA

commitments,

which

are

accounted

for

as

purchase

and

sale

transactions,

may

be

considered

securities

themselves,

and

involve

a

risk

of

loss

due

to

changes

in

the

value

of

the

security

prior

to

the

settlement

date

as

well

as

the

risk

that

the

counterparty

to

the

transaction

will

not

perform

its

obligations.

Counterparty

risk

is

mitigated

by

having

a

master

agreement

between

the

Fund

and

the

counterparty.

Unsettled

TBA

commitments

are

valued

at

their

fair

value

according

to

the

procedures

described

in

the

Financial

Instrument

Valuation

note.

The

contract

is

marked

to

market

daily

and

the

change

in

fair

value

is

recorded

by

the

Fund

as

an

unrealized

gain

or

loss.

Based

on

market

circumstances,

the

investment

manager

will

determine

whether

to

take

delivery

of

the

underlying

securities

or

to

dispose

of

the

TBA

commitments

prior

to

settlement.

e. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Consolidated

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/

or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Stripped

#### Securities
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

At

September

30,

2025,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

of

$19,469

and

the

aggregate

value

of

collateral

pledged

for

such

contracts

was

$108,988.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

commodity

price,

interest

rate

and

equity

price

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund

entered

into

credit

default

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk.

A

credit

default

swap

is

an

agreement

between

the

Fund

and

a

counterparty

whereby

the

buyer

of

the

contract

receives

credit

protection

and

the

seller

of

the

contract

guarantees

the

credit

worthiness

of

a

referenced

debt

obligation.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

credit

default

swaps)

or

may

be

executed

in

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

the

buyer

pays

the

seller

a

periodic

stream

of

payments,

provided

that

no

event

of

default

has

occurred.

Such

periodic

payments

are

accrued

daily

as

an

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

in

the Consolidated

Statement

of

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

of

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss

in

the Consolidated

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

Statement

of

Operations.

Credit

default

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund entered

into

interest

rate

swap

contracts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

appreciation

or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Interest

rate

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund

entered

into

OTC

total

return

swap

contracts

primarily

to

manage

and/or

gain exposure

to equity price

risk

of

an

underlying

instrument

such

as

a

stock,

bond,

index

or

basket

of

securities

or

indices.

A

total

return

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

a

return

linked

to

an

underlying

instrument

for

a

floating

or

fixed

rate

payment,

both

based

upon

a

notional

amount.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

or

received

are

accrued

daily

and

recorded

as

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

recognized

as

realized

gain

or

loss. Total

return

swap contracts outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

The

Fund

purchased

or

wrote

exchange

traded

option

contracts

primarily

to

manage

and/or

gain exposure

to

equity

price

risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

Option contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Consolidated

Schedule

of

Investments.

See

Note

8 regarding

other

derivative

information.

f. #### Senior

#### Floating

#### Rate

#### Interests
The

Fund

invests

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the Fund

invests

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

g. #### Investments

#### in

#### Franklin

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Ltd.

#### (FT

#### Subsidiary)
Effective

July

7,

2025,

Fund

invests

in

certain

financial

instruments,

warrants

or

commodity-linked

derivative

investments

through

its

investments

in

FT

Subsidiary.

FT

Subsidiary

is

a

Cayman

Islands

exempted

company

with

limited

liability,

is

a

wholly-owned

subsidiary

of

the

Fund,

and

is

able

to

invest

in

certain

financial

instruments

and

commodity-linked

derivative

investments

consistent

with

the

investment

objective

of

the

Fund.

At

September

30,

2025,

FT

Subsidiary's

investments,

as

well

as

any

other

assets

and

liabilities

of

FT

Subsidiary

are

reflected

in

the

Fund's

Consolidated

Schedule

of

Investments

and

Consolidated

Statement

of

Assets

and

Liabilities.

All

intercompany

transactions

and

balances

have

been

eliminated.

At

September

30,

2025,

the

net

assets

of

FT

Subsidiary

were

$2,198,102,

representing

0.38%

of

the

Fund's

consolidated

net

assets.

The

Fund's

investment

in

FT

Subsidiary

is

limited

to

25%

of

consolidated

assets.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

h. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statement

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statement

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Fund,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

September

30,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

i. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

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.

j. #### Organization

#### Costs
Organization

costs

were

expensed

as

incurred.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

k. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

l. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

September

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Year

#### Ended

#### September

#### 30,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

2,981,485

$32,206,690

3,713,492

$38,345,400

Shares

issued

in

reinvestment

of

distributions

..........

1,629,319

17,428,413

802,560

8,282,302

Shares

redeemed

...............................

(6,599,215)

(71,259,810)

(5,719,194)

(58,818,621)

Net

increase

(decrease)

..........................

(1,988,411)

$(21,624,707)

(1,203,142)

$(12,190,919)

#### Class

#### B

#### Shares:
Shares

sold

...................................

—

$—

1,069

$10,816

Shares

issued

in

reinvestment

of

distributions

..........

—

—

1,654

16,566

Shares

redeemed

...............................

—

—

(214,700)

(2,205,417)

Net

increase

(decrease)

..........................

—

$—

(211,977)

$(2,178,035)

#### Class

#### C

#### Shares:
Shares

sold

...................................

445,578

$4,764,369

362,802

$3,710,400

Shares

issued

in

reinvestment

of

distributions

..........

159,747

1,678,511

78,680

795,760

Shares

redeemed

a

..............................

(1,467,387)

(15,629,783)

(2,120,088)

(21,389,473)

Net

increase

(decrease)

..........................

(862,062)

$(9,186,903)

(1,678,606)

$(16,883,313)

#### Class

#### P

#### Shares:
Shares

sold

...................................

1,450,586

$15,866,650

1,017,709

$10,788,402

Shares

issued

in

reinvestment

of

distributions

..........

98,410

1,058,377

28,897

301,118

Shares

redeemed

...............................

(954,813)

(10,433,596)

(467,356)

(4,868,333)

Net

increase

(decrease)

..........................

594,183

$6,491,431

579,250

$6,221,187

#### Class

#### R

#### Shares:
Shares

sold

...................................

104,974

$1,191,027

74,655

$792,471

Shares

issued

in

reinvestment

of

distributions

..........

18,363

204,165

8,088

86,438

Shares

redeemed

...............................

(75,481)

(869,925)

(143,843)

(1,550,699)

Net

increase

(decrease)

..........................

47,856

$525,267

(61,100)

$(671,790)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays Advisers

a

management

fee

(based

on

the

Fund's

average

net

assets

and

computed

and

paid

monthly)

at

annual

rates

that

may

vary

based

on

the

average

of

the

aggregate

net

assets

of

all

open-end

mutual

funds

sponsored

by

Putnam

Management

(including

open-end

funds

managed

by

affiliates

of

Putnam

Management

that

have

been

deemed

to

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Year

#### Ended

#### September

#### 30,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R5

#### Shares:
Shares

sold

...................................

$347

814

$8,552

Shares

issued

in

reinvestment

of

distributions

..........

Shares

redeemed

...............................

(353) (3,909)

(1,979)

(20,752)

Net

increase

(decrease)

..........................

(304) $(3,379)

(1,134)

$(11,879)

#### Class

#### R6

#### Shares:
Shares

sold

...................................

780,031

$8,499,882

925,107

$9,691,550

Shares

issued

in

reinvestment

of

distributions

..........

317,936

3,420,817

172,350

1,786,116

Shares

redeemed

...............................

(1,570,100)

(17,059,416)

(1,657,699)

(16,990,849)

Net

increase

(decrease)

..........................

(472,133)

$(5,138,717)

(560,242)

$(5,513,183)

#### Class

#### Y

#### Shares:
Shares

sold

...................................

4,831,301

$52,573,638

2,996,724

$31,375,288

Shares

issued

in

reinvestment

of

distributions

..........

427,615

4,604,809

184,062

1,911,953

Shares

redeemed

...............................

(3,736,490)

(40,581,852)

(3,159,527)

(31,912,577)

Net

increase

(decrease)

..........................

1,522,426

$16,596,595

21,259

$1,374,664

a

Effective

September

5,

2024,

the

Fund

has

terminated

its

Class

B

shares.

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Advisory

Company,

LLC

(PAC)

Subadvisor

Putnam

Investments

Limited

(PIL)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

be

sponsored

by

Putnam

Management

for

this

purpose)

(excluding

net

assets

of

such

funds

that

are

invested

in,

or

that

are

invested

in

by,

other

such

funds

to

the

extent

necessary

to

avoid

"double

counting"

of

those

assets).

Such

annual

rates

may

vary

as

follows:

For

the

year

ended

September

30,

2025,

the

gross

effective

investment

management

fee

rate

was 0.503%

of

the

Fund's

average daily

net

assets.

Under

a

subadvisory

agreement,

Putnam

Management

provides

portfolio

management

and

certain

other

advisory

and

related

services

to

the

Fund.

With

respect

to

the

portfolio

management

services,

Advisers

pays

a

fee

to

Putnam

Management

based

on

the

average

net

asset

value

of

the

Fund

and

with

respect

to

the

other

advisory

and

related

services,

Advisers

pays

a

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund.

These

fees

are

not

an

additional

expense

to

the

Fund.

Effective

November

1,

2024,

under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

Prior

to

November

1,

2024,

PIL

provided

subadvisory

services

to

the

Fund.

Effective

November

1,

2024,

PIL

merged

into

FTIML,

and

PIL

investment

professionals

became

employees

of

FTIML.

Management

fees

paid

by

the

Fund

were

reduced

on

assets

invested

in

FT

Subsidiary,

in

an

amount

equal

to

the

management

fees

paid

by

FT

Subsidiary.

Under

a

subadvisory

agreement,

PAC

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by

Advisers based

on

the

average

net

assets

managed

by

PAC,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund

and

FT

Subsidiary.

The

fee

is

paid

by Advisers

based

on

the Fund's

and

FT

Subsidiary's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund

or

FT

Subsidiary.

The

Fund

reimburses

Advisers

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.680%

of

the

first

$5

billion,

0.630%

of

the

next

$5

billion,

0.580%

of

the

next

$10

billion,

0.530%

of

the

next

$10

billion,

0.480%

of

the

next

$50

billion,

0.460%

of

the

next

$50

billion,

0.450%

of

the

next

$100

billion

and

0.445%

of

any

excess

thereafter.

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

year:

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

A,

Class

C,

Class

R

and

Class

Y shares

that

included

(1) a

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

of

the

Fund;

(2) a

specified

rate

of

the

Fund's

assets

attributable

to

defined

contribution

plan

accounts;

and

(3) a

specified

rate

based

on

the

average

net

assets

in

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund's

retail

and

defined

contribution

accounts

for

these

share

classes

will

not

exceed

an

annual

rate

of

0.25%

of

the

Fund's

average

assets

attributable

to

such

accounts.

Class P

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class P

shares

at

an

annual

rate

of

0.01%.

Class R5

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R5

shares

at

an

annual

rate

of

0.12%.

Class R6

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R6

shares

at

an

annual

rate

of

0.05%.

f. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

#### Maximum

#### %

#### Approved

#### %
Class

A

...................................................................

0.35%

0.25%

Class

C

...................................................................

1.00%

1.00%

Class

R

...................................................................

1.00%

0.50%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$31,132

CDSC

retained

..............................................................................

$2,932

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

in

the

Consolidated

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Consolidated

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

September

30,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

h. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers has

contractually

agreed,

through

January

30,

2027,

to

waive

fees

and/or

reimburse

the

Fund's

expenses

to

the

extent

necessary

to

limit

the

cumulative

expenses

of

the

Fund,

exclusive

of

brokerage,

interest,

taxes,

investment-related

expenses,

extraordinary

expenses,

acquired

fund

fees

and

expenses

and

payments

under

the

Fund's

investor

servicing

contract,

investment

management

contract

and

distribution

plans,

on

a

fiscal

year-to-date

basis

to

an

annual

rate

of

0.20%

of

the

Fund's

average

net

assets

over

such

fiscal

year-to-date

period.

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into

arrangements

with PSERV

and its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

and

custodian

fees,

respectively.

During

the

year

ended

September

30,

2025,

the

fees

were

reduced

as

noted

in

the

Consolidated

Statement

of

Operations.

Effective May

19, 2025,

earned

credits

on

custodian

fees,

if

any,

are

recognized

as

income.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

$28,891,524

$165,516,918

$(173,557,305)

$—

$—

$20,851,137

20,851,137

$866,247

#### Total

#### Affiliated

#### Securities

#### ...
$28,891,524

$165,516,918

$(173,557,305)

$—

$—

$20,851,137

$866,247

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Trustee

#### Fees
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

5. #### Income

#### Taxes
The

tax

character

of

distributions

paid

during

the

years

ended

September

30,

2025

and

2024,

was

as

follows:

At

September

30,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

ordinary

income

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,

EU

reclaims,

passive

foreign

investment

company

shares,

tax

straddles

and

derivative

financial

instruments.

The

Fund

utilized

a

tax

accounting

practice

to

treat

a

portion

of

the

proceeds

from

capital

shares

redeemed

as

a

distribution

from

realized

capital

gains.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

September

30,

2025,

aggregated

$1,449,537,141 and

$1,466,857,113,

respectively.

7. #### Defaulted

#### Securities
The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

September

30,

2025,

the

value

of

this

security

represents

less

than

0.1%

of

the

Fund's

net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying Consolidated

Schedule

of

Investments.

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

..........................................................

$25,609,171

$13,632,666

Long

term

capital

gain

......................................................

3,659,846

—

$29,269,017

—

Cost

of

investments

..........................................................................

$576,305,959

Unrealized

appreciation

........................................................................

$160,399,742

Unrealized

depreciation

........................................................................

(83,828,768)

Net

unrealized

appreciation

(depreciation)

..........................................................

$76,570,974

Distributable

earnings:

Undistributed

ordinary

income

...................................................................

$15,412,702

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

8. #### Other

#### Derivative

#### Information
At

September

30,

2025,

investments

in

derivative

contracts

are

reflected

in

the Consolidated

Statement of

Assets

and

Liabilities

as

follows:

#### 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

#### Conservative

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

1,013,002

a

Variation

margin

on

futures

contracts

$

107,115

a

Variation

margin

on

centrally

cleared

swap

contracts

367,350

a

Variation

margin

on

centrally

cleared

swap

contracts

561,835

a

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

83,632

Unrealized

depreciation

on

OTC

forward

exchange

contracts

51,460

Credit

contracts

............

Variation

margin

on

centrally

cleared

swap

contracts

148,615

a

Variation

margin

on

centrally

cleared

swap

contracts

—

Equity

contracts

...........

Variation

margin

on

futures

contracts

130,051

a

Variation

margin

on

futures

contracts

1,147,121

a

Unrealized

appreciation

on

OTC

swap

contracts

228,388

Unrealized

depreciation

on

OTC

swap

contracts

71,067

Commodity

contracts

.......

Variation

margin

on

futures

contracts

—

Variation

margin

on

futures

contracts

46,039

a

Total

....................

$1,971,038

$1,984,637

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

and

centrally

cleared

swap

contracts

as

reported

in

the

Consolidated

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

year

end

is

separately

reported

within

the

Consolidated

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

For

the

year

ended

September

30,

2025,

the

effect

of

derivative

contracts

in

the Consolidated

Statement

of

Operations

was

as

follows:

For

the

year

ended

September

30,

2025,

the

average

month

end

notional

amount

of

futures

contracts,

swap

contracts

and

options,

and

the

average month

end

contract

value

for forward

exchange

contracts,

were as

follows:

See

Note

1(e) regarding

derivative

financial

instruments.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Consolidated

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Year

#### Consolidated

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Year

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$(5,864,174)

Futures

contracts

$1,018,635

Swap

contracts

(953,461)

Swap

contracts

16,042

Foreign

exchange

contracts

.....

Forward

exchange

contracts

(146,339)

Forward

exchange

contracts

10,445

Credit

contracts

...............

Swap

contracts

599,137

Swap

contracts

149,658

Equity

contracts

..............

Investments

(900,236)

a

Investments

—

a

Written

options

306,904

Written

options

(253,359)

Futures

contracts

(19,986,457)

Futures

contracts

2,067,414

Swap

contracts

620,632

Swap

contracts

174,725

Commodity

contracts

..........

Futures

contracts

—

Futures

contracts

(46,039)

Total

.......................

$(26,323,994)

$3,137,521

a

Purchased

option

contracts

are

included

in

net

realized

gain

(loss)

from

investments

and

net

change

in

unrealized

appreciation

(depreciation) on

investments

in

the

Consolidated

Statement

of

Operations.

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
Futures

contracts

..........................................................................

$

322,279,242

Swap

contracts

............................................................................

212,883,003

Forwards

exchange

contracts

.................................................................

20,097,276

Options

..................................................................................

17,242,990

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

9. #### Credit

#### Facility
Effective

January

31,

2025,

the

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers)

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Consolidated

Statement

of

Operations.

During

the

reporting

period,

the

Fund

did

not

use

the

Global

Credit

Facility.

Prior

to

January

31,

2025,

the

Fund

participated,

along

with

other

Putnam

funds,

in

a

$320

million

syndicated

unsecured

committed

line

of

credit,

provided

by

State

Street

($160

million)

and

JPMorgan

($160

million),

and

a

$235.5

million

unsecured

uncommitted

line

of

credit,

provided

by

State

Street.

Borrowings

may

have

been

made

for

temporary

or

emergency

purposes,

including

the

funding

of

shareholder

redemption

requests

and

trade

settlements.

Interest

was

charged

to

the

Fund

based

on

the

Fund's

borrowings.

A

closing

fee

equal

to

0.04%

of

the

committed

line

of

credit

and

0.04%

of

the

uncommitted

line

of

credit

was

paid

by

the

participating

funds

and

a

$75,000

fee

was

paid

by

the

participating

funds

to

State

Street

as

agent

of

the

syndicated

committed

line

of

credit.

In

addition,

a

commitment

fee

of

0.21%

per

annum

on

any

unutilized

portion

of

the

committed

line

of

credit

was

allocated

to

the

participating

funds

based

on

their

relative

net

assets

and

paid

quarterly.

During

the

reporting

period,

the

Fund

had

no

borrowings

against

these

arrangements.

10. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

September

30,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

7,095,922

$

2,102,702

$

—

$

9,198,624

Air

Freight

&

Logistics

...................

1,292,539

—

—

1,292,539

Automobile

Components

.................

373,801

272,868

—

646,669

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Automobiles

..........................

$

7,934,410

$

274,371

$

—

$

8,208,781

Banks

...............................

10,766,795

8,208,365

—

18,975,160

Beverages

...........................

2,602,700

248,428

—

2,851,128

Biotechnology

.........................

7,062,190

176,181

—

7,238,371

Broadline

Retail

.......................

11,291,436

1,102,551

—

12,393,987

Building

Products

......................

2,114,671

818,813

—

2,933,484

Capital

Markets

........................

10,046,181

3,065,141

—

13,111,322

Chemicals

...........................

5,309,412

1,285,953

—

6,595,365

Commercial

Services

&

Supplies

...........

1,475,010

184,479

—

1,659,489

Communications

Equipment

..............

3,534,415

180,975

—

3,715,390

Construction

&

Engineering

...............

358,034

905,206

—

1,263,240

Construction

Materials

..................

1,698,622

1,239,020

—

2,937,642

Consumer

Finance

.....................

2,776,660

—

—

2,776,660

Consumer

Staples

Distribution

&

Retail

......

4,777,909

809,280

—

5,587,189

Containers

&

Packaging

.................

590,437

—

—

590,437

Distributors

...........................

10,934

—

—

10,934

Diversified

Consumer

Services

............

530,901

—

—

530,901

Diversified

REITs

......................

171,071

—

—

171,071

Diversified

Telecommunication

Services

.....

1,062,006

350,909

—

1,412,915

Electric

Utilities

........................

5,396,491

1,869,144

—

7,265,635

Electrical

Equipment

....................

3,662,646

2,161,056

—

5,823,702

Electronic

Equipment,

Instruments

&

Components

........................

724,705

—

—

724,705

Energy

Equipment

&

Services

.............

1,021,312

—

—

1,021,312

Entertainment

.........................

6,448,977

1,035,508

—

7,484,485

Financial

Services

......................

10,041,267

620,873

—

10,662,140

Food

Products

........................

847,625

930,173

—

1,777,798

Gas

Utilities

..........................

233,018

174,237

—

407,255

Ground

Transportation

..................

3,155,233

—

—

3,155,233

Health

Care

Equipment

&

Supplies

.........

3,976,790

1,507,529

—

5,484,319

Health

Care

Providers

&

Services

..........

3,633,130

159,365

—

3,792,495

Health

Care

REITs

.....................

276,818

—

—

276,818

Health

Care

Technology

.................

1,547,902

—

—

1,547,902

Hotel

&

Resort

REITs

...................

81,383

—

—

81,383

Hotels,

Restaurants

&

Leisure

.............

4,660,834

1,483,993

—

6,144,827

Household

Durables

....................

1,806,356

589,307

—

2,395,663

Household

Products

....................

3,308,839

210,216

—

3,519,055

Independent

Power

and

Renewable

Electricity

Producers

..........................

132,638

78,683

—

211,321

Industrial

Conglomerates

................

1,031,260

846,053

—

1,877,313

Industrial

REITs

.......................

607,414

—

—

607,414

Insurance

............................

5,589,875

2,883,658

—

8,473,533

Interactive

Media

&

Services

..............

18,447,041

845,438

—

19,292,479

IT

Services

...........................

1,916,319

179,009

—

2,095,328

Leisure

Products

.......................

209,118

156,376

—

365,494

Life

Sciences

Tools

&

Services

............

1,261,077

495,461

—

1,756,538

Machinery

............................

3,163,410

820,617

—

3,984,027

Marine

Transportation

...................

224,072

—

—

224,072

Media

...............................

1,017,219

80,338

—

1,097,557

Metals

&

Mining

.......................

1,211,868

2,053,082

—

3,264,950

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

176,089

—

—

176,089

Multi-Utilities

..........................

547,988

702,962

—

1,250,950

Office

REITs

..........................

597,261

—

—

597,261

10. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Oil,

Gas

&

Consumable

Fuels

.............

$

5,929,002

$

3,292,819

$

—

$

9,221,821

Paper

&

Forest

Products

.................

162,604

—

—

162,604

Passenger

Airlines

.....................

1,570,534

719,769

—

2,290,303

Personal

Care

Products

.................

—

697,068

—

697,068

Pharmaceuticals

.......................

9,010,586

5,597,448

—

14,608,034

Professional

Services

...................

2,593,067

452,915

—

3,045,982

Real

Estate

Management

&

Development

....

1,445,693

—

—

1,445,693

Residential

REITs

......................

820,802

—

—

820,802

Retail

REITs

..........................

1,607,850

—

—

1,607,850

Semiconductors

&

Semiconductor

Equipment

.

32,549,835

2,929,349

—

35,479,184

Software

.............................

30,033,501

575,080

—

30,608,581

Specialized

REITs

......................

1,653,132

—

—

1,653,132

Specialty

Retail

........................

3,169,204

607,704

—

3,776,908

Technology

Hardware,

Storage

&

Peripherals

.

18,479,492

—

—

18,479,492

Textiles,

Apparel

&

Luxury

Goods

..........

379,459

791,951

—

1,171,410

Tobacco

.............................

2,995,458

972,810

—

3,968,268

Trading

Companies

&

Distributors

..........

1,038,004

784,820

—

1,822,824

Transportation

Infrastructure

..............

—

198,893

—

198,893

Water

Utilities

.........................

37,683

—

—

37,683

Wireless

Telecommunication

Services

.......

996,060

722,608

—

1,718,668

Convertible

Preferred

Stocks

................

209,100

—

—

209,100

Preferred

Stocks

.........................

—

518,891

—

518,891

Rights

.................................

—

—

2,485

2,485

Convertible

Bonds

.......................

—

235,774

—

235,774

Corporate

Bonds

........................

—

117,455,086

—

117,455,086

Senior

Floating

Rate

Interests

...............

—

3,213,951

4,319

3,218,270

Foreign

Government

and

Agency

Securities

....

—

6,118,335

—

6,118,335

U.S.

Government

and

Agency

Securities

.......

—

9,663

—

9,663

Asset-Backed

Securities

...................

—

12,530,661

—

12,530,661

Commercial

Mortgage-Backed

Securities

......

—

7,851,998

—

7,851,998

Mortgage-Backed

Securities

................

—

98,397,659

—

98,397,659

Residential

Mortgage-Backed

Securities

.......

—

11,543,218

—

11,543,218

Agency

Commercial

Mortgage-Backed

Securities

—

7,851,899

—

7,851,899

Short

Term

Investments

...................

22,838,810

24,351,625

—

47,190,435

Total

Investments

in

Securities

...........

$307,351,907

$349,530,314

a

$6,804

$656,889,025

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$83,632

$—

$83,632

Futures

Contracts

.......................

1,143,053

—

—

1,143,053

Swap

Contracts

.........................

—

744,353

—

744,353

Total

Other

Financial

Instruments

.........

$1,143,053

$827,985

$—

$1,971,038

#### Liabilities:
Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

5,772,573

$

—

$

5,772,573

Forward

Exchange

Contracts

...............

—

51,460

—

51,460

Futures

Contracts

........................

1,300,275

—

—

1,300,275

Swap

Contracts

.........................

—

632,902

—

632,902

Total

Other

Financial

Instruments

.........

$1,300,275

$6,456,935

$—

$7,757,210

a

Includes

foreign

securities

valued

at

$59,970,445,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

10. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

A

reconciliation

of

assets

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

year.

11. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

Investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the 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.

12. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

13. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

10. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Asset

Allocation

Funds

Notes

to

Consolidated

Financial

Statements

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
(continued)

#### Abbreviations

#### Counterparty

#### BOFA
Bank

of

America

NA

#### BZWS
Barclays

Bank

plc

#### CITI
Citibank

NA

#### GSCO
Goldman

Sachs

Group,

Inc.

#### HSBK
HSBC

Bank

plc

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MSCO
Morgan

Stanley

#### SSBT
State

Street

Bank

and

Trust

Co.

#### TDOM
Toronto

Dominion

Bank

#### UBSW
UBS

AG

#### WPAC
Westpac

Banking

Corp.

#### Currency

#### AUD
Australian

Dollar

#### EUR
Euro

#### GBP
British

Pound

#### USD
United

States

Dollar

#### Index

#### CDX.NA.HY.

#### Series

#### number
CDX

North

America

High

Yield

Index

#### CDX.NA.IG.

#### Series

#### number
CDX

North

America

Investment

Grade

Index

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### CLO
Collateralized

Loan

Obligation

#### CME
Chicago

Mercantile

Exchange

#### CMT
Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

#### CVR
Contingent

Value

Right

#### EURIBOR
Euro

Inter-Bank

Offer

Rate

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FREMF
Freddie

Mac

Multifamily

Securities

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### ICE
Intercontinental

Exchange

#### IO
Interest

Only

#### PIK
Payment-In-Kind

#### PJSC
Public

Joint

Stock

Company

#### REIT
Real

Estate

Investment

Trust

#### REMIC
Real

Estate

Mortgage

Investment

Conduit

#### SOFR
Secured

Overnight

Financing

Rate

#### STACR
Structured

Agency

Credit

Risk

#### T-Note
Treasury

Note

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

#### Reference

#### Index

#### Reference

#### Rate
1-day

SOFR

........................

4.24%

Putnam

Asset

Allocation

Funds

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Putnam

Asset

Allocation

Funds

and

Shareholders

of

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

consolidated

statement

of

assets

and

liabilities,

including

the

consolidated

schedule

of

investments,

of

Putnam

Dynamic

Asset

Allocation

Conservative

Fund

and

its

subsidiary

(one

of

the

funds

constituting

Putnam

Asset

Allocation

Funds,

referred

to

hereafter

as

the

"Fund")

as

of

September

30,

2025,

the

related

consolidated

statement

of

operations

for

the

year

ended

September

30,

2025,

the

consolidated

statement

of

changes

in

net

assets

for

the

year

ended

September

30,

2025,

the

statement

of

changes

in

net

assets

for

the

year

ended

September

30,

2024,

including

the

related

notes,

the

consolidated

financial

highlights

for

the

year

ended

September

30,

2025,

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

September

30,

2024

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

September

30,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

September

30,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

September

30,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

September

30,

2025

by

correspondence

with

the

custodian,

transfer

agents,

agent

banks

and

brokers;

when

replies

were

not

received

from

brokers

or

agent

banks,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Boston,

Massachusetts

November

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Putnam

Funds

family

of

funds

since

at

least

1957. We

have

not

been

able

to

determine

the

specific

year

we

began

serving

as

auditor.

Putnam

Asset

Allocation

Funds

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund
By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

September

30,

2025:

#### Pursuant

#### to:

#### Amount

#### Reported
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$4,017,662

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$1,524,592

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$3,221,485

Qualified

Net

Interest

Income

(QII)

§871(k)(1)(C)

$7,613,034

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

$8,120,778

Section

163(j)

Interest

Earned

§163(j)

$10,109,434

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

#### Putnam

#### Dynamic

#### Asset

#### Allocation

#### Conservative

#### Fund

#### Trustee

#### approval

#### of

#### management

#### contracts
(unaudited)

*Consideration* 

*of* 

*your* 

*fund's* 

*management* 

*and* 

*sub-advisory* 

*contracts*

At

their

meeting

on

June

27,

2025,

the

Board

of

Trustees

("Board"

or

the

"Trustees")

of

your

fund,

including

all

of

the

Trustees

who

are

not

"interested

persons"

(as

this

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"))

of

the

Putnam

mutual

funds

and

exchange-traded

funds

(collectively,

the

"funds")

(the

"Independent

Trustees")

approved

the

continuance

of

a

management

contract

with

Franklin

Advisers,

Inc.

(the

"Advisor"),

a

subadvisory

agreement

between

the

Advisor

and

Franklin

Templeton

Investment

Management

Limited

("FTIML"),

a

subadvisory

agreement

between

the

Advisor

and

The

Putnam

Advisory

Company,

LLC

("PAC"),

and

a

subadvisory

agreement

between

the

Advisor

and

Putnam

Investment

Management,

LLC

("Putnam

Management"

and

together

with

FTIML

and

PAC,

the

"Subadvisors")

(collectively,

the

"Management

Contracts").

The

Advisor,

FTIML,

PAC,

and

Putnam

Management

are

each

direct

or

indirect,

wholly-owned

subsidiaries

of

Franklin

Resources,

Inc.

(together

with

its

subsidiaries,

"Franklin

Templeton").

*General* 

*conclusions*

The

Board

oversees

the

management

of

each

fund

and,

as

required

by

law,

determines

annually

whether

to

approve

the

continuance

of

your

fund's

management

contract

with

the

Advisor

and

the

sub-advisory

contract

with

respect

to

your

fund

between

the

Advisor

and

each

Subadvisor.

Because

the

Subadvisors

are

affiliates

of

the

Advisor

and

the

Advisor

remains

fully

responsible

for

all

services

provided

by

the

Subadvisors,

the

Trustees

did

not

attempt

to

evaluate

the

Subadvisors

as

separate

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

consolidated

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

entities.

All

references

to

the

Advisor

describing

the

Board's

considerations

should

be

deemed

to

include

references

to

the

applicable

Subadvisor

as

necessary

or

appropriate

in

the

context.

The

Board,

with

the

assistance

of

its

Contract

Committee,

requests

and

evaluates

all

information

it

deems

reasonably

necessary

under

the

circumstances

in

connection

with

its

annual

contract

review.

The

Contract

Committee

consists

solely

of

Independent

Trustees.

At

the

outset

of

the

review

process,

the

Board's

independent

staff

and

independent

legal

counsel,

as

defined

in

Rule

0-1(a)

(6) under

the

1940

Act

(their

"independent

legal

counsel"),

considered

any

possible

changes

to

the

annual

contract

review

materials

furnished

to

the

Contract

Committee

in

prior

years

and,

as

applicable,

identified

those

changes

to

the

Advisor.

Following

these

discussions

and

in

consultation

with

the

Contract

Committee,

the

Independent

Trustees'

independent

legal

counsel

submitted

an

initial

request

that

the

Advisor

and

its

affiliates

furnish

specified

information,

together

with

any

additional

information

the

Advisor

considered

relevant,

to

the

Contract

Committee.

Over

the

course

of

several

months

ending

in

June

2025,

the

Contract

Committee

met

on

a

number

of

occasions

with

representatives

of

the

Advisor,

and

separately

in

executive

session,

to

consider

the

information

that

the

Advisor

provided,

including

information

provided

in

response

to

supplemental

requests

submitted

by

independent

legal

counsel.

Throughout

this

process,

the

Contract

Committee

was

assisted

by

the

Board's

independent

staff

and

by

independent

legal

counsel.

At

the

Board's

June

2025

meeting,

the

Contract

Committee

met

in

executive

session

to

discuss

and

consider

its

recommendations

with

respect

to

the

continuance

of

the

Management

Contracts.

At

that

meeting,

the

Contract

Committee

also

met

in

executive

session

with

the

other

Independent

Trustees

to

review

a

summary

of

the

process

undertaken

by

the

Contract

Committee

and

key

information

that

the

Contract

Committee

considered

in

the

course

of

its

review.

The

Contract

Committee

then

presented

its

written

report,

which

summarized

the

key

factors

that

the

Committee

had

considered

and

set

forth

its

recommendations.

The

Contract

Committee

recommended,

and

the

Independent

Trustees

approved,

the

continuance

of

your

fund's

Management

Contracts,

effective

July

1,

2025. In

considering

the

continuance

of

the

Management

Contracts,

the

Board

took

into

account

a

number

of

factors,

including:

1. That

the

fee

schedule

in

effect

for

your

fund

represented

reasonable

compensation

in

light

of

the

nature

and

quality

of

the

services

being

provided

to

the

fund,

the

fees

paid

by

competitive

funds,

the

costs

incurred

by

the

Advisor

in

providing

services

to

the

fund

and

the

application

of

certain

reductions

and

waivers

noted

below;

2. That

the

fee

schedule

in

effect

for

your

fund

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

that

may

exist

in

the

management

of

the

fund

at

current

asset

levels;

3. That

the

funds

benefited,

and

were

expected

to

continue

to

benefit,

from

Franklin

Templeton's

large

retail

and

institutional

global

distribution

capabilities

and

significant

network

of

intermediary

relationships,

which

may

provide

additional

opportunities

for

the

funds

to

increase

assets

and

reduce

the

impact

of

expenses

by

spreading

them

over

a

larger

asset

base;

4. Potential

benefits

to

shareholders

of

the

funds

that

could

result

from

the

alignment

of

certain

fund

features

and

shareholder

benefits

with

those

of

other

funds

sponsored

by

the

Advisor

and

its

affiliates

and

access

to

a

broader

array

of

investment

opportunities;

and

5. The

financial

strength,

reputation,

experience

and

resources

of

Franklin

Templeton

and

its

investment

advisory

subsidiaries.

These

conclusions

were

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Trustees

and

were

not

the

result

of

any

single

factor.

Some

of

the

factors

that

figured

particularly

in

the

Trustees'

deliberations

and

how

the

Trustees

considered

these

factors

are

described

below,

although

individual

Trustees

may

have

evaluated

the

information

presented

differently,

giving

different

weights

to

various

factors.

It

is

also

important

to

recognize

that

the

management

arrangements

for

your

fund

and

the

other

funds

are

the

result

of

many

years

of

review

and

discussion

between

the

Independent

Trustees

and

management,

occurring

both

in

connection

with

formal

contract

reviews

as

well

as

throughout

the

year

and

that

the

Trustees'

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

conclusions

may

be

based,

in

part,

on

their

consideration

of

fee

arrangements

in

previous

years.

For

example,

with

certain

exceptions

primarily

involving

newer

funds

(including

the

exchange-traded

funds)

or

repositioned

funds,

the

current

fee

arrangements

under

the

vast

majority

of

the

funds'

management

contracts

were

first

implemented

at

the

beginning

of

2010

following

extensive

review

by

the

Contract

Committee

and

discussions

with

management,

as

well

as

approval

by

shareholders.

*Management* 

*fee* 

*schedules* 

*and* 

*total* 

*expenses*

The

Trustees

reviewed

the

management

fee

schedules

in

effect

for

all

funds,

including

fee

levels

and

any

breakpoints.

Under

its

management

contract,

your

fund

has

the

benefit

of

breakpoints

in

its

management

fee

schedule

that

provide

shareholders

with

reduced

fee

levels

as

assets

under

management

of

other

mutual

funds

sponsored

by

the

applicable

Advisor

(or

that

have

been

deemed

to

be

sponsored

by

the

Advisor

for

the

purpose

of

the

management

fee

calculation)

increase.

The

Trustees

also

reviewed

the

total

expenses

of

each

fund,

recognizing

that

in

most

cases

management

fees

represented

the

major,

but

not

the

sole,

determinant

of

total

costs

to

fund

shareholders.

(Two

mutual

funds

and

each

of

the

exchange-traded

funds

have

implemented

(or,

in

the

case

of

ten

municipal

income

funds

that

are

converting

into

exchange-traded

funds,

will

implement)

so-

called

"all-in"

or

unitary

management

fees

covering

substantially

all

routine

fund

operating

costs.)

In

reviewing

fees

and

expenses,

the

Trustees

generally

focus

their

attention

on

material

changes

in

circumstances

—

for

example,

changes

in

assets

under

management,

changes

in

a

fund's

investment

strategy,

changes

in

the

Advisor's

operating

costs

or

profitability,

or

changes

in

competitive

practices

in

the

fund

industry

—

that

suggest

that

consideration

of

fee

changes

might

be

warranted.

The

Trustees

concluded

that

the

circumstances

did

not

indicate

that

changes

to

the

management

fee

schedule

for

your

fund

would

be

appropriate

at

this

time.

As

in

the

past,

the

Trustees

also

focused

on

the

competitiveness

of

each

fund's

total

expense

ratio.

The

Trustees,

the

Advisor

and

the

funds'

investor

servicing

agent,

Putnam

Investor

Services,

Inc.

("PSERV"),

have

implemented

expense

limitations

that

were

in

effect

during

your

fund's

fiscal

year

ending

in

2024. These

expense

limitations

were:

(i) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

investor

servicing

fees

and

expenses

and

(ii) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

so-called

"other

expenses"

(i.e.,

all

expenses

exclusive

of

management

fees,

distribution

fees,

investor

servicing

fees,

investment-related

expenses,

interest,

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses

and

extraordinary

expenses).

These

expense

limitations

attempt

to

maintain

competitive

expense

levels

for

the

funds.

Most

funds

(including

your

fund)

had

sufficiently

low

expenses

that

these

expense

limitations

were

not

operative

during

their

fiscal

years

ending

in

2024. The

Advisor

and

PSERV

have

agreed

to

maintain

these

expense

limitations

until

at

least

January

30,

2027. The

Advisor

and

PSERV's

commitment

to

these

expense

limitation

arrangements,

which

were

intended

to

support

an

effort

to

have

the

mutual

fund

expenses

meet

competitive

standards,

was

an

important

factor

in

the

Trustees'

decision

to

approve

the

continuance

of

your

fund's

Management

Contracts.

The

Trustees

reviewed

comparative

fee

and

expense

information

for

a

custom

group

of

competitive

funds

selected

by

Broadridge

Financial

Solutions,

Inc.

("Broadridge").

This

comparative

information

included

your

fund's

percentile

ranking

for

effective

management

fees

and

total

expenses

(excluding

any

applicable

12b-1

fees),

which

provides

a

general

indication

of

your

fund's

relative

standing.

In

the

custom

peer

group,

your

fund

ranked

in

the

second

quintile

in

effective

management

fees

(determined

for

your

fund

and

the

other

funds

in

the

custom

peer

group

assuming

the

same

fund

asset

size

for

your

fund

and

the

other

funds

in

the

custom

peer

group

and

the

applicable

contractual

management

fee

schedule)

and

in

the

fourth

quintile

in

total

expenses

(excluding

any

applicable

12b-1

fees)

as

of

December

31,

2024. The

first

quintile

represents

the

least

expensive

funds

and

the

fifth

quintile

the

most

expensive

funds.

The

fee

and

expense

data

reported

by

Broadridge

as

of

December

31,

2024

reflected

the

most

recent

fiscal

year-end

data

available

in

Broadridge's

database

at

that

time.

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

In

connection

with

their

review

of

fund

management

fees

and

total

expenses,

the

Trustees

also

reviewed

the

costs

of

the

services

provided

and

the

profits

realized

by

the

Advisor

and

its

affiliates

from

their

contractual

relationships

with

the

funds.

This

information

included

trends

in

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates

relating

to

the

investment

management,

investor

servicing

and

distribution

services

provided

to

the

funds,

as

applicable.

In

this

regard,

the

Trustees

also

reviewed

an

analysis

of

the

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates,

allocated

on

a

fund-by-fund

basis,

with

respect

to

(as

applicable)

the

funds'

management,

distribution

and

investor

servicing

contracts.

For

each

fund,

the

analysis

presented

information

about

revenues,

expenses

and

profitability

in

2024

for

each

of

the

applicable

agreements

separately

and

for

the

agreements

taken

together

on

a

combined

basis.

The

Trustees

concluded

that,

at

current

asset

levels,

the

fee

schedules

in

place

for

each

of

the

funds,

including

the

fee

schedule

for

your

fund,

represented

reasonable

compensation

for

the

services

being

provided

and

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

as

may

exist

in

the

management

of

the

funds

at

that

time.

The

information

examined

by

the

Trustees

in

connection

with

their

annual

contract

review

for

the

funds

included

information

regarding

services

provided

and

fees

charged

by

the

Advisor

and

certain

affiliates

to

other

clients

in

similar

asset

categories,

including

other

1940

Act

funds

advised

by

the

Advisor

but

overseen

by

a

board

of

trustees

other

than

the

Board,

sub-advised

U.S.

mutual

funds,

exchange-traded

funds,

other

U.S.

products

(such

as

collective

investment

trusts,

private

funds,

and

separately

managed

and

institutional

accounts),

non-U.S.

funds,

and

other

non-U.S.

products.

This

information

included,

for

products

that

are

managed

by

the

same

portfolio

team

in

a

similar

asset

category

to

those

of

the

funds,

comparisons

of

the

fees

charged

to

other

clients,

by

category,

with

fees

charged

to

the

funds,

as

well

as

a

detailed

assessment

of

the

differences

in

the

services

provided

to

these

clients

as

compared

to

the

services

provided

to

the

funds.

The

Trustees

observed

that

the

differences

in

fee

rates

between

these

clients

and

the

funds

are

by

no

means

uniform

when

examined

by

individual

asset

classes,

suggesting

that

differences

in

the

pricing

of

investment

management

services

to

these

types

of

clients

may

reflect,

among

other

things,

historical

competitive

forces

operating

in

separate

marketplaces,

the

characteristics

of

different

clients,

the

particulars

of

different

fee

structures,

factors

unique

to

specific

market

segments,

and

the

distinct

risks

and

costs

associated

with

providing

services

to

different

clients.

The

Trustees

considered

the

fact

that

in

many

cases

fee

rates

across

different

asset

classes

are

higher

on

average

for

1940

Act-registered

funds

than

for

other

clients,

and

the

Trustees

also

considered

the

differences

between

the

services

that

the

Advisor

provides

to

the

funds

and

those

that

it

provides

to

its

other

clients.

The

Trustees

did

not

rely

on

these

fee

comparisons

to

any

significant

extent

in

concluding

that

the

management

fees

paid

by

your

fund

are

reasonable.

*Investment* 

*performance*

The

quality

of

the

investment

process

provided

by

the

Advisor

represented

a

major

factor

in

the

Trustees'

evaluation

of

the

quality

of

services

provided

by

the

Advisor

under

your

fund's

Management

Contracts.

The

Trustees

were

assisted

in

their

review

of

the

Advisor's

investment

process

and

performance

by

the

work

of

the

investment

oversight

committees

of

the

Trustees

and

the

full

Board,

which

meet

on

a

regular

basis

with

individual

portfolio

managers

and

with

senior

investment

management

of

the

Advisor

throughout

the

year.

The

Trustees

concluded

that

the

Advisor

generally

provides

a

high-quality

investment

process

—

based

on

the

experience

and

skills

of

the

individuals

assigned

to

the

management

of

fund

portfolios,

the

resources

made

available

to

them

and

in

general

the

Advisor's

ability

to

attract

and

retain

high-quality

personnel

—

but

also

recognized

that

this

does

not

guarantee

favorable

investment

results

for

every

fund

in

every

time

period.

The

Trustees

considered

that,

in

the

aggregate,

peer-relative

and

benchmark-relative

fund

performance

was

strong

in

2024

against

a

constructive

yet

complex

investing

environment.

The

S&P

500

was

up

25%

in

2024,

but

significant

concentration

of

returns

among

large

cap

and

technology

stocks

and

periods

of

volatility

posed

challenges

in

the

market.

The

Bloomberg

Aggregate

fixed

income

index

was

up

slightly

over

1%

amidst

many

moving

pieces,

with

the

Federal

Reserve

cutting

the

Effective

Federal

Funds

rate

from

5.25%

at

year-end

2023

to

4.25%

at

year-end

2024,

with

three

cuts

in

the

latter

part

of

the

year,

while

also

trying

to

manage

inflation

concerns.

Ten-year

Treasury

yields

ended

2024

at

4.6%

up

from

3.9%

at

year-end

2023. Corporate

earnings

and

employment

figures

continued

to

generally

show

strength

during

the

year,

while

geopolitical

tensions

were

closely

watched.

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

For

the

one-year

period

ended

December

31,

2024,

the

Trustees

noted

that

the

funds,

on

an

asset-weighted

basis,

ranked

in

the

27th

percentile

of

their

peers

as

determined

by

Lipper

Inc.

("Lipper")

and,

on

an

asset-weighted

basis,

outperformed

their

benchmarks

by

3.0%

gross

of

fees

over

the

one-year

period.

The

Committee

also

noted

that

the

funds'

aggregate

performance

over

longer-term

periods

continued

to

be

strong,

with

the

funds,

on

an

asset-weighted

basis,

ranking

in

the

20th,

22nd

and

20th

percentiles

of

their

Lipper

peers

over

the

three-year,

five-year

and

ten-year

periods

ended

December

31,

2024,

respectively.

The

Trustees

further

noted

that

the

funds,

in

the

aggregate,

outperformed

their

benchmarks

on

a

gross

basis

for

each

of

the

three-year,

five-year

and

ten-year

periods.

The

Trustees

also

considered

the

Morningstar

Inc.

ratings

assigned

to

the

funds

and

that

funds

were

rated

four

or

five

stars

at

the

end

of

2024,

which

represented

an

increase

of

seven

funds

year-over-year.

The

Trustees

also

considered

that

funds

were

five-star

rated

at

the

end

of

2024,

which

was

also

a

year-

over-year

increase

of

seven

funds.

The

Board

noted,

however,

the

disappointing

investment

performance

of

some

funds

for

periods

ended

December

31,

2024

and

considered

information

provided

by

the

Advisor

regarding

the

factors

contributing

to

the

underperformance

and,

where

relevant,

actions

being

taken

to

improve

the

performance

of

these

particular

funds.

The

Trustees

indicated

their

intention

to

continue

to

monitor

the

performance

of

those

funds.

For

purposes

of

the

Trustees'

evaluation

of

the

funds'

investment

performance,

the

Trustees

generally

focus

on

a

competitive

industry

ranking

of

each

fund's

total

net

return

over

a

one-year,

three-year

and

five-year

period.

For

a

number

of

funds

with

relatively

unique

investment

mandates

for

which

the

Advisor

informed

the

Trustees

that

meaningful

competitive

performance

rankings

are

not

considered

to

be

available,

the

Trustees

evaluated

performance

based

on

their

total

gross

and

net

returns

and

comparisons

of

those

returns

to

the

returns

of

selected

investment

benchmarks.

In

the

case

of

your

fund,

the

Trustees

considered

that

its

class

A

share

cumulative

total

return

performance

at

net

asset

value

was

in

the

following

quartiles

of

its

Lipper

peer

group

(Lipper

Mixed-Asset

Target

Allocation

Conservative

Funds)

for

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024

(the

first

quartile

representing

the

best-performing

funds

and

the

fourth

quartile

the

worst-

performing

funds):

For

the

one-year

period

ended

December

31,

2024,

your

fund's

performance

was

in

the

top

decile

of

its

Lipper

peer

group.

Over

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024,

there

were

297,

and

funds,

respectively,

in

your

fund's

Lipper

peer

group.

(When

considering

performance

information,

shareholders

should

be

mindful

that

past

performance

is

not

a

guarantee

of

future

results.)

The

Trustees

noted

that

the

Advisor

had

made

internal

promotions

and

other

portfolio

management

assignment

changes

in

2024

to

strengthen

its

investment

teams

providing

services

to

the

funds.

*Brokerage* 

*and* 

*soft-dollar* 

*allocations;* 

*distribution* 

*and* 

*investor* 

*servicing*

The

Trustees

considered

various

potential

benefits

that

the

Advisor

may

receive

in

connection

with

the

services

it

provides

under

the

management

contract

with

your

fund.

These

include

benefits

related

to

brokerage

allocation

and

the

use

of

soft

dollars,

whereby

a

portion

of

the

commissions

paid

by

a

fund

for

brokerage

may

be

used

to

acquire

research

services

that

are

expected

to

be

useful

to

the

Advisor

in

managing

the

assets

of

the

fund

and

of

other

clients.

Subject

to

policies

approved

by

the

Trustees,

soft

dollars

generated

by

these

means

may

be

used

to

acquire

brokerage

and

research

services

(including

proprietary

executing

broker

research,

third-party

research

and

market

data)

that

enhance

the

Advisor's

investment

capabilities

and

supplement

the

Advisor's

internal

research

efforts.

The

Trustees

indicated

their

continued

intent

to

monitor

regulatory

and

industry

developments

in

this

area

with

the

assistance

of

their

Contract

Committee.

In

addition,

with

the

assistance

of

their

Contract

Committee,

the

Trustees

indicated

their

continued

intent

to

monitor

the

allocation

of

the

funds'

brokerage

in

order

to

ensure

that

the

principle

of

seeking

best

price

and

execution

remains

paramount

in

the

portfolio

trading

process.

One-year

period

Three-year

period

Five-year

period

1st

1st

2nd

Putnam

Asset

Allocation

Funds

franklintempleton.com

Annual

Report

The

Advisor

may

also

receive

benefits

from

payments

that

funds

make

to

the

Advisor

for

distribution

services

and

investor

services.

In

conjunction

with

the

review

of

your

fund's

management

and

sub-advisory

contracts,

the

Trustees

reviewed

your

fund's

investor

servicing

agreement

with

PSERV

and

its

distributor's

contract

and

distribution

plans

with

Franklin

Distributors,

LLC

("Franklin

Distributors"),

both

of

which

are

affiliates

of

the

Advisor.

The

Trustees

concluded

that

the

fees

payable

by

the

mutual

funds

to

PSERV

and

Franklin

Distributors

for

such

services

were

fair

and

reasonable

in

relation

to

the

nature

and

quality

of

such

services,

the

fees

paid

by

competitive

funds

and

the

costs

incurred

by

PSERV

and

Franklin

Distributors

in

providing

such

services.

Furthermore,

the

Trustees

were

of

the

view

that

the

investor

services

provided

by

PSERV

were

required

for

the

operation

of

the

mutual

funds,

and

that

they

were

of

a

quality

at

least

equal

to

those

provided

by

other

providers.

38957-AFSOI

11/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act"))
 are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based
 on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities
 Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting
 and administrative services for the Registrant that are subject to Franklin Templeton's oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](pdacf-efp18845_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pdacf-efp18845_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.](pdacf-efp18845_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
| **Putnam Asset Allocation Funds** | **Putnam Asset Allocation Funds** |
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | November 28, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | November 28, 2025 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | November 28, 2025 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Asset Allocation Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | November 28, 2025 |
| /s/ Jonathan S. Horwitz | /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz | Jonathan S. Horwitz |
| Principal Executive Officer | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Asset Allocation Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | November 28, 2025 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Principal Financial Officer | Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Asset Allocation Funds** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **September 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Asset Allocation Funds | Putnam Asset Allocation Funds |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: November 28, 2025 | Date: November 28, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.